|
PARIS--(BUSINESS WIRE)--
Regulatory News:
Technip (Paris:TEC) (ISIN:FR0000131708) (
TKPPY
):
On July 28, 2015, Technips Board of Directors approved the
second quarter and first half 2015 adjusted consolidated
financial statements.
Note: The second quarter and first half 2015 results
presented in this press release were prepared on the adjusted
basis described in Technips 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) |
|
2Q 14
|
|
2Q 15
|
|
Change
|
|
1H 14
|
|
1H 15
|
|
Change
|
|
Adjusted Revenue
|
|
2,615.4
|
|
3,098.4
|
|
18.5%
|
|
5,083.9
|
|
5,981.7
|
|
17.7%
|
|
Adjusted Underlying EBITDA
1
|
|
303.0
|
|
353.0
|
|
16.5%
|
|
483.6
|
|
596.7
|
|
23.4%
|
|
Adjusted Underlying EBITDA Margin
|
|
11.6%
|
|
11.4%
|
|
(19)bp
|
|
9.5%
|
|
10.0%
|
|
46bp
|
|
Adjusted Underlying OIFRA
2
|
|
240.1
|
|
281.5
|
|
17.2%
|
|
359.9
|
|
453.2
|
|
25.9%
|
|
Adjusted Underlying Operating Margin
3
|
|
9.2%
|
|
9.1%
|
|
(9)bp
|
|
7.1%
|
|
7.6%
|
|
50bp
|
| One-off Charge |
|
- |
|
(570.4) |
|
nm |
|
- |
|
(570.4) |
|
nm |
| Other including Tax
and Financial Effects |
|
(7.9) |
|
80.5 |
|
nm |
|
(7.9) |
|
58.6 |
|
nm |
|
Underlying Net Income
4
|
|
165.6
|
|
183.0
|
|
10.5%
|
|
232.8
|
|
291.0
|
|
25.0%
|
|
Adjusted OIFRA
5
|
|
240.1
|
|
97.1
|
|
nm
|
|
359.9
|
|
268.8
|
|
nm
|
|
Net Income of the Parent Company
|
|
157.7
|
|
(306.9)
|
|
nm
|
|
224.9
|
|
(220.8)
|
|
nm
|
|
Diluted Earnings per Share (¬) |
|
1.30 |
|
(2.71) |
|
nm |
|
1.88 |
|
(1.95) |
|
nm |
|
Order Intake |
|
7,077 |
|
1,510 |
|
|
|
9,857 |
|
3,011 |
|
|
|
Backlog |
|
19,860 |
|
18,824 |
|
|
|
19,860 |
|
18,824 |
|
|
1
Adjusted operating income from recurring activities after
Income/(loss) of equity affiliates excluding exceptional items,
depreciation and amortization.
2
(Adjusted) operating income from recurring activities after
Income/(loss) of equity affiliates excluding exceptional items.
3
Adjusted operating income from recurring activities after
Income/(loss) of equity affiliates excluding exceptional items,
divided by adjusted revenue.
4
Net income of the parent company excluding exceptional items. See
annex VI.
5
Adjusted operating income from recurring activities after
Income/(loss) of equity affiliates.
Thierry Pilenko, Chairman and CEO
, commented: Second quarter results were in line with the
expectations we set out in our July 6
th
announcement. During the quarter, we continued to pursue our key
strategy initiatives, to position ourselves on significant new
projects and we launched a major restructuring plan across the
Group to address the challenging market outlook we
anticipate.
Subsea continued its outperformance: revenue grew 26%, and
adjusted operating income from recurring activities of ¬250
million demonstrated a robust operating margin of 16.1%. During
the quarter, good progress was made on projects across the world,
as reflected in a strong vessel utilization rate of 89%. After
announcing our alliance with FMC Technologies in March, we
formally launched the Forsys Subsea joint venture together, on
June 1
st
as planned.
Onshore/Offshore grew revenues slightly faster than expected
at 12%. Adjusted operating income from recurring activities is
impacted by the one-off charge announced on July 6
th
. Stripping this out, underlying operating profits were ¬53
million, in line with expectations. We have progressed well on
some of our key projects, such as Burgas in Bulgaria, Ethylene
XXI in Mexico, RAPID in Malaysia and Prelude in Korea.
Technip booked ¬1.5 billion of new orders, similar to the
first quarter 2015 level, diversified and balanced between Subsea
and Onshore/Offshore. This order intake reflects key elements of
our strategy: a strong contribution from reimbursable and
services contracts; success in areas such as Brazil pre-salt
where we have technology leadership; positioning in early phase
work for future projects such as the Browse FLNG in Australia and
the Alexandria refinery in Egypt.
In our July 6
th
announcement, we set out in detail our views on the market
outlook and these have not changed: the oil and gas industry is
likely to be adversely impacted for longer than anticipated by
the downturn. Our restructuring plan targets savings in Technips
cost base of ¬830 million, focusing the business on its core
strengths.
By acting early and decisively, Technips teams are mobilized
to put the Group on the front foot in a challenging
environment.
Looking forward, we maintain our strategic direction and will
continue to invest in, and expand, our capabilities. By having an
earlier and broader view of projects, we are able to apply our
technologies, the lessons learned from other projects and
intelligent standardization to optimize project returns. Clients
across the spectrum are responding positively to these
initiatives, giving us confidence that our strategy will position
Technip to deliver the lower project costs and value creation our
industry needs.
I. ORDER INTAKE AND BACKLOG
1. Second Quarter 2015 Order Intake
During second quarter 2015, Technips
order intake
was ¬1.5 billion. The breakdown by business segment was as
follows:
| |
|
|
|
|
|
Order Intake
1
(¬ million) |
|
2Q 2014
|
|
2Q 2015
|
| Subsea |
|
2,238 |
|
892 |
|
Onshore/Offshore |
|
4,839 |
|
618 |
|
Total
|
|
7,077
|
|
1,510
|
Subsea
order intake included new orders for an initial 50 kilometers of
highly technological flexible pipes and associated equipment for
the pre-salt in Brazil, to be produced in our manufacturing
plants in Vitoria and Açu.
Also included are two EPCI deepwater projects in the US Gulf
of Mexico, located in the Mississippi Canyon area: a project for
new production pipeline systems on the Thunder Horse production
unit, and a contract for the decommissioning of the Blind Faith
brownfield development and installation of new subsea equipment
supporting a floating production system.
1
Order intake includes all projects whose revenues are
consolidated in our adjusted financial statements.
