PARIS--(BUSINESS WIRE)--
Regulatory News:
Technip (Paris:TEC) (ISIN:FR0000131708) (TKPPY):
On April 21, 2015, Technip’s Board of Directors approved the first
quarter 2015 adjusted consolidated financial statements.
Note: The first quarter results presented in this press release were
prepared on the adjusted basis described in Technip’s fourth quarter and
full year 2014 results press release. These results reflect the
financial reporting framework used for management purposes.
|
€ million (except Diluted Earnings per Share)
|
|
|
1Q 14
|
|
1Q 15
|
|
Change
|
|
Adjusted Revenue
|
|
|
2,468.5
|
|
2,883.3
|
|
16.8%
|
|
Adjusted EBITDA3 |
|
|
180.6
|
|
243.7
|
|
34.9%
|
|
Adjusted EBITDA Margin
|
|
|
7.3%
|
|
8.5%
|
|
114bp
|
|
Adjusted OIFRA1 |
|
|
119.8
|
|
171.7
|
|
43.3%
|
|
Adjusted Operating Margin4 |
|
|
4.9%
|
|
6.0%
|
|
110bp
|
|
Underlying Net Income2 |
|
|
67.2
|
|
108.0
|
|
60.7%
|
|
Adjusted Non-Current Items
|
|
|
-
|
|
(21.9)
|
|
nm
|
|
Adjusted Net Income of the Parent Company
|
|
|
67.2
|
|
86.1
|
|
28.1%
|
|
Diluted Earnings per Share5 (€)
|
|
|
0.57
|
|
0.73
|
|
26.8%
|
|
Order Intake
|
|
|
2,780
|
|
1,501
|
|
|
|
Backlog
|
|
|
15,357
|
|
20,618
|
|
|
|
|
|
|
|
|
|
|
|
1 Adjusted operating income from recurring activities after
Income/(loss) of equity affiliates.
2 Adjusted net
income of the parent company before non-current items.
3
Adjusted operating income from recurring activities after Income/(loss)
of equity affiliates before depreciation and amortization.
4
Adjusted operating income from recurring activities after Income/(loss)
of equity affiliates, divided by adjusted revenue.
5 As
per IFRS, diluted earnings per share are calculated by dividing profit
or loss attributable to the Parent Company’s Shareholders, restated for
financial interest related to dilutive potential ordinary shares, by the
weighted average number of outstanding shares during the period, plus
the effect of dilutive potential ordinary shares related to the
convertible bonds, dilutive stock options and performance shares
calculated according to the “Share Purchase Method” (IFRS 2), less
treasury shares. In conformity with this method, anti-dilutive stock
options are ignored in calculating EPS. Dilutive options are taken into
account if the subscription price of the stock options plus the future
IFRS 2 charge (i.e. the sum of annual charge to be recorded until the
end of the stock option plan) is lower than the average market share
price during the period.
Thierry Pilenko, Chairman and CEO, commented: “Technip's first
quarter 2015 was solid despite industry headwinds: the Group's adjusted
revenue, operating profit (OIFRA) and net income grew respectively 17%,
43% and 28% compared to a year ago.
As in the previous three quarters, performance was contrasted between
our two segments. In Subsea, adjusted revenue growth was at a high level
- 28% - and there was a substantial improvement in both margin and
absolute profit compared to first quarter last year. Order intake was
robust at over €1 billion including resilient demand for the Brazil
pre-salt developments with a significant hi-tech flexible pipe award.
Onshore/Offshore was not satisfactory. Although adjusted revenue grew
thanks to the new projects (such as Yamal) won last year, adjusted
operating profit fell to €24 million. Order intake was solid in terms of
services contracts with early stage work and PMC contracts, but slower
in EPC awards resulting in a low total value booked as order intake.
Technip's backlog is over €20 billion and we have a strong balance sheet
with adjusted net cash up €0.6 billion to €1.7 billion. Our cost
reduction and efficiency plans are reflected in SG&A costs down €11
million year-on-year and a lower level of corporate costs in the quarter.
Concerning our 2015 objectives, our expectations for the Group overall
remain unchanged but, recognizing that at this point Subsea is
outperforming and Onshore/Offshore underperforming, we raise our
expectation for adjusted operating profit for Subsea to the top of the
announced range at around €840 million and lower Onshore/Offshore to
around the bottom of the announced range, so around €250 million.
More broadly, we confirm our views on the market situation expressed in
our full year results in mid-February: we continue to expect the
slowdown to be prolonged and harsh. The sharp fall in oil prices has had
a substantial impact on our clients' behaviour, NOCs and IOCs alike. New
projects are of course being deferred as clients assess their investment
priorities in a durably changed economic environment. Projects launched
in 2014 and earlier continue to progress but tension along the supply
chain is exacerbated by the lack of financial flexibility from some
clients and, as we said as early as second quarter last year,
negotiations are protracted on contract changes and variations, in
particular on Onshore/Offshore projects.
