- Formation of
- Strong Q1 2021 performance with Adjusted Recurring EBIT Margin of 5.9%
- €6.5 billion orders, including major LNG award, drives Adjusted Backlog to €17.8 billion
- Solid balance sheet with €2.5 billion of Adjusted
“The successful creation of
“With strong revenues and an improvement in EBIT margins year-over-year, our first quarter financial results are a true reflection of our operational excellence and financial stability against ongoing challenges in the global environment. We continue to safely and effectively deliver on our portfolio of projects with discipline and dedication for our customers.”
“During the quarter, we further positioned
“We look to the remainder of 2021 with confidence to achieve our financial objectives; our revenue outlook is largely secured through scheduled backlog, and sound project execution should ensure we deliver profitability in line with guidance.”
“The industry continues to transition at an accelerated pace – this is both integrated within our strategy and reflected in significant growth in customer engagements. The decarbonization theme is now strongly influencing our traditional businesses, presenting us with greenfield and brownfield opportunities, and our Energy Transition pipeline continues to grow. With our unique capability set, disciplined commercial approach, and trusted execution,
Key financials – Adjusted IFRS
|
(In € millions) |
Q1 2021 |
Q1 2020 |
|
Revenue |
1,557.5 |
1,540.7 |
|
Recurring EBIT |
91.3 |
66.3 |
|
Recurring EBIT Margin % |
5.9% |
4.3% |
|
Net profit1 |
44.2 |
7.5 |
|
Diluted earnings per share2 |
0.24 |
0.04 |
|
|
|
|
|
Order Intake |
6,470.7 |
512.9 |
|
Backlog |
17,805.3 |
14,267.7 |
|
Financial information is presented under an adjusted IFRS framework, which records Technip Energies’ proportionate share of equity affiliates and restates the share related to non-controlling interests (see Appendix 9.0), and excludes restructuring expenses, merger and integration costs, and litigation costs. Reconciliation of IFRS to non-IFRS financial measures are provided in Appendix 1.0, 2.0, 3.0. |
|
|
1 |
Net profit attributable to |
|
2 |
Diluted earnings per share has been calculated using the weighted average number of outstanding shares of 182,508,672. |
Key financials - IFRS
|
(In € millions) |
Q1 2021 |
Q1 2020 |
|
Revenue |
1,501.0 |
1,423.0 |
|
Net Income1 |
52.7 |
22.4 |
|
Diluted earnings per share2 |
0.29 |
0.12 |
|
1 |
Net profit attributable to |
|
2 |
Diluted earnings per share has been calculated using the weighted average number of outstanding shares of 182,508,672. |
Guidance – Adjusted IFRS
Company outlook and guidance is unchanged from guidance last published on
|
Revenue |
€6.5 – 7.0 billion |
|
Recurring EBIT margin |
5.5% – 6.0% (exc. one-off separation cost of €30 million) |
|
Effective tax rate |
30 – 35% |
|
Financial information is presented under adjusted IFRS framework, which records Technip Energies’ proportionate share of equity affiliates and restates the share related to non-controlling interests (see Appendix 9.0), and excludes restructuring expenses, merger and integration costs, and litigation costs. |
Conference call information
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+44 (0) 20 7192 8000 |
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+33 1 76 70 07 94 |
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+1 631 510 74 95 |
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Conference Code: |
9683427 |
The event will be webcast simultaneously and can be accessed at: https://edge.media-server.com/mmc/p/y6js8by6
About
Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Operational and financial review
Backlog, Order Intake and Backlog Scheduling
Adjusted order intake for Q1 2021 of €6,470.7 million, equating to a book-to-bill of 4.2, was largely driven by the major award for the
Adjusted backlog increased 25% year-on-year to €17,805.3 million, equivalent to 3x 2020 Adjusted Revenue.