Onshore/Offshore
order intake includes call-off on a range of reimbursable and
services contracts. Technip was in addition awarded the front-end
engineering design (FEED) for the Browse project for three FLNG
units in the Browse Basin, offshore Australia. A second contract
covering the engineering, procurement, construction and
installation phases was also awarded to the Technip Samsung
Consortium, subject to the clients final investment decision.
In Vietnam, Technip, in consortium with Petrovietnam Technical
Services Corporation, was awarded an engineering, procurement,
construction and commissioning contract (EPCC) which covers the
revamping of the ammonia plant at the existing Phu My Fertilizer
Complex.
Technip was awarded a detailed engineering and procurement
(EP) services contract for FPSO topsides to be located on the
Libra field, offshore Brazil. This contract will be executed in
Malaysia and the construction will take place at the Jurong
Shipyard in Singapore.
Technip also won a Project Management Consultancy (PMC)
contract in partnership with UNICO, a Japanese engineering
consultant, for upgrading the Basra refinery in Iraq.
Listed in annex IV (b) are the main contracts announced since
April 2015 and their approximate value if publicly disclosed.
2. Backlog by Geographic Area
At the end of second quarter 2015, Technips
backlog
was ¬18.8 billion, compared with ¬20.6 billion at
the end of first quarter 2015 and ¬19.9 billion at the end
of second quarter 2014.
The geographic split of the backlog is set out in the table
below:
| |
|
|
|
|
|
|
|
Backlog
1
(¬ million) |
|
March 31, 2015
|
|
June 30, 2015
|
|
Change
|
| Europe, Russia,
Central Asia |
|
8,662 |
|
7,764 |
|
(10.4)% |
| Africa |
|
4,168 |
|
3,535 |
|
(15.2)% |
| Middle East |
|
1,176 |
|
1,031 |
|
(12.3)% |
| Asia Pacific |
|
2,596 |
|
2,511 |
|
(3.3)% |
| Americas |
|
4,016 |
|
3,983 |
|
(0.8)% |
|
Total
|
|
20,618
|
|
18,824
|
|
(8.7)%
|
3. Backlog Scheduling
An estimated 28% of the backlog is scheduled for execution in
2015.
| |
|
|
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|
Estimated Scheduling
as of June 30, 2015
(¬ million)
|
|
Subsea
|
|
Onshore/Offshore
|
|
Group
|
| 2015 (6
months) |
|
2,619 |
|
2,656 |
|
5,275 |
|
2016 |
|
4,083 |
|
4,159 |
|
8,242 |
| 2017 and
beyond |
|
2,718 |
|
2,589 |
|
5,307 |
|
Total
|
|
9,420
|
|
9,404
|
|
18,824
|
II. SECOND QUARTER 2015 OPERATIONAL & FINANCIAL
HIGHLIGHTS ADJUSTED BASIS
On July 6
th
, the Group announced the launch of a restructuring plan
addressing the downturn in the oil and gas market. Further
details of the charge taken in the second quarter are given in
note II.3 below, with additional comments where appropriate in
the segment highlights.
1
Backlog includes all projects whose revenues are consolidated in
our adjusted financial statements.
1.
Subsea
Subsea
main operations for the quarter were as follows:
-
In the Americas:
-
In the US Gulf of Mexico
, welding activities were completed on Julia and Stones at
our Mobile spoolbase and started to ramp-up on the Kodiak
project. At the end of the quarter, Deep Blue was
re-mobilized on the Julia project for its third
installation trip, after completing its campaign in the
North Sea.
-
In Brazil
, flexible pipe production started for the pre-salt fields
of Lula Alto and continued for the fields of Iracema Norte,
Iracema Sul, Sapinhoá & Lula Nordeste and
Sapinhoá Norte at our manufacturing plants in Vitoria
and Açu.
-
In the North Sea
, the Deep Blue completed its pipelay campaign on Quad 204
before returning to the US Gulf of Mexico. At the same time,
the North Sea Atlantic started to work on Quad 204 for the
pre-installation of new risers, after successful installation
of the second cassette base frame on the Åsgard Subsea
Compression project in Norway. Meanwhile, the Deep Energy
completed its pipelay campaign on Kraken in Scotland, before
mobilizing on the Prelude project at our Orkanger spoolbase and
transiting to Asia Pacific. In Norway, the Apache II completed
the umbilical and pipeline installation campaign on
Snøhvit.
-
In West Africa
, the Deep Pioneer was mobilized on the Block 15/06 development
in Angola after a planned maintenance period in Namibia, while
the Deep Orient continued its offshore campaign on the same
project. Engineering and procurement phases progressed on other
major projects, such as Moho Nord in Congo, T.E.N. in Ghana,
and Kaombo in Angola.
-
In Asia Pacific
, the G1201 completed the installation campaign of Block SK316
and was mobilized on the Malikai project in Malaysia. At the
end of the quarter, the Deep Energy started the offshore
campaign on the Prelude project in Australia. Engineering and
procurement phases progressed on the Jangkrik and Bangka
projects in Indonesia, for which flexible pipes are
manufactured at our Asiaflex plant.
Overall, the Group
vessel utilization rate
for the second quarter of 2015 was 89%, compared with 88% for the
second quarter of 2014, and substantially up on the 68% in the
first quarter of 2015. In Brazil, the Sunrise 2000 vessel was
demobilized in June, leaving the Technip fleet.
Subsea
financial performance
is set out in the following table:
| |
|
|
|
|
|
|
|
¬ million |
|
2Q 2014
|
|
2Q 2015
|
|
Change
|
|
Subsea
|
|
|
|
|
|
|
| Adjusted
Revenue |
|
1,232.5 |
|
1,553.8 |
|
26.1% |
| Adjusted
EBITDA |
|
242.9 |
|
311.6 |
|
28.3% |
|
Adjusted EBITDA Margin
|
|
19.7%
|
|
20.1%
|
|
35bp
|
| Adjusted OIFRA
after Income/(Loss) of Equity Affiliates* |
|
189.0 |
|
250.3 |
|
32.4% |
|
Adjusted Operating Margin
|
|
15.3%
|
|
16.1%
|
|
77bp
|
* No one-off charge accounted in Adjusted Subsea OIFRA.
