Successful €600 million inaugural senior unsecured notes offering due 2028
|
(In € millions)
|
H1 2021
|
H1 2020
|
Revenue
|
3,243.2
|
3,011.1
|
Recurring EBIT
|
204.5
|
164.2
|
Recurring EBIT Margin
|
6.3%
|
5.5%
|
Net profit1 |
100.3
|
128.0
|
Diluted earnings per share2 |
0.55
|
0.71
|
Order Intake
|
7,863.4
|
1,162.1
|
Backlog
|
17,473.4
|
13,214.4
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 2021
|
H1 2020
|
Revenue
|
3,118.1
|
2,829.4
|
Net profit1 |
112.4
|
110.3
|
Diluted earnings per share2 |
0.62
|
0.61
|
Revenue
|
€6.5 - 7.0 billion
|
Recurring EBIT margin
|
5.8% - 6.2%(prior guidance: 5.5% - 6.0%)
(excl. one-off separation cost of €30 million)
|
Effective tax rate
|
30 - 35%
|
France:
|
+33 1 76 70 07 94
|
United Kingdom:
|
+44 (0) 2071 928000
|
United States:
|
+1 631 510 74 95
|
Conference Code:
|
7337979
|
Investor Relations | Media Relations |
Phillip Lindsay
|
Stella Fumey
|
Vice President, Investor Relations
|
Director Press Relations & Digital Communications
|
Tel: +44 20 3429 3929
|
Tel: +33 1 85 67 40 95
|
Email: Phillip Lindsay |
Email: Stella Fumey |
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 2021
|
H1 2020
|
Adjusted Order Intake
|
7,863.4
|
1,162.1
|
Project Delivery
|
7,196.1
|
516.9
|
Technology, Products & Services
|
667.3
|
645.2
|
Adjusted Backlog
|
17,473.4
|
13,214.4
|
Project Delivery
|
16,273.1
|
12,084.6
|
Technology, Products & Services
|
1,200.3
|
1,129.8
|
(In € millions)
|
2021 (6M)
|
FY 2022
|
FY 2023+
|
Adjusted Backlog
|
3,523.4
|
5,933.2
|
8,016.8
|
(In € millions)
|
H1 2021
|
H1 2020
|
% Change
|
Adjusted Revenue
|
3,243.2
|
3,011.1
|
8%
|
Adjusted EBITDA
|
260.5
|
216.3
|
20%
|
Adjusted Recurring EBIT
|
204.5
|
164.2
|
25%
|
Non-recurringitems
|
(30.6)
|
34.6
|
(188%)
|
EBIT
|
173.9
|
198.8
|
(13%)
|
Financial income (expense), net
|
(12.0)
|
(0.8)
|
1400%
|
Profit (loss) before income taxes
|
161.9
|
198.1
|
(18%)
|
Provision (benefit) for income taxes
|
(54.6)
|
(65.4)
|
(17%)
|
Net profit (loss)
|
107.3
|
132.7
|
(19%)
|
Net (profit) loss attributable to non-controlling interests
|
(7.0)
|
(4.7)
|
49%
|
Net profit (loss) attributable to Technip Energies Group
|
100.3
|
128.0
|
(22%)
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 2021
|
H1 2020
|
Change
|
Revenue
|
2,622.8
|
2,452.4
|
7%
|
Recurring EBIT
|
167.5
|
182.0
|
(8%)
|
Recurring EBIT Margin
|
6.4%
|
7.4%
|
(100bps)
|
• |
Completion of first modules in China.
|
• |
Project reached more than 70% completion, and successful implementation of several safety campaigns contributed to 40 million manhours reached without a Lost Time Injury (LTI).
|
• |
Topsides and offshore preparation activities ongoing. On track for sail-away from Samsung Heavy Industries yard in South Korea by the end of the year.
|
• |
Significant milestone reached with delivery of 17,000 tons of fabricated modules from Asia to the refinery in Texas.
|
• |
90% progress (in tons) on mechanical works associated with the furnaces.
|
• |
Wellhead platform jacket and topsides fabrication completed and loaded out for installation.
|
• |
Two thirds of process equipment ordered. Site mobilization started.
