- |
Full-year adjusted revenue growth of 11% Y/Y; Adjusted Recurring EBIT margin 6.5%
|
- |
Proposed Dividend of €0.45/share for the 2021 financial year
|
- |
Financial framework provided for 2022, including details relating to Russia
|
- |
Delivery of ESG Roadmap and Scorecard
|
(In € millions)
|
FY 2021
|
FY 2020
|
Revenue
|
6,667.2
|
6,014.5
|
Recurring EBIT
|
431.0
|
353.8
|
Recurring EBIT Margin %
|
6.5%
|
5.9%
|
Net profit¹
|
251.4
|
206.7
|
Diluted earnings per share²
|
1.39
|
1.15
|
Order Intake
|
9,789.9
|
4,291.9
|
Backlog
|
16,388.3
|
12,745.0
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 2021
|
FY 2020
|
Revenue
|
6,433.7
|
5,748.5
|
Net profit¹
|
244.6
|
206.8
|
Diluted earnings per share²
|
1.36
|
1.15
|
Revenue
|
€5.0 - 5.5 billion
(excludes estimated €1.4 billion contribution from projects under execution in Russia)
|
Recurring EBIT margin
|
At least 6.5%
(excludes estimated EBIT contribution of less than €70 million from projects under execution in Russia)
|
Effective tax rate
|
28 - 32%
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
France:
|
+33 1 76 70 07 94
|
United Kingdom:
|
+44 (0) 20 7192 8000
|
United States:
|
+1 631 510 74 95
|
Conference Code:
|
9195285
|
Investor Relations
|
Media Relations
|
Phillip Lindsay
|
Stella Fumey
|
Vice President, Investor Relations
|
Director Press Relations & Digital Communications
|
Tel: +44 20 7585 5051
|
Tel: +33 1 85 67 40 95
|
Email: Phillip Lindsay |
Email: Stella Fumey |
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 2021
|
FY 2020
|
Adjusted Order Intake
|
9,789.9
|
4,291.9
|
Projects Delivery
|
8,471.5
|
3,095.9
|
Technology, Products & Services
|
1,318.4
|
1,196.0
|
Adjusted Backlog
|
16,388.3
|
12,745.0
|
Projects Delivery
|
15,144.0
|
11,646.4
|
Technology, Products & Services
|
1,244.3
|
1,098.6
|
(In € millions)
|
FY 2022
|
FY 2023
|
FY 2024+
|
Adjusted Backlog
|
6,470.8
|
4,364.3
|
5,553.3
|
Proportion relating to Russia1 |
1,367.0
|
853.7
|
1,563.1
|
(In € millions)
|
FY 2021
|
FY 2020
|
% Change
|
Adjusted revenue
|
6,667.2
|
6,014.5
|
11%
|
Adjusted EBITDA
|
540.2
|
461.4
|
17%
|
Adjusted recurring EBIT
|
431.0
|
353.8
|
22%
|
Non-recurring-items
|
(32.0)
|
(14.5)
|
121%
|
EBIT
|
399.0
|
339.3
|
18%
|
Financial income (expense), net
|
(18.8)
|
(10.8)
|
74%
|
Profit (loss) before income taxes
|
380.2
|
328.5
|
16%
|
Income tax (expense)/profit
|
(112.8)
|
(108.5)
|
4%
|
Net profit (loss)
|
267.4
|
220.0
|
22%
|
Net (profit) loss attributable to non-controlling interests
|
(16.0)
|
(13.3)
|
20%
|
Net profit (loss) attributable to Technip Energies Group
|
251.4
|
206.7
|
22%
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 2021
|
FY 2020
|
% Change
|
Revenue
|
5,364.4
|
4,953.9
|
8%
|
Recurring EBIT
|
342.0
|
326.4
|
5%
|
Recurring EBIT Margin %
|
6.4%
|
6.6%
|
(20) bps
|
• |
Final modules for the first train loaded out and sailed away to Murmansk; first five modules integrated onto gravity-based structure (GBS1).
|
• |
The FLNG unit set sail for Mozambique in November and arrived offshore Mozambique in early January, mooring activities are ongoing.
|
• |
Construction groundbreaking ceremony at Ras Laffan Site was held on October 16, 2021. Critical equipment procurement campaign is almost completed and site activities are ramping-up ahead of plan.
|
• |
Start-up and operation of the project's first new process units; the LPG Treater Unit 25 is performing in line with expectations. Successful completion of shutdown works of existing hydrocracker.