2. Onshore/Offshore
Onshore/Offshore
performance in the second quarter reflects the market conditions
described in our press release of July 6
th
which also sets out the corresponding restructuring plan. Of the
one-off charge linked to this restructuring plan, ¬184
million was taken in adjusted Onshore/Offshore operating income
from recurring activities. Accordingly, comments below reflect
the adjusted underlying operating income from recurring
activities, i.e., notably excluding this one-off charge.
Main operations for the quarter were as follows:
-
In the Middle East
,
construction continued on the Halobutyl elastomer facility in
Saudi Arabia as well as the fabrication of the FMB platforms
for Qatar. At the same time, the construction started on the
Umm Lulu complex in Abu Dhabi.
-
In Asia Pacific
, the central processing jacket and the bridge-linked wellhead
platform sailed away to Block SK316, while the superlift of the
topsides on the hull of Malikai tension leg platform (TLP) was
successfully completed in Malaysia. In Korea, all remaining
modules and the 135-meter flare were successfully lifted onto
Petronas FLNG 1 hull, while all heavy modules are now on the
Prelude FLNG hull. On RAPID project, the mobilization of the
construction team started at site for piling. Meanwhile, the
engineering and procurement phases continued on the Mangalore
purified terephthalic acid (PTA) plant in India.
-
In Europe and Russia
, the engineering and procurement phases progressed according
to plan on the Yamal LNG project, while construction of the
modules was pursued at all of the yards. Engineering ramped up
on the ammonia plant in Slovakia, while in Bulgaria, the Burgas
refinerys new units were ready for start-up.
-
In the Americas
, engineering and procurement activities moved forward for
Sasols world-scale ethane cracker and derivative complex near
Lake Charles, Louisiana, while construction continued on the
Ethylene XXI petrochemical complex in Mexico and ramped up for
the CPChem polyethylene plants in Texas. At the same time, the
construction of the platform started on the Juniper project in
Trinidad and Tobago.
Onshore/Offshore
financial performance
is set out in the following table:
| |
|
|
|
|
|
|
|
¬ million |
|
2Q 2014
|
|
2Q 2015
|
|
Change
|
|
Onshore/Offshore
|
|
|
|
|
|
|
| Adjusted
Revenue |
|
1,382.9 |
|
1,544.6 |
|
11.7% |
| Adjusted Underlying
OIFRA after Income/(Loss) of Equity Affiliates |
|
72.8 |
|
53.2 |
|
(26.9)% |
|
Adjusted Underlying Operating Margin
|
|
5.3%
|
|
3.4%
|
|
(182)bp
|
| Adjusted OIFRA
after Income/(Loss) of Equity Affiliates |
|
72.8 |
|
(131.2) |
|
nm |
|
Adjusted Operating Margin
|
|
5.3%
|
|
(8.5)%
|
|
nm |
Elsewhere,
on Algiers refinery, Technip confirms that its involvement in
this project has stopped at the request of its client, Sonatrach.
As provided by the contract, both sides have initiated
arbitration proceedings on certain claims. These proceedings are
in the earliest stages. In Brazil, construction continued into
its final stages on the RPBC project.
3. Group
On July 6
th
, Technip announced the launch of a restructuring plan with a
total one-off charge of ¬650 million. Of this total,
¬570 million was booked in the second quarter: ¬184
million in operating income from recurring activities and
¬386 million in non-current operating result.
The Groups
adjusted operating income from recurring activities after
income/(loss) of equity affiliates
, including Corporate charges of ¬22 million, is set out in
the following table:
| |
|
|
|
|
|
|
|
¬ million |
|
2Q 2014
|
|
2Q 2015
|
|
Change
|
|
Group
|
|
|
|
|
|
|
| Adjusted
Revenue |
|
2,615.4 |
|
3,098.4 |
|
18.5% |
| Adjusted Underlying
OIFRA after Income/(Loss) of Equity Affiliates |
|
240.1 |
|
281.5 |
|
17.2% |
|
Adjusted Underlying Operating Margin
|
|
9.2%
|
|
9.1%
|
|
(9)bp
|
| Adjusted OIFRA
after Income/(Loss) of Equity Affiliates |
|
240.1 |
|
97.1 |
|
(59.6)% |
|
Adjusted Operating Margin
|
|
9.2%
|
|
3.1%
|
|
(605)bp
|
In the second quarter of 2015, compared to a year ago, the
estimated translation impact from
foreign exchange
was positive ¬282 million on adjusted revenue and positive
¬17 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 ¬(398) million
were booked in the quarter, out of which ¬(386) million
reflects part of the one-off charge referred to above.
Adjusted financial result
in the second quarter of 2015 included ¬20 million of
interest expense on long and short-term debt.
As the Group net income was a loss in the quarter, share
subscription options, performance shares and convertible bonds
had an anti-dilutive effect.
| |
|
|
|
|
|
|
|
¬ million (except Diluted Earnings per Share and Diluted
Number of Shares) |
|
2Q 2014
|
|
2Q 2015
|
|
Change
|
| Adjusted OIFRA
after Income/(Loss) of Equity Affiliates |
|
240.1 |
|
97.1 |
|
(59.6)% |
| Adjusted Underlying
OIFRA after Income/(Loss) of Equity Affiliates |
|
240.1 |
|
281.5 |
|
17.2% |
| Adjusted
Non-Current Operating Result |
|
(6.5) |
|
(397.8) |
|
nm |
| Adjusted Financial
Result |
|
(17.5) |
|
(28.4) |
|
62.3% |
| Adjusted Income Tax
Expense |
|
(59.2) |
|
24.2 |
|
nm |
|
Adjusted Effective Tax Rate
|
|
27.4%
|
|
nm
|
|
nm
|
| Adjusted
Non-Controlling Interests |
|
0.8 |
|
(2.0) |
|
nm |
|
Net Income of the Parent Company
|
|
157.7
|
|
(306.9)
|
|
nm
|
|
Underlying Net Income
|
|
165.6
|
|
183.0
|
|
10.5%
|
| Diluted Number of
Shares |
|
124,998,449 |
|
113,121,323 |
|
nm |
|
Diluted Earnings per Share (¬)
|
|
1.30
|
|
(2.71)
|
|
nm
|
5. Adjusted Cash Flow and Statement of Consolidated
Financial Position
As of June 30, 2015, the
adjusted net cash position
was ¬1,415 million compared with ¬1,751 million as of
March 31, 2015.
| |
|
|
|
Adjusted Cash
1
as of March 31, 2015
|
|
4,320.7
|
| Adjusted Cash
Generated from/(used in) Operating Activities |
|
(141.3) |
| Adjusted Cash
Generated from/(used in) Investing Activities |
|
(117.2) |
| Adjusted Cash
Generated from/(used in) Financing Activities |
|
(125.0) |
|
Adjusted FX Impacts |
|
39.0 |
|
Adjusted Cash
1
as of June 30, 2015
|
|
3,976.2
|
Adjusted
capital expenditures
for the second quarter 2015 were ¬87 million, compared with
¬93 million one year ago.