However, even as clients put pressure on their supply chain, they also
seek innovative and collaborative ways to decrease the cost of their
investments; whilst new projects obviously have to be viable to move
forward, investment is needed to avoid a dramatic reduction in
production in the years to come. With this in mind, we signed during the
quarter a groundbreaking alliance with FMC Technologies. Having started
discussions a year ago, we quickly found a common conviction that, with
early involvement in design, the two companies could significantly
reduce development costs for offshore and subsea developments. In short,
our alliance with FMC Technologies is an enabler for new projects. As of
today, the set-up of the alliance and its Forsys Subsea joint venture is
progressing as expected and the joint team is being put in place.
Our operational priorities for the rest of the year remain unchanged; on
the one hand, maintain momentum on our strong backlog of Subsea
projects, reinforce our actions including with clients on our
Onshore/Offshore projects, selectively renew our backlog and cut our
costs; on the other hand, intensify the work with our clients to
optimize their projects through early stage involvement deploying
Technip’s know-how and technology.”
I. ORDER INTAKE AND BACKLOG
1. First Quarter 2015 Order Intake
During first quarter 2015, Technip’s order intake was €1.5
billion. The breakdown by business segment was as follows:
|
Order Intake1(€ million)
|
|
|
1Q 2014
|
|
|
1Q 2015
|
|
Subsea
|
|
|
2,057
|
|
|
1,033
|
|
Onshore/Offshore
|
|
|
723
|
|
|
468
|
|
Total
|
|
|
2,780
|
|
|
1,501
|
|
|
|
|
|
|
|
|
Subsea order intake comprised a major contract for the
development of the Lula Alto pre-salt field in Brazil to supply around
200 kilometers of high technological flexible pipes and associated
equipment, which will be produced in our Vitoria and Açu manufacturing
plants.
In the Gulf of Mexico, Technip signed two contracts for the Amethyst
field located on Mississippi Canyon 26. The first includes detailed
engineering, procurement, fabrication, assembly and testing of a 5-inch
production static riser. The second covers a tieback to the Pompano
fixed platform in approximately 395 meters of water depth.
In the North Sea, Technip was awarded a brownfield contract for the
Triton floating production storage and offloading (FPSO) vessel. The
contract includes the fabrication of a dynamic umbilical to be
manufactured at our plant in Newcastle, UK, and the use of the diving
support vessel Orelia for the installation campaign.
Onshore/Offshore order intake included a front end engineering
design (FEED) contract for two tension leg platforms (TLPs) for the
Liuhua 11-1 and 16-2 joint development project located in the South
China Sea. This contract covers the design and engineering of the
topsides (including two drilling rigs), hulls, mooring and riser systems.
Technip also signed a contract for its Stone & Webster Process
Technology activities to supply its proprietary technology, detailed
engineering and procurement services for a reformer for a hydrogen
plant, located near the Socar Turcas Aegean Refinery (STAR) to be built
in Turkey.
Listed in annex IV (b) are the main contracts announced since January
2015 and their approximate value if publicly disclosed.
1 Order intake includes all projects whose revenues are
consolidated in our adjusted financial statements.
2. Backlog by Geographic Area
At the end of first quarter 2015, Technip’s backlog was €20.6
billion, compared with €20.9 billion at the end of fourth quarter 2014
and €15.4 billion at the end of first quarter 2014.
The geographic split of the backlog is set out in the table below:
|
Backlog1 (€ million)
|
|
|
December 31, 2014
|
|
|
March 31, 2015
|
|
|
Change
|
|
Europe, Russia, Central Asia
|
|
|
8,724
|
|
|
8,662
|
|
|
(0.7)%
|
|
Africa
|
|
|
4,415
|
|
|
4,168
|
|
|
(5.6)%
|
|
Middle East
|
|
|
1,259
|
|
|
1,176
|
|
|
(6.6)%
|
|
Asia Pacific
|
|
|
2,612
|
|
|
2,596
|
|
|
(0.6)%
|
|
Americas
|
|
|
3,926
|
|
|
4,016
|
|
|
2.3%
|
|
Total
|
|
|
20,936
|
|
|
20,618
|
|
|
(1.5)%
|
|
|
|
|
|
|
|
|
|
|
|
3. Backlog Scheduling
An estimated 40% of the backlog is scheduled for execution in 2015.
|
Estimated Scheduling
as of March 31, 2015 (€ million)
|
|
|
Subsea
|
|
|
Onshore/Offshore
|
|
|
Group
|
|
2015 (9 months)
|
|
|
4,043
|
|
|
4,194
|
|
|
8,237
|
|
2016
|
|
|
3,507
|
|
|
4,083
|
|
|
7,590
|
|
2017 and beyond
|
|
|
2,270
|
|
|
2,521
|
|
|
4,791
|
|
Total
|
|
|
9,820
|
|
|
10,798
|
|
|
20,618
|
|
|
|
|
|
|
|
|
|
|
|
II. FIRST QUARTER 2015 OPERATIONAL & FINANCIAL HIGHLIGHTS – ADJUSTED
BASIS
1. Subsea
Subsea activity in the first quarter of 2015 delivered
substantially higher revenue and profit than in the first quarter of
2014. Main operations for the quarter were as follows:
-
In the Americas:
-
In the US Gulf of Mexico, the Delta House project was
completed. The Deep Blue was mobilized on the Julia project for
its first and second installation trips, before transiting to the
North Sea. Welding activities on the Stones and Julia projects
continued at our Mobile spoolbase. At the same time, engineering
and procurement activities moved forward on the Kodiak project.