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
• |
All substations energized. Heavy lift works accomplished, and all equipment erected. Piping prefab substantially completed with minor activities left to go. Pre-commissioning works commenced. Project also reaches 10-million manhours with no LTI (lost time injury).
|
• |
The last 4 remaining process modules were successfully lifted in December, and all 8 modules are now on deck, integration work started.
|
• |
Engineering, Procurement, and Construction (EPC) contract for the construction of a new Ethane Cracker Unit to be integrated in the Borouge 4 petrochemical complex in Ruwais. The contract covers the delivery of a new Ethane Cracker Unit, in excess of 1,500 KTA, based on proprietary Technip Energies technology.
|
(In € millions)
|
FY 2021
|
FY 2020
|
Change
|
Revenue
|
1,302.8
|
1,060.6
|
23%
|
Recurring EBIT
|
119.3
|
86.0
|
39%
|
Recurring EBIT Margin %
|
9.2%
|
8.1%
|
110 bps
|
• |
First safe 100,000 working hours on module fabrication yard. Early work preparation started at Moerdijk construction site.
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
• |
A new demonstration reactor, designed to evaluate specific process conditions for operation with our partner Clariant's catalyst, is now operating at our Research Center in Massachusetts. The reactor is designed to demonstrate their new AcryloMax® catalyst for producing acrylonitrile, an ingredient used to create fibers for light weight, high strength aerospace components.
|
• |
Award of FEED study covering design and technical solutions development for NZT Power's proposed 860MW power station and carbon capture facility. The Technip Energies and GE Gas Power consortium will use Shell Cansolv CO2 capture technology with a planned capture capacity of 2Mtpa and will be supported by Balfour Beatty for the construction. The scope also includes NEP's planned 4Mpta Teesside high pressure CO2 compression and export facilities.
|
• |
Awarded FEED update contract for the Ghasha mega project which will be the world's largest offshore sour gas development expected to produce over 1.5 bscfd* of natural gas, as well as condensate and oil. The contract includes accelerating the integration of carbon capture into the development.
|
• |
PMC awarded FEED validation and early EPC services for the Wastefront Sunderland project. Technip Energies and Wastefront have also entered a strategic partnership to deploy Wastefront projects worldwide (MOU signed in November 2021).
|
• |
PMC awarded a frame agreement with PCT for Consulting services to support the US-based company with the site evaluation and selection of their first polypropylene recycling facility in Europe.
|
• |
Process design package and FEED contracts for the development of two 90 KTA Sustainable Aviation Fuel (SAF) Units (located in South Wales, UK, and the Netherlands respectively). The projects leverage Technip Energies' Hummingbird® technology integrated with the LanzaJetTM Alcohol-to-Jet Process to produce SAF and Renewable Diesel.
|
• |
The partnership will further develop Svante's solid sorbent carbon capture technology and provide integrated solutions from concept to project delivery. The partnership will explore opportunities in markets where Svante's technology would be selected by end Clients for industrial carbon capture projects, including cement & limestone, blue hydrogen, refineries, petrochemicals, steel, ammonia and pulp & paper facilities. The cooperation will be worldwide for blue hydrogen plants using Technip Energies' Steam Methane Reformer (SMR) technology.
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
• |
Shareholder dividend. The Company intends to pay a dividend annually that is sustainable with potential for growth over time.
|
• |
Investments. Deploying capital to capture energy transition technologies and opportunities, and associated business models.
|
• |
Balance sheet strengthening: Allowing utilization of excess cash flow to strengthen balance sheet and reserves.
|
• |
Decarbonize the future.
|
• |
Accelerate innovation and digitalization.
|
• |
Enhance circularity and protect biodiversity.
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
• |
Advance an inclusive culture.
|
• |
Safeguard people and reinforce well-being.
|
• |
Attract and grow talents.
|
• |
Integrate ESG into our business strategy.
|
• |
Strengthen ESG accountability & transparency.
|
• |
Foster Integrity.
|
• |
Join forces and bridge expertise across industries.
|
• |
Partner towards a sustainable supply chain.
|
• |
Contribute to local communities' development.