|
(In € millions) |
Q1 2021 |
Q1 2020 |
|
Adjusted Order Intake |
6,470.7 |
512.9 |
|
Project Delivery |
6,181.2 |
129.7 |
|
Technology, Products & Services |
289.6 |
383.2 |
|
Adjusted Backlog |
17,805.3 |
14,267.7 |
|
Project Delivery |
16,628.9 |
13,116.8 |
|
Technology, Products & Services |
1,176.4 |
1,150.9 |
|
Reconciliation of IFRS to non-IFRS financial measures are provided in Appendix 6.0 and 7.0. |
|
|
1 |
Backlog in Q121 benefited from a foreign exchange impact of €155 million. |
The table below provides estimated backlog scheduling as of
|
(In € millions) |
2021 (9M) |
FY 2022 |
FY 2023+ |
|
Adjusted Backlog |
5,129.0 |
5,776.4 |
6,899.8 |
Company Financial Performance
Adjusted Statement of Income
|
(In € millions) |
Q1 2021 |
Q1 2020 |
% Change |
|
Adjusted Revenue |
1,557.5 |
1,540.7 |
1% |
|
Adjusted EBITDA |
118.0 |
103.9 |
14% |
|
Adjusted Recurring EBIT |
91.3 |
66.3 |
38% |
|
Non-recurring costs |
(26.5) |
(34.2) |
(23%) |
|
EBIT |
64.8 |
32.1 |
102% |
|
Financial income (expense), net |
6.8 |
(7.8) |
- |
|
Profit (loss) before income taxes |
71.6 |
24.3 |
195% |
|
Provision (benefit) for income taxes |
24.1 |
13.7 |
76% |
|
Net profit (loss) |
47.5 |
10.7 |
344% |
|
Net (profit) loss attributable to non-controlling interests |
(3.3) |
(3.2) |
3% |
|
Net profit (loss) attributable to |
44.2 |
7.5 |
489% |
Business highlights
Projects Delivery – Adjusted IFRS
|
(In € millions) |
Q1 2021 |
Q1 2020 |
% Change |
|
Revenue |
1,252.5 |
1,260.3 |
(1%) |
|
Recurring EBIT |
75.9 |
101.3 |
(25%) |
|
Recurring EBIT Margin % |
6.1% |
8.0% |
(190bps) |
|
Financial information is presented under adjusted IFRS framework, which records Technip Energies’ proportionate share of equity affiliates and restates the share related to non-controlling interests (see Appendix 9), and excludes restructuring expenses, merger and integration costs, and litigation costs. |
Q1 2021 Adjusted Revenue decreased marginally year-on-year by 1% to €1,252.5 million. The continued ramp-up of Arctic LNG 2 and growth in downstream projects in the
Q1 2021 Adjusted Recurring EBIT decreased year-on-year by 25% to €75.9 million. Adjusted Recurring EBIT margin declined by 190 basis points to 6.1% primarily due to mix and lower margin recognition on projects in an earlier phase of completion, while the comparable period in Q1 2020 benefited from projects in close out phases, including ADNOC’s Umm Lulu project and Equinor Aasta Hansteen. This was partially offset by a reduction of indirect costs.
Q1 2021 Key operational highlights
Arctic LNG 2 project (
- Module construction for train 1 reached 50% completion; on track for module sail away to
Russia in 2021.
- Completion of heavy lifts in all areas of the refinery.
- Successful completion of last heavy lift campaign in
Singapore .
Eni Coral Sul FLNG (
- After completion of the installation of the 3 Turret Mooring Systems modules and the first gas turbine generator, the Consortium is progressing with the commissioning of instrument rooms and work on the utilities systems.
ENOC Jebel Ali (
- Commercial completion certificate received on project that was awarded the MEED “Oil & Gas project of the year” in 2020 for successful project execution.
- Successful launch of the hull and installation of the Living Quarters.
SOCAR Azerikimya petrochemical plant (
- Successful completion of performance test with plant meeting ethylene and propylene production capacity and quality specifications.
Q1 2021 Key commercial highlights
- Major* Engineering, Procurement, Construction and Commissioning contract awarded to CTJV, a joint venture between Chiyoda Corporation and
Technip Energies , byQatar Petroleum for the onshore facilities of theNorth Field East Project . - Award will cover the delivery of 4 mega trains, each with a capacity of 8 million tons per annum of LNG, and associated utility facilities. It will include a large carbon capture and sequestration facility, leading to a more than 25% reduction of greenhouse gas emissions when compared to similar LNG facilities.
*A “major” award for
- Significant* Engineering, Procurement, Construction and Commissioning contract by Indian Oil Corporation Limited for its
BR9 Expansion Project in Barauni,Bihar , in the Eastern part ofIndia . - The project will enable production of BS VI Grade fuels – similar to Euro VI Grade fuels – and petrochemicals.
*A “significant” award for
Technology, Products & Services (TPS) – Adjusted IFRS
|
(In € millions) |
Q1 2021 |
Q1 2020 |
% Change |
|
Revenue |
305.0 |
280.3 |
9% |
|
Recurring EBIT |
25.8 |
11.1 |
132% |
|
Recurring EBIT Margin % |
8.5% |
4.0% |
450bps |
|
Financial information is presented under adjusted IFRS framework, which records Technip Energies’ proportionate share of equity affiliates and restates the share related to non-controlling interests (see Appendix 9), and excludes restructuring expenses, merger and integration costs, and litigation costs. |
Q1 2021 Adjusted Revenue increased year-on-year by 9% to €305.0 million, buoyed by growth in services, notably Project Management Consultancy (PMC), and benefiting from strong order intake for Loading Systems during 2020.
