Technip Energies H1 2024 Financial Results
TECHNIP ENERGIES H1 2024
FINANCIAL RESULTS
A solid H1 performance with strong
order momentum;
well on track to deliver FY
guidance
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- Revenue
growth of 11% Y/Y to €3.2 billion; adjusted recurring EBIT growth
of 9% to €227 million, with a margin of 7.2%
- Substantial 50%
Y/Y growth in adjusted net income to €188 million, resulting in
diluted EPS of €1.04
- €4 billion
adjusted order intake, driven by low-carbon LNG plants and TPS
success; adjusted backlog €17 billion
- Long-term value
creation supported by continued innovation, targeted investments
and new ventures
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Paris, Thursday, August 01, 2024. Technip
Energies (the “Company”), a leading Engineering
& Technology company for the energy transition, today announces
its unaudited financial results for the first half of 2024.
Arnaud Pieton, Chief Executive Officer of Technip
Energies, commented:
“Technip Energies delivered a strong first
half performance, which puts us well on track to achieve our
full-year guidance. Our revenues grew by double digits
year-over-year, driven by positive backlog evolution and strong
demand for our offerings, while robust execution ensured continued
margin strength. Our consistent underlying free
cash flow generation and balance sheet support ongoing investments
into strategic growth initiatives, our people and our assets,
preparing T.EN for the future.”
“We achieved significant commercial success
with two major LNG project awards in the Middle East, which enhance
our leadership in low-carbon, electrified plants - a strategic
objective for T.EN - and evidence this industry’s clear intent to
decarbonize. We also benefited from sustained strength in TPS
orders, which grew by nearly 15% year-over-year, reflecting high
demand across our offerings and our ability to deliver innovative
and reliable solutions to our customers. This momentum in orders is
reflected in a very healthy backlog position, up 8% year-to-date,
and equivalent to around three years of revenue.”
“The excellent visibility offered by our
backlog combined with the breadth and quality of our commercial
pipeline underpins our strong outlook. We continue to see natural
gas playing an important role in securing a low-carbon world. This
includes LNG, with high-quality opportunities, notably in East
Africa, North America and the Middle East. We are also experiencing
strong engagement in the decarbonized markets for blue molecules,
which use gas as a feedstock, and where T.EN offers a
differentiated portfolio of technologies and solutions. Combined,
these markets represent a €45 billion opportunity for T.EN through
2026, for which we are well positioned.”
“Beyond our commercial successes, we have
made strong progress in executing our other strategic objectives to
reinforce our longer-term growth outlook and open up new plays for
T.EN. This includes the launch of Rely Clear100+, a productized
solution for a 100 megawatt, pre-engineered green hydrogen plant,
as well as launching the eMAX series - a suite of electric and
automated loading arms. In addition, our technology development
programs are progressing well, supported by our network of
labs. We are accelerating economic solutions for green and circular
polyester. This includes the commissioning of our Reju company’s
state-of-the-art demonstration plant for textile-to-textile
recycling.”
“Finally, I would like to thank our teams for their
outstanding performance and dedication in the first half of the
year, I am proud of what we have achieved together, and I look
forward to building on our momentum in the second half of the year
and beyond.”
Key financials – adjusted IFRS
|
(In € millions, except EPS and %) |
H1 2024 |
H1 2023 |
|
Revenue |
3,164.3 |
2,838.7 |
|
Recurring EBIT |
227.3 |
207.7 |
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Recurring EBIT margin % |
7.2% |
7.3% |
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Net profit |
188.1 |
125.3 |
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Diluted earnings per share(1) |
€1.04 |
€0.70 |
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Order intake |
4,006.8 |
8,959.6 |
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Backlog |
16,951.7 |
18,892.3 |
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). Reconciliation of IFRS to
non-IFRS financial measures are provided in appendices.
(1) H1 2024 and H1 2023 diluted earnings
per share have been calculated using the weighted average number of
outstanding shares of 181,459,062 and 179,325,740
respectively. |
Key financials – IFRS
|
(In € millions, except EPS) |
H1 2024 |
H1 2023 |
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Revenue |
3,039.2 |
2,830.3 |
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Net profit |
186.4 |
127.2 |
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Diluted earnings per share(1) |
€1.03 |
€0.71 |
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(1) H1 2024 and H1 2023 diluted earnings
per share have been calculated using the weighted average number of
outstanding shares of 181,459,062 and 179,325,740
respectively. |
2024 full company guidance – adjusted IFRS
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Revenue |
€6.1 – 6.6 billion |
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Recurring EBIT margin |
7.0% – 7.5% |
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Effective tax rate |
26% – 30% |
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Diluted earnings per
share(1) |
Double-digit growth |
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). Reconciliation of IFRS to
non-IFRS financial measures are provided in appendices.
(1) Diluted earnings per share growth
indication excludes potential enhancement from share buyback
program
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Capital Markets Day
Technip Energies will update on its strategy and
business outlook during a Capital Markets Event in London on
November 21, 2024.
Conference call information
Technip Energies will host its H1 2024 results
conference call and webcast on Thursday, August 1 2024 at 13:00
CEST. Dial-in details:
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France: +33 1 70 91 87 04 |
| United
Kingdom: +44 1 212818004 |
| United
States: +1 718 7058796 |
| Conference
Code: 880901 |
The event will be webcast simultaneously and can
be accessed at: T.EN H1 2024 Webcast
Contacts
| Investor
Relations |
Media
Relations |
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Phillip Lindsay |
Jason Hyonne |
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Vice President, Investor Relations |
Manager, Press Relations & Social Media |
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Tel: +44 20 7585 5051 |
Tel: +33 1 47 78 22 89 |
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Email: Phillip Lindsay |
Email: Jason Hyonne |
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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 16,000 employees 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.
For further information: www.ten.com.
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Operational and financial review
Order intake, backlog and backlog
scheduling
Adjusted order intake for H1 2024 amounted to
€4,007 million, equivalent to a book-to-bill of 1.3. Adjusted order
intake in the second quarter included a major contract by ADNOC for
the Engineering, Procurement, and Construction (EPC) of the
low-carbon Ruwais LNG project in UAE, a substantial contract by
TotalEnergies and OQ for the Marsa LNG bunkering project in Oman, a
services contract by ExxonMobil for the Louisiana Carbon Capture
and Sequestration Project in the US, a significant contract by IOCL
for technology license and proprietary equipment supply for the
1,500 kta Paradip naphtha cracker unit in India, a Front-End
Engineering and Design (FEED) by Viridor on the Runcorn
energy-from-waste carbon capture project in the UK as well as other
services contracts and smaller projects.