The Groups balance sheet remains robust and liquid.
Adjusted
shareholders equity of the parent company
as of June 30, 2015, was ¬4,268 million, compared with
¬4,363 million as of December 31, 2014.
III. 2015 OBJECTIVES
-
Adjusted Subsea revenue between ¬5.2 and ¬5.5
billion, adjusted operating income from recurring
activities
2
at around ¬840 million
-
Adjusted Onshore/Offshore revenue around ¬6 billion,
adjusted underlying operating income from recurring
activities
3
between ¬210 and ¬230 million
1
Adjusted cash and cash equivalents, including bank
overdrafts.
2
Adjusted operating income from recurring activities after
Income/(Loss) of Equity Affiliates.
3
Adjusted operating income from recurring activities after
Income/(Loss) of Equity Affiliates excluding exceptional
items.
°
° °
| |
|
The information package on Second
Quarter 2015 results includes this press release and the
annexes which follow, as well as the presentation published
on Technips website:
www.technip.com
|
NOTICE
Today, Thursday, July 30, 2015, Chairman and CEO Thierry
Pilenko, along with Group CFO Julian Waldron, will comment on
Technips 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 35 |
| UK: |
|
+44 (0) 207 107 1613 |
| USA: |
|
+1
855 402 7763 |
The conference call will also be available via a simultaneous,
listen-only audio-cast on Technips website.
A replay of this conference call will be available
approximately two hours following the conference call for three
months on Technips website and at the following telephone
numbers:
|
|
|
Telephone Numbers
|
|
Confirmation Code
|
| France /
Continental Europe: |
|
+33 (0) 1 72 00 15 00 |
|
294956# |
| UK: |
|
+44 (0) 203 367 9460 |
|
294956# |
| USA: |
|
+1
877 642 3018 |
|
294956# |
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,
our 37,500 people are constantly offering the best solutions and
most innovative technologies to meet the worlds 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
).
|
ANNEX I (a)
1
ADJUSTED CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
|
|
|
|
|
|
Second Quarter
Not audited
|
|
First Half
Not audited
|
|
¬ million (except Diluted Earnings per Share and Diluted
Number of Shares) |
|
2014
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
Revenue
|
|
2,615.4
|
|
3,098.4
|
|
18.5%
|
|
5,083.9
|
|
5,981.7
|
|
17.7%
|
|
Gross Margin |
|
416.0 |
|
266.6 |
|
(35.9)% |
|
713.4 |
|
602.6 |
|
(15.5)% |
| Research &
Development Expenses |
|
(18.4) |
|
(23.7) |
|
28.8% |
|
(36.0) |
|
(41.6) |
|
15.6% |
| SG&A and
Other |
|
(163.7) |
|
(157.5) |
|
(3.8)% |
|
(326.2) |
|
(308.9) |
|
(5.3)% |
|
Share of Income/(Loss) of Equity Affiliates |
|
6.2 |
|
11.7 |
|
88.7% |
|
8.7 |
|
16.7 |
|
92.0% |
|
OIFRA after Income/(Loss) of Equity Affiliates
|
|
240.1
|
|
97.1
|
|
nm
|
|
359.9
|
|
268.8
|
|
nm
|
| Non-Current
Operating Result |
|
(6.5) |
|
(397.8) |
|
nm |
|
(6.5) |
|
(403.8) |
|
nm |
|
Operating Income
|
|
233.6
|
|
(300.7)
|
|
nm
|
|
353.4
|
|
(135.0)
|
|
nm
|
| Financial
Result |
|
(17.5) |
|
(28.4) |
|
62.3% |
|
(41.7) |
|
(67.3) |
|
61.4% |
|
Income/(Loss) before Tax
|
|
216.1
|
|
(329.1)
|
|
nm
|
|
311.7
|
|
(202.3)
|
|
nm
|
| Income Tax
Expense |
|
(59.2) |
|
24.2 |
|
nm |
|
(85.5) |
|
(13.9) |
|
nm |
| Non-Controlling
Interests |
|
0.8 |
|
(2.0) |
|
nm |
|
(1.3) |
|
(4.6) |
|
nm |
|
Net Income/(Loss) of the Parent Company
|
|
157.7
|
|
(306.9)
|
|
nm
|
|
224.9
|
|
(220.8)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Number of Shares
2 |
|
124,998,449 |
|
113,121,323 |
|
nm |
|
124,901,758 |
|
113,353,706 |
|
nm |
|
Diluted Earnings per Share (¬)
|
|
1.30
|
|
(2.71)
|
|
nm
|
|
1.88
|
|
(1.95)
|
|
nm
|
1
Note that statements disclosed in annex I(a) and I(c) do not
report underlying OIFRA. Please, refer to annex VI, page 21, for
the underlying net income reconciliation.
2
As per IFRS, diluted earnings per share are calculated by
dividing profit or loss attributable to the Parent Companys
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. As the Group
net income is a loss in the quarter, share subscription options,
performance shares and convertible bonds have an anti-dilutive
effect.