Q1 2021 Adjusted Recurring EBIT increased year-on-year by 132% to €25.8 million. Adjusted Recurring EBIT margin increased year-on-year by 450 basis points benefiting from higher revenues with both Loading Systems and PMC activity showing significant improvement year-on-year.
Q1 2021 Key operational highlights
- Completion of all heavy lift activities.
Hengli liquid ethylene cracker (
- Successful completion of final performance acceptance test.
Hong Kong LNG (
- Successful yard tests completed for 8 LNG Marine Loading Arms and 4
High Pressure Natural Gas arms.
Q1 2021 Key commercial highlights
Project Management Consultancy services (
- Letter of Award for a multi-year contract covering Consultancy services and Project Engineering and Management services for various projects.
- The contract is call-off in nature and therefore does not contribute to Q1 2021 order intake.
- Notification of Award from
Beijing Gas Group Co., Ltd for the supply of 5 LNG marine loading arms.
Strategic partnership with SYNOVA
- Using
Technip Energies' leading purification technologies and SYNOVA’s advanced plastic waste-to-olefins technology, the partnership aims to commercialize a complete solution for plastic waste back to plastic via a steam cracker. - The process will have a low carbon footprint and displaces the need for virgin polymers, in addition to reducing the need for intensive plastic waste sorting.
Strategic partnership with RECENSO
- Agreement focuses on sustainable plastics-to-plastics chemical recycling.
- It combines Technip Energies’ leading purification technologies with RECENSO’s proprietary CARBOLIQ technology to offer high-value solutions for generating liquid feedstock from plastic waste to be readily used in existing facilities to produce sustainable polymers.
Member of MIT’s Industrial Liaison Program
- Membership to the Industrial Liaison Program provides Technip Energies’ with access to MIT’s researchers, strengthening the Company’s innovation in the energy transition and digital area.
Corporate and Other items
Corporate costs in the first quarter, excluding non-recurring items, were €10.4 million. Non-recurring items amounted to €26.5 million, primarily relating to separation costs. Q1 2020 combined statement of income was also impacted by foreign exchange impact allocated to
Net financial income was €6.8 million, benefiting from cash on deposit and mark-to-market valuation of investments in traded securities.
Effective tax rate for the first quarter was 33.7%.
Depreciation and amortization expense was €26.7 million, of which €18.6 million is related to IFRS16.
Adjusted net cash at
Total invested equity at
The Separation and Distribution Agreement was detailed in section 3, Balance Sheet information, of
Operating cash flow of €279.8 million, benefited from a solid operational performance and working capital inflows associated with customer advances and milestone payments on projects.
With limited capital expenditure of €8 million, free cash flow generation was €272 million.
Liquidity and credit rating information
Total liquidity of €3.9 billion at
The bridge-to-bond under the Company’s bridge term facility was drawn for €620 million at the time of completion of the Spin-off from TechnipFMC. The Company intends to refinance it through a bond take out in the coming quarters.
Disclaimers
This Press Release is intended for informational purposes only for the shareholders of
Forward-looking statements
This Press Release is intended for informational purposes only for the shareholders of
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made.
