Annual results Amsterdam, 27 February Courtesy of French Ministry Of Culture and Communication / Immadras

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1 Annual results 2014 Amsterdam, 27 February 2015 Courtesy of French Ministry Of Culture and Communication / Immadras

2 General highlights Fugro to focus on its core geotechnical and survey activities Restructuring Seabed Geosolutions in progress and Fugro actively seeking options to reduce its stake Process underway to find a partner to create a strong subsea services player. Options include a divestment of (part of) the subsea business Poor results due to market and performance issues Cost reduction and performance improvement measures accelerated and on track Headcount reduction of around 6% of total Fugro (750 employees) in progress. Most of the reduction will have been implemented by the first quarter of 2015 Courtesy of French Ministry Of Culture and Communication / Immadras 2

3

4 Financial highlights 2014 Revenue of EUR 2,572 million; + 5.9% Y-o-Y at constant currencies EBITDA, excluding impairments and write-offs, of EUR 373 million EBIT margin, excluding impairments & write-offs, of 3.2% compared to 11.0% in 2013 Impairments & write-offs of EUR 630 million Working capital reduction initiative ahead of plan, with EUR 45 million cash collection improvement Cash flow from operating activities EUR 337 million; cash flow before financing EUR 42 million No dividend over 2014 Agreement with lenders on additional headroom Net debt/ EBITDA * of 2.2 compared to < 3.5 requirement Backlog EUR 1,576 million; -14.8% at constant currencies, in line with market developments * EBITDA definition for covenant purposes is different from reported EBITDA 4

5 MARKET DEVELOPMENTS 5

6 Oil and gas market under pressure Oil and gas market (78% of revenue) Rapid decline of oil price in 2HY14 to < $50/barrel (Brent) with recent wavering rebound to $ 60/barrel E&P spend outlook 2015 by major international oil companies down by 15%. NOCs spend outlook 2015 largely flat* North American shale rig count sharply down and shale output expected to decline as result New deep water and ultra deep water developments under increased scrutiny Discretionary spending by oil companies largely halted * Barclays Global 2015 E&P spending Outlook 6

7 Infrastructure and other markets growing Infrastructure and building (12%) Infrastructure spend generally follows regional GDP growth Growth concentrated in emerging markets, still slow in OECD countries Climate change will drive water services for protection against floods and fresh water Sustainable energy, mining, public sector (10%) Sustainable energy continues to grow and become less dependent on government support Mining market slow until structural growth of GDP drives commodity prices and hence mining 7

8 STRATEGY AND PORTFOLIO 8

9 Leadership in providing essential earth and engineering data Global market leadership in offshore survey and geotechnical markets built on impartial and independent service provision Full range from data acquisition, processing, interpretation, visualisation, data management to consultancy and advice Unparalleled capabilities based on proprietary technology and in-depth expertise and experience Balanced exposure across oil and gas field life cycle Strong long-term local presence to serve local customer base Multi-market exposure to achieve resilience against market volatility 9

10 Diversified revenue base 2014 Diversified revenue base Revenues by segment Subsea 24% Geoscience 12% 2014 Geotech 30% Building and infrastructure 12% Other 10% 2014 Oil and gas 78% Survey 34% Revenues by geography Revenues by client type in oil and gas Americas 21% Europe 42% Super major oil companies 17% Other 5% Private oil companies 30% Asia Pacific 23% Middle East 9% Africa 5% Contractor 21% NOCs 27% 10

11 Exposure across full oil and gas field life cycle Final investment decision Exploration & appraisal Development planning Field development Production & maintenance Abandon & decommission Site investigation Survey Construction support Positioning signals & serv. Positioning signals & serv. MetOcean Geotech Site investigation Engineering / Consultancy Subsea Inspection, repair, replace & maintenance Drill support Drill support (1) Construction support & installation Geoscience Offshore Revenues Seabed geophysics Seabed geophysics ~15% ~25% ~20% ~35% ~5% 1 excludes multi-client 11

12 Strategic priorities rebalanced to reflect changing market environment Portfolio Fugro to focus on its core geotechnical and survey activities Restructuring Seabed Geosolutions in progress and Fugro actively seeking options to reduce its stake Process underway to find a partner to create a strong subsea services player. Options include a divestment of (part of) the subsea business Organisation Regional organisation implemented Simplify the organisation, reduce costs and improve client focus Accelerate performance improvement programmes with focus on working capital reduction, delivery excellence, procurement, project management and standardisation Maintain prominent level of R&D and innovation to strengthen technology leadership 12

