Technip Energies Full Year 2023 Financial Results
TECHNIP ENERGIES FY 2023
FINANCIAL RESULTS
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Outstanding execution leading to 7.4% Adj. recurring EBIT margin,
up 40bps Y/Y
- Excellent
visibility with >20% Y/Y growth in Adj. backlog to €15.7bn
driven by FY 2023 Adj. order intake of €10bn
- Strong balance
sheet and confidence in our business outlook support 10% dividend
increase and €100m share buyback
- Initiate 2024
guidance signalling revenue growth and sustained margins
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Paris, Thursday, February 29, 2024. Technip
Energies (the “Company”), a leading Engineering & Technology
company for the energy transition, today announces its unaudited
financial results for full year 2023.
Arnaud Pieton, Chief Executive Officer of Technip
Energies, commented:
“2023 represents an outstanding year in
terms of safety, profitability, and orders, as well as for the
delivery of strategic objectives to drive future
growth. I would like to thank our employees and all
stakeholders for their dedication, trust and support through this
remarkable phase of Technip Energies’ evolution”.
“We posted excellent
operating results that reflect a relentless focus
on execution and discipline, which strongly endorse our hybrid
model. Technology, Products and Services - TPS - delivered more
than 40% EBIT growth, while Project Delivery profitability remained
high thanks to strong execution and project close-outs. This
operational performance, combined with consistently high cash
conversion from EBIT, drove robust free cash flow generation. Based
on the strength of these results and confidence in our outlook, we
propose a 10% annual dividend
increase and are launching a €100 million share
buyback program.”
“Commercially, we secured €10 billion of
order intake, significantly exceeding 2023 revenue and bolstering
earnings visibility. Project Delivery benefited from the major
North Field South award in Qatar, confirming our leading position
in LNG, and TPS momentum continued to be strong, including over 90
studies from our Capture.Now™ platform.
“We also set out to drive early
leadership in net-zero markets through the
launch of differentiated technologies, products and
solutions. These provide us with more avenues for
long-term growth and position Technip Energies to
play a prominent role in targeted markets including carbon capture,
clean hydrogen, and sustainable chemistry. While these markets are
maturing at different speeds, early commercial
traction for our new offerings is highly
encouraging, notably in carbon capture.”
“On our sustainability journey, we
achieved strong safety performance
that confirms Technip Energies’ industry leadership, and made
solid progress towards our 2030 Net Zero target for scope 1 & 2
emissions. In addition, all of our technology and innovation
programs are now dedicated to sustainability themes to strengthen
our competitive positioning.”
“Looking ahead, our focus will remain on
areas where we bring differentiated capabilities and core
competencies, and we are confident that our hybrid
model provides us with a strong platform to
navigate geopolitical developments that could affect the market.
Our backlog provides excellent visibility, and the quality of our
commercial pipeline is evidenced by material prospects - in LNG,
carbon capture and other key markets - that are progressing towards
investment decisions in 2024.”
“Our priorities for
2024 are to strengthen our leadership in
low-carbon LNG and net zero solutions, to build proprietary
technology demonstration projects in decarbonization and
circularity, and to form strategic partnerships crucial to
fast-track deployment of clean tech solutions at commercial
scale.”
“Scaling clean energy technologies and
emissions abatement are new demands being placed on producers and
industries to drive sustainable development. For this, Technip
Energies is the technology and industrial partner of
choice.”
“To respond to the scale of
the Net Zero challenge, together, we must
rise to the challenge of
scale.”