APPENDIX
Basis of preparation – Technip Energies Combined and Consolidated accounts
Consolidated financial statements for the period from
Information for these two periods constitute the Technip Energies Group’s Consolidated financial statements at
APPENDIX 1.0: ADJUSTED STATEMENTS OF INCOME
|
(In € millions) |
Projects Delivery |
TPS |
Corporate |
Total |
|||||||
|
|
Q1 21 |
Q1 20 |
Q1 21 |
Q1 20 |
Q1 21 |
Q1 20 |
Q1 21 |
Q1 20 |
|||
|
Adjusted Revenue |
1,252.5 |
1,260.3 |
305.0 |
280.3 |
- |
- |
1,557.5 |
1,540.7 |
|||
|
Adjusted Recurring EBIT |
75.9 |
101.3 |
25.8 |
11.1 |
(10.4) |
(46.1) |
91.3 |
66.3 |
|||
|
Non-recurring items (transaction & one-off costs) |
(1.1) |
(5.4) |
(0.0) |
(0.7) |
(25.4) |
(28.0) |
(26.5) |
(34.2) |
|||
|
EBIT |
74.8 |
95.9 |
25.8 |
10.4 |
(35.8) |
(74.2) |
64.8 |
32.1 |
|||
|
Financial income |
|
|
|
|
|
|
16.6 |
12.6 |
|||
|
Financial expense |
|
|
|
|
|
|
(9.8) |
(20.4) |
|||
|
Profit (loss) before income taxes |
|
|
|
|
|
|
71.6 |
24.3 |
|||
|
Provision (benefit) for income taxes |
|
|
|
|
|
|
24.1 |
13.7 |
|||
|
Net profit (loss) |
|
|
|
|
|
|
47.5 |
10.7 |
|||
|
Net (profit) loss attributable to non-controlling interests |
|
|
|
|
|
|
(3.3) |
(3.2) |
|||
|
Net profit (loss) attributable to |
|
|
|
|
|
|
44.2 |
7.5 |
|||
APPENDIX 1.1: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
Q1 21 |
Adjustments |
Q1 21 |
|
Revenue |
1,501.0 |
56.5 |
1,557.5 |
|
Costs and expenses: |
|
|
|
|
Cost of revenue |
1,279.4 |
100.8 |
1,380.2 |
|
Selling, general and administrative expense |
75.5 |
- |
75.5 |
|
Research and development expense |
7.3 |
- |
7.3 |
|
Impairment, restructuring and other expenses |
26.5 |
- |
26.5 |
|
Total costs and expenses |
1,388.7 |
100.8 |
1,489.5 |
|
Other income (expense), net |
1.4 |
(3.7) |
(2.4) |
|
Income from equity affiliates |
2.6 |
(3.5) |
(0.8) |
|
Profit (loss) before financial expense, net and income taxes |
116.3 |
(51.5) |
64.8 |
|
Financial income |
16.6 |
0.0 |
16.6 |
|
Financial expense |
(50.9) |
41.1 |
(9.8) |
|
Profit (loss) before income taxes |
82.0 |
(10.4) |
71.6 |
|
Provision (benefit) for income taxes |
26.0 |
(1.9) |
24.1 |
|
Net profit (loss) |
56.0 |
(8.5) |
47.5 |
|
Net (profit) loss attributable to non-controlling interests |
(3.3) |
- |
(3.3) |
|
Net profit (loss) attributable to |
52.7 |
(8.5) |
44.2 |
APPENDIX 1.2: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
Q1 20 |
Adjustments |
Q1 20 |
|
Revenue |
1,423.0 |
117.7 |
1,540.7 |
|
Costs and expenses: |
|
|
|
|
Cost of revenue |
1,202.0 |
141.8 |
1,343.8 |
|
Selling, general and administrative expense |
104.2 |
- |
104.2 |
|
Research and development expense |
8.5 |
- |
8.5 |
|
Impairment, restructuring and other expenses |
20.3 |
- |
20.3 |
|
Total costs and expenses |
1,335.0 |
141.8 |
1,476.8 |
|
Other income (expense), net |
(24.0) |
(7.3) |
(31.3) |
|
Income from equity affiliates |
7.0 |
(7.5) |
(0.5) |
|
Profit (loss) before financial expense, net and income taxes |
71.0 |
(38.9) |
32.1 |
|
Financial income |
15.7 |
(3.1) |
12.6 |
|
Financial expense |
(45.8) |
25.4 |
(20.4) |
|
Profit (loss) before income taxes |
40.9 |
(16.6) |
24.3 |
|
Provision (benefit) for income taxes |
15.3 |
(1.6) |
13.7 |
|
Net profit (loss) |
25.6 |
(14.9) |
10.7 |
|
Net (profit) loss attributable to non-controlling interests |
(3.2) |
0.0 |
(3.2) |
|
Net profit (loss) attributable to |
22.4 |
(14.9) |
7.5 |
APPENDIX 2.0: ADJUSTED STATEMENTS OF FINANCIAL POSITION
|
(In € millions) |
Q1 21 |
FY 20 |
|
Investments in equity affiliates |
26.4 |
37.3 |
|
Property, plant and equipment, net |
106.3 |
96.1 |
|
Right-of-use asset |
274.9 |
182.4 |
