Fugro Nv · EURONEXT:FUR
Fugro Nv — Shareholder Meeting (May 2010)
35 slides from Fugro Nv's shareholder meeting presentation, May 6, 2010
Slide 1: Algemene Vergadering van Aandeelhouders
Fugro N.V. Algemene Vergadering van Aandeelhouders WELKOM Den Haag, 6 mei 2010 www.fugro.com Agenda Algemene Vergadering van Aandeelhouders Fugro N.V. 1 Opening van de vergadering 2 Verslag van de Directie en de Raad van Commissarissen over de gang van zaken in 2009 3 Vaststelling van de jaarrekenin
Slide 2: Agenda: Opening and report on 2009
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 1 Opening van de vergadering 3 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 2 Verslag van de Directie en de Raad van Commissarissen over de gang van zaken in 2009 4
Slide 3: Business update 2009 – Results
Fugro N.V. Business update 2009 K.S. Wester Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Results 2009 •Net result EUR 263.4 million (2008: EUR 283.4 million) •Revenue EUR 2,053.0 million (2008: EUR 2,154.5 million) •Net profit margin 12.8% (2008: 13.2%) •Earnings per share EUR 3.4
Slide 4: Major developments 2009 and Revenue
Major developments 2009 • Crisis led to lower activity in a number of segments • Cost savings implemented • Adjustment to vessel fleet • Oil price back to over USD 75 per barrel • Backlog lower at year end • Towards year end increasing tender levels 7 Annual General Meeting of Shareholders 6 May 201
Slide 5: Geographical distribution of revenue and Result
Geographical distribution of revenue Based upon the location of project execution 3% Netherlands 29% Europe other/Africa 41% Middle East/ Asia/Australia North & South America 27% 9 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Result (EUR x million) 300 250 200 174 151 150 130 Net
Slide 6: Market developments oil and gas, infrastructure
Market developments oil and gas Oil and gas market (75% of revenue) • Worldwide investments declined in 2009 with about 15% to USD 395 billion • External market research forecasts investments in international segment to increase by 10% to USD 337 billion in 2010 • Current oil price around $ 85 per b
Slide 7: Market developments mining and other markets
Market developments mining Mining (3% of revenue) • Drastic reduction in exploration in private sector • ‘Junior’ mining companies have funding problems • (Semi-) government: activities continue for regional mapping of geology • Equipment also used for oil and gas applications • Recently some financ
Slide 8: Geotechnical division
Geotechnical division Offshore: • Little impact crisis • Slow down in shallow water • Lot of work in deep water • Demand for Geoconsulting services • Offshore wind farms • High utilisation • Fugro Synergy launched (gas hydrates project) 15 Annual General Meeting of Shareholders 6 May 2010 www.fugro.
Slide 9: Survey division
Survey division Offshore: • Combined projects with Geotechnical • Route surveys for telecom cables • Good utilisation ROVs and AUVs • Fugro Solstice taken into service (offshore mining project) 17 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Survey division Geospatial: • Emphasis
Slide 10: Geoscience division
Geoscience division Oil and gas: • Price pressure exploration activities • Lead time projects shorter • Good Multi Client sales • Good prospects 3D Multi Client Australia • EMGS cooperation • Cost reductions implemented • Capacity fleet adjusted 19 Annual General Meeting of Shareholders 6 May 2010 w
Slide 11: Capacity renewal and fleet expansion
Capacity renewal/expansion Additions • Geo Natuna - seismic (chartered) • Fugro Solstice - ROV support (chartered) • Fugro Gemini – survey (owned) • Fugro Synergy – geotechnical (owned) • Two geotechnical vessels chartered on short term Reductions • In a number of cases charters were terminated: - t
Slide 12: EBIT margin and Acquisitions in 2009
