TECHNIP ENERGIES N.V.
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By:
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/s/ Bruno Vibert
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Name:
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Bruno Vibert
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Title:
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Chief Financial Officer
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Exhibit
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Description of Exhibit
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Press release dated April 25, 2022.
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Q1 2022 Results Release
Paris, Monday, April 25, 2022
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■ First quarter performance consistent with full year 2022 financial framework
■ Adjusted Revenue growth of 4%; growing contribution from projects outside of Russia
■ Adjusted Recurring EBIT margin of 6.6%; Adjusted net profit of €72 million
■ Investment supporting growth in hydrogen, floating offshore wind and biochemicals
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(In € millions, except EPS)
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Q1 2022
|
Q1 2021
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||||||
Revenue1
|
1,618.2
|
1,557.5
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||||||
Recurring EBIT1
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107.3
|
91.3
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||||||
Recurring EBIT Margin %
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6.6
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%
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5.9
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%
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||||
Net profit
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72.5
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44.2
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||||||
Diluted earnings per share2
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€
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0.41
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€
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0.24
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||||
Order Intake
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551.7
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6,470.7
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||||||
Backlog
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15,632.4
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17,805.2
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(1) |
Q1 2022 Adjusted Revenue and Recurring EBIT included €445.4 million and €22.2 million respectively from projects under execution in Russia.
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(2)
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Q1 2022 and Q1 2021 diluted earnings per share have been calculated using the weighted average number of outstanding shares of
178,618,684 and 182,508,672 respectively.
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
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(In € millions, except EPS)
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Q1 2022
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Q1 2021
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||||||
Revenue
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1,700.0
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1,501.0
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||||||
Net profit
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68.8
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52.7
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||||||
Diluted earnings per share1
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€
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0.38
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€
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0.29
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(1)
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Q1 2022 and Q1 2021 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 178,618,684 and
182,508,672 respectively.
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Revenue
|
€5.0 – 5.5 billion |
(excludes contribution from projects under execution in Russia) | |
Recurring EBIT margin
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At least 6.5% |
(excludes contribution from projects under execution in Russia) | |
Effective tax rate
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28 – 32%
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France:
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+33 1 70 95 03 46
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United Kingdom:
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+44 20 7192 8338
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United States:
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+1 646 741 31 67
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Conference Code:
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1977935
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Contacts
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Investor Relations |
Media Relations
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Phillip Lindsay
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Stella Fumey |
Vice President, Investor Relations | Director Press Relations & Digital Communications |
Tel: +44 20 7585 5051 | Tel: +33 1 85 67 40 95 |
Email: Phillip Lindsay
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Email: Stella Fumey
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About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing
market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy
transition for a better tomorrow.
Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs
trading over-the-counter.
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Q1 2022 Results Release
Paris, Monday, April 25, 2022
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(In € millions)
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Q1 2022
|
Q1 2021
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Adjusted Order Intake
|
551.7
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6,470.7
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Projects Delivery
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293.1
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6,181.2
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Technology, Products & Services
|
258.6
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289.5
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Adjusted Backlog
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15,632.4
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17,805.2
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Projects Delivery
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14,427.1
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16,628.9
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Technology, Products & Services
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1,205.3
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1,176.4
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(In € millions)
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2022 (9 M)
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FY 2023
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FY 2024+ |
Adjusted Backlog excluding Russia
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3,928.4
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3,652.5
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4,640.1 |
(In € millions, except %)
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Q1 2022
|
Q1 2021
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% Change
|
Adjusted revenue
|
1,618.2
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1,557.5
|
4%
|
Adjusted EBITDA
|
132.3
|
118.0
|
12%
|
Adjusted recurring EBIT
|
107.3
|
91.3
|
17%
|
Non-recurring items
|
3.5
|
(26.5)
|
(113%)
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EBIT
|
110.8
|
64.8
|
71%
|
Financial income (expense), net
|
(5.0)
|
6.8
|
(174%)
|
Profit (loss) before income tax
|
105.8
|
71.6
|
48%
|
Income tax (expense) / profit
|
(30.6)
|
(24.1)
|
27%
|
Net profit (loss)
|
75.2
|
47.5
|
58%
|
Net profit (loss) attributable to non-controlling interests
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(2.7)
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(3.3)
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(18%)
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Net profit (loss) attributable to Technip Energies Group
|
72.5
|
44.2
|
64%
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
(In € millions, except % and bps)
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Q1 2022
|
Q1 2021
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% Change |
Revenue
|
1,289.1
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1,252.5
|
3% |
Recurring EBIT
|
90.0
|
75.8
|
19% |
Recurring EBIT Margin %
|
7.0%
|
6.1%
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90 bps |
■ |
An industry first: Installation of all GBS1 modules.
