Fugro Nv · EURONEXT:FUR
Fugro Nv — H1 2002 Earnings Presentation
30 slides from Fugro Nv's earnings presentation, Aug 16, 2002
Slide 1: Half Yearly Report 2002
HALF YEARLY REPORT 2002 www.fugro.com 1 1
Slide 2: Half Yearly Report 2002 - Presentation 16 August 2002
HALF YEARLY REPORT 2002 PRESENTATION 16 AUGUST 2002 www.fugro.com 2 2
Slide 3: Developments First Half 2002
DEVELOPMENTS FIRST HALF 2002 NET RESULT 26% increase compared to same period 2001 before goodwill PROFIT PER SHARE 10% increase compared to same period 2001 before goodwill INTRODUCTION DIVISIONS DIVIDEND OVER 2001 € 1.60 per share. 51% taken in shares FINANCIAL OUTLOOK REFINANCING short term debt c
Slide 4: Key Figures
KEY FIGURES Key figures 30 June 2002 change 30 June 2001 (in millions) EUR EUR Net result before amortisation of goodwill 24.5 25.6% 19.5 Net result after amortisation of goodwill 18.4 (5.6)% 19.5 INTRODUCTION Turnover 457.6 13.0% 404.9 DIVISIONS Cash flow 47.2 20.1% 39.3 Investments 43.7 3.6% 42.2
Slide 5: Market Developments
MARKET DEVELOPMENTS OIL & GAS oil price well above US$ 20 per barrel (average US$ 23.17) investments comparable with 2001 INTRODUCTION emphasis on deep water DIVISIONS North Sea weak FINANCIAL UNDERSEE CABLE OUTLOOK further decline APPENDIX ONSHORE favourable www.fugro.com 5 5
Slide 6: Turnover per Region
TURNOVER PER REGION 17% (19%) 13% (13%) Netherlands Rest of Europe INTRODUCTION North America DIVISIONS Near & MiddleEast, FINANCIAL 9% (6%) Africa Asia and Australia OUTLOOK APPENDIX 31% (32%) 30% (32%) per 30 June 2002 (per 30 June 2001) www.fugro.com 6 turnover per region in m illion euro 2002 20
Slide 7: Turnover per Division
TURNOVER PER DIVISION 26% (17%) INTRODUCTION 34% (36%) DIVISIONS FINANCIAL OUTLOOK Geotechnical Survey APPENDIX Geoscience per 30 June 2002 40% (47%) (per 30 June 2001) www.fugro.com 7 pro form a turnover per division as indicated in Novem ber 2001 geotechnical 30% survey 45% geoscience 25% 7
Slide 8: Backlog
BACKLOG Characteristics of ( in million euro) backlog: 500 backlog reflects the expected turnover for the remainder of the 400 current calendar year, INTRODUCTION 300 Certain backlog DIVISIONS consists of not yet FINANCIAL completed part of 200 ongoing projects and OUTLOOK awarded projects not yet s
Slide 9: Geotechnical Turnover
GEOTECHNICAL TURNOVER ( in million euro) 200 INTRODUCTION DIVISIONS FINANCIAL 100 OUTLOOK APPENDIX 0 1998 1999 2000 2001 2002 onshore offshore per 30 June turnover growth 4.5% www.fugro.com 9 TURNOVER GEOTECHNICAL (in m illion euro) per 30 June 2002 1998 1999 2000 2001 2002 onshore 65.8 68.0 86.7 98
Slide 10: Geotechnical Backlog
GEOTECHNICAL BACKLOG ( in million euro) 200 INTRODUCTION DIVISIONS FINANCIAL 100 OUTLOOK APPENDIX 0 1998 1999 2000 2001 2002 Certain Probable per 30 June backlog per 30 June for next 6 months based on turnover www.fugro.com 10 BACKLOG GEOTECHNICAL (in m illion euro) 1998 1999 2000 2001 2002 per 30 J
Slide 11: Geotechnical Developments
GEOTECHNICAL DEVELOPMENTS ONSHORE • market favourable • south USA and Netherlands strong • reorganisation environmental advice activities in the INTRODUCTION Netherlands DIVISIONS OFFSHORE FINANCIAL • stable market OUTLOOK • North Sea weak APPENDIX • Fugro Explorer ready early August www.fugro.com 1
Slide 12: Fugro Explorer & Seaprobe I