EBIT marge 2009 2008 2007 Geotechnics 18 18 18 Survey 26 24 24 Geoscience 19 24 23 23 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Acquisitions in 2009 Geotechnical Division • LoadTest, USA Survey Division • Tenix LADS, Australia • General Robotics, UK • Submec, Perth, Australia •
Slide 13: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income For the year ended on 31 December (EUR x 1,000) 2009 2008 Revenue 2,052,988 2,154,474 Third party costs (624,413) (722,321) Net revenue own services (revenue less third party costs) 1,428,575 1,432,153 Other income 24,440 17,841 Personnel expenses (652,
Slide 14: Consolidated statement of financial position and costs
Consolidated statement of financial position (2/2) Per 31 December (EUR x 1,000) 2009 2008 Equity Share capital 3,939 3,830 Share premium 431,441 431,441 Reserves 488,941 209,646 Unappropriated result 263,410 283,412 Total 1,187,731 928,329 Non-controlling interest 11,779 7,482 Total equity 1,199,51
Slide 15: Investments and Financing
Investments (EUR x million) 2008 2009 2010* 2011* Maintenance capex 87 70 90 100 Investments for capacity 236 250 360 150 expansion Capital expenditure 323 320 450 250 Movement in fixed assets under construction 57 29 (75) (90) Total cash effect 380 349 375 160 * estimate 29 Annual General Meeting o
Slide 16: Backlog and Market prospects
Backlog per 1 January 2010 (EUR x million) 1800 1600 1400 452 256 1200 515 1000 357 800 805 716 219 600 648 544 400 429 200 343 391 245 295 166 0 2006 2007 2008 2009 2010 Geotechnics Survey Geoscience 31 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Market prospects Oil & gas • Ext
Slide 17: Oil price and Strategic Focus
Oil price The development of the oil price from 1995 through Q1-2010 140.00 120.00 100.00 Oil price per barrel (in USD) 80.00 60.00 40.00 20.00 0.00 Q 95 Q 95 Q 96 Q 97 Q 98 Q 98 Q 99 Q 00 Q 01 Q 01 Q 02 Q 03 Q 04 Q 04 Q 05 Q 06 Q 07 Q 07 08 Q 09 10 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20
Slide 18: Client Base and Outlook (1)
Client Base • Wide range of clients • The top 10 clients typically consist of: - 3 NOCs - 3 international oil companies - 1 construction company - 3 variable (government, midsize oil companies etc.) • Top 25 clients generate approx. 40% of revenue • Top 100 clients generate 60% of revenue 35 Annual
Slide 19: Outlook (2)
Outlook (2) • In 2009 Fugro produced record first half year results on the basis of a high backlog roll-over from 2008. • It is unlikely under the present conditions that this can be matched in the first half of 2010. • The increasing tender activity and improving backlog are positive signs for the
Slide 20: Annexes: Distribution of shareholders
Annexes • Distribution of shareholders • Geotechnical Division • Survey Division • Geoscience Division • EBITDA, EMIT and Net Result • Change in issued shares • Agenda • Contact details 39 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Distribution of shareholders 80,000 64,000 48,0
Slide 21: Geotechnical Division and Survey Division
Geotechnical Division (EUR x million) 2009 2008 2007 Revenue Onshore 311 303 254 Geotechnical Revenue Offshore 225 238 189 Geotechnical Total 536 541 443 Result from operating 94 95 78 activities (EBIT) In % of revenue 18 18 18 41 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Surve
Slide 22: Geoscience Division; EBITDA, EBIT and Net result
Geoscience Division (EUR x million) 2009 2008 2007 Revenue Seismic Services 403 465 323 Revenue Information 85 82 83 Services Revenue General 73 107 102 Geophysical Services Total 561 654 508 Result from operating 106 154 115 activities (EBIT) In % of revenue 19 24 23 43 Annual General Meeting of Sh
Slide 23: Change in issued shares and financial agenda
Change in issued shares 2009 2008 Issued on 1/1 76,607,958 70,421,443 Stock dividend 2,164,520 1,028,345 Conversion of convertible bonds in shares - 5,158,170 Issued on 31/12 78,772,478 76,607,958 Purchased for option scheme on 31/12 1,218,776 1,469,696 Entitled to dividend as of 31/12 77,553,702 75
