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Annual Report 2007 FUGRO NV

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Annual Report 2007 FUGRO NV ANNUAL REPORT 2007 FUGRO N.V. FUGRO 2007 REPORT ANNUAL FUGRO N.V. Annual Report 2007 GEOTECHNIEK MILIEU ONDERZOEK MARINER Colophon Fugro N.V. Veurse Achterweg 10 2264 SG Leidschendam The Netherlands Telephone: +31 (0)70 3111422 Fax: +31 (0)70 3202703 Concept and realisation: C&F Report Amsterdam B.V. Photography: Fugro N.V., Picture Report, Amsterdam. Fugro has endeavored to fulfil all legal requirements related to copyright. Anyone who, despite this, is of the opinion that other copyright regulations could be applicable should contact Fugro. Text: Boogaard Communications Consultancy (BCC) v.o.f. This annual report is a translation of the official report published in the Dutch language. The annual report is also available on our website www.fugro.com. For complete information, see www.fugro.com Fugro N.V. Veurse Achterweg 10 P.O. Box 41 Cautionary Statement regarding Forward-Looking Statements 2260 AA Leidschendam This annual report may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including The Netherlands (but not limited to) statements expressing or implying Fugro N.V.’s beliefs, expectations, intentions, forecasts, estimates or predictions (and the Telephone: +31 (0)70 3111422 assumptions underlying them). Forward-looking statements necessarily involve risks and uncertainties. The actual future results and situations Fax: +31 (0)70 3202703 may therefore differ materially from those expressed or implied in any forward-looking statements. Such differences may be caused by various E-mail: [email protected] factors (including, but not limited to, developments in the oil and gas industry and related markets, currency risks and unexpected operational www.fugro.com setbacks). Any forward-looking statements contained in this annual report are based on information currently available to Fugro N.V.’s manage- Trade Register number 27120091 ment. Fugro N.V. assumes no obligation to in each case make a public announcement if there are changes in that information or if there are VAT number 00 56 21 409 B01 otherwise changes or developments in respect of the forward-looking statements in this annual report. Contents Annual Accounts 2007 Preface from the President 1 Consolidated income statement 70 and Chief Executive Officer 2 2 Consolidated statement of recognised Major developments in 2007 3 income and expense 71 Key figures 4 3 Consolidated balance sheet 72 Mission and profile 6 4 Consolidated statement of cash flows 73 Financial targets and strategy 8 5 Notes to the consolidated financial statements 75 Fugro’s employees and equipment 10 6 Subsidiaries and associates of Fugro N.V. Report of the Supervisory Board 13 calculated using the equity method 131 Report of the Board of Management 17 7 Company balance sheet 134 General 17 8 Company income statement 135 Financial 20 Dividend proposal 22 9 Notes to the company financial statements 136 Market developments and trends 22 10 Other information 140 Backlog 24 Post balance sheet date events 25 Prospects 25 Important and interesting orders 27 Geotechnical services 28 Survey services 30 Geoscience services 32 Important and interesting orders (continuation) 34 Fugro: Expanding Boundaries 35 Search for Ithaca 48 General information 50 Organisation and human resources 50 Corporate sustainability 51 Health, Safety and Environment (HSE) 52 Information and Communication Technology (ICT) 52 Research 52 Risk management 53 Corporate governance 57 Corporate information 59 Information for shareholders 65 Annual Report 2007 Preface from the President and Chief Executive Officer Dear shareholders and During 2007 employee numbers once again increased other stakeholders, considerably. At the beginning of 2008 Fugro employed nearly 12,000 employees. Our in-house education and Last year we continued to build successfully on the training programmes are important tools for maintaining strategy of recent years. The extra investments made to the quality of Fugro’s services at a high level. As always expand have already started to bear fruit and contributed the safety of our employees together with everybody who towards the strong growth of revenue and result achieved might be effected by our work has the highest priority. in 2007. Our employees, as always, made a tremendous contribution through their enthusiasm and commitment. Fugro was founded in 1962. Since then much has changed, Revenue increased by 25.7% to EUR 1,802.7 million (2006: including the range of Fugro’s activities. In this report we EUR 1,434.3 million) and the net result increased by 53.3% take a look at the way we have expanded the boundaries to EUR 216.2 million (2006: EUR 141.0 million). of our activities over the past 45 years. The company performed