|
ANNEX I (b)
FOREIGN CURRENCY CONVERSION RATES
|
|
|
|
|
|
|
|
|
|
Closing Rate as of
|
|
Average Rate of
|
|
|
|
Dec. 31, 2014
|
|
Jun. 30, 2015
|
|
2Q 2014
|
|
2Q 2015
|
|
1H 2014
|
|
1H 2015
|
|
USD for 1 EUR
|
|
1.21 |
|
1.12 |
|
1.37
|
|
1.11 |
|
1.37 |
|
1.12 |
|
GBP for 1 EUR
|
|
0.78 |
|
0.71 |
|
0.81 |
|
0.72 |
|
0.82 |
|
0.73 |
|
BRL for 1 EUR
|
|
3.22 |
|
3.47 |
|
3.06 |
|
3.39 |
|
3.15 |
|
3.31 |
|
NOK for 1 EUR
|
|
9.04 |
|
8.79 |
|
8.21 |
|
8.56 |
|
8.28 |
|
8.64 |
|
ANNEX I (c)
1
ADJUSTED ADDITIONAL INFORMATION BY BUSINESS
SEGMENT
|
|
|
|
|
|
|
|
|
|
Second Quarter
Not audited
|
|
First Half
Not audited
|
|
¬ million |
|
2014
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
SUBSEA
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
1,232.5 |
|
1,553.8 |
|
26.1% |
|
2,241.8 |
|
2,841.4 |
|
26.7% |
| Gross Margin |
|
257.9 |
|
314.0 |
|
21.8% |
|
382.7 |
|
540.3 |
|
41.2% |
| OIFRA after
Income/(Loss) of Equity Affiliates |
|
189.0 |
|
250.3 |
|
32.4% |
|
244.2 |
|
415.5 |
|
70.1% |
|
Operating Margin
|
|
15.3%
|
|
16.1%
|
|
77bp
|
|
10.9%
|
|
14.6%
|
|
373bp
|
| Depreciation and
Amortization |
|
(53.9) |
|
(61.3) |
|
13.7% |
|
(106.0) |
|
(123.7) |
|
16.7% |
| EBITDA |
|
242.9 |
|
311.6 |
|
28.3% |
|
350.2 |
|
539.2 |
|
54.0% |
|
EBITDA Margin
|
|
19.7%
|
|
20.1%
|
|
35bp
|
|
15.6%
|
|
19.0%
|
|
336bp
|
|
ONSHORE/OFFSHORE
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
1,382.9 |
|
1,544.6 |
|
11.7% |
|
2,842.1 |
|
3,140.3 |
|
10.5% |
| Gross Margin |
|
158.1 |
|
(47.4) |
|
nm |
|
330.7 |
|
62.3 |
|
nm |
| OIFRA after
Income/(Loss) of Equity Affiliates |
|
72.8 |
|
(131.2) |
|
nm |
|
158.7 |
|
(107.7) |
|
nm |
|
Operating Margin
|
|
5.3%
|
|
(8.5)%
|
|
nm
|
|
5.6%
|
|
(3.4)%
|
|
nm
|
|
Depreciation and Amortization |
|
(9.0) |
|
(10.2) |
|
13.3% |
|
(17.7) |
|
(19.8) |
|
11.9% |
|
CORPORATE
|
|
|
|
|
|
|
|
|
|
|
|
|
| OIFRA after
Income/(Loss) of Equity Affiliates |
|
(21.7) |
|
(22.0) |
|
1.4% |
|
(43.0) |
|
(39.0) |
|
(9.3)% |
|
Depreciation and Amortization |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
1
Note that statements disclosed in annex I(a) and I(c) do not
report underlying OIFRA. Please, refer to annex VI, page 21, for
the underlying net income reconciliation.
|
ANNEX I (d)
ADJUSTED REVENUE BY GEOGRAPHICAL AREA
|
|
|
|
|
|
|
|
|
|
Second Quarter
Not audited
|
|
First Half
Not audited
|
|
¬ million |
|
2014
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
Europe, Russia, Central Asia
|
|
1,020.4 |
|
1,154.5 |
|
13.1% |
|
1,709.6 |
|
2,182.7 |
|
27.7% |
|
Africa
|
|
237.7 |
|
524.7 |
|
120.7% |
|
479.7 |
|
943.7 |
|
96.7% |
|
Middle East
|
|
248.7 |
|
220.5 |
|
(11.3)% |
|
654.9 |
|
505.2 |
|
(22.9)% |
|
Asia Pacific
|
|
490.8 |
|
482.8 |
|
(1.6)% |
|
912.0 |
|
958.9 |
|
5.1% |
|
Americas
|
|
617.8 |
|
715.9 |
|
15.9% |
|
1,327.7 |
|
1,391.2 |
|
4.8% |
|
TOTAL
|
|
2,615.4
|
|
3,098.4
|
|
18.5%
|
|
5,083.9
|
|
5,981.7
|
|
17.7%
|
null
|
ANNEX II
ADJUSTED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2014
Audited
|
|
Jun. 30, 2015
Not audited
|
|
¬ million |
|
|
| Fixed Assets |
|
6,414.2 |
|
6,617.2 |
|
Deferred Tax Assets |
|
391.0 |
|
496.1 |
|
Non-Current Assets
|
|
6,805.2
|
|
7,113.3
|
| Construction
Contracts Amounts in Assets |
|
756.3 |
|
952.5 |
| Inventories, Trade
Receivables and Other |
|
3,297.0 |
|
3,826.3 |
| Cash
& Cash Equivalents |
|
3,738.3 |
|
3,976.5 |
|
Current Assets
|
|
7,791.6
|
|
8,755.3
|
|
Assets Classified as Held for Sale
|
|
3.2
|
|
28.4
|
|
Total Assets
|
|
14,600.0
|
|
15,897.0
|
|
|
|
|
|
|
|
Shareholders’ Equity (Parent Company)
|
|
4,363.4
|
|
4,268.2
|
|
Non-Controlling Interests
|
|
11.8
|
|
20.3
|
|
Shareholders’ Equity
|
|
4,375.2
|
|
4,288.5
|
|
Non-Current Financial Debts
|
|
2,356.6
|
|
1,671.7
|
|
Non-Current Provisions
|
|
232.9
|
|
247.2
|
|
Deferred Tax Liabilities and Other Non-Current Liabilities
|
|
249.1
|
|
266.7
|
|
Non-Current Liabilities
|
|
2,838.6
|
|
2,185.6
|
|
Current Financial Debts
|
|
256.4
|
|
890.3
|
|
Current Provisions
|
|
328.3
|
|
551.0
|
|
Construction Contracts – Amounts in Liabilities
|
|
2,258.2
|
|
2,491.1
|
|
Trade Payables & Other
|
|
4,543.3
|
|
5,490.5
|
|
Current Liabilities
|
|
7,386.2
|
|
9,422.9
|
|
Total Shareholders’ Equity & Liabilities
|
|
14,600.0
|
|
15,897.0
|
|
|
|
|
|
|
|
Net Cash Position
|
|
1,125.3
|
|
1,414.5
|
|
|
|
Adjusted Statement of Changes in Shareholders’ Equity (Parent
Company)
|
|
Not audited (€ million):
|
|
Shareholders’ Equity as of December 31, 2014
|
|
4,363.4
|
|
Net Income
|
|
(220.8)
|
|
Other Comprehensive Income
|
|
172.6
|
|
Capital Increase
|
|
158.2
|
|
Treasury Shares
|
|
4.6
|
|
Dividends Paid
|
|
(225.8)
|
|
Other
|
|
16.0
|
|
Shareholders’ Equity as of June 30, 2015
|
|
4,268.2
|
|
ANNEX III (a)
ADJUSTED CONSOLIDATED STATEMENT OF
CASH FLOWS
|
|
|
|
|
|
|
|
First Half
Not audited
|
|
€ million
|
|
2014
|
|
2015
|
|
Net Income/(Loss) of the Parent Company
|
|
224.9
|
|
|
|
(220.8)
|
|
|
|