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
Projects
Delivery
|
Technology,
Products &
Services
|
Corporate / non
allocable
|
Total
| ||||
FY 21
|
FY 20
|
FY 21
|
FY 20
|
FY 21
|
FY 20
|
FY 21
|
FY 20
| |
Adjusted revenue
|
5,364.4
|
4,953.9
|
1,302.8
|
1,060.6
|
-
|
-
|
6,667.2
|
6,014.5
|
Adjusted recurring EBIT
|
342.0
|
326.4
|
119.3
|
86.0
|
(30.3)
|
(58.5)
|
431.0
|
353.8
|
Non-recurring items (transaction & one-off costs)
|
(2.3)
|
40.1
|
(1.2)
|
(23.4)
|
(28.4)
|
(31.1)
|
(32.0)
|
(14.5)
|
EBIT
|
339.7
|
366.4
|
118.0
|
62.5
|
(58.7)
|
(89.7)
|
399.0
|
339.3
|
Financial income
|
16.8
|
20.7
| ||||||
Financial expense
|
(35.6)
|
(31.5)
| ||||||
Profit (loss) before income taxes
|
380.2
|
328.5
| ||||||
Income tax (expense)/profit
|
(112.8)
|
(108.5)
| ||||||
Net profit (loss)
|
267.4
|
220.0
| ||||||
Net (profit) loss attributable to non-controlling interests
|
(16.0)
|
(13.3)
| ||||||
Net profit (loss) attributable to Technip Energies Group
|
251.4
|
206.7
|
(In € millions)
|
Projects
Delivery
|
Technology,
Products &
Services
|
Corporate / non
allocable
|
Total
| ||||
Q4 21
|
Q4 20
|
Q4 21
|
Q4 20
|
Q4 21
|
Q4 20
|
Q4 21
|
Q4 20
| |
Adjusted revenue
|
1,368.8
|
1,348.8
|
388.4
|
251.2
|
-
|
-
|
1,757.3
|
1,600.0
|
Adjusted recurring EBIT
|
87.3
|
92.7
|
40.5
|
24.9
|
(4.3)
|
(10.5)
|
123.5
|
107.3
|
Non-recurring items (transaction & one-off costs)
|
(0.4)
|
(12.7)
|
0.2
|
(8.4)
|
(0.7)
|
0.3
|
(0.9)
|
(20.9)
|
EBIT
|
86.8
|
80.0
|
40.7
|
16.5
|
(5.0)
|
(10.1)
|
122.6
|
86.4
|
Financial income
|
7.0
|
8.1
| ||||||
Financial expense
|
(7.2)
|
0.5
| ||||||
Profit (loss) before income taxes
|
122.4
|
95.0
| ||||||
Income tax (expense)/profit
|
(25.0)
|
(29.9)
| ||||||
Net profit (loss)
|
97.4
|
65.1
| ||||||
Net (profit) loss attributable to non-controlling interests
|
(5.6)
|
(4.8)
| ||||||
Net profit (loss) attributable to Technip Energies Group
|
91.8
|
60.3
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 21
IFRS
|
Adjustments
|
FY 21
Adjusted
|
Revenue
|
6,433.7
|
233.5
|
6,667.2
|
Costs and expenses:
| |||
Cost of sales
|
(5,521.4)
|
(383.8)
|
(5,905.2)
|
Selling, general and administrative expense
|
(300.7)
|
-
|
(300.7)
|
Research and development expense
|
(38.6)
|
-
|
(38.6)
|
Impairment, restructuring and other expense (income)
|
(32.0)
|
-
|
(32.0)
|
Other income (expense), net
|
15.0
|
(4.5)
|
10.5
|
Operating profit (loss)
|
556.0
|
(154.8)
|
401.2
|
Share of profit (loss) of equity-accounted investees
|
33.1
|
(35.3)
|
(2.2)
|
Profit (loss) before financial expense, net and income taxes
|
589.1
|
(190.1)
|
399.0
|
Financial income
|
16.6
|
0.2
|
16.8
|
Financial expense
|
(218.4)
|
182.8
|
(35.6)
|
Profit (loss) before income taxes
|
387.3
|
(7.1)
|
380.2
|
Income tax (expense)/profit
|
(126.7)
|
13.9
|
(112.8)
|
Net profit (loss)
|
260.6
|
6.8
|
267.4
|
Net (profit) loss attributable to non-controlling interests
|
(16.0)
|
-
|
(16.0)
|
Net profit (loss) attributable to Technip Energies Group
|
244.6
|
6.8
|
251.4
|
(In € millions)
|
FY 20
IFRS
|
Adjustments
|
FY 20
Adjusted
|
Revenue
|
5,748.5
|
266.0
|
6,014.5
|
Costs and expenses:
| |||
Cost of sales
|
(4,734.4)
|
(441.7)
|
(5,176.1)
|