|
|
2,062.2 |
2,047.8 |
|
Other non-current assets |
305.3 |
279.2 |
|
Total non-current assets |
2,775.1 |
2,642.8 |
|
Cash and cash equivalents1 |
3,199.0 |
3,064.4 |
|
Trade receivables, net |
915.1 |
1,069.3 |
|
Contract assets |
313.6 |
285.8 |
|
Other current assets |
613.8 |
743.2 |
|
Total current assets |
5,041.5 |
5,162.7 |
|
Total assets |
7,816.6 |
7,805.5 |
|
Total invested equity1 |
1,295.8 |
1,800.5 |
|
Lease liability - Operating non-current |
262.1 |
201.0 |
|
Accrued pension and other post-retirement benefits, less current portion |
126.4 |
124.2 |
|
Other non-current liabilities |
123.8 |
82.7 |
|
Total non-current liabilities |
512.3 |
407.9 |
|
Short-term debt |
727.8 |
402.4 |
|
Lease liability - Operating current |
51.7 |
41.5 |
|
Accounts payable, trade |
1,623.5 |
1,501.6 |
|
Contract Liabilities |
2,978.4 |
2,941.6 |
|
Other current liabilities |
627.1 |
710.0 |
|
Total current liabilities |
6,008.5 |
5,597.1 |
|
Total liabilities |
6,520.9 |
6,005.0 |
|
Total invested equity and liabilities |
7,816.6 |
7,805.5 |
|
1 Cash and cash equivalents at |
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
Q1 21 |
Adjustments |
Q1 21 |
|
Investments in equity affiliates |
38.5 |
(12.1) |
26.4 |
|
Property, plant and equipment, net |
105.9 |
0.4 |
106.3 |
|
Right-of-use asset |
276.9 |
(2.0) |
274.9 |
|
|
2,062.2 |
- |
2,062.2 |
|
Other non-current assets |
347.8 |
(42.5) |
305.3 |
|
Total non-current assets |
2,831.3 |
(56.2) |
2,775.1 |
|
Cash and cash equivalents |
3,223.5 |
(24.5) |
3,199.0 |
|
Trade receivables, net |
873.2 |
41.9 |
915.1 |
|
Contract assets |
313.0 |
0.6 |
313.6 |
|
Other current assets |
518.9 |
94.9 |
613.8 |
|
Total current assets |
4,928.6 |
112.9 |
5,041.5 |
|
Total assets |
7,759.9 |
56.7 |
7,816.6 |
|
Total invested equity |
1,326.5 |
(30.7) |
1,295.8 |
|
Lease liability - Operating non-current |
263.5 |
(1.4) |
262.1 |
|
Accrued pension and other post-retirement benefits, less current portion |
126.4 |
- |
126.4 |
|
Other non-current liabilities |
153.6 |
(29.8) |
123.8 |
|
Total non-current liabilities |
543.5 |
(31.2) |
512.3 |
|
Short-term debt |
727.8 |
- |
727.8 |
|
Lease liability - Operating current |
52.2 |
(0.5) |
51.7 |
|
Accounts payable, trade |
1,415.7 |
207.8 |
1,623.5 |
|
Contract Liabilities |
2,974.7 |
3.7 |
2,978.4 |
|
Other current liabilities |
719.5 |
(92.4) |
627.1 |
|
Total current liabilities |
5,889.9 |
118.6 |
6,008.5 |
|
Total liabilities |
7,759.9 |
56.7 |
7,816.6 |
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
FY 20 |
Adjustments |
FY 20 |
|
Investments in equity affiliates |
39.8 |
(2.5) |
37.3 |
|
Property, plant and equipment, net |
95.5 |
0.6 |
96.1 |
|
Right-of-use asset |
184.3 |
(1.9) |
182.4 |
|
|
2,047.8 |
- |
2,047.8 |
|
Other non-current assets |
322.2 |
(43.0) |
279.2 |
|
Total non-current assets |
2,689.6 |
(46.8) |
2,642.8 |
|
Cash and cash equivalents |
3,189.7 |
(125.3) |
3,064.4 |
|
Trade receivables, net |
1,059.1 |
10.2 |
1,069.3 |
|
Contract assets |
271.8 |
14.0 |
285.8 |
|
Other current assets |
663.6 |
79.6 |
743.2 |
|
Total current assets |
5,184.3 |
(21.6) |
5,162.7 |
|
Total assets |
7,873.9 |
(68.4) |
7,805.5 |
|
Total invested equity |
1,825.8 |
(25.3) |
1,800.5 |
|
Long-term debt, less current portion |
- |
- |
- |
|
Lease liability - Operating non-current |
202.3 |
(1.3) |
201.0 |
|
Accrued pension and other post-retirement benefits, less current portion |
124.2 |
0.0 |
124.2 |
|
Other non-current liabilities |
167.5 |
(84.8) |
82.7 |
|
Total non-current liabilities |
494.0 |
(86.1) |
407.9 |
|
Short-term debt |
402.4 |
- |
402.4 |
|
Lease liability - Operating current |