Key financials – adjusted IFRS
(In € millions, except EPS and %) |
FY 2023 |
FY 2022 |
Revenue |
6,014.7 |
6,424.4 |
Recurring EBIT |
445.1 |
451.1 |
Recurring EBIT margin % |
7.4% |
7.0% |
Net profit |
294.1 |
320.2 |
Diluted earnings per share(1) |
€1.63 |
€1.79 |
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Order intake |
10,070.1 |
3,844.8 |
Backlog |
15,713.3 |
12,750.1 |
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) FY 2023 and FY 2022 diluted earnings
per share have been calculated using the weighted average number of
outstanding shares of 180,477,791 and 178,840,994
respectively. |
Key financials – IFRS
(In € millions, except EPS) |
FY 2023 |
FY 2022 |
Revenue |
6,003.6 |
6,282.3 |
Net profit |
296.8 |
300.7 |
Diluted earnings per share(1) |
€1.64 |
€1.68 |
(1) FY 2023 and FY 2022 diluted earnings
per share have been calculated using the weighted average number of
outstanding shares of 180,477,791 and 178,840,994
respectively. |
2024 full company guidance – adjusted IFRS
Revenue |
€6.1 – 6.6 billion |
Recurring EBIT margin |
7.0% – 7.5% |
Effective tax rate |
26% – 30% |
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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Conference call information
Technip Energies will host its FY 2023 results
conference call and webcast on Thursday, February 29, 2024 at 13:00
CET. Dial-in details:
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 FY 2023 Webcast
Contacts
Investor
Relations |
Media
Relations |
Phillip Lindsay |
Jason Hyonne |
Vice President, Investor Relations |
Manager, Press Relations & Social Media |
Tel: +44 20 7585 5051 |
Tel: +33 1 47 78 22 89 |
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 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.
For further information: www.ten.com.
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Operational and financial review
Order intake, backlog and backlog
scheduling
Adjusted order intake for FY 2023 amounted to
€10,070 million, equivalent to a book-to-bill of 1.7. Adjusted
order intake in the fourth quarter amounted to €562 million, which
included a proprietary technology, engineering, and procurement
services contract for Dow’s net-zero integrated ethylene cracker in
Canada as well as other studies, services contracts and smaller
projects.
The first nine months included a major LNG
contract for the North Field South Project by QatarEnergy, a
significant ethylene proprietary equipment contract for QatarEnergy
and CPChem’s Ras Laffan petrochemicals complex in Qatar, a
significant contract for the electric-driven Xi’An LNG project in
China, a FEED for Calpine’s carbon capture project in Texas, US, a
FEED for the world’s largest low-carbon hydrogen project at
ExxonMobil’s Baytown facility in Texas, US, a significant contract
for a hydrogen production unit at bp’s Kwinana biorefinery in
Australia, two EPsCm contracts for an advanced biofuels unit and a
green hydrogen unit for Galp in its Sines refinery in Portugal, a
PMC contract with Aramco for the master planning of Ras Al Khair, a
new industrial city in Saudi Arabia, as well as other studies,
services contracts and smaller projects.
Adjusted backlog increased by 23% year-over-year
to €15.7 billion, equivalent to 2.6x 2023 full year revenue.
Adjusted backlog in the fourth quarter was impacted by three
factors beyond foreign exchange: (1) the cancellation of a large
EPC contract by Hafslund Oslo Celsio; (2) an adjustment to long
lead items on recently awarded LNG projects; and (3) a technical
reduction associated with variable consideration, which may reverse
in the future. In aggregate, these factors led to a negative
backlog adjustment of €861.6 million. In addition, Adjusted backlog
was negatively impacted by foreign exchange of €230.6 million.
(In € millions) |
FY 2023 |
FY 2022 |
Adjusted order intake |
10,070.1 |
3,844.8 |
Project Delivery |
8,311.5 |
1,682.1 |
Technology, Products & Services |
1,758.6 |
2,162.8 |
Adjusted backlog |
15,713.3 |
12,750.1 |
Project Delivery |
13,884.1 |
10,727.9 |
Technology, Products & Services |
1,829.2 |
2,022.2 |
Reconciliation of IFRS to non-IFRS financial measures are
provided in appendices.
Adjusted backlog at December 31, 2023, has been impacted
negatively by foreign exchange of €230.6 million. |
The table below provides estimated backlog
scheduling as of December 31, 2023.