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
• |
Large* Engineering, Procurement, Construction and Commissioning (EPCC) contract by Indian Oil Corporation Limited (IOCL) for its Para Xylene (PX) and Purified Terephthalic Acid (PTA) complex project, on the East Coast of India.
|
• |
The contract covers the delivery of a new 1.2 MMTPA PTA plant and associated facilities.
|
(In € millions)
|
H1 2021
|
H1 2020
|
Change
|
Revenue
|
620.5
|
558.7
|
11%
|
Recurring EBIT
|
54.7
|
43.8
|
25%
|
Recurring EBIT Margin
|
8.8%
|
7.8%
|
100bps
|
• |
Foundation stone laying ceremony at Ynfarm with representatives of the French Government.
|
• |
Loading Systems shipped 12 loading arms.
|
• |
Engineering and Procurement near completion. Advanced progress in civil works and steel structure erection.
|
• |
Successful completion of performance test on a 1,000 kta ethylene plant, which Technip Energies provided the proprietary technology and process design.
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
• |
The first contract covers Engineering, Procurement services and Construction management (EPsCm) to enable production of Sustainable Aviation Fuel (SAF).
|
• |
The second contract covers the Front-End Engineering and Design (FEED) for Neste's next possible world-scale renewable products refinery in Rotterdam.
|
• |
Contract for the world's first liquefied CO2 marine loading arms.
|
• |
Provision of services to Vulcain Engineering relating to the development and the operation of an Iberdrola-operated offshore windfarm in France.
|
• |
The ethanol-to-ethylene catalyst will be used in LanzaJet's first commercial demonstration scale integrated biorefinery at its Freedom Pines Fuels site in Georgia.
|
• |
A full suite of deeply-decarbonized and affordable solutions for hydrogen production.
|
• |
This includes reducing the carbon footprint by up to 99% compared to traditional hydrogen processes, and maximizing hydrogen yield while minimizing energy demand.
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
Adjusted Operating cash flow for the first half reached of €354.6 million, benefiting from a strong operational performance and working capital inflows associated with new project advances and milestone payments.
H1 2021 Results Release Paris, Thursday 22, July 2021 |
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
Projects
Delivery
|
Technology,
Products &
Services
|
Corporate / non
allocable
|
Total
| ||||
H1 21
|
H1 20
|
H1 21
|
H1 20
|
H1 21
|
H1 20
|
H1 21
|
H1 20
| |
Adjusted Revenue
|
2,622.8
|
2,452.4
|
620.5
|
558.7
|
-
|
-
|
3,243.2
|
3,011.1
|
Adjusted Recurring EBIT
|
167.5
|
182.0
|
54.7
|
43.8
|
(17.6)
|
(61.6)
|
204.5
|
164.2
|
Non-recurring items (transaction & one-off costs)
|
(2.1)
|
72,9
|
(0.7)
|
(8,9)
|
(27.8)
|
(29,5)
|
(30.6)
|
34.6
|
EBIT
|
165.4
|
254.9
|
54.0
|
35.0
|
(45.5)
|
(91.1)
|
173.9
|
198.8
|
Financial income
|
12.5
|
9.5
| ||||||
Financial expense
|
(24.5)
|
(10.3)
| ||||||
Profit (loss) before income taxes
|
161.9
|
198.1
| ||||||
Provision (benefit) for income taxes
|
(54.6)
|
(65.4)
| ||||||
Net profit (loss)
|
107.3
|
132.7
| ||||||
Net (profit) loss attributable to non-controlling interests
|
(7.0)
|
(4.7)
| ||||||
Net profit (loss) attributable to Technip Energies Group
|
100.3
|
128.0
|
(In € millions)
|
Projects
Delivery
|
Technology,
Products &
Services
|