42.0 |
(0.5) |
41.5 |
|
Accounts payable, trade |
1,259.4 |
242.2 |
1,501.6 |
|
Contract Liabilities |
3,025.4 |
(83.8) |
2,941.6 |
|
Other current liabilities |
824.9 |
(114.9) |
710.0 |
|
Total current liabilities |
5,554.1 |
43.0 |
5,597.1 |
|
Total liabilities |
6,048.1 |
(43.1) |
6,005.0 |
|
Total invested equity and liabilities |
7,873.9 |
(68.4) |
7,805.5 |
APPENDIX 3.0: ADJUSTED STATEMENTS OF CASHFLOWS
|
(In € millions) |
Q1 21 |
Q1 20 |
|
Net (loss) profit |
47.5 |
10.7 |
|
Corporate allocation |
- |
37.8 |
|
Change in working capital and Other non-cash items |
232.3 |
135.5 |
|
Cash provided (required) by operating activities |
279.8 |
184.0 |
|
Capital expenditures |
(8.4) |
(7.2) |
|
Proceeds from sale of assets |
0.4 |
0.4 |
|
Other financial assets & Cash acquired/divested on acquisition/deconsolidation |
0.6 |
(1.7) |
|
Cash required by investing activities |
(7.4) |
(8.5) |
|
Net increase (repayment) in short-term debt and commercial paper |
321.5 |
(232.1) |
|
Net (distributions to)/ contributions from TechnipFMC |
(532.8) |
364.5 |
|
Other including dividends paid and lease liabilities repayment |
35.2 |
(30.2) |
|
Cash provided (required) by financing activities |
(176.1) |
102.2 |
|
Effect of changes in foreign exchange rates on cash and cash equivalents |
38.3 |
(17.5) |
|
(Decrease) Increase in cash and cash equivalents |
134.6 |
260.2 |
|
Cash and cash equivalents, beginning of period |
3,064.4 |
3,053.1 |
|
Cash and cash equivalents, end of period |
3,199.0 |
3,313.3 |
APPENDIX 3.1: STATEMENTS OF CASHFLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
Q1 21 |
Adjustments |
Q1 21 |
|
Net (loss) profit |
56.0 |
(8.5) |
47.5 |
|
Corporate allocation |
- |
- |
- |
|
Change in working capital and Other non-cash items |
238.4 |
(6.1) |
232.3 |
|
Cash provided (required) by operating activities |
294.4 |
(14.6) |
279.8 |
|
Capital expenditures |
(8.4) |
- |
(8.4) |
|
Proceeds from sale of assets |
0.4 |
- |
0.4 |
|
Other financial assets & Cash acquired/divested on acquisition/deconsolidation |
0.6 |
- |
0.6 |
|
Cash required by investing activities |
(7.4) |
- |
(7.4) |
|
Net increase (repayment) in short-term debt and commercial paper |
321.5 |
- |
321.5 |
|
Settlements of mandatorily redeemable financial liability |
(129.0) |
129.0 |
- |
|
Net (distributions to)/ contributions from TechnipFMC |
(532.8) |
- |
(532.8) |
|
Other including dividends paid and lease liabilities repayment |
35.2 |
- |
35.2 |
|
Cash provided (required) by financing activities |
(305.1) |
129.0 |
(176.1) |
|
Effect of changes in foreign exchange rates on cash and cash equivalents |
51.9 |
(13.6) |
38.3 |
|
(Decrease) Increase in cash and cash equivalents |
33.8 |
100.8 |
134.6 |
|
Cash and cash equivalents, beginning of period |
3,189.7 |
(125.3) |
3,064.4 |
|
Cash and cash equivalents, end of period |
3,223.5 |
(24.5) |
3,199.0 |
APPENDIX 3.2: STATEMENTS OF CASHFLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
Q1 20 |
Adjustments |
Q1 20 |
|
Net (loss) profit |
25.6 |
(14.9) |
10.7 |
|
Corporate allocation |
37.8 |
- |
37.8 |
|
Change in working capital and Other non-cash items |
26.8 |
108.7 |
135.5 |
|
Cash provided (required) by operating activities |
90.2 |
93.8 |
184.0 |
|
Capital expenditures |
(7.2) |
- |
(7.2) |
|
Proceeds from sale of assets |
0.4 |
- |
0.4 |
|
Other financial assets & Cash acquired/divested on acquisition/deconsolidation |
(1.7) |
- |
(1.7) |
|
Cash required by investing activities |
(8.5) |
- |
(8.5) |
|
Net increase (repayment) in short-term debt and commercial paper |
(232.1) |
- |
(232.1) |
|
Settlements of mandatorily redeemable financial liability |
