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Fugro full-year results 2021

Solid 2021 results underpin Fugro’s Path to Profitable Growth. Strong fourth quarter with growth in all regions.

18 Feb 2022   07:00 CET
Leidschendam, the Netherlands

  • Full year revenue up 5.8% with continued diversification towards wind, infra and water at 61% of revenue.
  • EBITDA increased to EUR 175.6 million driven by Europe-Africa and Americas, and an EBIT margin of 4.3%.
  • Q4 revenue growth of 24.8% and Q4 EBIT margin of 4.3%.
  • Resilient performance due to cost control, operational delivery and early signs of improved pricing.
  • Free cash flow of EUR 39.5 million due to operational performance and good working capital management.
  • Positive net result of EUR 71.1 million.
  • Further deleveraging to 1.7x.
  • 12-month backlog increased by 11.6% to EUR 1,014.1 million, back to pre-pandemic level.
  • Outlook 2022: continued revenue growth and further margin expansion towards 2023-2024 target.
Key figures (x EUR million)
from continuing operations unless otherwise indicated
  Q4 2021  Q4 2020  2021  2020 
Revenue 410.4 318.1 1,461.7 1,386.3
    comparable growth1 24.8% (12.8%) 5.8% (12.4%)
EBITDA2 44.9 33.2 175.6 162.0
EBITDA margin2 10.9% 10.4% 12.0% 11.7%
EBIT2 17.4 3.5 63.0 48.2
EBIT margin2 4.3% 1.1% 4.3% 3.5%
Net result3 59.6 (74.0)
Net result incl. discontinued operations3 71.1 (173.8)
Backlog next 12 months 1,014.1 866.2 1,014.1 866.2
    comparable growth1 11.6% (8.0%) 11.6% (8.0%)
Cash flow operating activities after investing (free cash flow)4 14.6 36.1 39.5 88.4
Net leverage5 1.7 2.1 1.7 2.1

1. Corrected for currency effect
2. Adjusted for specific items: onerous contract provisions, restructuring cost, impairment losses, and certain advisor/ other costs of EUR 2.7 million in 2021 (2020: EUR 28.4 million)
3. Attributable to the owners of the company
4. Incl discontinued operations; 2020 free cash flow includes EUR 49.9 million proceeds from the sale of Global Marine
5. Total debt (incl. subordinated debt) minus cash on balance sheet divided by last 12 months adjusted consolidated EBITDA for covenant purposes, including IFRS-16

Mark Heine, CEO: “We delivered a clear improvement in our results. The margin was up, in particular in Europe-Africa and Americas, and we generated a positive free cash flow and a positive net result. We won numerous exciting new projects, including follow-up contracts for Denmark’s Energy Island, multiple wind farm site characterisations on the east coast of the US and several investigation works in support of the future Hong Kong-Shenzhen Innovation and Technology Park. 

Considering the impact of the pandemic throughout the year, I am particularly grateful for the unwavering commitment and flexibility of Fugro’s employees to delivering high quality services to our clients. The resilient performance was a combination of strict cost management, operational delivery, and early signs of improved pricing, particularly driven by a tightening supply market and new digital Geo-data solutions. We successfully advanced our digital technology journey focused on robotics, remote, analytics and insights.

In a rapidly changing world with an increasing need for insightful Geo-data, our services are more relevant than ever. The energy transition, climate change adaptation and sustainable infrastructure are at the heart of our strategy and we are well positioned to support clients with their transformation in light of these urgent global themes. By now, we generate 61% of our revenue in wind, infra and water. The strong growth, quality and composition of our backlog underline our ambition to further diversify in these growth markets.

The positive market outlook reinforces our Path to Profitable Growth strategy. On the trajectory towards our mid-term targets, our 2022 management agenda is focused on the following topics: further implementation of our digital transformation, innovation and sustainability agenda, excellence in commercial and operational delivery; another step-change in safety and employee engagement and the roadmap to reach our net zero carbon emission ambition by 2035.”

For more information


Serge van de Ven

+31 (0) 70 31 11129


Catrien van Buttingha Wichers

+31 (0) 70 31 15335


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