Q1 2024 commercial highlights are included here:
T.EN Q1 2024 financial results.
|
(In € millions) |
H1 2024 |
H1 2023 |
|
Adjusted order intake |
4,006.8 |
8,959.6 |
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Project Delivery |
2,970.2 |
8,048.0 |
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Technology, Products & Services |
1,036.7 |
911.5 |
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Reconciliation of IFRS to non-IFRS financial measures are
provided in appendices. |
Adjusted backlog increased by 8% to €17.0
billion compared to December 31, 2023, equivalent to 2.8x FY 2023
revenue.
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(In € millions) |
H1 2024 |
FY 2023 |
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Adjusted backlog |
16,951.7 |
15,713.3 |
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Project Delivery |
15,005.2 |
13,884.1 |
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Technology, Products & Services |
1,946.5 |
1,829.2 |
Reconciliation of IFRS to non-IFRS financial measures are
provided in appendices.
Adjusted backlog at June 30, 2024, has been
impacted positively by foreign exchange of €164.9
million. |
The table below provides estimated backlog
scheduling as of June 30, 2024.
|
(In € millions) |
2024 (6M) |
FY 2025 |
FY 2026+ |
|
Adjusted backlog |
3,023.5 |
4,853.5 |
9,074.7 |
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Company financial performance
Adjusted statement of income
|
(In € millions, except %) |
H1 2024 |
H1 2023 |
% Change |
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Adjusted revenue |
3,164.3 |
2,838.7 |
11% |
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Adjusted EBITDA |
281.4 |
255.3 |
10% |
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Adjusted recurring EBIT |
227.3 |
207.7 |
9% |
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Non-recurring items |
(4.1) |
(33.9) |
(88)% |
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EBIT |
223.2 |
173.8 |
28% |
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Financial income (expense), net |
57.6 |
37.1 |
55% |
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Profit (loss) before income tax |
280.8 |
210.9 |
33% |
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Income tax (expense) profit |
(80.0) |
(68.8) |
16% |
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Net profit (loss) |
200.8 |
142.1 |
41% |
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Net profit (loss) attributable to Technip Energies Group |
188.1 |
125.3 |
50% |
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Net profit (loss) attributable to non-controlling interests |
12.7 |
16.8 |
(24)% |
Business highlights
Project Delivery – adjusted IFRS
|
(In € millions, except % and bps) |
H1 2024 |
H1 2023 |
% Change |
|
Revenue |
2,209.9 |
1,907.6 |
16% |
|
Recurring EBIT |
161.1 |
149.2 |
8% |
|
Recurring EBIT margin % |
7.3% |
7.8% |
(50) bps |
|
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
H1 2024 Adjusted revenue
increased by 16% year-over-year to €2,209.9 million resulting from
the continued ramp-up towards peak activity on Qatar NFE, a growing
contribution from Qatar NFS, as well as continued activity in
downstream projects.
H1 2024 Adjusted recurring EBIT
increased by 8% year-over-year to €161.1 million. H1 2024
Adjusted recurring EBIT margin decreased slightly
year-over-year by 50 bps to 7.3%, reflecting a re-balancing of the
portfolio with growing contributions from earlier phase
projects.
Q2 2024 Key operational milestones
(Please refer to Q1 2024 press release for first quarter
milestones)
Qatar Energy North Field Expansion (Qatar)
- Over 50% construction progress for the first train, first
systems are energized.
Midor Refinery Expansion (Egypt)
- Refinery reached
contractual capacity.
Bapco Refinery expansion (Bahrain)
- Fuel gas
treatment unit and hydrogen plant started-up.
bp Greater Tortue Ahmeyim FPSO (offshore Senegal /
Mauritania)
- The vessel arrived on location and is now moored to the hub
terminal.
Assiut Hydrocracking Complex (Egypt)
- Completion of coke drum structure
and lifting of steam reformer penthouse.
IOCL Paradip PTA Plant (India)
- 15 million manhours achieved without LTI.
Q2 2024 Key commercial and strategic
highlights
(Please refer to Q1 2024 press release for first quarter
highlights)
Technip Energies awarded ADNOC’s Ruwais LNG project
(UAE)
- Technip
Energies, leader of a joint venture with JGC and NMDC Energy, has
been awarded a major* contract by ADNOC for the
engineering, procurement and construction of the low-carbon Ruwais
LNG project, located in Al Ruwais Industrial City, Abu Dhabi. The
project will consist of two natural gas liquefaction trains with a
total LNG production capacity of 9.6 Mtpa. The plant will use
electric-driven motors instead of conventional gas turbines and
will be powered by clean energy. The plant is set to be the first
LNG export facility in the Middle East and North Africa (MENA)
region to run on clean power, making it one of the lowest-carbon
intensity LNG plants in the world.
- *
A “major” award for Technip Energies is a contract award
representing above €1 billion of revenue.
Technip Energies awarded Marsa LNG project
(Oman)
- Technip Energies
has been awarded a substantial* contract by
TotalEnergies and OQ for the Marsa LNG bunkering project located in
Sohar, Oman. The contract covers EPC of a natural gas liquefaction
train with an LNG production capacity of 1 Mtpa. The plant will use
electric-driven motors instead of conventional gas turbines and
will be powered by renewable electricity from a planned nearby
solar farm which will cover 100% of the annual power consumption of
the LNG plant. This is positioning the site as one of the lowest
greenhouse gases intensity LNG plants ever built worldwide. The LNG
produced will notably be used as a marine fuel to reduce the
sipping industry’s carbon footprint.
- *
A “substantial” award for Technip Energies is a contract award
representing between €500 million and €1 billion of
revenue.
Technology, Products & Services (TPS) – adjusted
IFRS
|
(In € millions, except % and bps) |
H1 2024 |
H1 2023 |
Change |
|
Revenue |
954.4 |
931.1 |
3% |
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Recurring EBIT |
88.6 |
89.2 |
(1)% |
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Recurring EBIT margin % |
9.3% |
9.6% |
(30) bps |
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Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
H1 2024 Adjusted revenue
increased year-over-year by 3% to €954.4 million, resulting from
strong proprietary equipment volumes, notably for ethylene
projects, as well as activity in sustainable fuels and plastics
circularity, and strong and sustained momentum in study work across
decarbonization markets.
H1 2024 Adjusted recurring EBIT
decreased year-over-year by 1% to €88.6 million. H1 2024
Adjusted recurring EBIT margin declined year-over-year by
30 bps to 9.3% due to higher sales and tendering costs, strategic
development costs for start-up and acquired entities, and higher
spend on research & development. This masks an improvement in
gross margin year-over-year due to a more favorable mix.
