England and Wales | 001-37983 | 98-1283037 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
One St. Paul’s Churchyard London, EC4M 8AP United Kingdom |
(Address of principal executive offices) |
Item 2.02 | Results of Operations and Financial Conditions |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description |
By: /s/ Maryann T. Mannen | ||
Dated: February 24, 2017 | Name: Maryann T. Mannen | |
Title: Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 | Audited consolidated financial statements of FMC Technologies, Inc. as of December 31, 2016 and 2015 and for the three-year period ended December 31, 2016. |
99.2 | Unaudited pro forma condensed combined financial information of TechnipFMC as of and for the year ended December 31, 2016. |
99.3 | Audited consolidated financial statements of Technip S.A. as of December 31, 2016, 2015 and 2014 and for the three-year period ended December 31, 2016. |
Page | |
Report of Independent Registered Public Accounting Firm | 3 |
Consolidated Financial Statements | |
Consolidated Statements of Income | 4 |
Consolidated Statements of Comprehensive Income | 5 |
Consolidated Balance Sheets | 6 |
Consolidated Statements of Cash Flows | 7 |
Consolidated Statements of Stockholders’ Equity | 8 |
Notes to Consolidated Financial Statements | 9 |
Year Ended December 31, | |||||||||||
(In millions, except per share data) | 2016 | 2015 | 2014 | ||||||||
Revenue: | |||||||||||
Product revenue | $ | 3,598.2 | $ | 5,084.5 | $ | 6,335.7 | |||||
Service revenue | 745.9 | 1,024.8 | 1,276.5 | ||||||||
Lease and other income | 198.2 | 253.4 | 330.4 | ||||||||
Total revenue | 4,542.3 | 6,362.7 | 7,942.6 | ||||||||
Costs and expenses: | |||||||||||
Cost of product revenue | 2,766.9 | 3,915.9 | 4,855.1 | ||||||||
Cost of service revenue | 564.3 | 772.1 | 925.0 | ||||||||
Cost of lease and other revenue | 196.9 | 206.8 | 214.8 | ||||||||
Selling, general and administrative expense | 581.7 | 624.8 | 750.6 | ||||||||
Research and development expense | 114.1 | 135.3 | 123.7 | ||||||||
Restructuring and impairment expense (Note 5) | 92.9 | 112.2 | 4.9 | ||||||||
Merger transaction and integration costs (Note 2) | 45.2 | 3.5 | — | ||||||||
Total costs and expenses | 4,362.0 | 5,770.6 | 6,874.1 | ||||||||
Gain on disposition of business, net (Note 6) | 6.4 | — | 84.3 | ||||||||
Other expense, net | (30.1 | ) | (57.2 | ) | (54.0 | ) | |||||
Income before interest income, interest expense and income taxes | 156.6 | 534.9 | 1,098.8 | ||||||||
Interest income | 5.3 | 0.8 | 1.1 | ||||||||
Interest expense | (35.3 | ) | (33.1 | ) | (33.6 | ) | |||||
Income before income taxes | 126.6 | 502.6 | 1,066.3 | ||||||||
Provision for income taxes (Note 15) | 79.5 | 107.8 | 361.0 | ||||||||
Income from continuing operations | 47.1 | 394.8 | 705.3 | ||||||||
Loss from discontinued operations, net of income taxes (Note 6) | (10.1 | ) | — | — | |||||||
Net income | 37.0 | 394.8 | 705.3 | ||||||||
Net (income) loss attributable to noncontrolling interests | 1.4 | (1.7 | ) | (5.4 | ) | ||||||
Net income attributable to FMC Technologies, Inc. | $ | 38.4 | $ | 393.1 | $ | 699.9 | |||||
Basic earnings per share attributable to FMC Technologies, Inc. (Note 4): | |||||||||||
Income from continuing operations | $ | 0.21 | $ | 1.70 | $ | 2.96 | |||||
Loss from discontinued operations | (0.04 | ) | — | — | |||||||
Basic earnings per share | $ | 0.17 | $ | 1.70 | $ | 2.96 | |||||
Diluted earnings per share attributable to FMC Technologies, Inc. (Note 4): | |||||||||||
Income from continuing operations | $ | 0.21 | $ | 1.70 | $ | 2.95 | |||||
Loss from discontinued operations | (0.04 | ) | — | — | |||||||
Diluted earnings per share | $ | 0.17 | $ | 1.70 | $ | 2.95 | |||||
Weighted average shares outstanding (Note 4): | |||||||||||
Basic | 227.2 | 230.9 | 236.3 | ||||||||
Diluted | 228.6 | 231.7 | 236.9 |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Net income | $ | 37.0 | $ | 394.8 | $ | 705.3 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments (1) | 38.8 | (182.3 | ) | (107.6 | ) | ||||||
Net gains (losses) on hedging instruments: | |||||||||||
Net losses arising during the period | (31.6 | ) | (64.9 | ) | (108.4 | ) | |||||
Reclassification adjustment for net losses (gains) included in net income | 80.0 | 55.1 | (0.8 | ) | |||||||
Net gains (losses) on hedging instruments (2) | 48.4 | (9.8 | ) | (109.2 | ) | ||||||
Pension and other post-retirement benefits: | |||||||||||
Net actuarial loss arising during the period | (44.3 | ) | (21.0 | ) | (152.7 | ) | |||||
Prior service credit (cost) arising during the period | 0.9 | — | (1.7 | ) | |||||||
Reclassification adjustment for settlement and curtailment losses, net included in net income | 1.5 | 1.2 | 15.7 | ||||||||
Reclassification adjustment for amortization of prior service cost included in net income | 0.1 | 0.1 | 0.3 | ||||||||
Reclassification adjustment for amortization of net actuarial loss included in net income | 17.5 | 22.9 | 12.3 | ||||||||
Reclassification adjustment for amortization of transition obligation (asset) included in net income | 0.1 | (0.1 | ) | (0.1 | ) | ||||||
Net pension and other post-retirement benefits (3) | (24.2 | ) | 3.1 | (126.2 | ) | ||||||
Other comprehensive income (loss), net of tax | 63.0 | (189.0 | ) | (343.0 | ) | ||||||
Comprehensive income | 100.0 | 205.8 | 362.3 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interest | 1.4 | (1.7 | ) | (5.4 | ) | ||||||
Comprehensive income attributable to FMC Technologies, Inc. | $ | 101.4 | $ | 204.1 | $ | 356.9 |
(1) | Net of income tax (expense) benefit of $5.4, $7.9 and $7.2 for the years ended December 31, 2016, 2015 and 2014, respectively. |
(2) | Net of income tax (expense) benefit of $(14.5), $3.3 and $25.7 for the years ended December 31, 2016, 2015 and 2014, respectively. |
(3) | Net of income tax (expense) benefit of $3.9, $(4.1) and $56.9 for the years ended December 31, 2016, 2015 and 2014, respectively. |
FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
(In millions, except par value data) | 2016 | 2015 | |||||
Assets | As Adjusted | ||||||
Cash and cash equivalents | $ | 1,015.9 | $ | 916.2 | |||
Trade receivables, net of allowances of $19.7 in 2016 and $19.2 in 2015 | 709.4 | 884.0 | |||||
Costs in excess of billings | 612.2 | 638.4 | |||||
Inventories, net (Note 7) | 594.1 | 764.1 | |||||
Derivative financial instruments (Note 18) | 44.5 | 333.9 | |||||
Prepaid expenses | 36.7 | 48.9 | |||||
Income taxes receivable | 135.4 | 68.7 | |||||
Other current assets | 172.6 | 276.0 | |||||
Total current assets | 3,320.8 | 3,930.2 | |||||
Investments | 85.9 | 29.6 | |||||
Property, plant and equipment, net (Note 9) | 1,262.7 | 1,371.5 | |||||
Goodwill (Note 10) | 517.9 | 514.7 | |||||
Intangible assets, net (Note 10) | 274.0 | 306.4 | |||||
Deferred income taxes (Note 15) | 204.9 | 183.3 | |||||
Derivative financial instruments (Note 18) | 7.4 | 0.1 | |||||
Other assets | 75.0 | 83.6 | |||||
Total assets | $ | 5,748.6 | $ | 6,419.4 | |||
Liabilities and equity | |||||||
Short-term debt and current portion of long-term debt (Note 11) | $ | 317.3 | $ | 21.9 | |||
Accounts payable, trade | 351.6 | 519.3 | |||||
Advance payments | 384.2 | 464.1 | |||||
Billings in excess of costs | 108.0 | 200.5 | |||||
Accrued payroll | 171.7 | 185.8 | |||||
Derivative financial instruments (Note 18) | 63.6 | 516.9 | |||||
Income taxes payable | 104.0 | 57.2 | |||||
Other current liabilities | 290.9 | 339.6 | |||||
Total current liabilities | 1,791.3 | 2,305.3 | |||||
Long-term debt, less current portion (Note 11) | 908.1 | 1,134.1 | |||||
Accrued pension and other post-retirement benefits, less current portion (Note 16) | 198.8 | 230.4 | |||||
Derivative financial instruments (Note 18) | 14.2 | 0.5 | |||||
Deferred income taxes (Note 15) | 128.6 | 105.4 | |||||
Other liabilities | 81.1 | 100.5 | |||||
Commitments and contingent liabilities (Note 13) | |||||||
Stockholders’ equity (Note 14): | |||||||
Preferred stock, $0.01 par value, 12.0 shares authorized; no shares issued in 2016 or 2015 | — | — | |||||
Common stock, $0.01 par value, 600.0 shares authorized in 2016 and 2015; 286.3 shares issued in 2016 and 2015; and 225.7 and 226.8 shares outstanding in 2016 and 2015, respectively | 2.9 | 2.9 | |||||
Common stock held in employee benefit trust, at cost; 0.2 shares in 2016 and 2015 | (6.5 | ) | (7.0 | ) | |||
Treasury stock, at cost, 60.4 and 59.4 shares in 2016 and 2015, respectively | (1,636.6 | ) | (1,607.8 | ) | |||
Capital in excess of par value of common stock | 773.0 | 759.0 | |||||
Retained earnings | 4,288.8 | 4,249.7 | |||||
Accumulated other comprehensive loss | (809.7 | ) | (872.7 | ) | |||
Total FMC Technologies, Inc. stockholders’ equity | 2,611.9 | 2,524.1 | |||||
Noncontrolling interests | 14.6 | 19.1 | |||||
Total equity | 2,626.5 | 2,543.2 | |||||
Total liabilities and equity | $ | 5,748.6 | $ | 6,419.4 |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Cash provided (required) by operating activities: | |||||||||||
Net income | $ | 37.0 | $ | 394.8 | $ | 705.3 | |||||
Adjustments to reconcile net income to cash provided (required) by operating activities: | |||||||||||
Depreciation | 167.0 | 179.5 | 170.8 | ||||||||
Amortization | 69.8 | 72.1 | 61.7 | ||||||||
Employee benefit plan and stock-based compensation costs | 72.2 | 81.8 | 89.3 | ||||||||
Deferred income tax provision (benefit) | 20.1 | 12.1 | (18.1 | ) | |||||||
Unrealized loss on derivative instruments | 18.0 | 59.5 | 54.4 | ||||||||
Impairments (Note 5) | 42.6 | 66.5 | — | ||||||||
Gain on disposition of business | (7.2 | ) | — | (84.3 | ) | ||||||
Other | 48.1 | 44.9 | 10.8 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||
Trade receivables, net and costs in excess of billings | 230.8 | 395.0 | (243.0 | ) | |||||||
Inventories, net | 168.7 | 238.0 | (99.4 | ) | |||||||
Accounts payable, trade | (171.9 | ) | (154.5 | ) | 33.8 | ||||||
Advance payments and billings in excess of costs | (191.1 | ) | (234.7 | ) | 225.0 | ||||||
Income taxes payable, net | (13.7 | ) | (129.5 | ) | 18.5 | ||||||
Payment of Multi Phase Meters earn-out consideration | — | — | (43.6 | ) | |||||||
Accrued pension and other post-retirement benefits, net | (82.2 | ) | (24.8 | ) | (32.0 | ) | |||||
Other assets and liabilities, net | (119.0 | ) | (68.1 | ) | 45.6 | ||||||
Cash provided by operating activities from continuing operations | 289.2 | 932.6 | 894.8 | ||||||||
Cash required by operating activities from discontinued operations (Note 6) | (16.0 | ) | — | — | |||||||
Cash provided by operating activities | 273.2 | 932.6 | 894.8 | ||||||||
Cash provided (required) by investing activities: | |||||||||||
Capital expenditures | (118.1 | ) | (250.8 | ) | (404.4 | ) | |||||
Investments in joint ventures | (57.8 | ) | (34.5 | ) | (3.0 | ) | |||||
Payments for held-to-maturity investments (Note 1) | (60.0 | ) | — | — | |||||||
Proceeds from disposition of business | 35.5 | — | 105.6 | ||||||||
Other | 8.1 | 10.1 | 16.7 | ||||||||
Cash required by investing activities | (192.3 | ) | (275.2 | ) | (285.1 | ) | |||||
Cash provided (required) by financing activities: | |||||||||||
Net increase (decrease) in short-term debt | 12.4 | (0.7 | ) | (25.8 | ) | ||||||
Net decrease in commercial paper | 72.9 | (131.9 | ) | (32.3 | ) | ||||||
Repayments of long-term debt | (18.9 | ) | (1.2 | ) | (1.6 | ) | |||||
Purchase of treasury stock | (54.8 | ) | (186.2 | ) | (247.6 | ) | |||||
Payment of Multi Phase Meters earn-out consideration | — | — | (31.0 | ) | |||||||
Acquisitions, payment of withheld purchase price | — | (9.6 | ) | — | |||||||
Payments related to taxes withheld on stock-based compensation | (8.6 | ) | (8.8 | ) | (13.0 | ) | |||||
Other | (2.5 | ) | (7.4 | ) | (6.4 | ) | |||||
Cash provided (required) by financing activities | 0.5 | (345.8 | ) | (357.7 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 18.3 | (34.2 | ) | (12.3 | ) | ||||||
Increase in cash and cash equivalents | 99.7 | 277.4 | 239.7 | ||||||||
Cash and cash equivalents, beginning of year | 916.2 | 638.8 | 399.1 | ||||||||
Cash and cash equivalents, end of year | $ | 1,015.9 | $ | 916.2 | $ | 638.8 |
(In millions) | Common Stock | Common Stock Held in Treasury and Employee Benefit Trust | Capital in Excess of Par Value of Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Total Stockholders’ Equity | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 2.9 | $ | (1,204.3 | ) | $ | 713.2 | $ | 3,158.4 | $ | (340.7 | ) | $ | 19.1 | $ | 2,348.6 | |||||||||||
Net income | — | — | — | 699.9 | — | 5.4 | 705.3 | ||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (343.0 | ) | — | (343.0 | ) | ||||||||||||||||||
Issuance of common stock | — | — | 0.2 | — | — | — | 0.2 | ||||||||||||||||||||
Excess tax benefits on stock-based payment arrangements | — | — | 2.3 | — | — | — | 2.3 | ||||||||||||||||||||
Taxes withheld on issuance of stock-based awards | — | — | (13.0 | ) | — | — | — | (13.0 | ) | ||||||||||||||||||
Purchases of treasury stock (Note 14) | — | (247.6 | ) | — | — | — | — | (247.6 | ) | ||||||||||||||||||
Reissuances of treasury stock (Note 14) | — | 13.1 | (13.1 | ) | — | — | — | — | |||||||||||||||||||
Net sales of common stock for employee benefit trust | — | (0.3 | ) | 0.5 | — | — | — | 0.2 | |||||||||||||||||||
Stock-based compensation (Note 17) | — | — | 44.9 | — | — | — | 44.9 | ||||||||||||||||||||
Purchase of noncontrolling interest | — | — | (3.1 | ) | — | — | 0.1 | (3.0 | ) | ||||||||||||||||||
Other | — | — | — | (1.7 | ) | — | (3.2 | ) | (4.9 | ) | |||||||||||||||||
Balance at December 31, 2014 | $ | 2.9 | $ | (1,439.1 | ) | $ | 731.9 | $ | 3,856.6 | $ | (683.7 | ) | $ | 21.4 | $ | 2,490.0 | |||||||||||
Net income | — | — | — | 393.1 | — | 1.7 | 394.8 | ||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (189.0 | ) | — | (189.0 | ) | ||||||||||||||||||
Excess tax benefits on stock-based payment arrangements | — | — | 0.2 | — | — | — | 0.2 | ||||||||||||||||||||
Taxes withheld on issuance of stock-based awards | — | — | (8.8 | ) | — | — | — | (8.8 | ) | ||||||||||||||||||
Purchases of treasury stock (Note 14) | — | (190.4 | ) | — | — | — | — | (190.4 | ) | ||||||||||||||||||
Reissuances of treasury stock (Note 14) | — | 13.7 | (13.7 | ) | — | — | — | — | |||||||||||||||||||
Net purchases of common stock for employee benefit trust | — | 1.0 | — | — | — | 1.0 | |||||||||||||||||||||
Stock-based compensation (Note 17) | — | — | 49.4 | — | — | — | 49.4 | ||||||||||||||||||||
Other | — | — | — | — | — | (4.0 | ) | (4.0 | ) | ||||||||||||||||||
Balance at December 31, 2015 | $ | 2.9 | $ | (1,614.8 | ) | $ | 759.0 | $ | 4,249.7 | $ | (872.7 | ) | $ | 19.1 | $ | 2,543.2 |
(In millions) | Common Stock | Common Stock Held in Treasury and Employee Benefit Trust | Capital in Excess of Par Value of Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Total Stockholders’ Equity | ||||||||||||||||||||
Balance at December 31, 2015 | $ | 2.9 | $ | (1,614.8 | ) | $ | 759.0 | $ | 4,249.7 | $ | (872.7 | ) | $ | 19.1 | $ | 2,543.2 | |||||||||||
Net income (loss) | — | — | — | 38.4 | — | (1.4 | ) | 37.0 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | 63.0 | — | 63.0 | ||||||||||||||||||||
Excess tax benefits on stock-based payment arrangements | — | — | 0.2 | — | — | — | 0.2 | ||||||||||||||||||||
Taxes withheld on issuance of stock-based awards | — | — | (8.6 | ) | — | — | — | (8.6 | ) | ||||||||||||||||||
Purchases of treasury stock (Note 14) | — | (50.6 | ) | — | — | — | (50.6 | ) | |||||||||||||||||||
Reissuances of treasury stock (Note 14) | — | 21.8 | (21.8 | ) | — | — | — | — | |||||||||||||||||||
Net sales of common stock for employee benefit trust | — | 0.5 | (0.7 | ) | — | — | — | (0.2 | ) | ||||||||||||||||||
Stock-based compensation (Note 17) | — | — | 44.9 | — | — | — | 44.9 | ||||||||||||||||||||
Other | — | — | — | 0.7 | (3.1 | ) | (2.4 | ) | |||||||||||||||||||
Balance at December 31, 2016 | $ | 2.9 | $ | (1,643.1 | ) | $ | 773.0 | $ | 4,288.8 | $ | (809.7 | ) | $ | 14.6 | $ | 2,626.5 |
• | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. |
• | Level 2: Observable inputs other than quoted prices included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. |
• | Level 3: Unobservable inputs reflecting management’s own assumptions about the assumptions market participants would use in pricing the asset or liability. |
Year Ended December 31, | |||||||||||
(In millions, except per share data) | 2016 | 2015 | 2014 | ||||||||
Income from continuing operations attributable to FMC Technologies, Inc. | $ | 48.5 | $ | 393.1 | $ | 699.9 | |||||
Weighted average number of shares outstanding | 227.2 | 230.9 | 236.3 | ||||||||
Dilutive effect of restricted stock units | 1.4 | 0.8 | 0.6 | ||||||||
Total shares and dilutive securities | 228.6 | 231.7 | 236.9 | ||||||||
Basic earnings per share from continuing operations attributable to FMC Technologies, Inc. | $ | 0.21 | $ | 1.70 | $ | 2.96 | |||||
Diluted earnings per share from continuing operations attributable to FMC Technologies, Inc. | $ | 0.21 | $ | 1.70 | $ | 2.95 |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Restructuring expense: | |||||||||||
Subsea Technologies | $ | 11.2 | $ | 28.0 | $ | 4.9 | |||||
Surface Technologies | 26.7 | 12.0 | — | ||||||||
Energy Infrastructure | 3.0 | 5.7 | — | ||||||||
Corporate and other | 9.4 | — | — | ||||||||
Total restructuring expense | 50.3 | 45.7 | 4.9 | ||||||||
Impairment expense: | |||||||||||
Subsea Technologies | 3.0 | 5.1 | — | ||||||||
Surface Technologies | 38.3 | 61.4 | — | ||||||||
Energy Infrastructure | — | — | — | ||||||||
Corporate and other | 1.3 | — | — | ||||||||
Total impairment expense | 42.6 | 66.5 | — | ||||||||
Total restructuring and impairment expense | $ | 92.9 | $ | 112.2 | $ | 4.9 |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
As Adjusted | |||||||
Raw materials | $ | 114.7 | $ | 149.9 | |||
Work in process | 85.3 | 114.8 | |||||
Finished goods | 610.5 | 723.4 | |||||
810.5 | 988.1 | ||||||
LIFO and valuation adjustments | (216.4 | ) | (224.0 | ) | |||
Inventory, net | $ | 594.1 | $ | 764.1 |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
Land and land improvements | $ | 79.5 | $ | 78.4 | |||
Buildings | 395.4 | 385.6 | |||||
Machinery and equipment | 1,650.6 | 1,620.8 | |||||
Construction in process | 129.9 | 178.8 | |||||
2,255.4 | 2,263.6 | ||||||
Accumulated depreciation | (992.7 | ) | (892.1 | ) | |||
Property, plant and equipment, net | $ | 1,262.7 | $ | 1,371.5 |
(In millions) | Subsea Technologies | Surface Technologies | Energy Infrastructure | Total | |||||||||||
December 31, 2015 | $ | 357.4 | $ | 71.9 | $ | 85.4 | $ | 514.7 | |||||||
Blending and Transfer divestiture(1) | — | — | (1.4 | ) | (1.4 | ) | |||||||||
UCOS® product group transfer (2) | 2.7 | — | (2.7 | ) | — | ||||||||||
Impairment | — | (2.8 | ) | — | (2.8 | ) | |||||||||
Translation | 6.4 | 1.1 | (0.1 | ) | 7.4 | ||||||||||
December 31, 2016 | $ | 366.5 | $ | 70.2 | $ | 81.2 | $ | 517.9 |
(1) | Refer to Note 6 for information related to the Blending and Transfer divestiture. |
(2) | Beginning in the first quarter of 2016, UCOS® product group results are included in Subsea Technologies. Refer to Note 21 for additional disclosure. |
December 31, | |||||||||||||||
2016 | 2015 | ||||||||||||||
(In millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||
Customer relationships | $ | 92.6 | $ | 38.2 | $ | 96.8 | $ | 33.6 | |||||||
Patents and acquired technology | 247.3 | 106.4 | 248.5 | 90.0 | |||||||||||
Trademarks | 37.3 | 14.4 | 35.7 | 11.2 | |||||||||||
Software | 150.8 | 95.0 | 142.8 | 82.7 | |||||||||||
Other | 5.1 | 5.1 | 5.2 | 5.1 | |||||||||||
Total intangible assets | $ | 533.1 | $ | 259.1 | $ | 529.0 | $ | 222.6 |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
2.00% Notes due 2017 | $ | 299.6 | $ | — | |||
Term loan | — | 15.6 | |||||
Capital leases | 0.3 | 0.4 | |||||
Foreign uncommitted credit facilities | 17.4 | 5.9 | |||||
Total short-term debt and current portion of long-term debt | $ | 317.3 | $ | 21.9 |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
Revolving credit facility | $ | — | $ | — | |||
Commercial paper (1) | 410.1 | 337.2 | |||||
2.00% Notes due 2017 | 299.6 | 299.1 | |||||
3.45% Notes due 2022 | 497.9 | 497.5 | |||||
Term loan | — | 15.6 | |||||
Capital leases | 0.3 | 0.7 | |||||
Total long-term debt | 1,207.9 | 1,150.1 | |||||
Less: current portion | (299.8 | ) | (16.0 | ) | |||
Long-term debt, less current portion | $ | 908.1 | $ | 1,134.1 |
(1) | At December 31, 2016 and 2015, committed credit available under our revolving credit facility provided the ability to refinance our commercial paper obligations on a long-term basis. As we have both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term in the consolidated balance sheets at December 31, 2016 and 2015. |
Payments Due by Period | |||||||||||||||||||
(In millions) | Total payments | Less than 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||
Long-term debt | $ | 1,207.9 | $ | 299.8 | $ | 410.2 | $ | — | $ | 497.9 |
(In millions) | |||
2017 | $ | 80.4 | |
2018 | 65.3 | ||
2019 | 55.0 | ||
2020 | 46.2 | ||
2021 | 33.4 | ||
Thereafter | 101.5 | ||
Total | 381.8 | ||
Less income from subleases | 2.3 | ||
Net minimum operating lease payments | $ | 379.5 |
(Number of shares in thousands) | Common Stock Issued | Common Stock Held in Employee Benefit Trust | Treasury Stock | |||||
December 31, 2013 | 286,318 | 180 | 50,318 | |||||
Stock awards | — | — | (547 | ) | ||||
Treasury stock purchases | — | — | 4,855 | |||||
Net stock purchased for (sold from) employee benefit trust | — | (13 | ) | — | ||||
December 31, 2014 | 286,318 | 167 | 54,626 | |||||
Stock awards | — | — | (523 | ) | ||||
Treasury stock purchases | — | — | 5,253 | |||||
Net stock purchased for (sold from) employee benefit trust | — | (10 | ) | — | ||||
December 31, 2015 | 286,318 | 157 | 59,356 | |||||
Stock awards | — | — | (805 | ) | ||||
Treasury stock purchases | — | — | 1,889 | |||||
Net stock purchased for (sold from) employee benefit trust | — | 14 | — | |||||
December 31, 2016 | 286,318 | 171 | 60,440 |
(In millions) | Foreign Currency Translation | Hedging | Defined Pension and Other Post-Retirement Benefits | Accumulated Other Comprehensive Loss | |||||||||||
December 31, 2014 | $ | (311.9 | ) | $ | (77.3 | ) | $ | (294.5 | ) | $ | (683.7 | ) | |||
Other comprehensive income (loss) before reclassifications, net of tax | (182.3 | ) | (64.9 | ) | (21.0 | ) | (268.2 | ) | |||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | 55.1 | 24.1 | 79.2 | |||||||||||
Other comprehensive income (loss), net of tax | (182.3 | ) | (9.8 | ) | 3.1 | (189.0 | ) | ||||||||
December 31, 2015 | (494.2 | ) | (87.1 | ) | (291.4 | ) | (872.7 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | 38.8 | (31.6 | ) | (43.4 | ) | (36.2 | ) | ||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | 80.0 | 19.2 | 99.2 | |||||||||||
Other comprehensive income (loss), net of tax | 38.8 | 48.4 | (24.2 | ) | 63.0 | ||||||||||
December 31, 2016 | $ | (455.4 | ) | $ | (38.7 | ) | $ | (315.6 | ) | $ | (809.7 | ) |
Year Ended | ||||||||||||||
(In millions) | December 31, 2016 | December 31, 2015 | December 31, 2014 | |||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified out of Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||||||
Gains (losses) on hedging instruments | ||||||||||||||
Foreign exchange contracts: | $ | (97.3 | ) | $ | (122.8 | ) | $ | (36.2 | ) | Revenue | ||||
4.9 | 53.9 | 34.2 | Costs of sales | |||||||||||
— | (1.7 | ) | (0.2 | ) | Selling, general and administrative expense | |||||||||
(0.2 | ) | 0.1 | — | Research and development expense | ||||||||||
— | 0.1 | — | Interest expense | |||||||||||
(92.6 | ) | (70.4 | ) | (2.2 | ) | Income before income taxes | ||||||||
12.6 | 15.3 | 3.0 | Provision for income taxes | |||||||||||
$ | (80.0 | ) | $ | (55.1 | ) | $ | 0.8 | Net income | ||||||
Defined pension and other post-retirement benefits | ||||||||||||||
Settlements and curtailments | $ | (2.4 | ) | $ | (1.9 | ) | $ | (24.9 | ) | (a) | ||||
Amortization of actuarial loss | (25.3 | ) | (31.2 | ) | (18.6 | ) | (a) | |||||||
Amortization of prior service cost | (0.2 | ) | (0.1 | ) | (0.3 | ) | (a) | |||||||
Amortization of transition asset | 0.1 | 0.1 | 0.1 | (a) | ||||||||||
(27.8 | ) | (33.1 | ) | (43.7 | ) | Income before income taxes | ||||||||
8.6 | 9.0 | 15.5 | Provision for income taxes | |||||||||||
$ | (19.2 | ) | $ | (24.1 | ) | $ | (28.2 | ) | Net income |
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details). |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Domestic | $ | (356.4 | ) | $ | (67.7 | ) | $ | 353.2 | |||
Foreign | 484.4 | 568.6 | 707.7 | ||||||||
Income before income taxes attributable to FMC Technologies, Inc. | $ | 128.0 | $ | 500.9 | $ | 1,060.9 |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Current: | |||||||||||
Federal | $ | (105.9 | ) | $ | 15.9 | $ | 139.6 | ||||
State | 3.8 | (2.7 | ) | 11.7 | |||||||
Foreign | 161.5 | 82.5 | 227.8 | ||||||||
Total current | 59.4 | 95.7 | 379.1 | ||||||||
Deferred: | |||||||||||
Increase in the valuation allowance for deferred tax assets | 31.8 | 27.7 | 34.1 | ||||||||
Decrease of deferred tax liability for change in tax rates | (0.6 | ) | (3.9 | ) | (2.3 | ) | |||||
Other deferred tax (benefit) expense | (11.1 | ) | (11.7 | ) | (49.9 | ) | |||||
Total deferred | 20.1 | 12.1 | (18.1 | ) | |||||||
Provision for income taxes | $ | 79.5 | $ | 107.8 | $ | 361.0 |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
Deferred tax assets attributable to: | |||||||
Accrued expenses | $ | 72.7 | $ | 55.0 | |||
Non-deductible interest | 64.0 | 43.8 | |||||
Foreign tax credit carryforwards | 73.1 | 29.3 | |||||
Accrued pension and other post-retirement benefits | 72.3 | 88.8 | |||||
Stock-based compensation | 38.3 | 34.4 | |||||
Net operating loss carryforwards | 68.6 | 44.7 | |||||
Inventories | 40.6 | 43.0 | |||||
Research and development credit | 8.7 | 4.7 | |||||
Foreign exchange | (19.3 | ) | 4.1 | ||||
Deferred tax assets | 419.0 | 347.8 | |||||
Valuation allowance | (90.8 | ) | (58.3 | ) | |||
Deferred tax assets, net of valuation allowance | 328.2 | 289.5 | |||||
Deferred tax liabilities attributable to: | |||||||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | 90.3 | 87.8 | |||||
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested | 19.8 | 0.2 | |||||
Property, plant and equipment, goodwill and other assets | 141.8 | 116.4 | |||||
Deferred tax liabilities | 251.9 | 204.4 | |||||
Net deferred tax assets (liabilities) | $ | 76.3 | $ | 85.1 |
(In millions) | Federal, State and Foreign Tax | Accrued Interest and Penalties | Total Gross Unrecognized Income Tax Benefits | ||||||||
Balance at December 31, 2013 | $ | 37.1 | $ | 7.1 | $ | 44.2 | |||||
Additions for tax positions related to prior years | 0.6 | 0.4 | 1.0 | ||||||||
Reductions for tax positions due to settlements | (1.4 | ) | (0.3 | ) | (1.7 | ) | |||||
Balance at December 31, 2014 | $ | 36.3 | $ | 7.2 | $ | 43.5 | |||||
Additions for tax positions related to prior years | 7.3 | 1.3 | 8.6 | ||||||||
Additions for tax positions related to current year | 6.1 | — | 6.1 | ||||||||
Reductions for tax positions due to settlements | (40.4 | ) | (7.8 | ) | (48.2 | ) | |||||
Balance at December 31, 2015 | $ | 9.3 | $ | 0.7 | $ | 10.0 | |||||
Additions for tax positions related to prior years | 43.3 | 3.7 | 47.0 | ||||||||
Reductions for tax positions related to current year | (2.8 | ) | (0.7 | ) | (3.5 | ) | |||||
Reductions for tax positions due to settlements | (1.7 | ) | (1.6 | ) | (3.3 | ) | |||||
Balance at December 31, 2016 | $ | 48.1 | $ | 2.1 | $ | 50.2 |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||
Net difference resulting from: | ||||||||
Foreign earnings subject to different tax rates: | ||||||||
Singapore | (36 | ) | (8 | ) | (1 | ) | ||
Malaysia | (5 | ) | (4 | ) | (1 | ) | ||
Luxembourg | (25 | ) | (4 | ) | (4 | ) | ||
Other | (20 | ) | (7 | ) | (2 | ) | ||
Foreign earnings subject to U.S. tax | 24 | 3 | 2 | |||||
Non-deductible merger transaction costs (Note 2) | 10 | — | — | |||||
Net change in unrecognized tax benefits | 36 | 3 | — | |||||
Foreign withholding taxes | 13 | 3 | 2 | |||||
Change in valuation allowance | 12 | 6 | 3 | |||||
Stock-based compensation (Note 3) | 4 | — | — | |||||
Other | 14 | (5 | ) | — | ||||
Effective income tax rate | 62 | % | 22 | % | 34 | % |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Accumulated benefit obligation | $ | 595.0 | $ | 374.5 | $ | 539.3 | $ | 364.5 | |||||||||||||||
Projected benefit obligation at January 1 | $ | 617.1 | $ | 428.5 | $ | 640.6 | $ | 482.5 | $ | 9.1 | $ | 10.4 | |||||||||||
Service cost | 12.8 | 12.1 | 14.4 | 16.1 | — | — | |||||||||||||||||
Interest cost | 28.3 | 13.5 | 26.4 | 14.8 | 0.4 | 0.4 | |||||||||||||||||
Actuarial (gain) loss | 33.1 | 52.9 | (35.6 | ) | (36.9 | ) | 0.2 | (1.2 | ) | ||||||||||||||
Amendments | 0.1 | — | — | — | (1.6 | ) | — | ||||||||||||||||
Curtailments | (3.2 | ) | (2.6 | ) | — | — | — | — | |||||||||||||||
Settlements | (4.1 | ) | (14.6 | ) | (4.9 | ) | (0.1 | ) | — | — | |||||||||||||
Foreign currency exchange rate changes | — | (45.9 | ) | — | (39.1 | ) | — | — | |||||||||||||||
Plan participants’ contributions | — | 1.6 | — | 2.1 | — | — | |||||||||||||||||
Benefits paid | (22.2 | ) | (10.6 | ) | (23.8 | ) | (11.5 | ) | (0.5 | ) | (0.5 | ) | |||||||||||
Other | — | 0.4 | — | 0.6 | — | — | |||||||||||||||||
Projected benefit obligation at December 31 | 661.9 | 435.3 | 617.1 | 428.5 | 7.6 | 9.1 | |||||||||||||||||
Fair value of plan assets at January 1 | 463.4 | 355.9 | 504.8 | 386.7 | — | — | |||||||||||||||||
Actual return on plan assets | 47.2 | 45.1 | (20.3 | ) | (7.5 | ) | — | — | |||||||||||||||
Company contributions | 55.7 | 26.4 | 7.6 | 16.2 | 0.5 | 0.5 | |||||||||||||||||
Foreign currency exchange rate changes | — | (42.2 | ) | — | (30.0 | ) | — | — | |||||||||||||||
Settlements | (4.1 | ) | (14.6 | ) | (4.9 | ) | (0.1 | ) | — | — | |||||||||||||
Plan participants’ contributions | — | 1.6 | — | 2.1 | — | — | |||||||||||||||||
Benefits paid | (22.2 | ) | (10.6 | ) | (23.8 | ) | (11.5 | ) | (0.5 | ) | (0.5 | ) | |||||||||||
