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FUGRO Annual Report 2016

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FUGRO Annual Report 2016 FUGRO N.V. FUGRO ANNUAL REPORT 2016 Geo-intelligence & asset integrity solutions ANNUAL REPORT 2016 REPORT ANNUAL Fugro N.V. Veurse Achterweg 10 2264 SG Leidschendam The Netherlands On the cover of this report Colophon The cover shows part of an underwater chart of one of our client’s pipelines and surrounding sea floor. In this example of Fugro N.V. our asset integrity services, we map seabed topography and Veurse Achterweg 10 the exact location and condition of our clients’ assets. By 2264 SG Leidschendam analysing the acquired data and providing related advice, we The Netherlands assist our clients with the optimal operation and maintenance T +31 (0)70 3111422 of their large facilities and infrastructure – like for example this F +31 (0)70 3202703 pipeline. E [email protected] Throughout this report Chamber of commerce 2710091 Throughout this report we showcase recent examples of site characterisation and asset integrity projects undertaken for Realisation: our diverse client base, throughout the world, in both land Domani B.V., Weesp and marine environments. Photography and images: Fugro’s site characterisation services – the determination of Fugro N.V. ground and environmental conditions of building sites – are Karen Kaper applied by our clients in the planning and development phases of large building and infrastructure projects in support Fugro has endeavoured to fulfil all legal requirements related of safe, efficient and sustainable development. Fugro also to copyright. Anyone who, despite this, is of the opinion that provides these services to support the exploration and other copyright regulations could be applicable should development of natural resources. contact Fugro. Fugro’s asset integrity solutions – inspection and monitoring of the condition of existing constructions and infrastructure and provision of related maintenance services – are applied in the operational and production phases of our client’s assets, to reduce operational risk and optimise utilisation and longevity. By providing these solutions, Fugro contributes to a safe and liveable world. 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. CONTENTS Fugro at a glance 2 Key figures 4 Message from the CEO 5 Profile 8 Contributing to a safe and liveable world 8 Our services 9 Our values 9 Our organisation and resources 10 Our clients 10 Our divisions 14 Strategy 17 Trends and opportunities 17 Our vision and mission 21 Strategic progress 21 Divisional structure as of 2017 25 Mid-term targets 26 Business Performance 28 Performance 2016 and outlook 2017 28 Overview important contracts 38 Sustainability 42 Governance 53 Board of Management 53 Risk management 54 Corporate governance 63 Fugro on the capital markets 73 Management statements 78 Report of the Supervisory Board 80 Supervisory Board 80 Supervisory Board report 81 Remuneration report 90 Financial statements 2016 99 Other information 180 Independent auditor’s report 180 Foundation boards 185 Statutory provisions regarding the appropriation of net result 185 Report of Stichting Administratiekantoor Fugro (Foundation Trust Office’) 186 Historical review 188 Glossary 190 FUGRO N.V. ANNUAL REPORT 2016 1 FUGRO AT A GLANCE Our clients’ assets We deliver geo-intelligence and asset integrity solutions acquisition aerial cone mapping remotely penetration planes operated testing vehicles trucks vessels jack-up drill rigs platforms autonomous underwater vehicles analytics advice Plan & design Site Characterisation Construction Operation & maintenance Asset Integrity Decommission Asset life cycle Our business lines 2 FUGRO N.V. ANNUAL REPORT 2016 Fugro AT A GLAnce Our clients’ assets We deliver geo-intelligence and asset integrity solutions acquisition aerial cone mapping remotely penetration planes operated testing vehicles trucks vessels jack-up drill rigs platforms autonomous underwater vehicles analytics advice Plan & design Site Characterisation Construction Operation & maintenance Asset Integrity Decommission Asset life cycle Our business lines FUGRO N.V. ANNUAL REPORT 2016 3 Fugro AT A GLAnce KEY FIGURES (x EUR million) 2016 2015 