Corporate / non
allocable
|
Total
| ||||
Q2 21
|
Q2 20
|
Q2 21
|
Q2 20
|
Q2 21
|
Q2 20
|
Q2 21
|
Q2 20
| |
Adjusted Revenue
|
1,370.3
|
1,192.1
|
315.4
|
278.4
|
-
|
-
|
1,685.7
|
1,470.4
|
Adjusted Recurring EBIT
|
91.6
|
80.7
|
28.9
|
32.7
|
(7.2)
|
(15.5)
|
113.2
|
97.9
|
Non-recurring items (transaction & one-off costs)
|
(1.0)
|
78.3
|
(0.7)
|
(8.1)
|
(2.4)
|
(1.4)
|
(4.1)
|
68.8
|
EBIT
|
90.6
|
159.0
|
28.2
|
24.6
|
(9.6)
|
(16.9)
|
109.1
|
166.7
|
Financial income
|
(4.0)
|
(3.1)
| ||||||
Financial expense
|
(14.9)
|
10.1
| ||||||
Profit (loss) before income taxes
|
90.3
|
173.7
| ||||||
Provision (benefit) for income taxes
|
(30.5)
|
(51.8)
| ||||||
Net profit (loss)
|
59.8
|
121.9
| ||||||
Net (profit) loss attributable to non-controlling interests
|
(3.7)
|
(1.5)
| ||||||
Net profit (loss) attributable to Technip Energies Group
|
56.1
|
120.4
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 21
IFRS
|
Adjustments
|
H1 21
Adjusted
|
Revenue
|
3,118.1
|
125.1
|
3,243.2
|
Costs and expenses:
| |||
Cost of revenue
|
(2,665.4)
|
(207.0)
|
(2,872.4)
|
Selling, general and administrative expense
|
(149.2)
|
-
|
(149.2)
|
Research and development expense
|
(17.4)
|
-
|
(17.4)
|
Impairment, restructuring and other expense
|
(30.6)
|
-
|
(30.6)
|
Total costs and expenses
|
(2,862.6)
|
(207.0)
|
(3,069.6)
|
Other income (expense), net
|
4.5
|
(2.7)
|
1.8
|
Income from equity affiliates
|
3.9
|
(5.4)
|
(1.5)
|
Profit (loss) before financial expense, net and income taxes
|
263.9
|
(90.0)
|
173.9
|
Financial income
|
12.5
|
-
|
12.5
|
Financial expense
|
(96.3)
|
71.8
|
(24.5)
|
Profit (loss) before income taxes
|
180.1
|
(18.2)
|
161.9
|
Provision (benefit) for income taxes
|
(60.7)
|
6.1
|
(54.6)
|
Net profit (loss)
|
119.4
|
(12.1)
|
107.3
|
Net (profit) loss attributable to non-controlling interests
|
(7.0)
|
-
|
(7.0)
|
Net profit (loss) attributable to Technip Energies Group
|
112.4
|
(12.1)
|
100.3
|
(In € millions)
|
H1 20
IFRS
|
Adjustments
|
H1 20
Adjusted
|
Revenue
|
2,829.4
|
181.7
|
3,011.1
|
Costs and expenses:
|
-
| ||
Cost of revenue
|
(2,290.8)
|
(223.1)
|
(2,513.9)
|
Selling, general and administrative expense
|
(205.0)
|
(8.4)
|
(213.4)
|
Research and development expense
|
(20.4)
|
-
|
(20.4)
|
Impairment, restructuring and other expense
|
(35.8)
|
-
|
(35.8)
|
Total costs and expenses
|
(2,552.0)
|
(231.5)
|
(2,783.5)
|
Other income (expense), net
|
(23.8)
|
(5.2)
|
(29.0)
|
Income from equity affiliates
|
5.0
|
(4.8)
|
0.2
|
Profit (loss) before financial expense, net and income taxes
|
258.6
|
(59.8)
|
198.8
|
Financial income
|
13.5
|
(4.0)
|
9.5
|
Financial expense
|
(88.6)
|
78.3
|
(10.3)
|
Profit (loss) before income taxes
|
183.5
|
14.6
|
198.1
|
Provision (benefit) for income taxes
|
(68.5)
|
3.1
|
(65.4)
|
Net profit (loss)
|
115.0
|
17.7
|
132.7
|
Net (profit) loss attributable to non-controlling interests
|
(4.7)
|
-
|
(4.7)
|
Net profit (loss) attributable to Technip Energies Group
|
110.3
|
17.7
|
128.0
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
Q2 21
IFRS
|
Adjustments
|
Q2 21
Adjusted
|
Revenue
|
1,617.1
|
68.6
|
1,685.7
|
Costs and expenses:
| |||
Cost of revenue
|
(1,386.0)
|
(106.2)
|
(1,492.2)
|
Selling, general and administrative expense
|
(73.7)
|
-
|
(73.7)
|
Research and development expense
|
(10.1)
|
-
|
(10.1)
|
Impairment, restructuring and other expense