(In € millions) |
FY 2024 |
FY 2025 |
FY 2026+ |
Adjusted backlog |
5,097.0 |
4,070.3 |
6,546.0 |
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Company financial performance
Adjusted statement of income
(In € millions, except %) |
FY 2023 |
FY 2022 |
% Change |
Adjusted revenue |
6,014.7 |
6,424.4 |
(6)% |
Adjusted EBITDA |
540.4 |
560.2 |
(4) % |
Adjusted recurring EBIT |
445.1 |
451.1 |
(1)% |
Non-recurring items |
(45.0) |
(1.4) |
N/A |
EBIT |
400.1 |
449.7 |
(11) % |
Financial income (expense), net |
86.2 |
15.5 |
N/A |
Profit (loss) before income tax |
486.3 |
465.2 |
5% |
Income tax (expense) profit |
(145.4) |
(131.5) |
11% |
Net profit (loss) |
340.9 |
333.7 |
2 % |
Net profit (loss) attributable to Technip Energies Group |
294.1 |
320.2 |
(8) % |
Net profit (loss) attributable to non-controlling interests |
46.8 |
13.5 |
N/A |
Business highlights
Project Delivery – adjusted IFRS
(In € millions, except % and bps) |
FY 2023 |
FY 2022 |
% Change |
Revenue |
4,078.2 |
5,023.9 |
(19) % |
Recurring EBIT |
318.1 |
396.0 |
(20) % |
Recurring EBIT margin % |
7.8% |
7.9% |
-10 bps |
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
FY 2023 Adjusted revenue
decreased by 19% year-over-year to €4,078.2 million. The continued
ramp-up of activity on Qatar NFE, an initial contribution from
Qatar NFS, and good volumes in downstream projects, including
ethylene, were more than offset by significantly lower revenue
contribution from LNG projects in Russia following the completion
of the warranty phase on Yamal LNG in 2022 and the orderly exit
from Arctic LNG 2.
FY 2023 Adjusted recurring EBIT
decreased by 20% year-over-year to €318.1 million, broadly in line
with the reduction in revenue. FY 2023 Adjusted recurring
EBIT margin decreased slightly year-over-year by 10 bps to
7.8%, but remained close to historic high levels due to continued
strong execution on late stage LNG and downstream projects, and
favorable project close outs.
Q4 2023 Key operational milestones
(Please refer to Q1 2023, H1 2023 and 9M 2023 press releases
for first nine months milestones)
Qatar Energy North Field Expansion (Qatar)
- Shipment and delivery of all essential LNG equipment, and
primary mechanical equipment installed. Construction activities are
progressing as planned.
Qatar Energy North Field South (Qatar)
- Early works started at site. First purchase orders of critical
equipment placed.
ENI Coral Sul FLNG (Mozambique)
- FLNG facility handed over to
client; performance tests confirm the requirements of LNG
production above 3.4 million tons per year.
Sempra Infrastructure’s Energía Costa Azul LNG
(Mexico)
- 10 million manhours without LTI and
98% equipment delivered at site.
Long Son Olefins plant (Vietnam)
- Successful Start-up milestone achieved.
Borouge IV Ethylene project (UAE)
- First boiler delivered and installed on site.
Technology, Products & Services (TPS) – adjusted
IFRS
(In € millions, except % and bps) |
FY 2023 |
FY 2022 |
Change |
Revenue |
1,936.5 |
1,400.6 |
38% |
Recurring EBIT |
186.3 |
130.0 |
43% |
Recurring EBIT margin % |
9.6% |
9.3% |
30 bps |
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
FY 2023 Adjusted revenue
increased significantly year-over-year by 38% to €1,936.5 million,
resulting from higher technology and proprietary equipment volumes,
notably for ethylene projects, as well as services revenues in
sustainable fuels, high services activity, including PMC, and
strong and sustained momentum in study work across existing and new
decarbonization domains.
FY 2023 Adjusted recurring EBIT
increased year-over-year by 43% to €186.3 million. FY 2023
Adjusted recurring EBIT margin increased year-over-year by
30 bps to 9.6%, benefiting from the strong growth in Process
Technology licensing and proprietary equipment, as well as high
volumes of early engagement and project-related services, including
consulting activities.