-
In Brazil, flexible pipe production started for the Iracema
Norte and continued for the Iracema Sul, Sapinhoá & Lula Nordeste
and Sapinhoá Norte pre-salt fields at our manufacturing plants in
Vitoria and Açu.
1 Backlog includes all projects whose revenues are
consolidated in our adjusted financial statements.
-
In the North Sea, the Skandi Arctic was mobilized on Bøyla and
the North Sea Atlantic was mobilized on the Åsgard Subsea Compression
project in Norway. The Deep Energy and the Apache II were mobilized on
Alder in Scotland to complete pipeline installation and umbilical
installation respectively. At the end of the quarter, the Deep Blue
arrived for its pipelay campaign on Quad 204 in Scotland.
-
In West Africa, the Deep Pioneer was mobilized for two
installation trips on GirRI Phase 2, while the Deep Orient started its
campaign on the Block 15/06 development, in Angola. Engineering and
procurement phases progressed on other large projects such as Moho
Nord in Congo, T.E.N. in Ghana, and Kaombo in Angola.
-
In Asia Pacific, engineering and procurement activities moved
forward for the subsea scopes of the Malikai and Prelude projects in
Malaysia and Australia, respectively. Engineering and procurement
phases progressed on the Jangkrik and Bangka projects in Indonesia,
for which flexible pipes are manufactured at our Asiaflex plant.
Following the completion of its maintenance in February, the G1201 was
mobilized on block SK316 in Malaysia.
-
In the Middle East, the Jalilah B project was completed in the
United Arab Emirates.
Overall, the Group vessel utilization rate for the first quarter
of 2015 was 68%, compared with 69% for the first quarter of 2014, and
74% for the fourth quarter of 2014.
Subsea financial performance is set out in the following table:
|
€ million
|
|
|
1Q 2014
|
|
|
1Q 2015
|
|
|
Change
|
|
Subsea
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenue
|
|
|
1,009.3
|
|
|
1,287.6
|
|
|
27.6%
|
|
Adjusted EBITDA
|
|
|
107.3
|
|
|
227.6
|
|
|
112.1%
|
|
Adjusted EBITDA Margin
|
|
|
10.6%
|
|
|
17.7%
|
|
|
705bp
|
|
Adjusted OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
55.2
|
|
|
165.2
|
|
|
3x
|
|
Adjusted Operating Margin
|
|
|
5.5%
|
|
|
12.8%
|
|
|
736bp
|
|
|
|
|
|
|
|
|
|
|
|
2. Onshore/Offshore
Onshore/Offshore performance continued to be impacted by
challenging market conditions, as previously indicated. Revenue slightly
increased and profit fell compared to first quarter 2014. Main
operations for the quarter were as follows:
-
In the Middle East,fabrication of the FMB platforms for
Qatar progressed as well as construction work on the Halobutyl
elastomer facility in Saudi Arabia. Meanwhile, the engineering and
procurement phases continued on the Umm Lulu complex in Abu Dhabi.
-
In Asia Pacific, construction of the Malikai tension leg
platform (TLP) and the SK316 platforms continued in Malaysia while PMC
team was mobilized on the RAPID project. In Korea, topsides have been
lifted onto the Petronas FLNG 1 hull and construction progressed on
Prelude FLNG with topsides lifting and integration as well as turret
installation. Construction work started on the Maharaja Lela &
Jamalulalam South gas development in Brunei. Meanwhile, the
engineering and procurement phases continued on the Mangalore purified
terephthalic acid (PTA) plant in India.
-
In the Americas, engineering and procurement activities moved
forward for the CPChem polyethylene plant in Texas, while construction
continued on the Ethylene XXI petrochemical complex in Mexico. At the
same time, engineering and procurement continued to ramp-up on the
Juniper project in Trinidad and Tobago. The engineering phase
progressed on Sasol’s world-scale ethane cracker and derivative
complex near Lake Charles, Louisiana.
-
Elsewhere, the engineering and procurement phases continued to
ramp up on the Yamal LNG project according to plan, while construction
of the modules was pursued at all of the yards. Mobilization started
on the ammonia plant in Slovakia.
Onshore/Offshore financial performance is set out in the
following table:
|
€ million
|
|
|
1Q 2014
|
|
|
1Q 2015
|
|
|
Change
|
|
Onshore/Offshore
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenue
|
|
|
1,459.2
|
|
|
1,595.7
|
|
|
9.4%
|
|
Adjusted OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
85.9
|
|
|
23.5
|
|
|
(72.6)%
|
|
Adjusted Operating Margin
|
|
|
5.9%
|
|
|
1.5%
|
|
|
(441)bp
|
|
|
|
|
|
|
|
|
|
|
|
3. Group
The Group’s adjusted operating income from recurring activities after
income/(loss) of equity affiliates, including Corporate charges of
€17 million, is set out in the following table:
|
€ million
|
|
|
1Q 2014
|
|
|
1Q 2015
|
|
|
Change
|
|
Group
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenue
|
|
|
2,468.5
|
|
|
2,883.3
|
|
|
16.8%
|
|
Adjusted OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
119.8
|
|
|
171.7
|
|
|
43.3%
|
|
Adjusted Operating Margin
|
|
|
4.9%
|
|
|
6.0%
|
|
|
110bp
|
|
|
|
|
|
|
|
|
|
|
|
In the first quarter of 2015, compared to a year ago, the estimated
translation impact from foreign exchange was positive €204
million on adjusted revenue and positive €3 million on adjusted
operating income from recurring activities after income/(loss) of equity
affiliates.