Selling, general and administrative expense
|
(364.2)
|
-
|
(364.2)
|
Research and development expense
|
(38.1)
|
-
|
(38.1)
|
Impairment, restructuring and other expense (income)
|
(96.3)
|
-
|
(96.3)
|
Other income (expense), net
|
(1.9)
|
3.1
|
1.2
|
Operating profit (loss)
|
513.6
|
(172.6)
|
341.0
|
Share of profit (loss) of equity-accounted investees
|
4.0
|
(5.7)
|
(1.7)
|
Profit (loss) before financial expense, net and income taxes
|
517.6
|
(178.3)
|
339.3
|
Financial income
|
24.8
|
(4.1)
|
20.7
|
Financial expense
|
(208.9)
|
177.4
|
(31.5)
|
Profit (loss) before income taxes
|
333.5
|
(5.0)
|
328.5
|
Income tax (expense)/profit
|
(113.4)
|
4.9
|
(108.5)
|
Net profit (loss)
|
220.1
|
(0.1)
|
220.0
|
Net (profit) loss attributable to non-controlling interests
|
(13.3)
|
-
|
(13.3)
|
Net profit (loss) attributable to Technip Energies Group
|
206.8
|
(0.1)
|
206.7
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
Q4 21
IFRS
|
Adjustments
|
Q4 21
Adjusted
|
Revenue
|
1,683.7
|
73.6
|
1,757.3
|
Costs and expenses:
| |||
Cost of sales
|
(1,446.9)
|
(101.2)
|
(1,548.1)
|
Selling, general and administrative expense
|
(76.9)
|
-
|
(76.9)
|
Research and development expense
|
(13.2)
|
-
|
(13.2)
|
Impairment, restructuring and other expense (income)
|
(0.9)
|
-
|
(0.9)
|
Other income (expense), net
|
4.4
|
0.2
|
4.6
|
Operating profit (loss)
|
150.2
|
(27.4)
|
122.8
|
Share of profit (loss) of equity-accounted investees
|
13.3
|
(13.5)
|
(0.2)
|
Profit (loss) before financial expense, net and income taxes
|
163.5
|
(40.9)
|
122.6
|
Financial income
|
6.9
|
0.1
|
7.0
|
Financial expense
|
(53.4)
|
46.2
|
(7.2)
|
Profit (loss) before income taxes
|
117.0
|
5.4
|
122.4
|
Income tax (expense)/profit
|
(34.7)
|
9.7
|
(25.0)
|
Net profit (loss)
|
82.3
|
15.1
|
97.4
|
Net (profit) loss attributable to non-controlling interests
|
(5.6)
|
-
|
(5.6)
|
Net profit (loss) attributable to Technip Energies Group
|
76.7
|
15.1
|
91.8
|
(In € millions)
|
Q4 20
IFRS
|
Adjustments
|
Q4 20
Adjusted
|
Revenue
|
1,529.1
|
70.9
|
1,600.0
|
Costs and expenses:
| |||
Cost of sales
|
(1,290.9)
|
(125.1)
|
(1,416.0)
|
Selling, general and administrative expense
|
(82.9)
|
8.4
|
(74.5)
|
Research and development expense
|
(5.2)
|
-
|
(5.2)
|
Impairment, restructuring and other expense (income)
|
(18.1)
|
-
|
(18.1)
|
Other income (expense), net
|
(3.1)
|
4.3
|
1.2
|
Operating profit (loss)
|
128.9
|
(41.5)
|
87.4
|
Share of profit (loss) of equity-accounted investees
|
(1.4)
|
0.4
|
(1.0)
|
Profit (loss) before financial expense, net and income taxes
|
127.5
|
(41.1)
|
86.4
|
Financial income
|
7.9
|
0.2
|
8.1
|
Financial expense
|
(44.8)
|
45.3
|
0.5
|
Profit (loss) before income taxes
|
90.6
|
4.4
|
95.0
|
Income tax (expense)/profit
|
(29.0)
|
(0.9)
|
(29.9)
|
Net profit (loss)
|
61.6
|
3.5
|
65.1
|
Net (profit) loss attributable to non-controlling interests
|
(4.8)
|
-
|
(4.8)
|
Net profit (loss) attributable to Technip Energies Group
|
56.8
|
3.5
|
60.3
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 21
|
FY 20
|
Goodwill
|
2,074.4
|
2,047.8
|
Property, plant and equipment, net
|
115.2
|
96.1
|
Right-of-use assets
|
252.9
|
182.6
|
Equity accounted investees