Fair value of plan assets at December 31 | 540.0 | 361.6 | 463.4 | 355.9 | — | — | |||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (121.9 | ) | $ | (73.7 | ) | $ | (153.7 | ) | $ | (72.6 | ) | $ | (7.6 | ) | $ | (9.1 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Current portion of accrued pension and other post-retirement benefits | $ | (3.1 | ) | $ | (0.4 | ) | $ | (3.8 | ) | $ | (0.4 | ) | $ | (0.7 | ) | $ | (0.7 | ) | |||||
Accrued pension and other post-retirement benefits, net of current portion | (118.8 | ) | (73.3 | ) | (149.9 | ) | (72.2 | ) | (6.9 | ) | (8.4 | ) | |||||||||||
Funded status recognized in the consolidated balance sheets at December 31 | $ | (121.9 | ) | $ | (73.7 | ) | $ | (153.7 | ) | $ | (72.6 | ) | $ | (7.6 | ) | $ | (9.1 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive (income) loss: | |||||||||||||||||||||||
Unrecognized actuarial (gain) loss | $ | 251.9 | $ | 193.7 | $ | 242.0 | $ | 174.8 | $ | — | $ | (0.2 | ) | ||||||||||
Unrecognized prior service (credit) cost | 0.2 | 1.1 | 0.1 | 1.2 | (1.6 | ) | — | ||||||||||||||||
Unrecognized transition asset | — | (0.1 | ) | — | (0.1 | ) | — | — | |||||||||||||||
Accumulated other comprehensive (income) loss at December 31 | $ | 252.1 | $ | 194.7 | $ | 242.1 | $ | 175.9 | $ | (1.6 | ) | $ | (0.2 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Plans with underfunded or non-funded projected benefit obligation: | |||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 661.9 | $ | 435.3 | $ | 617.1 | $ | 428.5 | $ | 7.6 | $ | 9.1 | |||||||||||
Aggregate fair value of plan assets | $ | 540.0 | $ | 361.6 | $ | 463.4 | $ | 355.9 | $ | — | $ | — |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||
Plans with underfunded or non-funded accumulated benefit obligation: | |||||||||||||||||||
Aggregate accumulated benefit obligation | $ | 595.0 | $ | 19.4 | $ | 539.3 | $ | 117.7 | |||||||||||
Aggregate fair value of plan assets | $ | 540.0 | $ | 2.8 | $ | 463.4 | $ | 90.4 |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||
Components of net periodic benefit cost (income): | |||||||||||||||||||||||||||||||||||
Service cost | $ | 12.8 | $ | 12.1 | $ | 14.4 | $ | 16.1 | $ | 13.8 | $ | 16.7 | $ | — | $ | — | $ | 0.1 | |||||||||||||||||
Interest cost | 28.3 | 13.5 | 26.4 | 14.8 | 29.1 | 18.5 | 0.4 | 0.4 | 0.3 | ||||||||||||||||||||||||||
Expected return on plan assets | (44.7 | ) | (25.2 | ) | (43.9 | ) | (27.9 | ) | (46.3 | ) | (30.0 | ) | — | — | — | ||||||||||||||||||||
Settlement loss (gain) | 1.9 | 2.6 | 2.1 | (0.1 | ) | 22.5 | — | — | — | — | |||||||||||||||||||||||||
Curtailment loss (gain) | 0.1 | (0.8 | ) | — | — | 2.4 | — | — | — | — | |||||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | — | — | — | |||||||||||||||||||||||
Amortization of prior service cost (credit) | 0.1 | 0.5 | — | 0.1 | (0.1 | ) | 0.4 | — | — | — | |||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 15.6 | 9.7 | 19.4 | 11.7 | 12.2 | 6.7 | (0.1 | ) | 0.1 | (0.3 | ) | ||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 14.1 | $ | 12.3 | $ | 18.4 | $ | 14.6 | $ | 33.6 | $ | 12.2 | $ | 0.3 | $ | 0.5 | $ | 0.1 |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) arising during period | $ | (27.4 | ) | $ | (29.7 | ) | $ | (28.5 | ) | $ | 0.6 | $ | (139.6 | ) | $ | (80.9 | ) | $ | (0.2 | ) | $ | 1.2 | $ | (4.0 | ) | ||||||||||
Prior service (cost) credit arising during period | (0.2 | ) | — | — | — | (2.3 | ) | (0.3 | ) | 1.6 | — | 0.1 | |||||||||||||||||||||||
Settlement and curtailment loss (gain), net | 2.0 | 1.8 | 2.1 | (0.1 | ) | 24.9 | — | — | — | — | |||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 15.6 | 9.7 | 19.4 | 11.7 | 12.2 | 6.7 | (0.1 | ) | 0.1 | (0.3 | ) | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | 0.1 | 0.5 | — | 0.1 | (0.1 | ) | 0.4 | — | — | — | |||||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | — | — | — | |||||||||||||||||||||||
Other | — | (1.1 | ) | — | (0.6 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (9.9 | ) | $ | (18.9 | ) | $ | (7.0 | ) | $ | 11.6 | $ | (104.9 | ) | $ | (74.2 | ) | $ | 1.3 | $ | 1.3 | $ | (4.2 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||
(In millions) | U.S. | Int’l | |||||||||
Net actuarial losses (gains) | $ | 16.9 | $ | 10.3 | $ | (0.2 | ) | ||||
Prior service cost (credit) | $ | 0.1 | $ | 0.4 | $ | (0.2 | ) | ||||
Transition asset | $ | — | $ | (0.1 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
U.S. | Int’l | U.S. | Int’l | ||||||||||||||
Discount rate | 4.30 | % | 2.61 | % | 4.70 | % | 3.39 | % | 4.30 | % | 4.70 | % | |||||
Rate of compensation increase | 4.00 | % | 3.78 | % | 4.00 | % | 3.71 | % |
Pensions | Other Post-retirement Benefits | |||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | |||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||
Discount rate | 4.70 | % | 3.39 | % | 4.20 | % | 3.21 | % | 5.10 | % | 4.30 | % | 4.70 | % | 4.20 | % | 5.10 | % | ||||||||
Rate of compensation increase | 4.00 | % | 3.71 | % | 4.00 | % | 3.84 | % | 4.00 | % | 4.29 | % | ||||||||||||||
Expected rate of return on plan assets | 9.00 | % | 7.42 | % | 9.00 | % | 7.48 | % | 9.00 | % | 7.61 | % |
• | Cash is valued at cost, which approximates fair value. |
• | Equity securities are comprised of common stock and preferred stock. The fair values of equity securities are valued at the closing price reported on the active market on which the securities are traded. |
• | Fair values of registered investment companies and common/collective trusts are valued based on quoted market prices, which represent the net asset value (“NAV”) of shares held. Registered investment companies primarily include investments in emerging market bonds. Common/collective trusts primarily includes money market instruments with short maturities. |
• | Insurance contracts are valued at book value, which approximates fair value, and is calculated using the prior-year balance plus or minus investment returns and changes in cash flows. |
• | The fair values of hedge funds are valued using the NAV as determined by the administrator or custodian of the fund. The funds primarily invest in U.S. and international equities, debt securities and other hedge funds. |
• | The fair values of limited partnerships are valued using the NAV as determined by the administrator or custodian of the fund. The partnerships primarily invest in U.S. and international equities and debt securities. |
• | Real estate and other investments primarily consists of real estate investment trusts and other investments. These investments are measured at quoted market prices, which represent the NAV of the securities held in such funds at year end. |
U.S. | International | ||||||||||||||||||||||||||||||
December 31, 2016 (In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 21.2 | $ | 21.2 | $ | — | $ | — | $ | 17.4 | $ | 17.4 | $ | — | $ | — | |||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
U.S. companies | 132.4 | 132.4 | 78.4 | 78.4 | — | — | |||||||||||||||||||||||||
International companies | 22.0 | 22.0 | 134.5 | 134.5 | — | — | |||||||||||||||||||||||||
Registered investment companies | 29.6 | 29.6 | — | — | — | — | — | — | |||||||||||||||||||||||
Common/collective trusts (1) | 50.8 | — | |||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 79.0 | — | 79.0 | — | |||||||||||||||||||||||
Hedge funds (1) | 166.7 | 52.3 | |||||||||||||||||||||||||||||
Limited partnerships (1) | 113.3 | — | |||||||||||||||||||||||||||||
Real estate and other investments | 4.0 | 4.0 | — | — | — | — | — | — | |||||||||||||||||||||||
Total assets | $ | 540.0 | $ | 209.2 | $ | — | $ | — | $ | 361.6 | $ | 230.3 | $ | 79.0 | $ | — | |||||||||||||||
December 31, 2015 (In millions) | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 29.7 | $ | 29.7 | $ | — | $ | — | $ | 1.2 | $ | 1.2 | $ | — | $ | — | |||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
U.S. companies | 150.0 | 150.0 | — | — | 44.5 | 44.5 | — | — | |||||||||||||||||||||||
International companies | 30.8 | 30.8 | — | — | 221.8 | 221.8 | — | — | |||||||||||||||||||||||
Registered investment companies | 14.8 | 14.8 | — | — | — | — | — | — | |||||||||||||||||||||||
Common/collective trusts (1) | 23.1 | — | |||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 88.4 | — | 88.4 | — | |||||||||||||||||||||||
Hedge funds (1) | 140.3 | — | |||||||||||||||||||||||||||||
Limited partnerships (1) | 68.3 | — | |||||||||||||||||||||||||||||
Real estate and other investments | 6.1 | 6.1 | — | — | — | — | — | — | |||||||||||||||||||||||
Total assets | $ | 463.1 | $ | 231.4 | $ | — | $ | — | $ | 355.9 | $ | 267.5 | $ | 88.4 | $ | — |
(1) | Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. |
Pensions | Other Post-retirement Benefits | ||||||||||
(In millions) | U.S. | International | |||||||||
2017 | $ | 28.2 | $ | 9.9 | $ | 0.7 | |||||
2018 | $ | 31.5 | $ | 10.7 | $ | 0.7 | |||||
2019 | $ | 32.9 | $ | 11.8 | $ | 0.6 | |||||
2020 | $ | 34.4 | $ | 13.1 | $ | 0.6 | |||||
2021 | $ | 35.7 | $ | 14.1 | $ | 0.6 | |||||
2022-2026 | $ | 187.4 | $ | 86.2 | $ | 2.7 |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Stock-based compensation expense | $ | 44.9 | $ | 49.4 | $ | 44.9 | |||||
Income tax benefits related to stock-based compensation expense | $ | 14.5 | $ | 16.8 | $ | 14.5 |
December 31, 2016 | ||||
Stock-based compensation expense not yet recognized (in millions) | $ | 39.7 | ||
Weighted-average recognition period (in years) | 1.4 |
(Shares in thousands) | Shares | Weighted-Average Grant Date Fair Value | ||||
Nonvested at December 31, 2015 | 3,275 | $ | 46.11 | |||
Granted | 1,822 | $ | 24.22 | |||
Vested | (1,511 | ) | $ | 37.21 | ||
Cancelled/forfeited | (156 | ) | $ | 41.11 | ||
Nonvested at December 31, 2016 | 3,430 | $ | 38.63 |
(Number of market-based awards in thousands) | Actual Payout | |
2014 Market-based awards | 86 | |
2015 Market-based awards | 123 | |
2016 Market-based awards | 193 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Weighted average grant date fair value of restricted stock units granted | $ | 24.22 | $ | 39.36 | $ | 51.20 | |||||
Vest date fair value of restricted stock units vested (in millions) | $ | 25.1 | $ | 25.5 | $ | 39.1 |
Net Notional Amount Bought (Sold) | |||||
(In millions) | USD Equivalent | ||||
Australian dollar | 49.8 | 35.9 | |||
Brazilian real | 602.9 | 185.0 | |||
British pound | 80.3 | 99.1 | |||
Canadian dollar | (161.0 | ) | (119.6 | ) | |
Euro | 101.3 | 106.8 | |||
Malaysian ringgit | 101.5 | 22.6 | |||
Nigerian naira | (5,408.8 | ) | (17.5 | ) | |
Norwegian krone | 5,277.8 | 612.1 | |||
Singapore dollar | 145.8 | 100.8 | |||
U.S. dollar | (475.1 | ) | (475.1 | ) |
Net Notional Amount Bought (Sold) | |||||
(In millions) | USD Equivalent | ||||
Brazilian real | (58.9 | ) | (18.1 | ) | |
Euro | (41.0 | ) | (43.2 | ) | |
Norwegian krone | (120.9 | ) | (14.0 | ) | |
U.S. dollar | 68.2 | 68.2 |
December 31, 2016 | December 31, 2015 | ||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts: | |||||||||||||||
Current – Derivative financial instruments | $ | 24.2 | $ | 49.7 | $ | 307.6 | $ | 488.2 | |||||||
Long-term – Derivative financial instruments | 2.9 | 1.9 | 0.1 | 0.5 | |||||||||||
Total derivatives designated as hedging instruments | 27.1 | 51.6 | 307.7 | 488.7 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts: | |||||||||||||||
Current – Derivative financial instruments | 20.3 | 13.9 | 26.3 | 28.7 | |||||||||||
Long-term – Derivative financial instruments | 4.5 | 12.3 | — | — | |||||||||||
Total derivatives not designated as hedging instruments | 24.8 | 26.2 | 26.3 | 28.7 | |||||||||||
Total derivatives | $ | 51.9 | $ | 77.8 | $ | 334.0 | $ | 517.4 |
Gain (Loss) Recognized in OCI (Effective Portion) | |||||||||||
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Foreign exchange contracts | $ | (29.7 | ) | $ | (83.5 | ) | $ | (137.1 | ) |
Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified From Accumulated OCI into Income (Effective Portion) | ||||||||||
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Foreign exchange contracts: | |||||||||||
Revenue | $ | (97.3 | ) | $ | (122.8 | ) | $ | (36.2 | ) | ||
Cost of sales | 4.9 | 53.9 | 34.2 | ||||||||
Selling, general and administrative expense | — | (1.7 | ) | (0.2 | ) | ||||||
Research and development expense | (0.2 | ) | 0.1 | — | |||||||
Interest expense | — | 0.1 | — | ||||||||
Total | $ | (92.6 | ) | $ | (70.4 | ) | $ | (2.2 | ) |
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Foreign exchange contracts: | |||||||||||
Revenue | $ | 13.6 | $ | 14.2 | $ | 24.7 | |||||
Cost of sales | (17.1 | ) | (17.3 | ) | (24.9 | ) | |||||
Research and development expense | 0.1 | — | — | ||||||||
Total | $ | (3.4 | ) | $ | (3.1 | ) | $ | (0.2 | ) |
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments) | ||||||||||
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Foreign exchange contracts: | |||||||||||
Revenue | $ | (6.7 | ) | $ | (11.1 | ) | $ | (4.0 | ) | ||
Cost of sales | 0.7 | 2.8 | 0.7 | ||||||||
Other income, net | 67.0 | 43.4 | 35.4 | ||||||||
Total | $ | 61.0 | $ | 35.1 | $ | 32.1 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
(In millions) | Gross Amount Recognized | Gross Amounts Not Offset Permitted Under Master Netting Agreements | Net Amount | Gross Amount Recognized | Gross Amounts Not Offset Permitted Under Master Netting Agreements | Net Amount | |||||||||||||||||
Derivative assets | $ | 51.9 | $ | (44.7 | ) | $ | 7.2 | $ | 334.0 | $ | (316.8 | ) | $ | 17.2 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
(In millions) | Gross Amount Recognized | Gross Amounts Not Offset Permitted Under Master Netting Agreements | Net Amount | Gross Amount Recognized | Gross Amounts Not Offset Permitted Under Master Netting Agreements | Net Amount | |||||||||||||||||
Derivative liabilities | $ | 77.8 | $ | (44.7 | ) | $ | 33.1 | $ | 517.4 | $ | (316.8 | ) | $ | 200.6 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||
Equity securities | $ | 17.6 | $ | 17.6 | $ | — | $ | — | $ | 18.4 | $ | 18.4 | $ | — | $ | — | |||||||||||||||
Fixed income | 4.5 | 4.5 | — | — | 4.9 | 4.9 | — | — | |||||||||||||||||||||||
Money market fund | 1.7 | — | 1.7 | — | 2.9 | — | 2.9 | — | |||||||||||||||||||||||
Other investments | 0.8 | 0.8 | — | — | 1.0 | 1.0 | — | — | |||||||||||||||||||||||
Stable value fund (1) | 1.0 | 1.2 | |||||||||||||||||||||||||||||
Derivative financial instruments: | |||||||||||||||||||||||||||||||
Foreign exchange contracts | 51.9 | — | 51.9 | — | 334.0 | — | 334.0 | — | |||||||||||||||||||||||
Total assets | $ | 77.5 | $ | 22.9 | $ | 53.6 | $ | — | $ | 362.4 | $ | 24.3 | $ | 336.9 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Derivative financial instruments: | |||||||||||||||||||||||||||||||
Foreign exchange contracts | 77.8 | — | 77.8 | — | 517.4 | — | 517.4 | — | |||||||||||||||||||||||
Total liabilities | $ | 77.8 | $ | — | $ | 77.8 | $ | — | $ | 517.4 | $ | — | $ | 517.4 | $ | — |
(1) | Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
Balance at beginning of year | $ | 27.0 | $ | 23.0 | |||
Expenses for new warranties | 18.6 | 28.5 | |||||
Adjustments to existing accruals | 7.7 | 2.6 | |||||
Claims paid | (25.0 | ) | (27.1 | ) | |||
Balance at end of year | $ | 28.3 | $ | 27.0 |
• | Subsea Technologies—designs and manufactures products and systems and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas. FTO Services and Forsys Subsea are included in the results of operations and capital employed of the Subsea Technologies segment. Refer to Note 8 for additional information. |
• | Surface Technologies—designs and manufactures systems and provides services used by oil and gas companies involved in land and offshore exploration and production of crude oil and natural gas; designs, manufactures and supplies technologically advanced high pressure valves and fittings for oilfield service companies; and also provides flowback services for exploration companies in the oil and gas industry. |
• | Energy Infrastructure—manufactures and supplies liquid and gas measurement and transportation equipment and systems to customers involved in the production, transportation and processing of crude oil, natural gas and petroleum-based refined products. |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Segment revenue | |||||||||||
Subsea Technologies | $ | 3,314.0 | $ | 4,509.0 | $ | 5,266.4 | |||||
Surface Technologies | 935.3 | 1,487.6 | 2,130.7 | ||||||||
Energy Infrastructure | 316.9 | 395.4 | 557.4 | ||||||||
Other revenue (1) and intercompany eliminations | (23.9 | ) | (29.3 | ) | (11.9 | ) | |||||
Total revenue | $ | 4,542.3 | $ | 6,362.7 | $ | 7,942.6 | |||||
Income before income taxes: | |||||||||||
Segment operating profit: (5) | |||||||||||
Subsea Technologies | $ | 430.4 | $ | 630.2 | $ | 748.2 | |||||
Surface Technologies | (69.2 | ) | 60.6 | 393.0 | |||||||
Energy Infrastructure | 2.9 | 3.2 | 52.5 | ||||||||
Intercompany eliminations | 0.2 | 0.2 | (0.3 | ) | |||||||
Total segment operating profit | 364.3 | 694.2 | 1,193.4 | ||||||||
Corporate items: | |||||||||||
Corporate expense (2) | (57.3 | ) | (60.2 | ) | (66.3 | ) | |||||
Other revenue (1) and other expense, net (3) | (149.0 | ) | (100.8 | ) | (33.7 | ) | |||||
Net interest expense | (30.0 | ) | (32.3 | ) | (32.5 | ) | |||||
Total corporate items | (236.3 | ) | (193.3 | ) | (132.5 | ) | |||||
Income before income taxes attributable to FMC Technologies, Inc. (4) | $ | 128.0 | $ | 500.9 | $ | 1,060.9 |
(1) | Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts |
(2) | Corporate expense primarily includes corporate staff expenses. |
(3) | Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. |
(4) | Excludes amounts attributable to noncontrolling interests. |
(5) | Includes restructuring and impairment expenses. Refer to Note 5 for additional information. |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
Segment operating capital employed (1): | As Adjusted | ||||||
Subsea Technologies | $ | 2,065.6 | $ | 2,025.7 | |||
Surface Technologies | 702.5 | 911.9 | |||||
Energy Infrastructure | 235.6 | 281.5 | |||||
Intercompany eliminations | (0.2 | ) | — | ||||
Total segment operating capital employed | 3,003.5 | 3,219.1 | |||||
Segment liabilities included in total segment operating capital employed (2) | 1,406.1 | 1,806.1 | |||||
Corporate (3) | 1,339.0 | 1,394.2 | |||||
Total assets | $ | 5,748.6 | $ | 6,419.4 | |||
Segment assets: | |||||||
Subsea Technologies | $ | 3,174.9 | $ | 3,512.3 | |||
Surface Technologies | 940.7 | 1,131.9 | |||||
Energy Infrastructure | 322.1 | 396.7 | |||||
Intercompany eliminations | (28.1 | ) | (15.7 | ) | |||
Total segment assets | 4,409.6 | 5,025.2 | |||||
Corporate (3) | 1,339.0 | 1,394.2 | |||||
Total assets | $ | 5,748.6 | $ | 6,419.4 |
(1) | FMC Technologies’ management views segment operating capital employed, which consists of assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, certain investments, pension liabilities, income taxes and LIFO and valuation adjustments. |
(2) | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance payments and progress billings, accrued payroll and other liabilities. |
(3) | Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment not associated with a specific segment, pension assets and the fair value of derivative financial instruments. |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Revenue: | |||||||||||
United States | $ | 1,148.8 | $ | 1,721.5 | $ | 2,245.3 | |||||
Nigeria | 530.7 | 622.1 | 627.0 | ||||||||
Brazil | 345.8 | 516.9 | 831.6 | ||||||||
Norway | 497.5 | 492.1 | 1,023.3 | ||||||||
Angola | 315.8 | 485.1 | 406.7 | ||||||||
All other countries | 1,703.7 | 2,525.0 | 2,808.7 | ||||||||
Total revenue | $ | 4,542.3 | $ | 6,362.7 | $ | 7,942.6 |
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
Long-lived assets: | |||||||
United States | $ | 418.8 | $ | 501.6 | |||
Norway | 253.6 | 242.4 | |||||
Malaysia | 114.1 | 118.5 | |||||
Brazil | 138.6 | 116.5 | |||||
United Kingdom | 70.8 | 93.9 | |||||
All other countries | 266.8 | 298.6 | |||||
Total long-lived assets | $ | 1,262.7 | $ | 1,371.5 |
Capital Expenditures Year Ended December 31, | Depreciation and Amortization Year Ended December 31, | Research and Development Expense Year Ended December 31, | |||||||||||||||||||||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||
Subsea Technologies | $ | 82.4 | $ | 175.6 | $ | 268.7 | $ | 153.7 | $ | 154.3 | $ | 138.0 | $ | 98.3 | $ | 110.7 | $ | 92.2 | |||||||||||||||||
Surface Technologies | 23.8 | 69.4 | 124.6 | 59.2 | 74.4 | 72.0 | 8.3 | 16.1 | 21.6 | ||||||||||||||||||||||||||
Energy Infrastructure | 2.0 | 3.6 | 10.5 | 14.4 | 16.7 | 16.6 | 7.5 | 9.5 | 11.3 | ||||||||||||||||||||||||||
Corporate | 9.9 | 2.2 | 0.6 | 9.5 | 6.2 | 5.9 | — | — | — | ||||||||||||||||||||||||||
Intercompany eliminations | — | — | — | — | — | — | — | (1.0 | ) | (1.4 | ) | ||||||||||||||||||||||||
Total | $ | 118.1 | $ | 250.8 | $ | 404.4 | $ | 236.8 | $ | 251.6 | $ | 232.5 | $ | 114.1 | $ | 135.3 | $ | 123.7 |
2016 | 2015 | ||||||||||||||||||||||||||||||
(In millions, except per share data) | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||||
Revenue | $ | 1,092.1 | $ | 1,091.2 | $ | 1,150.3 | $ | 1,208.7 | $ | 1,427.3 | $ | 1,545.0 | $ | 1,695.2 | $ | 1,695.2 | |||||||||||||||
Cost of sales | 827.8 | 846.7 | 906.8 | 946.8 | 1,141.3 | 1,173.9 | 1,297.0 | 1,293.0 | |||||||||||||||||||||||
Income (loss) from continuing operations | (16.1 | ) | 46.0 | 3.0 | 14.3 | 56.2 | 82.5 | 108.0 | 148.1 | ||||||||||||||||||||||
Income (loss) from discontinued operations | 3.9 | (14.0 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) attributable to FMC Technologies, Inc. | $ | (11.2 | ) | $ | 32.3 | $ | 3.1 | $ | 14.3 | $ | 55.6 | $ | 82.0 | $ | 107.9 | $ | 147.6 | ||||||||||||||
Basic earnings (loss) per share | $ | (0.05 | ) | $ | 0.14 | $ | 0.01 | $ | 0.06 | $ | 0.24 | $ | 0.36 | $ | 0.46 | $ | 0.63 | ||||||||||||||
Diluted earnings (loss) per share | $ | (0.05 | ) | $ | 0.14 | $ | 0.01 | $ | 0.06 | $ | 0.24 | $ | 0.35 | $ | 0.46 | $ | 0.63 |
Year Ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||||
Cash paid for interest (net of interest capitalized) | $ | 33.9 | $ | 31.0 | $ | 31.6 | |||||
Cash paid for income taxes (net of refunds received) | $ | 98.1 | $ | 239.1 | $ | 370.0 |
(In millions) | Additions | ||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts (a) | Deductions and Adjustments (b) | Balance at End of Period | ||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 7.4 | $ | 3.6 | $ | (0.6 | ) | $ | 1.0 | $ | 9.4 | ||||||||
Inventory valuation reserve | $ | 86.0 | $ | 47.6 | $ | (8.7 | ) | $ | 28.1 | $ | 96.8 | ||||||||
Valuation allowance for deferred tax assets | $ | 4.7 | $ | 39.9 | $ | — | $ | 5.7 | $ | 38.9 | |||||||||
Year Ended December 31, 2015: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 9.4 | $ | 10.1 | $ | (0.5 | ) | $ | (0.2 | ) | $ | 19.2 | |||||||
Inventory valuation reserve | $ | 96.8 | $ | 94.1 | $ | (6.2 | ) | $ | 31.4 | $ | 153.3 | ||||||||
Valuation allowance for deferred tax assets | $ | 38.9 | $ | 27.7 | $ | — | $ | 8.3 | $ | 58.3 | |||||||||
Year Ended December 31, 2016: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 19.2 | $ | 8.2 | $ | (0.3 | ) | $ | 7.4 | $ | 19.7 | ||||||||
Inventory valuation reserve | $ | 153.3 | $ | 79.0 | $ | (2.7 | ) | $ | 81.4 | $ | 148.2 | ||||||||
Valuation allowance for deferred tax assets | $ | 58.3 | $ | 36.1 | $ | 0.7 | $ | 4.3 | $ | 90.8 |
(a) | “Additions charged to other accounts” includes translation adjustments and allowances acquired through business combinations. |
(b) | “Deductions and adjustments” includes write-offs, net of recoveries, and reductions in the allowances credited to expense. |
• | U.S. dollar-denominated loans bear interest, at the Borrowers’ option, at a base rate or an adjusted rate linked to the London interbank offered rate (“Adjusted LIBOR”); |
• | sterling-denominated loans bear interest at Adjusted LIBOR; and |
• | euro-denominated loans bear interest at the Euro interbank offered rate (“EURIBOR”). |
Historical Technip (Note 4a) | Historical FMCTI (Note 4b) | Purchase Accounting Adjustments | Notes | Other Adjustments | Notes | Pro Forma Condensed Combined | ||||||||||||||||||
(In millions of U.S. dollars) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,269.4 | $ | 1,015.9 | $ | — | $ | 15.9 | 4(i) | $ | 7,301.2 | |||||||||||||
Trade receivables | 2,024.5 | 709.4 | — | (33.9 | ) | 4(i) | 2,700.0 | |||||||||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 485.7 | 612.2 | — | 18.5 | 4(i) | 1,116.4 | ||||||||||||||||||
Inventories | 334.7 | 594.1 | — | 0.2 | 4(i) | 929.0 | ||||||||||||||||||
Financial instruments | 238.0 | 44.5 | — | — | 282.5 | |||||||||||||||||||
Prepaid expenses | — | 36.7 | — | (36.7 | ) | 4(h) | — | |||||||||||||||||
Income taxes receivable | 265.0 | 135.4 | — | — | 400.4 | |||||||||||||||||||
Other current assets | 1,510.7 | 172.6 | — | 36.7 | 4(h) | 1,726.4 | ||||||||||||||||||
6.4 | 4(i) | |||||||||||||||||||||||
Total current assets | 11,128.0 | 3,320.8 | — | 7.1 | 14,455.9 | |||||||||||||||||||
Investments in equity affiliates | 177.8 | — | — | 21.7 | 4(i) | 199.5 | ||||||||||||||||||
Investments | 14.1 | 85.9 | — | — | 100.0 | |||||||||||||||||||
Other financial assets | 236.0 | — | (28.8 | ) | 4(i) | 207.2 | ||||||||||||||||||
Property, plant and equipment, net | 2,620.1 | 1,262.7 | — | 0.2 | 4(i) | 3,883.0 | ||||||||||||||||||
Goodwill | 3,718.4 | 517.9 | 4,835.1 | 3,4(f), 4(g) | — | 9,071.4 | ||||||||||||||||||
Intangible assets, net | 255.4 | 274.0 | 1,211.8 | 4(c) | — | 1,741.2 | ||||||||||||||||||
Deferred income taxes | 599.5 | 204.9 | — | 6.3 | 4(i) | 810.7 | ||||||||||||||||||
Financial instruments | — | 7.4 | — | — | 7.4 | |||||||||||||||||||
Other assets | — | 75.0 | — | — | 75.0 | |||||||||||||||||||
Total assets | $ | 18,749.3 | $ | 5,748.6 | $ | 6,046.9 | $ | 6.5 | $ | 30,551.3 | ||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 894.4 | $ | 317.3 | $ | — | $ | — | $ | 1,211.7 | ||||||||||||||
Accounts payable, trade | 3,883.3 | 351.6 | 40.5 | 4(g) | — | 4,266.9 | ||||||||||||||||||
(8.5 | ) | 4(i) | ||||||||||||||||||||||
Advance payments | 411.1 | 384.2 | — | — | 795.3 | |||||||||||||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 3,364.5 | 108.0 | — | — | 3,472.5 | |||||||||||||||||||
Accrued payroll | — | 171.7 | — | (171.7 | ) | 4(h) | — | |||||||||||||||||
Financial instruments | 586.7 | 63.6 | — | — | 650.3 | |||||||||||||||||||
Income taxes payable | 317.5 | 104.0 | — | — | 421.5 | |||||||||||||||||||
Other current liabilities | 2,099.3 | 290.9 | — | 171.7 | 4(h) | 2,576.5 | ||||||||||||||||||
14.6 | 4(i) | |||||||||||||||||||||||
Total current liabilities | 11,556.8 | 1,791.3 | 40.5 | 6.1 | 13,394.7 | |||||||||||||||||||
Long-term debt, less current portion | 1,658.5 | 908.1 | — | — | 2,566.6 | |||||||||||||||||||
Accrued pension and other post-retirement benefits, less current portion | 202.2 | 198.8 | — | — | 401.0 | |||||||||||||||||||
Financial instruments | — | 14.2 | — | — | 14.2 | |||||||||||||||||||
Deferred income taxes | 153.8 | 128.6 | 447.2 | 4(d) | 0.4 | 4(i) | 730.0 | |||||||||||||||||
Other liabilities | 117.2 | 81.1 | — | — | 198.3 | |||||||||||||||||||
Commitments and contingent liabilities | — | |||||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||||||
Share capital / common stock | 95.8 | 2.9 | (2.9 | ) | 4(e) | (95.8 | ) | 4(h) | 466.6 | |||||||||||||||
466.6 | 4(h) | |||||||||||||||||||||||
Common stock held in employee benefit trust | — | (6.5 | ) | 6.5 | 4(e) | — | — | |||||||||||||||||
Treasury stock | (23.3 | ) | (1,636.6 | ) | 1,636.6 | 4(e) | 23.3 | 4(h) | — | |||||||||||||||
Capital in excess of par value of common stock | 2,252.2 | 773.0 | (773.0 | ) | 4(e) | 95.8 | 4(h) | 10,029.2 | ||||||||||||||||
8,171.1 | 4(f) | (466.6 | ) | 4(h) | ||||||||||||||||||||
(23.3 | ) | 4(h) | ||||||||||||||||||||||
Retained earnings | 2,705.7 | 4,288.8 | (4,288.8 | ) | 4(e) | — | 2,705.7 | |||||||||||||||||
— | ||||||||||||||||||||||||
Accumulated other comprehensive loss | 42.1 | (809.7 | ) | 809.7 | 4(e) | — | 42.1 | |||||||||||||||||
Total stockholders’ equity | 5,072.5 | 2,611.9 | 5,559.2 | — | 13,243.6 | |||||||||||||||||||
Noncontrolling interests | (11.7 | ) | 14.6 | — | — | 2.9 | ||||||||||||||||||
Total equity | 5,060.8 | 2,626.5 | 5,559.2 | — | 13,246.5 | |||||||||||||||||||
Total liabilities and equity | $ | 18,749.3 | $ | 5,748.6 | $ | 6,046.9 | $ | 6.5 | $ | 30,551.3 |
Historical Technip (Note 5a) | Historical FMCTI Note (5b) | Purchase Accounting and Other Adjustments | Notes | Pro Forma Condensed Combined | Notes | |||||||||||||||
(In millions of U.S. dollars, except per share data) | ||||||||||||||||||||
Revenue | $ | 9,199.6 | $ | 4,542.3 | $ | 36.5 | 5(f) | $ | 13,756.0 | |||||||||||
(22.4 | ) | 5(h) | ||||||||||||||||||
Costs and expenses | ||||||||||||||||||||
Cost of revenue | 7,639.9 | 3,528.1 | 196.6 | 5(c) | 11,376.7 | |||||||||||||||
12.1 | 5(h) | |||||||||||||||||||
Selling, general and administrative expense | 572.6 | 581.7 | (6.9 | ) | 5(h) | 1,147.4 | ||||||||||||||
Research and development expense | 105.5 | 114.1 | 6.3 | 5(h) | 225.9 | |||||||||||||||
Restructuring and impairment expense | 410.7 | 92.9 | (157.5 | ) | 5(d) | 346.1 | ||||||||||||||
Merger transaction and integration costs | — | 45.2 | (45.2 | ) | 5(d) | — | ||||||||||||||
Total costs and expenses | 8,728.7 | 4,362.0 | 5.4 | 13,096.1 | ||||||||||||||||
Other income (expense), net | (16.9 | ) | (23.7 | ) | 25.7 | 5(f) | (14.9 | ) | ||||||||||||
Share of income/(loss) of equity affiliates | 108.8 | — | (36.5 | ) | 5(f) | 99.9 | ||||||||||||||
27.6 | 5(h) | |||||||||||||||||||
Income before financial income/(expense), net and income taxes | 562.8 | 156.6 | 25.5 | 744.9 | ||||||||||||||||
Financial income/(expenses), net | (34.7 | ) | (30.0 | ) | (25.7 | ) | 5(f) | (87.9 | ) | |||||||||||
2.5 | 5(h) | |||||||||||||||||||
Income before income taxes | 528.1 | 126.6 | 2.3 | 657.0 | ||||||||||||||||
Provision for income taxes | 133.9 | 79.5 | (20.6 | ) | 5(e) | 189.0 | ||||||||||||||
(3.8 | ) | 5(h) | ||||||||||||||||||
Income from continuing operations | 394.2 | 47.1 | 26.7 | 468.0 | ||||||||||||||||
Loss from discontinued operations, net of income tax | — | (10.1 | ) | — | (10.1 | ) | ||||||||||||||
Net income | $ | 394.2 | $ | 37.0 | $ | 26.7 | $ | 457.9 | ||||||||||||
Net income/(loss) attributable to Technip / FMCTI, respectively | $ | 428.7 | $ | 38.4 | $ | 26.7 | 493.8 | |||||||||||||
Net income/(loss) attributable to noncontrolling interests | (34.5 | ) | (1.4 | ) | (35.9 | ) | ||||||||||||||