4. Adjusted Non-Current Items and Group Net Income
Adjusted non-current operating items of €(6) million were booked in the
quarter, reflecting continued restructuring costs. Adjusted operating
income including non-current items was up €166 million in the first
quarter of 2015, versus €120 million a year ago.
Adjusted financial result in the first quarter of 2015 included
€18 million of interest expense on long-term debt and a €2 million
positive impact from changes in foreign exchange rates and fair market
value of hedging instruments, compared with a €2 million negative impact
in the first quarter of 2014. In addition, a non-current charge of €16
million was taken in the quarter against our investment in MHB1.
The variation in diluted number of shares is mainly due to
performance shares granted to Technip employees, offset by share
repurchases.
|
€ million (except Diluted Earnings per Share and Diluted
Number
of Shares)
|
|
|
1Q 2014
|
|
|
1Q 2015
|
|
|
Change
|
|
Adjusted OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
119.8
|
|
|
171.7
|
|
|
43.3%
|
|
Adjusted Non-Current Operating Result
|
|
|
-
|
|
|
(6.0)
|
|
|
nm
|
|
Adjusted Financial Result
|
|
|
(24.2)
|
|
|
(38.9)
|
|
|
60.7%
|
|
Adjusted Income Tax Expense
|
|
|
(26.3)
|
|
|
(38.1)
|
|
|
44.9%
|
|
Adjusted Effective Tax Rate
|
|
|
27.5%
|
|
|
30.0%
|
|
|
254bp
|
|
Adjusted Non-Controlling Interests
|
|
|
(2.1)
|
|
|
(2.6)
|
|
|
23.8%
|
|
Adjusted Net Income of the Parent Company
|
|
|
67.2
|
|
|
86.1
|
|
|
28.1%
|
|
Diluted Number of Shares
|
|
|
126,203,575
|
|
|
125,717,937
|
|
|
(0.4)%
|
|
Diluted Earnings per Share (€)
|
|
|
0.57
|
|
|
0.73
|
|
|
26.8%
|
|
|
|
|
|
|
|
|
|
|
|
5. Adjusted Cash Flow and Statement of Consolidated Financial Position
As of March 31, 2015, the adjusted net cash position reached
€1,751 million compared with €1,125 million as of December 31, 2014.
|
Adjusted Cash2 as of December 31, 2014
|
|
|
|
3,737.4
|
|
Adjusted Cash Generated from/(used in) Operating Activities
|
|
|
|
510.7
|
|
Adjusted Cash Generated from/(used in) Investing Activities
|
|
|
|
(60.3)
|
|
Adjusted Cash Generated from/(used in) Financing Activities
|
|
|
|
(50.1)
|
|
Adjusted FX Impacts
|
|
|
|
183.0
|
|
Adjusted Cash2 as of March 31, 2015
|
|
|
|
4,320.7
|
|
|
|
|
|
|
Adjusted capital expenditures for the first quarter 2015
were €58 million, compared with €92 million one year ago.
Adjusted shareholders’ equity of the parent company as of
March 31, 2015, was €4,562 million, compared with €4,363 million as of
December 31, 2014.
1 MHB: Malaysia Marine and Heavy Engineering Holdings Berhad
of which Technip holds 8.5%.
2 Cash and cash
equivalents, including bank overdrafts.
III. OBJECTIVES FOR 2015
-
Adjusted Subsea revenue between €5.2 and €5.5 billion, adjusted
operating income from recurring activities1 at
around the top of the indicated range of €810 and €840 million
-
Adjusted Onshore/Offshore revenue around €6 billion, adjusted
operating income from recurring activities1
around the bottom of the indicated range of €250 and €290 million
1 Adjusted operating income from recurring activities after
Income/(Loss) of Equity Affiliates.
°
° °
The information package on First Quarter 2015 results includes this
press release and the annexes which follow, as well as the presentation
published on Technip’s website: www.technip.com
NOTICE
Today, Thursday, April 23, 2015, Chairman and CEO Thierry Pilenko, along
with CFO Julian Waldron, will comment on Technip’s results and answer
questions from the financial community during a conference call in
English starting at 10:00 a.m. Paris time.
To participate in the conference call, you may call any of the following
telephone numbers approximately 5 - 10 minutes prior to the scheduled
start time:
|
France / Continental Europe:
|
|
|
|
+33 (0) 1 70 77 09 46
|
|
UK:
|
|
|
|
+44 (0) 203 043 2439
|
|
USA:
|
|
|
|
+1 855 402 7764
|
|
|
|
|
|
|
The conference call will also be available via a simultaneous,
listen-only audio-cast on Technip’s website.