|
27.8
|
37.3
|
Other non-current assets
|
322.1
|
279.2
|
Total non-current assets
|
2,792.4
|
2,643.0
|
Trade receivables, net
|
1,041.1
|
1,069.3
|
Contract assets
|
330.3
|
285.8
|
Other current assets
|
655.2
|
743.0
|
Cash and cash equivalents1 |
3,810.1
|
3,064.4
|
Total current assets
|
5,836.7
|
5,162.5
|
Total assets
|
8,629.1
|
7,805.5
|
Total equity
|
1,491.2
|
1,800.5
|
Long-term debt, less current portion
|
594.1
|
-
|
Lease liability - non-current
|
237.7
|
201.0
|
Accrued pension and other post-retirement benefits, less current portion
|
127.7
|
124.2
|
Other non-current liabilities
|
102.0
|
82.7
|
Total non-current liabilities
|
1,061.5
|
407.9
|
Short-term debt
|
89.2
|
402.3
|
Lease liability - current
|
69.2
|
41.5
|
Accounts payable, trade
|
1,765.2
|
1,501.6
|
Contract liabilities
|
3,345.2
|
2,941.6
|
Other current liabilities
|
807.6
|
710.0
|
Total current liabilities
|
6,076.4
|
5,597.1
|
Total liabilities
|
7,137.9
|
6,005.0
|
Total equity and liabilities
|
8,629.1
|
7,805.5
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 21
IFRS
|
Adjustments
|
FY 21
Adjusted
|
Goodwill
|
2,074.4
|
-
|
2,074.4
|
Property, plant and equipment, net
|
114.6
|
0.6
|
115.2
|
Right-of-use assets
|
251.9
|
1.0
|
252.9
|
Equity accounted investees
|
75.4
|
(47.6)
|
27.8
|
Other non-current assets
|
342.0
|
(19.9)
|
322.1
|
Total non-current assets
|
2,858.3
|
(65.9)
|
2,792.4
|
Trade receivables, net
|
1,038.4
|
2.7
|
1,041.1
|
Contract assets
|
331.8
|
(1.5)
|
330.3
|
Other current assets
|
512.2
|
143.0
|
655.2
|
Cash and cash equivalents
|
3,638.6
|
171.5
|
3,810.1
|
Total current assets
|
5,521.0
|
315.7
|
5,836.7
|
Total assets
|
8,379.3
|
249.8
|
8,629.1
|
Total equity
|
1,506.4
|
(15.2)
|
1,491.2
|
Long-term debt, less current portion
|
594.1
|
-
|
594.1
|
Lease liability - non-current
|
236.9
|
0.8
|
237.7
|
Accrued pension and other post-retirement benefits, less current portion
|
127.7
|
-
|
127.7
|
Other non-current liabilities
|
137.9
|
(35.9)
|
102.0
|
Total non-current liabilities
|
1,096.6
|
(35.1)
|
1,061.5
|
Short-term debt
|
89.2
|
-
|
89.2
|
Lease liability - current
|
68.9
|
0.3
|
69.2
|
Accounts payable, trade
|
1,497.1
|
268.1
|
1,765.2
|
Contract liabilities
|
3,206.5
|
138.7
|
3,345.2
|
Other current liabilities
|
914.6
|
(107.1)
|
807.6
|
Total current liabilities
|
5,776.3
|
300.1
|
6,076.4
|
Total liabilities
|
6,872.9
|
265.0
|
7,137.9
|
Total equity and liabilities
|
8,379.3
|
249.8
|
8,629.1
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 20
IFRS
|
Adjustments
|
FY 20
Adjusted
|
Goodwill
|
2,047.8
|
-
|
2,047.8
|
Property, plant and equipment, net
|
95.5
|
0.6
|
96.1
|
Right-of-use assets
|
184.5
|
(1.9)
|
182.6
|
Equity accounted investees
|
39.8
|
(2.5)
|
37.3
|
Other non-current assets
|
322.3
|
(43.1)
|
279.2
|
Total non-current assets
|
2,689.9
|
(46.9)
|
2,643.0
|
Trade receivables, net
|
1,059.1
|
10.2
|
1,069.3
|
Contract assets
|
271.8
|
14.0
|
285.8
|
Other current assets
|
663.4
|
79.6
|
743.0
|
Cash and cash equivalents
|
3,189.7
|
(125.3)
|
3,064.4
|
Total current assets
|
5,184.0
|
(21.5)
|
5,162.5
|
Total assets
|
7,873.9
|
(68.4)
|
7,805.5
|
Total equity
|