Earnings per share attributable to Technip / FMCTI, respectively | ||||||||||||||||||||
Basic | $ | 3.59 | $ | 0.17 | $ | 1.06 | ||||||||||||||
Diluted | $ | 3.49 | $ | 0.17 | $ | 1.05 | ||||||||||||||
Weighted average shares outstanding to Technip / FMCTI, respectively | ||||||||||||||||||||
Basic | 119.4 | 227.2 | 466.6 | 5(g) | ||||||||||||||||
Diluted | 125.1 | 228.6 | 478.0 | 5(g) |
(In millions, except value per share data and FMCTI exchange ratio) | |||
Total FMCTI shares subject to exchange as of January 16, 2017 | 228.9 | ||
FMCTI exchange ratio(i) | 0.5 | ||
Shares of TechnipFMC issued | 114.4 | ||
Value per share of Technip as of January 16, 2017(ii) | $ | 71.40 | |
Estimated purchase consideration | $ | 8,171.1 |
(i) | As the calculation is deemed to reflect a share capital increase of the accounting acquirer, the FMCTI exchange ratio (1 share of TechnipFMC for 1 share of FMCTI as provided in the business combination agreement) is adjusted by dividing the FMCTI exchange ratio by the Technip exchange ratio (2 shares of TechnipFMC for 1 share of Technip as provided in the business combination agreement) i.e. 1 ⁄ 2 = 0.5 in order to reflect the number of shares of Technip that FMCTI stockholders would have received if Technip was to have issued its own shares. |
(ii) | Closing price of Technip’s common stock on Euronext Paris on January 16, 2017 in Euro converted at the Euro to U.S. dollar exchange rate of $1.0594 on January 16, 2017. |
(In millions) | |||
Calculation of goodwill: | |||
Fair value of common shares issued to FMCTI stockholders | $ | 8,171.1 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Total assets acquired | 5,748.6 | ||
Less: Total liabilities assumed | (3,136.7 | ) | |
Book value of net assets acquired as of December 31, 2016 | 2,611.9 | ||
Less: transaction costs to be incurred after December 31, 2016 by FMCTI | (40.5 | ) | |
Less: write-off of pre-existing FMCTI goodwill | (517.9 | ) | |
Less: write-off of pre-existing FMCTI intangible assets | (218.2 | ) | |
Less: write-off of deferred tax of pre-existing FMCTI goodwill and intangible assets | 53.3 | ||
Adjusted net book value of assets acquired | 1,888.6 | ||
Identifiable intangible assets at fair value | 1,430.0 | ||
Deferred tax impact of fair value adjustments | (500.5 | ) | |
Goodwill | 5,353.0 | ||
Pre-existing FMCTI goodwill | (517.9 | ) | |
Net adjustment to goodwill | $ | 4,835.1 |
(a) | Represents the audited historical consolidated balance sheet of Technip as of December 31, 2016 as adjusted and reclassified to conform to U.S. GAAP (see Note 6). |
(b) | Represents the audited historical consolidated balance sheet of FMCTI as of December 31, 2016. |
(In millions of dollars, except estimated useful lives) | Estimated Useful Life | Amount | ||||
Identifiable intangible assets | ||||||
Customer relationships | 15 | $ | 630.0 | |||
Backlog | 2 | 290.0 | ||||
Acquired technology | 10 | 180.0 | ||||
Tradenames | 20 | 330.0 | ||||
Estimated fair value of identified intangible assets | 1,430.0 | |||||
Pre-existing FMCTI intangible assets | (218.2 | ) | ||||
Net adjustment to intangible assets | $ | 1,211.8 |
(d) | Represents the $500.5 million adjustment to deferred tax liabilities, on a preliminary basis, resulting from the pro forma fair value adjustments for intangible assets acquired utilizing the U.S. Federal statutory tax rate of 35% and the $53.3 million adjustment to eliminate deferred tax liabilities included in FMCTI’s historical balance sheet related to goodwill and intangible assets associated with FMCTI’s pre-merger business combinations. |
(e) | Represents adjustments to eliminate FMCTI historical equity accounts as FMCTI is the acquiree for accounting purposes. |
(f) | Represents adjustments to record the fair value of equity consideration in TechnipFMC transferred to FMCTI stockholders to effectuate the Mergers. |
(g) | Represents an estimate of the future costs of $40.5 million to be incurred by FMCTI directly attributable to the Mergers, including advisory and legal fees that are recorded as an adjustment to the unaudited pro forma condensed combined balance sheet only. These amounts were expensed as incurred during the period January 1, 2017 through January 16, 2017 and are not reflected in the unaudited pro forma condensed combined statements of income because they have not yet been incurred for the accompanying period presented and they will not have a continuing impact. |
(h) | Represents certain reclassifications of historical FMCTI and Technip financial statement line items to conform to the expected financial statement line items of the combined company following the Mergers, including: |
• | Prepaid expenses has been reclassified to Other current assets; |
• | Accrued payroll has been reclassified to Other current liabilities; and |
• | Technip historical Share Capital has been eliminated and TechnipFMC Share Capital of $466.6 million as of December 31, 2016 has been recorded. |
• | Technip historical Treasury Stock has been eliminated based on the shares issued by TechnipFMC to all outstanding shareholders of Technip as a result of the Mergers. |
(i) | Represents adjustments to consolidate Forsys Subsea, the 50/50 joint venture between FMCTI and Technip. |
(a) | Represents the historical consolidated statement of income for Technip for the year ended December 31, 2016 (see Note 6). |
(b) | Represents the historical consolidated statement of income for FMCTI for the year ended December 31, 2016. |
(In millions) | Estimated Fair Value | Fiscal Year Ended December 31, 2016 | |||||
Amortization of acquired finite-lived intangible assets | $ | 1,430.0 | $ | 221.5 | |||
Less: FMCTI historical intangible asset amortization expense | (24.9 | ) | |||||
Net adjustment to amortization expense | $ | 196.6 |
(d) | Represents the adjustment to eliminate merger-related transaction costs expensed in FMCTI’s and Technip’s historical consolidated statement of income. As merger-related transaction costs are non-recurring, direct, incremental costs of the specific acquisition, which are reflected in the historical financial information, they have not been reflected in the unaudited pro forma condensed combined statements of income. An adjustment totaling $202.7 million has been reflected in the unaudited pro forma condensed combined statements of income that were expensed by FMCTI of $45.2 million and Technip of $157.5 million for the twelve months ended December 31, 2016. |
(e) | Represents the tax effect of purchase accounting adjustments utilizing the U.S. Federal statutory tax rate of 35% on a preliminary basis. Merger-related transaction costs in FMCTI’s and Technip’s historical consolidated statement of income eliminated as pro forma adjustments were tax affected in accordance with their respective jurisdictions, as applicable. |
(f) | Represents certain reclassifications of historical FMCTI financial statement line items to conform to the expected financial statement line items of the combined company following the Mergers, including: |
• | Foreign currency remeasurement gains and losses recorded in Other income / (expense), net has been reclassified to Financial income / (expense), net |
• | Equity method income (losses) recorded in Revenue has been reclassified to Share of income/(loss) of equity affiliates. |
(In millions, except per share data and Technip and FMCTI exchange ratio) | ||
TechnipFMC Shares exchanged for Technip shares | ||
Technip Basic Shares Outstanding-Basic(i) | 118.9 | |
Technip Exchange Ratio(ii) | 2.0 | |
TechnipFMC shares exchanged for Technip shares-Basic | 237.7 | |
Technip Dilutive Shares Outstanding-Dilutive(iii) | 5.7 | |
Technip Exchange Ratio(ii) | 2.0 | |
TechnipFMC shares exchanged for Technip shares-Dilutive | 11.4 | |
249.1 | ||
TechnipFMC shares exchanged for FMCTI shares | ||
FMCTI Shares outstanding(iv) | 228.9 | |
FMCTI Exchange Ratio(v) | 1.0 | |
TechnipFMC shares to be exchanged for FMCTI shares | 228.9 | |
TechnipFMC Shares exchanged for the year ended December 31, 2016-Basic | 466.6 | |
TechnipFMC Shares exchanged for the year ended December 31, 2016-Diluted | 478.0 |
(i) | Number of shares of Technip common stock issued and outstanding, excluding treasury shares, as of January 16, 2017, which were exchanged for TechnipFMC shares. |
(ii) | Per the business combination agreement, each option to purchase or subscribe for Technip shares granted under the employee and director stock plans of Technip, whether vested or unvested, that is outstanding immediately prior to the Technip Merger shall cease to represent a right to acquire Technip shares and shall be converted, at the time of the Technip Merger, into a TechnipFMC stock option on the same terms and conditions as were applicable to such Technip stock option immediately prior to the acquisition date. |
(iii) | Number of dilutive Technip Shares based on the weighted average share calculation for the year ended December 31, 2016. |
(iv) | Number of shares of FMCTI common stock issued and outstanding, excluding treasury shares, as of January 16, 2017, which were exchanged for TechnipFMC Shares. |
(v) | Per the business combination agreement, each option to purchase or subscribe for FMCTI Shares granted under the Amended and Restated FMCTI Incentive Compensation and Stock Plan, whether vested or unvested, that was outstanding immediately prior to the FMCTI Merger ceased to represent a right to acquire FMCTI Shares and was converted, at the FMCTI Merger, into a TechnipFMC stock option on the same terms and conditions as were applicable to such FMCTI stock option immediately prior to the FMCTI Merger. Each Vesting FMCTI equity right immediately vested and was earned and payable pursuant to its terms immediately prior to the FMCTI Merger. Each unvested FMCTI equity right no longer relates to or represents a right to receive FMCTI Shares and was converted into a TechnipFMC equity right of the same type and on the same terms and conditions (including any minimum vesting and/or holding period with respect to the shares delivered upon the vesting of such awards) as were applicable to the corresponding unvested FMCTI equity right immediately prior to the FMCTI Merger. |
(h) | Represents adjustments to consolidate Forsys Subsea, the 50/50 joint venture between FMCTI and Technip. |
(In millions) | Historical Technip | IFRS to U.S. GAAP and Reclassification Adjustments | Notes | Historical Adjusted Technip | Historical Adjusted Technip | ||||||||||||
Assets | |||||||||||||||||
Property, Plant and Equipment, net | € | 2,485.6 | € | — | € | 2,485.6 | $ | 2,620.1 | |||||||||
Goodwill | 3,527.5 | 6(f) | 3,527.5 | 3,718.4 | |||||||||||||
Intangible Assets, net | 3,769.8 | (3,527.5 | ) | 6(f) | 242.3 | 255.4 | |||||||||||
Investments in Equity Affiliates | 168.7 | — | 168.7 | 177.8 | |||||||||||||
Investments | 13.4 | 6(f) | 13.4 | 14.1 | |||||||||||||
Other Financial Assets | 210.8 | (13.4 | ) | 6(f) | 223.9 | 236.0 | |||||||||||
26.5 | 6(f) | ||||||||||||||||
Deferred Tax Assets | 560.7 | 0.1 | 6(d) | 568.7 | 599.5 | ||||||||||||
7.9 | 6(e) | ||||||||||||||||
Available-For-Sale Financial Assets | 26.5 | (26.5 | ) | 6(f) | — | — | |||||||||||
Total Non-Current Assets | 7,222.1 | 8.0 | 7,230.1 | 7,621.3 | |||||||||||||
Inventories | 317.5 | — | 317.5 | 334.7 | |||||||||||||
Construction Contracts-Amounts in Assets | 460.8 | — | 460.8 | 485.7 | |||||||||||||
Advances Paid to Suppliers | 675.0 | (675.0 | ) | 6(f) | — | — | |||||||||||
Financial Instruments | 225.8 | — | 225.8 | 238.0 | |||||||||||||
Trade Receivables | 1,920.6 | — | 1,920.6 | 2,024.5 | |||||||||||||
Current Income Tax Receivables | 251.4 | — | 251.4 | 265.0 | |||||||||||||
Other Current Receivables | 756.1 | 2.1 | 6(f) | 1,433.2 | 1,510.7 | ||||||||||||
675.0 | 6(f) | ||||||||||||||||
Cash and Cash Equivalents | 5,947.6 | — | 5,947.6 | 6,269.4 | |||||||||||||
Total Current Assets | 10,554.8 | 2.1 | 10,556.9 | 11,128.0 | |||||||||||||
Assets Classified as Held for Sale | 2.1 | (2.1 | ) | 6(f) | — | — | |||||||||||
Total Assets | € | 17,779.0 | € | 8.0 | € | 17,787.0 | $ | 18,749.3 | |||||||||
Equity and Liabilities | |||||||||||||||||
Share Capital | € | 90.9 | € | — | € | 90.9 | $ | 95.8 | |||||||||
Share Premium | 2,136.6 | — | 2,136.6 | 2,252.2 | |||||||||||||
Retained Earnings | 2,273.3 | (92.0 | ) | 6(a) | 2,566.8 | 2,705.7 | |||||||||||
(20.8 | ) | 6(b) | |||||||||||||||
(2.0 | ) | 6(d) | |||||||||||||||
20.8 | 6(e) | ||||||||||||||||
387.5 | 6(f) | ||||||||||||||||
Treasury Shares | (22.1 | ) | — | (22.1 | ) | (23.3 | ) | ||||||||||
Foreign Currency Translation Reserves | 199.0 | (199.0 | ) | 6(f) | — | — | |||||||||||
Fair Value Reserves | (154.4 | ) | 2.6 | 6(a) | — | — | |||||||||||
(7.3 | ) | 6(e) | |||||||||||||||
159.1 | 6(f) | ||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) | 199.0 | 6(f) | 39.9 | 42.1 | |||||||||||||
(159.1 | ) | 6(f) | |||||||||||||||
Net Income | 281.3 | (387.5 | ) | 6(f) | — | — | |||||||||||
89.4 | 6(a) | ||||||||||||||||
20.8 | 6(b) | ||||||||||||||||
1.6 | 6(d) | ||||||||||||||||
(5.6 | ) | 6(e) | |||||||||||||||
Total Equity Attributable to Shareholders of the Parent Company | 4,804.6 | 7.5 | 4,812.1 | 5,072.5 | |||||||||||||
Non-Controlling Interests | (11.1 | ) | — | (11.1 | ) | (11.7 | ) | ||||||||||
Total Equity | 4,793.5 | 7.5 | 4,801.0 | 5,060.8 | |||||||||||||
Non-Current Financial Debts | 1,573.4 | — | 1,573.4 | 1,658.5 | |||||||||||||
Accrued Pensions and Other Post-Retirement Benefits, less Current Portion | 191.8 | 6(f) | 191.8 | 202.2 | |||||||||||||
Non-Current Provisions | 276.2 | (191.8 | ) | 6(f) | — | — | |||||||||||
(84.4 | ) | 6(f) | |||||||||||||||
Deferred Tax Liabilities | 145.9 | — | 145.9 | 153.8 | |||||||||||||
Other Non-Current Liabilities | 26.8 | 84.4 | 6(f) | 111.2 | 117.2 | ||||||||||||
Total Non-Current Liabilities | 2,022.3 | — | 2,022.3 | 2,131.7 | |||||||||||||
Current Financial Debts | 848.5 | — | 848.5 | 894.4 | |||||||||||||
Trade Payables | 3,684.0 | — | 3,684.0 | 3,883.3 | |||||||||||||
Construction Contracts-Amounts in Liabilities | 3,191.3 | 0.5 | 6(d) | 3,191.8 | 3,364.5 | ||||||||||||
Financial Instruments | 556.6 | — | 556.6 | 586.7 | |||||||||||||
Current Provisions | 658.9 | (658.9 | ) | 6(f) | — | — | |||||||||||
Current Income Tax Payables | 301.2 | — | 301.2 | 317.5 | |||||||||||||
Advance Payments | 390.0 | 6(f) | 390.0 | 411.1 | |||||||||||||
Other Current Liabilities | 1,722.7 | 658.9 | 6(f) | 1,991.6 | 2,099.3 | ||||||||||||
(390.0 | ) | 6(f) | |||||||||||||||
Total Current Liabilities | 10,963.2 | 0.5 | 10,963.7 | 11,556.8 | |||||||||||||
Total Liabilities | 12,985.5 | 0.5 | 12,986.0 | 13,688.5 | |||||||||||||
Total Equity and Liabilities | € | 17,779.0 | € | 8.0 | € | 17,787.0 | $ | 18,749.3 |
(In millions) | Historical Technip | IFRS to U.S. GAAP and Reclassification Adjustments | Notes | Historical Adjusted Technip | Historical Adjusted Technip | ||||||||||||
Revenues | € | 8,313.4 | € | — | € | 8,313.4 | $ | 9,199.6 | |||||||||
Cost of Sales | (6,895.2 | ) | 3.1 | 6(d) | (6,903.9 | ) | (7,639.9 | ) | |||||||||
(11.8 | ) | 6(e) | |||||||||||||||
Gross Margin | 1,418.2 | (8.7 | ) | 1,409.5 | 1,559.7 | ||||||||||||
Research and Development Costs | (95.3 | ) | — | (95.3 | ) | (105.5 | ) | ||||||||||
Selling Costs | (211.9 | ) | 212.4 | 6(f) | — | — | |||||||||||
(0.5 | ) | 6(d) | |||||||||||||||
Administrative Costs | (305.0 | ) | 305.0 | 6(f) | — | — | |||||||||||
Selling, General and Administrative Expenses | (517.4 | ) | 6(f) | (517.4 | ) | (572.6 | ) | ||||||||||
Restructuring and Impairment Expense | (371.1 | ) | 6(f) | (371.1 | ) | (410.7 | ) | ||||||||||
Other Operating Income | 18.3 | (18.3 | ) | 6(f) | — | ||||||||||||
Other Operating Expenses | (33.6 | ) | 33.6 | 6(f) | — | ||||||||||||
Other Income/(Expenses), net | (15.3 | ) | 6(f) | (15.3 | ) | (16.9 | ) | ||||||||||
Operating Income/(Loss) from Recurring Activities | 790.7 | (380.3 | ) | 410.4 | 454.0 | ||||||||||||
Share of Income/(Loss) of Equity Affiliates | 102.1 | (3.8 | ) | 6(a) | 98.3 | 108.8 | |||||||||||
Operating Income/(Loss) from Recurring Activities after Income/(Loss) of Equity Affiliates | 892.8 | (384.1 | ) | 508.7 | 562.8 | ||||||||||||
Income/(Loss) from Disposals of Activities | — | — | — | — | |||||||||||||
Charges from Non-Current Activities | (441.0 | ) | 371.1 | 6(f) | — | — | |||||||||||
69.9 | 6(a) | ||||||||||||||||
Operating Income/(Loss) | 451.8 | 56.9 | 508.7 | 562.8 | |||||||||||||
Financial Income | 660.2 | (1.6 | ) | 6(e) | — | — | |||||||||||
20.1 | 6(a) | ||||||||||||||||
(678.7 | ) | 6(f) | |||||||||||||||
Financial Expenses | (731.2 | ) | 15.7 | 6(b) | — | — | |||||||||||
5.4 | 6(e) | ||||||||||||||||
710.1 | 6(f) | ||||||||||||||||
Financial Income/(Expenses), net | 678.7 | 6(f) | (31.4 | ) | (34.7 | ) | |||||||||||
(710.1 | ) | 6(f) | |||||||||||||||
Income/(Loss) before Tax | 380.8 | 96.5 | 477.3 | 528.1 | |||||||||||||
Income Tax Expense | (130.7 | ) | 3.2 | 6(a) | (121.0 | ) | (133.9 | ) | |||||||||
5.1 | 6(b) | ||||||||||||||||
(1.0 | ) | 6(d) | |||||||||||||||
2.4 | 6(e) | ||||||||||||||||
Income/(Loss) from Continuing Operations | 250.1 | 106.2 | 356.3 | 394.2 | |||||||||||||
Net Income/(Loss) for the Period | € | 250.1 | € | 106.2 | € | 356.3 | $ | 394.2 | |||||||||
Net Income/(Loss) attributable to Technip | 281.3 | 106.2 | 387.5 | 428.7 | |||||||||||||
Net Income/(Loss) attributable to minority interests | € | (31.2 | ) | € | (31.2 | ) | $ | (34.5 | ) |
1) | Expected Rate of return - Under IFRS, companies calculate a net interest cost (income) by applying the discount rate to the defined benefit liability (asset). Additionally the discount rate should be determined by reference to market yields on high quality corporate bonds in the same currency as the benefits to be paid with durations that are similar to those of the benefit obligation. |
2) | Timing of recognition of curtailments - Under IFRS, curtailment gains and losses should be recorded when the curtailment occurs and the gain or loss related to plan amendments, curtailments, and termination benefits that occur in connection with a restructuring to be recognized when the related restructuring cost is recognized, if that is earlier than the normal IAS 19 recognition date. |
3) | Recognition of prior service costs and credits - Under IFRS, prior service costs and credits require immediate recognition in income for the effects of plan amendments that create an increase (or decrease) to the benefit obligation (i.e., prior service cost). Under U.S. GAAP, prior service costs and credits are required to be initially recognized in OCI and then amortized through net income over future periods. |
4) | Classification of net benefit cost - Under IFRS companies can present different components of net benefit cost within different line items on the income statement, such as operating expenses and finance expense. Under U.S. GAAP all components of net benefit cost must be aggregated and presented as a net amount in the income statement, presented in operating income. |
• | Goodwill historically presented in Intangible Assets, net has been reclassified to Goodwill; |
• | Investments historically included in Other Financial Assets has been reclassified to Investments; |
• | Available-For-Sale Financial Assets has been reclassified to Other Financial Assets; |
• | Advances Paid to Suppliers has been reclassified to Other Current Receivables; |
• | Assets classified as Held for Sale has been reclassified to Other Current Receivables; |
• | Foreign Currency Translation Reserves and Fair Value Reserves have been reclassified to Accumulated Other Comprehensive Income / (Loss); |
• | Net Income/(Loss) for the period has been reclassified to Retained Earnings; |
• | Accrued Pensions and Other Post-Retirement Benefits, less Current Portion historically included in Non-Current Provisions has been reclassified to Accrued Pensions and Other Post-Retirement Benefits, less Current Portions, and the remaining Non-Current Provisions has been reclassified to Other Non-Current Liabilities; |
• | Current Provisions has been reclassified to Other Current Liabilities; and |
• | Advance Payments historically included in Other Current Liabilities has been reclassified to Advance Payments. |
• | Selling Costs and Administrative Costs have been reclassified to Selling, General and Administrative Expenses; |
• | Other Operating Income and Other Operating Expense have been reclassified to Other Income/(Expenses), net; |
• | Charges from Non-Current Activities has been reclassified to Restructuring and Impairment Expenses; and |
• | Financial Income and Financial Expenses have been reclassified to Financial Income/(Expense), net. |
In millions of Euro | 12 months | ||||||
Notes | 2016 | 2015 | 2014 | ||||
Revenues | 4(a) | 8,313.4 | 10,337.9 | 10,073.9 | |||
Cost of Sales | 4(b) | (6,895.2 | ) | (8,892.2 | ) | (8,606.3 | ) |
Gross Margin | 1,418.2 | 1,445.7 | 1,467.6 | ||||
Research and Development Costs | 4(c) | (95.3 | ) | (86.1 | ) | (82.6 | ) |
Selling Costs | (211.9 | ) | (214.5 | ) | (221.1 | ) | |
Administrative Costs | 4(d) | (305.0 | ) | (403.9 | ) | (423.6 | ) |
Other Operating Income | 4(e) | 18.3 | 20.3 | 31.0 | |||
Other Operating Expenses | 4(f) | (33.6 | ) | (15.5 | ) | (11.4 | ) |
Operating Income/(Loss) from Recurring Activities | 790.7 | 746.0 | 759.9 | ||||
Share of Income/(Loss) of Equity Affiliates | 11 | 102.1 | 54.6 | 40.3 | |||
Operating Income from Recurring Activities after Income/(Loss) of Equity Affiliates | 892.8 | 800.6 | 800.2 | ||||
Income/(Charges) from Disposals of Activities | 4(g) | — | — | (5.5 | ) | ||
Income/(Charges) from Non-Current Activities | 4(h) | (441.0 | ) | (469.8 | ) | (68.1 | ) |
Operating Income/(Loss) | 451.8 | 330.8 | 726.6 | ||||
Financial Income | 5(a) | 660.2 | 625.5 | 450.0 | |||
Financial Expenses | 5(b) | (731.2 | ) | (783.1 | ) | (577.3 | ) |
Income/(Loss) before Tax | 380.8 | 173.2 | 599.3 | ||||
Income Tax Expense | 6 | (130.7 | ) | (117.0 | ) | (156.9 | ) |
Income/(Loss) from Continuing Operations | 250.1 | 56.2 | 442.4 | ||||
NET INCOME/(LOSS) FOR THE YEAR | 250.1 | 56.2 | 442.4 | ||||
Attributable to: | |||||||
Shareholders of the Parent Company | 281.3 | 45.1 | 436.6 | ||||
Non-Controlling Interests | (31.2 | ) | 11.1 | 5.8 | |||
Earnings per Share (in Euro) | 8 | 2.36 | 0.39 | 3.89 | |||
Diluted Earnings per Share (in Euro) | 8 | 2.34 | 0.39 | 3.65 |
In millions of Euro | 12 months | |||||
Notes | 2016 | 2015 | 2014 | |||
Net Income/(Loss) for the Year | 250.1 | 56.2 | 442.4 | |||
Other Comprehensive Income | ||||||
Other Comprehensive Income to be Reclassified to Statement of Income in Subsequent Periods: | 242.5 | 49.5 | 16.5 | |||
Exchange Differences on Translating Entities Operating in Foreign Currency | 95.0 | 122.1 | 239.6 | |||
Fair Value Adjustment on Available-for-Sale Financial Assets | 20(d) | — | — | 19.7 | ||
Income Tax Effect | 20(d) | — | — | (0.7) | ||
Cash Flow Hedging | 20(d) | 200.7 | (91.0) | (348.1) | ||
Income Tax Effect | 20(d) | (53.2) | 18.4 | 106.0 | ||
Other Comprehensive Income not being Reclassified to Statement of Income in Subsequent Periods: | (2.5) | 12.2 | (71.3) | |||
Actuarial Gains/(Losses) on Defined Benefit Plans | 20(d) | (3.7) | 17.1 | (89.0) | ||
Income Tax Effect | 20(d) | 1.2 | (4.9) | 17.7 | ||
COMPREHENSIVE INCOME FOR THE YEAR | 490.1 | 117.9 | 387.6 | |||
Attributable to: | ||||||
Shareholders of the Parent Company | 509.7 | 119.4 | 381.4 | |||
Non-Controlling Interests | (19.6) | (1.5) | 6.2 |
In millions of Euro | Notes | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Property, Plant and Equipment, Net | 9 | 2,485.6 | 2,574.9 | 2,500.8 |
Intangible Assets, Net | 10 | 3,769.8 | 3,582.5 | 3,496.5 |
Investments in Equity Affiliates | 11 | 168.7 | 131.4 | 195.6 |
Other Financial Assets | 12 | 210.8 | 221.2 | 202.6 |
Deferred Tax Assets | 6(c) | 560.7 | 430.4 | 366.0 |
Available-for-Sale Financial Assets | 13 | 26.5 | 29.0 | 57.0 |
Total Non-Current Assets | 7,222.1 | 6,969.4 | 6,818.5 | |
Inventories | 14 | 317.5 | 431.3 | 355.7 |
Construction Contracts - Amounts in Assets | 15 | 460.8 | 637.6 | 755.1 |
Advances Paid to Suppliers | 675.0 | 160.4 | 294.7 | |
Financial Instruments | 26 | 225.8 | 47.1 | 46.6 |
Trade Receivables | 16 | 1,920.6 | 1,668.2 | 1,719.9 |
Current Income Tax Receivables | 251.4 | 220.3 | 158.9 | |
Other Current Receivables | 17 | 756.1 | 589.2 | 581.6 |
Cash and Cash Equivalents | 18 | 5,947.6 | 2,919.1 | 2,685.6 |
Total Current Assets | 10,554.8 | 6,673.2 | 6,598.1 | |
Assets Classified as Held for Sale | 19 | 2.1 | 26.4 | 3.2 |
TOTAL ASSETS | 17,779.0 | 13,669.0 | 13,419.8 |
In millions of Euro | Notes | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Share Capital | 20(a) | 90.9 | 90.8 | 86.9 |
Share Premium | 2,136.6 | 2,162.1 | 1,934.8 | |
Retained Earnings | 2,273.3 | 2,477.4 | 2,260.1 | |
Treasury Shares | 20(c) | (22.1) | (55.2) | (96.9) |
Foreign Currency Translation Reserves | 199.0 | 103.8 | (19.2) | |
Fair Value Reserves | 20(d) | (154.4) | (287.6) | (238.9) |
Net Income | 281.3 | 45.1 | 436.6 | |
Total Equity Attributable to Shareholders of the Parent Company | 4,804.6 | 4,536.4 | 4,363.4 | |
Non-Controlling Interests | (11.1) | 8.5 | 11.8 | |
Total Equity | 4,793.5 | 4,544.9 | 4,375.2 | |
Non-Current Financial Debts | 21 | 1,573.4 | 1,626.0 | 2,356.6 |
Non-Current Provisions | 22 | 276.2 | 242.0 | 231.6 |
Deferred Tax Liabilities | 6(c) | 145.9 | 175.4 | 196.2 |
Other Non-Current Liabilities | 25 | 26.8 | 32.2 | 40.6 |
Total Non-Current Liabilities | 2,022.3 | 2,075.6 | 2,825.0 | |
Current Financial Debts | 21 | 848.5 | 937.1 | 256.4 |
Trade Payables | 24 | 3,684.0 | 2,480.4 | 2,312.9 |
Construction Contracts - Amounts in Liabilities | 15 | 3,191.3 | 908.4 | 1,256.1 |
Financial Instruments | 26 | 556.6 | 334.4 | 300.5 |
Current Provisions | 22 | 658.9 | 433.7 | 326.3 |
Current Income Tax Payables | 301.2 | 200.0 | 137.7 | |
Other Current Liabilities | 25 | 1,722.7 | 1,754.5 | 1,629.7 |
Total Current Liabilities | 10,963.2 | 7,048.5 | 6,219.6 | |
Total Liabilities | 12,985.5 | 9,124.1 | 9,044.6 | |
TOTAL EQUITY AND LIABILITIES | 17,779.0 | 13,669.0 | 13,419.8 |
In millions of Euro | 12 months | ||||||
Notes | 2016 | 2015 | 2014 | ||||
Net Income/(Loss) for the Year (including Non-Controlling Interests) | 250.1 | 56.2 | 442.4 | ||||
Adjustments for: | |||||||
Depreciation and Impairment Losses of Property, Plant and Equipment | 9 | 290.4 | 324.9 | 263.8 | |||
Amortization and Impairment Losses of Intangible Assets | 10 | 15.8 | 21.1 | 19.5 | |||
Non-Cash Convertible Bond Expense | 25.7 | 30.2 | 29.2 | ||||
Expense related to Share-based Payment and Employee Savings Plans (“Plans d’Épargne Entreprise”) | 4(i) | 19.9 | 40.5 | 40.0 | |||
Non-Current Provisions (including Pensions and other Long-Term Employee Benefit Plans) | 63.3 | 136.4 | (35.4 | ) | |||
Share of (Income)/Loss of Equity Affiliates (net of Distributed Dividends) | (44.6 | ) | (35.7 | ) | (31.9 | ) | |
Net (Gains)/Losses on Disposal of Assets and Investments | 23.7 | (31.8 | ) | (7.1 | ) | ||
Deferred Income Tax (Credit)/Expense | 6(a) | (188.0 | ) | (63.8 | ) | 1.8 | |
456.3 | 478.0 | 722.3 | |||||
(Increase)/Decrease in Working Capital Requirement | (10.1 | ) | 153.0 | (597.3 | ) | ||
Net Cash Generated from/(Used in) Operating Activities | 446.2 | 631.0 | 125.0 | ||||
Purchases of Property, Plant and Equipment | 9 | (273.7 | ) | (280.3 | ) | (359.6 | ) |
Proceeds from Disposal of Property, Plant and Equipment | 4(e)-4(f) | 35.7 | 23.2 | 56.6 | |||
Purchases of Intangible Assets | 10 | (9.0 | ) | (13.0 | ) | (15.4 | ) |
Proceeds from Disposal of Intangible Assets | 0.1 | 0.1 | 4.7 | ||||
Acquisitions of Financial Assets | (6.7 | ) | (2.3 | ) | (36.7 | ) | |
Proceeds from Disposal of Financial Assets | 4(g)-4(h) | (80.9 | ) | 1.2 | 24.6 | ||
Acquisition Costs of Consolidated Companies, net of Cash Acquired | 2 | 3,288.9 | (30.7 | ) | (58.8 | ) | |
Net Cash Generated from/(Used in) Investing Activities | 2,954.4 | (301.8 | ) | (384.6 | ) | ||
Increase in Borrowings | 599.1 | 84.4 | 216.9 | ||||
Decrease in Borrowings | (814.2 | ) | (197.8 | ) | (136.9 | ) | |
Capital Increase | 1.5 | 94.3 | 11.7 | ||||
Share Buy-Back | 20(c) | (168.8 | ) | — | (41.8 | ) | |
Dividends Paid | 20(g) | (100.8 | ) | (88.9 | ) | (206.5 | ) |
Dividends Paid to Non-Controlling Interests | — | (5.8 | ) | (2.8 | ) | ||
Net Cash Generated from/(Used in) Financing Activities | (483.2 | ) | (113.8 | ) | (159.4 | ) | |
Net Effects of Foreign Exchange Rate Changes | 111.1 | 18.9 | 117.0 | ||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 3,028.5 | 234.3 | (302.0 | ) | |||
Cash and Cash Equivalents as of January 1 | 18 | 2,919.1 | 2,685.6 | 2,989.1 | |||
Bank Overdrafts as of January 1 | (0.1 | ) | (0.9 | ) | (2.4 | ) | |
Cash and Cash Equivalents as of December 31 | 18 | 5,947.6 | 2,919.1 | 2,685.6 | |||
Bank Overdrafts as of December 31 | (0.1 | ) | (0.1 | ) | (0.9 | ) | |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 3,028.5 | 234.3 | (302.0 | ) |
In millions of Euro | Share Capital | Share Premium | Retained Earnings | Treasury Shares | Foreign Currency Translation Reserves | Fair Value Reserves | Net Income - Parent Company | Share- holders’ Equity - Parent Company | Share- holders’ Equity - Non- Controlling Interests | Total Share- holders’ Equity | ||||||||||
As of January 1, 2014 | 86.7 | 1,923.3 | 1,972.1 | (133.6 | ) | (259.5 | ) | 4.7 | 563.1 | 4,156.8 | 17.3 | 4,174.1 | ||||||||
Net Income 2014 | — | — | — | — | — | — | 436.6 | 436.6 | 5.8 | 442.4 | ||||||||||
Other Comprehensive Income | — | — | — | — | 239.2 | (294.4 | ) | — | (55.2 | ) | 0.4 | (54.8 | ) | |||||||
Comprehensive Income 2014 | — | — | — | — | 239.2 | (294.4 | ) | 436.6 | 381.4 | 6.2 | 387.6 | |||||||||
Capital Increase | 0.2 | 11.5 | — | — | — | — | — | 11.7 | — | 11.7 | ||||||||||
Appropriation of Net Income 2013 | — | — | 563.1 | — | — | — | (563.1 | ) | — | — | — | |||||||||
Dividends | — | — | (206.5 | ) | — | — | — | — | (206.5 | ) | — | (206.5 | ) | |||||||
Treasury Shares | — | — | (58.3 | ) | 36.7 | — | — | — | (21.6 | ) | — | (21.6 | ) | |||||||
Valuation of Share-based Payment and Employee Savings Plans (“Plans d’Épargne Entreprise”) | — | — | 40.0 | — | — | — | — | 40.0 | — | 40.0 | ||||||||||
Other (*) | — | — | (50.3 | ) | — | 1.1 | 50.8 | — | 1.6 | (11.7 | ) | (10.1 | ) | |||||||