Depreciation & Amortization of Fixed Assets
|
|
123.7
|
|
|
|
186.1
|
|
|
|
Stock Options and Performance Share Charges
|
|
20.5
|
|
|
|
15.2
|
|
|
|
Non-Current Provisions (including Employee Benefits)
|
|
7.7
|
|
|
|
137.6
|
|
|
|
Deferred Income Tax
|
|
8.4
|
|
|
|
(100.6)
|
|
|
|
Net (Gains)/Losses on Disposal of Assets and Investments
|
|
7.9
|
|
|
|
(26.7)
|
|
|
|
Non-Controlling Interests and Other
|
|
10.6
|
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Generated from/(used in) Operations
|
|
403.7
|
|
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Working Capital Requirements
|
|
(194.9)
|
|
|
|
370.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Operating Activities
|
|
|
|
208.8
|
|
|
|
369.4
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
(185.8)
|
|
|
|
(144.6)
|
|
|
|
Proceeds from Non-Current Asset Disposals
|
|
17.0
|
|
|
|
2.0
|
|
|
|
Acquisitions of Financial Assets
|
|
-
|
|
|
|
(2.5)
|
|
|
|
Acquisition Costs of Consolidated Companies, Net of Cash acquired
|
|
(5.9)
|
|
|
|
(32.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Investing Activities
|
|
|
|
(174.7)
|
|
|
|
(177.5)
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Borrowings
|
|
(13.5)
|
|
|
|
(107.5)
|
|
|
|
Capital Increase
|
|
8.1
|
|
|
|
21.3
|
|
|
|
Dividends Paid
|
|
(206.5)
|
|
|
|
(88.9)
|
|
|
|
Share Buy-Back and Other
|
|
(41.8)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Financing Activities
|
|
|
|
(253.7)
|
|
|
|
(175.1)
|
|
|
|
|
|
|
|
|
|
|
|
Net Effects of Foreign Exchange Rate Changes
|
|
|
|
37.2
|
|
|
|
222.0
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash and Cash Equivalents
|
|
|
|
(182.4)
|
|
|
|
238.8
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
(2.8)
|
|
|
|
(0.3)
|
|
|
|
Cash and Cash Equivalents at Period End
|
|
3,023.4
|
|
|
|
3,976.5
|
|
|
|
|
|
|
|
(182.4)
|
|
|
|
238.8
|
|
|
|
|
|
|
|
|
|
|
|
ANNEX III (b)
ADJUSTED CASH & FINANCIAL DEBTS
|
|
|
|
|
|
|
|
€ million
|
|
Dec. 31, 2014
Audited
|
|
Jun. 30, 2015
Not audited
|
|
Cash Equivalents
|
|
1,809.4
|
|
2,052.9
|
|
Cash
|
|
1,928.9
|
|
1,923.6
|
|
Cash & Cash Equivalents (A)
|
|
3,738.3
|
|
3,976.5
|
|
Current Financial Debts
|
|
256.4
|
|
890.3
|
|
Non-Current Financial Debts
|
|
2,356.6
|
|
1,671.7
|
|
Gross Debt (B)
|
|
2,613.0
|
|
2,562.0
|
|
Net Cash Position (A – B)
|
|
1,125.3
|
|
1,414.5
|
|
ANNEX IV (a)
BACKLOG BY BUSINESS SEGMENT
|
|
|
|
|
|
|
|
|
|
€ million
|
|
As of
Dec. 31, 2014
Audited
|
|
As of
Jun. 30, 2015
Not audited
|
|
Change
|
|
Subsea
|
|
9,727.8
|
|
9,420.0
|
|
(3.2)%
|
|
Onshore/Offshore
|
|
11,208.4
|
|
9,404.0
|
|
(16.1)%
|
|
Total
|
|
20,936.2
|
|
18,824.0
|
|
(10.1)%
|
ANNEX IV (b)
CONTRACT AWARDS
Not audited
The main contracts we announced during second quarter 2015 were
the following:
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,
-
Contract for the design, engineering, fabrication, installation and
pre-commissioning of the new production pipeline systems on the south
side of the Thunder Horse production drilling quarters unit, at a
water depth of approximately 1,900 meters: BP Exploration &
Production Inc., Mississippi Canyon Blocks 778 and 822, US Gulf of
Mexico,
-
Contract for the decommissioning of the brownfield development and
installation of new subsea equipment supporting a floating production
system, in a water depth of approximately 2,000 meters: Chevron
North America Exploration and Production Company, Mississippi Canyon,
US Gulf of Mexico.
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,
-
Front end engineering design (FEED) 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,
-
Project Management Consultancy (PMC) contract covering the
engineering, procurement, construction, commissioning, start-up and
warranty management phase of the Basra refinery upgrading: South
Refineries Company (SRC) – Ministry of Oil, Iraq,
-
Significant engineering, procurement, construction and commissioning
contract that covers the revamping of the ammonia plant at the
existing Phu My Fertilizer Complex: PetroVietnam Fertilizer and
Chemicals Corporation (PVFCCo), southern Ba Ria-Vung Tau Province,
Vietnam,
-
Topsides detailed engineering and procurement services contract part
of the conversion of a shuttle tanker into a floating, production,
storage and offloading (FPSO) vessel: Jurong Shipyard Pte Ltd,
Jurong Shipyard, Singapore.
Since June 30, 2015, Technip has also announced the award of the
following contracts, which were included in the backlog as of
June 30, 2015:
Subsea Segment:
-
Engineering, procurement, construction, installation and commissioning
contract for the tie-in of PETRONAS first Floating Liquefied Natural
Gas (PFLNG1) facility to KAKG-A platform, covering the procurement and
installation of a 3.2 kilometers flexible flowline between the
existing KAKG-A central processing platform in Kanowit field to the
PFLNG1 riser: PETRONAS Carigali, Kanowit field, 200 kilometers
offshore Bintulu, East Malaysia.