Q4 2023 Key operational milestones
(Please refer to Q1 2023, H1 2023 and 9M 2023 press releases
for first nine months milestones)
Pilot projects for Canopy by T.EN (Canada)
- Successful completion of engineering, procurement and
fabrication (EPF) of carbon capture pilot units for two CCUS
developments in the mining and cement sectors.
Shell Skyline Ethylene Furnace Revamp EPF
(Netherlands)
- First furnace has taken in feed gas.
Neste Renewable Products Refinery Expansion - Capacity
Growth Project, Rotterdam (Netherlands)
- Construction activities in progress, started equipment
installation.
TotalEnergies Le Havre FSRU (France)
- T.EN’s marine loading arm part of
the commissioning of floating storage and regasification unit.
Q4 2023 Key commercial and strategic
highlights
(Please refer to Q1 2023 and H1 2023 and 9M 2023 press releases
for first nine months highlights)
Technip Energies creates Reju – An innovative
textile-to-textile regeneration company
- Technip Energies
announces the creation of Reju, a new company focused on PET
(Polyethylene terephthalate) recycling (rPET) of textiles that will
leverage the innovative technology co-developed in joint-venture
with IBM and Under Armour as well as Technip Energies’ global
engineering and technology integration expertise. Reju will address
the fast-growing market of global rPET whose demand from the
textile market is expected to grow up to 20 Mtpa by 2033, driven by
industry pledges and targets on recycling, regulation and consumer
awareness of the need to reduce plastic waste.
Technip Energies and John Cockerill reach closing of
Rely, a new company dedicated to integrated green hydrogen and
power-to-X solutions
- The creation of
Rely responds to this urgent need to scale up green hydrogen and
power-to-X solutions to decarbonize hard-to-abate industries. Rely
offers end-to-end large-scale solutions, from pre-Final Investment
Decision services including technical and financial advisory
through to proprietary technologies, project execution, and
operation and maintenance. Rely also fuses a commitment to a
standardized approach, developing a unique portfolio of solutions
for project of 100MW capacity and above, leveraging the technology
and engineering expertise of its parent companies. With a unique
offering integrating all electrolyzer solutions, Rely will bridge
green electrons to molecules and help customers reach their
decarbonization goals.
Dow’s Net-Zero integrated ethylene cracker
(Canada)
- Technip Energies
has been selected to provide Proprietary Technology, Engineering,
and Procurement services for Dow’s net-zero Scope 1 and 2 emissions
integrated ethylene cracker in Fort Saskatchewan, Alberta, Canada.
Technip Energies provided an Extended Basic Engineering Package for
this new ethylene plant, including the cracking furnaces and the
downstream separation section. This is the first ethylene plant
worldwide to be designed to achieve net-zero CO2
emissions.
Corporate and other items
Corporate costs, excluding
non-recurring items, were €59.3 million for the full year 2023,
higher than the underlying run-rate in 2022 due to costs associated
with the employee share offering (“ESOP 2023”), as well as
incremental costs associated with strategic projects and
pre-development initiatives.
Non-recurring expense amounted
to €45.0 million, relating to three main factors: the settlement
with the French Parquet National Financier (PNF) announced on June
27, 2023, the non-cash impact of the cumulative translation
adjustment (CTA) as part of the deconsolidation of our main Russian
operating entity, and costs incurred related to strategic
developments.
Net financial income of €86.2
million benefited from higher rates of 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 29.9% for the full year 2023, consistent
with the top-end of the 2023 guidance range of 26% - 30%. The
slight increase in the effective tax rate year-over-year is
explained by non-recurring expenses disallowed for tax
purposes.
Depreciation and amortization
expense was €95.3 million, of which €65.9 million is
related to IFRS 16.
Adjusted net cash at December
31, 2023 was €2.8 billion, which compares to €3.1 billion at
December 31, 2022.
Adjusted free cash flow was
€212.5 million for the full year 2023. Adjusted free cash flow,
excluding the working capital variance of €330.5 million, was
€543.0 million benefiting from strong operational performance and
consistently high conversion from Adjusted recurring EBIT. Free
cash flow is stated after capital expenditures of €48.5 million.