Q2 2024 Key operational milestones
(Please refer to Q1 2024 press release for first quarter
milestones)
Neste Renewable Products Refinery
Expansion - Capacity Growth Project, Rotterdam
(Netherlands)
- 95% of home office and procurement
services crossed, 6,000 tons of steel structure erection
achieved.
Shell Skyline Ethylene Furnace Revamp EPF
(Netherlands)
- First two furnaces online and
operating as designed. Remaining six under construction.
TotalEnergies Galaxie BioJet project
(France)
- Engineering almost completed.
Construction is progressing.
Q2 2024 Key commercial and strategic
highlights
(Please refer to Q1 2024 press release for first quarter
highlights)
IOCL’s grassroots naphtha cracking unit project in
Paradip (India)
- Technip Energies
was awarded a significant* contract by Indian Oil
Corporation Limited (IOCL) for the license, basic engineering
design package, proprietary equipment and catalyst supply and
related services for the 1500 kta Paradip naphtha cracker unit
block of the grassroot petrochemical complex in Paradip, India. The
petrochemical complex will be integrated to the existing 15 million
tons/year refinery and will be one of four proposed Petroleum,
Chemicals & Petrochemical Investment Regions in India. In
addition to the naphtha cracker technology, Technip Energies will
provide key proprietary equipment, including proprietary separation
trays technology Ripple Tray™ and catalyst.
-
* A “significant” award for Technip
Energies is a contract award representing between €50 million and
€250 million of revenue.
Technip Energies awarded service contract by ExxonMobil
for Louisiana Carbon Capture and Sequestration Project
(USA)
- Technip Energies
in consortium with Turner Industries, has been awarded the EPC
contract by ExxonMobil Low Carbon Solutions Onshore Storage LLC.
Technip Energies will oversee the engineering and procurement while
Turner Industries will be responsible for the construction. The
contract covers ExxonMobil Low Carbon Solutions’ plans for the
delivery of a Carbon Capture, Utilization and Storage (CCUS) system
that could condition, compress, and transport, for eventual
storage, up to 800,000 metric tons per year of CO2 from
a manufacturing plant located in Convent, Louisiana, and owned by
Nucor Corporation, North America’s largest steel producer and
recycler.
Long-term services
agreement* with KPO
for the development of the Karachaganak field
(Kazakhstan)
- Technip Energies
through its joint-venture TKJV LLP with KPSP, announces the signing
of a long-term services frame agreement with Karachaganak Petroleum
Operating B.V. for the development of the Karachaganak Field,
located in northwest Kazakhstan. This five-year agreement covers a
comprehensive range of services, from consulting and concept to
detailed engineering, aimed at optimizing and expanding the
existing facilities and infrastructure of one of the largest oil
and gas condensate fields in the world.
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* This award will be progressively
recognized in backlog as and when work orders come into
effect.
Technip Energies to perform FEED on the Runcorn
energy-from-waste carbon capture project (UK)
- Technip Energies
has been awarded a FEED contract by Viridor for the Carbon Capture
and Storage (CCS) project at one of the United Kingdom’s largest
Energy-from-Waste facilities in Runcorn, United Kingdom. The
project aims to capture around 900,000 tonnes of CO2
each year, half of which will be from biogenic sources, effectively
removing 450,000 tonnes of CO2 annually from the
atmosphere. As part of the FEED study, Technip Energies will
deliver a comprehensive design utilising the Canopy by T.EN™
solution powered by Shell CANSOLV CO2 capture
technology. The Canopy offering is part of Capture.Now™, Technip
Energies’ strategic CCUS platform of technologies and
solutions.
Rely launches Clear100+, its green hydrogen configurable
productized plant
- Rely, a joint
venture of Technip Energies and John Cockerill, launched Clear100+,
a configurable productized plant dedicated to large-scale
production of green hydrogen. With its singular product approach,
Rely enables a significant reduction of both CAPEX & OPEX and
drives down the Levelized Cost of Hydrogen (LCOH) by offering the
market a safe and configurable pre-engineered plant with integrated
performance guarantees, optimized footprint and reduced lead time.
Clear100+ incorporates proven technologies, notably John Cockerill
Hydrogen's pressurized alkaline electrolyzers. Clear100+ consists
of a standard 100MW green hydrogen production plant, integrating
John Cockerill Hydrogen pressurized alkaline electrolyzer stacks
with process treatment units, pre-assembled for installation.
Beyond advantages of its cost-effective design, this integrated
productized plant allows for the full safety of operations, a
compact footprint and an enhanced maintainability.
Technip Energies acquires technology from Shell to
accelerate bio-polyester production
- Technip Energies
and Shell Catalysts & Technologies announced a technology
transfer agreement which accelerates the commercialization of
Technip Energies’ Bio-2-GlycolsTM technology for
bio-based Mono Ethylene Glycol (MEG) production from glucose. The
acquisition of glycol purification technology will accelerate
Technip Energies’ Bio-2-GlycolsTM commercialization. MEG
is traditionally produced using fossil-based feedstock to make
various types of polyesters for packaging materials, such as
plastic bottles, and in clothing apparel. With this acquisition,
Technip Energies intends to offer a bio-based polyester solution by
replacing fossil-based feedstock. By using a bio-sourced monomer,
the Bio-2-GlycolsTM technology allows for polyesters to
be produced with lower carbon footprints and less environmental
impact.
Technip Energies Loading Systems launches the eMAX
series, a new era for loading arms
- Loading Systems,
a leading provider of fluid transfer system for the energy
industry, announced the launch of the eMAX series, an advanced
suite of electric and automatic loading arm products. In addition,
Loading Systems has signed a strategic partnership agreement with
Cascade Drives AB, a developer and manufacturer of electric linear
actuators, to develop a series of electric actuators to be embedded
in the new eMAX loading arms technology.
Technip Energies and Anellotech to jointly develop
sustainable plastics recycling
- Technip Energies
and Anellotech, Inc. to collaborate on combination of advanced
recycling and purification technologies to enable more efficient
processing and reuse of hard-to-recycle plastic. The companies have
signed a global joint development agreement to work cooperatively
to further develop and then license Anellotech’s Plas-TCat™
process, a one-step thermal-catalytic recycling technology that
converts mixed plastic wastes back into its constituent basic
chemicals, with a specific focus to benzene, toluene, and xylene
(BTX) that can be used to make most virgin plastics.