A replay of this conference call will be available approximately two
hours following the conference call for three months on Technip’s
website and at the following telephone numbers:
|
|
|
|
|
Telephone Numbers
|
|
|
|
Confirmation Code
|
|
France / Continental Europe:
|
|
|
|
+33 (0) 1 72 00 15 00
|
|
|
|
293339#
|
|
UK:
|
|
|
|
+44 (0) 203 367 9460
|
|
|
|
293339#
|
|
USA:
|
|
|
|
+1 877 642 3018
|
|
|
|
293339#
|
|
|
|
|
|
|
|
|
|
|
Cautionary note regarding forward-looking statements
This press release contains both historical and forward-looking
statements. These forward-looking statements are not based on historical
facts, but rather reflect our current expectations concerning future
results and events, and generally may be identified by the use of
forward-looking words such as “believe”, “aim”, “expect”, “anticipate”,
“intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”,
“potential” or other similar words. Similarly, statements that describe
our objectives, plans or goals are or may be forward-looking statements.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the anticipated
results, performance or achievements expressed or implied by these
forward-looking statements. Risks that could cause actual results to
differ materially from the results anticipated in the forward-looking
statements include, among other things: our ability to successfully
continue to originate and execute large services contracts, and
construction and project risks generally; the level of
production-related capital expenditure in the oil and gas industry as
well as other industries; currency fluctuations; interest rate
fluctuations; raw material (especially steel) as well as maritime
freight price fluctuations; the timing of development of energy
resources; armed conflict or political instability in the
Arabian-Persian Gulf, Africa or other regions; the strength of
competition; control of costs and expenses; the reduced availability of
government-sponsored export financing; losses in one or more of our
large contracts; U.S. legislation relating to investments in Iran or
elsewhere where we seek to do business; changes in tax legislation,
rules, regulation or enforcement; intensified price pressure by our
competitors; severe weather conditions; our ability to successfully keep
pace with technology changes; our ability to attract and retain
qualified personnel; the evolution, interpretation and uniform
application and enforcement of International Financial Reporting
Standards (IFRS), according to which we prepare our financial statements
as of January 1, 2005; political and social stability in developing
countries; competition; supply chain bottlenecks; the ability of our
subcontractors to attract skilled labor; the fact that our operations
may cause the discharge of hazardous substances, leading to significant
environmental remediation costs; our ability to manage and mitigate
logistical challenges due to underdeveloped infrastructure in some
countries where we are performing projects.
Some of these risk factors are set forth and discussed in more
detail in our Annual Report. Should one of these known or unknown risks
materialize, or should our underlying assumptions prove incorrect, our
future results could be adversely affected, causing these results to
differ materially from those expressed in our forward-looking
statements. These factors are not necessarily all of the important
factors that could cause our actual results to differ materially from
those expressed in any of our forward-looking statements. Other unknown
or unpredictable factors also could have material adverse effects on our
future results. The forward-looking statements included in this release
are made only as of the date of this release. We cannot assure you that
projected results or events will be achieved. We do not intend, and do
not assume any obligation to update any industry information or
forward-looking information set forth in this release to reflect
subsequent events or circumstances.
****
This press release does not constitute an offer or invitation to
purchase any securities of Technip in the United States or any other
jurisdiction. Securities may not be offered or sold in the United States
absent registration or an exemption from registration. The information
contained in this presentation may not be relied upon in deciding
whether or not to acquire Technip securities.
This presentation is being furnished to you solely for your
information, and it may not be reproduced, redistributed or published,
directly or indirectly, in whole or in part, to any other person.
Non-compliance with these restrictions may result in the violation of
legal restrictions of the United States or of other jurisdictions.
****
°
° °
Technip is a world leader in project management, engineering and
construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most
complex Offshore and Onshore infrastructures, more than 38,000 people
are constantly offering the best solutions and most innovative
technologies to meet the world’s energy challenges.
Present in 48 countries, Technip has state-of-the-art industrial assets
on all continents and operates a fleet of specialized vessels for
pipeline installation and subsea construction.
Technip shares are listed on the Euronext Paris exchange, and its ADR is
traded in the US on the OTCQX marketplace as an American Depositary
Receipt (TKPPY).