(3.8) |
3.8 |
- |
|
Net (distributions to)/ contributions from TechnipFMC |
364.5 |
- |
364.5 |
|
Other including dividends paid and lease liabilities repayment |
(30.2) |
- |
(30.2) |
|
Cash provided (required) by financing activities |
98.4 |
3.8 |
102.2 |
|
Effect of changes in foreign exchange rates on cash and cash equivalents |
(33.8) |
16.3 |
(17.5) |
|
(Decrease) Increase in cash and cash equivalents |
146.2 |
114.0 |
260.2 |
|
Cash and cash equivalents, beginning of period |
3,563.6 |
(510.5) |
3,053.1 |
|
Cash and cash equivalents, end of period |
3,709.8 |
(396.5) |
3,313.3 |
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
|
(In € millions) |
Q1 21 |
% of |
Q1 20 |
% of |
|
Adjusted Revenue |
1,557.5 |
- |
1,540.7 |
- |
|
Cost of Revenue |
1,380.2 |
88.6% |
1,343.8 |
87.2% |
|
Adjusted Gross Profit |
177.4 |
11.4% |
196.9 |
12.8% |
|
Adjusted recurring EBITDA |
118.0 |
7.6% |
103.9 |
6.7% |
|
Amortization, Depreciation and Impairment |
26.7 |
- |
37.5 |
- |
|
Adjusted recurring EBIT |
91.3 |
5.9% |
66.3 |
4.3% |
|
Non-recurring Items |
(26.5) |
- |
(34.2) |
- |
|
Adjusted profit before financial expense, net and income taxes |
64.8 |
4.2% |
32.1 |
2.1% |
|
Financial Income and expenses |
6.8 |
- |
(7.8) |
- |
|
Adjusted Profit Before Tax |
71.6 |
4.6% |
24.3 |
1.6% |
|
Income taxes |
24.1 |
- |
13.7 |
- |
|
Adjusted Net Profit (loss) |
47.5 |
3.0% |
10.7 |
0.7% |
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION
|
(In € millions) |
Projects Delivery |
TPS |
Corporate |
Total |
||||
|
|
Q1 21 |
Q1 20 |
Q1 21 |
Q1 20 |
Q1 21 |
Q1 20 |
Q1 21 |
Q1 20 |
|
Revenue |
1,252.5 |
1,260.3 |
305.0 |
280.3 |
- |
- |
1,557.5 |
1,540.7 |
|
Profit (loss) before financial expenses, net and income taxes |
|
|
|
|
|
|
64.8 |
32.1 |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
|
Separation costs allocated |
|
|
|
|
|
|
25.4 |
12.0 |
|
Restructuring expenses |
|
|
|
|
|
|
1.1 |
4.8 |
|
COVID-19 costs |
|
|
|
|
|
|
- |
3.5 |
|
Other non-recurring (income) / expenses |
|
|
|
|
|
|
- |
13.9 |
|
Adjusted recurring EBIT |
75.9 |
101.3 |
25.8 |
11.1 |
(10.4) |
(46.1) |
91.3 |
66.3 |
|
Adjusted recurring EBIT margin % |
6.1% |
8.0% |
8.5% |
4.0% |
- |
- |
5.9% |
4.3% |
|
Adjusted Amortization and Depreciation |
|
|
|
|
|
|
26.7 |
37.5 |
|
Adjusted recurring EBITDA |
|
|
|
|
|
|
118.0 |
103.9 |
|
Adjusted recurring EBITDA margin % |
|
|
|
|
|
|
7.6% |
6.7% |
APPENDIX 6.0: BACKLOG – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
Q1 21 |
Adjustments |
Q1 21 |
|
Project Delivery |
15,280 |
1,348.9 |
16,628.9 |
|
Technology Products & Services |
1,176.4 |
- |
1,176.4 |
|
Total |
16,456.4 |
1,348.9 |
17,805.3 |
APPENDIX 7.0: ORDER INTAKE – RECONCILIATION BETWEEN IFRS AND ADJUSTED
|
(In € millions) |
Q1 21 |
Adjustments |
Q1 21 |
|
Project Delivery |
6,064.2 |
117 |
6,181.2 |
|
Technology Products & Services |
289.6 |
- |
289.6 |
|
Total |
6,353.7 |
117 |
6,470.7 |
APPENDIX 8.0: YAMAL LNG JOINT VENTURE
|
(In € millions) |
Q1 21 |
FY 20 |
|
Contract liabilities – proportionate share |
308 |
345 |
|
(In € millions) |
Q1 21 |
Q1 20 |
|
Cash provided (required) by operating activities – proportionate share |
(5) |
(13) |
APPENDIX 9.0: Definition of Alternative Performance Measures (APMs)
Certain parts of this Press Release contain the following non-IFRS financial measures: Adjusted Revenue, Adjusted Recurring EBIT, Adjusted Recurring EBITDA, Adjusted net (debt) cash, Adjusted Order Backlog, and Adjusted Order Intake, which are not recognized as measures of financial performance or liquidity under IFRS and which the Company considers to be APMs.