|
(4.1)
|
-
|
(4.1)
|
Total costs and expenses
|
(1,473.9)
|
(106.2)
|
(1,580.1)
|
Other income (expense), net
|
3.2
|
1.1
|
4.3
|
Income from equity affiliates
|
1.3
|
(2.0)
|
(0.7)
|
Profit (loss) before financial expense, net and income taxes
|
147.7
|
(38.5)
|
109.2
|
Financial income
|
(4.0)
|
-
|
(4.0)
|
Financial expense
|
(45.6)
|
30.7
|
(14.9)
|
Profit (loss) before income taxes
|
98.1
|
(7.8)
|
90.3
|
Provision (benefit) for income taxes
|
(34.7)
|
4.2
|
(30.5)
|
Net profit (loss)
|
63.4
|
(3.6)
|
59.8
|
Net (profit) loss attributable to non-controlling interests
|
(3.7)
|
-
|
(3.7)
|
Net profit (loss) attributable to Technip Energies Group
|
59.7
|
(3.6)
|
56.1
|
(In € millions)
|
Q2 20
IFRS
|
Adjustments
|
Q2 20
Adjusted
|
Revenue
|
1,406.4
|
64.0
|
1,470.4
|
Costs and expenses:
|
-
| ||
Cost of revenue
|
(1,088.8)
|
(81.3)
|
(1,170.1)
|
Selling, general and administrative expense
|
(100.8)
|
(8.4)
|
(109.2)
|
Research and development expense
|
(11.9)
|
-
|
(11.9)
|
Impairment, restructuring and other expense
|
(15.5)
|
-
|
(15.5)
|
Total costs and expenses
|
(1,217.0)
|
(89.7)
|
(1,306.7)
|
Other income (expense), net
|
0.2
|
2.1
|
2.3
|
Income from equity affiliates
|
(2.0)
|
2.7
|
0.7
|
Profit (loss) before financial expense, net and income taxes
|
187.6
|
(20.9)
|
166.7
|
Financial income
|
(2.2)
|
(0.9)
|
(3.1)
|
Financial expense
|
(42.8)
|
52.9
|
10.1
|
Profit (loss) before income taxes
|
142.6
|
31.1
|
173.7
|
Provision (benefit) for income taxes
|
(53.2)
|
1.4
|
(51.8)
|
Net profit (loss)
|
89.4
|
32.5
|
121.9
|
Net (profit) loss attributable to non-controlling interests
|
(1.5)
|
-
|
(1.5)
|
Net profit (loss) attributable to Technip Energies Group
|
87.9
|
32.5
|
120.4
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 21
|
FY 20
|
Investments in equity affiliates
|
27.2
|
37.3
|
Property, plant and equipment, net
|
107.4
|
96.1
|
Right-of-use asset
|
280.9
|
182.6
|
Goodwill
|
2,057.7
|
2,047.8
|
Other non-current assets
|
275.4
|
279.2
|
Total non-current assets
|
2,748.6
|
2,643.0
|
Cash and cash equivalents1 |
3,162.8
|
3,064.4
|
Trade receivables, net
|
1,307.6
|
1,069.3
|
Contract assets
|
267.7
|
285.8
|
Other current assets
|
570.0
|
743.0
|
Total current assets
|
5,308.1
|
5,162.5
|
Total assets
|
8,056.7
|
7,805.5
|
Total invested equity
|
1,333.9
|
1,800.5
|
Long-term debt, less current portion
|
594.2
|
-
|
Lease liability - Operating non-current
|
266.0
|
201.0
|
Accrued pension and other post-retirement benefits, less current portion
|
127.6
|
124.2
|
Other non-current liabilities
|
122.6
|
82.7
|
Total non-current liabilities
|
1,110.4
|
407.9
|
Short-term debt
|
85.5
|
402.3
|
Lease liability - Operating current
|
61.0
|
41.5
|
Trade payables
|
1,656.7
|
1,501.6
|
Contract Liabilities
|
3,167.6
|
2,941.6
|
Other current liabilities
|
641.6
|
710.0
|
Total current liabilities
|
5,612.4
|
5,597.1
|
Total liabilities
|
6,722.8
|
6,005.0
|
Total invested equity and liabilities
|
8,056.7
|
7,805.5
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 21
IFRS
|
Adjustments
|
H1 21
Adjusted
|
Investments in equity affiliates
|
40.1
|
(12.9)
|
27.2
|
Property, plant and equipment, net
|
107.0
|
0.4
|
107.4
|
Right-of-use asset
|
279.8
|
1.1
|
280.9
|
Goodwill
|
2,057.7
|
-
|
2,057.7
|
Other non-current assets
|
308.5
|
(33.1)
|
275.4
|
Total non-current assets
|
2,793.1
