Fugro Nv · EURONEXT:FUR

Fugro Nv — Q3 2015 Earnings Presentation

11 slides from Fugro Nv's earnings presentation, Oct 30, 2015

  1. Slide 1: Fugro Q3 2015 trading update

    Fugro Q3 2015 trading update 30 October 2015

  2. Slide 2: Highlights Q3 2015: Improved EBIT margin under continuing challenging market conditions

    Highlights Q3 2015: Improved EBIT margin under continuing challenging market conditions Good progress implementation management agenda  Profitability: EBIT margin improved Y-on-Y  Cash flow: positive year-to-date  Balance sheet:  Ratios well within covenants  Agreement on key conditions 5-year

  3. Slide 3: Financial highlights Q3 2015

    Financial highlights Q3 2015  Y-on-Y revenue decline of 13.2% or 21.5% on currency comparable basis, in line with oil and gas market developments  Mid-single digit EBIT margin (excluding exceptional items); Y-on-Y improvement mainly due to Seabed Geosolutions  Due to deteriorated market outlook,

  4. Slide 4: Cost reduction and performance improvement measures ahead of schedule

    Cost reduction and performance improvement measures ahead of schedule Cost reduction ahead of schedule  Headcount : 1,054 net reduction achieved versus YE 2015 target of 950  Vessel fleet: YE 2015 reduction target achieved:  Geotechnical: from 18.1 11 18.8to 7 vessels 11.8  Survey: 10-15% reduct

  5. Slide 5: Geotechnical division: onshore margin weak, offshore improved

    Geotechnical division: onshore margin weak, offshore improved  Onshore revenue: + 8.6% or - 3.3% on currency +0.0% comparable basis 204.1 204.1  Onshore margin: lower Y-on-Y  part of client base impacted by low oil price Offshore 93.3 83.9  continuing underperformance in Africa  Offshore revenu

  6. Slide 6: Survey division: some margin decline in difficult market

    Survey division: some margin decline in difficult market  Revenue - 6.0% or - 12.8% on currency - 6.0% comparable basis 228.7  Lower oil and gas related revenue 215.0  geophysical surveys  construction support  metocean  In part compensated by more work in non-oil & gas, eg hydrography and cab

  7. Slide 7: Subsea Services division: steep revenue and margin decline

    Subsea Services division: steep revenue and margin decline - 44.5%  Revenue - 44.5% or - 48.3% on currency comparable basis 192.9  strong deterioration of the subsea services market  completion early this year of large Great Western Flank project  mid-single digit EBIT loss due to revenue 107.1

  8. Slide 8: Seabed Geosolutions: strong year-on-year margin improvement

    Seabed Geosolutions: strong year-on-year margin improvement  Revenue + 20.6% or – 0.7% on currency +20.6% comparable basis 84.9  robust operational performance of OBC projects  offset by start of transit/ remobilisation period 70.4 of SW crew and OBN crew  EBIT margin in line with HY15 margin, c

  9. Slide 9: Key terms new 5-year refinancing agreed

    Key terms new 5-year refinancing agreed All covenants met Financing 2Q15 3Q15 adjusted Agreement with main financiers on key realisation realisation covenant conditions of refinancing of current revolving Fixed charge credit facility: 2.8 2.9 > 2.0 cover  commitments from banks for EUR 500 Net debt

  10. Slide 10: Backlog next 12 months: decline in line with market

    Backlog next 12 months: decline in line with market 12 month backlog Currency comparable growth (x EUR million) 3Q14 HY15 3Q15 Y-on-Y Q-on-Q onshore Geotech 277 312 270 - 7.9% - 12.2% offshore Geotech 186 144 115 - 40.1% - 17.5% Geotech total 463 456 385 - 20.8% - 13.9% Survey 645 566 494 - 25.1% -

  11. Slide 11: Outlook: challenging market continues

    Outlook: challenging market continues We expect coming quarters to be difficult  Oil & gas clients are indicating further cuts in E&P spend in 2016  No rebalancing or recovery of oil price expected for foreseeable future  Infrastructure, hydrographic and offshore wind farm markets continue to pro

Fugro — Q3 2015 Earnings Presentation on 6ix