FUGRO EXPLORER & SEAPROBE I INTRODUCTION DIVISIONS FINANCIAL OUTLOOK APPENDIX www.fugro.com 12 12
Slide 13: Survey Turnover
SURVEY TURNOVER ( in million euro) 200 INTRODUCTION DIVISIONS FINANCIAL 100 OUTLOOK APPENDIX 0 1998 1999 2000 2001 2002 offshore onshore positioning per 30 June 2001 offshore recalculated on 2002 division structure www.fugro.com 13 TURNOVER SURVEY (in m illion euro) per 30 June 2002 1998 1999 2000 *
Slide 14: Survey Backlog
SURVEY BACKLOG ( in million euro) 200 INTRODUCTION DIVISIONS FINANCIAL 100 OUTLOOK APPENDIX 0 1998 1999 2000 2001 2002 certain probable per 30 June backlog per 30 June for next 6 months based on turnover 2001 recalculated on 2002 division structure www.fugro.com 14 BACKLOG SURVEY (in m illion euro)
Slide 15: Survey Developments
SURVEY DEVELOPMENTS OFFSHORE • strong world-wide development of existing fields • emphasis on deep water INTRODUCTION DIVISIONS ONSHORE FINANCIAL • small growth OUTLOOK POSITIONING APPENDIX • perspective of decimetre accuracy www.fugro.com 15 15
Slide 16: Geoscience Turnover
GEOSCIENCE TURNOVER ( in million euro) 200 INTRODUCTION DIVISIONS FINANCIAL 100 OUTLOOK APPENDIX 0 1998 1999 2000 2001 2002 D&P Airborne per 30 June 2001 D&P recalculated on 2002 division structure www.fugro.com 16 TURNOVER GEOSCIENCE (in m illion euro) per 30 June 2002 1998 1999 2000 2001 2002 deve
Slide 17: Geoscience Backlog
GEOSCIENCE BACKLOG ( in million euro) 200 INTRODUCTION DIVISIONS FINANCIAL 100 OUTLOOK APPENDIX 0 1998 1999 2000 2001 2002 certain probable per 30 June backlog per 30 June for next 6 months based on turnover 2001 recalculated on 2002 division structure www.fugro.com 17 BACKLOG GEOSCIENCE (in m illio
Slide 18: Geoscience Developments
GEOSCIENCE DEVELOPMENTS DEVELOPMENT & • synergetic developments started successfully PRODUCTION • low multi-client data sales • seismic data library almost completely depreciated INTRODUCTION AIRBORNE DIVISIONS • integration completed FINANCIAL OUTLOOK APPENDIX www.fugro.com 18 18
Slide 19: Financial Summary
FINANCIAL SUMMARY KEY FIGURES until 30 June until 31 December 2002 2001 2000 2001 2000 1999 total turnover 457.6 404.9 300.5 909.8 712.9 546.8 third party costs (164.5) (154.1) (99.5) (331.7) (250.1) (176.1) INTRODUCTION net revenue own services 293.1 250.8 201.0 578.1 462.8 370.7 EBIT 41.2 37.6 25.
Slide 20: Performance
PERFORMANCE ( in million euro) 50 500 40 400 INTRODUCTION DIVISIONS 30 300 FINANCIAL OUTLOOK 20 200 APPENDIX 10 100 0 0 1996 1997 1998 1999 2000 2001 2002 Cash flow Oper.result Net result Turnover cash flow + oper.result + net result left scale turnover right scale www.fugro.com 20 cash flow turnove
Slide 21: Balance Sheet
BALANCE SHEET Balance (in million euro) per 30June* per 31 December 2002 2001 2000 2001 2000 1999 Fixed assets Intangible fixed assets 225.6 --- --- 237.9 --- --- Tangible fixed assets 173.2 146.3 112,0 163.3 120.5 114,0 Financial fixed assets 23.6 22.1 26.8 26.4 19.4 16.2 422.4 168.4 138.8 427.6 13
Slide 22: Developments
DEVELOPMENTS GOODWILL EUR 225.6 million on balance sheet. EUR 6.1 million depreciated in first six months INTRODUCTION TAXATION reduced to 26% (2001: 35%) DIVISIONS FINANCIAL DEBTS short term debts to banks strongly reduced with proceeds OUTLOOK from private placement (EUR 156 million) APPENDIX www.