|
(44.5)
|
2,748.6
|
Cash and cash equivalents
|
3,162.1
|
0.7
|
3,162.8
|
Trade receivables, net
|
1,311.3
|
(3.7)
|
1,307.6
|
Contract assets
|
268.1
|
(0.4)
|
267.7
|
Other current assets
|
453.5
|
116.5
|
570.0
|
Total current assets
|
5,195.0
|
113.1
|
5,308.1
|
Total assets
|
7,988.1
|
68.6
|
8,056.7
|
Total invested equity
|
1,367.8
|
(33.9)
|
1,333.9
|
Long-term debt, less current portion
|
594.2
|
-
|
594.2
|
Lease liability - Operating non-current
|
265.1
|
0.9
|
266.0
|
Accrued pension and other post-retirement benefits, less current portion
|
127.6
|
-
|
127.6
|
Other non-current liabilities
|
137.4
|
(14.8)
|
122.6
|
Total non-current liabilities
|
1,124.3
|
(13.9)
|
1,110.4
|
Short-term debt
|
85.5
|
-
|
85.5
|
Lease liability - Operating current
|
60.8
|
0.2
|
61.0
|
Trade payables
|
1,457.8
|
198.9
|
1,656.7
|
Contract Liabilities
|
3,107.1
|
60.5
|
3,167.6
|
Other current liabilities
|
784.8
|
(143.2)
|
641.6
|
Total current liabilities
|
5,496.0
|
116.4
|
5,612.4
|
Total liabilities
|
6,620.3
|
102.5
|
6,722.8
|
Total equity and liabilities
|
7,988.1
|
68.6
|
8,056.7
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
FY 20
IFRS
|
Adjustments
|
FY 20
Adjusted
|
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
|
184.5
|
(1.9)
|
182.6
|
Goodwill
|
2,047.8
|
-
|
2,047.8
|
Other non-current assets
|
322.3
|
(43.1)
|
279.2
|
Total non-current assets
|
2,689.9
|
(46.8)
|
2,643.0
|
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
|
663.4
|
79.6
|
743.0
|
Total current assets
|
5,184.0
|
(21.5)
|
5,162.5
|
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
|
-
|
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 - Operating current
|
42.0
|
(0.5)
|
41.5
|
Trade payables
|
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
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 21
|
H1 20
|
Net (loss) profit
|
107.3
|
132.6
|
Corporate allocation
|
-
|
140.2
|
Change in working capital and Other non-cash items
|
247.3
|
424.9
|
Cash provided (required) by operating activities
|
354.6
|
697.7
|
Capital expenditures
|
(15.4)
|
(12.8)
|
Proceeds from sale of assets
|
0.0
|
0.4
|
Other financial assets & Cash acquired/divested on acquisition/deconsolidation
|
(3.6)
|
(8.0)
|
Cash required by investing activities
|
(19,0)
|
(20.4)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
274.2
|
(69.2)
|
Settlements of mandatorily redeemable financial liability
|
0.0
|
-
|
Net (distributions to)/ contributions from TechnipFMC
|
(532.9)
|
(119.5)
|
Other including dividends paid and lease liabilities repayment
|
(6.5)
|
(36.5)
|
Cash provided (required) by financing activities
|
(265.2)
|
(225.2)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
27.7
|
3.8
|
(Decrease) Increase in cash and cash equivalents
|
98.3
|
455.9
|
Cash and cash equivalents, beginning of period
|
3,064.4
|
3,053.0
|
Cash and cash equivalents, end of period
|
3,162.8
|
3,509.0
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 21
IFRS
|
Adjustments
|
H1 21
Adjusted
|
Net (loss) profit
|
119.4
|
(12.1)
|
107.3
|
Corporate allocation
|
-
|
-
|
-
|
Change in working capital and Other non-cash items
|
228.6
|
18.7
|
247.3
|
Cash provided (required) by operating activities
|
348.0
|
6.6
|
354.6
|
Capital expenditures
|
(15.3)
|
(0.1)
|
(15.4)
|
Proceeds from sale of assets
|
0.0
|
-
|
0.0
|