Revenue 2,572 Revenue 1,775.9 2,363.0 2,424 2,363 - reported growth (24.8%) (8.1%) 2,165 - currency comparable growth* (22.7%) (17.3%) 1,776 EBITDA (excluding exceptional items)* 189.5 353.0 EBIT (excluding exceptional items)* 8.5 113.1 EBIT (218.7) (249.9) EBIT margin (excluding exceptional items)* 0.5% 4.8% EBIT margin* (12.3%) (10.6%) 2012 2013 2014 2015 2016 Net result (308.9) (372.5) Backlog next 12 months* 1,169.6 1,323.4 - reported growth (11.6%) (16.0%) - currency comparable growth (11.6%) (20.4%) EBIT (margin) excluding exceptional items Cash flow from operating activities after investments 186.1 314.7 Capex 92.5 160.5 14.2% Capital employed* 1,341.2 1,689.7 11.0% Return on capital employed* (0.7%) 3.9% 307 Net debt/EBITDA* 1.6 1.1 267 4.8% 3.2% Earnings per share (x EUR 1) (3.82) (4.60) 113 Dividend per share for year under review (x EUR 1) 0.00 0.00 81 0.5% 9 2012 2013 2014 2015 2016 Number of employees (at year-end) 10,530 11,960 Lost time injury frequency (x million hours) 0.67 0.45 * Refer to the glossary (page 190) for an overview of definitions. Cash flow 837 Cash ow from operating activities 539 471 CF investing activities 365 337 325 315 CF operating activities Number of employees 186 131 14.4 42 55 (10) 13,537 12,165 12,591 11,960 (294) 10,530 (525) 2012 2013 2014 2015 2016 Cash flow from operating activities Cash flow from investing activities Cash flow from operating activities after investments 2012 2013 2014 2015 2016 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’. 4 FUGRO N.V. ANNUAL REPORT 2016 2011 before adjustment multi-client data library. MESSAGE FROM THE CEO Dear reader, The oil and gas services market, from which we generate the majority of our revenue, declined sharply as our clients further reduced their spending in a continuing low oil price environment. Oil and gas company spending declined by around 25%, a similar decline as in 2015. This negatively impacted work volumes and pricing. Cash generation continues to be our number one priority. We further strengthened market share, adapted our resource and cost base in line with demand, held back on investments and improved working capital. As a result cash flow from operations after investments was positive, also excluding the proceeds from asset disposals, and net debt was significantly reduced. To further strengthen the balance sheet, we successfully placed subordinated convertible bonds in October. Even though we reduced our capacity in line with demand, this could not offset the price erosion in a challenging, oversupplied market. As a result EBIT (excluding exceptional items) declined and we ended 2016 just above breakeven. The downturn in our largest market, Towards the end of the year the then main shareholder oil and gas services, continued Boskalis significantly reduced its stake. unabated in 2016, with negative impact on work volumes and prices. Operating responsibly is key to our long term success. We adapted our capacity and cost Working safely is a priority in this regard. Sadly, we had to report a fatality in 2016, and we experienced a drop in safety base, further strengthened our performance, which we will address vigorously in 2017. market positions and reorganised to serve clients better and more For our oil and gas services market we anticipate a further decline in our clients’ spending for 2017, but less severe than efficiently, while achieving satisfactory in 2015 and 2016. This view is supported by gradual results in our building & infrastructure stabilisation of our backlog during the second half of 2016. and power related activities. As a result, further supported by disposals, MEASURES we again generated substantial cash In the second quarter of 2014, at the start of the downturn in flow from operating activities after the oil and gas market, Fugro initiated a programme of investments and significantly reduced measures to reduce cost and to improve profitability and net debt. cash flow. We continued to implement cost reduction measures during 2016, also taking into account that we are likely dealing with a ‘lower for longer’ oil and gas services market. Headcount was further reduced by 1,430 people (12% of total personnel) and the vessel fleet by 5.
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