Technip Energies and Mitsubishi Chemical announce
licensing of improved OXO alcohol technology ’OXO
M-Process’
- Technip Energies
and Mitsubishi Chemical, announced that they are licensing an
improved OXO alcohol technology, named ‘OXO M-Process’. OXO
alcohols are used as solvents in chemical manufacturing. The
improved OXO-M technology reduces related capital and operating
expenses of separation and purification by minimizing the
production of isobutyraldehyde – used in manufacturing processes
for plasticizers, resins and solvents – eliminating the need to
manage it as a by-product.
Corporate and other items
Corporate costs, excluding
non-recurring items, were €22.4 million for the first half of
2024.
Non-recurring expense amounted
to €4.1 million.
Net financial income of €57.6
million benefited from interest income generated from cash and cash
equivalents, partially offset by interest expenses associated with
the senior unsecured notes and the mark-to-market valuation impact
of investments in traded securities.
Effective tax rate on an
adjusted IFRS basis was 28.5% for the first half of 2024,
consistent with the 2024 guidance range of 26% - 30%.
Depreciation and amortization
expense was €54.1 million, of which €34.6 million is
related to IFRS 16.
Adjusted net cash at June 30,
2024 was €2.6 billion, which compares to €2.8 billion at December
31, 2023.
Adjusted free cash flow was
€(94.2) million for the first half of 2024. Adjusted free cash
flow, excluding the working capital and provisions variance of
€334.9 million, was €240.7 million benefiting from strong
operational performance and consistently high conversion from
Adjusted recurring EBIT. Free cash flow is stated after capital
expenditures of €29.0 million. Adjusted operating cash
flow was €(65.2) million.
Share buyback
Update on program execution -
as of June 30, 2024, a total number of 1,871,840 shares were bought
back for €41.2 million with an average price of €22.03 per share.
The cash outlay associated to these transactions during the period
was €38.0 million. The €100 million program is anticipated to be
completed by year-end.
Liquidity
Adjusted liquidity of €4.0
billion at June 30, 2024 comprised of €3.3 billion of cash and €750
million of liquidity provided by the Company’s undrawn revolving
credit facility, offset by €80 million of outstanding commercial
paper. The Company’s revolving credit facility is available for
general use and serves as a backstop for the Company’s commercial
paper program.
AGM and Dividend
At the company’s AGM on May 7, 2024, all
resolutions submitted to the shareholders for approval at the 2024
Annual General Meeting of Shareholders (“AGM”) were adopted.
All resolutions on the agenda received a
majority of votes in favor including shareholder approval for the
2023 financial statements and the proposed dividend of €0.57 per
outstanding common share for the 2023 financial year. The AGM
documentation and voting results are available at 2024 Annual
General Meeting.
Payment for the cash dividend took place on May
23, 2024.
Forward-looking statements
This Press Release contains forward-looking
statements that reflect Technip Energies’ (the
“Company”) intentions, beliefs or current
expectations and projections about the Company's future results of
operations, anticipated revenues, earnings, cashflows, financial
condition, liquidity, performance, prospects, anticipated growth,
strategies and opportunities and the markets in which the Company
operates. Forward-looking statements are often identified by the
words “believe”, “expect”, “anticipate”, “plan”, “intend”,
“foresee”, “should”, “would”, “could”, “may”, “estimate”,
“outlook”, and similar expressions, including the negative thereof.
The absence of these words, however, does not mean that the
statements are not forward-looking. These forward-looking
statements are based on the Company’s current expectations, beliefs
and assumptions concerning future developments and business
conditions and their potential effect on the Company. While the
Company believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting the Company will be those that the Company
anticipates.
All of the Company’s forward-looking statements
involve risks and uncertainties, some of which are significant or
beyond the Company’s control, and assumptions that could cause
actual results to differ materially from the Company’s historical
experience and the Company’s present expectations or projections.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those set forth in the forward-looking
statements.
For information regarding known material factors
that could cause actual results to differ from projected results,
please see the Company’s risk factors set forth in the Company’s
2023 Annual Financial Report filed on March 8, 2024, with the Dutch
Autoriteit Financiële Markten (AFM) and the French
Autorité des Marchés Financiers (AMF) which include a
discussion of factors that could affect the Company's future
performance and the markets in which the Company operates.
Forward-looking statements involve inherent
risks and uncertainties and speak only as of the date they are
made. The Company undertakes no duty to and will not
necessarily update any of the forward-looking statements in light
of new information or future events, except to the extent required
by applicable law.
APPENDIX
APPENDIX 1.0: ADJUSTED STATEMENT OF INCOME - FIRST HALF
2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
H1 24 |
H1 23 |
H1 24 |
H1 23 |
H1 24 |
H1 23 |
H1 24 |
H1 23 |
|
Adjusted revenue |
2,209.9 |
1,907.6 |