As of December 31, 2014 | 86.9 | 1,934.8 | 2,260.1 | (96.9 | ) | (19.2 | ) | (238.9 | ) | 436.6 | 4,363.4 | 11.8 | 4,375.2 | |||||||
Net Income 2015 | — | — | — | — | — | — | 45.1 | 45.1 | 11.1 | 56.2 | ||||||||||
Other Comprehensive Income | — | — | — | — | 123.0 | (48.7 | ) | — | 74.3 | (12.6 | ) | 61.7 | ||||||||
Comprehensive Income 2015 | — | — | — | — | 123.0 | (48.7 | ) | 45.1 | 119.4 | (1.5 | ) | 117.9 | ||||||||
Capital Increase | 3.9 | 227.3 | — | — | — | — | — | 231.2 | — | 231.2 | ||||||||||
Appropriation of Net Income 2014 | — | — | 436.6 | — | — | — | (436.6 | ) | — | — | — | |||||||||
Dividends | — | — | (225.8 | ) | — | — | — | — | (225.8 | ) | — | (225.8 | ) | |||||||
Treasury Shares | — | — | (35.6 | ) | 41.7 | — | — | — | 6.1 | — | 6.1 | |||||||||
Valuation of Share-based Payment and Employee Savings Plans (“Plans d’Épargne Entreprise”) | — | — | 40.5 | — | — | — | — | 40.5 | — | 40.5 | ||||||||||
Other (*) | — | — | 1.6 | — | — | — | — | 1.6 | (1.8 | ) | (0.2 | ) | ||||||||
As of December 31, 2015 | 90.8 | 2,162.1 | 2,477.4 | (55.2 | ) | 103.8 | (287.6 | ) | 45.1 | 4,536.4 | 8.5 | 4,544.9 | ||||||||
Net Income 2016 | — | — | — | — | — | — | 281.3 | 281.3 | (31.2 | ) | 250.1 | |||||||||
Other Comprehensive Income | — | — | — | — | 95.2 | 133.2 | — | 228.4 | 11.6 | 240.0 | ||||||||||
Comprehensive Income 2016 | — | — | — | — | 95.2 | 133.2 | 281.3 | 509.7 | (19.6 | ) | 490.1 | |||||||||
Net Capital Increase | 0.1 | (25.5 | ) | (6.1 | ) | — | — | — | — | (31.5 | ) | — | (31.5 | ) | ||||||
Appropriation of Net Income 2015 | — | — | 45.1 | — | — | — | (45.1 | ) | — | — | — | |||||||||
Dividends | — | — | (236.6 | ) | — | — | — | — | (236.6 | ) | — | (236.6 | ) | |||||||
Treasury Shares | — | — | (28.1 | ) | 33.1 | — | — | — | 5.0 | — | 5.0 | |||||||||
Valuation of Share-based Payment and Employee Savings Plans (“Plans d’Épargne Entreprise”) | — | — | 19.9 | — | — | — | — | 19.9 | — | 19.9 | ||||||||||
Other (*) | — | — | 1.7 | — | — | — | — | 1.7 | — | 1.7 | ||||||||||
AS OF DECEMBER 31, 2016 | 90.9 | 2,136.6 | 2,273.3 | (22.1 | ) | 199.0 | (154.4 | ) | 281.3 | 4,804.6 | (11.1 | ) | 4,793.5 | |||||||
(*) Includes effects of purchases of non-controlling interests and reclassifications due to changes in the consolidation scope. |
• | IFRS 9 “FINANCIAL INSTRUMENTS” |
• | IFRS 15 “REVENUE FROM CONTRACTS WITH CUSTOMERS” |
• | IFRS 16 “LEASES” |
• | the power over the company subject to the investment; |
• | an exposure or rights to the company’s variable returns; and |
• | the ability to use its power over the entity to affect these returns. |
• | the purchase of material, the subcontracting cost of engineering, the cost of markets, and all other costs directly linked to the contract; |
• | labour costs, related social charges and operating expenses that are directly connected. Selling costs of contracts, research and development costs and the potential charge of “overabsorption” are excluded from those evaluations; and |
• | other costs, if any, which could be reinvoiced to the client when specified in the contract clauses. Costs on construction contracts do not include financial expenses. |
• | the initial selling price; |
• | every additional amendment, variation order and modification (together “changes”) to the initial contract if it is probable that these changes could be reliably measured and that they are accepted by the client; and |
• | financial result on contracts when the corresponding cash management is completely separate from the central treasury and that contracts generate a significant net cash position. |
• | the balance of “Construction Contracts - Amounts in Assets”, which at that time amounts to the total sale price of the contract, less accumulated payments received under this contract at the delivery date, is invoiced to the customer and recorded as current receivables on contracts (see Note 16 - Trade receivables); |
• | if necessary, a liability may be accrued and recorded in “Other Current Payables” in the statement of financial position in order to cover pending expenses to get the acceptance certificate from the client. |
• | its hedging role must be clearly defined and documented at the date of inception; and |
• | its efficiency should be proved at the date of inception and/or as long as it remains efficient. If the efficiency test results in a score between 80 and 125%, changes in fair value or in cash flows of the covered element must be almost entirely offset by the changes in fair value or in cash flows of the derivative instrument. |
• | derivative instruments considered as hedging are classified as current assets and liabilities, as they follow the operating cycle; and |
• | derivative instruments not considered as hedging are also classified as current assets and liabilities. |
• | regarding cash flow hedges, the portion of the gain or loss corresponding to the effectiveness of the hedging instrument is recorded directly in other comprehensive income, and the ineffective portion of the gain or loss on the hedging instrument is recorded in the income statement. The exchange gain or loss on derivative cash flow hedging instruments, which is deferred in equity, is reclassified in the net income of the period(s) in which the specified hedged transaction affects the income statement; |
• | the changes in fair value of derivative financial instruments that qualify as fair value hedge are recorded as financial income or expenses. The ineffective portion of the gain or loss is immediately recorded in the income statement. The carrying amount of a hedged item is adjusted by the gain or loss on this hedged item which may be allocated to the hedged risk and is recorded in the income statement; and |
• | the changes in fair value of derivative financial instruments that do not qualify as hedging in accounting standards are directly recorded in the income statement. |
• | Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; |
• | Level 2: inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; |
• | Level 3: inputs which have a significant effect on the recorded fair value and that are not based on observable market data. |
• | that engages in business activities from which it may earn revenues and incur expenses; |
• | whose operating results are regularly reviewed by the entity’s chief operating decision maker; and |
• | for which distinct financial information is available. |
• | the Subsea segment includes the design, manufacture, procurement and installation of subsea equipment; |
• | the Onshore/Offshore segment includes the entire engineering and construction business for petrochemical and refining plants as well as facilities for developing onshore oil and gas fields (including gas treatment units, liquefied natural gas (LNG) units and onshore pipelines). It also includes the renewable energies and the engineering and construction of non-petroleum facilities; as well as the design and construction of fixed or floating facilities and surface installations; and |
• | the Corporate segment includes holding company activities and central services rendered to Group subsidiaries, including IT services and reinsurance activities. |
• | Europe, Russia and Central Asia; |
• | Africa; |
• | Middle East; |
• | Asia Pacific; and |
• | Americas. |
• | Buildings 10 to 50 years |
• | Vessels 10 to 30 years |
• | Machinery and Equipment 6 to 10 years |
• | Office Fixtures and Furniture 5 to 10 years |
• | Vehicles 3 to 7 years |
• | IT Equipment 3 to 5 years |
• | the projects are clearly identified; |
• | the Group is able to reliably measure expenditures incurred by each project during its development; |
• | the Group is able to demonstrate the technical and industrial feasibility of the project; |
• | the Group has the financial and technical resources available to achieve the project; |
• | the Group can demonstrate its intention to complete, to use or to commercialize products resulting from the project; and |
• | the Group is able to demonstrate the existence of a market for the output of the intangible asset, or, if it is used internally, the usefulness of the intangible asset. |
• | the Group has an ongoing obligation (legal or constructive) as a result of a past event; |
• | the settlement of the obligation will likely require an outflow of resources embodying economic benefits without expected counterpart; and |
• | the amount of the obligation can be reliably estimated: provisions are measured according to the risk assessment or the exposed charge, based upon best-known elements. |
• | end-of-career benefits, to be paid at the retirement date; |
• | deferred compensation, to be paid when an employee leaves the Company; |
• | retirement benefits to be paid in the form of a pension. |
• | existence of temporary differences which will cause taxation in the future; |
• | forecasts of taxable results; |
• | analysis of the past taxable results; and |
• | existence of significant and non-recurring income and expenses, included in the past tax results, which should not repeat in the future. |
• | a debt component is recognized at amortized cost, which was determined using the market interest rate for a non- convertible bond with similar features. The carrying amount is recognized net of its proportionate share of the debt issuance costs; and |
• | a conversion option component is recognized in equity for an amount equal to the difference between the issuing price of the OCEANE convertible bond and the value of the debt component. The carrying amount is recognized net of its proportionate share of the debt issuance costs and corresponding deferred taxes. This value is not remeasured but will be adjusted for all conversion of bonds. |
Fully Consolidated Companies | Country | As of December 31, 2016 % Interest | As of December 31, 2016 % Control |
Technip | France | Consolidating Company | Consolidating Company |
Cofri | France | 100% | 100% |
Flexi France | France | 100% | 100% |
Safrel | France | 100% | 100% |
Technip France | France | 100% | 100% |
Technip Offshore International | France | 100% | 100% |
Technipnet | France | 100% | 100% |
Yamgaz | France | 50% | 100% |
South Tambey LNG | France | 50% | 100% |
Angoflex - Industrial Lda | Angola | 70% | 100% |
Technip Angola Engenharia Ltda | Angola | 60% | 100% |
Technip Oceania Pty Ltd | Australia | 100% | 100% |
Flexibras Tubos Flexiveis | Brazil | 100% | 100% |
Technip Brasil Engenharia | Brazil | 100% | 100% |
Technip India | India | 100% | 100% |
Technip Italy | Italy | 100% | 100% |
PT Technip Indonesia | Indonesia | 100% | 100% |
Asiaflex Products | Malaysia | 100% | 100% |
Technip Far East | Malaysia | 100% | 100% |
Technip Geoproduction (M) | Malaysia | 100% | 100% |
Technip Marine (M) Sdn. Bhd. | Malaysia | 100% | 100% |
Global Vessels Mexico S. de R.L. de C.V. | Mexico | 100% | 100% |
Technip Benelux BV | Netherlands | 100% | 100% |
Technip Holding Benelux BV | Netherlands | 100% | 100% |
Technip Ships (Netherlands) BV | Netherlands | 100% | 100% |
Technip Norge AS | Norway | 100% | 100% |
Technip RUS | Russia | 100% | 100% |
Technip UK Ltd | United Kingdom | 100% | 100% |
Technip Stone & Webster Process Technology, Inc. | United States of America | 100% | 100% |
Technip Umbilicals Inc. | United States of America | 100% | 100% |
Technip USA Inc. | United States of America | 100% | 100% |
Companies accounted for under the equity method | Country | As of December 31, 2016 % Interest | As of December 31, 2016 % Control |
Dofcon Navegaçao Ltda | Brazil | 50% | 50% |
Technip Odebrecht PLSV CV | Netherlands | 50% | 50% |
Forsys Subsea Ltd | United Kingdom | 50% | 50% |
Fully Consolidated Companies | Country | As of December 31, 2015 % Interest | As of December 31, 2015 % Control |
Technip | France | Consolidating Company | Consolidating Company |
Angoflex SAS | France | 100% | 100% |
Cybernétix | France | 100% | 100% |
Flexi France | France | 100% | 100% |
Seal Engineering | France | 100% | 100% |
Technip Eurocash SNC | France | 100% | 100% |
Technip France | France | 100% | 100% |
Technip Offshore International | France | 100% | 100% |
Technipnet | France | 100% | 100% |
Technip Angola | Angola | 60% | 100% |
Global Offshore Pty Ltd | Australia | 100% | 100% |
Technip Oceania Pty Ltd | Australia | 100% | 100% |
Flexibras Tubos Flexiveis | Brazil | 100% | 100% |
Global Brasil Oleodutos e Servicos Ltda | Brazil | 100% | 100% |
Technip Brasil Engenharia | Brazil | 100% | 100% |
Technip Operadora Portuaria | Brazil | 100% | 100% |
Technip Offshore Finland OY | Finland | 100% | 100% |
Technip Germany | Germany | 100% | 100% |
Technip India | India | 100% | 100% |
PT Global Industries Asia Pacific | Indonesia | 100% | 100% |
PT Technip Indonesia | Indonesia | 100% | 100% |
Technip Italy | Italy | 100% | 100% |
Front End Re | Luxembourg | 100% | 100% |
Asiaflex Products | Malaysia | 100% | 100% |
Technip Far East | Malaysia | 100% | 100% |
Technip Geoproduction (M) | Malaysia | 100% | 100% |
Technip Marine (M) Sdn. Bhd. | Malaysia | 100% | 100% |
Global Offshore Mexico S. de R.L. de C.V. | Mexico | 100% | 100% |
Technip de Mexico S. de R. L. de C.V. | Mexico | 100% | 100% |
Technip Benelux BV | Netherlands | 100% | 100% |
Technip Ships (Netherlands) BV | Netherlands | 100% | 100% |
Technip Offshore (Nigeria) | Nigeria | 100% | 100% |
Technip Chartering Norge AS | Norway | 100% | 100% |
Technip Coflexip Norge AS | Norway | 100% | 100% |
Technip Norge AS | Norway | 100% | 100% |
Technip Chemical Engineering (Tianjin) | People’s Republic of China | 100% | 100% |
Technip RUS | Russia | 100% | 100% |
Technip Saudi Arabia | Saudi Arabia | 100% | 100% |
Fully Consolidated Companies | Country | As of December 31, 2015 % Interest | As of December 31, 2015 % Control |
Coflexip Singapore | Singapore | 100% | 100% |
Technip Singapore | Singapore | 100% | 100% |
Technip Engineering (Thailand) | Thailand | 100% | 100% |
Genesis Oil & Gas Consultants Ltd | United Kingdom | 100% | 100% |
Technip E&C Ltd | United Kingdom | 100% | 100% |
Technip UK Ltd | United Kingdom | 100% | 100% |
Technip E&C, Inc. | United States of America | 100% | 100% |
Technip S&W International, Inc. | United States of America | 100% | 100% |
Technip Stone & Webster Process Technology, Inc. | United States of America | 100% | 100% |
Technip Umbilicals Inc. | United States of America | 100% | 100% |
Technip USA Holdings Inc. | United States of America | 100% | 100% |
Technip USA Inc. | United States of America | 100% | 100% |
Companies accounted for under the equity method | Country | As of December 31, 2015 % Interest | As of December 31, 2015 % Control |
South Tambey LNG | France | 50% | 50% |
Yamgaz | France | 50% | 50% |
Dofcon Navegaçao Ltda | Brazil | 50% | 50% |
Desarrolladora de Etileno, S. de R.L. de C.V. | Mexico | 40% | 40% |
Ethylene XXI Contractors S.A.P.I. de C.V. | Mexico | 40% | 40% |
Etileno XXI Holding BV | Netherlands | 50% | 50% |
Etileno XXI Services BV | Netherlands | 40% | 40% |
Technip Odebrecht PLSV CV | Netherlands | 50% | 50% |
Yamgaz (Shanghai) Co. Ltd | People’s Republic of China | 50% | 50% |
Forsys Subsea Ltd | United Kingdom | 50% | 50% |
Fully Consolidated Companies | Country | As of December 31, 2014 % interest | As of December 31, 2014 % control |
Technip | France | Consolidating Company | Consolidating Company |
Technip France | France | 100% | 100% |
Flexi France | France | 100% | 100% |
Technip Corporate Services | France | 100% | 100% |
Technip Eurocash SNC | France | 100% | 100% |
Technip Offshore International | France | 100% | 100% |
Technipnet | France | 100% | 100% |
Angoflex Lda. | Angola | 70% | 100% |
Technip Angola | Angola | 60% | 100% |
Global Offshore Pty Ltd | Australia | 100% | 100% |
Flexibras Tubos Flexiveis | Brazil | 100% | 100% |
Fully Consolidated Companies | Country | As of December 31, 2014 % interest | As of December 31, 2014 % control |
Global Brasil Oleodutos E Servicos Ltda | Brazil | 100% | 100% |
Technip Brasil Engenharia | Brazil | 100% | 100% |
Technip Canada | Canada | 100% | 100% |
Global Industries International, LP | Cayman Islands, British West-Indies | 100% | 100% |
Technip Offshore Finland OY | Finland | 100% | 100% |
Technip Zimmer Gmbh | Germany | 100% | 100% |
Technip India | India | 100% | 100% |
Technip Italy | Italy | 100% | 100% |
Front End Re | Luxembourg | 100% | 100% |
Global Asia Pacific Industries Sdn. Bhd. | Malaysia | 100% | 100% |
Technip Far East | Malaysia | 100% | 100% |
Technip Geoproduction (M) | Malaysia | 100% | 100% |
Technip Marine (M) Sdn. Bhd. | Malaysia | 100% | 100% |
Coflexip Stena Offshore (Mauritius) | Mauritius | 100% | 100% |
Global Offshore Mexico S. de R.L. de C.V. | Mexico | 100% | 100% |
Technip Benelux BV | Netherlands | 100% | 100% |
Technip Ships (Netherlands) BV | Netherlands | 100% | 100% |
Technip Offshore (Nigeria) | Nigeria | 100% | 100% |
Technip Norge AS | Norway | 100% | 100% |
Technip RUS | Russia | 100% | 100% |
Technip Saudi Arabia | Saoudi Arabia | 100% | 100% |
Technip Singapore | Singapore | 100% | 100% |
Technip Middle East | United Arab Emirates | 100% | 100% |
Genesis Oil & Gas Consultants Ltd | United Kingdom | 100% | 100% |
Technip UK Ltd | United Kingdom | 100% | 100% |
Technip E&C, Inc. | United States of America | 100% | 100% |
Technip Stone & Webster Process Technology, Inc. | United States of America | 100% | 100% |
Technip Umbilicals Inc. | United States of America | 100% | 100% |
Technip USA Holdings Inc. | United States of America | 100% | 100% |
Technip USA Inc. | United States of America | 100% | 100% |
Companies accounted for under the equity method | Country | As of December 31, 2014 % interest | As of December 31, 2014 % control |
South Tambey LNG | France | 50% | 50% |
Yamgaz | France | 50% | 50% |
FSTP Brasil Ltda | Brazil | 25% | 25% |
Dofcon Navegacao Ltda | Brazil | 50% | 50% |
Ethylene XXI Contractors S.A.P.I. de C.V. | Mexico | 40% | 40% |
Etileno XXI Services BV | Netherlands | 40% | 40% |
Technip Odebrecht PLSV CV | Netherlands | 50% | 50% |
FSTP Pte Ltd | Singapore | 25% | 25% |
Badger Licensing LLC - JV | United States of America | 50% | 50% |
In millions of Euro | 2016 | |||||||||||||||
Subsea | Onshore/ Offshore | Corporate | Non Allocable and Eliminations | Total Continuing Operations | Total Adjusted | Adjustments | Total Consolidated | |||||||||
Revenues | 5,288.9 | 5,761.7 | — | — | 11,050.6 | 11,050.6 | (2,737.2 | ) | 8,313.4 | |||||||
Gross Margin | 979.8 | 558.0 | — | — | 1,537.8 | 1,537.8 | (119.6 | ) | 1,418.2 | |||||||
Operating Income/(Loss) from Recurring Activities | 704.3 | 274.5 | (68.6 | ) | — | 910.2 | 910.2 | (119.5 | ) | 790.7 | ||||||
Share of Income/(Loss) of Equity Affiliates | 19.9 | 4.1 | — | — | 24.0 | 24.0 | 78.1 | 102.1 | ||||||||
Operating Income/(Loss) from Recurring Activities after Income/(Loss) of Equity Affiliates | 724.2 | 278.6 | (68.6 | ) | — | 934.2 | 934.2 | (41.4 | ) | 892.8 | ||||||
Income/(Charges) from Disposals of Activities | — | — | — | — | — | — | — | — | ||||||||
Income/(Charges) from Non-Current Activities | — | — | — | (441.0 | ) | (441.0 | ) | (441.0 | ) | — | (441.0 | ) | ||||
Operating Income/(Loss) | 724.2 | 278.6 | (68.6 | ) | (441.0 | ) | 493.2 | 493.2 | (41.4 | ) | 451.8 | |||||
Financial Income/(Expenses) | — | — | — | (75.1 | ) | (75.1 | ) | (75.1 | ) | 4.1 | (71.0 | ) | ||||
Income Tax Expense | — | — | — | (168.0 | ) | (168.0 | ) | (168.0 | ) | 37.3 | (130.7 | ) | ||||
NET INCOME/(LOSS) FOR THE YEAR | NA | NA | NA | NA | 250.1 | 250.1 | — | 250.1 | ||||||||
Segment Assets | 8,704.5 | 8,338.6 | (180.2 | ) | — | 16,862.9 | 16,862.9 | (61.0 | ) | 16,801.9 | ||||||
Investments in Equity Affiliates | 108.0 | 49.6 | — | — | 157.6 | 157.6 | 11.1 | 168.7 | ||||||||
Unallocated Assets | — | — | — | 809.8 | 809.8 | 809.8 | (1.4 | ) | 808.4 | |||||||
TOTAL ASSETS | 8,812.6 | 8,388.1 | (180.2 | ) | 809.8 | 17,830.3 | 17,830.3 | (51.3 | ) | 17,779.0 | ||||||
Segment Liabilities (1) | 3,796.2 | 6,332.9 | 2,488.8 | — | 12,617.9 | 12,617.9 | (47.0 | ) | 12,570.9 | |||||||
Unallocated Liabilities (2) | — | — | — | 5,212.4 | 5,212.4 | 5,212.4 | (4.3 | ) | 5,208.1 | |||||||
TOTAL LIABILITIES AND EQUITY | 3,796.2 | 6,332.9 | 2,488.8 | 5,212.4 | 17,830.3 | 17,830.3 | (51.3 | ) | 17,779.0 | |||||||
Other Segment Information | ||||||||||||||||
Backlog (3) | 4,690.9 | 11,309.0 | — | — | 15,999.9 | 15,999.9 | NA | NA | ||||||||
Order Intake (4) | 2,155.2 | 3,333.6 | — | — | 5,488.8 | 5,488.8 | NA | NA | ||||||||
Capital Expenditures: | ||||||||||||||||
Š Property, Plant and Equipment | 255.1 | 19.2 | — | — | 274.3 | 274.3 | (0.6 | ) | 273.7 | |||||||
Š Intangible Assets | 4.1 | 5.1 | — | — | 9.2 | 9.2 | (0.2 | ) | 9.0 | |||||||
Amortization: | ||||||||||||||||
Š Property, Plant and Equipment | (232.9 | ) | (23.8 | ) | — | — | (256.7 | ) | (256.7 | ) | 0.8 | (255.9 | ) | |||
Š Intangible Assets | (7.6 | ) | (8.2 | ) | — | — | (15.8 | ) | (15.8 | ) | — | (15.8 | ) | |||
Impairment of Assets | — | — | — | (34.5 | ) | (34.5 | ) | (34.5 | ) | — | (34.5 | ) | ||||
(1) Segment liabilities allocated to the Corporate segment include financial debts such as bonds and other bank borrowings. (2) Non allocable liabilities essentially include shareholders’ equity. (3) Corresponds to ongoing contracts to be delivered. The backlog is defined as the difference at a specified date between the aggregate contractual sale price of all contracts in force and the cumulative revenues recognized from these contracts as of that date. (4) Corresponds to signed contracts which have come into force. |
In millions of Euro | 2015 | |||||||||||||||
Subsea | Onshore/ Offshore | Corporate | Non Allocable and Eliminations | Total Continuing Operations | Total Adjusted | Adjustments | Total Consolidated | |||||||||
Revenues | 5,876.0 | 6,332.7 | — | — | 12,208.7 | 12,208.7 | (1,870.8 | ) | 10,337.9 | |||||||
Gross Margin | 1,118.3 | 363.4 | — | — | 1,481.7 | 1,481.7 | (36.0 | ) | 1,445.7 | |||||||
Operating Income/(Loss) from Recurring Activities | 832.0 | 32.8 | (82.6 | ) | — | 782.2 | 782.2 | (36.2 | ) | 746.0 | ||||||
Share of Income/(Loss) of Equity Affiliates | 19.1 | 1.1 | — | — | 20.2 | 20.2 | 34.4 | 54.6 | ||||||||
Operating Income/(Loss) from Recurring Activities after Income/(Loss) of Equity Affiliates | 851.1 | 33.9 | (82.6 | ) | — | 802.4 | 802.4 | (1.8 | ) | 800.6 | ||||||
Income/(Charges) from Disposals of Activities | — | — | — | — | — | — | — | — | ||||||||
Income/(Charges) from Non-Current Activities | — | (1.2 | ) | — | (468.6 | ) | (469.8 | ) | (469.8 | ) | — | (469.8 | ) | |||
Operating Income/(Loss) | 851.1 | 32.7 | (82.6 | ) | (468.6 | ) | 332.6 | 332.6 | (1.8 | ) | 330.8 | |||||
Financial Income/(Expenses) | — | — | — | (157.4 | ) | (157.4 | ) | (157.4 | ) | (0.2 | ) | (157.6 | ) | |||
Income Tax Expense | — | — | — | (119.0 | ) | (119.0 | ) | (119.0 | ) | 2.0 | (117.0 | ) | ||||
NET INCOME/(LOSS) FOR THE YEAR | NA | NA | NA | NA | 56.2 | 56.2 | — | 56.2 | ||||||||
Segment Assets | 5,881.7 | 7,286.4 | 1,569.3 | — | 14,737.4 | 14,737.4 | (1,850.5 | ) | 12,886.9 | |||||||
Investments in Equity Affiliates | 59.8 | 38.5 | — | — | 98.3 | 98.3 | 33.1 | 131.4 | ||||||||
Unallocated Assets | — | — | — | 700.3 | 700.3 | 700.3 | (49.6 | ) | 650.7 | |||||||
TOTAL ASSETS | 5,941.5 | 7,324.9 | 1,569.3 | 700.3 | 15,536.0 | 15,536.0 | (1,867.0 | ) | 13,669.0 | |||||||
Segment Liabilities (1) | 3,333.8 | 4,931.4 | 2,342.1 | — | 10,607.3 | 10,607.3 | (1,858.6 | ) | 8,748.7 | |||||||
Unallocated Liabilities (2) | — | — | — | 4,928.7 | 4,928.7 | 4,928.7 | (8.4 | ) | 4,920.3 | |||||||
TOTAL LIABILITIES AND EQUITY | 3,333.8 | 4,931.4 | 2,342.1 | 4,928.7 | 15,536.0 | 15,536.0 | (1,867.0 | ) | 13,669.0 | |||||||
Other Segment Information | ||||||||||||||||
Backlog (3) | 7,309.4 | 9,660.8 | — | — | 16,970.2 | 16,970.2 | NA | NA | ||||||||
Order Intake (4) | 3,105.8 | 4,459.3 | — | — | 7,565.1 | 7,565.1 | NA | NA | ||||||||
Capital Expenditures: | ||||||||||||||||
Š Property, Plant and Equipment | 255.1 | 26.7 | — | — | 281.8 | 281.8 | (1.5 | ) | 280.3 | |||||||
Š Intangible Assets | 6.3 | 6.8 | — | — | 13.1 | 13.1 | (0.1 | ) | 13.0 | |||||||
Amortization: | ||||||||||||||||
Š Property, Plant and Equipment | (257.2 | ) | (27.2 | ) | — | — | (284.4 | ) | (284.4 | ) | 0.2 | (284.2 | ) | |||
Š Intangible Assets | (10.2 | ) | (11.0 | ) | — | — | (21.2 | ) | (21.2 | ) | 0.1 | (21.1 | ) | |||
Impairment of Assets | — | — | — | (40.7 | ) | (40.7 | ) | (40.7 | ) | — | (40.7 | ) | ||||
(1) Segment liabilities allocated to the Corporate segment include financial debts such as bonds and other bank borrowings. (2) Non allocable liabilities essentially include shareholders’ equity. (3) Corresponds to ongoing contracts to be delivered. The backlog is defined as the difference at a specified date between the aggregate contractual sale price of all contracts in force and the cumulative revenues recognized from these contracts as of that date. (4) Corresponds to signed contracts which have come into force. |
In millions of Euro | 2014 | |||||||||||||||
Subsea | Onshore/ Offshore | Corporate | Non Allocable and Eliminations | Total Continuing Operations | Total adjusted | Adjustments | Total Consolidated | |||||||||
Revenues | 4,880.4 | 5,844.1 | — | — | 10,724.5 | 10,724.5 | (650.6 | ) | 10,073.9 | |||||||
Gross Margin | 898.6 | 615.6 | — | — | 1,514.2 | 1,514.2 | (46.6 | ) | 1,467.6 | |||||||
Operating Income/(Loss) from Recurring Activities | 624.2 | 268.9 | (86.7 | ) | — | 806.4 | 806.4 | (46.5 | ) | 759.9 | ||||||
Share of Income/(Loss) of Equity Affiliates | 10.9 | 7.3 | — | — | 18.2 | 18.2 | 22.1 | 40.3 | ||||||||
Operating Income from Recurring Activities after Income/(Loss) of Equity Affiliates | 635.1 | 276.2 | (86.7 | ) | — | 824.6 | 824.6 | (24.4 | ) | 800.2 | ||||||
Income/(Charges) from Disposals of Activities | — | — | — | (5.5 | ) | (5.5 | ) | (5.5 | ) | — | (5.5 | ) | ||||
Income/(Charges) from Non-Current Activities | (1.2 | ) | (5.1 | ) | (61.8 | ) | 68.1) | 68.1) | — | (68.1 | ) | |||||
Operating Income/(Loss) | 633.9 | 271.1 | (86.7 | ) | (67.3 | ) | 751.0 | 751.0 | (24.4 | ) | 726.6 | |||||
Financial Income/(Expenses) | — | — | — | (128.5 | ) | (128.5 | ) | (128.5 | ) | 1.2 | (127.3 | ) | ||||
Income Tax Expense | — | — | — | (180.1 | ) | (180.1 | ) | (180.1 | ) | 23.2 | (156.9 | ) | ||||
NET INCOME/(LOSS) FOR THE YEAR | NA | NA | NA | NA | 442.4 | 442.4 | — | 442.4 | ||||||||
Segment Assets | 6,513.1 | 5,312.9 | 2,042.8 | — | 13,868.8 | 13,868.8 | (1,182.2 | ) | 12,686.6 | |||||||
Investments in Equity Affiliates | 118.5 | 38.3 | — | — | 156.8 | 156.8 | 38.8 | 195.6 | ||||||||
Unallocated Assets | — | — | — | 574.4 | 574.4 | 574.4 | (36.8 | ) | 537.6 | |||||||
TOTAL ASSETS | 6,631.6 | 5,351.2 | 2,042.8 | 574.4 | 14,600.0 | 14,600.0 | (1,180.2 | ) | 13,419.8 | |||||||
Segment Liabilities (1) | 3,059.8 | 4,603.5 | 2,205.7 | — | 9,869.0 | 9,869.0 | (1,165.8 | ) | 8,703.2 | |||||||
Unallocated Liabilities (2) | — | — | — | 4,731.0 | 4,731.0 | 4,731.0 | (14.4 | ) | 4,716.6 | |||||||
TOTAL LIABILITIES AND EQUITY | 3,059.8 | 4,603.5 | 2,205.7 | 4,731.0 | 14,600.0 | 14,600.0 | (1,180.2 | ) | 13,419.8 | |||||||
Other Segment Information | ||||||||||||||||
Backlog (3) | 9,727.8 | 11,208.4 | — | — | 20,936.2 | 20,936.2 | NA | NA | ||||||||
Order Intake (4) | 6,837.3 | 8,458.5 | — | — | 15,295.8 | 15,295.8 | NA | NA | ||||||||
Capital Expenditures: | ||||||||||||||||
Š Property, Plant and Equipment | 330.7 | 29.5 | — | — | 360.2 | 360.2 | (0.6 | ) | 359.6 | |||||||
Š Intangible Assets | 6.9 | 8.5 | — | — | 15.4 | 15.4 | — | 15.4 | ||||||||
Amortization: | ||||||||||||||||
Š Property, Plant and Equipment | (219.0 | ) | (22.0 | ) | — | — | (241.0 | ) | (241.0 | ) | — | (241.0 | ) | |||
Š Intangible Assets | (8.8 | ) | (10.7 | ) | — | — | (19.5 | ) | (19.5 | ) | — | (19.5 | ) | |||
Impairment of Assets | (19.5 | ) | (3.3 | ) | — | — | (22.8 | ) | (22.8 | ) | — | (22.8 | ) | |||
(1) Segment liabilities allocated to the Corporate segment include financial debts such as bonds and other bank borrowings. (2) Non allocable liabilities essentially include shareholders’ equity. (3) Corresponds to ongoing contracts to be delivered. The backlog is defined as the difference at a specified date between the aggregate contractual sale price of all contracts in force and the cumulative revenues recognized from these contracts as of that date. (4) Corresponds to signed contracts which have come into force. |
In millions of Euro | 2016 | |||||||||||||
Europe, Russia, Central Asia | Africa | Middle East | Asia Pacific | Americas | Non Allocable | Total Consolidated | ||||||||
Revenues (1) | 2,146.5 | 1,794.6 | 645.0 | 1,602.3 | 2,125.0 | — | 8,313.4 | |||||||
Operating Income/(Loss) from Recurring Activities after Income/ (Loss) of Equity Affiliates | 327.6 | 191.5 | 26.2 | 161.3 | 254.8 | (68.6 | ) | 892.8 | ||||||
OPERATING INCOME/(LOSS) | 327.6 | 191.5 | 26.2 | 161.3 | 254.8 | (509.6 | ) | 451.8 | ||||||
Intangible Assets (excluding Goodwill) (2) | 193.5 | 0.5 | — | 0.7 | 47.6 | — | 242.3 | |||||||
Property, Plant and Equipment (3) | 422.9 | 54.0 | 0.5 | 181.7 | 254.5 | 1,572.0 | 2,485.6 | |||||||
Financial Assets (4) | 327.8 | 6.9 | (21.2 | ) | 22.1 | 70.4 | — | 406.0 | ||||||
(1) Includes revenues earned in France: €105.5 million. (2) Includes intangible assets in France: €190.6 million and in Brazil: €5.9 million. (3) Includes tangible assets in France: €166.2 million. The fleet of vessels (including vessels under construction) that operate in different geographical areas and therefore cannot be allocated to a specific area is reported under “Non allocable”. (4) Includes financial assets in France: €67.4 million and in United States of America: €6.7 million. |
In millions of Euro | 2015 | |||||||||||||
Europe, Russia, Central Asia | Africa | Middle East | Asia Pacific | Americas | Non Allocable | Total Consolidated | ||||||||
Revenues (1) | 2,898.5 | 1,852.4 | 958.0 | 2,036.9 | 2,592.1 | — | 10,337.9 | |||||||
Operating Income/(Loss) from Recurring Activities after Income/ (Loss) of Equity Affiliates | 253.9 | 149.4 | (89.6 | ) | 225.0 | 344.5 | (82.6 | ) | 800.6 | |||||
OPERATING INCOME/(LOSS) | 253.9 | 149.4 | (89.6 | ) | 225.0 | 344.5 | (552.4 | ) | 330.8 | |||||
Intangible Assets (excluding Goodwill) (2) | 55.9 | 0.5 | — | 0.4 | 47.7 | — | 104.5 | |||||||
Property, Plant and Equipment (3) | 526.4 | 54.2 | 0.7 | 204.7 | 217.1 | 1,571.8 | 2,574.9 | |||||||
Financial Assets (4) | 339.1 | 6.4 | (17.7 | ) | 25.6 | 28.2 | — | 381.6 | ||||||
