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ANNUAL REPORT 2018 the World’S Leading Geo-Data Specialist

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ANNUAL REPORT 2018 the World’S Leading Geo-Data Specialist FUGRO N.V. FUGRO ANNUAL REPORT 2018 The world’s leading Geo-data specialist ANNUAL REPORT 2018 REPORT ANNUAL Fugro N.V. Veurse Achterweg 10 2264 SG Leidschendam The Netherlands Colophon Fugro N.V. Veurse Achterweg 10 2264 SG Leidschendam The Netherlands T +31 (0)70 3111422 F +31 (0)70 3202703 E [email protected] Chamber of commerce 2710091 Realisation: Domani B.V., The Hague Photography and images: Fugro N.V. Fugro’s Digital Foundation Fugro has endeavoured to fulfi l all legal requirements related Technology is changing faster than ever before. Key industry sectors that Fugro supports have begun to embrace digital solutions to to copyright. Anyone who, despite this, is of the opinion that increase effi ciency and reduce the overall cost of development and operation of their assets. other copyright regulations could be applicable should contact Fugro. Since Fugro was founded in 1962, we have developed a deep understanding of Geo-data: information related to the Earth’s surface, subsurface and the structures built on it. For more than 50 years we have been supporting our clients’ asset management programmes throughout the full life cycle of their assets. As the world’s leading Geo-data specialist, we are ideally positioned to support our clients with the new possibilities that the digitalisation trend provides. Fugro is fully leveraging technology developments in the fi eld of visualisation, robotics, connectivity and advanced analytics in order to offer safer, faster, more effi cient and higher quality services; all in a more sustainable way. In the theme pages throughout this report we provide a number of concrete examples. Cautionary statement regarding forward-looking statements This annual report may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including (but not limited to) statements expressing or implying Fugro’s beliefs, expectations, intentions, forecasts, estimates or predictions (and the assumptions underlying them). Forward-looking statements necessarily involve risks and uncertainties. The actual future results and situations may therefore differ materially from those expressed or implied in any forward-looking statements. Such differences may be caused by various factors including, but not limited to, developments in the oil and gas industry and related markets, currency risks and unexpected operational setbacks. Any forward-looking statements contained in this annual report are based on information currently available to Fugro’s management. Fugro assumes no obligation to make a public announcement in each case where there are changes in information related to, or if there are otherwise changes or developments in respect of, the forward-looking statements in this annual report. CONTENTSColophon Fugro N.V. Veurse Achterweg 10 2264 SG Leidschendam The Netherlands T +31 (0)70 3111422 F +31 (0)70 3202703 E [email protected] Chamber of commerce 2710091 Realisation: Domani B.V., The Hague Photography and images: Fugro N.V. Fugro’s Digital Foundation Fugro has endeavoured to fulfi l all legal requirements related Technology is changing faster than ever before. Key industry sectors that Fugro supports have begun to embrace digital solutions to to copyright. Anyone who, despite this, is of the opinion that increase effi ciency and reduce the overall cost of development and operation of their assets. other copyright regulations could be applicable should contact Fugro. Since Fugro was founded in 1962, we have developed a deep understanding of Geo-data: information related to the Earth’s surface, subsurface and the structures built on it. For more than 50 years we have been supporting our clients’ asset management programmes throughout the full life cycle of their assets. As the world’s leading Geo-data specialist, we are ideally positioned to support our clients with the new possibilities that the digitalisation trend provides. Fugro is fully leveraging technology developments in the fi eld of visualisation, robotics, connectivity and advanced analytics in order to offer safer, faster, more effi cient and higher quality services; all in a more sustainable way. In the theme pages throughout this report we provide a number of concrete examples. Cautionary statement regarding forward-looking statements This annual report may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including (but not limited to) statements expressing or implying Fugro’s beliefs, expectations, intentions, forecasts, estimates or predictions (and the assumptions underlying them). Forward-looking statements necessarily involve risks and uncertainties. The actual future results and situations may therefore differ materially from those expressed or implied in any forward-looking statements. Such differences may be caused by various factors including, but not limited to, developments in the oil and gas industry and related markets, currency risks and unexpected operational setbacks. Any forward-looking statements contained in this annual report are based on information currently available to Fugro’s management. Fugro assumes no obligation to make a public announcement in each case where there are changes in information related to, or if there are otherwise changes or developments in respect of, the forward-looking statements in this annual report. Key figures KEY FIGURES Revenue EBITDA1 EBIT margin1 Backlog 12 months € 1,650 € 118 0.8% € 1,042 million million million +19.2% +16.9% 2017: (2.1%) +11.6% 1 Excluding exceptional items. 