Fugro Nv · EURONEXT:FUR
Fugro Nv — Q1 2019 Earnings Presentation
11 slides from Fugro Nv's earnings presentation, Apr 26, 2019
Slide 1: Q1 2019 trading update
Q1 2019 trading update 26 april 2019
Slide 2: Safe harbour
Safe harbour This presentation 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 ass
Slide 3: Highlights Q1 2019
Highlights Q1 2019 ▪ Continued revenue growth ▪ 9.3% increase, mainly in offshore wind and oil & gas ▪ Seasonally weak quarter impacted by Seabed ▪ mid-single digit negative EBIT margin, below Q1 2018 ▪ Improved results in marine site characterisation offset by lower results in marine asset integrit
Slide 4: Continued revenue growth
Continued revenue growth Year-on-year revenue growth1 Revenue growth per division X EUR million 40 +9.3%1 30% 29% 30 12 383 12 395 23 350 -2 20 15% 11% 13% 9% 10 3% 0% -2% 0 -3% -1% -12% -13% -10 -16% -20% -20 -23% -22% -20% -21% -30 -30% -26% 1Q18 Marine Land Geoscience 1Q19 FX and 1Q19 portfolio 1
Slide 5: Divisional highlights Marine division
Divisional highlights Marine division Revenue ▪ Revenue increase +10.4%1 ▪ site characterisation up 20.3%, driven by leading position in oil & gas 244 216 and offshore wind, and new growth markets. 112 109 ▪ late cyclical asset integrity up 0.6%. 107 132 ▪ vessel utilisation of 66%, in line with Q1
Slide 6: Divisional highlights Land division
Divisional highlights Land division ▪ Revenue decreased by 1.8% Revenue -1.8%1 ▪ site characterisation down 4.4%: growth in North America more than 110 112 21 24 offset by completion of large nearshore UK project at end of Q1 2018. 89 88 ▪ asset integrity up 8.9%, driven by increased activity in Nor
Slide 7: Divisional highlights Geoscience division - Seabed Geosolutions
Divisional highlights Geoscience division - Seabed Geosolutions Revenue ▪ Strong revenue growth with 3 active crews in the quarter and 1 under +49.3%1 mobilisation, compared to relatively quiet Q1 2018 39 24 1Q18 1Q19 ▪ EBIT margin was negative compared to slightly positive margin in Q1 2018 ▪ As pr
Slide 8: Financial position
Financial position ▪ Negative free cash flow, mainly due to higher level of capex and low results in seasonally weak quarter. ▪ Working capital as % of 12 months revenue of 11.4% compared to 11.6% per Q4 2018 and 13.3% per Q1 2018. ▪ Days of revenue outstanding of 92. ▪ Net debt/EBITDA ratio expecte
Slide 9: Continued growth backlog
Continued growth backlog Backlog Marine (next 12 months) Marine site characterisation +31.2% X EUR million +2.0%1 1,052 1,042 1,030 Marine asset integrity -14.7% 971 964 943 928 917 867 Land 655 619 640 606 588 508 545 578 556 Land site characterisation -3.7% 284 Land asset integrity +5.2% 341 274 2
Slide 10: Outlook 2019
Outlook 2019 ▪ Continued revenue growth ▪ Further improvement of EBIT margin ▪ Positive cash flow from operating activities after investments (pre-IFRS 16) ▪ Capex of around EUR 90 million ▪ Implementation of IFRS 16: ▪ + EUR 35 - 40 million effect on EBITDA ▪ + EUR 5 - 8 million effect on EBIT ▪ +
Slide 11: New results segmentation
New results segmentation ▪ On 1 May, Fugro will implement its new top management structure, as announced on 25 February. ▪ Land and Marine divisions will be integrated at top-level ▪ Instead of 2 divisions represented in 5 regions, there will be 4 integrated regions, directly reporting to the Board