|
TEC
|
|
|
|
|
|
OTCQX
|
|
LISTED
|
|
|
|
|
|
OTC ADR ISIN: US8785462099
|
|
EURONEXT
|
|
|
|
|
|
OTCQX: TKPPY
|
|
ISIN: FR0000131708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNEX I (a)
ADJUSTED CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
|
First Quarter
Not audited
|
|
€ million (except Diluted Earnings per
Share and Diluted
Number of Shares)
|
|
|
2014
|
|
2015
|
|
Change
|
|
Revenue
|
|
|
2,468.5
|
|
2,883.3
|
|
16.8%
|
|
Gross Margin
|
|
|
297.4
|
|
336.0
|
|
13.0%
|
|
Research & Development Expenses
|
|
|
(17.6)
|
|
(17.9)
|
|
1.7%
|
|
SG&A and Other
|
|
|
(162.5)
|
|
(151.4)
|
|
(6.8)%
|
|
Share of Income/(Loss) of Equity Affiliates
|
|
|
2.5
|
|
5.0
|
|
2x
|
|
OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
119.8
|
|
171.7
|
|
43.3%
|
|
Non-Current Operating Result
|
|
|
-
|
|
(6.0)
|
|
nm
|
|
Operating Income
|
|
|
119.8
|
|
165.7
|
|
38.3%
|
|
Financial Result
|
|
|
(24.2)
|
|
(38.9)
|
|
60.7%
|
|
Income/(Loss) before Tax
|
|
|
95.6
|
|
126.8
|
|
32.6%
|
|
Income Tax Expense
|
|
|
(26.3)
|
|
(38.1)
|
|
44.9%
|
|
Non-Controlling Interests
|
|
|
(2.1)
|
|
(2.6)
|
|
23.8%
|
|
Net Income/(Loss) of the Parent Company
|
|
|
67.2
|
|
86.1
|
|
28.1%
|
|
|
|
|
|
|
|
|
|
|
Diluted Number of Shares
|
|
|
126,203,575
|
|
125,717,937
|
|
(0.4)%
|
|
Diluted Earnings per Share (€)
|
|
|
0.57
|
|
0.73
|
|
26.8%
|
|
|
|
|
|
|
|
|
|
|
IFRS CONSOLIDATED REVENUE AND NET INCOME
|
|
|
|
|
First Quarter
Not audited
|
|
€ million
|
|
|
2014
|
|
2015
|
|
Change
|
|
Revenue
|
|
|
2,404.0
|
|
2,618.8
|
|
8.9%
|
|
Net Income/(Loss) of the Parent Company
|
|
|
67.2
|
|
86.1
|
|
28.1%
|
|
|
|
|
|
|
|
|
|
|
ANNEX I (b)
FOREIGN CURRENCY CONVERSION RATES
|
|
|
|
|
Closing Rate as of
|
|
Average Rate of
|
|
|
|
|
Dec. 31,
2014
|
|
Mar. 31,
2015
|
|
1Q 2014
|
|
1Q 2015
|
|
USD for 1 EUR
|
|
|
1.21
|
|
1.08
|
|
1.37
|
|
1.13
|
|
GBP for 1 EUR
|
|
|
0.78
|
|
0.73
|
|
0.83
|
|
0.74
|
|
BRL for 1 EUR
|
|
|
3.22
|
|
3.50
|
|
3.24
|
|
3.22
|
|
NOK for 1 EUR
|
|
|
9.04
|
|
8.70
|
|
8.35
|
|
8.73
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNEX I (c)
ADJUSTED ADDITIONAL INFORMATION BY BUSINESS SEGMENT
|
|
|
|
|
First Quarter
Not audited
|
|
€ million
|
|
|
2014
|
|
2015
|
|
Change
|
|
SUBSEA
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
1,009.3
|
|
1,287.6
|
|
27.6%
|
|
Gross Margin
|
|
|
124.8
|
|
226.3
|
|
81.3%
|
|
OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
55.2
|
|
165.2
|
|
3x
|
|
Operating Margin
|
|
|
5.5%
|
|
12.8%
|
|
736bp
|
|
Depreciation and Amortization
|
|
|
(52.1)
|
|
(62.4)
|
|
19.8%
|
|
EBITDA
|
|
|
107.3
|
|
227.6
|
|
112.1%
|
|
EBITDA Margin
|
|
|
10.6%
|
|
17.7%
|
|
705bp
|
|
ONSHORE/OFFSHORE
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
1,459.2
|
|
1,595.7
|
|
9.4%
|
|
Gross Margin
|
|
|
172.6
|
|
109.7
|
|
(36.4)%
|
|
OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
85.9
|
|
23.5
|
|
(72.6)%
|
|
Operating Margin
|
|
|
5.9%
|
|
1.5%
|
|
(441)bp
|
|
Depreciation and Amortization
|
|
|
(8.7)
|
|
(9.6)
|
|
10.3%
|
|
CORPORATE
|
|
|
|
|
|
|
|
|
OIFRA after Income/(Loss) of Equity Affiliates
|
|
|
(21.3)
|
|
(17.0)
|
|
(20.2)%
|
|
Depreciation and Amortization
|
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
ANNEX I (d)
ADJUSTED REVENUE BY GEOGRAPHICAL AREA
|
|
|
|
|
First Quarter
Not audited
|
|
€ million
|
|
|
2014
|
|
2015
|
|
Change
|
|
Europe, Russia, Central Asia
|
|
|
689.2
|
|
1,028.2
|
|
49.2%
|
|
Africa
|
|
|
242.0
|
|
419.0
|
|
73.1%
|
|
Middle East
|
|
|
406.2
|
|
284.7
|
|
(29.9)%
|
|
Asia Pacific
|
|
|
421.2
|
|
476.1
|
|
13.0%
|
|
Americas
|
|
|
709.9
|
|
675.3
|
|
(4.9)%
|
|
TOTAL
|
|
|
2,468.5
|
|
2,883.3
|
|
16.8%
|
|
|
|
|
|
|
|
|
|
|
ANNEX II
ADJUSTED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|
|
|
|
Dec. 31, 2014
Audited
|
|
Mar. 31, 2015
Not audited
|
|
€ million
|
|
|
|
|
Fixed Assets
|
|
|
6,414.2