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■ |
All process equipment ordered and 60% model review is done. Installation of our temporary offices have been completed. Recently the project has executed over 1 million manhours without a
recordable safety incident.
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■ |
Installation of all 16 mooring piles achieved.
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■ |
The FPSO entered dry-dock in March 2022 to be cleaned and prepared for sail-away and entry into Israeli waters.
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■ |
All heavy lifts are done and the majority of equipment installed. The main substation and utilities substation are ready for energization. Pre-commissioning activities started. Marine
works are ongoing and berths 1 & 3 are under pre-commissioning.
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■ |
Site acceptance tests for the automation system completed. 12 million manhours without LTI (lost time injury).
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■ |
Engineering, Procurement, Construction and Commissioning (EPCC) contract for a new melamine plant
to be integrated into their existing complex in Gurun, Kedah, Malaysia. This EPCC contract follows the successful completion of the FEED by Technip Energies. The project includes a 60,000 ton per annum greenfield melamine plant,
utilizing CASALE Low Energy Melamine (LEM™) technology, and associated interconnections with the existing urea plant where the CO2 generated in the melamine production process will be recycled. This serves to minimize the CO2 footprint of this
new asset.
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
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(In € millions, except % and bps)
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Q1 2022
|
Q1 2021 Change
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Revenue
|
329.1
|
305.0 8%
|
Recurring EBIT
|
30.2
|
25.8 17%
|
Recurring EBIT Margin %
|
9.2%
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8.5% 70 bps
|
■ |
In partnership with BTG Bioliquids, completion and start-up of pyrolysis plant to produce bio-oil from sawdust.
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■ |
Delivery of Burners for New Unipetrol Project (#S2173). Combination of LSV® & TSWB®.
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■ |
Performance tests passed on mega ethylene cracker plant based on Technip Energies’ proprietary technology and process design.
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■ |
Genesis to support LyondellBasell on efforts to reduce its carbon footprint at its Channelview, TX site in North America to advance a low-carbon economy – a key milestone for the company.
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■ |
Award of FEED contract covering engineering of the floating wind turbine substructures for the proposed 800MW offshore wind farm. The design of the substructures will include Technip
Energies’ in-house floater technology INO15™.
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■ |
FEED contract for customer’s first biorefinery project in Western Australia. Plant to convert sustainably sourced woody biomass into renewable diesel using high temperature pyrolysis.
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Award of FEED contract for one of the world’s largest CCS projects, with partner NPCC.
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■ |
Award of FEED contract to Genesis. Scope consists of >250km of subsea pipeline, two landfalls, and a subsea injection system connected to six wells.
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■ |
Hy2gen AG, the green hydrogen investment platform, will use the capital raised for the construction of facilities in several geographies including Europe, producing green hydrogen-based
fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications. The investment is led by Hy24 together with Mirova, CDPQ and strategic investor Technip Energies.
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
■ |
Technip Energies, as lead investor in this funding round, has acquired a 16.3% stake in X1 Wind,
a renewable energy startup that has designed an innovative and disruptive offshore wind turbine floater with major environmental and operational benefits.
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■ |
Asset Purchase Agreement under which Technip Energies acquires ICPB’s patents, technology, and rights for the process technology to produce monoethylene glycol (MEG) from surplus corn
plant-based feedstocks. Corn-based MEG is used to produce renewable plastics. Technip Energies will advance the technology development, construct and operate a pilot plant to commercialize the technology and make it available for
licensing.