Onshore/Offshore Segment:
-
Browse floating liquefied natural gas (FLNG) project, which covers the
realization and installation of three FLNG units. The contract awarded
covers the front-end engineering design (FEED) elements of the Browse
FLNG project. A second contract covering the engineering, procurement,
construction and installation, awarded to Technip Samsung Consortium
is subject to the final investment decision from the client: Shell
Gas & Power Developments BV & Woodside Energy Limited, Brecknock,
Calliance and Torosa fields in the Browse Basin, 425 kilometers North
of Broome, Western Australia,
-
Project Management Consultancy (PMC) contract for a project designed
to transport gas from the Shah Deniz field to the European market. The
services will include the overall project and site management,
procurement and subcontracting for all the EPC packages throughout the
engineering, procurement and construction phases, as well as warranty
management and the project close-out: Trans Adriatic Pipeline (TAP)
AG, Italy, Albania and Greece.
Since June 30, 2015, Technip has also announced the award of the
following contracts, which were not included in the backlog as of
June 30, 2015:
Onshore/Offshore Segment:
-
Contract for a project to modernize and expand the MIDOR refinery,
aiming at improving the production quality of the plant, considered
the most advanced of the African continent: Midor (Middle East Oil
Refinery), near Alexandria, Egypt,
-
Contract for the modernization project of the Assiut refinery,
designed to refine the “bottom of the barrel” and aiming at maximizing
diesel production: Egyptian General Petroleum Corporation (EGPC)
and Assiut Oil Refining Company (ASORC), Upper Egypt.
****
The annex V presents the first half IFRS consolidated financial
statements and a reconciliation to the adjusted basis.
****
|
ANNEX V (a)
CONSOLIDATED STATEMENT OF INCOME
Not
audited
|
|
|
|
|
|
€ million
|
|
First Half
|
|
(except Diluted Earnings per Share, and Diluted Number of Shares)
|
|
2014 IFRS
|
|
2015 IFRS
|
|
Change
|
|
Adjustments
|
|
2015 Adjusted
|
|
Revenue
|
|
4,841.9
|
|
5,336.4
|
|
10.2%
|
|
645.3
|
|
5,981.7
|
|
Gross Margin
|
|
713.5
|
|
597.5
|
|
(16.3)%
|
|
5.1
|
|
602.6
|
|
Research & Development Expenses
|
|
(36.0)
|
|
(41.6)
|
|
15.6%
|
|
-
|
|
(41.6)
|
|
SG&A and Other
|
|
(326.1)
|
|
(308.7)
|
|
(5.3)%
|
|
(0.2)
|
|
(308.9)
|
|
Share of Income/(Loss) of Equity Affiliates
|
|
(8.9)
|
|
17.5
|
|
nm
|
|
(0.8)
|
|
16.7
|
|
OIFRA after Income/(Loss) of Equity Affiliates
|
|
342.5
|
|
264.7
|
|
nm
|
|
4.1
|
|
268.8
|
|
Non-Current Operating Result
|
|
(6.5)
|
|
(403.8)
|
|
nm
|
|
-
|
|
(403.8)
|
|
Operating Income
|
|
336.0
|
|
(139.1)
|
|
nm
|
|
4.1
|
|
(135.0)
|
|
Financial Result
|
|
(42.5)
|
|
(66.2)
|
|
55.8%
|
|
(1.1)
|
|
(67.3)
|
|
Income/(Loss) before Tax
|
|
293.5
|
|
(205.3)
|
|
nm
|
|
3.0
|
|
(202.3)
|
|
Income Tax Expense
|
|
(67.3)
|
|
(10.9)
|
|
nm
|
|
(3.0)
|
|
(13.9)
|
|
Non-Controlling Interests
|
|
(1.3)
|
|
(4.6)
|
|
nm
|
|
-
|
|
(4.6)
|
|
Net Income/(Loss) of the Parent Company
|
|
224.9
|
|
(220.8)
|
|
nm
|
|
-
|
|
(220.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Number of Shares
|
|
124,901,758
|
|
113,353,706
|
|
nm
|
|
|
|
|
Diluted Earnings per Share (€)
|
|
1.88
|
|
(1.95)
|
|
nm
|
|
|
|
|
ANNEX V (b)
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Dec. 31, 2014
IFRS
(audited)
|
|
June 30, 2015
IFRS
(not audited)
|
|
Adjustments
|
|
June 30, 2015
Adjusted
(not
audited)
|
|
Fixed Assets
|
|
6,452.5
|
|
6,662.0
|
|
(44.8)
|
|
6,617.2
|
|
Deferred Tax Assets
|
|
366.0
|
|
473.1
|
|
23.0
|
|
496.1
|
|
Non-Current Assets
|
|
6,818.5
|
|
7,135.1
|
|
(21.8)
|
|
7,113.3
|
|
Construction Contracts – Amounts in Assets
|
|
755.1
|
|
952.5
|
|
-
|
|
952.5
|
|
Inventories, Trade Receivables and Other
|
|
3,157.4
|
|
3,566.3
|
|
260.0
|
|
3,826.3
|
|
Cash & Cash Equivalents
|
|
2,685.6
|
|
2,499.7
|
|
1,476.8
|
|
3,976.5
|
|
Current Assets
|
|
6,598.1
|
|
7,018.5
|
|
1,736.8
|
|
8,755.3
|
|
Assets Classified as Held for Sale
|
|
3.2
|
|
28.4
|
|
-
|
|
28.4
|
|
Total Assets
|
|
13,419.8
|
|
14,182.0
|
|
1,715.0
|
|
15,897.0
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity (Parent Company)
|
|
4,363.4
|
|
4,268.2
|
|
-
|
|
4,268.2
|
|
Non-Controlling Interests
|
|
11.8
|
|
20.3
|
|
-
|
|
20.3
|
|
Shareholders’ Equity
|
|
4,375.2
|
|
4,288.5
|
|
-
|
|
4,288.5
|
|
Non-Current Financial Debts
|
|
2,356.6
|
|
1,671.7
|
|
-
|
|
1,671.7
|
|
Non-Current Provisions
|
|
231.6
|
|
246.0
|
|
1.2
|
|
247.2
|
|