(1) Includes revenues earned in France: €87.7 million. (2) Includes intangible assets in France: €52.7 million and in Brazil: €5.1 million. (3) Includes tangible assets in France: €164.2 million. The fleet of vessels (including vessels under construction) that operate in different geographical areas and therefore cannot be allocated to a specific area is reported under “Non allocable”. (4) Includes financial assets in France: €134.7 million and in United States of America: €11.7 million. |
In millions of Euro | 2014 | |||||||||||||
Europe, Russia, Central Asia | Africa | Middle East | Asia Pacific | Americas | Non Allocable | Total Consolidated | ||||||||
Revenues (1) | 3,091.9 | 1,219.4 | 1,199.9 | 1,962.5 | 2,600.2 | — | 10,073.9 | |||||||
Operating Income/(Loss) from Recurring Activities after Income/ (Loss) of Equity Affiliates | 345.1 | 5.2 | 72.7 | 168.8 | 295.1 | (86.7 | ) | 800.2 | ||||||
OPERATING INCOME/(LOSS) | 345.1 | 5.2 | 72.7 | 168.8 | 295.1 | (160.3 | ) | 726.6 | ||||||
Intangible Assets (excluding Goodwill) (2) | 59.5 | 0.6 | — | 1.0 | 46.7 | — | 107.8 | |||||||
Property, Plant and Equipment (3) | 562.0 | 55.1 | 0.9 | 178.0 | 315.6 | 1,389.2 | 2,500.8 | |||||||
Financial Assets (4) | 254.4 | 1.3 | (4.7 | ) | 20.2 | 184.0 | — | 455.2 | ||||||
(1) Includes revenues earned in France: €90.7 million. (2) Includes intangible assets in France: €57.5 million and in Brazil: €6.4 million. (3) Includes tangible assets in France: € 161.9 million. The fleet of vessels (including vessels under construction) that operate in different geographical areas and therefore cannot be allocated to a specific area is reported under “Non allocable”. (4) Includes financial assets in France: €93.1 million and in United States of America: €12.3 million. |
In millions of Euro | 12 months | |||||
2016 Adjusted | Adjustments | 2016 Consolidated | ||||
Revenues | 11,050.6 | (2,737.2 | ) | 8,313.4 | ||
Cost of Sales | (9,512.8 | ) | 2,617.6 | (6,895.2 | ) | |
Gross Margin | 1,537.8 | (119.6 | ) | 1,418.2 | ||
Research and Development Costs | (95.3 | ) | — | (95.3 | ) | |
Selling Costs | (211.9 | ) | — | (211.9 | ) | |
Administrative Costs | (305.2 | ) | 0.2 | (305.0 | ) | |
Other Operating Income | 18.5 | (0.2 | ) | 18.3 | ||
Other Operating Expenses | (33.7 | ) | 0.1 | (33.6 | ) | |
Operating Income/(Loss) from Recurring Activities | 910.2 | (119.5 | ) | 790.7 | ||
Share of Income/(Loss) of Equity Affiliates | 24.0 | 78.1 | 102.1 | |||
Operating Income from Recurring Activities after Income/(Loss) of Equity Affiliates | 934.2 | (41.4 | ) | 892.8 | ||
Income/(Charges) from Disposals of Activities | — | — | — | |||
Income/(Charges) from Non-Current Activities | (441.0 | ) | — | (441.0 | ) | |
Operating Income/(Loss) | 493.2 | (41.4 | ) | 451.8 | ||
Financial Income | 659.9 | 0.3 | 660.2 | |||
Financial Expenses | (735.0 | ) | 3.8 | (731.2 | ) | |
Income/(Loss) before Tax | 418.1 | (37.3 | ) | 380.8 | ||
Income Tax Expense | (168.0 | ) | 37.3 | (130.7 | ) | |
Income/(Loss) from Continuing Operations | 250.1 | — | 250.1 | |||
NET INCOME/(LOSS) FOR THE YEAR | 250.1 | — | 250.1 | |||
Attributable to: | — | — | — | |||
Shareholders of the Parent Company | 281.3 | — | 281.3 | |||
Non-Controlling Interests | (31.2) | — | (31.2) | |||
Earnings per Share (in Euro) | 2.36 | — | 2.36 | |||
Diluted Earnings per Share (in Euro) | 2.34 | — | 2.34 |
In millions of Euro | 12 months | |
2016 Adjusted | ||
Net Income/(Loss) for the Year Attributable to Shareholders of the Parent Company | 281.3 | |
One-off Charges (*) | 441.0 | |
Other Charges | — | |
Financial Result and Tax effect | (85.0 | ) |
Underlying Net Income/(Loss) for the Year | 637.3 | |
(*) See Note 4(h) - Income/(Charges) from Non-Current Activities. |
In millions of Euro | 12 months | |||||
2015 Adjusted | Adjustments | 2015 Consolidated | ||||
Revenues | 12,208.7 | (1,870.8 | ) | 10,337.9 | ||
Cost of Sales | (10,727.0 | ) | 1,834.8 | (8,892.2 | ) | |
Gross Margin | 1,481.7 | (36.0 | ) | 1,445.7 | ||
Research and Development Costs | (86.1 | ) | — | (86.1 | ) | |
Selling Costs | (214.5 | ) | — | (214.5 | ) | |
Administrative Costs | (404.0 | ) | 0.1 | (403.9 | ) | |
Other Operating Income | 20.6 | (0.3 | ) | 20.3 | ||
Other Operating Expenses | (15.5 | ) | — | (15.5 | ) | |
Operating Income/(Loss) from Recurring Activities | 782.2 | (36.2 | ) | 746.0 | ||
Share of Income/(Loss) of Equity Affiliates | 20.2 | 34.4 | 54.6 | |||
Operating Income from Recurring Activities after Income/(Loss) of Equity Affiliates | 802.4 | (1.8 | ) | 800.6 | ||
Income/(Charges) from Disposals of Activities | — | — | — | |||
Income/(Charges) from Non-Current Activities | (469.8 | ) | — | (469.8 | ) | |
Operating Income/(Loss) | 332.6 | (1.8 | ) | 330.8 | ||
Financial Income | 631.7 | (6.2 | ) | 625.5 | ||
Financial Expenses | (789.1 | ) | 6.0 | (783.1 | ) | |
Income/(Loss) before Tax | 175.2 | (2.0 | ) | 173.2 | ||
Income Tax Expense | (119.0 | ) | 2.0 | (117.0 | ) | |
Income/(Loss) from Continuing Operations | 56.2 | — | 56.2 | |||
NET INCOME/(LOSS) FOR THE YEAR | 56.2 | — | 56.2 | |||
Attributable to: | ||||||
Shareholders of the Parent Company | 45.1 | — | 45.1 | |||
Non-Controlling Interests | 11.1 | — | 11.1 | |||
Earnings per Share (in Euro) | 0.39 | — | 0.39 | |||
Diluted Earnings per Share (in Euro) | 0.39 | — | 0.39 |
In millions of Euro | 12 months |
2015 Adjusted | |
Net Income/(Loss) for the Year Attributable to Shareholders of the Parent Company | 45.1 |
One-off Charges (*) | 635.3 |
Other Charges | 18.9 |
Financial Result and Tax effect | (112.5) |
Underlying Net Income/(Loss) for the Year | 586.8 |
(*) Corresponding to the total amount of charges relating to the restructuring plan announced on July 6, 2015. |
In millions of Euro | 12 months | |||
2014 Adjusted | Adjustments | 2014 Consolidated | ||
Revenues | 10,724.5 | (650.6) | 10,073.9 | |
Cost of Sales | (9,210.3) | 604.0 | (8,606.3) | |
Gross Margin | 1,514.2 | (46.6 | ) | 1,467.6 |
Research and Development Costs | (82.6) | — | (82.6) | |
Selling Costs | (221.1) | — | (221.1) | |
Administrative Costs | (423.8) | 0.2 | (423.6) | |
Other Operating Income | 31.1 | (0.1 | ) | 31.0 |
Other Operating Expenses | (11.4) | — | (11.4) | |
Operating Income/(Loss) from Recurring Activities | 806.4 | (46.5 | ) | 759.9 |
Share of Income/(Loss) of Equity Affiliates | 18.2 | 22.1 | 40.3 | |
Operating Income from Recurring Activities after Income/(Loss) of Equity Affiliates | 824.6 | (24.4 | ) | 800.2 |
Income/(Charges) from Disposals of Activities | (5.5) | — | (5.5) | |
Income/(Charges) from Non-Current Activities | (68.1) | — | (68.1) | |
Operating Income/(Loss) | 751.0 | (24.4 | ) | 726.6 |
Financial Income | 452.8 | (2.8 | ) | 450.0 |
Financial Expenses | (581.3) | 4 | (577.3) | |
Income/(Loss) before Tax | 622.5 | (23.2) | 599.3 | |
Income Tax Expense | (180.1) | 23.2 | (156.9) | |
Income/(Loss) from Continuing Operations | 442.4 | — | 442.4 | |
NET INCOME/(LOSS) FOR THE YEAR | 442.4 | — | 442.4 | |
Attributable to: | ||||
Shareholders of the Parent Company | 436.6 | — | 436.6 | |
Non-Controlling Interests | 5.8 | — | 5.8 | |
Earnings per Share (in Euro) | 3.89 | — | 3.89 | |
Diluted Earnings per Share (in Euro) | 3.65 | — | 3.65 |
In millions of Euro | 12 months |
2014 Adjusted | |
Net Income/(Loss) for the Year Attributable to Shareholders of the Parent Company | 436.6 |
Other Charges | 73.6 |
Financial Result and Tax effect | 54.2 |
Underlying Net Income/(Loss) for the Year | 564.4 |
In millions of Euro | As of December 31, 2016 Adjusted | Adjustments | As of December 31, 2016 Consolidated | |
Property, Plant and Equipment, Net | 2,485.6 | — | 2,485.6 | |
Intangible Assets, Net | 3,769.8 | — | 3,769.8 | |
Investments in Equity Affiliates | 157.6 | 11.1 | 168.7 | |
Other Financial Assets | 210.8 | — | 210.8 | |
Deferred Tax Assets | 559.7 | 1.0 | 560.7 | |
Available-for-Sale Financial Assets | 26.5 | — | 26.5 | |
Total Non-Current Assets | 7,210.0 | 12.1 | 7,222.1 | |
Inventories | 317.5 | — | 317.5 | |
Construction Contracts - Amounts in Assets | 460.8 | — | 460.8 | |
Advances Paid to Suppliers | 676.3 | (1.3 | ) | 675.0 |
Financial Instruments | 225.8 | — | 225.8 | |
Trade Receivables | 1,916.1 | 4.5 | 1,920.6 | |
Current Income Tax Receivables | 256.0 | (4.6 | ) | 251.4 |
Other Current Receivables | 760.4 | (4.3 | ) | 756.1 |
Cash and Cash Equivalents | 6,005.3 | (57.7 | ) | 5,947.6 |
Total Current Assets | 10,618.2 | (63.4 | ) | 10,554.8 |
Assets Classified as Held for Sale | 2.1 | — | 2.1 | |
TOTAL ASSETS | 17,830.3 | (51.3 | ) | 17,779.0 |
In millions of Euro | As of December 31, 2016 Adjusted | Adjustments | As of December 31, 2016 Consolidated | |
Share Capital | 90.9 | — | 90.9 | |
Share Premium | 2,136.6 | — | 2,136.6 | |
Retained Earnings | 2,273.3 | — | 2,273.3 | |
Treasury Shares | (22.1) | — | (22.1) | |
Foreign Currency Translation Reserves | 199.0 | — | 199.0 | |
Fair Value Reserves | (154.4) | — | (154.4) | |
Net Income | 281.3 | — | 281.3 | |
Total Equity Attributable to Shareholders of the Parent Company | 4,804.6 | — | 4,804.6 | |
Non-Controlling Interests | (11.1) | — | (11.1) | |
Total Equity | 4,793.5 | — | 4,793.5 | |
Non-Current Financial Debts | 1,573.4 | — | 1,573.4 | |
Non-Current Provisions | 277.4 | (1.2 | ) | 276.2 |
Deferred Tax Liabilities | 146.1 | (0.2 | ) | 145.9 |
Other Non-Current Liabilities | 26.9 | (0.1 | ) | 26.8 |
Total Non-Current Liabilities | 2,023.8 | (1.5 | ) | 2,022.3 |
Current Financial Debts | 848.5 | — | 848.5 | |
Trade Payables | 3,713.8 | (29.8 | ) | 3,684.0 |
Construction Contracts - Amounts in Liabilities | 3,191.3 | — | 3,191.3 | |
Financial Instruments | 556.6 | — | 556.6 | |
Current Provisions | 660.9 | (2.0) | 658.9 | |
Current Income Tax Payables | 300.9 | 0.3 | 301.2 | |
Other Current Liabilities | 1,741.0 | (18.3) | 1,722.7 | |
Total Current Liabilities | 11,013.0 | (49.8) | 10,963.2 | |
Total Liabilities | 13,036.8 | (51.3) | 12,985.5 | |
TOTAL EQUITY AND LIABILITIES | 17,830.3 | (51.3) | 17,779.0 |
In millions of Euro | As of December 31, 2015 Adjusted | Adjustments | As of December 31, 2015 Consolidated | |
Property, Plant and Equipment, Net | 2,576.7 | (1.8 | ) | 2,574.9 |
Intangible Assets, Net | 3,582.6 | (0.1 | ) | 3,582.5 |
Investments in Equity Affiliates | 98.3 | 33.1 | 131.4 | |
Other Financial Assets | 221.3 | (0.1 | ) | 221.2 |
Deferred Tax Assets | 481.8 | (51.4 | ) | 430.4 |
Available-for-Sale Financial Assets | 29.0 | — | 29.0 | |
Total Non-Current Assets | 6,989.7 | (20.3 | ) | 6,969.4 |
Inventories | 431.4 | (0.1 | ) | 431.3 |
Construction Contracts - Amounts in Assets | 652.0 | (14.4 | ) | 637.6 |
Advances Paid to Suppliers | 479.3 | (318.9 | ) | 160.4 |
Financial Instruments | 47.1 | — | 47.1 | |
Trade Receivables | 1,550.6 | 117.6 | 1,668.2 | |
Current Income Tax Receivables | 218.6 | 1.7 | 220.3 | |
Other Current Receivables | 639.5 | (50.3 | ) | 589.2 |
Cash and Cash Equivalents | 4,501.4 | (1,582.3 | ) | 2,919.1 |
Total Current Assets | 8,519.9 | (1,846.7 | ) | 6,673.2 |
Assets Classified as Held for Sale | 26.4 | — | 26.4 | |
TOTAL ASSETS | 15,536.0 | (1,867.0) | 13,669.0 |
In millions of Euro | As of December 31, 2015 Adjusted | Adjustments | As of December 31, 2015 Consolidated | |||
Share Capital | 90.8 | — | 90.8 | |||
Share Premium | 2,162.1 | — | 2,162.1 | |||
Retained Earnings | 2,477.4 | — | 2,477.4 | |||
Treasury Shares | (55.2 | ) | — | (55.2 | ) | |
Foreign Currency Translation Reserves | 103.8 | — | 103.8 | |||
Fair Value Reserves | (287.6 | ) | — | (287.6 | ) | |
Net Income | 45.1 | — | 45.1 | |||
Total Equity Attributable to Shareholders of the Parent Company | 4,536.4 | — | 4,536.4 | |||
Non-Controlling Interests | 8.5 | — | 8.5 | |||
Total Equity | 4,544.9 | — | 4,544.9 | |||
Non-Current Financial Debts | 1,626.0 | — | 1,626.0 | |||
Non-Current Provisions | 243.0 | (1.0 | ) | 242.0 | ||
Deferred Tax Liabilities | 182.9 | (7.5 | ) | 175.4 | ||
Other Non-Current Liabilities | 32.1 | 0.1 | 32.2 | |||
Total Non-Current Liabilities | 2,084.0 | (8.4 | ) | 2,075.6 | ||
Current Financial Debts | 937.1 | — | 937.1 | |||
Trade Payables | 2,891.4 | (411.0 | ) | 2,480.4 | ||
Construction Contracts - Amounts in Liabilities | 2,308.2 | (1,399.8 | ) | 908.4 | ||
Financial Instruments | 334.4 | — | 334.4 | |||
Current Provisions | 435.7 | (2.0 | ) | 433.7 | ||
Current Income Tax Payables | 200.9 | (0.9 | ) | 200.0 | ||
Other Current Liabilities | 1,799.4 | (44.9 | ) | 1,754.5 | ||
Total Current Liabilities | 8,907.1 | (1,858.6 | ) | 7,048.5 | ||
Total Liabilities | 10,991.1 | (1,867.0 | ) | 9,124.1 | ||
Liabilities Directly Associated with the Assets Classified as Held for Sale | — | — | — | |||
TOTAL EQUITY AND LIABILITIES | 15,536.0 | (1,867.0) | 13,669.0 |
In millions of Euro | As of December 31, 2014 Adjusted | Adjustments | As of December 31, 2014 Consolidated | |||
Property, Plant and Equipment, Net | 2,501.4 | (0.6 | ) | 2,500.8 | ||
Intangible Assets, Net | 3,496.5 | — | 3,496.5 | |||
Investments in Equity Affiliates | 156.8 | 38.8 | 195.6 | |||
Other Financial Assets | 202.5 | 0.1 | 202.6 | |||
Deferred Tax Assets | 391.0 | (25.0 | ) | 366.0 | ||
Available-for-Sale Financial Assets | 57.0 | — | 57.0 | |||
Total Non-Current Assets | 6,805.2 | 13.3 | 6,818.5 | |||
Inventories | 357.4 | (1.7 | ) | 355.7 | ||
Construction Contracts - Amounts in Assets | 756.3 | (1.2 | ) | 755.1 | ||
Advances Paid to Suppliers | 553.6 | (258.9 | ) | 294.7 | ||
Financial Instruments | 46.6 | — | 46.6 | |||
Trade Receivables | 1,577.2 | 142.7 | 1,719.9 | |||
Current Income Tax Receivables | 171.4 | (12.5 | ) | 158.9 | ||
Other Current Receivables | 590.8 | (9.2 | ) | 581.6 | ||
Cash and Cash Equivalents | 3,738.3 | (1,052.7 | ) | 2,685.6 | ||
Total Current Assets | 7,791.6 | (1,193.5 | ) | 6,598.1 | ||
Assets Classified as Held for Sale | 3.2 | — | 3.2 | |||
TOTAL ASSETS | 14,600.0 | (1,180.2 | ) | 13,419.8 |
In millions of Euro | As of December 31, 2014 Adjusted | Adjustments | As of December 31, 2014 Consolidated | |||
Share Capital | 86.9 | — | 86.9 | |||
Share Premium | 1,934.8 | — | 1,934.8 | |||
Retained Earnings | 2,260.1 | — | 2,260.1 | |||
Treasury Shares | (96.9 | ) | — | (96.9 | ) | |
Foreign Currency Translation Reserves | (19.2 | ) | — | (19.2 | ) | |
Fair Value Reserves | (238.9 | ) | — | (238.9 | ) | |
Net Income | 436.6 | — | 436.6 | |||
Total Equity Attributable to Shareholders of the Parent Company | 4,363.4 | — | 4,363.4 | |||
Non-Controlling Interests | 11.8 | — | 11.8 | |||
Total Equity | 4,375.2 | — | 4,375.2 | |||
Non-Current Financial Debts | 2,356.6 | — | 2,356.6 | |||
Non-Current Provisions | 232.9 | (1.3 | ) | 231.6 | ||
Deferred Tax Liabilities | 208.6 | (12.4 | ) | 196.2 | ||
Other Non-Current Liabilities | 40.5 | 0.1 | 40.6 | |||
Total Non-Current Liabilities | 2,838.6 | (13.6 | ) | 2,825.0 | ||
Current Financial Debts | 256.4 | — | 256.4 | |||
Trade Payables | 2,444.7 | (131.8 | ) | 2,312.9 | ||
Construction Contracts - Amounts in Liabilities | 2,258.2 | (1,002.1 | ) | 1,256.1 | ||
Financial Instruments | 300.5 | — | 300.5 | |||
Current Provisions | 328.3 | (2.0 | ) | 326.3 | ||
Current Income Tax Payables | 139.6 | (1.9 | ) | 137.7 | ||
Other Current Liabilities | 1,658.5 | (28.8 | ) | 1,629.7 | ||
Total Current Liabilities | 7,386.2 | (1,166.6 | ) | 6,219.6 | ||
Total Liabilities | 10,224.8 | (1,180.2 | ) | 9,044.6 | ||
Liabilities Directly Associated with the Assets Classified as Held for Sale | — | — | — | |||
TOTAL EQUITY AND LIABILITIES | 14,600.0 | (1,180.2) | 13,419.8 |
In millions of Euro | 12 months | |||
2016 Adjusted | Adjustments | 2016 Consolidated | ||
Net Income/(Loss) for the Year (including Non-Controlling Interests) | 250.1 | — | 250.1 | |
Adjustments for: | ||||
Depreciation and Impairment Losses of Property, Plant and Equipment | 291.2 | (0.8 | ) | 290.4 |
Amortization and Impairment Losses of Intangible Assets | 15.8 | — | 15.8 | |
Non-Cash Convertible Bond Expense | 25.7 | — | 25.7 | |
Expense related to Share-based Payment and Employee Savings Plans (“Plans d’Épargne Entreprise”) | 19.9 | — | 19.9 | |
Non-Current Provisions (including Pensions and other Long-Term Employee Benefit Plans) | 63.3 | — | 63.3 | |
Share of (Income)/Loss of Equity Affiliates (net of Distributed Dividends) | (6.0) | (38.6 | ) | (44.6) |
Net (Gains)/Losses on Disposal of Assets and Investments | 23.8 | (0.1 | ) | 23.7 |
Deferred Income Tax (Credit)/Expense | (154.8) | (33.2 | ) | (188.0) |
529.0 | (72.7 | ) | 456.3 | |
(Increase)/Decrease in Working Capital Requirement | (7.9) | (2.2 | ) | (10.1) |
Net Cash Generated from/(Used in) Operating Activities | 521.1 | (74.9 | ) | 446.2 |
Purchases of Property, Plant and Equipment | (274.4) | 0.7 | (273.7) | |
Proceeds from Disposal of Property, Plant and Equipment | 35.9 | (0.2 | ) | 35.7 |
Purchases of Intangible Assets | (9.2) | 0.2 | (9.0) | |
Proceeds from Disposal of Intangible Assets | 0.1 | — | 0.1 | |
Acquisitions of Financial Assets | (6.7) | — | (6.7) | |
Proceeds from Disposal of Financial Assets | (80.9) | — | (80.9) | |
Acquisition Costs of Consolidated Companies, net of Cash Acquired | 1,632.5 | 1,656.4 | 3,288.9 | |
Net Cash Generated from/(Used in) Investing Activities | 1,297.3 | 1,657.1 | 2,954.4 | |
Increase in Borrowings | 599.1 | — | 599.1 | |
Decrease in Borrowings | (814.2) | — | (814.2) | |
Capital Increase | 1.5 | — | 1.5 | |
Share Buy-Back | (168.8) | — | (168.8) | |
Dividends Paid | (100.8) | — | (100.8) | |
Net Cash Generated from/(Used in) Financing Activities | (483.2) | — | (483.2) | |
Net Effects of Foreign Exchange Rate Changes | 168.7 | (57.6 | ) | 111.1 |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 1,503.9 | 1,524.6 | 3,028.5 | |
Cash and Cash Equivalents as of January 1 | 4,501.4 | (1,582.3 | ) | 2,919.1 |
Bank Overdrafts as of January 1 | (0.1) | — | (0.1) | |
Cash and Cash Equivalents as of December 31 | 6,005.3 | (57.7 | ) | 5,947.6 |
Bank Overdrafts as of December 31 | (0.1) | — | (0.1) | |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 1,503.9 | 1,524.6 | 3,028.5 |
In millions of Euro | 12 months | |||||
2015 Adjusted | Adjustments | 2015 Consolidated | ||||
Net Income/(Loss) for the Year (including Non-Controlling Interests) | 56.2 | — | 56.2 | |||
Adjustments for: | ||||||
Depreciation and Impairment Losses of Property, Plant and Equipment | 325.1 | (0.2 | ) | 324.9 | ||
Amortization and Impairment Losses of Intangible Assets | 21.2 | (0.1 | ) | 21.1 | ||
Non-Cash Convertible Bond Expense | 30.2 | — | 30.2 | |||
Expense related to Share-based Payment and Employee Savings Plans (“Plans d’Épargne Entreprise”) | 40.5 | — | 40.5 | |||
Non-Current Provisions (including Pensions and other Long-Term Employee Benefit Plans) | 136.5 | (0.1 | ) | 136.4 | ||
Share of (Income)/Loss of Equity Affiliates (net of Distributed Dividends) | (15.7 | ) | (20.0 | ) | (35.7 | ) |
Net (Gains)/Losses on Disposal of Assets and Investments | (31.8 | ) | — | (31.8 | ) | |
Deferred Income Tax (Credit)/Expense | (81.0 | ) | 17.2 | (63.8 | ) | |
481.2 | (3.2 | ) | 478.0 | |||
(Increase)/Decrease in Working Capital Requirement | 562.1 | (409.1 | ) | 153.0 | ||
Net Cash Generated from/(Used in) Operating Activities | 1,043.3 | (412.3 | ) | 631.0 | ||
Purchases of Property, Plant and Equipment | (281.8 | ) | 1.5 | (280.3 | ) | |
Proceeds from Disposal of Property, Plant and Equipment | 23.2 | — | 23.2 | |||
Purchases of Intangible Assets | (13.1 | ) | 0.1 | (13.0 | ) | |
Proceeds from Disposal of Intangible Assets | 0.1 | — | 0.1 | |||
Acquisitions of Financial Assets | (2.3 | ) | — | (2.3 | ) | |
Proceeds from Disposal of Financial Assets | 1.2 | — | 1.2 | |||
Acquisition Costs of Consolidated Companies, net of Cash Acquired | (30.7 | ) | — | (30.7 | ) | |
Net Cash Generated from/(Used in) Investing Activities | (303.4 | ) | 1.6 | (301.8 | ) | |
Increase in Borrowings | 84.4 | — | 84.4 | |||
Decrease in Borrowings | (197.8 | ) | — | (197.8 | ) | |
Capital Increase | 94.3 | — | 94.3 | |||
Share Buy-Back | — | — | — | |||
Dividends Paid | (88.9 | ) | — | (88.9 | ) | |
Dividends Paid to Non-Controlling Interests | (5.8 | ) | — | (5.8 | ) | |
Net Cash Generated from/(Used in) Financing Activities | (113.8 | ) | — | (113.8 | ) | |
Net Effects of Foreign Exchange Rate Changes | 137.8 | (118.9 | ) | 18.9 | ||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 763.9 | (529.6 | ) | 234.3 | ||
Cash and Cash Equivalents as of January 1 | 3,738.3 | (1,052.7 | ) | 2,685.6 | ||
Bank Overdrafts as of January 1 | (0.9 | ) | — | (0.9 | ) | |
Cash and Cash Equivalents as of December 31 | 4,501.4 | (1,582.3 | ) | 2,919.1 | ||
Bank Overdrafts as of December 31 | (0.1 | ) | — | (0.1 | ) | |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 763.9 | (529.6 | ) | 234.3 |
In millions of Euro | 12 months | |||||
2014 Adjusted | Adjustments | 2014 Consolidated | ||||
Net Income/(Loss) for the Year (including Non-Controlling Interests) | 442.4 | — | 442.4 | |||
Adjustments for: | ||||||
Depreciation and Impairment Losses of Property, Plant and Equipment | 263.8 | — | 263.8 | |||
Amortization and Impairment Losses of Intangible Assets | 19.5 | — | 19.5 | |||
Non-Cash Convertible Bond Expense | 29.2 | — | 29.2 | |||
Expense related to Share-based Payment and Employee Savings Plans (“Plans d’Épargne Entreprise”) | 40.0 | — | 40.0 | |||
Non-Current Provisions (including Pensions and other Long-Term Employee Benefit Plans) | (35.4 | ) | — | (35.4 | ) | |
Share of (Income)/Loss of Equity Affiliates (net of Distributed Dividends) | (11.2 | ) | (20.7 | ) | (31.9 | ) |
Net (Gains)/Losses on Disposal of Assets and Investments | (7.1 | ) | — | (7.1 | ) | |
Deferred Income Tax (Credit)/Expense | 21.4 | (19.6 | ) | 1.8 | ||
762.6 | (40.3 | ) | 722.3 | |||
(Increase)/Decrease in Working Capital Requirement | 104.9 | (702.2 | ) | (597.3 | ) | |
Net Cash Generated from/(Used in) Operating Activities | 867.5 | (742.5 | ) | 125.0 | ||
Purchases of Property, Plant and Equipment | (360.2 | ) | 0.6 | (359.6 | ) | |
Proceeds from Disposal of Property, Plant and Equipment | 56.7 | (0.1 | ) | 56.6 | ||
Purchases of Intangible Assets | (15.4 | ) | — | (15.4 | ) | |
Proceeds from Disposal of Intangible Assets | 4.7 | — | 4.7 | |||
Acquisitions of Financial Assets | (36.7 | ) | — | (36.7 | ) | |
Proceeds from Disposal of Financial Assets | 24.6 | — | 24.6 | |||
Acquisition Costs of Consolidated Companies, net of Cash Acquired | (58.8 | ) | — | (58.8 | ) | |
Net Cash Generated from/(Used in) Investing Activities | (385.1 | ) | 0.5 | (384.6 | ) | |
Increase in Borrowings | 216.9 | — | 216.9 | |||
Decrease in Borrowings | (136.9 | ) | — | (136.9 | ) | |
Capital Increase | 11.7 | — | 11.7 | |||
Share Buy-Back | (41.8 | ) | — | (41.8 | ) | |
Dividends Paid | (206.5 | ) | — | (206.5 | ) | |
Dividends Paid to minority interests | (2.8 | ) | — | (2.8 | ) | |
Net Cash Generated from/(Used in) Financing Activities | (159.4 | ) | — | (159.4 | ) | |
Net Effects of Foreign Exchange Rate Changes | 211.4 | (94.4 | ) | 117.0 | ||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 534.4 | (836.4 | ) | (302.0 | ) | |
Cash and Cash Equivalents as of January 1 | 3,205.4 | (216.3 | ) | 2,989.1 | ||
Bank Overdrafts as of January 1 | (2.4 | ) | — | (2.4 | ) | |
Cash and Cash Equivalents as of December 31 | 3,738.3 | (1,052.7 | ) | 2,685.6 | ||
Bank Overdrafts as of December 31 | (0.9 | ) | — | (0.9 | ) | |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 534.4 | (836.4) | (302.0) |
In millions of Euro | 2016 | 2015 | 2014 |
Rendering of Services | 8,249.4 | 10,203.8 | 9,931.0 |
Sales of Goods | 64.0 | 134.1 | 142.9 |
TOTAL REVENUES | 8,313.4 | 10,337.9 | 10,073.9 |
In millions of Euro | 2016 | 2015 | 2014 |
Employee Expenses | (1,647.0) | (2,208.5) | (1,897.2) |
Operating Leases | (240.5) | (296.5) | (247.2) |
Depreciation and Impairment Losses of Property, Plant and Equipment | (253.6) | (281.5) | (262.1) |
Amortization and Impairment Losses of Intangible Assets | (9.5) | (14.8) | (11.6) |
Purchases, External Charges and Other Expenses | (4,744.6) | (6,090.9) | (6,188.2) |
TOTAL COST OF SALES | (6,895.2) | (8,892.2) | (8,606.3) |
In millions of Euro | 2016 | 2015 | 2014 |
Employee Expenses (*) | (197.8) | (248.6) | (239.0) |
Operating Leases | (40.7) | (46.6) | (41.4) |
Amortization and Depreciation of Property, Plant and Equipment | (1.1) | (1.6) | (1.7) |
Amortization of Intangible Assets | (6.3) | (6.3) | (7.9) |
Purchases, External Charges and Other Expenses | (59.1) | (100.8) | (133.6) |
TOTAL ADMINISTRATIVE COSTS | (305.0) | (403.9) | (423.6) |
(*)Include charges for share subscription and performance share grants: €(19.9) million in 2016 compared to €(32.6) million in 2015 and €(40.0) million in 2014. |
In millions of Euro | 2016 | 2015 | 2014 | |||
Net Proceeds from Disposal of Property, Plant and Equipment (1) | — | 3.1 | 7.9 | |||
Net Proceeds from Disposal of Intangible Assets | — | — | 4.7 | |||
Reinsurance Income | 10.7 | 11.3 | 11.5 | |||
Other | 7.6 | 5.9 | 6.9 | |||
TOTAL OTHER OPERATING INCOME | 18.3 | 20.3 | 31.0 | |||
(1) Includes €23.2 million of proceeds of tangible assets as of December 31, 2015. Includes €56.6 million of proceeds of tangible assets as of December 31, 2014. |
In millions of Euro | 2016 | 2015 | 2014 | ||
Reinsurance Costs | (23.7) | (12.4) | (7.2) | ||
Net Loss from Disposal of Property, Plant and Equipment (1) | (2.6) | — | 4.7 | ||
Net Loss from Disposal of Intangible Assets | (1.6) | — | 4.7 | ||
Other | (5.7) | (3.1) | (4.2) | ||
TOTAL OTHER OPERATING EXPENSES | (33.6 | ) | (15.5) | (11.4) | |
(1) Includes €35.7 million of proceeds of tangible assets as of December 31, 2016. |
• | Technip TPS, fully-owned French subsidiary totally disposed on April 30, 2014, and |
• | Seamec, which all of Group investment share of 75% was sold successively on June 3, on September 26, then on December 4, 2014. |
In millions of Euro | 2016 | 2015 | 2014 | ||
Wages and Salaries | (1,643.9 | ) | (2,018.4) | (1,769.8) | |
Social Security Costs | (303.9 | ) | (404.7) | (315.4) | |
Pension Costs - Defined Contribution Plans | (59.5 | ) | (59.5) | (55.8) | |
Pension Costs - Defined Benefit Plans | (2.4 | ) | (10.9) | (23.6) | |
Share Subscription or Purchase Options and Performance Shares | (19.9 | ) | (32.6) | (40.0) | |
Cash Incentive Plans | (59.4 | ) | (34.4) | (36.7) | |
Capital Increase Reserved for Employees | — | (13.0) | — | ||
Other | (10.9 | ) | (41.4) | (7.3) | |
TOTAL EMPLOYEE EXPENSES | (2,099.9 | ) | (2,614.9) | (2,248.6) |
(A) | Financial Income |
In millions of Euro | 2016 | 2015 | 2014 | |||
Interest Income from Treasury Management (1) | 74.9 | 41.5 | 37.8 | |||
Dividends from Non-Consolidated Investments | — | 0.3 | 1.6 | |||
Financial Income related to Long-Term Employee Benefit Plans | 1.6 | 3.2 | 7.7 | |||
Foreign Currency Translation Gains | 552.0 | 552.4 | 395.4 | |||
Changes in Derivative Fair Value, Net | 29.6 | — | — | |||
Inefficient Part of Derivative Instruments, Net (2) | — | — | 7.5 | |||
Net Proceeds from Disposal of Financial Assets | 2.1 | 28.1 | — | |||
Total Financial Income | 660.2 | 625.5 | 450.0 | |||
(1) Mainly results from interest income from short-term security deposits. (2) Mainly includes swap points on derivative financial instruments. |
In millions of Euro | 2016 | 2015 | 2014 | |||
Interest Expenses on Private Placements | (34.9) | (34.8) | (34.9) | |||
Interest Expenses on Convertible Bonds | (18.0) | (34.2) | (33.2) | |||
Interest Expenses on Synthetic Bonds | (12.9) | — | — | |||
Fees Related to Credit Facilities | (1.9) | (1.4) | (2.5) | |||
Financial Expenses related to Long-Term Employee Benefit Plans | (5.4) | (7.4) | (15.8) | |||
Interest Expenses on Bank Borrowings and Overdrafts | (40.5) | (47.9) | (32.1) | |||
Impairment of Financial Assets | (2.4) | (28.4) | (68.4) | |||
Foreign Currency Translation Losses | (604.4) | (597.1) | (318.7) | |||
Changes in Derivative Fair Value, Net | — | (9.2) | (58.3) | |||
Inefficient Part of Derivative Instruments, Net (*) | (2.6) | (7.1) | — | |||
Other | (8.2) | (15.6) | (13.4) | |||
Total Financial Expenses | (731.2) | (783.1) | (577.3) | |||
NET FINANCIAL RESULT | (71.0 | ) | (157.6) | (127.3) | ||
(*) Mainly includes swap points on derivative financial instruments. |
In millions of Euro | 2016 | 2015 | 2014 |
Current Income Tax Credit/(Expense) | (318.7) | (180.8) | (155.1) |
Deferred Income Tax Credit/(Expense) | 188.0 | 63.8 | (1.8) |
INCOME TAX CREDIT/(EXPENSE) AS RECOGNIZED IN STATEMENT OF INCOME | (130.7) | (117.0) | (156.9) |
Deferred Income Tax related to Items Booked Directly to Opening Equity | 73.8 | 60.3 | (50.2) |
Deferred Income Tax related to Items Booked to Equity during the Year | (52.0) | 13.5 | 110.5 |
INCOME TAX CREDIT/(EXPENSE) AS REPORTED IN EQUITY | 21.8 | 73.8 | 60.3 |
In millions of Euro | 2016 | 2015 | 2014 |
Net Income from Continuing Operations | 250.1 | 56.2 | 442.4 |
Income Tax Credit/(Expense) on Continuing Operations | (130.7) | (117.0) | (156.9) |
Income Before Tax | 380.8 | 173.2 | 599.3 |
At Parent Company Statutory Income Tax Rate of 34.43% in 2016, 38% in 2015 and 2014 | (131.1) | (65.8) | (227.7) |
Differences between Parent Company and Foreign Income Tax Rates | 36.9 | 15.1 | 45.8 |
Share of Income/(Loss) of Equity Affiliates | 32.5 | 16.9 | 15.3 |
Additional Local Income Tax and Foreign Tax | (29.0) | (30.4) | (25.8) |
Gains/(Losses) Taxable at a Particular Rate | 20.8 | 29.0 | 18.3 |
Other Non-Deductible Expenses | 38.8 | (38.9) | (26.2) |
Deferred Tax Assets not Recognized on Tax Loss of the Year | (63.9) | (42.4) | (32.4) |
Adjustments on Prior Year Current Taxes | (11.9) | 15.0 | 3.1 |
Deferred Tax relating to Changes in Tax Rates | 3.8 | (2.4) | (0.6) |
Movements of Deferred Taxes on Prior Years Losses | (1.3) | (7.6) | 71.1 |
Consolidation Adjustments with no Tax Impact | (15.6) | (10.1) | 5.4 |
Other | (10.7) | 4.6 | (3.2) |
Effective Income Tax Credit/(Expense) | (130.7) | (117.0) | (156.9) |
Tax Rate | 34.3% | 67.6% | 26.2% |
INCOME TAX CREDIT/(EXPENSE) AS REPORTED IN THE CONSOLIDATED STATEMENT OF INCOME | (130.7) | (117.0) | (156.9) |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Tax Losses Carried Forward | 50.5 | 65.3 | 79.5 |
Margin Recognition on Construction Contracts | 88.5 | 77.2 | 13.7 |
Provisions for Pensions and other Long-Term Employee Benefits | 50.9 | 75.3 | 74.5 |
Contingencies related to Contracts | 178.6 | 147.0 | 115.7 |
Other Contingencies | 59.9 | (9.9) | (9.5) |