13 Independence and confidentiality drive market leadership Fugro strategy and leading position based on: Providing impartial and independent advice in best interest of clients Confidentiality of sensitive data Access to all parties in the market 13

14 COST REDUCTION MEASURES AND PERFORMANCE IMPROVEMENT 14

15 Fugro: cost reduction measures and performance improvement EBIT margin 1 Actions Headcount reduction of around 6% for total Fugro (750 employees) mostly implemented by Q ⱱGroup wide salary freeze implemented with exception of high inflation countries Working capital reduction initiative: Tangible action being taken across 11.4 the board to 10.7 improve EBIT margin HY13 2HY13 1HY14 2HY14 ⱱ delivered EUR 45 million ahead of plan programme is being expanded ⱱ2015 capex below lower end of mid-term guided range of EUR million versus EUR 280 million in 2014 Divisional performance improvement programs, organisational simplification & standardisation 1 excluding impairments and non-cash one-offs 15

16 Geotechnical: cost reduction measures and performance improvement EBIT margin 1 Actions Fleet reduction of 25% (from 12 to 9 vessels): 15.8 Tangible action being taken across 11.8 the board to improve EBIT margin ⱱ 1 charter has been terminated in Q3 2014; 2 more charters will be terminated early 2015 ⱱInvestment programme reduced significantly by postponing 2 new vessels Enter into sale / charter back for 2 new vessels Divestment of Synergy vessel These measures will contribute to EBIT improvement of EUR 20 million 1HY13 2HY13 1HY14 2HY14 Contingency plans in place; fleet can be reduced by another 2 vessels at limited cost 1 excluding impairments and non-cash one-offs 16

17 Survey: cost reduction measures and performance improvement EBIT margin 1 Tangible action being taken across the board to improve EBIT margin Actions ⱱGeospatial (Aerial mapping) restructuring to asset light model complete: Reduction 5% of survey division personnel Aircraft fleet reduced from 26 at the end of 2013 to 7 by the end of January 2015 Eight local offices closed ⱱFleet capacity reduced by 7% by terminating or not extending charters ⱱStrongly reduced further fleet expansion and renewals 1HY13 2HY13 1HY14 2HY14 These measures will contribute to EBIT improvement of EUR 20 million Contingency plans in place; vessel capacity can be reduced strongly at limited cost 1 excluding impairments and non-cash one-offs 17

18 Subsea Services: cost reduction measures and performance improvement EBIT margin 1 Actions Downsizing diving activities in Brazil underway ⱱDownsizing stand-alone ROV fleet operations in Asia Pacific in Q Tangible action being taken across the board to improve EBIT margin (2) 6.9 These measures will contribute to EBIT improvement of EUR 20 million Contingency plans in place; only one charter is expiring in 2015, which means that any further vessel reductions will come at larger cost HY13 2HY13 1HY14 2HY14 1 excluding impairments and non-cash one-offs 2 excluding effects of fire and strike 18

19 Seabed: cost reduction measures and performance improvement EBIT margin 1 Actions ⱱLeadership changes ⱱProject management strengthened significantly with new senior project management Overhead cost reduction target of 30% Tangible action being taken across the board to improve EBIT margin Improved and highly selective tendering with focus on margins 1HY13 2HY13 1HY14 2HY14 1 excluding impairments and non-cash one-offs 19

20 FINANCIALS 20

21 Reasonable growth considering challenging oil and gas market Revenue X EUR million + 6.1% % 22 2,572 2, , ,424 2,402 FY13 Geotech Survey Subsea Geoscience Seabed 100% Geoscience other (mainly multi-client) FY14 FY13 Deconsolidation FY13 COSL adjusted in 2013 for deconsolidations Organic Exchange rate Acquisitions FY14 21

22 Market decline and performance issues reduce profitability Revenue EBIT (margin) adjusted for impairments and one-off write-offs Capital employed ROCE 2,424 2,572 11,0% 2, % 2, % 1.3% Rev. EBIT CE ROCE Reported growth 6.1% or 5.9% currency comparable Year-on-year decline at all divisions, except Subsea Services Decline mainly related to impairment charges Lower profitability drives decline in ROCE 22