Deferred Tax Liabilities and Other Non-Current Liabilities
|
|
236.8
|
|
255.7
|
|
11.0
|
|
266.7
|
|
Non-Current Liabilities
|
|
2,825.0
|
|
2,173.4
|
|
12.2
|
|
2,185.6
|
|
Current Financial Debts
|
|
256.4
|
|
890.3
|
|
-
|
|
890.3
|
|
Current Provisions
|
|
326.3
|
|
549.0
|
|
2.0
|
|
551.0
|
|
Construction Contracts – Amounts in Liabilities
|
|
1,256.1
|
|
1,079.8
|
|
1,411.3
|
|
2,491.1
|
|
Trade Payables & Other
|
|
4,380.8
|
|
5,201.0
|
|
289.5
|
|
5,490.5
|
|
Current Liabilities
|
|
6,219.6
|
|
7,720.1
|
|
1,702.8
|
|
9,422.9
|
|
Total Shareholders’ Equity & Liabilities
|
|
13,419.8
|
|
14,182.0
|
|
1,715.0
|
|
15,897.0
|
|
|
|
Statement of Changes in Shareholders’ Equity (Parent Company)
|
|
IFRS, Not audited (€ million):
|
|
Shareholders’ Equity as of December 31, 2014
|
|
4,363.4
|
|
Net Income
|
|
(220.8)
|
|
Other Comprehensive Income
|
|
172.6
|
|
Capital Increase
|
|
158.2
|
|
Treasury Shares
|
|
4.6
|
|
Dividends Paid
|
|
(225.8)
|
|
Other
|
|
16.0
|
|
Shareholders’ Equity as of June 30, 2015
|
|
4,268.2
|
|
ANNEX V (c)
CONSOLIDATED STATEMENT OF CASH FLOW
Not
audited
|
|
|
|
|
|
|
|
First Half
|
|
€ million
|
|
2014 IFRS
|
|
2015 IFRS
|
|
Adjustments
|
|
2015 Adjusted
|
|
Net Income/(Loss) of the Parent Company
|
|
224.9
|
|
|
|
(220.8)
|
|
|
|
-
|
|
|
|
(220.8)
|
|
|
|
Depreciation & Amortization of Fixed Assets
|
|
123.7
|
|
|
|
186.1
|
|
|
|
-
|
|
|
|
186.1
|
|
|
|
Stock Options and Performance Share Charges
|
|
20.4
|
|
|
|
15.2
|
|
|
|
-
|
|
|
|
15.2
|
|
|
|
Non-Current Provisions (including Employee Benefits)
|
|
7.7
|
|
|
|
137.6
|
|
|
|
-
|
|
|
|
137.6
|
|
|
|
Deferred Income Tax
|
|
(8.5)
|
|
|
|
(96.8)
|
|
|
|
(3.8)
|
|
|
|
(100.6)
|
|
|
|
Net (Gains)/Losses on Disposal of Assets and Investments
|
|
7.9
|
|
|
|
(26.7)
|
|
|
|
-
|
|
|
|
(26.7)
|
|
|
|
Non-Controlling Interests and Other
|
|
28.2
|
|
|
|
6.9
|
|
|
|
0.8
|
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Generated from/(used in) Operations
|
|
404.3
|
|
|
|
1.5
|
|
|
|
(3.0)
|
|
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Working Capital Requirements
|
|
(776.7)
|
|
|
|
56.2
|
|
|
|
314.7
|
|
|
|
370.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Operating Activities
|
|
|
|
(372.4)
|
|
|
|
57.7
|
|
|
|
311.7
|
|
|
|
369.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
(185.8)
|
|
|
|
(144.4)
|
|
|
|
(0.2)
|
|
|
|
(144.6)
|
|
|
|
Proceeds from Non-Current Asset Disposals
|
|
17.0
|
|
|
|
2.0
|
|
|
|
-
|
|
|
|
2.0
|
|
|
|
Acquisitions of Financial Assets
|
|
-
|
|
|
|
(2.5)
|
|
|
|
-
|
|
|
|
(2.5)
|
|
|
|
Acquisition Costs of Consolidated Companies, Net of Cash acquired
|
|
(5.9)
|
|
|
|
(32.4)
|
|
|
|
-
|
|
|
|
(32.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Investing Activities
|
|
|
|
(174.7)
|
|
|
|
(177.3)
|
|
|
|
(0.2)
|
|
|
|
(177.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Borrowings
|
|
(13.5)
|
|
|
|
(107.6)
|
|
|
|
0.1
|
|
|
|
(107.5)
|
|
|
|
Capital Increase
|
|
8.1
|
|
|
|
21.3
|
|
|
|
-
|
|
|
|
21.3
|
|
|
|
Dividends Paid
|
|
(206.5)
|
|
|
|
(88.9)
|
|
|
|
-
|
|
|
|
(88.9)
|
|
|
|
Share Buy-Back and Other
|
|
(41.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from/(used in) Financing Activities
|
|
|
|
(253.7)
|
|
|
|
(175.2)
|
|
|
|
0.1
|
|
|
|
(175.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Effects of Foreign Exchange Rate Changes
|
|
|
|
29.4
|
|
|
|
109.5
|
|
|
|
112.5
|
|
|
|
222.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash and Cash Equivalents
|
|
|
|
(771.4)
|
|
|
|
(185.3)
|
|
|
|
424.1
|
|
|
|
238.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Overdrafts at Period Beginning
|
|
(2.4)
|
|
|
|
(0.9)
|
|
|
|
-
|
|
|
|
(0.9)
|
|
|
|
Cash and Cash Equivalents at Period Beginning
|
|
2,989.1
|
|
|
|
2,685.6
|
|
|
|
1,052.7
|
|
|
|
3,738.3
|
|
|
|
Bank Overdrafts at Period End
|
|
(2.8)
|
|
|
|
(0.3)
|
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
Cash and Cash Equivalents at Period End
|
|
2,218.1
|
|
|
|
2,499.7
|
|
|
|
1,476.8
|
|
|
|
3,976.5
|
|
|
|
|
|
|
|
(771.4)
|
|
|
|
(185.3)
|
|
|
|
424.1
|
|
|
|
238.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNEX VI
UNDERLYING NET INCOME RECONCILIATION
Not
audited
|
|
|
|
|
|
€ million
|
|
Second Quarter
2015
|
|
|
|
|
|
Net Income of the Parent Company
|
|
(306.9)
|
|
One-off charge in OIFRA
|
|
184.4
|
|
Charges from Non-Current Activities
|
|
386.0
|
|
Other
|
|
11.8
|
|
Taxes & Financial Result
|
|
(92.3)
|
|
Underlying Net Income
|
|
183.0
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729006849/en/
|
|