Temporarily Non-Deductible Expenses | 46.8 | 14.4 | 3.1 |
Fair Value Losses | 108.2 | 91.2 | 90.1 |
Other Temporary Differences | 26.1 | 24.7 | (1.5) |
Total Deferred Income Tax Assets | 609.5 | 485.2 | 365.6 |
Differences between Taxable and Accounting Depreciation | 95.9 | 116.2 | 100.9 |
Margin Recognition on Construction Contracts | 88.3 | 105.4 | 88.2 |
Fair Value Gains | 10.5 | 8.6 | 6.7 |
Total Deferred Income Tax Liabilities | 194.7 | 230.2 | 195.8 |
NET DEFERRED INCOME TAX ASSETS/(LIABILITIES) | 414.8 | 255.0 | 169.8 |
In millions of Euro | 2016 | 2015 | 2014 | ||
Net Income Attributable to Shareholders of the Parent Company | 281.3 | 45.1 | 436.6 | ||
Financial Expense on Convertible Bonds, Net of Tax | 11.7 | — | 20.6 | ||
ADJUSTED NET INCOME FOR DILUTED EARNINGS PER SHARE | 293.0 | 45.1 | 457.2 | ||
In thousands | |||||
Weighted Average Number of Outstanding Shares during the Financial Year (excluding Treasury Shares) used for Basic Earnings per Share | 119,388 | 114,887 | 112,174 | ||
Effect of Dilution: | |||||
Š Share Subscription Options | — | — | 452 | ||
Š Performance Shares | 504 | — | 848 | ||
Š Convertible Bond | 5,178 | — | 11,797 | ||
WEIGHTED AVERAGE NUMBER OF OUTSTANDING SHARES DURING THE FINANCIAL YEAR (EXCLUDING TREASURY SHARES) ADJUSTED FOR DILUTED EARNINGS PER SHARE | 125,070 | 114,887 | 125,271 | ||
In Euro | |||||
Basic Earnings per Share | 2.36 | 0.39 | 3.89 | ||
DILUTED EARNINGS PER SHARE | 2.34 | 0.39 | 3.65 |
In millions of Euro | Land | Buildings | Vessels | Machinery and Equipment | Office Fixtures and Furniture | Assets under Construction | Other | Total | ||||
Net Book Value as of January 1, 2014 | 28.5 | 127.7 | 1,312.0 | 421.9 | 75.5 | 286.1 | 101.1 | 2,352.8 | ||||
Costs | 34.7 | 497.2 | 2,145.2 | 1,076.7 | 255.0 | 51.5 | 222.1 | 4,282.4 | ||||
Accumulated Depreciation | — | (189.8) | (645.1) | (507.1) | (174.6) | — | (125.9) | (1,642.5) | ||||
Accumulated Impairment Losses | (0.8) | (3.3) | (107.7) | (19.1) | — | (8.2) | — | (139.1) | ||||
Net Book Value as of December 31, 2014 | 33.9 | 304.1 | 1,392.4 | 550.5 | 80.4 | 43.3 | 96.2 | 2,500.8 | ||||
Costs | 16.3 | 325.4 | 2,313.3 | 1,125.1 | 268.1 | 160.7 | 304.1 | 4,513.0 | ||||
Accumulated Depreciation | — | (186.0) | (695.5) | (551.2) | (191.9) | (6.1) | (135.8) | (1,766.5) | ||||
Accumulated Impairment Losses | (0.8) | (5.2) | (146.2) | (19.1) | (0.3) | — | — | (171.6) | ||||
Net Book Value as of December 31, 2015 | 15.5 | 134.2 | 1,471.6 | 554.8 | 75.9 | 154.6 | 168.3 | 2,574.9 | ||||
Costs | 17.0 | 333.3 | 1,985.4 | 1,032.0 | 277.3 | 294.6 | 356.8 | 4,296.4 | ||||
Accumulated Depreciation | — | (189.9) | (483.0) | (572.8) | (211.9) | — | (147.3) | (1,604.9) | ||||
Accumulated Impairment Losses | (0.6) | (13.1) | (162.3) | (29.6) | (0.3) | — | — | (205.9) | ||||
NET BOOK VALUE AS OF DECEMBER 31, 2016 | 16.4 | 130.3 | 1,340.1 | 429.6 | 65.1 | 294.6 | 209.5 | 2,485.6 |
In millions of Euro | Land | Buildings | Vessels | Machinery and Equipment | Office Fixtures and Furniture | Assets under Construction | Other | Total | ||||||||
Net Book Value as of January 1, 2014 | 28.5 | 127.7 | 1,312.0 | 421.9 | 75.5 | 286.1 | 101.1 | 2,352.8 | ||||||||
Additions - Acquisitions - Internal Developments | 2.4 | 5.6 | 112.6 | 63.9 | 22.2 | 112.2 | 13.0 | 331.9 | ||||||||
Additions - Business Combinations | — | — | — | — | — | — | 0.3 | 0.3 | ||||||||
Disposals - Write-off | — | (1.4 | ) | (60.4 | ) | (26.4 | ) | (1.3 | ) | (0.1 | ) | (1.0 | ) | (90.6 | ) | |
Depreciation Expense for the Year | — | (22.4 | ) | (104.7 | ) | (71.9 | ) | (25.9 | ) | — | (16.1 | ) | (241.0 | ) | ||
Impairment Losses | — | (3.3 | ) | (10.6 | ) | (2.5 | ) | — | (6.4 | ) | — | (22.8 | ) | |||
Net Foreign Exchange Differences | 2.4 | 5.0 | 124.0 | 20.9 | 2.4 | 10.7 | 1.8 | 167.2 | ||||||||
Other (1) | 0.6 | 192.9 | 19.5 | 144.6 | 7.5 | (359.2 | ) | (2.9 | ) | 3.0 | ||||||
Net Book Value as of December 31, 2014 | 33.9 | 304.1 | 1,392.4 | 550.5 | 80.4 | 43.3 | 96.2 | 2,500.8 | ||||||||
Additions - Acquisitions - Internal Developments (2) | (0.4 | ) | 9.1 | 20.8 | 38.5 | 20.0 | 162.7 | 19.2 | 269.9 | |||||||
Additions - Business Combinations | 0.5 | 1.8 | 109.4 | — | 1.5 | — | (0.3 | ) | 112.9 | |||||||
Disposals - Write-off | — | (0.8 | ) | (7.3 | ) | (24.7 | ) | (0.7 | ) | 3.1 | (0.4 | ) | (30.8 | ) | ||
Depreciation Expense for the Year | — | (18.4 | ) | (124.5 | ) | (84.1 | ) | (29.5 | ) | (9.5 | ) | (18.2 | ) | (284.2 | ) | |
Impairment Losses | — | (1.9 | ) | (38.5 | ) | — | (0.3 | ) | — | — | (40.7 | ) | ||||
Net Foreign Exchange Differences | 1.5 | 4.0 | 102.4 | (0.2 | ) | (1.2 | ) | (21.6 | ) | (21.9 | ) | 63.0 | ||||
Other (1) | (20.0 | ) | (163.7 | ) | 16.9 | 74.8 | 5.7 | (23.4 | ) | 93.7 | (16.0 | ) | ||||
Net Book Value as of December 31, 2015 | 15.5 | 134.2 | 1,471.6 | 554.8 | 75.9 | 154.6 | 168.3 | 2,574.9 | ||||||||
Additions - Acquisitions - Internal Developments (3) | 0.4 | 5.3 | 37.1 | 19.0 | 12.6 | 190.0 | 10.4 | 274.8 | ||||||||
Additions - Business Combinations | — | — | — | — | — | — | — | — | ||||||||
Disposals - Write-off | — | (5.6 | ) | (6.4 | ) | 8.7 | (0.6 | ) | — | (30.3 | ) | (34.2 | ) | |||
Depreciation Expense for the Year | — | (13.7 | ) | (102.8 | ) | (85.9 | ) | (26.1 | ) | — | (27.4 | ) | (255.9 | ) | ||
Impairment Losses | — | (7.9 | ) | (16.1 | ) | (10.5 | ) | — | — | — | (34.5 | ) | ||||
Net Foreign Exchange Differences | 0.5 | (1.8 | ) | (75.8 | ) | 2.8 | 1.2 | (19.4 | ) | 27.7 | (64.8 | ) | ||||
Other (1) | — | 19.8 | 32.5 | (59.3 | ) | 2.1 | (30.6 | ) | 60.8 | 25.3 | ||||||
NET BOOK VALUE AS OF DECEMBER 31, 2016 | 16.4 | 130.3 | 1,340.1 | 429.6 | 65.1 | 294.6 | 209.5 | 2,485.6 | ||||||||
(1)The line “Other” is mainly related to the reclassification of assets under construction into the corresponding line items upon their delivery. (2)The decrease of the tangible assets payables between December 31, 2014, and December 31, 2015, amounted €10.4 million. The cash flows associated with the acquisition of tangible assets equal to €(280.3) million. (3)The decrease of the tangible assets payables between December 31, 2015, and December 31, 2016, amounted €2.0 million. A non-cash tangible asset of €3.1 million was recognized as part of an asset acquisition achieved as of December 31, 2016, which did not constitute a business as per IFRS 3 “Business Combination”. The cash flows associated with the acquisition of tangible assets then equal to €(273.7) million. |
In millions of Euro | Goodwill | Licenses, Patents and Trademarks | Software | Other | Total | |||||
Net Book Value as of January 1, 2014 | 3,226.1 | 46.6 | 59.2 | 0.7 | 3,332.6 | |||||
Costs | 3,388.7 | 157.2 | 139.5 | 3.0 | 3,688.4 | |||||
Accumulated Amortization | — | (108.3 | ) | (81.2 | ) | (2.4 | ) | (191.9 | ) | |
Accumulated Impairment Losses | — | — | — | — | — | |||||
Net Book Value as of December 31, 2014 | 3,388.7 | 48.9 | 58.3 | 0.6 | 3,496.5 | |||||
Costs | 3,478.0 | 164.3 | 153.2 | 3.5 | 3,799.0 | |||||
Accumulated Amortization | — | (115.3 | ) | (99.7 | ) | (1.5 | ) | (216.5 | ) | |
Accumulated Impairment Losses | — | — | — | — | — | |||||
Net Book Value as of December 31, 2015 | 3,478.0 | 49.0 | 53.5 | 2.0 | 3,582.5 | |||||
Costs | 3,527.5 | 158.8 | 148.5 | 160.1 | 3,994.9 | |||||
Accumulated Amortization | — | (114.8 | ) | (101.9 | ) | (8.4 | ) | (225.1 | ) | |
Accumulated Impairment Losses | — | — | — | — | — | |||||
NET BOOK VALUE AS OF DECEMBER 31, 2016 | 3,527.5 | 44.0 | 46.6 | 151.7 | 3,769.8 |
In millions of Euro | Goodwill | Licenses, Patents and Trademarks | Software | Other | Total | |||||
Net Book Value as of January 1, 2014 | 3,226.1 | 46.6 | 59.2 | 0.7 | 3,332.6 | |||||
Additions - Acquisitions - Internal Developments | — | — | 15.2 | — | 15.2 | |||||
Additions - Business Combinations | 72.9 | 1.0 | — | — | 73.9 | |||||
Disposals - Write-off | — | — | — | — | — | |||||
Amortization Charge for the Year | — | (3.1 | ) | (16.1 | ) | (0.3 | ) | (19.5 | ) | |
Impairment Losses | — | — | — | — | — | |||||
Net Foreign Exchange Differences (1) | 89.7 | 4.4 | 0.6 | 0.1 | 94.8 | |||||
Other | — | — | (0.6 | ) | 0.1 | (0.5 | ) | |||
Net Book Value as of December 31, 2014 | 3,388.7 | 48.9 | 58.3 | 0.6 | 3,496.5 | |||||
Additions - Acquisitions - Internal Developments (2) | — | 0.1 | 11.5 | 1.4 | 13.0 | |||||
Additions - Business Combinations | 36.5 | — | 0.1 | — | 36.6 | |||||
Disposals - Write-off | — | (0.1 | ) | — | — | (0.1 | ) | |||
Amortization Charge for the Year | — | (4.1 | ) | (17.0 | ) | — | (21.1 | ) | ||
Impairment Losses | — | — | — | — | — | |||||
Net Foreign Exchange Differences (1) | 52.8 | 2.4 | 0.5 | — | 55.7 | |||||
Other | — | 1.8 | 0.1 | — | 1.9 | |||||
Net Book Value as of December 31, 2015 | 3,478.0 | 49.0 | 53.5 | 2.0 | 3,582.5 | |||||
Additions - Acquisitions - Internal Developments (3) | — | 2.5 | 6.5 | 145.5 | 154.5 | |||||
Additions - Business Combinations | — | — | — | — | — | |||||
Disposals - Write-off | — | (0.8 | ) | (1.0 | ) | — | (1.8 | ) | ||
Amortization Charge for the Year | — | (2.7 | ) | (12.5 | ) | (0.6 | ) | (15.8 | ) | |
Impairment Losses | — | — | — | — | — | |||||
Net Foreign Exchange Differences (1) | 49.5 | 0.8 | 0.2 | 1.4 | 51.9 | |||||
Other | — | (4.8 | ) | (0.1 | ) | 3.4 | (1.5 | ) | ||
NET BOOK VALUE AS OF DECEMBER 31, 2016 | 3,527.5 | 44.0 | 46.6 | 151.7 | 3,769.8 | |||||
(1)Goodwill is mainly denominated in Euro. (2)There is no variation of the intangible assets payables between December 31, 2014, and December 31, 2015. The cash flows associated with the acquisition of intangible assets then equal to €(13.0) million. (3)There is no variation of the intangible assets payables between December 31, 2015, and December 31, 2016. A non-cash intangible asset of €145.5 million was recognized as part of an asset acquisition achieved as of December 31, 2016, which did not constitute a business as per IFRS 3 “Business Combination”. The cash flows associated with the acquisition of intangible assets then equal to €(9.0) million. |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Subsea | 2,780.7 | 2,734.8 | 2,662.1 |
Onshore/Offshore | 746.8 | 743.2 | 726.6 |
TOTAL GOODWILL | 3,527.5 | 3,478.0 | 3,388.7 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |
Data at 100% | ||||
Non-Current Assets | 2,064.2 | 1,457.9 | 1,383.2 | |
Current Assets | 587.9 | 4,359.7 | 3,259.6 | |
Total Assets | 2,652.1 | 5,817.6 | 4,642.8 | |
Total Equity | 665.6 | 508.7 | 361.2 | |
Non-Current Liabilities | 1,285.6 | 850.3 | 817.1 | |
Current Liabilities | 700.9 | 4,458.6 | 3,464.5 | |
Total Equity and Liabilities | 2,652.1 | 5,817.6 | 4,642.8 | |
Revenues | 514.0 | 4,889.4 | 2,223.0 | |
Net Income/(Loss) | 56.4 | 473.2 | 77.1 | |
Other Comprehensive Income | 22.7 | (54.0) | (43.0) | |
Comprehensive Income for the Year | 79.4 | 451.6 | 22.4 | |
Cash and Cash Equivalents | 80.1 | 1,618.8 | 1,090.4 | |
Depreciation and Amortization | 25.8 | 23.0 | 19.4 |
In millions of Euro | 2016 | 2015 | 2014 | |||
Carrying Amount of Investments as of January 1 | 131.4 | 195.6 | 172.2 | |||
Additions - Capital Increase | 6.6 | 2.4 | 37.5 | |||
Additions - Business Combinations | 24.5 | — | 3.7 | |||
Change in Consolidation Scope | (74.8 | ) | (44.5 | ) | — | |
Disposals | — | — | (0.9 | ) | ||
Share of Income/(Loss) of Equity Affiliates | 102.1 | 54.6 | 40.3 | |||
Distributed Dividends | (57.5 | ) | (18.9 | ) | (8.4 | ) |
Other Comprehensive Income | 10.0 | (54.1 | ) | (43.5 | ) | |
Net Foreign Exchange Differences and Other | 26.4 | (3.7 | ) | (5.3 | ) | |
CARRYING AMOUNT OF INVESTMENTS AS OF DECEMBER 31 | 168.7 | 131.4 | 195.6 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||
Non-Consolidated Investments | 14.4 | 14.4 | 7.8 | 7.8 | 7.9 | 7.9 | ||||||
Valuation Allowance | (1.0 | ) | (1.0 | ) | (1.3 | ) | (1.3 | ) | (1.1 | ) | (1.1 | ) |
Net Value of Non-Consolidated Investments | 13.4 | 13.4 | 6.5 | 6.5 | 6.8 | 6.8 | ||||||
Loans | 146.4 | 146.4 | 91.7 | 91.7 | 44.4 | 44.4 | ||||||
Net Value of Loans | 146.4 | 146.4 | 91.7 | 91.7 | 44.4 | 44.4 | ||||||
Liquidity Contract | — | — | 6.2 | 6.2 | 0.4 | 0.4 | ||||||
Net Value of Liquidity Contract | — | — | 6.2 | 6.2 | 0.4 | 0.4 | ||||||
Security Deposits and Other | 146.0 | 146.0 | 193.7 | 193.7 | 152.9 | 152.9 | ||||||
Impairment | (95.0 | ) | (95.0 | ) | (76.9 | ) | (76.9 | ) | (1.9 | ) | (1.9 | ) |
Net Value of Security Deposits and Other | 51.0 | 51.0 | 116.8 | 116.8 | 151.0 | 151.0 | ||||||
TOTAL OTHER FINANCIAL ASSETS, NET | 210.8 | 210.8 | 221.2 | 221.2 | 202.6 | 202.6 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||
Share - Unlisted | — | — | — | — | — | — | ||||||
Share - Listed | 26.5 | 26.5 | 29.0 | 29.0 | 57.0 | 57.0 | ||||||
TOTAL AVAILABLE-FOR-SALE FINANCIAL ASSETS | 26.5 | 26.5 | 29.0 | 29.0 | 57.0 | 57.0 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Raw Materials | 258.9 | 338.2 | 284.1 |
Work in Progress | 34.2 | 46.1 | 32.5 |
Finished Goods and Merchandise | 61.3 | 71.7 | 61.3 |
Valuation Allowance | (36.9) | (24.7) | (22.2) |
TOTAL NET INVENTORIES | 317.5 | 431.3 | 355.7 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Construction Contracts - Amounts in Assets | 460.8 | 637.6 | 755.1 |
Construction Contracts - Amounts in Liabilities | (3,191.3) | (908.4) | (1,256.1) |
TOTAL NET CONSTRUCTION CONTRACTS | (2,730.5) | (270.8) | (501.0) |
Costs and Margins Recognized at the Percentage of Completion | 23,883.7 | 14,698.6 | 12,289.1 |
Payments Received from Clients | (26,484.3) | (14,885.9) | (12,657.6) |
Accruals for Losses at Completion | (129.9) | (83.5) | (132.5) |
TOTAL NET CONSTRUCTION CONTRACTS | (2,730.5) | (270.8) | (501.0) |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Trade Receivables | 1,393.3 | 1,097.7 | 1,149.6 |
Contracts - To Be Invoiced | 526.6 | 567.5 | 569.2 |
Doubtful Accounts | 81.9 | 47.3 | 36.5 |
Provisions for Doubtful Accounts | (81.2) | (44.3) | (35.4) |
TOTAL NET TRADE RECEIVABLES | 1,920.6 | 1,668.2 | 1,719.9 |
In millions of Euro | 2016 | 2015 | 2014 |
Provisions for Doubtful Accounts as of January 1 | (44.3) | (35.4) | (36.1) |
Increase | (52.8) | (19.3) | (2.5) |
Used Provision Reversals | 7.7 | 5.5 | 1.1 |
Unused Provision Reversals | 6.2 | 6.8 | 1.4 |
Effects of foreign exchange and other | 2.0 | (1.9) | 0.7 |
PROVISIONS FOR DOUBTFUL ACCOUNTS AS OF DECEMBER 31 | (81.2) | (44.3) | (35.4) |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |
Value Added Tax Receivables | 303.0 | 178.5 | 152.0 | |
Other Tax Receivables | 118.5 | 131.0 | 135.5 | |
Receivables from Employees | 13.4 | 9.3 | 7.5 | |
Prepaid Expenses (1) | 100.9 | 87.1 | 122.1 | |
Insurance Indemnities to be Received | 9.0 | — | 0.1 | |
Other | 211.3 | 183.3 | 164.4 | |
TOTAL NET OTHER CURRENT RECEIVABLES | 756.1 | 589.2 | 581.6 | |
(1) Prepaid expenses mainly correspond to insurance costs, as well as building and construction rental expenses. |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |
Cash at Bank and in Hand | 2,559.1 | 1,556.2 | 1,822.1 | |
Cash Equivalents | 3,388.5 | 1,362.9 | 863.5 | |
TOTAL CASH AND CASH EQUIVALENTS | 5,947.6 | 2,919.1 | 2,685.6 | |
US Dollar | 3,394.9 | 1,039.1 | 1,123.9 | |
Euro | 1,240.7 | 749.7 | 658.4 | |
Brazilian Real | 328.3 | 268.7 | 126.4 | |
Pound Sterling | 263.8 | 109.5 | 209.2 | |
Japanese Yen | 110.0 | 3.6 | 33.9 | |
Norwegian Krone | 86.9 | 91.3 | 90.7 | |
Australian Dollar | 67.6 | 175.6 | 76.3 | |
Malaysian Ringgit | 60.0 | 64.7 | 95.6 | |
Other | 395.4 | 416.9 | 271.2 | |
TOTAL CASH AND CASH EQUIVALENTS BY CURRENCY | 5,947.6 | 2,919.1 | 2,685.6 | |
Certificates of Deposits | — | 50.0 | 100.0 | |
Fixed Term Deposits | 3,055.2 | 1,045.4 | 645.6 | |
Other | 333.3 | 267.5 | 117.9 | |
TOTAL CASH EQUIVALENTS BY NATURE | 3,388.5 | 1,362.9 | 863.5 |
Number of Shares | Share Capital (in millions of Euro) | ||
Share Capital as of January 1, 2014 | 113,680,256 | 86.7 | |
Capital Increase due to Share Subscription Options Exercised | 265,061 | 0.2 | |
Share Capital as of December 31, 2014 | 113,945,317 | 86.9 | |
Capital Increase due to Share Subscription Options Exercised | 561,746 | 0.4 | |
Capital Increase due to Dividend Payment in Shares | 2,591,918 | 2.0 | |
Capital Increase Reserved for Employees | 1,925,503 | 1.5 | |
Share Capital as of December 31, 2015 | 119,024,484 | 90.8 | |
Capital Increase due to Share Subscription Options Exercised | 25,450 | — | |
Capital Increase due to Dividend Payment in Shares | 3,168,156 | 2.4 | |
Capital Increase due to Exercise of Performance Shares | 130,500 | 0.1 | |
Capital Decrease following Cancellation of Treasury Shares | (3,168,156) | (2.4) | |
SHARE CAPITAL AS OF DECEMBER 31, 2016 | 119,180,434 | 90.9 |
As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||
Banque Publique d’Investissement | 7.65% | 5.20% | 5.20% | ||
Oppenheimer Funds Inc. | 5.60% | 3.80% | 4.20% | ||
Blackrock Inc. | 4.90% | 4.65% | 4.90% | ||
The Capital Group Companies Inc. | 4.20% | 4.20% | 4.40% | ||
IFP Énergies nouvelles | 2.30% | 2.40% | 2.50% | ||
Franklin Resources Inc. | 2.05% | 10.80% | 7.20% | ||
Aviva Plc | 2.05% | 1.95% | 2.05% | ||
Norges Bank Investment Management | 1.90% | 1.90% | 2.00% | ||
Amundi Asset Management | 1.90% | 1.10% | 2.35% | ||
State Street Corporation | 1.70% | 1.70% | 1.80% | ||
AXA SA | 1.65% | 1.60% | — | ||
MFS Investment Management | 1.15% | 1.15% | 1.50% | ||
Baytree Investments Pte Ltd | 1.00% | 2.30% | — | ||
Causeway Capital Management | — | 5.10% | 6.50% | ||
Group Employees | 2.75% | 2.85% | 1.80% | ||
Treasury Shares | 0.30% | 0.70% | 1.20% | ||
Other | 58.90% | 48.60% | 52.40% | ||
TOTAL | 100.00% | 100.00% | 100.00% |
Number of Shares | Treasury Shares (in millions of Euro) | ||
Treasury Shares as of January 1, 2014 | 1,774,751 | (133.6) | |
Shares Acquired pursuant to Liquidity Contract | 823,060 | (57.9) | |
Shares Sold pursuant to Liquidity Contract | (793,560) | 59.1 | |
Shares Purchased for Employees | 610,569 | (41.8) | |
Shares Granted to Employees | (1,050,825) | 77.3 | |
Treasury Shares as of December 31, 2014 | 1,363,995 | (96.9) | |
Shares Acquired pursuant to Liquidity Contract | 1,333,789 | (69.4) | |
Shares Sold pursuant to Liquidity Contract | (1,419,789) | 75.4 | |
Shares Purchased for Employees | 650 | — | |
Shares Granted to Employees | (459,770) | 35.7 | |
Treasury Shares as of December 31, 2015 | 818,875 | (55.2) | |
Shares Acquired pursuant to Liquidity Contract | 1,298,130 | (64.4) | |
Shares Sold pursuant to Liquidity Contract | (1,408,130) | 69.4 | |
Shares Purchased | 3,168,156 | (168.8) | |
Shares Granted to Employees | (379,962) | 28.1 | |
Shares Cancelled | (3,168,156) | 168.8 | |
TREASURY SHARES AS OF DECEMBER 31, 2016 | 328,913 | (22.1) |
In millions of Euro | Cash Flow Hedges (IAS 32/39) (1) | Fair Value on Available-For- Sale Financial Assets (IAS 39) (2) | Gains/(Losses) on Defined Benefit Pension Plans (IAS 19R) (3) | Other | Fair Value Reserves - Parent Company | Fair Value Reserves - Non- Controlling Interests | Total Fair Value Reserves | |||||||
Fair Value Reserves as of January 1, 2014 | 44.2 | (19.0 | ) | (20.6 | ) | 0.1 | 4.7 | — | 4.7 | |||||
Gross Effect | (348.1 | ) | 19.7 | (25.7 | ) | — | (354.1 | ) | — | (354.1 | ) | |||
Tax Effect | 106.0 | (0.7 | ) | 5.2 | — | 110.5 | — | 110.5 | ||||||
Other | 0.1 | — | — | (0.1 | ) | — | — | — | ||||||
Fair Value Reserves as of December 31, 2014 | (197.8 | ) | — | (41.1 | ) | — | (238.9 | ) | — | (238.9 | ) | |||
Gross Effect | (79.3 | ) | — | 17.1 | — | (62.2 | ) | (11.7 | ) | (73.9 | ) | |||
Tax Effect | 18.4 | — | (4.9 | ) | — | 13.5 | — | 13.5 | ||||||
Fair Value Reserves as of December 31, 2015 | (258.7 | ) | — | (28.9 | ) | — | (287.6 | ) | (11.7 | ) | (299.3 | ) | ||
Gross Effect | 188.9 | — | (3.7 | ) | — | 185.2 | 11.7 | 196.9 | ||||||
Tax Effect | (53.2 | ) | — | 1.2 | — | (52.0 | ) | — | (52.0 | ) | ||||
FAIR VALUE RESERVES AS OF DECEMBER 31, 2016 | (123.0 | ) | — | (31.4 | ) | — | (154.4 | ) | — | (154.4 | ) | |||
(1) Recorded under this heading is the efficient portion of the change in fair value of the financial instruments qualified as cash flow hedging, as well as foreign exchange gains and losses corresponding to the effective portion of non-derivative financial assets or liabilities that are designated as a hedge of a foreign currency risk (see Note 1-C (c) - Foreign currency transactions and financial instruments). (2) Corresponding to the revaluation as of December 31, 2014 of MHB shares which were depreciated with the reversal of associated fair value reserves (see Note 13 - Available-for-sale financial assets). (3) Recorded under this heading the total amount of actuarial gains and losses on Defined Benefit Plans according to the amended IAS 19. |
Number of Options | Plan 2005 | Plan 2008 | Plan 2009 | Plan 2010 | Plan 2011 | Plan 2012 | Plan 2013 | Plan 2015 | Plan 2016 | Total | ||||||||||||||||||||||||||
Part 3 (1) | Parts 1 and 2 Re- granted (1) | Parts 1, 2 and 3 Re- granted (1) | Part 1 (2) | Part 1 (1) | Part 1 (1) | Part 2 (1) | Part 3 (1) | Part 1 (1) | Part 2 (1) | Part 3 (1) | Part 1 (1) | Part 2 (1) | Part 1 (1) | Part 1 Re- granted (1) | Part 1 (1) | Part 1 (1) | ||||||||||||||||||||
Approval Date by Shareholders’ General Meeting | Apr. 29, 2005 | Apr. 29, 2005 | Apr. 29, 2005 | May 06, 2008 | Apr. 30, 2009 | Apr. 29, 2010 | Apr. 29, 2010 | Apr. 29, 2010 | Apr. 28, 2011 | Apr. 28, 2011 | Apr. 28, 2011 | Apr. 26, 2012 | Apr. 26, 2012 | Apr. 25, 2013 | Apr. 25, 2013 | Apr. 24, 2014 | Apr. 28, 2016 | |||||||||||||||||||
Grant Date by the Board of Directors | March 12, 2007 | Dec. 12, 2007 | June 12, 2008 | July 01, 2008 | June 15, 2009 | June 23, 2010 | Dec. 15, 2010 | March 04, 2011 | June 17, 2011 | Dec. 14, 2011 | March 2, 2012 | June 15, 2012 | Dec 12, 2012 | June 14, 2013 | Jan. 10, 2014 | Sept. 07, 2015 | July 01, 2016 | |||||||||||||||||||
Options outstanding as of January 1, 2014 | — | — | 16,000 | 330,275 | 599,436 | 1,020,900 | 17,400 | 72,800 | 331,400 | 44,600 | 48,107 | 278,700 | 34,950 | 322,200 | — | — | — | 3,116,768 | ||||||||||||||||||
Options Granted (Subscription) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 16,520 | — | — | 16,520 | ||||||||||||||||||
Options exercised (Subscription) | — | — | (16,000 | ) | (334,695 | ) | (121,744 | ) | (127,167 | ) | — | — | — | — | — | — | — | — | — | — | — | (599,606 | ) | |||||||||||||
Options Forfeited (Purchase/ Subscription) | — | — | — | 4,420 | (300 | ) | (11,600 | ) | — | (2,100 | ) | (700 | ) | (1,000 | ) | (600 | ) | (600 | ) | — | (700 | ) | — | — | — | (13,180 | ) | |||||||||
Options outstanding as of December 31, 2014 | — | — | — | — | 477,392 | 882,133 | 17,400 | 70,700 | 330,700 | 43,600 | 47,507 | 278,100 | 34,950 | 321,500 | 16,520 | — | — | 2,520,502 | ||||||||||||||||||
Options Granted (Subscription) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 568,561 | 568,561 | |||||||||||||||||||
Options exercised(Subscription) | — | — | — | — | (455,256 | ) | (106,440 | ) | — | — | — | — | — | — | — | — | — | — | — | (561,696 | ) | |||||||||||||||
Options Forfeited (Purchase/ Subscription) | — | — | — | — | (22,136 | ) | 600 | — | (1,300 | ) | (14,380 | ) | (1,904 | ) | (1,500 | ) | (32,300 | ) | — | (34,000 | ) | — | — | — | (106,920 | ) | ||||||||||
Options outstanding as of December 31, 2015 | — | — | — | — | — | 776,293 | 17,400 | 69,400 | 316,320 | 41,696 | 46,007 | 245,800 | 34,950 | 287,500 | 16,520 | 568,561 | 2,420,447 | |||||||||||||||||||
Options Granted (Subscription) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 595,126 | 595,126 | ||||||||||||||||||
Options exercised (Subscription) | — | — | — | — | — | (13,750 | ) | (9,300 | ) | — | — | (2,400 | ) | — | — | — | — | — | — | — | (25,450 | ) | ||||||||||||||
Options Forfeited (Purchase/ Subscription) | — | — | — | — | — | (762,543 | ) | (8,100 | ) | (1,800 | ) | (2,138 | ) | — | (2,198 | ) | (20,521 | ) | (1,992 | ) | — | — | — | (801,292 | ) | |||||||||||
OPTIONS OUTSTANDING AS OF DECEMBER 31, 2016 | — | — | — | — | — | — | — | 67,600 | 314,182 | 39,296 | 43,809 | 225,279 | 32,958 | 287,500 | 16,520 | 566,561 | 595,126 | 2,188,831 | ||||||||||||||||||
Strike price (in Euro) | 49.17 | 55.67 | 59.96 | 58.15 | 34.70 | 51.45 | 63.23 | 72.19 | 72.69 | 66.94 | 78.39 | 74.54 | 87.13 | 85.73 | 68.47 | 47.83 | 48.33 | |||||||||||||||||||
Maturity Date | March 12, 2013 | Dec. 12, 2013 | June 12,2014 | July 01, 2014 | June 15, 2015 | June 23, 2016 | Dec. 15, 2016 | March 04, 2017 | June 17, 2018 | Dec. 14, 2018 | March 02, 2019 | June 15, 2019 | Dec. 12, 2019 | June 14, 2021 | Jan. 10, 2022 | Sept. 07, 2023 | July 01, 2024 | |||||||||||||||||||
(1) Share Subscription option plans exercisable four years from the date of grant and provided certain targets are met. (2) Share Purchase option plans exercisable four years from the date of grant and provided certain targets are met. |
• | The Board of Directors resolved to adjust the rights of option beneficiaries as of May 14, 2007, in order to take into account the extraordinary dividend deducted from retained earnings and approved by the Combined Shareholders’ Meeting held on April 27, 2007. Consequently, exercise prices and option numbers were recalculated for all plans. |
• | The Board of Directors resolved to adjust the rights of option beneficiaries as of May 14, 2008, in order to take into account the extraordinary dividend deducted from retained earnings and approved by the Combined Shareholders’ Meeting held on May 6, 2008. Consequently, exercise prices and option numbers were recalculated for all plans. |
Plan 2005 | Plan 2008 | Plan 2009 | Plan 2010 | Plan 2011 | Plan 2012 | Plan 2013 | Plan 2015 | Plan 2016 | ||||||||||
Part 3 | Parts 1 and 2 Re- granted | Parts 1, 2 and 3 Re- granted | Part 1 | Part 1 | Part 1 | Part 2 | Part 3 | Part 1 | Part 2 | Part 3 | Part 1 | Part 2 | Part 1 | Part 1 Re- granted | Part 1 | Part 1 | ||
Share Price at Grant Date (in Euro) | 50.19 | 54.21 | 55.81 | 58.50 | 36.41 | 52.00 | 67.18 | 71.64 | 71.39 | 65.50 | 83.83 | 78.80 | 87.05 | 85.12 | 68.71 | 46.56 | 50.00 | |
Exercise Price (in Euro) | 49.17 | 55.67 | 59.96 | 58.15 | 34.70 | 51.45 | 63.23 | 72.19 | 72.69 | 66.94 | 78.39 | 74.54 | 87.13 | 85.73 | 68.47 | 47.83 | 48.33 | |
Dividend Yield | 2.0% | 2.0% | 2.0% | 2.0% | 3.5% | 3.0% | 3.0% | 3.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 4.5% | 4.5% | |
Turnover Rate | 5.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% /2.5% | 2.0% /2.5% | 2.0% /2.5% | 2.5% | |
Volatility | 30.3% | 32.0% | 34.4% | 34.4% | 32.9% | 39.1% | 39.1% | 39.1% | 32.0% | 32.0% | 32.0% | 34.2% | 33.5% | 33.8% | 33.8% | 29.2% | 34.5% | |
Annual Risk Free Interest Rate | ||||||||||||||||||
6 months | 4.0% | 4.9% | 5.1% | 5.2% | 1.5% | 0.4% | 0.4% | 0.4% | 1.3% | 1.3% | 1.3% | 0.3% | 0.1% | 0.1% | 0.1% | (0.2)% | (0.7)% | |
1 year | 4.1% | 4.9% | 5.4% | 5.4% | 1.7% | 0.5% | 0.5% | 0.5% | 1.5% | 1.5% | 1.5% | 0.3% | 0.1% | 0.1% | 0.1% | (0.2)% | (0.6)% | |
3 years | 3.9% | 4.1% | 4.7% | 4.7% | 2.2% | 1.2% | 1.2% | 1.2% | 2.0% | 2.0% | 2.0% | 0.8% | 0.2% | 0.5% | 0.5% | (0.1)% | (0.6)% | |
5 years | 4.0% | 4.2% | 4.8% | 4.8% | 2.9% | 1.9% | 1.9% | 1.9% | 2.6% | 2.6% | 2.6% | 1.6% | 0.8% | 1.0% | 1.0% | 0.2% | (0.4)% | |
10 years | 4.0% | 4.4% | 4.8% | 4.8% | 3.9% | 3.1% | 3.1% | 3.1% | 3.5% | 3.5% | 3.5% | 2.8% | 2.1% | 2.2% | 2.2% | 1.1% | 0.0% | |
Option Fair Value Set at Grant Date (in Euro) (1) (2) | 12.75 | 13.74 | 14.90 | 17.30 | 8.45 | 13.61 | 13.61 | 13.61 | 14.35 /15.05 | 14.35 | 14.35 | 17.58 /18.40 | 21.02 | 18.59 /18.87 | 13.99 | 6.01 | 7.61 /7.90 | |
Maturity Date | March 12, 2013 | Dec. 12, 2013 | June 12, 2014 | July 01, 2014 | June 15, 2015 | June 23, 2016 | Dec. 15, 2016 | March 04, 2017 | June 17, 2018 | Dec. 14, 2018 | March 02, 2019 | June 15, 2019 | Dec. 12, 2019 | June 14, 2021 | Jan. 10, 2022 | Sept. 07, 2023 | July 01, 2024 | |
(1) The turnover rate and fair value of performance shares differ from country to country. (2) For the 2016 plan, the fair value is based on an external performance criteria applied to each category of beneficiary. The Group’s Principal Executives and the remaining population benefit from a different weighting of the external performance criteria. |
Number of Shares | Plan 2008 | Plan 2009 | Plan 2010 | Plan 2011 | Plan 2012 | Plan 2013 | Plan 2014 | Plan 2015 | Plan 2016 | Total | ||||||||||||||||||||||||||
Part 3 | Part 1 | Part 3 | Part 1 | Part 2 | Part 3 | Part 1 | Part 2 | Part 3 | Part 1 | Part 1 | Part 1 | Part 2 | Part 1 | Part 1 | Part 1 | Part 2 | ||||||||||||||||||||
Approval date by Shareholders’ General Meeting | May 06, 2008 | Apr. 30, 2009 | April 30, 2009 | April 29, 2010 | April 29, 2010 | April 29, 2010 | April 28, 2011 | April 28, 2011 | April 28, 2011 | April 26, 2012 | April 26, 2012 | April 25, 2013 | April 25, 2013 | April 24, 2014 | April 24, 2014 | April 28, 2016 | April 28, 2016 | |||||||||||||||||||
Grant Date by the Board of Directors | Feb 18, 2009 | June 15, 2009 | Feb. 16, 2010 | June 23, 2010 | Dec. 15, 2010 | March 04, 2011 | June 17, 2011 | Dec. 14, 2011 | March 02, 2012 | June 15, 2012 | Dec. 12, 2012 | June 14, 2013 | January 10, 2014 | Dec. 10, 2014 | Sept. 07, 2015 | July 1, 2016 | Dec. 06, 2016 | |||||||||||||||||||
Outstanding Shares as of January 1, 2013 | 118,650 | 584,900 | 94,550 | 834,300 | 12,300 | 81,900 | 348,450 | 33,750 | 47,807 | 426,800 | 126,892 | — | — | — | — | — | — | 2,710,299 | ||||||||||||||||||
Shares Granted | — | — | — | — | — | — | — | — | — | — | — | 492,500 | — | — | — | — | — | 492,500 | ||||||||||||||||||
Share Exercised | (117,750 | ) | (575,300 | ) | (35,050 | ) | (290,700 | ) | (1,500 | ) | — | — | — | — | — | — | — | — | — | — | — | — | (1,020,300 | ) | ||||||||||||
Shares Cancelled | (900 | ) | (9,600 | ) | (6,400 | ) | (32,000 | ) | — | (6,400 | ) | (10,400 | ) | (3,700 | ) | (1,650 | ) | (13,700 | ) | (4,700 | ) | (3,350 | ) | — | — | (92,800 | ) | |||||||||
Outstanding Shares as of December 31, 2013 | — | — | 53,100 | 511,600 | 10,800 | 75,500 | 338,050 | 30,050 | 46,157 | 413,100 | 122,192 | 489,150 | — | — | — | — | — | 2,089,699 | ||||||||||||||||||
Shares Granted | — | — | — | — | — | — | — | — | — | — | — | — | 73,700 | 50,400 | — | — | — | 124,100 | ||||||||||||||||||
Share Exercised | — | — | (51,300 | ) | (505,800 | ) | (10,800 | ) | (22,600 | ) | (124,200 | ) | (6,400 | ) | — | — | (550 | ) | (150 | ) | — | — | — | — | — | (721,800 | ) | |||||||||
Shares Cancelled | — | — | (1,800 | ) | (5,800 | ) | — | (1,400 | ) | (5,300 | ) | (900 | ) | (550 | ) | (6,850 | ) | (3,503 | ) | (7,800 | ) | (2,250 | ) | — | — | — | — | (36,153 | ) | |||||||