1,825.8
|
(25.3)
|
1,800.5
|
Long-term debt, less current portion
|
-
|
-
|
-
|
Lease liability - non-current
|
202.3
|
(1.3)
|
201.0
|
Accrued pension and other post-retirement benefits, less current portion
|
124.2
|
-
|
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
|
(0.1)
|
402.3
|
Lease liability - 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 equity and liabilities
|
7,873.9
|
(68.4)
|
7,805.5
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 21
|
FY 20
|
Net profit (loss)
|
267.4
|
220.0
|
Corporate allocation
|
-
|
381.2
|
Other non-cash items
|
98.5
|
360.7
|
Change in working capital
|
626.8
|
102.5
|
Cash provided (required) by operating activities
|
992.7
|
1,064.4
|
Capital expenditures
|
(50.2)
|
(31.3)
|
Proceeds from sale of assets
|
0.2
|
0.4
|
Other financial assets & Cash acquired / divested on acquisition / deconsolidation
|
(1.9)
|
(20.9)
|
Cash required by investing activities
|
(51.9)
|
(51.8)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
275.1
|
(180.5)
|
Settlements of mandatorily redeemable financial liability
|
-
|
-
|
Net (distributions to) / contributions from TechnipFMC
|
(478.2)
|
(775.9)
|
Other including dividends paid and lease liabilities repayment
|
(99.7)
|
(162.4)
|
Cash provided (required) by financing activities
|
(302.8)
|
(1,118.8)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
107.7
|
117.5
|
(Decrease) Increase in cash and cash equivalents
|
745.7
|
11.3
|
Cash and cash equivalents, beginning of period
|
3,064.4
|
3,053.1
|
Cash and cash equivalents, end of period
|
3,810.1
|
3,064.4
|
(In € millions)
|
FY 21
IFRS
|
Adjustments
|
FY 21
Adjusted
|
Net profit (loss)
|
260.6
|
6.8
|
267.4
|
Corporate allocation
|
-
|
-
|
-
|
Other non-cash items
|
269.0
|
(170.5)
|
98.5
|
Change in working capital
|
404.8
|
222.0
|
626.8
|
Cash provided (required) by operating activities
|
934.4
|
58.3
|
992.7
|
Capital expenditures
|
(49.6)
|
(0.6)
|
(50.2)
|
Proceeds from sale of assets
|
0.2
|
-
|
0.2
|
Other financial assets & Cash acquired / divested on acquisition / deconsolidation
|
(3.6)
|
1.7
|
(1.9)
|
Cash required by investing activities
|
(53.0)
|
1.1
|
(51.9)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
275.1
|
-
|
275.1
|
Settlements of mandatorily redeemable financial liability
|
(256.0)
|
256.0
|
-
|
Net (distributions to) / contributions from TechnipFMC
|
(478.2)
|
-
|
(478.2)
|
Other including dividends paid and lease liabilities repayment
|
(99.5)
|
(0.2)
|
(99.7)
|
Cash provided (required) by financing activities
|
(558.6)
|
255.8
|
(302.8)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
126.1
|
(18.4)
|
107.7
|
(Decrease) Increase in cash and cash equivalents
|
448.9
|
296.8
|
745.7
|
Cash and cash equivalents, beginning of period
|
3,189.7
|
(125.3)
|
3,064.4
|
Cash and cash equivalents, end of period
|
3,638.6
|
171.5
|
3,810.1
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 20
IFRS
|
Adjustments
|
FY 20
Adjusted
|
Net profit (loss)
|
220.1
|
(0.1)
|
220.0
|
Corporate allocation
|
381.2
|
-
|
381.2
|
Other non-cash items
|
329.7
|
31.0
|
360.7
|
Change in working capital
|
(94.2)
|
196.7
|
102.5
|
Cash provided (required) by operating activities