Each of the APMs is defined below:
- Adjusted Revenue: Adjusted Revenue represents the revenue recorded under IFRS as adjusted according to the method described below. For the periods presented in this Press Release, the Company's proportionate share of joint venture revenue from the following projects was included: the revenue from ENI CORAL FLNG and
Yamal LNG is included at 50%,the revenue fromBAPCO Sitra Refinery is included at 36%, the revenue from the in-Russia construction and supervision scope of Arctic LNG 2 is included at 33.3%, the revenue from the joint-venture Rovuma at 33.3%. The Company believes that presenting the proportionate share of its joint venture revenue in construction projects carried out in joint arrangements enables management and investors to better evaluate the performance of the Company's core business period-over-period by assisting them in more accurately understanding the activities actually performed by the Company regarding these projects.
- Adjusted Recurring EBIT: Adjusted Recurring EBIT represents the profit before financial expense, net and income taxes recorded under IFRS as adjusted to reflect line-by-line for their respective share incorporated construction project entities that are not fully owned by the Company (applying to the method described above under Adjusted Revenue) and restated for the following items considered as non-recurring: (i) restructuring expenses, (ii) separation costs associated with the Spin-off transaction, and (iii) significant litigation costs that have arisen outside of the course of business. The Company believes that the exclusion of such expenses or profits from these financial measures enables investors and management to more effectively evaluate the Company's operations and combined results of operations period-over-period, and to identify operating trends that could otherwise be masked to both investors and management by the excluded items.
- Adjusted Recurring EBITDA: Adjusted Recurring EBITDA corresponds to the Adjusted Recurring EBIT as described above after deduction of depreciation and amortization expenses and as adjusted to reflect for their respective share construction project entities that are not fully owned by the Company
- Adjusted net (debt) cash: Adjusted net (debt) cash reflects cash and cash equivalents, net of debt (including short-term debt and loans due to/due from TechnipFMC), both as adjusted according to the method described above under Adjusted Revenue. Management uses this APM to evaluate the Company's capital structure and financial leverage. The Company believes Adjusted net debt (if debtor), or Adjusted net cash (if creditor), is a meaningful financial measure that may assist investors in understanding the Company's financial condition and recognizing underlying trends in its capital structure. Adjusted net (debt) cash should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with IFRS or as an indicator of the Company's operating performance or liquidity.
- Adjusted Order Backlog: Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the relevant reporting date. Adjusted Order Backlog takes into account the Company's proportionate share of order backlog related to equity affiliates (ENI Coral FLNG,
BAPCO Sitra Refinery , Arctic LNG 2 for the In-Russia construction and supervision scope, the joint-venture Rovuma) and restates the share of order backlog related to the Company’s non-controlling interest inYamal LNG . The Company believes that the Adjusted Order Backlog enables management and investors to evaluate the level of the Company's core business forthcoming activities by including its proportionate share in the estimated sales coming from construction projects in joint arrangements.
- Adjusted Order Intake: Order intake corresponds to signed contracts which have come into force during the reporting period. Adjusted Order Intake adds the proportionate share of orders signed related to equity affiliates (ENI Coral FLNG,
BAPCO Sitra Refinery , Arctic LNG 2 for the In-Russia construction and supervision scope, and the joint-venture Rovuma) and restates the share of order intake attributable to the non-controlling interests inYamal LNG . This financial measure is closely connected with the Adjusted Order Backlog in the evaluation of the level of the Company's forthcoming activities by presenting its proportionate share of contracts which came into force during the period and that will be performed by the Company.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210421006133/en/
Investor Relations
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Tel: +44 20 3429 3929
Email:
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