Outstanding Shares as of December 31, 2014 | — | — | — | — | — | 51,500 | 208,550 | 22,750 | 45,607 | 406,250 | 118,139 | 481,200 | 71,450 | 50,400 | — | — | — | 1,455,846 | ||||||||||||||||||
Shares Granted | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 290,736 | — | — | 290,736 | ||||||||||||||||||
Share Exercised | — | — | — | — | — | (51,300 | ) | (207,650 | ) | (22,250 | ) | (12,900 | ) | (151,450 | ) | (11,850 | ) | (50 | ) | — | — | — | — | (457,450 | ) | |||||||||||
Shares Cancelled | — | — | — | — | — | (200 | ) | (900 | ) | (500 | ) | (600 | ) | (7,500 | ) | (3,550 | ) | (23,750 | ) | (300 | ) | — | (120 | ) | — | — | (37,420 | ) | ||||||||
Outstanding Shares as of December 31, 2015 | — | — | — | — | — | — | — | — | 32,107 | 247,300 | 102,739 | 457,400 | 71,150 | 50,400 | 290,616 | 1,251,712 | ||||||||||||||||||||
Shares Granted | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 556,826 | 29,000 | 585,826 | ||||||||||||||||||
Share Exercised | — | — | — | — | — | — | — | — | (31,307 | ) | (245,550 | ) | (102,539 | ) | (131,600 | ) | — | — | — | (510,996 | ) | |||||||||||||||
Shares Cancelled | — | — | — | — | — | — | — | — | (800 | ) | (1,750 | ) | (200 | ) | (7,000 | ) | (1,000 | ) | — | (1,225 | ) | — | (11,975 | ) | ||||||||||||
OUTSTANDING SHARES AS OF DECEMBER 31, 2016 | — | — | — | — | — | — | — | — | — | — | — | 318,800 | 70,150 | 50,400 | 289,391 | 556,826 | 29,000 | 1,314,657 |
Plan 2008 | Plan 2009 | Plan 2010 | Plan 2011 | Plan 2012 | Plan 2012 | Plan 2014 | Plan 2015 | Plan 2016 | |||||||||
Part 3 | Part 1 | Part 3 | Part 1 | Part 2 | Part 3 | Part 1 | Part 2 | Part 3 | Part 1 | Part 2 | Part 1 | Part 2 | Part 1 | Part 1 | Part 1 | Part 2 | |
Share Price at the Grant Date (in Euro) | 23.76 | 36.41 | 36.41 | 52.00 | 67.18 | 71.64 | 71.39 | 46.56 | 83.83 | 78.80 | 87.05 | 85.12 | 68.71 | 47.00 | 46.56 | 50.00 | 67.26 |
Dividend Yield | 3.0% | 3.5% | 3.5% | 3.0% | 3.0% | 3.0% | 2.0% | 4.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 4.5% | 4.5% | 4.5% |
Turnover Rate (1) | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0% / 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0%/ 6.0% | 2.0% / 6.0% | 2.5% | 2.5% |
Fair Value of Performance Shares Set at Grant Date 5 (in Euro) (1) (2) | 21.72/ 21.07 | 32.78/ 31.65 | 32.78/ 31.65 | 47.52/ 46.12 | 47.52/ 46.12 | 47.52/ 46.12 | 67.23/ 65.90 | 38.89 | 67.23/ 65.90 | 74.21/ 72.74 | 81.98/ 80.36 | 70.33 / 78.58 | 53.37 | 36.50 | 38.89 | 36.78/ 38.59/ 40.37 | 46.59 |
Maturity Date | Feb 18, 2013/14 | June 15, 2013/14 | Feb. 16, 2014 15 | June 23, 2014 15 | Dec. 15, 2014 15 | March 4, 2015 16 | June 17, 2015 16 | Sept. 07, 2019 | March 2, 2016 17 | June 15, 2016 17 | Dec. 12, 2016 17 | June 14, 2017 18 | January 10, 2018 19 | Dec. 10, 2018 | Sept. 07, 2019 | July 01, 2020 | Dec. 06, 2020 |
(1) The turnover rate and fair value of performance shares differ from country to country. (2) For the 2016 plan, the fair value is based on an external performance criteria applied to each category of beneficiary. The Chairman and chief Executive Officer, the Group’s Principal Executives and the remaining population benefit from a different weighting of the external performance criteria. |
• | To serve share option plans or other share plans that were granted to employees, directors or officers of the Company. During the financial year ended December 31, 2016, Technip continued its purchases of own shares under the program approved by the Shareholders’ General Meeting held on April 23, 2015 and on April 28, 2016, for a period of 18 months and relating to a maximum number of shares not exceeding 8% of the shares comprising the share capital, at a maximum share price of €85 and €65. In all, 3,168,156 shares were bought during the period at an average price of €53.29. |
• | To promote share trading and, in particular, to ensure the liquidity of shares pursuant to a liquidity contract, by an investment service provider. Pursuant to a contract dated February 12, 2010, and for a duration of one year as from this date, tacitly renewable, the Company engaged Kepler Cheuvreux to execute a liquidity contract in compliance with the AMAFI Code of Conduct. This contract was ended on December 22, 2016. |
• | Technip “Classic Plan” subscribed for 225,297 shares. Employees benefit from an employer contribution, but are exposed to the changes in Technip share value; |
• | Technip “Secure Plan” subscribed for 60,956 shares. Employees benefit from an employer contribution, while guaranteeing the initial investment at the end of a 5-year period, increased by the greater between the capitalized annual return of 1.5% and the protected average increase in Technip share value compared to the reference price; |
• | Technip “Multiple Plan” subscribed for 1,083,070 shares. Employees benefit from an employer contribution while guaranteeing the initial investment at the end of a 5-year period, increased by the greater between the capitalized annual return of 1.5% and 10.3 times the protected average increase in Technip share value compared to the reference price. For each share bought by the employee, the bank in charge of structuring the operation financed the acquisition of nine additional shares through a banking complement. The initial investment of the employee is guaranteed. The capital guarantee and the multiple of the average increase are obtained through the transfer to the bank of the discount, the dividends and the other financial rights related to the shares. |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||
Synthetic Bonds | 406.0 | 629.2 | — | — | — | — | ||||||
Convertible Bonds | — | — | 483.2 | 496.8 | 1,002.8 | 1,044.9 | ||||||
Private Placements | 870.1 | 972.9 | 869.1 | 946.0 | 868.1 | 991.9 | ||||||
Bank Borrowings | 297.3 | 297.3 | 273.7 | 273.7 | 485.7 | 485.7 | ||||||
Total Non-Current Financial Debts | 1,573.4 | 1,899.4 | 1,626.0 | 1,716.5 | 2,356.6 | 2,522.5 | ||||||
Convertible Bonds | 497.6 | 497.6 | 550.0 | 550.0 | — | — | ||||||
Commercial Papers | 200.0 | 200.0 | 200.0 | 200.0 | 156.0 | 156.0 | ||||||
Bank Borrowings | 131.6 | 131.6 | 160.5 | 160.5 | 80.3 | 80.4 | ||||||
Accrued Interests Payables | 19.3 | 19.3 | 26.6 | 26.7 | 20.1 | 20.1 | ||||||
Total Current Financial Debts | 848.5 | 848.5 | 937.1 | 937.2 | 256.4 | 256.5 | ||||||
TOTAL FINANCIAL DEBTS | 2,421.9 | 2,747.9 | 2,563.1 | 2,653.7 | 2,613.0 | 2,779.0 |
• | on July 27, 2010, Technip achieved a private placement for €200 million (recorded for €198.9 million as of December 31, 2016). The maturity is 10 years; the annual coupon rate is 5.0%; |
• | on June 14, 2012, Technip achieved a private placement for €150 million (recorded for €149.9 million as of December 31, 2016). The maturity is 10 years; the annual coupon rate is 3.4%; |
• | on June 14, 2012, Technip achieved a private placement for €100 million (recorded for €96.0 million as of December 31, 2016). The maturity is 20 years; the annual coupon rate is 4.0%; |
• | on June 15, 2012, Technip achieved a private placement for €75 million (recorded for €74.9 million as of December 31, 2016). The maturity is 15 years; the annual coupon rate is 4.0%; |
• | on October 7, 2013, Technip achieved a private placement for €100 million (recorded for €96.6 million as of December 31, 2016). The maturity is 20 years; the annual coupon rate is 3.75%; |
• | on October 16, 2013, Technip achieved a private placement for €130 million (recorded for €129.1 million as of December 31, 2016). The maturity is 10 years; the annual coupon rate is 3.15%; |
• | on October 18, 2013, Technip achieved a private placement for €125 million (recorded for €124.7 million as of December 31, 2016). The maturity is 10 years; the annual coupon rate is 3.15%. |
• | issued at a price of €96.09 (the number of bonds issued was 5,178,455); |
• | a coupon of 0.25% payable on January 31 of each year, which amounts to €0.24 per year and per bond. (The first coupon payment on January 31, 2012, amounted to €0.03 per bond); |
• | a redemption date was set on January 1, 2017, for bonds not converted into shares at such date; |
• | the option for bondholders to convert their bonds into shares at any time at the ratio of one share for one bond; and |
• | the option for the Group to call for early redemption of the bonds at any time on or after the third anniversary of the issue date for a price at par plus accrued interests if the quoted value of the share exceeds 130% of the par value of the bond. |
• | a debt component is recognized at amortized cost for an initial amount of €420.4 million, net from its share of issuing costs. |
• | a conversion option component is recognized in equity for an amount equal to the difference between the issuing price of the OCEANE convertible bond and the value of the debt component. The carrying amount is recognized net of its proportionate share of the debt issuance costs for an amount of €73.1 million and net of corresponding deferred taxes. This value is not revalued but will be adjusted to take into account the conversion of bonds. |
• | On January 2, 2017, Technip reimbursed the 2011-2017 convertible bond for an amount of €497.6 million. |
• | issued at a price of €83.10 (the number of bonds issued was 6,618,531); |
• | a coupon of 0.50% payable on January 31 of each year, which amounts to €0.42 per year and per bond. (The first coupon payment on January 31, 2011, amounted to €0.09 per bond); |
• | a redemption date was set on January 1, 2016, for bonds not converted into shares at such date; |
• | the option for bondholders to convert their bonds into shares at any time at the ratio of one share for one bond; and |
• | the option for the Group to call for early redemption of the bonds at any time on or after the third anniversary of the issue date for a price at par plus accrued interest if the quoted value of the share exceeds 130% of the par value of the bond. |
• | a debt component is recognized at amortized cost for an initial amount of €480.9 million, net from its share of issuing costs. The effective rate is 3.2%; and |
• | a conversion option component is recognized in equity for an amount equal to the difference between the issuing price of the OCEANE convertible bond and the value of the debt component. The carrying amount is recognized net of its proportionate share of the debt issuance costs for an amount of €63.3 million and net of corresponding deferred taxes. This value is not revalued but will be adjusted to take into account the conversion of bonds. |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Fixed Rate | 2,319.9 | 2,385.3 | 2,419.7 |
Floating Rate | 102.0 | 177.8 | 193.3 |
TOTAL FINANCIAL DEBTS | 2,421.9 | 2,563.1 | 2,613.0 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||
Euro | 1,991.6 | 2,119.2 | 2,046.0 | |||
Brazilian Real | 203.0 | 389.5 | 564.9 | |||
Pound Sterling | 185.4 | — | — | |||
Norwegian Krone | 41.9 | 48.5 | — | |||
US Dollar | — | 2.2 | 2.0 | |||
Other | — | 3.7 | 0.1 | |||
TOTAL FINANCIAL DEBTS | 2,421.9 | 2,563.1 | 2,613.0 |
In millions of Euro | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 and beyond | Total |
Fixed Rate | 830.6 | 24.9 | 26.2 | 225.1 | 429.0 | 784.1 | 2,319.9 |
Floating Rate | 17.9 | 17.0 | 17.0 | 17.0 | 18.7 | 14.4 | 102.0 |
TOTAL FINANCIAL DEBTS AS OF DECEMBER 31, 2016 | 848.5 | 41.9 | 43.2 | 242.1 | 447.7 | 798.5 | 2,421.9 |
In millions of Euro | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 and beyond | Total |
Fixed Rate | 916.1 | 560.1 | 10.5 | 9.1 | 207.7 | 681.8 | 2,385.3 |
Floating Rate | 21.0 | 13.8 | 89.7 | 13.8 | 13.8 | 25.7 | 177.8 |
TOTAL FINANCIAL DEBTS AS OF DECEMBER 31, 2015 | 937.1 | 573.9 | 100.2 | 22.9 | 221.5 | 707.5 | 2,563.1 |
In millions of Euro | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 and beyond | Total |
Fixed Rate | 243.8 | 718.9 | 562.9 | 5.4 | 4.1 | 884.6 | 2,419.7 |
Floating Rate | 12.6 | 11.4 | 11.4 | 112.3 | 11.4 | 34.2 | 193.3 |
TOTAL FINANCIAL DEBTS AS OF DECEMBER 31, 2014 | 256.4 | 730.4 | 574.3 | 117.7 | 15.5 | 918.8 | 2,613.0 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||||
Guarantee | Without Guarantee | Total | Guarantee | Without Guarantee | Total | Guarantee | Without Guarantee | Total | ||||||
Bank Overdrafts, Current Facilities and Other | — | 200.1 | 200.1 | — | 200.1 | 200.1 | — | — | — | |||||
Short Term Part of Long-Term Debts | 25.2 | 623.2 | 648.4 | 9.4 | 727.6 | 737.0 | 1.1 | 255.3 | 256.4 | |||||
Total Current Financial Debts | 25.2 | 823.3 | 848.5 | 9.4 | 927.7 | 937.1 | 1.1 | 255.3 | 256.4 | |||||
Total Non-Current Financial Debts | 202.1 | 1,371.3 | 1,573.4 | 39.1 | 1,586.9 | 1,626.0 | 1.6 | 2,355.0 | 2,356.6 | |||||
TOTAL FINANCIAL DEBTS | 227.3 | 2,194.6 | 2,421.9 | 48.5 | 2,514.6 | 2,563.1 | 2.7 | 2,610.3 | 2,613.0 |
In millions of Euro | As of January 1, 2016 | Increase | Used Reversals | Unused Reversals | Foreign Exchange Adjustments | Other | As of December 31, 2016 | |||||||
Restructuring | 22.6 | 35.0 | (7.2 | ) | — | (0.3 | ) | (2.8 | ) | 47.3 | ||||
Pensions and other Long-Term Employee Benefits (1) | 200.5 | 66.6 | (17.5 | ) | (18.4 | ) | 0.7 | (40.1 | ) | 191.8 | ||||
Tax | 0.9 | 1.3 | — | (0.9 | ) | 0.1 | — | 1.4 | ||||||
Litigation | 2.3 | — | — | — | — | — | 2.3 | |||||||
Provisions for Claims Incurred but not Reported (2) | 11.7 | 11.2 | — | — | — | — | 22.9 | |||||||
Other Non-Current Provisions | 4.0 | 7.3 | (0.5 | ) | — | 0.1 | (0.4 | ) | 10.5 | |||||
Total Non-Current Provisions | 242.0 | 121.4 | (25.2 | ) | (19.3 | ) | 0.6 | (43.3 | ) | 276.2 | ||||
Pensions and other Long-Term Employee Benefits (1) | 46.7 | 29.7 | (31.4 | ) | (0.3 | ) | (0.7 | ) | (8.4 | ) | 35.6 | |||
Contingencies related to Contracts (3) | 268.5 | 156.2 | (23.5 | ) | (47.4 | ) | 0.1 | (2.8 | ) | 351.1 | ||||
Restructuring | 27.6 | 41.7 | (24.9 | ) | (0.2 | ) | (0.3 | ) | 10.1 | 54.0 | ||||
Tax | 21.2 | 10.4 | (4.6 | ) | (0.1 | ) | 5.3 | 0.9 | 33.1 | |||||
Litigation (4) | 9.6 | 17.2 | (1.5 | ) | (0.5 | ) | 4.3 | 0.3 | 29.4 | |||||
Provisions for Claims (2) | 7.9 | 16.5 | — | — | — | — | 24.4 | |||||||
Other Current Provisions | 52.2 | 75.0 | (7.4 | ) | (5.2 | ) | 16.3 | 0.4 | 131.3 | |||||
Total Current Provisions | 433.7 | 346.7 | (93.3 | ) | (53.7 | ) | 25.0 | 0.5 | 658.9 | |||||
TOTAL PROVISIONS | 675.7 | 468.1 | (118.5 | ) | (73.0 | ) | 25.6 | (42.8 | ) | 935.1 | ||||
(1) See Note 23 - Pensions and other long-term employee benefit plans. (2) Provisions for Reinsurance are recorded at the level of the Group’s captive reinsurance companies. (3) Provisions recognized on contingencies on contracts are related to claims on contracts. (4) See Note 31 - Litigation and contingent liabilities. |
In millions of Euro | As of January 1, 2015 | Increase | Used Reversals | Unused Reversals | Foreign Exchange Adjustments | Other | As of December 31, 2015 | |||||||
Restructuring | — | 19.8 | — | — | (0.1 | ) | 2.9 | 22.6 | ||||||
Pensions and other Long-Term Employee Benefits (1) | 216.5 | 31.5 | (36.8 | ) | (14.8 | ) | 0.3 | 3.8 | 200.5 | |||||
Tax | 0.8 | — | — | (0.2 | ) | 0.3 | — | 0.9 | ||||||
Litigation | 2.3 | — | — | — | — | — | 2.3 | |||||||
Provisions for Claims Incurred but not Reported (2) | 8.0 | 3.7 | — | — | — | — | 11.7 | |||||||
Other Non-Current Provisions | 4.0 | 0.4 | (0.4 | ) | — | 0.1 | (0.1 | ) | 4.0 | |||||
Total Non-Current Provisions | 231.6 | 55.4 | (37.2 | ) | (15.0 | ) | 0.6 | 6.6 | 242.0 | |||||
Pensions and other Long-Term Employee Benefits (1) | 57.3 | 26.2 | (34.9 | ) | (0.5 | ) | 1.5 | (2.9 | ) | 46.7 | ||||
Contingencies related to Contracts (3) | 196.2 | 207.9 | (122.9 | ) | (11.3 | ) | 1.8 | (3.2 | ) | 268.5 | ||||
Restructuring | — | 37.0 | (8.0 | ) | — | — | (1.4 | ) | 27.6 | |||||
Tax | 20.3 | 14.5 | (3.3 | ) | (4.9 | ) | (5.4 | ) | — | 21.2 | ||||
Litigation (4) | 10.4 | 10.9 | (1.7 | ) | (8.2 | ) | (1.8 | ) | — | 9.6 | ||||
Provisions for Claims (2) | 3.0 | 4.9 | — | — | — | — | 7.9 | |||||||
Other Current Provisions | 39.1 | 37.6 | (4.5 | ) | (8.2 | ) | (9.8 | ) | (2.0 | ) | 52.2 | |||
Total Current Provisions | 326.3 | 339.0 | (175.3 | ) | (33.1 | ) | (13.7 | ) | (9.5 | ) | 433.7 | |||
TOTAL PROVISIONS | 557.9 | 394.4 | (212.5 | ) | (48.1 | ) | (13.1 | ) | (2.9 | ) | 675.7 | |||
(1) See Note 23 - Pensions and other long-term employee benefit plans. (2) Provisions for Reinsurance are recorded at the level of the Group’s captive reinsurance companies. (3) Provisions recognized on contingencies on contracts are related to claims on contracts. (4) See Note 31 - Litigation and contingent liabilities. |
In millions of Euro | As of January 1, 2014 | Increase | Used Reversals | Unused Reversals | Foreign Exchange Adjustments | Other | As of December 31, 2014 | |||||||
Pensions and other Long-Term Employee Benefits (1) | 234.2 | 116.5 | (22.1 | ) | (99.0 | ) | 2.6 | (15.7 | ) | 216.5 | ||||
Tax | 6.7 | — | (0.2 | ) | (6.2 | ) | 0.5 | — | 0.8 | |||||
Litigation | 2.3 | — | — | — | — | — | 2.3 | |||||||
Provisions for Claims Incurred but not Reported (2) | 6.2 | 1.7 | — | — | 0.1 | — | 8.0 | |||||||
Other Non-Current Provisions | 10.8 | 0.3 | (4.4 | ) | (0.8 | ) | 0.3 | (2.2 | ) | 4.0 | ||||
Total Non-Current Provisions | 260.2 | 118.5 | (26.7 | ) | (106.0 | ) | 3.5 | (17.9 | ) | 231.6 | ||||
Pensions and other Long-Term Employee Benefits (1) | 29.9 | 25.4 | (17.8 | ) | (0.1 | ) | 1.3 | 18.6 | 57.3 | |||||
Contingencies related to Contracts (3) | 106.6 | 183.3 | (37.6 | ) | (46.7 | ) | 4.9 | (14.3 | ) | 196.2 | ||||
Tax | 26.5 | 5.1 | (9.7 | ) | (2.0 | ) | 0.4 | — | 20.3 | |||||
Litigation (4) | 2.7 | 8.8 | (0.2 | ) | (1.0 | ) | 0.1 | — | 10.4 | |||||
Provisions for Claims (2) | 1.6 | 1.4 | — | — | — | — | 3.0 | |||||||
Other Current Provisions | 48.9 | 11.9 | (8.8 | ) | (16.6 | ) | 0.3 | 3.4 | 39.1 | |||||
Total Current Provisions | 216.2 | 235.9 | (74.1 | ) | (66.4 | ) | 7.0 | 7.7 | 326.3 | |||||
TOTAL PROVISIONS | 476.4 | 354.4 | (100.8 | ) | (172.4 | ) | 10.5 | (10.2 | ) | 557.9 | ||||
(1) See Note 23 - Pensions and other long-term employee benefit plans. (2) Provisions for Reinsurance are recorded at the level of the Group’s captive reinsurance companies. (3) Provisions recognized on contingencies on contracts are related to claims on contracts. (4) See Note 31 - Litigation and contingent liabilities. |
In millions of Euro | As of 31 December, 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 and beyond | ||||||||
Restructuring | 47.3 | — | 39.2 | 4.4 | 2.4 | 0.7 | 0.3 | 0.3 | ||||||||
Pensions and other Long-Term Employee Benefits | 191.8 | — | 43.0 | 19.4 | 6.7 | 7.4 | 13.4 | 101.9 | ||||||||
Tax | 1.4 | — | 1.4 | — | — | — | — | — | ||||||||
Litigation | 2.3 | — | 2.3 | — | — | — | — | — | ||||||||
Provisions for Claims Incurred but not Reported | 22.9 | — | 9.6 | 6.9 | 3.9 | 0.7 | 0.4 | 1.4 | ||||||||
Other Non-Current Provisions | 10.5 | — | 10.2 | — | — | — | — | 0.3 | ||||||||
Total Non-Current Provisions | 276.2 | — | 105.7 | 30.7 | 13.0 | 8.8 | 14.1 | 103.9 | ||||||||
Pensions and other Long-Term Employee Benefits | 35.6 | 35.6 | — | — | — | — | — | — | ||||||||
Contingencies related to Contracts (1) | 351.1 | 319.8 | 25.0 | 3.1 | 1.6 | 1.6 | — | — | ||||||||
Restructuring | 54.0 | 54.0 | — | — | — | — | — | — | ||||||||
Tax | 33.1 | 33.1 | — | — | — | — | — | — | ||||||||
Litigation | 29.4 | 29.4 | — | — | — | — | — | — | ||||||||
Provisions for Claims | 24.4 | 24.4 | — | — | — | — | — | — | ||||||||
Other Current Provisions | 131.3 | 131.3 | — | — | — | — | — | — | ||||||||
Total Current Provisions | 658.9 | 627.6 | 25.0 | 3.1 | 1.6 | 1.6 | — | — | ||||||||
TOTAL PROVISIONS | 935.1 | 627.6 | 130.7 | 33.8 | 14.6 | 10.4 | 14.1 | 103.9 | ||||||||
(1) Provisions for contingencies related to contracts which maturity cannot be precisely determined are usually presented in the less than one-year category. |
In millions of Euro | As of 31 December, 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 and beyond | ||||||||
Restructuring | 22.6 | — | 11.7 | 5.5 | 3.7 | 1.7 | — | — | ||||||||
Pensions and other Long-Term Employee Benefits | 200.5 | — | 37.9 | 14.7 | 11.3 | 11.3 | 12.8 | 112.5 | ||||||||
Tax | 0.9 | — | 0.9 | — | — | — | — | — | ||||||||
Litigation | 2.3 | — | 2.3 | — | — | — | — | — | ||||||||
Provisions for Claims Incurred but not Reported | 11.7 | — | 4.6 | 3.5 | 2.0 | 0.4 | 0.2 | 0.7 | ||||||||
Other Non-Current Provisions | 4.0 | — | 1.9 | — | — | 1.8 | — | 0.3 | ||||||||
Total Non-Current Provisions | 242.0 | — | 59.6 | 23.7 | 17.0 | 15.2 | 13.0 | 113.5 | ||||||||
Pensions and other Long-Term Employee Benefits | 46.7 | 46.6 | — | — | — | — | — | — | ||||||||
Contingencies related to Contracts (1) | 268.5 | 251.3 | 17.1 | 0.1 | — | — | — | — | ||||||||
Restructuring | 27.6 | 27.6 | — | — | — | — | — | — | ||||||||
Tax | 21.2 | 21.2 | — | — | — | — | — | — | ||||||||
Litigation | 9.6 | 9.6 | — | — | — | — | — | — | ||||||||
Provisions for Claims | 7.9 | 7.9 | — | — | — | — | — | — | ||||||||
Other Current Provisions | 52.2 | 52.3 | — | — | — | — | — | — | ||||||||
Total Current Provisions | 433.7 | 416.5 | 17.1 | 0.1 | — | — | — | — | ||||||||
TOTAL PROVISIONS | 675.7 | 416.5 | 76.7 | 23.8 | 17.0 | 15.2 | 13.0 | 113.5 | ||||||||
(1) Provisions for contingencies related to contracts which maturity cannot be precisely determined are usually presented in the less than one-year category. |
In millions of Euro | As of 31 December, 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 and beyond | |||||||
Pensions and other Long-Term Employee Benefits | 216.5 | — | 53.4 | 16.3 | 11.5 | 11.5 | 13.4 | 110.4 | |||||||
Tax | 0.8 | — | 0.8 | — | — | — | — | — | |||||||
Litigation | 2.3 | — | 2.3 | — | — | — | — | — | |||||||
Provisions for Claims Incurred but not Reported | 8.0 | — | — | — | — | — | — | 8.0 | |||||||
Other Non-Current Provisions | 4.0 | — | 1.7 | 0.2 | 0.1 | 1.6 | — | 0.4 | |||||||
Total Non-Current Provisions | 231.6 | — | 58.2 | 16.5 | 11.6 | 13.1 | 13.4 | 118.8 | |||||||
Pensions and other Long-Term Employee Benefits | 57.3 | 57.3 | — | — | — | — | — | — | |||||||
Contingencies related to Contracts (1) | 196.2 | 181.2 | 14.7 | — | — | — | — | 0.3 | |||||||
Tax | 20.3 | 20.3 | — | — | — | — | — | — | |||||||
Litigation | 10.4 | 10.4 | — | — | — | — | — | — | |||||||
Provisions for Claims | 3.0 | 3.0 | — | — | — | — | — | — | |||||||
Other Current Provisions | 39.1 | 39.1 | — | — | — | — | — | — | |||||||
Total Current Provisions | 326.3 | 311.3 | 14.7 | — | — | — | — | 0.3 | |||||||
TOTAL PROVISIONS | 557.9 | 311.3 | 72.9 | 16.5 | 11.6 | 13.1 | 13.4 | 119.1 | |||||||
(1) Provisions for contingencies related to contracts which maturity cannot be precisely determined are usually presented in the less than one year category. |
• | a retirement benefit consisting of a capital payment based on years of service and salary at retirement date; |
• | a post-retirement medical benefit (this is closed to new entrants to the plan); |
• | a jubilee plan that provides a lump sum payment after 20, 30, 35 and 40 years of services at all companies (a minimum number of years spent at Technip is required); |
• | an additional defined contribution pension plan was set up on January 1, 2005 dedicated to a predetermined and uniform class of top managers. A contribution of 8.0% of gross annual salary within the legal limits is paid by the Company; |
• | a complementary defined benefit pension plan was set up on May 1, 2007 for members of the Group’s Executive Committee and then revoked end of 2016. It consisted of a guaranteed retirement wage of 1.8% of income bracket 4 of annual gross compensation per year of service in the Executive Committee (up to a limit of 15 years of service). This plan was liquidated in December 2016. |
• | two pension plans that offer a pension payable from age 65: (i) a deferred compensation plan and (ii) an early retirement plan (OAPT); |
• | a jubilee plan that provides a lump sum payment ranging from one to three months of salary when employees reach 25, 40 and 45 years of service. |
In millions of Euro | 2016 | 2015 | 2014 |
Current Service Cost | 9.9 | 12.4 | 22.1 |
Financial Cost | 9.9 | 10.2 | 14.9 |
Expected Return on Plan Assets | (5.9) | (6.0) | (7.6) |
Net Actuarial Gain/(Loss) Recognized on Long-Term Benefits | (0.6) | 0.1 | 0.4 |
Cash Incentive Plans | 59.2 | 34.4 | 37.5 |
Special Events (Curtailment/Settlement) | (7.4) | (1.5) | (114.3) |
Administration Costs and Taxes | 0.5 | 0.2 | 1.1 |
NET BENEFIT EXPENSE AS RECORDED IN THE STATEMENT OF INCOME | 65.6 | 49.8 | (45.9) |
In millions of Euro | Defined Benefit Obligation | Fair Value of Plan Assets | Net Defined Benefit Obligation | Cash Incentive Plans | Asset/ (Liability) as recorded in the statement of Financial Position | ||||||
As of January 1, 2014 | 413.5 | 195.6 | 217.9 | 46.2 | 264.1 | ||||||
Expense as recorded in the statement of income | (103.4) | (20.0) | (83.4) | (83.4) | |||||||
Total current service cost | 22.1 | — | 22.1 | ||||||||
Net Financial Costs | 14.9 | 7.6 | 7.3 | ||||||||
Actuarial Gains/(Losses) of the Year | 0.4 | — | 0.4 | ||||||||
Special Events (curtailment/settlement) | (141.9) | (27.6) | (114.3) | ||||||||
Administrative costs and taxes | 1.1 | — | 1.1 | ||||||||
OCI amounts | 115.5 | 26.5 | 89.0 | 89.0 | |||||||
Actuarial (Gain) / Loss on Defined Benefit Obligation | 115.5 | — | 115.5 | ||||||||
- Experience | 6.1 | — | 6.1 | ||||||||
- Financial assumptions | 110.1 | — | 110.1 | ||||||||
- Demographic assumptions | (0.7) | — | (0.7) | ||||||||
Actuarial Gain / (Loss) on Plan Assets | — | 26.5 | (26.5) | ||||||||
Contributions and Benefits Paid | (18.0) | 3.4 | (21.4) | (21.4) | |||||||
Contributions by Employer | — | 12.0 | (12.0) | ||||||||
Contributions by Employee | 0.4 | 0.4 | — | ||||||||
Benefits Paid by Employer | (9.4) | — | (9.4) | ||||||||
Benefits paid from Plan Assets | (9.0) | (9.0) | — | ||||||||
Exchange Difference and other | 9.2 | 6.2 | 3.0 | 3.0 | |||||||
Cash Incentive Plans | 11.0 | 11.0 | |||||||||
Other | 7.6 | (3.9) | 11.5 | 11.5 | |||||||
As of December 31, 2014 | 424.4 | 207.8 | 216.6 | 57.2 | 273.8 |
In millions of Euro | Defined Benefit Obligation | Fair Value of Plan Assets | Net Defined Benefit Obligation | Cash Incentive Plans | Asset/ (Liability) as recorded in the statement of Financial Position | |||||||||||
Acquisition/Divestiture | 4.3 | — | 4.3 | 4.3 | ||||||||||||
Expense as recorded in the statement of income | 21.4 | 6.0 | 15.4 | 15.4 | ||||||||||||
Total current service cost | 10.9 | — | 10.9 | |||||||||||||
Net Financial Costs | 10.2 | 6.0 | 4.2 | |||||||||||||
Actuarial Gains/(Losses) of the Year | 0.1 | — | 0.1 | |||||||||||||
Administrative costs and taxes | 0.2 | — | 0.2 | |||||||||||||
OCI amounts | (15.3 | ) | 1.8 | (17.1 | ) | (17.1 | ) | |||||||||
Actuarial (Gain) / Loss on Defined Benefit Obligation | (15.3 | ) | — | (15.3 | ) | |||||||||||
- Experience | (8.3 | ) | — | (8.3 | ) | |||||||||||
- Financial assumptions | (6.4 | ) | — | (6.4 | ) | |||||||||||
- Demographic assumptions | (0.6 | ) | — | (0.6 | ) | |||||||||||
Actuarial Gain / (Loss) on Plan Assets | — | 1.8 | (1.8 | ) | ||||||||||||
Contributions and Benefits Paid | (17.6 | ) | (5.0 | ) | (12.6 | ) | (12.6 | ) | ||||||||
Contributions by Employer | — | 2.6 | (2.6 | ) | ||||||||||||
Contributions by Employee | 0.4 | 0.4 | — | |||||||||||||
Benefits Paid by Employer | (10.0 | ) | — | (10.0 | ) | |||||||||||
Benefits paid from Plan Assets | (8.0 | ) | (8.0 | ) | — | |||||||||||
Exchange Difference and other | 8.1 | 6.2 | 1.9 | 1.9 | ||||||||||||
Cash Incentive Plans | (12.4 | ) | (12.4 | ) | ||||||||||||
Other | (6.3 | ) | (0.2 | ) | (6.1 | ) | (6.1 | ) | ||||||||
As of December 31, 2015 | 419.0 | 216.6 | 202.4 | 44.8 | 247.2 | |||||||||||
Acquisition/Divestiture (1) | (46.9 | ) | — | (46.9 | ) | (46.9 | ) | |||||||||
Expense as recorded in the statement of income | 12.3 | 5.9 | 6.4 | 6.4 | ||||||||||||
Total current service cost | 2.5 | — | 2.5 | |||||||||||||
Net Financial Costs | 9.9 | 5.9 | 4.0 | |||||||||||||
Actuarial Gains/(Losses) of the Year | (0.6 | ) | — | (0.6 | ) | |||||||||||
Administrative costs and taxes | — | — | — | |||||||||||||
Other | 0.5 | — | 0.5 | |||||||||||||
OCI amounts | 36.1 | 20.2 | 15.9 | 15.9 | ||||||||||||
Actuarial (Gain) / Loss on Defined Benefit Obligation | 36.1 | — | 36.1 | |||||||||||||
- Experience | (2.8 | ) | — | (2.8 | ) | |||||||||||
- Financial assumptions | 39.6 | — | 39.6 | |||||||||||||
- Demographic assumptions | (0.7 | ) | — | (0.7 | ) | |||||||||||
Actuarial Gain / (Loss) on Plan Assets | — | 20.2 | (20.2 | ) | ||||||||||||
Contributions and Benefits Paid | (21.6 | ) | (8.2 | ) | (13.4 | ) | (13.4 | ) | ||||||||
Contributions by Employer | — | 0.4 | (0.4 | ) | ||||||||||||
Contributions by Employee | 0.1 | 0.1 | — | |||||||||||||
Benefits Paid by Employer | (13.0 | ) | — | (13.0 | ) | |||||||||||
Benefits paid from Plan Assets | (8.7 | ) | (8.7 | ) | — | |||||||||||
Exchange Difference and other | (17.2 | ) | (16.8 | ) | (0.4 | ) | (0.4 | ) | ||||||||
Cash Incentive Plans | 21.3 | 21.3 | ||||||||||||||
Other | (2.6 | ) | — | (2.6 | ) | (2.6 | ) | |||||||||
AS OF DECEMBER 31, 2016 | 379.1 | 217.7 | 161.4 | 66.1 | 227.5 | |||||||||||
(1) Impact of the disposal of Technip Germany GmbH in March 2016 |
In % | Bonds | Shares | Real Estate | Cash | Other | Total |
Euroland | 0% | 0% | 0% | 0% | 100% | 100% |
United Kingdom | 48% | 28% | 3% | 0% | 21% | 100% |
In % | Bonds | Shares | Real Estate | Cash | Other | Total |
Euroland | 0% | 0% | 0% | 0% | 100% | 100% |
United Kingdom | 45% | 27% | 3% | 0% | 25% | 100% |
Other | 0% | 0% | 0% | 0% | 0% | 0% |
In % | Bonds | Shares | Real Estate | Cash | Other | Total |
Euroland | 2% | 0% | 0% | 0% | 98% | 100% |
United Kingdom | 46% | 30% | 2% | -10% | 32% | 100% |
Other | 59% | 8% | 0% | -14% | 47% | 100% |
As of December 31, 2016 | ||||
Discount Rate | Future Salary Increase (above Inflation Rate) | Healthcare Cost Increase Rate | Inflation Rate | |
Euroland | 1.70% | From 1.00% to 3% | 3.00% | From 1.60% to 1.85% |
United Kingdom | 2.55% | 0.00% | NA | 3.50% |
As of December 31, 2015 | ||||
Discount Rate | Future Salary Increase (above Inflation Rate) | Healthcare Cost Increase Rate | Inflation Rate | |
Euroland | 2.20% | From 1.00% to 5.00% | 3.00% | 1.90% |
United Kingdom | 3.70% | 0.00% | NA | 3.25% |
As of December 31, 2014 | ||||
Discount Rate | Future Salary Increase (above Inflation Rate) | Healthcare Cost Increase Rate | Inflation Rate | |
