Annual Report 2024
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Annual Report 2024
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CEO message
Our financial performance in 2024 was good, as we delivered well against the mid-term targets of our strategy Towards Full Potential. We significantly improved our EBIT margin, as well as operating cash flow. In three out of four regions, we realised double-digit EBIT margins, driven by higher profitability both in Marine and Land activities.
Even as markets change, our expertise and commitment to meeting clients’ needs make us resilient and well prepared for the future. The overall fundamentals of our markets remain strong. Geo-data is increasingly needed to address the ‘energy trilemma’ – keeping the energy supply secure, affordable and sustainable – and to support the much-needed large-scale investments in infrastructure and climate change adaptation.
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Mark Heine Chief Executive Officer
Performance highlights
People
0.20
Lost time injury frequency
(per mln hours)
9%
Voluntary employee
turnover rate
36
Employee net promoter score (eNPS)
23%
Female employees
24%
Women in senior
management
Planet
63%
Renewables, infra and water
(as % of revenue)
863
Revenue from renewables
(in EUR million)
220
Absolute GHG emissions
scope 1&2
(ktCO2e)
10%
Vessel CO2 intensity reduction owned & chartered vessels
(vs 2020)
5 %
Vessel CO2 intensity reduction
owned vessels
(vs 2020)
Profit
13.8%
EBIT margin
7.1%
Free cash flow
(in % of sales)
18.1%
Return on capital employed (ROCE)
61
Net promoter score
(NPS)
2.3%
R&D spend
(in % of revenue)
Towards Full Potential strategy
Our industries
Grow and transform current business
Also in the mid-term, most of our revenues and value creation will come from our existing business in energy, infrastructure and water, which continue to offer a lot of opportunities.
Expand into developing segments
Fugro is leveraging its expertise by expanding into developing segments in existing markets with a large requirement for Geo-data insights.
Build recurring revenue with Geo-data as a service
Building on our decades-long experience with subscription-based revenue from our ultra-precise satellite positioning solutions, and with our Seawatch® wind lidar buoys, we are expanding on our existing solutions through scalable technology.
Our industries
Grow and transform current business
Also in the mid-term, most of our revenues and value creation will come from our existing business in energy, infrastructure and water, which continue to offer a lot of opportunities.
Expand into developing segments
Fugro is leveraging its expertise by expanding into developing segments in existing markets with a large requirement for Geo-data insights.
Build recurring revenue with Geo-data as a service
Building on our decades-long experience with subscription-based revenue from our ultra-precise satellite positioning solutions, and with our Seawatch® wind lidar buoys, we are expanding on our existing solutions through scalable technology.
Our industries
Grow and transform current business
Also in the mid-term, most of our revenues and value creation will come from our existing business in energy, infrastructure and water, which continue to offer a lot of opportunities.
Expand into developing segments
Fugro is leveraging its expertise by expanding into developing segments in existing markets with a large requirement for Geo-data insights.
Build recurring revenue with Geo-data as a service
Building on our decades-long experience with subscription-based revenue from our ultra-precise satellite positioning solutions, and with our Seawatch® wind lidar buoys, we are expanding on our existing solutions through scalable technology.
Highlights
Introduction
Map, model and monitor:
reducing Geo-risk for clients throughout their asset life cycle
reducing Geo-risk for clients throughout their asset life cycle
Introduction
Markets:
Client-led solutions across industries and geographies
Client-led solutions across industries and geographies
Introduction
Key competitive differentiators:
We are often the number 1 or 2 player in our key markets
We are often the number 1 or 2 player in our key markets
Sustainability statement
Environment:
Our contribution to climate change mitigation and adaptation, and to biodiversity
Our contribution to climate change mitigation and adaptation, and to biodiversity
Sustainability statement
Social:
Our commitment extends to our value chain and communities
Our commitment extends to our value chain and communities
Cases
Site characterisation surveys for offshore wind farm in Japan
Over the past years, Fugro has expanded its presence in the offshore wind market to the Asia Pacific region. A notable example is the 2024 site characterisation campaign off the west coast of Japan, near Murakami and Tainai.
Cases
Fugro’s contribution to Germany’s transition to renewable energy
Following extensive planning, comprehensive site investigation works along the currently preferred route of the Rhine-Main Link (RML) energy route have begun in May 2024. Rhein-Main-Link is a 600 km underground cable connection for transporting electricity from offshore wind farms in the North Sea to the Rhein-Main metropolitan region; one of the largest infrastructure projects in Germany.
Cases
Real-time access to Geo-data with Fugro’s VirGeo® platform
In 2024, Fugro successfully completed four years of survey operations for US-based offshore wind developer Atlantic Shores Offshore Wind, supporting the site assessment of five projects across three lease areas of around 1,000 km² in total.
Cases
Seagrass mapping in groundbreaking ecosystem restoration project
Since April 2024, Fugro has been involved in mapping the coastal habitats of the Italian coast as part of the government’s Marine Ecosystem Restoration project. This project aims to restore marine habitats, fortify the national system for observing marine and coastal ecosystems, and map coastal and marine habitats across Italian waters.
Cases
Leadership in ocean sciences
We all have much to gain from a healthy ocean, which is the beating heart of our planet, and much to lose from a poorly managed and depleted one. And the current level of ocean science data is inadequate to support the essential research needed for the effective conservation of marine ecosystems. The private sector is an essential partner in closing these data gaps, collaborating with governmental institutions, NGOs and academia.
Cases
Powering the ports of Spain with vital metocean data
For over 25 years, Fugro has provided services to Puertos del Estado, collecting and delivering essential oceanographic and meteorological data from their network of 23 SEAWATCH® and Wavescan® buoys. Strategically positioned at 15 deep-water locations, these buoys provide vital information for the design and operation of Spanish port infrastructure.
Cases
Remote pipeline inspections for offshore installation projects
For several years now Fugro has been supporting the shift towards remote and autonomous solutions, as part of the energy transition, with our network of remote operations centres, fleet of uncrewed surface vessels (USVs) and electric remotely operated vehicles (eROVs).
Publications
Full Annual Report 2024
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ESEF package
Financial statements 2024
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Sustainability statement 2024
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Introduction
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Strategy
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Financial performance
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Sustainability statement
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Leadership & governance
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Financial statements
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Other information
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