|
|
6,612.2
|
|
Deferred Tax Assets
|
|
|
391.0
|
|
429.8
|
|
Non-Current Assets
|
|
|
6,805.2
|
|
7,042.0
|
|
Construction Contracts – Amounts in Assets
|
|
|
756.3
|
|
860.9
|
|
Inventories, Trade Receivables and Other
|
|
|
3,297.0
|
|
3,726.9
|
|
Cash & Cash Equivalents
|
|
|
3,738.3
|
|
4,321.6
|
|
Current Assets
|
|
|
7,791.6
|
|
8,909.4
|
|
Assets Classified as Held for Sale
|
|
|
3.2
|
|
31.6
|
|
Total Assets
|
|
|
14,600.0
|
|
15,983.0
|
|
|
|
|
|
|
|
|
Shareholders’ Equity (Parent Company)
|
|
|
4,363.4
|
|
4,561.6
|
|
Non-Controlling Interests
|
|
|
11.8
|
|
15.5
|
|
Shareholders’ Equity
|
|
|
4,375.2
|
|
4,577.1
|
|
Non-Current Financial Debts
|
|
|
2,356.6
|
|
1,702.9
|
|
Non-Current Provisions
|
|
|
232.9
|
|
243.2
|
|
Deferred Tax Liabilities and Other Non-Current Liabilities
|
|
|
249.1
|
|
283.2
|
|
Non-Current Liabilities
|
|
|
2,838.6
|
|
2,229.3
|
|
Current Financial Debts
|
|
|
256.4
|
|
868.0
|
|
Current Provisions
|
|
|
328.3
|
|
262.8
|
|
Construction Contracts – Amounts in Liabilities
|
|
|
2,258.2
|
|
2,619.3
|
|
Trade Payables & Other
|
|
|
4,543.3
|
|
5,426.5
|
|
Current Liabilities
|
|
|
7,386.2
|
|
9,176.6
|
|
Total Shareholders’ Equity & Liabilities
|
|
|
14,600.0
|
|
15,983.0
|
|
|
|
|
|
|
|
|
Net Cash Position
|
|
|
1,125.3
|
|
1,750.7
|
|
|
|
|
|
|
|
|
Adjusted Statement of Changes in Shareholders’ Equity (Parent
Company)
|
|
Not audited (€ million):
|
|
Shareholders’ Equity as of December 31, 2014
|
|
|
|
4,363.4
|
|
Net Income
|
|
|
|
86.1
|
|
Other Comprehensive Income
|
|
|
|
98.3
|
|
Capital Increase
|
|
|
|
1.7
|
|
Treasury Shares
|
|
|
|
5.8
|
|
Dividends Paid
|
|
|
|
-
|
|
Other
|
|
|
|
6.3
|
|
Shareholders’ Equity as of March 31, 2015
|
|
|
|
4,561.6
|
|
|
|
|
|
|
|
ANNEX III (a)
ADJUSTED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
|
First Quarter
Not audited
|
|
€ million
|
|
|
2014
|
|
2015
|
|
Net Income/(Loss) of the Parent Company
|
|
|
67.2
|
|
|
86.1
|
|
|
Depreciation & Amortization of Fixed Assets
|
|
|
60.9
|
|
|
72.0
|
|
|
Stock Options and Performance Share Charges
|
|
|
10.3
|
|
|
6.5
|
|
|
Non-Current Provisions (including Employee Benefits)
|
|
|
3.8
|
|
|
22.3
|
|
|
Deferred Income Tax
|
|
|
(18.3)
|
|
|
0.6
|
|
|
Net (Gains)/Losses on Disposal of Assets and Investments
|
|
|
0.2
|
|
|
0.3
|
|
|
Non-Controlling Interests and Other
|
|
|
9.4
|
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
Cash Generated from/(used in) Operations
|
|
|
133.5
|
|
|
193.0
|
|
|
|
|
|
|
|
|
|
|
|
Change in Working Capital Requirements
|
|
|
(233.9)
|
|
|
317.7
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Operating Activities
|
|
|
|
(100.4)
|
|
|
510.7
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
(92.4)
|
|
|
(57.9)
|
|
|
Proceeds from Non-Current Asset Disposals
|
|
|
2.2
|
|
|
0.1
|
|
|
Acquisitions of Financial Assets
|
|
|
-
|
|
|
(2.4)
|
|
|
Acquisition Costs of Consolidated Companies, Net of Cash acquired
|
|
|
-
|
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Investing Activities
|
|
|
|
(90.2)
|
|
|
(60.3)
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Borrowings
|
|
|
(26.1)
|
|
|
(51.8)
|
|
|
Capital Increase
|
|
|
0.9
|
|
|
1.7
|
|
|
Dividends Paid
|
|
|
-
|
|
|
-
|
|
|
Share Buy-Back and Other
|
|
|
(40.8)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Financing Activities
|
|
|
|
(66.0)
|
|
|
(50.1)
|
|
|
|
|
|
|
|
|
|
|
Net Effects of Foreign Exchange Rate Changes
|
|
|
|
(7.2)
|
|
|
183.0
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash and Cash Equivalents
|
|
|
|
(263.8)
|
|
|
583.3
|
|
|
|
|
|
|
|
|
|
|
Bank Overdrafts at Period Beginning
|
|
|
(2.4)
|
|
|
(0.9)
|
|
|
Cash and Cash Equivalents at Period Beginning
|
|
|
3,205.4
|
|
|
3,738.3
|
|
|
Bank Overdrafts at Period End
|
|
|
(1.2)
|
|
|
(0.9)
|
|
|
Cash and Cash Equivalents at Period End
|
|
|
2,940.4
|
|
|
4,321.6