23 Lower than expected results & deteriorated market outlook lead to non-cash impairments and one-off write-offs (x EUR million) Geotechnical Survey Subsea Services Geoscience multiclient Seabed Goodwill Intangibles multi-client data library Property, plant and equipment Other intangibles Total impairments Restructuring cost Onerous contract provision Write-off receivables Total other Total EUR 347 million in H1 and EUR 283 million in H2 Majority relates to Geoscience (EUR 454 million, 72% of total) Other impairments and one-off write-offs mainly comprise: Partial write-down of the Synergy vessel Onerous contract provisions Subsea Services Goodwill impairment Geospatial 23

24 onshore offshore Geotechnical division: onshore solid, offshore weak with good improvement in H2 703 Revenue 775 EBIT (margin) adjusted for impairments and one-off write-offs 13.9% Capital employed % Rev. EBIT CE Onshore growth of 7.3% (currency comparable) driven by growth in Middle East, Africa and Caspian Offshore growth of 13.3% (currency comparable) driven by large Pemex well intervention project Offshore results weak however H2 much better than H1 Operational issues well intervention project Pemex Unfavourable revenue mix with low volume of high margin deep-water work Cancelled projects in Russia Onshore solid, H2 impacted by amortisation of capitalised backlog related to Geofor acquisitions Increase with 15%, due to currency impact and acquisitions in Africa 24

25 Survey division: under-utilisation, price pressure and unfavourable mix in geophysical drives result down Revenue EBIT (margin) adjusted for impairments and one-off write-offs Capital employed 900* % % Rev. EBIT CE Currency comparable revenue -1.0%; adjusted for deconsolidation COSL JV +1.7% revenue growth Low vessel utilisation and unfavourable mix in geophysical surveys North America and Europe Pricing pressure in some business lines, aerial mapping losses, deconsolidation COSL 2HY margin (excl. impairments) 1.6% points higher than 1HY margin, partially due to reduced losses aerial mapping Decrease mainly related to goodwill impairment aerial mapping * Chinese joint venture COSL, deconsolidated per 23 August 2013, with EUR 21.5 million revenue contribution in

26 Subsea Services division: good performance construction support 574 Revenue 608 EBIT (margin) adjusted for impairments and one-off write-offs 3.3% Capital employed % Rev. EBIT CE Increase of 6.0% or 5.1% adjusted for currencies, mainly driven by Great Western Flank project Underlying Q2 Q4 showed solid recovery from poor Q1 Fire and diver s strike impact results with combined effect of EUR 8 million Improved contribution construction support business (trenching) relative to last year Slight decrease related to impairments and write-offs (provisions for 2 long-term vessel leases and 2 onerous contracts in Brazil), partly offset by currency impact 26

27 Geoscience division: unacceptable performance Seabed with continued losses Rev Revenue Other* Multi-client Seabed EBIT (margin) adjusted for impairments and one-off write-offs Capital employed Seabed Geosolutions growth mostly driven by increased work for 2 SWOBC crews Multi-client impacted by slow exploration market EBIT CE Seabed Project losses (mainly one project) driven by competitive bidding, delays, cost overruns and low production at OBC Under-utilisation and technical issues at OBN Lower revenue multi-client, combined with linear & forced amortisation on top of sales amortisation Decline due to impairments 27 * Other includes EUR 18.5 million gain on sale of technology licences in 2013

28 Increased interest expenses and limited tax benefit from impairments and one-offs Net finance costs Tax expense (x EUR million) Interest income Interest expenses (36) (27) Net change in financial assets (11) 1 Exchange rate variances 3 4 Finance expenses (44) (22) Net finance income/costs (34) (7) Higher interest expenses due to higher net debt position and currency impact (USD) Net change in financial assets mainly relates to revaluation of the Seabed warrant (part of vendor loan to CGG) (x EUR million) Tax before impairment and write-offs Tax on impairment and write-offs 81 Low tax income rate: (36) (51) Total tax 45 (51) Effective tax rate 8% 19% Goodwill impairment in the Netherlands and UK non tax-deductible Low effective tax rate for currently lossmaking Seabed 28