954.4 |
931.1 |
— |
— |
3,164.3 |
2,838.7 |
|
Adjusted recurring EBIT |
161.1 |
149.2 |
88.6 |
89.2 |
(22.4) |
(30.7) |
227.3 |
207.7 |
|
Non-recurring items (transaction & one-off costs) |
(1.6) |
(2.7) |
(1.2) |
(0.3) |
(1.3) |
(30.9) |
(4.1) |
(33.9) |
|
EBIT |
159.5 |
146.5 |
87.4 |
88.9 |
(23.6) |
(61.6) |
223.2 |
173.8 |
|
Financial income |
|
|
|
|
|
|
74.7 |
55.5 |
|
Financial expense |
|
|
|
|
|
|
(17.1) |
(18.4) |
|
Profit (loss) before income tax |
|
|
|
|
|
|
280.8 |
210.9 |
|
Income tax (expense) profit |
|
|
|
|
|
|
(80.0) |
(68.8) |
|
Net profit (loss) |
|
|
|
|
|
|
200.8 |
142.1 |
|
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
|
|
188.1 |
125.3 |
|
Net profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
12.7 |
16.8 |
APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME - SECOND
QUARTER 2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
Q2 24 |
Q2 23 |
Q2 24 |
Q2 23 |
Q2 24 |
Q2 23 |
Q2 24 |
Q2 23 |
|
Adjusted revenue |
1,164.5 |
952.8 |
479.1 |
479.3 |
— |
— |
1,643.6 |
1,432.1 |
|
Adjusted recurring EBIT |
82.5 |
71.9 |
44.1 |
43.1 |
(10.1) |
(14.7) |
116.5 |
100.4 |
|
Non-recurring items (transaction & one-off costs) |
(1.5) |
(2.7) |
(1.7) |
(0.1) |
0.8 |
(19.7) |
(2.4) |
(22.4) |
|
EBIT |
81.1 |
69.2 |
42.4 |
43.1 |
(9.3) |
(34.3) |
114.1 |
78.0 |
|
Financial income |
|
|
|
|
|
|
36.5 |
28.7 |
|
Financial expense |
|
|
|
|
|
|
1.2 |
(12.0) |
|
Profit (loss) before income tax |
|
|
|
|
|
|
151.8 |
94.7 |
|
Income tax (expense) profit |
|
|
|
|
|
|
(46.4) |
(35.8) |
|
Net profit (loss) |
|
|
|
|
|
|
105.4 |
58.9 |
|
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
|
|
97.9 |
45.2 |
|
Net profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
7.5 |
13.7 |
APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
|
(In € millions) |
H1 24
IFRS |
Adjustments |
H1 24
Adjusted |
|
Revenue |
3,039.2 |
125.1 |
3,164.3 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(2,604.9) |
(102.0) |
(2,706.9) |
|
Selling, general and administrative expense |
(200.3) |
(0.9) |
(201.2) |
|
Research and development expense |
(35.0) |
0.8 |
(34.2) |
|
Impairment, restructuring and other expense |
(4.1) |
— |
(4.1) |
|
Other operating income (expense), net |
6.0 |
(0.2) |
5.8 |
|
Operating profit (loss) |
200.9 |
22.8 |
223.7 |
|
Share of profit (loss) of equity-accounted investees |
23.8 |
(24.3) |
(0.5) |
|
Profit (loss) before financial income (expense), net and
income tax |
224.7 |
(1.5) |
223.2 |
|
Financial income |
71.0 |
3.7 |
74.7 |
|
Financial expense |
(17.1) |
— |
(17.1) |
|
Profit (loss) before income tax |
278.6 |
2.2 |
280.8 |
|
Income tax (expense) profit |
(79.5) |
(0.5) |
(80.0) |
|
Net profit (loss) |
199.1 |
1.7 |
200.8 |
|
Net profit (loss) attributable to Technip Energies Group |
186.4 |
1.7 |
188.1 |
|
Net profit (loss) attributable to non-controlling interests |
12.7 |
— |
12.7 |
APPENDIX 1.3: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST HALF 2023
|
(In € millions) |
H1 23
IFRS |
Adjustments |
H1 23
Adjusted |
|
Revenue |
2,830.3 |
8.4 |
2,838.7 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(2,413.3) |
(8.8) |
(2,422.1) |
|
Selling, general and administrative expense |
(178.8) |
— |
(178.8) |
|
Research and development expense |
(23.7) |
— |
(23.7) |
|
Impairment, restructuring and other expense |
(33.9) |
— |
(33.9) |
|
Other operating income (expense), net |
(7.0) |
0.6 |
(6.4) |
|
Operating profit (loss) |
173.5 |
0.3 |
173.8 |
|
Share of profit (loss) of equity-accounted investees |
15.8 |
(15.8) |
— |
|
Profit (loss) before financial income (expense), net and
income tax |
189.3 |
(15.5) |
173.8 |
|
Financial income |
51.1 |
4.4 |
55.5 |
|
Financial expense |
(26.8) |
8.4 |
(18.4) |
|
Profit (loss) before income tax |
213.6 |
(2.7) |
210.9 |
|
Income tax (expense) profit |
(69.6) |
0.8 |
(68.8) |
|
Net profit (loss) |
144.0 |
(1.9) |
142.1 |
|
Net profit (loss) attributable to Technip Energies Group |
127.2 |
(1.9) |
125.3 |
|
Net profit (loss) attributable to non-controlling interests |
16.8 |
— |
16.8 |
APPENDIX 1.4: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - SECOND QUARTER 2024
|
(In € millions) |
Q2 24
IFRS |
Adjustments |
Q2 24
Adjusted |
|
Revenue |
1,541.1 |
102.5 |
1,643.6 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(1,325.6) |
(84.5) |
(1,410.1) |
|
Selling, general and administrative expense |
(99.6) |
(0.6) |
(100.2) |
|
Research and development expense |
(20.6) |
0.5 |
(20.1) |
|
Impairment, restructuring and other expense |
(2.4) |
— |
(2.4) |
|
Other operating income (expense), net |
2.9 |
1.1 |
4.0 |
|
Operating profit (loss) |
95.8 |
19.0 |
114.8 |
|
Share of profit (loss) of equity-accounted investees |
17.8 |
(18.4) |
(0.6) |
|
Profit (loss) before financial income (expense), net and
income tax |
113.6 |
0.5 |
114.1 |
|
Financial income |
34.5 |
2.0 |
36.5 |
|
Financial expense |
1.1 |
0.1 |
1.2 |
|
Profit (loss) before income tax |
149.2 |
2.6 |
151.8 |
|
Income tax (expense) profit |
(45.7) |
(0.7) |
(46.4) |
|
Net profit (loss) |
103.5 |
1.9 |
105.4 |
|
Net profit (loss) attributable to Technip Energies Group |
95.7 |
2.2 |
97.9 |
|
Net profit (loss) attributable to non-controlling interests |
7.8 |
(0.3) |
7.5 |
APPENDIX 1.5: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - SECOND QUARTER 2023
|
(In € millions) |
Q2 23
IFRS |
Adjustments |
Q2 23
Adjusted |
|
Revenue |
1,430.6 |
1.5 |
1,432.1 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(1,221.4) |
(8.7) |
(1,230.1) |
|
Selling, general and administrative expense |
(87.8) |
— |
(87.8) |
|
Research and development expense |