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
Projects
Delivery
|
Technology,
Products & Services
|
Corporate / non
allocable
|
Total | |||||
(In € millions)
|
Q1 22
|
Q1 21
|
Q1 22
|
Q1 21
|
Q1 22
|
Q1 21
|
Q1 22
|
Q1 21
|
Adjusted revenue
|
1,289.1
|
1,252.5
|
329.1
|
305.0
|
—
|
—
|
1,618.2
|
1,557.5
|
Adjusted recurring EBIT
|
90.0
|
75.8
|
30.2
|
25.8
|
(12.8)
|
(10.4)
|
107.3
|
91.3
|
Non-recurring items (transaction & one- off costs)
|
(1.1)
|
(1.1)
|
—
|
—
|
4.5
|
(25.4)
|
3.5
|
(26.5)
|
EBIT
|
88.9
|
74.8
|
30.3
|
25.8
|
(8.3)
|
(35.8)
|
110.8
|
64.8
|
Financial income
|
4.0
|
11.5
|
||||||
Financial expense
|
(9.0)
|
(4.7)
|
||||||
Profit (loss) before income tax
|
105.8
|
71.6
|
||||||
Income tax (expense) / profit
|
(30.6)
|
(24.1)
|
||||||
Net profit (loss)
|
75.2
|
47.5
|
||||||
Net profit (loss) attributable to non- controlling interests
|
(2.7)
|
(3.3)
|
||||||
Net profit (loss) attributable to Technip Energies Group
|
72.5
|
44.2
|
(In € millions)
|
Q1 22
IFRS
|
Adjustments
|
Q1 22
Adjusted
|
Revenue
|
1,700.0
|
(81.8)
|
1,618.2
|
Costs and expenses
|
|||
Cost of sales
|
(1,465.7)
|
46.3
|
(1,419.4)
|
Selling, general and administrative expense
|
(73.8)
|
—
|
(73.8)
|
Research and development expense
|
(11.1)
|
—
|
(11.1)
|
Impairment, restructuring and other income (expense)
|
3.5
|
—
|
3.5
|
Other income (expense), net
|
(6.2)
|
0.7
|
(5.5)
|
Operating profit (loss)
|
146.7
|
(34.8)
|
111.9
|
Share of profit (loss) of equity-accounted investees
|
7.9
|
(9.0)
|
(1.1)
|
Profit (loss) before financial expense, net and income tax
|
154.6
|
(43.8)
|
110.8
|
Financial income
|
3.7
|
0.3
|
4.0
|
Financial expense
|
(54.0)
|
45.0
|
(9.0)
|
Profit (loss) before income tax
|
104.3
|
1.5
|
105.8
|
Income tax (expense) / profit
|
(32.8)
|
2.2
|
(30.6)
|
Net profit (loss)
|
71.5
|
3.7
|
75.2
|
Net profit (loss) attributable to non-controlling interests
|
(2.7)
|
—
|
(2.7)
|
Net profit (loss) attributable to Technip Energies Group
|
68.8
|
3.7
|
72.5
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
(In € millions)
|
Q1 21
IFRS
|
Adjustments
|
Q1 21
Adjusted
|
Revenue
|
1,501.0
|
56.5
|
1,557.5
|
Costs and expenses
|
|||
Cost of sales
|
(1,279.4)
|
(100.8)
|
(1,380.2)
|
Selling, general and administrative expense
|
(75.5)
|
—
|
(75.5)
|
Research and development expense
|
(7.3)
|
—
|
(7.3)
|
Impairment, restructuring and other income (expense)
|
(26.5)
|
—
|
(26.5)
|
Other income (expense), net
|
1.4
|
(3.8)
|
(2.4)
|
Operating profit (loss)
|
113.7
|
(48.1)
|
65.6
|
Share of profit (loss) of equity-accounted investees
|
2.6
|
(3.4)
|
(0.8)
|
Profit (loss) before financial expense, net and income tax
|
116.3
|
(51.5)
|
64.8
|
Financial income
|
11.5
|
—
|
11.5
|
Financial expense
|
(45.8)
|
41.1
|
(4.7)
|
Profit (loss) before income tax
|
82.0
|
(10.4)
|
71.6
|
Income tax (expense) / profit
|
(26.0)
|
1.9
|
(24.1)
|
Net profit (loss)
|
56.0
|
(8.5)
|
47.5
|
Net profit (loss) attributable to non-controlling interests
|
(3.3)
|
—
|
(3.3)
|
Net profit (loss) attributable to Technip Energies Group
|
52.7
|
(8.5)
|
44.2
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
(In € millions)
|
Q1 22
|
FY 21
|
Goodwill
|
2,086.1
|
2,074.4
|
Property, plant and equipment, net
|
112.2
|
115.2
|
Right-of-use assets
|
246.0
|
252.9
|
Equity accounted investees
|
30.4
|
27.8
|
Other non-current assets
|
329.9
|
322.1
|
Total non-current assets
|
2,804.6
|
2,792.4
|