|
|
|
|
|
|
|
(263.8)
|
|
|
583.3
|
|
|
|
|
|
|
|
|
|
|
ANNEX III (b)
ADJUSTED CASH & FINANCIAL DEBTS
|
|
€ million
|
|
|
Dec. 31, 2014
Audited
|
|
Mar. 31, 2015
Not audited
|
|
Cash Equivalents
|
|
|
1,809.4
|
|
2,452.2
|
|
Cash
|
|
|
1,928.9
|
|
1,869.4
|
|
Cash & Cash Equivalents (A)
|
|
|
3,738.3
|
|
4,321.6
|
|
Current Financial Debts
|
|
|
256.4
|
|
868.0
|
|
Non-Current Financial Debts
|
|
|
2,356.6
|
|
1,702.9
|
|
Gross Debt (B)
|
|
|
2,613.0
|
|
2,570.9
|
|
Net Cash Position (A – B)
|
|
|
1,125.3
|
|
1,750.7
|
|
|
|
|
|
|
|
|
ANNEX IV (a)
BACKLOG BY BUSINESS SEGMENT
|
|
€ million
|
|
|
As of
Dec. 31, 2014
Audited
|
|
As of
Mar. 31, 2015
Not audited
|
|
Change
|
|
Subsea
|
|
|
9,727.8
|
|
9,819.7
|
|
0.9%
|
|
Onshore/Offshore
|
|
|
11,208.4
|
|
10,798.0
|
|
(3.7)%
|
|
Total
|
|
|
20,936.2
|
|
20,617.7
|
|
(1.5)%
|
|
|
|
|
|
|
|
|
|
ANNEX IV (b)
CONTRACT AWARDS
Not audited
The main contracts we announced during first quarter 2015 were
the following:
Subsea Segment:
-
Two contracts for the Amethyst field located on Mississippi Canyon 26.
The first includes the detailed engineering, procurement, fabrication,
assembly and testing of a 5-inch production static riser. The second
covers a tieback to the Pompano fixed platform in approximately 395
meters of water depth: Stone Energy Corporation, US Gulf of Mexico,
-
Substantial contract for the Glenlivet project. This award is an
additional scope of the parallel Edradour Subsea Development located
nearby: Total E&P UK, approximately 75 kilometers North West of
Shetlands, United Kingdom,
-
Major contract to supply high technological flexible pipes for the
Lula Alto pre-salt field. This contract covers the supply of around
200 kilometers of flexible pipes and associated equipment: Petrobras
(consortium Tupi BV), Brazil.
Onshore/Offshore Segment:
-
Contract to provide the technology, engineering, selected critical
equipment and technical services for a 500 KTA ethylbenzene styrene
monomer plant to be located in the Dongjiakou Port Industrial Zone
Park: Qingdao Soda Ash Industrial New Material & Technology
Company, Shandong Province, People’s Republic of China,
-
Substantial contract to develop the engineering, procurement and
construction of a new ammonia production unit in the existing
fertilizer complex located in Sal’a. The new unit will have a capacity
of 1,600 tons per day of ammonia. It will incorporate the most
advanced engineering and technological solutions for minimum energy
consumption and reduction of pollutants emissions: Duslo a.s,
Slovakia.
Since March 31, 2015, Technip has also announced the award of the
following contracts, which were included in the backlog as of
March 31, 2015:
Subsea Segment:
-
Brownfield contract for the Triton floating production storage and
offloading (FPSO) vessel, covering project management and engineering,
with the installation of two flexible risers and one dynamic
umbilical: Dana Petroleum, 193 kilometers east of Aberdeen in the
central North Sea, at a water depth of approximately 90 meters,
Scotland.
Onshore/Offshore Segment:
-
Front end engineering design (FEED) contract for two tension leg
platforms (TLPs) for the Liuhua 11-1 and 16-2 joint development
project, covering the design and engineering of the topsides
(including two drilling rigs), hulls, mooring and riser systems: China
National Offshore Oil Corporation (CNOOC), in the South China
Sea, People’s Republic of China.
Since March 31, 2015, Technip has also announced the award of the
following contract, which was not included in the backlog as of
March 31, 2015:
Onshore/Offshore Segment:
-
Front end engineering design and detailed engineering design contract
for the development of a new gas pipeline of more than 1,700
kilometers, which will transport gas from the Camisea field to
Southern Peru: Consorcio Constructor Ductos del Sur, Peru.