Annual Report 2023
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Annual Report 2023
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CEO message
In 2023, we made great progress in delivering on our Path to Profitable Growth strategy and related mid-term targets. By capturing high client demand in the energy markets, we realised a major step-up in our results.
Over the past years, we have created a solid foundation that puts us in a prime position to seize the compelling opportunities in our markets, resulting from an ever-increasing need for Geo-data insights. We are ready for the next chapter of our journey, as reflected in our new strategy Towards Full Potential, which we launched in November.
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Mark Heine Chief Executive Officer
Performance highlights
People
0.57
Lost time injury frequency
(per mln hours)
10%
Voluntary employee
turnover rate
27
Employee Net Promoter Score (eNPS)
23%
Female employees
22%
Women in senior
management
Planet
62%
Renewables, infra and water
(as % of revenue)
773
Revenue from renewables
(in EUR million)
219
Absolute GHG emissions
scope 1&2
(ktCO2e)
16%
Vessel CO2 intensity reduction
(vs 2020)
10 %
Vessel CO2 intensity reduction
owned vessels
(vs 2020)
Profit
11.5%
EBIT margin
9.8%
Free cash flow
(in % of sales)
17.8%
Return on capital employed (ROCE)
51
Net promoter score
(NPS)
2%
R&D spend
(in % of revenue)
Highlights
Profile
Map, model and monitor:
reducing Geo-risk for clients throughout their asset life cycle
reducing Geo-risk for clients throughout their asset life cycle
Group performance
Environment:
Net zero marine operations programme
Net zero marine operations programme
Social
Social:
Health, safety, security & wellbeing
Health, safety, security & wellbeing
Governance
Risk management:
Fugro's key risks
Fugro's key risks
Governance
Investor relations:
Fugro on the capital markets
Fugro on the capital markets
Cases
Mapping Norway’s coastal waters
Since 2006, we have been a vital contributor to the Mareano programme, focused on comprehensive marine and coastal mapping in Norway. Fugro’s survey progress, including interim and final deliverables, is accessible to the client via VirGeo®, Fugro's web-based Geo-data engagement platform, providing near real-time deliverables to the client and related third parties, connected to analytics applications.
Cases
Development of renewable energy infrastructure
Since 2021, we have been supporting the Danish transmission system operator Energinet with site investigation activities for a complete new energy infrastructure, including a revolutionary Energy Island, which will serve as a green power hub. We are delivering services across the project cycle, and this long-term engagement will run until 2026.
Cases
Providing vital solutions for land reclamation
To sustain population and economic growth in Hong Kong, the government is developing the Kau Yi Chau artificial islands providing about 1,000 hectares of additional land, strategically located within the expanded harbour metropolis. The government commissioned Fugro to carry out a site investigation in 2021 for the reclamation study. Since then, we have been providing various site investigation solutions and related laboratory testing, and the engagement will run until early 2024.
Cases
Green energy hub on the German coast
We successfully delivered a ground model for TES’ green energy hub in Wilhelmshaven. For this combined nearshore-onshore-consulting project, we deployed our innovative 3D subsurface scanning technology SWANS ™. This new approach to site investigations is non-invasive, quicker than traditional technologies and scaleable. Combined with machine learning, it was used to maximise accuracy and meet strict deadlines, constrained by the nesting period of migrating birds.
Cases
Keeping Florida’s coastal communities and infrastructure safe and resilient
Fugro has been selected by the Florida Department of Environmental Protection to map its Atlantic coastal waters as part of a multi-year programme to bolster coastal resilience. Fugro’s Geo-data will help inform critical climate adaptation strategies, including infrastructure development and maintenance, habitat mapping, environmental restoration, emergency response and coastal hazard studies.
Cases
Real-time access to Geo-data with Fugro’s VirGeo® platform
We’re working with Invenergy to expedite the delivery of an integrated site characterisation programme for their Leading Light Wind offshore wind project development in the New York Bight, through on-demand access to our offshore wind consultants, along with real-time access to Geo-data through the VirGeo® platform.
Publications
Full Annual Report 2023
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ESEF package
Financial Statements 2023
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Introduction
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Management report
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Supervisory Board report
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Financial statements
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Other information
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