well and was assisted by Problems in the fi nancial world have resulted in a favourable market conditions, resulting in strong growth. turbulent start to 2008. Nevertheless, conditions in the This growth was achieved despite the pressure on revenue markets relevant for us are expected to remain favourable and net result caused by a lower US dollar exchange in 2008. This is thanks to the longer-term nature of rate. The Group also increased in size due to several developments in oil and gas exploitation, mining and acquisitions with a combined annual revenue of EUR 76.2 large-scale infrastructure projects. We are striving to million. broaden our service capability and with the expansion in capacity mentioned above, continue increasing our One key objective of our strategy is to supply a broad revenue and improving our profi t performance. Our spectrum of services to the oil and gas industry worldwide ambitions are supported by a well-fi lled order book at the and throughout the entire life-cycle of fi eld development. beginning of 2008. Overall, this makes Fugro less vulnerable when oil and gas companies shift their spending between exploration, Yours faithfully, development and production phases. Our service Fugro N.V. offerings to other market sectors, such as mining and infrastructure development, give us an additional buffer against fl uctuations in the oil and gas industry’s demand for our services. We are well on schedule to meet the target of tripling our offshore seismic survey activities in the period 2005 – 2008. By combining several existing services into ‘Geospatial Services’ we are responding to the K.S. Wester globalisation of airborne data collection services using President and Chief Executive Offi cer high-value equipment. These measures, in combination with the on-going expansion of our fl eet and services, help to establish a broad base for the future. 2 Major developments in 2007 • In the year under review revenue increased by • In part due to the favourable market conditions, 25.7% to EUR 1,802.7 million (2006: EUR 1,434.3 EUR 341.1 million was invested in 2007, of which million). Organic growth was 22.9%. As a result of EUR 93.1 million was renewal and maintenance acquisitions, the revenue increased by 6.4%. capex. Exchange variance had a negative effect of 3.5%. Disposals had a negative effect of 0.1%. • In 2007 Fugro combined several existing onshore survey and positioning activities to form • The net result increased by 53.3% to EUR 216.2 ‘Geospatial Services’ to which the newly acquired million (2006: EUR 141.0 million). businesses of EarthData (US) and MAPS Geosystems (UAE) were added. • The net profi t margin increased to 12.0% (2006: 9.8%). • A number of other acquisitions were completed in 2007. The total annual revenue of the acquired • The result from operating activities (EBIT) companies amounts to approximately EUR 76.2 increased by 53.5% to EUR 324.8 million (2006: million and the total acquisition price was EUR 211.6 million). EUR 68.4 million. • Earnings per share increased by 51,7% to EUR 3.11 • According to some external publications, (2006: EUR 2.05). Cash fl ow per share was 47,1% investments in US dollars terms by the oil and gas higher at EUR 4.84 (2006: EUR 3.29). industry in 2007 were 15 to 19% higher compared to in 2006. In 2007 these investments led to a • It is proposed to increase the dividend in cash or high demand for services from suppliers to this in (certifi cates of) ordinary shares to EUR 1.25 industry. A similar increase in oil and gas industry (2006: EUR 0.83) per (certifi cate of an) ordinary investments is expected in 2008. share. • At the beginning of 2008 the order backlog • In 2007 three seismic vessels: ‘Geo Barents’, amounted to EUR 1,458.5 million – an increase ‘Seisquest’ and ‘Geo Celtic‘, were added to the fl eet. of 27.2% compared to the beginning of 2007 Four other vessels were brought into service for (EUR 1,146.4 million). other offshore activities. At the end of 2007 the Fugro fl eet comprised a total of approximately 50 vessels of which 28 are owned by Fugro. The fl eet will be expanded further in the coming years. The term ‘shares’ as used in this Annual Report should, with respect to shares issued by Fugro N.V., be construed to include certificates of shares (also referred to as ‘depositary receipts’ of shares) issued by Stichting Administratiekantoor Fugro (also referred to as ‘Fugro Trust Office Foundation’ or ‘Fugro Trust Office’), unless the context otherwise requires or unless it is clear from the context that this is not the case. For further information please refer to page 61. 3 Key figures Change 2007 in % 2006 2005 Result (x EUR million) Revenue 1,802.7 25.7 1,434.3 1,160.6 Gross profi t (net revenue own services) 1,197.9 28.6 931.2 754.9 Result from operating
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