Other financial assets & Cash acquired/divested on acquisition/deconsolidation
|
(3.6)
|
-
|
(3.6)
|
Cash required by investing activities
|
(18.9)
|
(0.1)
|
(19.0)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
274.2
|
-
|
274.2
|
Settlements of mandatorily redeemable financial liability
|
(129.0)
|
129.0
|
0.0
|
Net (distributions to)/ contributions from TechnipFMC
|
(532.9)
|
-
|
(532.9)
|
Other including dividends paid and lease liabilities repayment
|
(6.4)
|
(0.1)
|
(6.5)
|
Cash provided (required) by financing activities
|
(394.1)
|
128.9
|
(265.2)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
37.3
|
(9.5)
|
27.7
|
(Decrease) Increase in cash and cash equivalents
|
(27.6)
|
126.0
|
98.3
|
Cash and cash equivalents, beginning of period
|
3,189.7
|
(125.3)
|
3,064.4
|
Cash and cash equivalents, end of period
|
3,162.1
|
0.7
|
3,162.8
|
(In € millions)
|
H1 20
IFRS
|
Adjustments
|
H1 20
Adjusted
|
Net (loss) profit
|
115.0
|
17.6
|
132.6
|
Corporate allocation
|
140.2
|
-
|
140.2
|
Change in working capital and Other non-cash items
|
218.1
|
206.7
|
424.9
|
Cash provided (required) by operating activities
|
473.3
|
224.4
|
697.7
|
Capital expenditures
|
(12.8)
|
-
|
(12.8)
|
Proceeds from sale of assets
|
0.4
|
-
|
0.4
|
Other financial assets & Cash acquired/divested on acquisition/deconsolidation
|
(8.0)
|
-
|
(8.0)
|
Cash required by investing activities
|
(20.4)
|
-
|
(20.4)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
(69.2)
|
-
|
(69.2)
|
Settlements of mandatorily redeemable financial liability
|
(122.9)
|
122.9
|
-
|
Net (distributions to)/ contributions from TechnipFMC
|
(119.5)
|
-
|
(119.5)
|
Other including dividends paid and lease liabilities repayment
|
(36.5)
|
-
|
(36.5)
|
Cash provided (required) by financing activities
|
(348.1)
|
122.9
|
(225.2)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
3.8
|
-
|
3.8
|
(Decrease) Increase in cash and cash equivalents
|
108.6
|
347.3
|
455.9
|
Cash and cash equivalents, beginning of period
|
3,563.6
|
(510.6)
|
3,053.0
|
Cash and cash equivalents, end of period
|
3,672.2
|
(163.2)
|
3,509.0
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 21
|
% of revenues
|
H1 20
|
% of
revenues
|
Adjusted Revenue
|
3,243.2
|
3,011.1
| ||
Cost of Revenue
|
(2,872.4)
|
88.6%
|
(2,513.9)
|
83.5%
|
Adjusted Gross Profit
|
370.8
|
11.4%
|
497.2
|
16.5%
|
Adjusted recurring EBITDA
|
260.5
|
8.0%
|
216.3
|
7.2%
|
Amortization, Depreciation and Impairment
|
(56.1)
|
(52.1)
| ||
Adjusted recurring EBIT
|
204.5
|
6.3%
|
164.2
|
5.5%
|
Non-recurring Items
|
(30.6)
|
34.6
| ||
Adjusted profit before financial expense, net and income taxes
|
173.9
|
5.4%
|
198.8
|
6.6%
|
Financial Income and expenses
|
(12.0)
|
(0.8)
| ||
Adjusted Profit Before Tax
|
161.9
|
5.0%
|
198.1
|
6.6%
|
Income taxes
|
(54.6)
|
(65.4)
| ||
Adjusted Net Profit (loss)
|
107.3
|
3.3%
|
132.7
|
4.4%
|
(In € millions)
|
Q2 21
|
% of revenues
|
Q2 20
|
% of revenues
|
Adjusted Revenue
|
1,685.7
|
1,470.4
| ||
Cost of Revenue
|
(1,492.2)
|
88.5%
|
(1,170.1)
|
79.6%
|
Adjusted Gross Profit
|
193.4
|
11.5%
|
300.3
|
20.4%
|
Adjusted recurring EBITDA
|
142.6
|
8.5%
|
112.4
|
7.6%
|
Amortization, Depreciation and Impairment
|
(29.4)
|
(14.5)
| ||
Adjusted recurring EBIT
|
113.3
|
6.7%
|
97.9
|
6.7%
|
Non-recurring Items
|
(4.1)
|
68.8
| ||
Adjusted profit before financial expense, net and income taxes