(13.0) |
— |
(13.0) |
|
Impairment, restructuring and other expense |
(22.4) |
— |
(22.4) |
|
Other operating income (expense), net |
(1.2) |
0.6 |
(0.6) |
|
Operating profit (loss) |
84.8 |
(6.6) |
78.2 |
|
Share of profit (loss) of equity-accounted investees |
6.0 |
(6.2) |
(0.2) |
|
Profit (loss) before financial income (expense), net and
income tax |
90.8 |
(12.8) |
78.0 |
|
Financial income |
26.0 |
2.7 |
28.7 |
|
Financial expense |
(21.3) |
9.3 |
(12.0) |
|
Profit (loss) before income tax |
95.5 |
(0.8) |
94.7 |
|
Income tax (expense) profit |
(36.1) |
0.3 |
(35.8) |
|
Net profit (loss) |
59.4 |
(0.5) |
58.9 |
|
Net profit (loss) attributable to Technip Energies Group |
45.8 |
(0.6) |
45.2 |
|
Net profit (loss) attributable to non-controlling interests |
13.7 |
— |
13.7 |
APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL
POSITION
|
(In € millions) |
H1 24 |
FY 23 |
|
Goodwill |
2,104.6 |
2,093.3 |
|
Intangible assets, net |
118.4 |
120.5 |
|
Property, plant and equipment, net |
139.5 |
116.7 |
|
Right-of-use assets |
194.1 |
200.8 |
|
Equity accounted investees |
24.5 |
24.8 |
|
Other non-current assets |
327.2 |
305.7 |
|
Total non-current assets |
2,908.3 |
2,861.8 |
|
Trade receivables, net |
1,122.1 |
1,189.6 |
|
Contract assets |
492.0 |
399.8 |
|
Other current assets |
942.0 |
781.8 |
|
Cash and cash equivalents |
3,344.0 |
3,569.3 |
|
Total current assets |
5,900.1 |
5,940.5 |
|
Total assets |
8,808.4 |
8,802.3 |
|
Total equity |
1,988.6 |
1,956.3 |
|
Long-term debt, less current portion |
641.9 |
637.3 |
|
Lease liability – non-current |
162.2 |
160.4 |
|
Accrued pension and other post-retirement benefits, less current
portion |
118.8 |
115.8 |
|
Other non-current liabilities |
170.8 |
157.9 |
|
Total non-current liabilities |
1,093.7 |
1,071.4 |
|
Short-term debt |
147.4 |
123.9 |
|
Lease liability – current |
66.0 |
71.9 |
|
Accounts payable, trade |
1,563.5 |
1,572.8 |
|
Contract liabilities |
3,165.8 |
3,156.7 |
|
Other current liabilities |
783.4 |
849.3 |
|
Total current liabilities |
5,726.1 |
5,774.6 |
|
Total liabilities |
6,819.8 |
6,846.0 |
|
Total equity and liabilities |
8,808.4 |
8,802.3 |
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF
2024
| (In €
millions) |
H1 24
IFRS |
Adjustments |
H1 24
Adjusted |
|
Goodwill |
2,104.6 |
— |
2,104.6 |
|
Intangible assets, net |
121.2 |
(2.8) |
118.4 |
|
Property, plant and equipment, net |
137.9 |
1.6 |
139.5 |
|
Right-of-use assets |
193.2 |
0.9 |
194.1 |
|
Equity accounted investees |
84.3 |
(59.8) |
24.5 |
|
Other non-current assets |
330.6 |
(3.4) |
327.2 |
|
Total non-current assets |
2,971.8 |
(63.5) |
2,908.3 |
|
Trade receivables, net |
1,161.0 |
(38.9) |
1,122.1 |
|
Contract assets |
488.9 |
3.1 |
492.0 |
|
Other current assets |
928.1 |
13.9 |
942.0 |
|
Cash and cash equivalents |
3,121.5 |
222.5 |
3,344.0 |
|
Total current assets |
5,699.5 |
200.6 |
5,900.1 |
|
Total assets |
8,671.3 |
137.1 |
8,808.4 |
|
Total equity |
1,981.2 |
7.4 |
1,988.6 |
|
Long-term debt, less current portion |
637.4 |
4.5 |
641.9 |
|
Lease liability – non-current |
162.1 |
0.1 |
162.2 |
|
Accrued pension and other post-retirement benefits, less current
portion |
117.1 |
1.7 |
118.8 |
|
Other non-current liabilities |
247.6 |
(76.8) |
170.8 |
|
Total non-current liabilities |
1,164.2 |
(70.5) |
1,093.7 |
|
Short-term debt |
147.4 |
— |
147.4 |
|
Lease liability – current |
65.2 |
0.8 |
66.0 |
|
Accounts payable, trade |
1,479.6 |
83.9 |
1,563.5 |
|
Contract liabilities |
3,053.3 |
112.5 |
3,165.8 |
|
Other current liabilities |
780.4 |
3.0 |
783.4 |
|
Total current liabilities |
5,525.9 |
200.2 |
5,726.1 |
|
Total liabilities |
6,690.1 |
129.7 |
6,819.8 |
|
Total equity and liabilities |
8,671.3 |
137.1 |
8,808.4 |
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF
2023
| (In €
millions) |
H1 23
IFRS |
Adjustments |
H1 23
Adjusted |
|
Goodwill |
2,086.9 |
— |
2,086.9 |
|
Intangible assets, net |
110.1 |
— |
110.1 |
|
Property, plant and equipment, net |
100.3 |
0.2 |
100.5 |
|
Right-of-use assets |
220.9 |
0.3 |
221.2 |
|
Equity accounted investees |
70.2 |
(39.1) |
31.1 |
|
Other non-current assets |
245.9 |
2.3 |
248.2 |
|
Total non-current assets |
2,834.2 |
(36.3) |
2,797.9 |
|
Trade receivables, net |
1,340.6 |
(27.6) |
1,313.0 |
|
Contract assets |
451.5 |
(1.9) |
449.6 |
|
Other current assets |
764.3 |
36.7 |
801.0 |
|
Cash and cash equivalents |
3,187.7 |
241.3 |
3,429.0 |
|
Total current assets |
5,744.1 |
248.5 |
5,992.6 |
|
Total assets |
8,578.3 |
212.2 |
8,790.5 |
|
Total equity |
1,757.9 |
0.6 |
1,758.5 |
|
Long-term debt, less current portion |
595.7 |
— |
595.7 |
|
Lease liability – non-current |
186.4 |
— |
186.4 |
|
Accrued pension and other post-retirement benefits, less current
portion |
98.8 |
0.9 |
99.7 |
|
Other non-current liabilities |
122.1 |
(3.7) |
118.4 |
|
Total non-current liabilities |
1,003.0 |
(2.8) |
1,000.2 |
|
Short-term debt |
130.7 |
— |
130.7 |
|
Lease liability – current |
72.6 |
0.3 |
72.9 |
|
Accounts payable, trade |
1,286.0 |
123.3 |
1,409.3 |
|
Contract liabilities |
3,573.0 |
117.2 |
3,690.2 |
|
Other current liabilities |
755.1 |
(26.4) |
728.7 |
|
Total current liabilities |
5,817.4 |
214.4 |
6,031.8 |
|
Total liabilities |
6,820.4 |
211.6 |
7,032.0 |
|
Total equity and liabilities |
8,578.3 |
212.2 |
8,790.5 |
APPENDIX 3.0: ADJUSTED STATEMENT OF CASH
FLOWS
|
(In € millions) |
H1 24 |
H1 23 |
|
Net profit (loss) |
200.8 |
142.1 |
|
Change in working capital and provisions |
(334.9) |
(231.8) |
|
Non-cash items and other |
68.9 |
87.7 |
|
Cash provided (required) by operating