Trade receivables, net
|
1,050.0
|
1,041.1
|
Contract assets
|
323.6
|
330.3
|
Other current assets
|
743.4
|
655.2
|
Cash and cash equivalents
|
3,928.0
|
3,810.1
|
Total current assets
|
6,045.0
|
5,836.7
|
Total assets
|
8,849.6
|
8,629.1
|
Total equity
|
1,525.5
|
1,491.2
|
Long-term debt, less current portion
|
594.7
|
594.1
|
Lease liability – non-current
|
231.8
|
237.7
|
Accrued pension and other post-retirement benefits, less current portion
|
127.3
|
127.7
|
Other non-current liabilities
|
96.7
|
102.0
|
Total non-current liabilities
|
1,050.5
|
1,061.5
|
Short-term debt
|
40.9
|
89.2
|
Lease liability – current
|
70.9
|
69.2
|
Accounts payable, trade
|
1,757.9
|
1,765.2
|
Contract liabilities
|
3,553.8
|
3,345.2
|
Other current liabilities
|
850.1
|
807.6
|
Total current liabilities
|
6,273.6
|
6,076.4
|
Total liabilities
|
7,324.1
|
7,137.9
|
Total equity and liabilities
|
8,849.6
|
8,629.1
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
(In € millions)
|
Q1 22
IFRS
|
Adjustments
|
Q1 22
Adjusted
|
Goodwill
|
2,086.1
|
—
|
2,086.1
|
Property, plant and equipment, net
|
111.6
|
0.6
|
112.2
|
Right-of-use assets
|
245.0
|
1.0
|
246.0
|
Equity accounted investees
|
89.2
|
(58.8)
|
30.4
|
Other non-current assets
|
331.5
|
(1.6)
|
329.9
|
Total non-current assets
|
2,863.4
|
(58.8)
|
2,804.6
|
Trade receivables, net
|
1,041.6
|
8.4
|
1,050.0
|
Contract assets
|
328.4
|
(4.8)
|
323.6
|
Other current assets
|
612.6
|
130.8
|
743.4
|
Cash and cash equivalents
|
3,674.4
|
253.6
|
3,928.0
|
Total current assets
|
5,657.0
|
388.0
|
6,045.0
|
Total assets
|
8,520.4
|
329.2
|
8,849.6
|
Total equity
|
1,537.2
|
(11.7)
|
1,525.5
|
Long-term debt, less current portion
|
594.7
|
—
|
594.7
|
Lease liability – non-current
|
231.2
|
0.6
|
231.8
|
Accrued pension and other post-retirement benefits, less current portion
|
127.3
|
—
|
127.3
|
Other non-current liabilities
|
103.5
|
(6.8)
|
96.7
|
Total non-current liabilities
|
1,056.7
|
(6.2)
|
1,050.5
|
Short-term debt
|
40.9
|
—
|
40.9
|
Lease liability – current
|
70.7
|
0.2
|
70.9
|
Accounts payable, trade
|
1,485.6
|
272.3
|
1,757.9
|
Contract liabilities
|
3,294.0
|
259.8
|
3,553.8
|
Other current liabilities
|
1,035.3
|
(185.2)
|
850.1
|
Total current liabilities
|
5,926.5
|
347.1
|
6,273.6
|
Total liabilities
|
6,983.2
|
340.9
|
7,324.1
|
Total equity and liabilities
|
8,520.4
|
329.2
|
8,849.6
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
(In € millions)
|
Q1 21
IFRS
|
Adjustments
|
Q1 21
Adjusted
|
Goodwill
|
2,062.2
|
—
|
2,062.2
|
Property, plant and equipment, net
|
105.9
|
0.4
|
106.3
|
Right-of-use assets
|
276.9
|
(2.0)
|
274.9
|
Equity accounted investees
|
38.5
|
(12.1)
|
26.4
|
Other non-current assets
|
347.8
|
(42.5)
|
305.3
|
Total non-current assets
|
2,831.3
|
(56.2)
|
2,775.1
|
Trade receivables, net
|
873.2
|
41.9
|
915.1
|
Contract assets
|
313.0
|
0.6
|
313.6
|
Other current assets
|
518.9
|
94.9
|
613.8
|
Cash and cash equivalents
|
3,223.5
|
(24.5)
|
3,199.0
|
Total current assets
|
4,928.6
|
112.9
|
5,041.5
|
Total assets
|
7,759.9
|
56.7
|
7,816.6
|
Total equity
|
1,326.5
|
(30.7)
|
1,295.8
|
Lease liability – non-current
|
263.5
|
(1.4)
|
262.1
|
Accrued pension and other post-retirement benefits, less current portion
|
126.4
|
—
|
126.4
|
Other non-current liabilities
|
153.6
|
(29.8)
|
123.8
|
Total non-current liabilities
|
543.5
|
(31.2)
|
512.3
|
Short-term debt
|
727.8
|
—
|
727.8
|