|
109.1
|
6.5%
|
166.7
|
11.3%
|
Financial Income and expenses
|
(18.9)
|
7.0
| ||
Adjusted Profit Before Tax
|
90.3
|
5.4%
|
173.7
|
11.8%
|
Income taxes
|
(30.5)
|
(51.8)
| ||
Adjusted Net Profit (loss)
|
59.8
|
3.5%
|
121.9
|
8.3%
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
Projects Delivery
|
Technology,
Products & Services |
Corporate / non
allocable
|
Total
| ||||
H1 21
|
H1 20
|
H1 21
|
H1 20
|
H1 21
|
H1 20
|
H1 21
|
H1 20
| |
Revenue
|
2,622.8
|
2,452.4
|
620.5
|
558.7
|
-
|
-
|
3,243.2
|
3,011.1
|
Profit (loss) before financial expenses, net and income taxes
|
173.9
|
198.8
| ||||||
Non-recurring items:
| ||||||||
Separation costs allocated
|
27.8
|
12.2
| ||||||
Restructuring expenses
|
2.8
|
15.8
| ||||||
COVID-19 costs
|
-
|
26.0
| ||||||
Other non-recurring (income) / expenses
|
-
|
(88.6)
| ||||||
Adjusted recurring EBIT
|
167.5
|
182.0
|
54.7
|
43.8
|
(17.6)
|
(61.6)
|
204,5
|
164.2
|
Adjusted recurring EBIT margin %
|
6.4%
|
7.4%
|
8.8%
|
7.8%
|
-
|
-
|
6.3%
|
5.5%
|
Adjusted Amortization and Depreciation
|
56.1
|
52.1
| ||||||
Adjusted recurring EBITDA
|
260.5
|
216.3
| ||||||
Adjusted recurring EBITDA margin %
|
8.0%
|
7.2%
|
(In € millions)
|
Projects Delivery
|
Technology,
Products &
Services
|
Corporate / non
allocable
|
Total
| ||||
Q2 21
|
Q2 20
|
Q2 21
|
Q2 20
|
Q2 21
|
Q2 20
|
Q2 21
|
Q2 20
| |
Revenue
|
1,370.3
|
1,192.1
|
315.4
|
278.4
|
-
|
-
|
1,685.7
|
1,470.4
|
Profit (loss) before financial expenses, net and income taxes
|
109.1
|
166.7
| ||||||
Non-recurring items:
| ||||||||
Separation costs allocated
|
2.4
|
0.2
| ||||||
Restructuring expenses
|
1.7
|
11.0
| ||||||
COVID-19 costs
|
-
|
22.5
| ||||||
Other non-recurring (income) / expenses
|
-
|
(102.5)
| ||||||
Adjusted recurring EBIT
|
91.6
|
80.7
|
28.9
|
32.7
|
(7.2)
|
(15.5)
|
113.3
|
97.9
|
Adjusted recurring EBIT margin %
|
6.7%
|
6.8%
|
9.2%
|
11.7%
|
-
|
-
|
6.7%
|
6.7%
|
Adjusted Amortization and Depreciation
|
29.4
|
14.5
| ||||||
Adjusted recurring EBITDA
|
142.6
|
112.4
| ||||||
Adjusted recurring EBITDA margin %
|
8.5%
|
7.6%
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
(In € millions)
|
H1 21
IFRS
|
Adjustments
|
H1 21
Adjusted
|
Projects Delivery
|
15,467.1
|
806.0
|
16,273.1
|
Technology, Products & Services
|
1,200.3
|
-
|
1,200.3
|
Total
|
16,667.4
|
17,473.4
|
(In € millions)
|
H1 21
IFRS
|
Adjustments
|
H1 21
Adjusted
|
Projects Delivery
|
7,534.5
|
(338.4)
|
7,196.2
|
Technology, Products & Services
|
667.3
|
-
|
667.3
|
Total
|
8,201.8
|
7,863.4
|
(In € millions)
|
H1 21
|
FY 20
|
Contract liabilities - proportionate share
|
262.5
|
345.0
|
(In € millions)
|
H1 21
|
H1 20
|
Cash provided (required) by operating activities - proportionate share
|
(14.6)
|
(22.3)
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
• |
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 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 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 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.
|
H1 2021 Results Release Paris, Thursday 22, July 2021 |
• |
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 two affiliates of the NFE 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, and two affiliates of the NFE 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 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 20:27:13 UTC.