Adjusted operating cash flow was €261.0
million.
Liquidity
Adjusted liquidity of €4.2
billion at December 31, 2023 comprised of €3.6 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.
Shareholder returns
The Company is committed to delivering long term
sustainable growth and attractive returns to shareholders through a
balanced approach to capital allocation. T.EN is focused on
maintaining a sustainable dividend with potential for growth over
time, disciplined investment in growth and preserving an investment
grade balance sheet.
In line with the Company’s dividend policy, the
Board of Directors will propose at the Annual Shareholder Meeting
on May 7, 2024, the distribution of a cash dividend of €0.57 per
share for the 2023 financial year. If payment of the cash dividend
is approved by the shareholders, the ex-dividend date will be May
21, 2024, the record date for the dividend will be May 22, 2024,
and the dividend will be paid on May 23, 2024.
In addition to the dividend, based on T.EN’s
strong FY 2023 financial performance and underlining the Board’s
confidence in the Company’s outlook, on February 29, 2024, Technip
Energies announced the launch of a share buyback program of up to
€100 million, with up to €70 million to be used to purchase common
shares for cancellation and up to €30 million to be used to fulfill
the Company's obligations under equity compensation plans. The
maximum number of shares that can be acquired under the share
buyback program is 5 million shares. The share buyback program will
be carried out until December 31, 2024.
ESG roadmap and scorecard
The Company made significant progress towards
achieving its targets. On our Climate & Environment
pillar, scope 1 & 2 emissions were reduced by 28%
compared to 2021 thanks to the Company’s 5-point action plan to
reduce energy the carbon footprint of our offices and industrial
sites. Technip Energies has implemented actions to protect the
environment. In 2023, 91% of the waste generated in its operations
were recycled. A new commitment to protect biodiversity was
introduced by committing to zero projects in International Union
for Conservation of Nature (IUCN) management categories I and
II.
On our People pillar, safety
remains at the heart of Technip Energies’ culture, as illustrated
by industry-leading results and initiatives. The severity of our
incidents have decreased by 72% compared to 2022 and our TRIR
(Total Recordable Incident Rate) is amongst the lowest in the
industry, reflecting the impact of the Pulse HSE safety program
which saw over 9,000 participants in 2023.
T.EN considers Diversity and Inclusion as a
business imperative and we continue to improve our workforce
diversity and cultivate behavioral change to boost innovation and
collaboration and to deliver tangible results of gender
representation at all levels. In line with its targets, the Company
now has 30.5% of women employees and 22% of women in leadership
positions, in comparison to 29.0% and 12% respectively in 2021.
Through our employee value proposition, T.EN is
investing in the development of its people’s skills and
competencies to attract, engage and retain the best talents. With
the launch of T.EN University, the Company is enhancing the
learning mindset and preparing the organization to be future
ready.
On our Trust pillar, 2023 has
seen the formalization and implementation of many important
processes. In conversation with stakeholders and the Building
Responsibly association, Technip Energies has developed a series of
worker welfare guidance notes which form the basis of its Human
Rights Policy which is adopted across our operations. In November,
Technip Energies held its inaugural ESG Supplier Council during
which the Company rolled out a supplier and subcontractor
sustainability assessment program and pushed for alignment on the
importance of collaboration and engagement, including through human
rights due diligence.
All these achievements are thanks to the drive
and commitment of all Technip Energies employees, and they reflect
the progress that can be made through working together towards
shared goals.
Sustainability goes beyond reporting what
Technip Energies does right. It is a way of thinking and doing that
drives the Company’s activity, the way it does business and
develops new offers, with a wider definition of value for the
planet and people. Decarbonization is driving the transformation of
Technip Energies’ business portfolio and thanks to digitalization,
innovation, and above all collaboration, the Company is joining
forces across the industry to accelerate the energy transition and
contribute to the United Nations Sustainable Development Goals.