Lease liability – current
|
52.2
|
(0.5)
|
51.7
|
Accounts payable, trade
|
1,415.7
|
207.8
|
1,623.5
|
Contract liabilities
|
2,974.7
|
3.7
|
2,978.4
|
Other current liabilities
|
719.5
|
(92.4)
|
627.1
|
Total current liabilities
|
5,889.9
|
118.6
|
6,008.5
|
Total liabilities
|
6,433.4
|
87.4
|
6,520.8
|
Total equity and liabilities
|
7,759.9
|
56.7
|
7,816.6
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
(In € millions)
|
Q1 22
|
Q1 21
|
Net profit (loss)
|
75.2
|
47.5
|
Other non-cash items
|
32.8
|
(7.8)
|
Change in working capital
|
86.1
|
240.1
|
Cash provided (required) by operating activities
|
194.1
|
279.8
|
Capital expenditures
|
(8.8)
|
(8.4)
|
Proceeds from sale of assets
|
—
|
0.4
|
Other financial assets
|
(8.0)
|
0.6
|
Cash required by investing activities
|
(16.8)
|
(7.4)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
(51.1)
|
321.5
|
Purchase of treasury shares
|
(25.2)
|
—
|
Net (distributions to) / contributions from TechnipFMC
|
—
|
(478.9)
|
Other (including dividends paid and lease liabilities repayment)
|
(30.1)
|
(18.7)
|
Cash provided (required) by financing activities
|
(106.4)
|
(176.1)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
47.0
|
38.3
|
(Decrease) Increase in cash and cash equivalents
|
117.9
|
134.6
|
Cash and cash equivalents, beginning of period
|
3,810.1
|
3,064.4
|
Cash and cash equivalents, end of period
|
3,928.0
|
3,199.0
|
(In € millions)
|
Q1 22
IFRS
|
Adjustments
|
Q1 22
Adjusted
|
Net profit (loss)
|
71.5
|
3.7
|
75.2
|
Other non-cash items
|
86.2
|
(53.4)
|
32.8
|
Change in working capital
|
69.3
|
16.8
|
86.1
|
Cash provided (required) by operating activities
|
227.0
|
(32.9)
|
194.1
|
Capital expenditures
|
(8.8)
|
—
|
(8.8)
|
Other financial assets
|
(8.0)
|
—
|
(8.0)
|
Cash required by investing activities
|
(16.8)
|
—
|
(16.8)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
(50.9)
|
(0.2)
|
(51.1)
|
Purchase of treasury shares
|
(25.2)
|
—
|
(25.2)
|
Settlements of mandatorily redeemable financial liability
|
(117.3)
|
117.3
|
—
|
Other (including dividends paid and lease liabilities repayment)
|
(30.0)
|
(0.1)
|
(30.1)
|
Cash provided (required) by financing activities
|
(223.4)
|
117.0
|
(106.4)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
49.0
|
(2.0)
|
47.0
|
(Decrease) Increase in cash and cash equivalents
|
35.8
|
82.1
|
117.9
|
Cash and cash equivalents, beginning of period
|
3,638.6
|
171.5
|
3,810.1
|
Cash and cash equivalents, end of period
|
3,674.4
|
253.6
|
3,928.0
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
(In € millions)
|
Q1 21
IFRS
|
Adjustments
|
Q1 21
Adjusted
|
Net profit (loss)
|
56.0
|
(8.5)
|
47.5
|
Other non-cash items
|
72.0
|
(79.8)
|
(7.8)
|
Change in working capital
|
166.4
|
73.7
|
240.1
|
Cash provided (required) by operating activities
|
294.4
|
(14.6)
|
279.8
|
Capital expenditures
|
(8.4)
|
—
|
(8.4)
|
Proceeds from sale of assets
|
0.4
|
—
|
0.4
|
Other financial assets
|
0.6
|
—
|
0.6
|
Cash required by investing activities
|
(7.4)
|
—
|
(7.4)
|
Net increase (repayment) in long-term, short-term debt and commercial paper
|
321.5
|
—
|
321.5
|
Settlements of mandatorily redeemable financial liability
|
(129.0)
|
129.0
|
—
|
Net (distributions to) / contributions from TechnipFMC
|
(478.9)
|
—
|
(478.9)
|
Other (including dividends paid and lease liabilities repayment)
|
(18.7)
|
—
|
(18.7)
|
Cash provided (required) by financing activities
|
(305.1)