|
836.8
|
227.6
|
1,064.4
|
Capital expenditures
|
(31.3)
|
-
|
(31.3)
|
Proceeds from sale of assets
|
0.4
|
-
|
0.4
|
Other financial assets & Cash acquired / divested on acquisition / deconsolidation
|
(21.1)
|
0.2
|
(20.9)
|
Cash required by investing activities
|
(52.0)
|
0.2
|
(51.8)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
(180.5)
|
-
|
(180.5)
|
Settlements of mandatorily redeemable financial liability
|
(196.7)
|
196.7
|
-
|
Net (distributions to) / contributions from TechnipFMC
|
(775.9)
|
-
|
(775.9)
|
Other including dividends paid and lease liabilities repayment
|
(162.3)
|
(0.1)
|
(162.4)
|
Cash provided (required) by financing activities
|
(1,315.4)
|
196.6
|
(1,118.8)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
156.7
|
(39.2)
|
117.5
|
(Decrease) Increase in cash and cash equivalents
|
(373.9)
|
385.2
|
11.3
|
Cash and cash equivalents, beginning of period
|
3,563.6
|
(510.5)
|
3,053.1
|
Cash and cash equivalents, end of period
|
3,189.7
|
(125.3)
|
3,064.4
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 21
|
% of revenues
|
FY 20
|
% of revenues
|
Adjusted revenue
|
6,667.2
|
6,014.5
| ||
Cost of sales
|
(5,905.2)
|
88.6%
|
(5,176.1)
|
86.1%
|
Adjusted gross profit
|
762.0
|
11.4%
|
838.4
|
13.9%
|
Adjusted recurring EBITDA
|
540.2
|
8.1%
|
461.4
|
7.7%
|
Amortization, depreciation and impairment
|
(109.2)
|
(107.6)
| ||
Adjusted recurring EBIT
|
431.0
|
6.5%
|
353.8
|
5.9%
|
Non recurring items
|
(32.0)
|
(14.5)
| ||
Adjusted profit before financial expense, net and income taxes
|
399.0
|
6.0%
|
339.3
|
5.6%
|
Financial income and expense
|
(18.8)
|
(10.8)
| ||
Adjusted profit before tax
|
380.2
|
5.7%
|
328.5
|
5.5%
|
Income taxes
|
(112.8)
|
(108.5)
| ||
Adjusted net profit (loss)
|
267.4
|
4.0%
|
220.0
|
3.7%
|
(In € millions)
|
Q4 21
|
% of revenues
|
Q4 20
|
% of revenues
|
Adjusted revenue
|
1,757.3
|
1,600.0
| ||
Cost of sales
|
(1,548.1)
|
88.1%
|
(1,416.0)
|
88.5%
|
Adjusted gross profit
|
209.2
|
11.9%
|
184.0
|
11.5%
|
Adjusted recurring EBITDA
|
150.7
|
8.6%
|
140.8
|
8.8%
|
Amortization, depreciation and impairment
|
(27.2)
|
(33.5)
| ||
Adjusted recurring EBIT
|
123.5
|
7.0%
|
107.3
|
6.7%
|
Non recurring items
|
(0.9)
|
(20.9)
| ||
Adjusted profit before financial expense, net and income taxes
|
122.6
|
7.0%
|
86.4
|
5.4%
|
Financial income and expense
|
(0.2)
|
8.6
| ||
Adjusted profit before tax
|
122.4
|
7.0%
|
95.0
|
5.9%
|
Income taxes
|
(25.0)
|
(29.9)
| ||
Adjusted net profit (loss)
|
97.4
|
5.5%
|
65.1
|
4.1%
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
Projects
Delivery
|
Technology, Products & Services
|
Corporate / non allocable
|
Total
| ||||
FY 21
|
FY 20
|
FY 21
|
FY 20
|
FY 21
|
FY 20
|
FY 21
|
FY 20
| |
Revenue
|
5,364.4
|
4,953.9
|
1,302.8
|
1,060.6
|
-
|
-
|
6,667.2
|
6,014.5
|
Profit (loss) before financial expenses, net and income taxes
|
399.0
|
339.3
| ||||||
Non-recurring items:
| ||||||||
Separation costs allocated
|
28.3
|
17.3
| ||||||
COVID-19 costs
|
-
|
38.8
| ||||||
Other non-recurring (income) / expenses
|
3.7
|
(41.6)
| ||||||
Adjusted recurring EBIT
|
342.0
|
326.4
|
119.3
|
86.0
|
(30.3)
|
(58.5)
|
431.0
|
353.8