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
2022 Annual Financial report filed on March 10, 2023, with the
Dutch Authority for the Financial Markets (AFM) and the French
Autorité des Marchés Financiers which include a discussion of
factors that could affect the Company's future performance and the
markets in which the Company operates. Please also see Section 1.3
(Principal Risks and Uncertainties) of the Company's 2023 Half-Year
Report which was filed with the AFM and the AMF on July 27,
2023.
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 - FULL YEAR
2023
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
FY 23 |
FY 22 |
FY 23 |
FY 22 |
FY 23 |
FY 22 |
FY 23 |
FY 22 |
Adjusted revenue |
4,078.2 |
5,023.9 |
1,936.5 |
1,400.6 |
— |
— |
6,014.7 |
6,424.4 |
Adjusted recurring EBIT |
318.1 |
396.0 |
186.3 |
130.0 |
(59.3) |
(74.8) |
445.1 |
451.1 |
Non-recurring items (transaction & one-off costs) |
(2.5) |
(2.0) |
(2.3) |
(0.7) |
(40.2) |
1.4 |
(45.0) |
(1.4) |
EBIT |
315.6 |
393.9 |
184.0 |
129.2 |
(99.5) |
(73.5) |
400.1 |
449.7 |
Financial income |
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|
128.1 |
49.7 |
Financial expense |
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|
(41.9) |
(34.2) |
Profit (loss) before income tax |
|
|
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|
486.3 |
465.2 |
Income tax (expense) profit |
|
|
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|
(145.4) |
(131.5) |
Net profit (loss) |
|
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|
|
|
340.9 |
333.7 |
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
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|
294.1 |
320.2 |
Net profit (loss) attributable to non-controlling interests |
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|
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46.8 |
13.5 |
APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME - FOURTH
QUARTER 2023
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
Q4 23 |
Q4 22 |
Q4 23 |
Q4 22 |
Q4 23 |
Q4 22 |
Q4 23 |
Q4 22 |
Adjusted revenue |
1,100.4 |
1,128.2 |
506.9 |
434.0 |
— |
— |
1,607.3 |
1,562.2 |
Adjusted recurring EBIT |
86.4 |
116.8 |
48.1 |
41.1 |
(8.1) |
(42.7) |
126.5 |
115.1 |
Non-recurring items (transaction & one-off costs) |
0.1 |
(0.4) |
(1.1) |
(0.1) |
(2.0) |
1.8 |
(3.0) |
1.4 |
EBIT |
86.5 |
116.5 |
47.0 |
41.0 |
(10.1) |
(40.9) |
123.5 |
116.5 |
Financial income |
|
|
|
|
|
|
37.5 |
29.5 |
Financial expense |
|
|
|
|
|
|
(11.5) |
(6.8) |
Profit (loss) before income tax |
|
|
|
|
|
|
149.5 |
139.2 |
Income tax (expense) profit |
|
|
|
|
|
|
(44.2) |
(34.0) |
Net profit (loss) |
|
|
|
|
|
|
105.3 |
105.2 |
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
|
|
86.7 |
97.1 |
Net profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
18.6 |
8.1 |
APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2023
(In € millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
Revenue |
6,003.6 |
11.1 |
6,014.7 |
Costs and expenses |
|
|
|
Cost of sales |
(5,080.4) |
(34.6) |
(5,115.0) |
Selling, general and administrative expense |
(379.5) |
(0.1) |
(379.6) |
Research and development expense |
(62.2) |
— |
(62.2) |
Impairment, restructuring and other expense |
(45.0) |
— |
(45.0) |
Other operating income (expense), net |
15.6 |
(1.0) |
14.6 |
Operating profit (loss) |
452.1 |
(24.6) |
427.5 |
Share of profit (loss) of equity-accounted investees |