2018 revenue and people per region 631 3,450 365 2,209 REVENUE Europe REVENUE ia acific 2,073 2,235 383 213 298 REVENUE REVENUE 58 Middle East Americas & India REVENUE Africa Major office locations Office locations 2 FUGRO N.V. ANNUAL REPORT 2018 Key figures (x EUR million) 2018 2017 Revenue 1,650.0 1,497.4 ■ reported growth 10.2% (15.7%) ■ comparable growth 1,2 19.2% (13.2%) EBITDA (excluding exceptional items) 1 117.8 100.8 EBIT (excluding exceptional items) 1 13.1 (32.1) EBIT 8.8 (51.7) EBIT margin (excluding exceptional items) 1 0.8% (2.1%) EBIT margin 1 0.5% (3.5%) Net result (51.1) (159.9) Backlog next 12 months 1 1,041.5 927.8 ■ reported growth 12.3% (20.7%) ■ comparable growth 2 11.6% (7.3%) Cash flow from operating activities after investments (33.4) (50.5) Capex 72.7 108.0 Capital employed 1 1,207.9 1,184.1 Return on capital employed 1 0.2% (3.3%) Net debt/EBITDA 1 2.2 1.9 Number of employees (at year-end) 10,265 10,044 Lost time injury frequency (x million hours) 0.46 0.66 1 Refer to glossary (page 194) for definitions. 2 Revenue and backlog growth corrected for currency effect (of around –4% on revenues and +1% on backlog) and for portfolio changes related to the divestment of the marine construction and installation activities in 2017. Revenue EBIT (margin) excluding exceptional items 2,572 4.8% 2,363 3.2% 1,776 1,650 1,497 (2.1)% 0.5% 0.8% 13 81 113 9 (32) 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Number of employees Cash flow 337 325 315 13,537 186 11,960 131 10,530 10,044 10,265 42 55 (294) 24 13 (10) (33) (75) (51) (46) 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Cash flow from Cash flow from Cash flow from operating operating activities investing activities activities after investments The term ‘shares’ as used in this annual report should, with respect to ordinary shares issued by Fugro N.V., be construed to include certificates of shares (also referred to as ‘share certificates’ or ‘depositary receipts’ for shares) issued by Stichting Administratiekantoor Fugro (also referred to as ‘Foundation Trust Office’ or ‘Trust Office’), unless the context otherwise requires or unless it is clear from the context that this is not the case. In this annual report, Fugro N.V. is also referred to as ‘the company’ or ‘Fugro’. Fugro N.V. and its subsidiary companies are together referred to as ‘the Group’. FUGRO N.V. ANNUAL REPORT 2018 3 Message from the CEO MESSAGE FROM THE CEO Dear reader, line structure will be maintained: marine site characterisation, marine asset integrity, land site characterisation and land The year 2018 marks a turning point in our asset integrity. results, driven by the gradual recovery of the oil and gas market and ongoing growth in offshore wind and infrastructure markets. FUNDAMENTAL CONTRIBUTION TO SUSTAINABLE As the world’s leading Geo-data specialist we DEVELOPMENT are well positioned to capitalise on these The world is changing faster than ever before. Over the market trends. coming decades, population growth and urbanisation will lead to an increasing demand for energy, water, food, minerals, metals, buildings, industrial plants and infrastructure. OUR PATH TO PROFITABLE GROWTH The energy mix, infrastructure and built environments have to During the years 2014 to 2017, our activity levels and pricing evolve if these challenges are to be tackled successfully. declined strongly, driven by a downturn in the oil and gas market which was longer and deeper than any before. Fugro’s services are essential for the sustainable Despite rigorous cost savings, profitability declined far below development and operation of our clients’ infrastructure, acceptable levels. Since the start of 2018, we have been plants, buildings and natural resources. We contribute experiencing a gradual recovery of the oil and gas market, significantly to the development of sustainable energy, starting with a sharp growth and improving prices in our such as offshore wind farms, and to projects that mitigate early cyclical marine site characterisation activities, resulting the impact of climate change such as flood and coastal in revenue growth and improving profitability. Still, it is protection. Today, around 40% of our revenue is generated evident that our results need further improvement.
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