|
129.0
|
(176.1)
|
Effect of changes in foreign exchange rates on cash and cash equivalents
|
51.9
|
(13.6)
|
38.3
|
(Decrease) Increase in cash and cash equivalents
|
33.8
|
100.8
|
134.6
|
Cash and cash equivalents, beginning of period
|
3,189.7
|
(125.3)
|
3,064.4
|
Cash and cash equivalents, end of period
|
3,223.5
|
(24.5)
|
3,199.0
|
(In € millions, except %)
|
Q1 22
|
% of revenues
|
Q1 21 |
% of revenues
|
Adjusted revenue
|
1,618.2 |
|
1,557.5 |
|
Cost of sales
|
(1,419.4) |
87.7 %
|
(1,380.2) |
88.6 %
|
Adjusted gross margin
|
198.8 |
12.3 %
|
177.3 |
11.4 %
|
Adjusted recurring EBITDA
|
132.3 |
8.2 %
|
118.0 |
7.6 %
|
Amortization, depreciation and impairment
|
(25.0) |
|
(26.7) | |
Adjusted recurring EBIT
|
107.3 |
6.6 %
|
91.3 |
5.9 %
|
Non-recurring items
|
3.5 |
|
(26.5) | |
Adjusted profit before financial expense, net and income tax
|
110.8 |
6.8 %
|
64.8 |
4.2 %
|
Financial income and expense
|
(5.0) |
|
6.8 |
|
Adjusted profit before tax
|
105.8 |
6.5 %
|
71.6 |
4.6 %
|
Income tax
|
(30.6) |
|
(24.1) |
|
Adjusted net profit (loss)
|
75.2 |
4.6 %
|
47.5 |
3.0 %
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
Projects
Delivery
|
Technology, Products & Services |
Corporate / non
allocable
|
Total | |||||
(In € millions, except %)
|
Q1 22
|
Q1 21
|
Q1 22
|
Q1 21
|
Q1 22
|
Q1 21
|
Q1 22
|
Q1 21
|
Revenue
|
1,289.1
|
1,252.5
|
329.1
|
305.0
|
—
|
—
|
1,618.2
|
1,557.5
|
Profit (loss) before financial expenses, net and income tax
|
110.8
|
64.8
|
||||||
Non-recurring items:
|
||||||||
Separation costs allocated
|
—
|
25.4
|
||||||
Other non-recurring income / (expense)
|
(3.5)
|
1.1
|
||||||
Adjusted recurring EBIT
|
90.0
|
75.8
|
30.2
|
25.8
|
(12.8)
|
(10.4)
|
107.3
|
91.3
|
Adjusted recurring EBIT margin %
|
7.0%
|
6.1%
|
9.2%
|
8.5%
|
—%
|
—%
|
6.6%
|
5.9%
|
Adjusted amortization and depreciation
|
25.0
|
26.7
|
||||||
Adjusted recurring EBITDA
|
132.3
|
118.0
|
||||||
Adjusted recurring EBITDA margin
%
|
8.2%
|
7.6%
|
(In € millions)
|
Q1 22
IFRS
|
Adjustments
|
Q1 22
Adjusted
|
Projects Delivery
|
13,915.4
|
511.7
|
14,427.1
|
Technology, Products & Services
|
1,205.3
|
—
|
1,205.3
|
Total
|
15,120.7
|
15,632.4
|
(In € millions)
|
Q1 22 IFRS
|
Adjustments
|
Q1 22
Adjusted
|
Projects Delivery
|
259.7
|
33.4
|
293.1
|
Technology, Products & Services
|
259.1
|
(0.4)
|
258.6
|
Total
|
518.7
|
551.7
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
■ |
Adjusted Revenue: Adjusted Revenue represents the revenue recorded under IFRS as adjusted according to the method described below. For the periods presented in this Press Release, the Company's proportionate share of joint venture
revenue from the following projects was included: the revenue from ENI CORAL FLNG, Yamal LNG and NFE is included at 50%,the revenue from BAPCO Sitra Refinery is included at 36%, the revenue from the in-Russia construction and
supervision scope of Arctic LNG 2 is included at 33.3%, the revenue from the joint-venture Rovuma is included at 33.3%, the revenue from Nova Energies is included at 50%. The Company believes that presenting the proportionate share of
its joint venture revenue in construction projects carried out in joint arrangements enables management and investors to better evaluate the performance of the Company's core business period-over-period by assisting them in more
accurately understanding the activities actually performed by the Company on these projects.