Slide 23: Shares
SHARES PER 30 JUNE 2002 PER 31 DECEMBER 2001 ISSUED 14,862,214 14,669,830 INTRODUCTION ISSUED FOR DIVIDEND IN 192,384 142,463 STOCK DIVISIONS FINANCIAL HELD BY FUGRO FOR OPTION 366,322 413,522 PLAN OUTLOOK APPENDIX POSSIBLE ISSUE FROM 1,557,390 1,557,390 CONVERTIBLE LOAN WEIGHTED AVERAGE 14,295,177
Slide 24: Starting Point
STARTING POINT INTRODUCTION Starting point for 2002: DIVISIONS • investments by oil and gas companies similar to 2001 FINANCIAL • oil price well above US$ 20 per barrel OUTLOOK • no material influence from worsened word economy on activities APPENDIX • improvement of Geoscience division through incr
Slide 25: Outlook 2002
OUTLOOK 2002 INTRODUCTION TURNOVER about € 1 billion (2001: € 910 million) DIVISIONS FINANCIAL NET RESULT at least 15% higher compared with 2001 OUTLOOK before goodwill (2001: € 61.7 million) APPENDIX EARNINGS PER before goodwill significantly higher SHARE www.fugro.com 25 25
Slide 26: Analysts
ANALYSTS EPS Fugro - EPS (in EUR) mutation 2002 2002 2003 2003 recom- target Bank analyst date BEFORE AFTER BEFORE AFTER mendation price ABN AMRO Koorn 13-aug-2002 5,15 5,83 Buy 75 Amsterdams Effectenkant. Ebeling 28-feb-2002 4,63 Hold - Bank Insinger de Beaufort vd Kloos 5-apr-2002 5,04 6,08 Accumu
Slide 27: Shareholders Outside the Netherlands
SHAREHOLDERS OUTSIDE THE NETHERLANDS in thousands 14000 12000 INTRODUCTION DIVISIONS 10000 FINANCIAL 8000 OUTLOOK 6000 APPENDIX 4000 2000 0 end ’96 end ’97 end ’98 end ‘99 end '00 end '01 mid ’96 mid ’97 mid ’98 mid ’99 mid '00 mid '01 mid '02 Netherlands UK USA Luxembourg Neth. Antilles Belgium Fra
Slide 28: Share Price Development
SHARE PRICE DEVELOPMENT 75 65 INTRODUCTION 55 DIVISIONS FINANCIAL 45 OUTLOOK 35 APPENDIX 25 15 5 92 93 94 95 96 97 98 99 00 01 02 - share price in euro per first of the month. up to 14 August 2002 (EUR 52.00) - highest share price EUR 75.65 on 15 May 2001 - lowest share price EUR 5.81 on 21 November
Slide 29: Financial Agenda
FINANCIAL AGENDA END NOVEMBER/ press release on developments in the second half EARLY DECEMBER 2002 of 2002 14 MARCH 2003 publication and presentation Annual Report 2002 INTRODUCTION 15 MAY 2003 Annual General Meeting of Shareholders DIVISIONS FINANCIAL END JUNE/ press release on developments in the
Slide 30: Contact
CONTACT Fugro N.V. Veurse Achterweg 10 } address Post box 41 2260 AA Leidschendam INTRODUCTION The Netherlands DIVISIONS telephone: +31 70 3111 422 FINANCIAL § telephone fax: +31 70 3202 703 OUTLOOK APPENDIX www.fugro.com ¡ internet [email protected] { e-mail www.fugro.com 30 30