activities |
(65.2) |
(2.0) |
|
Acquisition of property, plant, equipment and intangible
assets |
(29.0) |
(22.2) |
|
Acquisition of financial assets |
(4.8) |
(25.0) |
|
Acquisition of subsidiary, net of cash acquired |
1.2 |
— |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(1.3) |
(111.3) |
|
Other |
— |
0.1 |
|
Cash provided (required) by investing
activities |
(33.9) |
(158.4) |
|
Capital increase |
(0.7) |
— |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
24.5 |
11.7 |
|
Purchase of treasury shares |
(38.0) |
— |
|
Dividends paid to Shareholders |
(101.5) |
(91.2) |
|
Payments for the principal portion of lease liabilities |
(31.5) |
(38.4) |
|
Other (of which dividends paid to non-controlling interests) |
(19.0) |
(26.7) |
|
Cash provided (required) by financing
activities |
(166.2) |
(144.6) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
40.1 |
(57.2) |
|
(Decrease) Increase in cash and cash
equivalents |
(225.2) |
(362.2) |
|
Cash and cash equivalents, beginning of period |
3,569.2 |
3,791.2 |
|
Cash and cash equivalents, end of period |
3,344.0 |
3,429.0 |
APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
|
(In € millions) |
H1 24
IFRS |
Adjustments |
H1 24
Adjusted |
|
Net profit (loss) |
199.1 |
1.7 |
200.8 |
|
Change in working capital and provisions |
(330.4) |
(4.5) |
(334.9) |
|
Non-cash items and other |
59.6 |
9.3 |
68.9 |
|
Cash provided (required) by operating
activities |
(71.7) |
6.5 |
(65.2) |
|
Acquisition of property, plant, equipment and intangible
assets |
(28.3) |
(0.7) |
(29.0) |
|
Acquisition of financial assets |
(4.8) |
— |
(4.8) |
|
Acquisition of subsidiary, net of cash acquired |
— |
1.2 |
1.2 |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(1.3) |
— |
(1.3) |
|
Cash provided (required) by investing
activities |
(34.4) |
0.5 |
(33.9) |
|
Capital increase |
(0.7) |
— |
(0.7) |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
24.1 |
0.4 |
24.5 |
|
Purchase of treasury shares |
(38.0) |
— |
(38.0) |
|
Dividends paid to Shareholders |
(101.5) |
— |
(101.5) |
|
Settlements of mandatorily redeemable financial liability |
(16.0) |
16.0 |
— |
|
Payments for the principal portion of lease liabilities |
(31.2) |
(0.3) |
(31.5) |
|
Other (of which dividends paid to non-controlling interests) |
(19.0) |
— |
(19.0) |
|
Cash provided (required) by financing
activities |
(182.3) |
16.1 |
(166.2) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
38.9 |
1.2 |
40.1 |
|
(Decrease) Increase in cash and cash
equivalents |
(249.5) |
24.3 |
(225.2) |
|
Cash and cash equivalents, beginning of period |
3,371.0 |
198.2 |
3,569.2 |
|
Cash and cash equivalents, end of period |
3,121.5 |
222.5 |
3,344.0 |
APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST HALF 2023
|
(In € millions) |
H1 23
IFRS |
Adjustments |
H1 23
Adjusted |
|
Net profit (loss) |
144.0 |
(1.9) |
142.1 |
|
Change in working capital and provisions |
(216.6) |
(15.2) |
(231.8) |
|
Non-cash items and other |
137.2 |
(49.5) |
87.7 |
|
Cash provided (required) by operating
activities |
64.6 |
(66.6) |
(2.0) |
|
Acquisition of property, plant, equipment and intangible
assets |
(22.2) |
— |
(22.2) |
|
Acquisition of financial assets |
(25.0) |
— |
(25.0) |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(30.5) |
(80.8) |
(111.3) |
|
Other |
0.1 |
— |
0.1 |
|
Cash provided (required) by investing
activities |
(77.6) |
(80.8) |
(158.4) |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
11.8 |
(0.1) |
11.7 |
|
Dividends paid to Shareholders |
(91.2) |
— |
(91.2) |
|
Settlements of mandatorily redeemable financial liability |
(80.3) |
80.3 |
— |
|
Payments for the principal portion of lease liabilities |
(38.0) |
(0.4) |
(38.4) |
|
Other (of which dividends paid to non-controlling interests) |
(26.6) |
(0.1) |
(26.7) |
|
Cash provided (required) by financing
activities |
(224.3) |
79.7 |
(144.6) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
(52.4) |
(4.8) |
(57.2) |
|
(Decrease) Increase in cash and cash
equivalents |
(289.7) |
(72.5) |
(362.2) |
|
Cash and cash equivalents, beginning of period |
3,477.4 |
313.8 |
3,791.2 |
|
Cash and cash equivalents, end of period |
3,187.7 |
241.3 |
3,429.0 |
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- FIRST HALF 2024
|
(In € millions, except %) |
H1 24 |
% of revenues |
H1 23 |
% of revenues |
|
Adjusted revenue |
3,164.3 |
|
2,838.7 |
|
|
Cost of sales |
(2,706.9) |
85.5% |
(2,422.1) |
85.3% |
|
Adjusted gross margin |
457.4 |
14.5% |
416.6 |
14.7% |
|
Adjusted recurring EBITDA |
281.4 |
8.9% |
255.3 |
9.0% |
|
Amortization, depreciation and impairment |
(54.1) |
|
(47.6) |
|
|
Adjusted recurring EBIT |
227.3 |
7.2% |
207.7 |
7.3% |
|
Non-recurring items |
(4.1) |
|
(33.9) |
|
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
223.2 |
7.1% |
173.8 |
6.1% |
|
Financial income (expense), net |
57.6 |
|
37.1 |
|
|
Adjusted profit (loss) before tax |
280.8 |
8.9% |
210.9 |
7.4% |
|
Income tax (expense) profit |
(80.0) |
|
(68.8) |
|
|
Adjusted net profit (loss) |
200.8 |
6.3% |
142.1 |
5.0% |
APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- SECOND QUARTER 2024
|
(In € millions, except %) |
Q2 24 |
% of revenues |
Q2 23 |
% of revenues |
|
Adjusted revenue |
1,643.6 |
|
1,432.1 |
|
|
Cost of sales |
(1,410.1) |
85.8% |
(1,230.1) |
85.9% |
|
Adjusted gross margin |
233.5 |
14.2% |
202.0 |
14.1% |
|
Adjusted recurring EBITDA |
144.7 |
8.8% |
124.4 |
8.7% |
|
Amortization, depreciation and impairment |
(28.2) |
|
(24.0) |
|
|
Adjusted recurring EBIT |
116.5 |
7.1% |
100.4 |
7.0% |
|
Non-recurring items |