|
■ |
Adjusted Recurring EBIT: Adjusted Recurring EBIT represents the profit before financial expense, net, and income taxes recorded under IFRS as adjusted to reflect line-by-line for their respective share incorporated construction project
entities that are not fully owned by the Company (applying to the method described above under Adjusted Revenue) and adds or removes, as appropriate, items that are considered as non-recurring from EBIT, including (i) restructuring
expenses, (ii) separation costs associated with the Spin-off transaction, and (iii) costs arising out of significant litigation that have arisen outside of the ordinary course of business. The Company believes that the exclusion of such
expenses or profits from these financial measures enables investors and management to more effectively evaluate the Company's operations and consolidated results of operations period-over-period, and to identify operating trends that
could otherwise be masked to both investors and management by the excluded items.
|
■ |
Adjusted Recurring EBITDA: Adjusted Recurring EBITDA corresponds to the Adjusted Recurring EBIT as described above after deduction of depreciation and amortization expenses and as adjusted to reflect for their respective share
construction project entities that are not fully owned by the Company. The Company believes that the exclusion of these expenses or profits from these financial measures enables investors and management to more effectively evaluate the
Company’s operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked to both investors and management by the excluded items.
|
■ |
Adjusted net (debt) cash: Adjusted net (debt) cash reflects cash and cash equivalents, net of debt (including short-term debt and loans due to/due from the TechnipFMC Group), as adjusted according to the method described above
under Adjusted Revenue. Management uses this APM to evaluate the Company's capital structure and financial leverage. The Company believes Adjusted net debt (if debtor), or Adjusted net cash (if creditor), is a meaningful financial
measure that may assist investors in understanding the Company's financial condition and recognizing underlying trends in its capital structure.
|
■ |
Adjusted Order Backlog: Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the relevant reporting date. Adjusted Order Backlog takes into account the Company's proportionate share of
order backlog related to equity affiliates (ENI Coral FLNG, BAPCO Sitra Refinery, Arctic LNG 2 for the In-Russia construction and supervision scope, the joint-venture Rovuma, two affiliates of the NFE joint-venture, and the Nova
Energies joint-venture) and restates the share of order backlog related to the Company’s non-controlling interest in Yamal LNG. The Company believes that the Adjusted Order Backlog enables management and investors to evaluate the
level of the Company's core business forthcoming activities by including its proportionate share in the estimated sales coming from construction projects in joint arrangements.
|
■ |
Adjusted Order Intake: Order intake corresponds to signed contracts which have come into force during the reporting period. Adjusted Order Intake adds the proportionate share of orders signed related to equity affiliates (ENI Coral
FLNG, BAPCO Sitra Refinery, Arctic LNG 2 for the In-Russia construction and supervision scope, the joint-venture Rovuma, two affiliates of the NFE joint-venture, and the Nova Energies joint-venture) and restates the share of order
intake attributable to the non-controlling interests in Yamal LNG. This financial measure is closely connected with the Adjusted Order Backlog in the evaluation of the level of the Company's forthcoming activities by presenting
its proportionate share of contracts which came into force during the period and that will be performed by the Company.
|
Q1 2022 Results Release
Paris, Monday, April 25, 2022
|
•
Contacts
|
|
Investor Relations | Media Relations |
Phillip Lindsay | Stella Fumey |
Vice President, Investor Relations |
Director Press Relations & Digital Communications
|
Tel: +44 20 7585 5051 |
Tel: +33 1 85 67 40 95
|
Email: Phillip Lindsay
|
Email: Stella
Fumey
|