Euroland | 1.85% | From 1.00% to 5.00% | 3.00% | 1.80% |
United Kingdom | 3.80% | 1.50% | NA | 3.25% |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Wages and Salaries | 291.9 | 325.9 | 322.8 |
Social Security Costs | 62.9 | 65.2 | 73.9 |
Other Tax Payables | 136.1 | 168.8 | 104.6 |
Deferred Income | 17.0 | 23.7 | 27.8 |
Accruals on Completed Contracts (1) | 257.9 | 170.0 | 161.4 |
Current Accounts on Contracts under Joint Arrangements | 22.1 | 21.8 | 20.7 |
Advances Received (2) | 776.7 | 907.4 | 857.8 |
Other | 158.1 | 71.7 | 60.7 |
Total Other Current Liabilities | 1,722.7 | 1,754.5 | 1,629.7 |
Payables on Fixed Assets | 13.3 | 15.3 | 29.6 |
Subsidies | 6.6 | 7.6 | 9.4 |
Other | 6.9 | 9.3 | 1.6 |
Total Other Non-Current Liabilities | 26.8 | 32.2 | 40.6 |
TOTAL OTHER LIABILITIES | 1,749.5 | 1,786.7 | 1,670.3 |
(1) When the contract is completed, accrued liabilities are recorded to cover pending expenses until the client signs the final acceptance (see Note 1-C (b) - Long-term contracts). (2) Corresponds to advances received and deferred income on contracts recorded in accordance with IAS 18, not identified as construction contracts. |
In millions of Euro | As of December 31, 2016 | |||||||||||||
Analysis by Category of Financial Instruments | ||||||||||||||
Carrying Amount | At Fair Value through Profit or Loss | Loans and Receivables | Available- for-Sale Financial Assets | Liabilities at Amortized Cost | Derivative Instruments | Fair Value | ||||||||
Investments in Non-Consolidated Companies | 13.4 | 13.4 | — | — | — | — | 13.4 | |||||||
Other Financial Assets | 197.4 | — | 197.4 | — | — | — | 197.4 | |||||||
Available-for-Sale Financial Assets | 26.5 | — | — | 26.5 | — | — | 26.5 | |||||||
Financial Instruments | 225.8 | — | — | — | — | 225.8 | 225.8 | |||||||
Trade Receivables | 1,920.6 | — | 1,920.6 | — | — | — | 1,920.6 | |||||||
Current Income Tax Receivables | 251.4 | — | 251.4 | — | — | — | 251.4 | |||||||
Other Current Receivables | 756.1 | — | 756.1 | — | — | — | 756.1 | |||||||
Cash and Cash Equivalents | 5,947.6 | 5,947.6 | — | — | — | — | 5,947.6 | |||||||
TOTAL ASSETS | 9,338.8 | 5,961.0 | 3,125.5 | 26.5 | — | 225.8 | 9,338.8 | |||||||
Non-Current Financial Debts | 1,573.4 | — | — | — | 1,573.4 | — | 1,899.4 | |||||||
Other Non-Current Liabilities | 26.8 | — | — | — | 26.8 | — | 26.8 | |||||||
Current Financial Debts | 848.5 | — | — | — | 848.5 | — | 848.5 | |||||||
Trade Payables | 3,684.0 | — | 3,684.0 | — | — | — | 3,684.0 | |||||||
Financial Instruments | 556.6 | 167.0 | — | — | — | 389.6 | 556.6 | |||||||
Current Income Tax Payables | 301.2 | — | 301.2 | — | — | — | 301.2 | |||||||
Other Current Liabilities | 1,722.7 | — | 1,722.7 | — | — | — | 1,722.7 | |||||||
TOTAL LIABILITIES | 8,713.2 | 167.0 | 5,707.9 | — | 2,448.7 | 389.6 | 9,039.2 |
In millions of Euro | As of December 31, 2015 | |||||||||||||
Analysis by Category of Financial Instruments | ||||||||||||||
Carrying Amount | At Fair Value through Profit or Loss | Loans and Receivables | Available- for-Sale Financial Assets | Liabilities at Amortized Cost | Derivative Instruments | Fair Value | ||||||||
Investments in Non- Consolidated Companies | 6.5 | 6.5 | — | — | — | — | 6.5 | |||||||
Other Financial Assets | 214.7 | — | 214.7 | — | — | — | 214.7 | |||||||
Available-for-Sale Financial Assets | 29.0 | — | — | 29.0 | — | — | 29.0 | |||||||
Financial Instruments | 47.1 | — | — | — | — | 47.1 | 47.1 | |||||||
Trade Receivables | 1,668.2 | — | 1,668.2 | — | — | — | 1,668.2 | |||||||
Current Income Tax Receivables | 220.3 | — | 220.3 | — | — | — | 220.3 | |||||||
Other Current Receivables | 589.2 | — | 589.2 | — | — | — | 589.2 | |||||||
Cash and Cash Equivalents | 2,919.1 | 2,919.1 | — | — | — | — | 2,919.1 | |||||||
TOTAL ASSETS | 5,694.1 | 2,925.6 | 2,692.4 | 29.0 | — | 47.1 | 5,694.1 | |||||||
Non-Current Financial Debts | 1,626.0 | — | — | — | 1,626.0 | — | 1,716.5 | |||||||
Other Non-Current Liabilities | 32.2 | — | — | — | 32.2 | — | 32.2 | |||||||
Current Financial Debts | 937.1 | — | — | — | 937.1 | — | 937.2 | |||||||
Trade Payables | 2,480.4 | — | 2,480.4 | — | — | — | 2,480.4 | |||||||
Financial Instruments | 334.4 | — | — | — | — | 334.4 | 334.4 | |||||||
Current Income Tax Payables | 200.0 | — | 200.0 | — | — | — | 200.0 | |||||||
Other Current Liabilities | 1,754.5 | — | 1,754.5 | — | — | — | 1,754.5 | |||||||
TOTAL LIABILITIES | 7,364.6 | — | 4,434.9 | — | 2,595.3 | 334.4 | 7,455.2 |
In millions of Euro | As of December 31, 2014 | |||||||||||||
Analysis by Category of Financial Instruments | ||||||||||||||
Carrying Amount | At Fair Value through Profit or Loss | Loans and Receivables | Available- for-Sale Financial Assets | Liabilities at Amortized Cost | Derivative Instruments | Fair Value | ||||||||
Investments in Non- Consolidated Companies | 6.8 | 6.8 | — | — | — | — | 6.8 | |||||||
Other Financial Assets | 195.8 | — | 195.8 | — | — | — | 195.8 | |||||||
Available-for-Sale Financial Assets | 57.0 | — | — | 57.0 | — | — | 57.0 | |||||||
Financial Instruments | 46.6 | — | — | — | — | 46.6 | 46.6 | |||||||
Trade Receivables | 1,719.9 | — | 1,719.9 | — | — | — | 1,719.9 | |||||||
Current Income Tax Receivables | 158.9 | — | 158.9 | — | — | — | 158.9 | |||||||
Other Current Receivables | 581.6 | — | 581.6 | — | — | — | 581.6 | |||||||
Cash and Cash Equivalents | 2,685.6 | 2,685.6 | — | — | — | — | 2,685.6 | |||||||
TOTAL ASSETS | 5,452.2 | 2,692.4 | 2,656.2 | 57.0 | — | 46.6 | 5,452.2 | |||||||
Non-Current Financial Debts | 2,356.6 | — | — | — | 2,356.6 | — | 2,522.5 | |||||||
Other Non-Current Liabilities | 40.6 | — | — | — | 40.6 | — | 40.6 | |||||||
Current Financial Debts | 256.4 | — | — | — | 256.4 | — | 256.5 | |||||||
Trade Payables | 2,312.9 | — | 2,312.9 | — | — | — | 2,312.9 | |||||||
Financial Instruments | 300.5 | — | — | — | — | 300.5 | 300.5 | |||||||
Current Income Tax Payables | 137.7 | — | 137.7 | — | — | — | 137.7 | |||||||
Other Current Liabilities | 1,629.7 | — | 1,629.7 | — | — | — | 1,629.7 | |||||||
TOTAL LIABILITIES | 7,034.4 | — | 4,080.3 | — | 2,653.6 | 300.5 | 7,200.4 |
In millions of Euro | As of December 31, 2016 | |||||||
Level 1 | Level 2 | Level 3 | Total | |||||
Financial Assets at Fair Value through Profit or Loss | — | 13.4 | — | 13.4 | ||||
Financial Instruments | — | 225.8 | — | 225.8 | ||||
Available-for-Sale Financial Assets | 26.5 | — | — | 26.5 | ||||
ASSETS | 26.5 | 239.2 | — | 265.7 | ||||
Financial Liabilities at Fair Value through Profit or Loss | — | — | — | — | ||||
Derivative Instruments | — | 389.6 | — | 389.6 | ||||
LIABILITIES | — | 389.6 | — | 389.6 |
In millions of Euro | As of December 31, 2015 | |||||||
Level 1 | Level 2 | Level 3 | Total | |||||
Financial Assets at Fair Value through Profit or Loss | — | 6.5 | — | 6.5 | ||||
Financial Instruments | — | 47.1 | — | 47.1 | ||||
Available-for-Sale Financial Assets | 29 | — | — | 29 | ||||
ASSETS | 29 | 53.6 | — | 82.6 | ||||
Financial Liabilities at Fair Value through Profit or Loss | — | — | — | — | ||||
Derivative Instruments | — | 334.4 | — | 334.4 | ||||
LIABILITIES | — | 334.4 | — | 334.4 |
In millions of Euro | As of December 31, 2014 | |||||||
Level 1 | Level 2 | Level 3 | Total | |||||
Financial Assets at Fair Value through Profit or Loss | — | 6.8 | — | 6.8 | ||||
Financial Instruments | — | 46.6 | — | 46.6 | ||||
Available-for-Sale Financial Assets | 57.0 | — | — | 57.0 | ||||
ASSETS | 57.0 | 53.4 | — | 110.4 | ||||
Financial Liabilities at Fair Value through Profit or Loss | — | — | — | — | ||||
Derivative Instruments | — | 300.5 | — | 300.5 | ||||
LIABILITIES | — | 300.5 | — | 300.5 |
In millions of Euro | 2016 | |||||||||||
From Subsequent Valuation | ||||||||||||
Interest | At Fair Value | Currency Translation | Impairment /Reversal of Impairment | Derecognition | Net Gains/ (Losses) | |||||||
Categories of Financial Instruments | ||||||||||||
At Fair Value through Profit or Loss | 74.9 | — | — | — | — | 74.9 | ||||||
Available-for-Sale Financial Assets | — | (2.4 | ) | — | — | — | (2.4 | ) | ||||
Liabilities at Amortized Cost | (108.2 | ) | — | — | — | — | (108.2 | ) | ||||
Financial Instruments | — | 29.6 | — | (2.6 | ) | — | 27.0 | |||||
TOTAL NET GAINS/(LOSSES) | (33.3 | ) | 27.2 | — | (2.6 | ) | — | (8.7 | ) |
In millions of Euro | 2015 | |||||||||||
From Subsequent Valuation | ||||||||||||
Interest | At Fair Value | Currency Translation | Impairment /Reversal of Impairment | Derecognition | Net Gains/ (Losses) | |||||||
Categories of Financial Instruments | ||||||||||||
At Fair Value through Profit or Loss | 41.5 | — | — | — | — | 41.5 | ||||||
Available-for-Sale Financial Assets | — | (28.4 | ) | — | — | — | (28.4 | ) | ||||
Liabilities at Amortized Cost | (118.3 | ) | — | — | — | — | (118.3 | ) | ||||
Financial Instruments | — | (9.2 | ) | — | (7.1 | ) | — | (16.3 | ) | |||
TOTAL NET GAINS/(LOSSES) | (76.8 | ) | (37.6 | ) | — | (7.1 | ) | — | (121.5 | ) |
In millions of Euro | 2014 | ||||||||||
From Subsequent Valuation | |||||||||||
Interest | At Fair Value | Currency Translation | Impairment /Reversal of Impairment | Derecognition | Net Gains/ (Losses) | ||||||
Categories of Financial Instruments | |||||||||||
At Fair Value through Profit or Loss | 37.8 | — | — | — | — | 37.8 | |||||
Liabilities at Amortized Cost | (102.7 | ) | — | — | — | — | (102.7) | ||||
Financial Instruments | — | (58.3 | ) | — | 7.5 | — | (50.8) | ||||
TOTAL NET GAINS/(LOSSES) | (64.9 | ) | (58.3 | ) | — | 7.5 | — | (115.7) |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Asset | Liability | Asset | Liability | Asset | Liability | |||||||
Forward Foreign Exchange Contracts - Fair Value Hedge | 7.4 | 28.5 | 7.2 | 57.9 | 1.5 | 53.1 | ||||||
Forward Foreign Exchange Contracts - Cash Flow Hedge | 47.5 | 190.2 | 39.9 | 276.5 | 45.1 | 247.0 | ||||||
Forward Foreign Exchange Contracts - not Designated as Hedges for Accounting Purposes | — | — | — | — | — | 0.4 | ||||||
Synthetic Bonds - Call Option Premium | 170.9 | — | — | — | — | — | ||||||
Synthetic Bonds - Embedded Derivatives | — | 170.9 | — | — | — | — | ||||||
TOTAL DERIVATIVE FINANCIAL INSTRUMENTS | 225.8 | 389.6 | 47.1 | 334.4 | 46.6 | 300.5 |
In millions of Euro | 2016 | 2015 | 2014 |
Total Gains/(Losses) on Derivative Financial Instruments as Reported in Equity as of January 1 | (376.0) | (285.0) | 63.1 |
Fair Value Gains/(Losses) on Derivative Financial Instruments - Cash Flow Hedge | 200.7 | (91.0) | (348.1) |
TOTAL GAINS/(LOSSES) ON DERIVATIVE FINANCIAL INSTRUMENTS AS REPORTED IN EQUITY AS OF DECEMBER 31 | (175.3) | (376.0) | (285.0) |
In millions of Euro | 2016 | 2015 | 2014 | |
Effectiveness Gains/(Losses) on Fair Value Hedge (*) | 31.3 | (0.4) | (49.7) | |
Ineffectiveness Gains/(Losses) on Fair Value Hedge | (1.7) | 1.3 | (2.0) | |
Ineffectiveness Gains/(Losses) on Cash Flow Hedge | (5.8) | (16.0) | 9.5 | |
Gains/(Losses) on Economic Hedge not Designated as Hedges for Accounting Purposes | — | 0.4 | (0.2) | |
TOTAL GAINS/(LOSSES) ON DERIVATIVE INSTRUMENTS AS RECOGNIZED IN STATEMENT OF INCOME | 23.8 | (14.7) | (42.4) | |
(*) Excluding the revaluation of related current receivables and payables. |
In millions of Euro | As of December 31, 2016 | ||||||||
Financial Assets (by Type of Financial Instruments) | a | b | c | d | e | ||||
Gross Amount (before Offsetting) | Gross Amounts Set off in the Financial Statements (according to IAS 32) | Net Amounts Recorded in the Financial Statements (a- b) | Related Amounts not Set off in the Statement of Financial Position (not Meeting Offsetting Criteria IAS 32) | Net Amount (c- d) | |||||
Financial Instruments | Fair Value of Financial Collaterals | ||||||||
TOTAL DERIVATIVE FINANCIAL INSTRUMENTS | 225.8 | — | 225.8 | 225.8 | — | — | |||
In millions of Euro | As of December 31, 2016 | ||||||||
Financial Liabilities (by Type of Financial Instruments) | a | b | c | d | e | ||||
Gross Amount (before Offsetting) | Gross Amounts Set off in the Financial Statements (according to IAS 32) | Net Amounts Recorded in the Financial Statements (a- b) | Related Amounts not Set off in the Statement of Financial Position (not Meeting Offsetting Criteria IAS 32) | Net Amount (c- d) | |||||
Financial Instruments | Fair Value of Financial Collaterals | ||||||||
TOTAL DERIVATIVE FINANCIAL INSTRUMENTS | 389.6 | — | 389.6 | 225.8 | — | 163.8 | |||
In millions of Euro | As of December 31, 2015 | ||||||||
Financial Assets (by Type of Financial Instruments) | a | b | c | d | e | ||||
Gross Amount (before Offsetting) | Gross Amounts Set off in the Financial Statements (according to IAS 32) | Net Amounts Recorded in the Financial Statements (a- b) | Related Amounts not Set off in the Statement of Financial Position (not Meeting Offsetting Criteria IAS 32) | Net Amount (c- d) | |||||
Financial Instruments | Fair Value of Financial Collaterals | ||||||||
TOTAL DERIVATIVE FINANCIAL INSTRUMENTS | 47.1 | — | 47.1 | 47.1 | — | — | |||
In millions of Euro | As of December 31, 2015 | ||||||||
Financial Liabilities (by Type of Financial Instruments) | a | b | c | d | e | ||||
Gross Amount (before Offsetting) | Gross Amounts Set off in the Financial Statements (according to IAS 32) | Net Amounts Recorded in the Financial Statements (a- b) | Related Amounts not Set off in the Statement of Financial Position (not Meeting Offsetting Criteria IAS 32) | Net Amount (c- d) | |||||
Financial Instruments | Fair Value of Financial Collaterals | ||||||||
TOTAL DERIVATIVE FINANCIAL INSTRUMENTS | 334.4 | — | 334.4 | 47.1 | — | 287.3 | |||
In millions of Euro | As of December 31, 2014 | ||||||||
Financial Assets (by Type of Financial Instruments) | a | b | c | d | e | ||||
Gross Amount (before Offsetting) | Gross Amounts Set off in the Financial Statements (according to IAS 32) | Net Amounts Recorded in the Financial Statements (a- b) | Related Amounts not Set off in the Statement of Financial Position (not Meeting Offsetting Criteria IAS 32) | Net Amount (c- d) | |||||
Financial Instruments | Fair Value of Financial Collaterals | ||||||||
TOTAL DERIVATIVE FINANCIAL INSTRUMENTS | 46.6 | — | 46.6 | 46.6 | — | — | |||
In millions of Euro | As of December 31, 2014 | ||||||||
Financial Liabilities (by Type of Financial Instruments) | a | b | c | d | e | ||||
Gross Amount (before Offsetting) | Gross Amounts Set off in the Financial Statements (according to IAS 32) | Net Amounts Recorded in the Financial Statements (a- b) | Related Amounts not Set off in the Statement of Financial Position (not Meeting Offsetting Criteria IAS 32) | Net Amount (c- d) | |||||
Financial Instruments | Fair Value of Financial Collaterals | ||||||||
TOTAL DERIVATIVE FINANCIAL INSTRUMENTS | 300.5 | — | 300.5 | 46.6 | — | 253.9 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 |
Trade Receivables | 208.9 | 376.9 | 373.3 |
Trade Payables | 81.0 | 24.5 | 180.8 |
NET TRADE RECEIVABLES/(PAYABLES) | 127.9 | 352.4 | 192.5 |
In millions of Euro | 2016 | 2015 | 2014 |
Income | 61.2 | 372.6 | 311.0 |
Expenses | (100.3) | (48.1) | (45.3) |
• | up to 50% on the Group operating income budgeted for 2016. |
• | up to 20% on the percentage of gross margin on order intake. |
• | up to 50% on the Group operating income budgeted for 2015; |
• | up to 20% on the percentage of gross margin on order intake. |
• | up to 50% on the Group operating income budgeted for 2014; and |
• | up to 20% on the percentage of gross margin on order intake. |
• | the cancellation/termination at December 31, 2016 of the current defined benefit pension scheme benefitting among others to the Chairman and Chief Executive Officer; |
• | the granting of an exceptional supplementary remuneration based on a partial replacement of pension rights accrued at the end of 2016 to Mr. Pilenko and other beneficiaries, who must now deal personally with the investment of this cash allowance in view of their retirement coverage. |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Amounts of Commitments by Maturity Date | Total | Total | Total | |||||||||
Less than 1 year | 1 to 5 years | More than 5 years | ||||||||||
Operating Leases | 251.2 | 853.7 | 399.0 | 1,503.9 | 1,748.5 | 1,814.2 | ||||||
TOTAL CONTRACTUAL COMMITMENTS | 251.2 | 853.7 | 399.0 | 1,503.9 | 1,748.5 | 1,814.2 | ||||||
Of which commitments given relating to Joint Operations | — | — | — | — | — | — |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Amounts of Commitments by Maturity Date | Total | Total | Total | |||||||||
Less than 1 year | 1 to 5 years | More than 5 years | ||||||||||
Commitments Given related to the Execution of Operating Contracts | 1,936.7 | 2,351.3 | 26.7 | 4,314.7 | 4,906.0 | 4,652.3 | ||||||
Parent Company Guarantees | 35,621.4 | 38,607.9 | 2,243.9 | 76,473.2 | 72,759.1 | 69,974.7 | ||||||
TOTAL COMMITMENTS GIVEN RELATED TO OPERATING ACTIVITIES | 37,558.1 | 40,959.2 | 2,270.6 | 80,787.9 | 77,665.1 | 74,627 | ||||||
Of which commitments given relating to Joint Operations | 1,076.6 | 1.8 | — | 1,078.4 | 18,745.8 | 21,477.7 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Amounts of Commitments by Maturity Date | Total | Total | Total | |||||||||
Less than 1 year | 1 to 5 years | More than 5 years | ||||||||||
Other Commitments Received related to Operating Activities | 430.6 | 472.9 | 11.8 | 915.3 | 730.4 | 831.6 | ||||||
TOTAL COMMITMENTS RECEIVED RELATED TO OPERATING ACTIVITIES | 430.6 | 472.9 | 11.8 | 915.3 | 730.4 | 831.6 | ||||||
Of which commitments given relating to Joint Operations | — | — | — | — | — | — |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Allocation as per % of Technip’s Ownership in Joint Arrangements | Total | Total | ||||||||||
Less or equal to 25% | Greater than 25% and less or equal to 40% | Greater than 40% | Total | |||||||||
Parent Company Guarantees Given within Joint Arrangements | 740.8 | 18,392.7 | 26,144.7 | 45,278.2 | 44,619.4 | 44,013.8 | ||||||
Of which commitments given relating to Joint Operations | — | — | 755.3 | 755.3 | 17,984.2 | 20,751.5 |
In millions of Euro | As of December 31, 2016 | As of December 31, 2015 | As of December 31, 2014 | |||||||||
Amounts of Commitments per Period | Total | Total | Total | |||||||||
Less than 1 year | 1 to 5 years | More than 5 years | ||||||||||
Other Commitments Given related to Financing | 3.1 | 628.5 | 730.7 | 1,362.3 | 1,286.7 | 1,288.5 | ||||||
TOTAL COMMITMENTS GIVEN RELATED TO FINANCING | 3.1 | 628.5 | 730.7 | 1,362.3 | 1,286.7 | 1,288.5 | ||||||
Of which commitments given relating to Joint Ventures | — | — | 398.4 | 398.4 | 385.7 | — |
• | Technip’s financing needs are met pursuant to a Group policy implemented by the Finance and Control Division. |
• | Cash management is centralized at the head office and coordinated through finance departments located in the Group’s main operating subsidiaries. |
• | As of December 31, 2016, 2015 and 2014 the Group had multiple financing sources for financing its general corporate needs, or for financing new assets or certain operations. |
• | €150 million 10-year private placement notes (having a maturity date of June 14, 2022), issued on June 14, 2012, with an annual coupon of 3.40% payable annually in arrears on June 14 of each year. These private notes have been rated BBB+ by Standard & Poor’s and are listed on the Euronext Paris market; |
• | €75 million 15-year private placement notes (having a maturity date of June 15, 2027), issued on June 15, 2012, with an annual coupon of 4.0% payable annually in arrears on June 15 of each year. These private notes have been rated BBB+ by Standard & Poor’s and are listed on the Euronext Paris market; and |
• | €100 million 20-year private placement notes (having a maturity date of June 14, 2032), issued on June 14, 2012 with an annual coupon of 4.0% payable annually in arrears on June 14 of each year. As of December 31, 2016 these private notes are listed on the open market of the Frankfurt Stock Exchange (Freiverkehr). |
• | €100 million 20-year private placement notes (having a maturity date of October 7, 2033), issued on October 7, 2013 with an annual coupon of 3.75% payable annually in arrears on October 7 of each year. These private notes are listed on the open market of the Frankfurt Stock Exchange (Freiverkehr); |
• | €130 million 10-year private placement notes (having a maturity date of October 16, 2023), issued on October 16, 2013 with an annual coupon of 3.15% payable annually in arrears on October 16 of each year. These private notes have been rated BBB+ by Standard & Poor’s and are listed on the Luxembourg Stock Exchange; and |
• | €125 million 10-year private placement notes (having a maturity date of October 18, 2023), issued on October 18, 2013, carrying an annual coupon of 3.15% payable annually in arrears on October 18 of each year. These private notes are listed on the Luxembourg Stock Exchange. |
• | A BRL11.4 million credit facility entered into by Flexibras Tubos Flexiveis on June 13, 2014 with FINEP (Financiadora de Estudos e Projetos) the Brazilian Innovation Agency. The loan granted at a floating interest rate, is to be reimbursed in 61 equal monthly installments from June 15, 2017 until June 15, 2022. The loan agreement includes covenants and default provisions that are standard for such facilities with FINEP excluding any financial ratio. The loan is not secured by any asset. As of December 31, 2016, the loan was fully drawn. |
• | A BRL13.7 million credit facility entered into by Flexibras Tubos Flexiveis on July 28, 2014 with BNDES (Banco Nacional de Desenvolvimento Econômico e Social). The loan is partly granted at a floating interest rate, while 82% of the total amount is granted at a fixed rate of 4%. It is to be reimbursed in 72 equal monthly installments from September 15, 2016 until August 15, 2022. The loan agreement includes covenants and default provisions that are standard for such BNDES facilities excluding any financial covenant. The loan is not secured by any asset. As of December 31, 2016, the outstanding amount of the loan was BRL7.7 million. |
• | The credit facility in the amount of €1 billion put in place on July 21, 2011 which may be drawn in Euros, in US dollars or in British pounds, as amended and extended on July 30, 2014. This facility is fully reimbursable at the maturity date on July 21, 2021 following the exercise in July 2016 of the second and last one-year extension at the borrowers’ option, subject to the lenders’ approval. The facility, in the event it is utilized, includes a floating interest rate and an applicable margin which varies according to a schedule of Technip’s credit rating. |
• | Four separate credit facilities totaling €340 million which may be drawn in Euros were granted to Technip and replaced the existing facilities before their respective expiry dates. Each facility has two one-year extensions on the first and second respective anniversaries of the signing dates at the borrowers’ option, subject to the lenders’ approval. Following the exercise of the second and last extension option in May and June 2016, the amounts and maturity dates are as follows: |
• | two credit facilities of €80 million each that mature on May 16, 2019; |
• | an €80 million credit facility that matures on June 10, 2019; and |
• | a €100 million credit facility that matures on May 16, 2021. |
• | Different non-utilized credit facilities amounting to €5.5 million granted to various Technip subsidiaries. |
1. | The credit facility in the amount of €1 billion put in place on July 21, 2011 which may be drawn in Euros, in US dollars or in British pounds, was amended and extended on July 30, 2014. The credit facility is fully reimbursable at the maturity date on July 21, 2020 following the exercise in July 2015 of the first of the two one-year extensions at the borrowers’ option, subject to the lenders’ approval. |
2. | In 2014, four separate credit facilities totaling €340 million which may be drawn in Euros were granted to Technip and replaced the existing facilities before their respective expiry dates. The facilities each have two one-year extensions on the first and second respective anniversaries of the signing dates at the borrowers’ option, subject to the lenders’ approval. |
• | two facilities of €80 million each that mature on May 16, 2018; |
• | an €80 million facility that matures on June 10, 2018; and |
• | a €100 million facility that matures on May 16, 2020. |
3. | Different non-utilized credit facilities amounting to €7.7 million were granted to various Technip subsidiaries. |
2. | In 2014, four separate credit facilities in a total amount of €340 million which may be drawn in Euros were granted to Technip and replaced before their respective expiry dates the existing facilities. The facilities have each two one-year extensions on the first and second respective anniversaries of the signing dates at the borrowers’ option, subject to the lenders’ approval. Following bilateral negotiations, the amounts and maturity dates are as follows: |
• | two facilities of €80 million each that mature on May 16, 2017; |
• | a €80 million facility that matures on June 10, 2017; |
• | a €100 million facility that matures on May 16, 2019. |
3. | An unutilized credit facility amounting to €7.5 million was granted to a Technip subsidiary. This credit agreement includes a floating interest rate in the event that it is utilized as well as standard default provisions. |
In millions of Euro | As of December 31, 2016 | |||||||||
Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 years | Total | ||||||
Synthetic Bonds | — | — | 450.0 | — | 450.0 | |||||
Private Placements | — | — | 200.0 | 680.0 | 880.0 | |||||
Bank Borrowings | — | 41.9 | 128.0 | 127.4 | 297.3 | |||||
Accrued Interest Payables on Bond Loans | — | 3.9 | 8.3 | — | 12.2 | |||||
Other Accrued Interest Payables | — | 48.0 | 116.9 | 116.5 | 281.4 | |||||
TOTAL NON-CURRENT FINANCIAL LIABILITIES | — | 93.8 | 903.2 | 927.9 | 1,920.9 | |||||
Convertible Bond | 497.6 | — | — | — | 497.6 | |||||
Commercial Papers | 200.0 | — | — | — | 200.0 | |||||
Bank Overdrafts | 0.1 | — | — | — | 0.1 | |||||
Accrued Interest Payables on Bond Loans | 5.1 | — | — | — | 5.1 | |||||
Other Accrued Interest Payables | 57.6 | — | — | — | 57.6 | |||||
Other Bank Borrowings | 131.5 | — | — | — | 131.5 | |||||
Financial Instruments | 211.4 | 109.2 | 236.0 | — | 556.6 | |||||
TOTAL CURRENT FINANCIAL LIABILITIES | 1,103.3 | 109.2 | 236.0 | — | 1,448.5 |
In millions of Euro | As of December 31, 2015 | |||||||||
Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 years | Total | ||||||
Convertible Bonds | — | 497.6 | — | 2.2 | 499.8 | |||||
Private Placements | — | — | 200.0 | 680.0 | 880.0 | |||||
Bank Borrowings | — | 92.8 | 144.7 | 34.8 | 272.3 | |||||
Accrued Interest Payables on Bond Loans | — | 1.2 | — | — | 1.2 | |||||
Other Accrued Interest Payables | — | 61.7 | 125.2 | 155.0 | 341.9 | |||||
TOTAL NON-CURRENT FINANCIAL LIABILITIES | — | 653.3 | 469.9 | 872.0 | 1,995.2 | |||||
Convertible Bond | 550.0 | — | — | — | 550.0 | |||||
Commercial Papers | 200.0 | — | — | — | 200.0 | |||||
Bank Overdrafts | 0.1 | — | — | — | 0.1 | |||||
Accrued Interest Payables on Bond Loans | 4.0 | — | — | — | 4.0 | |||||
Other Accrued Interest Payables | 64.4 | — | — | — | 64.4 | |||||
Other Bank Borrowings | 160.4 | — | — | — | 160.4 | |||||
Financial Instruments | 223.7 | 69.8 | 40.9 | — | 334.4 | |||||
TOTAL CURRENT FINANCIAL LIABILITIES | 1,202.6 | 69.8 | 40.9 | — | 1,313.3 |
In millions of Euro | As of December 31, 2014 | |||||||||
Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | Over 5 years | Total | ||||||
Convertible Bonds | — | 550.0 | 497.6 | 2.0 | 1,049.6 | |||||
Private Placements | — | — | — | 880.0 | 880.0 | |||||
Bank Borrowings | — | 194.7 | 240.9 | 48.8 | 484.4 | |||||
Accrued Interest Payables on Bond Loans | — | 4.0 | 1.2 | — | 5.2 | |||||
Other Accrued Interest Payables | — | 67.5 | 149.5 | 177.0 | 394.0 | |||||
TOTAL NON-CURRENT FINANCIAL LIABILITIES | — | 816.2 | 889.2 | 1,107.8 | 2,813.2 | |||||
Commercial Papers | 156.0 | — | — | — | 156.0 | |||||
Bank Overdrafts | 0.9 | — | — | — | 0.9 | |||||
Accrued Interest Payables on Bond Loans | 4.0 | — | — | — | 4.0 | |||||
Other Accrued Interest Payables | 71.2 | — | — | — | 71.2 | |||||
Other Bank Borrowings | 79.4 | — | — | — | 79.4 | |||||
Financial Instruments | 161.6 | 119.1 | 19.8 | — | 300.5 | |||||
TOTAL CURRENT FINANCIAL LIABILITIES | 473.1 | 119.1 | 19.8 | — | 612.0 |
In millions of Euro | As of December 31 | |||||
2016 | 2015 | 2014 | ||||
Maturity | Nominal value | Nominal value | Nominal value | |||
2017 | 2018 and beyond | |||||
Buy Foreign Currencies/Sell Euros | 664.3 | 6.2 | 670.5 | 380.0 | 243.8 | |
Sell Foreign Currencies/Buy Euros | 1,381.0 | 217.5 | 1,598.5 | 1,656.4 | 2,577.4 | |
Buy/Sell Foreign Currencies | 846.7 | 207.2 | 1,053.9 | 1,721.0 | 1,899.2 | |
TOTAL HEDGING INSTRUMENTS | 2,892.0 | 430.9 | 3,322.9 | 3,757.4 | 4,720.4 |
In millions of Euro | As of December 31, 2016 | ||||
Not impaired on the Reporting Date and Past Due in the Following Periods | |||||
Less than 3 months | 3 to 12 months | Over 1 year | Total | Total Trade Receivables | |
Trade Receivables | 355.8 | 381.0 | 79.4 | 816.2 | 1,920.6 |
In millions of Euro | As of December 31, 2015 | ||||
Not impaired on the Reporting Date and Past Due in the Following Periods | |||||
Less than 3 months | 3 to 12 months | Over 1 year | Total | Total Trade Receivables | |
Trade Receivables | 330.4 | 195.8 | 44.4 | 570.6 | 1,668.2 |
In millions of Euro | As of December 31, 2014 | ||||
Not impaired on the Reporting Date and Past Due in the Following Periods | |||||
Less than 3 months | 3 to 12 months | Over 1 year | Total | Total Trade Receivables | |
Trade Receivables | 406.9 | 150.4 | 107.5 | 664.8 | 1,719.9 |
• | the €450 million non-dilutive cash settled Convertible Bonds (Synthetic bonds) issued on January 25, 2016 and March 10, 2016 and due January 25, 2021; |
• | the €100 million private placement notes issued on June 14, 2012 and due June 14, 2032; and |
• | the €100 million private placement notes issued on October 7, 2013 and due October 7, 2033. |
• | U.S. dollar-denominated loans bear interest, at the Borrowers’ option, at a base rate or an adjusted rate linked to the London interbank offered rate (“Adjusted LIBOR”); |
• | sterling-denominated loans bear interest at Adjusted LIBOR; and |
• | euro-denominated loans bear interest at the Euro interbank offered rate (“EURIBOR”). |