(2.4) |
|
(22.4) |
|
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
114.1 |
6.9% |
78.0 |
5.4% |
|
Financial income (expense), net |
37.7 |
|
16.7 |
|
|
Adjusted profit (loss) before tax |
151.8 |
9.2% |
94.7 |
6.6% |
|
Income tax (expense) profit |
(46.4) |
|
(35.8) |
|
|
Adjusted net profit (loss) |
105.4 |
6.4% |
58.9 |
4.1% |
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - FIRST HALF 2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
H1 24 |
H1 23 |
H1 24 |
H1 23 |
H1 24 |
H1 23 |
H1 24 |
H1 23 |
|
Revenue |
2,209.9 |
1,907.6 |
954.4 |
931.1 |
— |
— |
3,164.3 |
2,838.7 |
|
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
223.2 |
173.8 |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
4.1 |
33.9 |
|
Adjusted recurring EBIT |
161.1 |
149.2 |
88.6 |
89.2 |
(22.4) |
(30.7) |
227.3 |
207.7 |
|
Adjusted recurring EBIT margin % |
7.3% |
7.8% |
9.3% |
9.6% |
—% |
—% |
7.2% |
7.3% |
|
Adjusted amortization and depreciation |
|
|
|
|
|
|
(54.1) |
(47.6) |
|
Adjusted recurring EBITDA |
|
|
|
|
|
|
281.4 |
255.3 |
|
Adjusted recurring EBITDA margin % |
|
|
|
|
|
|
8.9% |
9.0% |
APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - SECOND QUARTER 2024
(In € millions, except %)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
Q2 24 |
Q2 23 |
Q2 24 |
Q2 23 |
Q2 24 |
Q2 23 |
Q2 24 |
Q2 23 |
|
Revenue |
1,164.5 |
952.8 |
479.1 |
479.3 |
— |
— |
1,643.6 |
1,432.1 |
|
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
114.1 |
78.0 |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
2.4 |
22.4 |
|
Adjusted recurring EBIT |
82.5 |
71.9 |
44.1 |
43.1 |
(10.1) |
(14.7) |
116.5 |
100.4 |
|
Adjusted recurring EBIT margin % |
7.1% |
7.5% |
9.2% |
9.0% |
—% |
—% |
7.1% |
7.0% |
|
Adjusted amortization and depreciation |
|
|
|
|
|
|
(28.2) |
(24.0) |
|
Adjusted recurring EBITDA |
|
|
|
|
|
|
144.7 |
124.4 |
|
Adjusted recurring EBITDA margin % |
|
|
|
|
|
|
8.8% |
8.7% |
APPENDIX 6.0: BACKLOG - RECONCILIATION BETWEEN IFRS AND
ADJUSTED
|
(In € millions) |
H1 24
IFRS |
Adjustments |
H1 24
Adjusted |
|
Project Delivery |
14,908.3 |
96.9 |
15,005.2 |
|
Technology, Products & Services |
1,908.5 |
37.9 |
1,946.5 |
|
Total |
16,816.8 |
|
16,951.7 |
APPENDIX 7.0: ORDER INTAKE - RECONCILIATION BETWEEN IFRS
AND ADJUSTED
|
(In € millions) |
H1 24
IFRS |
Adjustments |
H1 24
Adjusted |
|
Project Delivery |
2,838.7 |
131.5 |
2,970.2 |
|
Technology, Products & Services |
1,002.0 |
34.7 |
1,036.7 |
|
Total |
3,840.7 |
|
4,006.8 |
APPENDIX 8.0: Definition of Alternative Performance
Measures (APMs)
Certain parts of this Press Release contain the
following non-IFRS financial measures: Adjusted Revenue, Adjusted
Recurring EBIT, Adjusted Recurring EBITDA, Adjusted net (debt)
cash, Adjusted Backlog, and Adjusted Order Intake, which are not
recognized as measures of financial performance or liquidity under
IFRS and which the Company considers to be APMs. APMs should not be
considered an alternative to, or more meaningful than, the
equivalent measures as determined in accordance with IFRS or as an
indicator of the Company’s operating performance or liquidity.
Each of the APMs is defined below:
- Adjusted
revenue: represents the revenue recognized under IFRS as
adjusted according to the method described below. For the periods
presented in this Press Release, the Company’s proportionate share
of joint venture revenue from the following projects was included:
the revenue from ENI CORAL FLNG and 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% (until its disposal by Technip Energies in
the second quarter of 2023), the revenue from the joint-venture
Rovuma is included at 33.3% and revenue from TPIT & DAR
Engineering Consulting is included at 60% starting 2024. 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: represents 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 (such as restructuring
expenses, costs arising out of significant litigation that have
arisen outside of the ordinary course of business and other
non-recurring expenses). The Company believes that the exclusion of
such expenses or profits from these financial measures enables
investors and management to 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: corresponds to the adjusted recurring
EBIT as described above before depreciation and amortization
expenses.
- Adjusted
net (debt) cash: reflects cash and cash equivalents, net
of debt (including short-term debt), 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) cash, 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
backlog: backlog is calculated as the estimated sales
value of unfilled, confirmed customer orders at the relevant
reporting date. Adjusted backlog takes into account the Company’s
proportionate share of backlog related to equity affiliates (ENI
Coral FLNG, BAPCO Sitra Refinery, the joint-venture Rovuma, two
affiliates of the NFE joint-venture, and TPIT & DAR Engineering
Consulting from 2024). The Company believes that the adjusted
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, the
joint-venture Rovuma, two affiliates of the NFE joint-venture, and
TPIT & DAR Engineering Consulting from 2024). This financial
measure is closely connected with the adjusted 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.
•
Contacts
Investor Relations
Phillip Lindsay
Vice President, Investor Relations
Tel: +44 20 7585 5051
Email: Phillip Lindsay
Media Relations
Jason Hyonne
Manager, Press Relations & Social Media
Tel: +33 1 47 78 22 89
Email: Jason Hyonne
- Technip Energies H1 2024 Financial Results
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