29 Working capital reduction initiative delivers ahead of plan Working capital 2014 (x EUR million) Working capital of which inventories of which trade & other receivables of which trade & other payables (588) (484) Working capital initiative Encouraging results from working capital initiative: DRO from 109 to 103 days; delivering EUR 45 million cash collection improvement ahead of plan More accurate measurement of receivable management KPIs implemented 2 nd improvement wave launched in January Working capital as % sales 16% 17% 2015 at 10 additional operating companies Days of revenue outstanding Higher trade and other receivables and payables mainly due to double digit Q4 revenue growth 1 st and 2 nd wave cover around 50% of total accounts receivable DRO targeted at < 100 days YE 2015 Total cash opportunity of EUR million (incl 2014 accelerated gain) 29

30 Capex slightly above last year Capital expenditure Vessel delivery schedule (x EUR million) Maintenance capex Capex major assets (incl assets under construction) Total capex Majority of capex is related to Geotech and Survey divisions Mainly for vessels, equipment and new geotech office building in the Netherlands 30

31 Positive cash flow before financing despite disappointing performance * operating CF before working capital working capital capex acquisitions other CF from investing cash flow before financing dividend share repurchase CF before other financing activities *difference with EUR 280 million due to non-cash items mainly relating to decommissioning of assets 31

32 Strong liquidity end of 2014 ~ 80% of debt matures Full compliance with covenants EUR 620 million undrawn under committed revolving credit facility (RCF) 465 Agreement with lenders on temporary additional headroom adjustment of definitions EUR million 317 Test date net leverage fixed charge coverage original covenant adjusted covenant original covenant adjusted covenant Dec 14 < 3.00x < 3.50x > 2.50x > 2.00x Mar 15 NA < 3.25x NA > 2.00x Jun 15 < 3.00x < 3.00x > 2.50x > 2.00x Sep 15 NA < 3.00x NA > 2.00x Dec 15 < 3.00x < 3.00x > 2.50x > 2.25x Mar 16 NA < 3.00x NA > 2.25x As of Jun 16 < 3.00x < 3.00x > 2.50x > 2.50x 155 Realisation at YE 2014 Net debt/ EBITDA * 2.2 below 3.5 requirement * EBITDA definition for covenant purposes is different from reported EBITDA Fixed coverage ratio 2.9 above 2.0 requirement Solvency ratio 43% 32

33 Dividend policy Due to weak results and to strengthen the balance sheet no dividend for 2014 Dividend payment in 2016 (over the year 2015) conditional on covenant compliance at original levels 33

34 OUTLOOK 34

35 Oil and gas market to remain weak short term Oil price will continue to be under pressure until supply-demand balance is restored Oil service activity will be challenged in short-term as result of reduced E&P spending and capex discipline Already sanctioned deepwater field developments will continue, not affected by short term price fluctuations Reduced investment will not compensate for depletion and reduce supply 35

36 Backlog decline in line with market developments Currency comparable decline by 14.8%: Onshore Geotechnical strong Offshore Geotechnical and Survey decline in line with market developments 1, Reported growth - 8.6% 1,575.4 Currency comparable growth % Strong decline in Subsea Services, impacted by % completion Great Western Flank project in Adjusted for this effect % backlog Fugro 8.7% backlog Subsea Services 12.5% GWF % 67% definite orders, comparable to last year % YE13 YE14 Geotechnical Survey Subsea Services Geoscience (Seabed Geosolutions) 36

37 Outlook 2015 We expect the oil and gas market to remain challenging for some period of time In 2014 Fugro started to implement cost reduction measures and accelerates its performance improvement programmes for its oil and gas activities. Capex is curtailed strongly Contingency plans are in place to further reduce costs and vessel capacity in case markets deteriorate beyond current expectations Fugro expects to generate strong cash flow before financing in 2015 The mid-term outlook for 2017 as communicated on 29 October 2014 is unchanged 37

38 Key take-aways Fugro to focus on its core geotechnical and survey activities Restructuring Seabed Geosolutions in progress and Fugro actively seeking options to reduce its stake Process underway to find a partner to create a strong subsea services player. Options include a divestment of (part of) the subsea business Poor results due to market and performance issues Tangible action being taken across the board to improve EBIT margin Cost reduction and performance improvement measures accelerated and on track 38

39 THANK YOU Courtesy of French Ministry Of Culture and Communication / Immadras

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