Slide 24: Contact
Contact Fugro N.V. Address Veurse Achterweg 10 P.O. Box 41 2260 AA Leidschendam The Netherlands Telephone +31 70 3111107 +31 70 3202703 (fax) E-mail [email protected] Website www.fugro.com 47 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Agenda Algemene Vergadering van Aandeelhouders 6
Slide 25: Agenda: Discharge of Board of Management
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 4 Decharge van de leden van de Directie voor het door hen gevoerde beleid* * Deze agendapunten worden in stemming gebracht 49 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Agenda Algemene Vergadering van Aandeelhouders 6 mei
Slide 26: Agenda: Dividend
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 6 Dividend a bespreking reserverings- en dividendbeleid b bestemming van de winst over 2009* * Deze agendapunten worden in stemming gebracht 51 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Agenda Algemene Vergadering van Aa
Slide 27: Agenda: Corporate Governance, Supervisory Board appointments
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 7 Corporate Governance 53 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 8 (Her)benoeming van leden van de Raad van Commissarissen a benoeming van de heer ir. H.C. Sch
Slide 28: Agenda: Supervisory Board appointments
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 8 (Her)benoeming van leden van de Raad van Commissarissen a benoeming van de heer ir. H.C. Scheffer* b herbenoeming van de heer F.H. Schreve* c herbenoeming van de heer ir. G-J. Kramer* d herbenoeming van de heer Th. Smith* * Deze agendapunte
Slide 29: Agenda: Reappointment of Board members
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 8 (Her)benoeming van leden van de Raad van Commissarissen a benoeming van de heer ir. H.C. Scheffer* b herbenoeming van de heer F.H. Schreve* c herbenoeming van de heer ir. G-J. Kramer* d herbenoeming van de heer Th. Smith* * Deze agendapunte
Slide 30: Agenda: Reappointment of Board and auditor
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 9 Herbenoeming van leden van de Directie a herbenoeming van de heer ir. P. van Riel* b herbenoeming van de heer ir. A. Steenbakker* * Deze agendapunten worden in stemming gebracht 59 Annual General Meeting of Shareholders 6 May 2010 www.fugro
Slide 31: Agenda: Amendment of articles of association
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 11 Statutenwijziging a verhoging van het maximaal aantal in te kopen eigen aandelen tot 50% van het geplaatste aandelenkapitaal (in overeenstemming met het per 11 juni 2008 gewijzigde artikel 2:98 Burgerlijk Wetboek)* b koppelen van het agend
Slide 32: Agenda: Articles amendment and share repurchase authorisation
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 11 Statutenwijziging a verhoging van het maximaal aantal in te kopen eigen aandelen tot 50% van het geplaatste aandelenkapitaal (in overeenstemming met het per 11 juni 2008 gewijzigde artikel 2:98 Burgerlijk Wetboek)* b koppelen van het agend
Slide 33: Agenda: Authorisation to issue shares
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 13 Machtiging van de Directie tot: a uitgifte van aandelen en/of verlenen van rechten tot het nemen van aandelen* b beperken en/of uitsluiten van het voorkeursrecht op aandelen* * Deze agendapunten worden in stemming gebracht 65 Annual Genera
Slide 34: Rondvraag, Sluiting
Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 14 Rondvraag 15 Sluiting 67 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com Agenda Algemene Vergadering van Aandeelhouders 6 mei 2010 14 Rondvraag 15 Sluiting 68 Annual General Meeting of Shareholders 6 May 2010 www.fugro.com
Slide 35: Raad van Commissarissen en Directie danken u
Fugro N.V. Raad van Commissarissen en Directie van Fugro N.V. danken u hartelijk voor uw aanwezigheid op de aandeelhoudersvergadering van 2010 www.fugro.com