|
Adjusted recurring EBIT margin %
|
6.4%
|
6.6%
|
9.2%
|
8.1%
|
-%
|
-%
|
6.5%
|
5.9%
|
Adjusted amortization and depreciation
|
109.2
|
107.6
| ||||||
Adjusted recurring EBITDA
|
540.2
|
461.4
| ||||||
Adjusted recurring EBITDA margin %
|
8.1%
|
7.7%
|
(In € millions)
|
Projects
Delivery
|
Technology, Products & Services
|
Corporate / non allocable
|
Total
| ||||
Q4 21
|
Q4 20
|
Q4 21
|
Q4 20
|
Q4 21
|
Q4 20
|
Q4 21
|
Q4 20
| |
Revenue
|
1,368.8
|
1,348.8
|
388.4
|
251.2
|
-
|
-
|
1,757.3
|
1,600.0
|
Profit (loss) before financial expenses, net and income taxes
|
122.6
|
86.4
| ||||||
Non-recurring items:
| ||||||||
Separation costs allocated
|
0.6
|
5.1
| ||||||
COVID-19 costs
|
-
|
(0.3)
| ||||||
Other non-recurring (income) / expenses
|
0.3
|
16.3
| ||||||
Adjusted recurring EBIT
|
87.3
|
92.7
|
40.5
|
24.9
|
(4.3)
|
(10.5)
|
123.5
|
107.3
|
Adjusted recurring EBIT margin %
|
6.4%
|
6.9%
|
10.4%
|
9.9%
|
-%
|
-%
|
7.0%
|
6.7%
|
Adjusted amortization and depreciation
|
27.2
|
33.5
| ||||||
Adjusted recurring EBITDA
|
150.7
|
140.8
| ||||||
Adjusted recurring EBITDA margin %
|
8.6%
|
8.8%
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
(In € millions)
|
FY 21
IFRS
|
Adjustments
|
FY 21
Adjusted
|
Projects Delivery
|
14,671.4
|
472.6
|
15,144.0
|
Technology, Products & Services
|
1,245.6
|
(1.2)
|
1,244.3
|
Total
|
15,916.9
|
16,388.3
| |
(In € millions)
|
FY 21
IFRS
|
Adjustments
|
FY 21
Adjusted
|
Projects Delivery
|
9,055.8
|
(584.3)
|
8,471.5
|
Technology, Products & Services
|
1,327.5
|
(9.1)
|
1,318.4
|
Total
|
10,383.3
|
9,789.9
|
(In € millions)
|
FY 21
|
FY 20
|
Contract liabilities - proportionate share
|
165.9
|
345.0
|
(In € millions)
|
FY 21
|
FY 20
|
Cash provided (required) by operating activities - proportionate share
|
(21.9)
|
(26.0)
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
• |
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, Yamal LNG and NFE is included at 50%,the revenue from BAPCO 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 is included at 33.3%, the revenue from Nova Energies is included at 50%. 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 on 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 that are 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 consolidated 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 the TechnipFMC Group), 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.
|
FY 2021 Results Release
Paris, Thursday, 03 March 2022
|
• |
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, two affiliates of the NFE joint-venture, and the Nova Energies joint-venture) and restates the share of order backlog related to the Company's non-controlling interest in Yamal 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, the joint-venture Rovuma, two affiliates of the NFE joint-venture, and the Nova Energies joint-venture) and restates the share of order intake attributable to the non-controlling interests in Yamal 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.
|
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Technip Energies NV published this content on 04 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2022 11:25:00 UTC.