(27.9) |
0.5 |
(27.4) |
Profit (loss) before financial income (expense), net and
income tax |
424.2 |
(24.1) |
400.1 |
Financial income |
118.8 |
9.3 |
128.1 |
Financial expense |
(53.9) |
12.0 |
(41.9) |
Profit (loss) before income tax |
489.1 |
(2.8) |
486.3 |
Income tax (expense) profit |
(145.5) |
0.1 |
(145.4) |
Net profit (loss) |
343.6 |
(2.7) |
340.9 |
Net profit (loss) attributable to Technip Energies Group |
296.8 |
(2.7) |
294.1 |
Net profit (loss) attributable to non-controlling interests |
46.8 |
— |
46.8 |
APPENDIX 1.3: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2022
(In € millions) |
FY 22
IFRS |
Adjustments |
FY 22
Adjusted |
Revenue |
6,282.3 |
142.1 |
6,424.4 |
Costs and expenses |
|
|
|
Cost of sales |
(5,398.0) |
(195.0) |
(5,593.0) |
Selling, general and administrative expense |
(327.4) |
(0.1) |
(327.5) |
Research and development expense |
(49.5) |
— |
(49.5) |
Impairment, restructuring and other expense |
(1.4) |
— |
(1.4) |
Other operating income (expense), net |
(2.1) |
1.1 |
(1.0) |
Operating profit (loss) |
503.9 |
(51.9) |
452.0 |
Share of profit (loss) of equity-accounted investees |
78.1 |
(80.4) |
(2.3) |
Profit (loss) before financial income (expense), net and
income tax |
582.0 |
(132.3) |
449.7 |
Financial income |
48.0 |
1.7 |
49.7 |
Financial expense |
(188.2) |
154.0 |
(34.2) |
Profit (loss) before income tax |
441.8 |
23.4 |
465.2 |
Income tax (expense) profit |
(127.6) |
(3.9) |
(131.5) |
Net profit (loss) |
314.2 |
19.5 |
333.7 |
Net profit (loss) attributable to Technip Energies Group |
300.7 |
19.5 |
320.2 |
Net profit (loss) attributable to non-controlling interests |
13.5 |
— |
13.5 |
APPENDIX 1.4: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FOURTH QUARTER 2023
(In € millions) |
Q4 23
IFRS |
Adjustments |
Q4 23
Adjusted |
Revenue |
1,636.2 |
(28.9) |
1,607.3 |
Costs and expenses |
|
|
|
Cost of sales |
(1,335.3) |
(10.6) |
(1,345.9) |
Selling, general and administrative expense |
(99.4) |
(0.1) |
(99.5) |
Research and development expense |
(22.3) |
— |
(22.3) |
Impairment, restructuring and other expense |
(3.0) |
— |
(3.0) |
Other operating income (expense), net |
15.8 |
(1.0) |
14.8 |
Operating profit (loss) |
192.0 |
(40.6) |
151.4 |
Share of profit (loss) of equity-accounted investees |
(66.0) |
38.1 |
(27.9) |
Profit (loss) before financial income (expense), net and
income tax |
126.0 |
(2.5) |
123.5 |
Financial income |
35.2 |
2.3 |
37.5 |
Financial expense |
(13.3) |
1.8 |
(11.5) |
Profit (loss) before income tax |
147.9 |
1.6 |
149.5 |
Income tax (expense) profit |
(43.0) |
(1.2) |
(44.2) |
Net profit (loss) |
104.9 |
0.4 |
105.3 |
Net profit (loss) attributable to Technip Energies Group |
86.3 |
0.4 |
86.7 |
Net profit (loss) attributable to non-controlling interests |
18.6 |
— |
18.6 |
APPENDIX 1.5: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FOURTH QUARTER 2022
(In € millions) |
Q4 22
IFRS |
Adjustments |
Q4 22
Adjusted |
Revenue |
1,496.2 |
66.0 |
1,562.2 |
Costs and expenses |
|
|
|
Cost of sales |
(1,278.0) |
(64.7) |
(1,342.7) |
Selling, general and administrative expense |
(84.0) |
— |
(84.0) |
Research and development expense |
(15.1) |
— |
(15.1) |
Impairment, restructuring and other expense |
1.4 |
— |
1.4 |
Other operating income (expense), net |
(4.6) |
— |
(4.6) |
Operating profit (loss) |
115.9 |
1.3 |
117.2 |
Share of profit (loss) of equity-accounted investees |
44.1 |
(44.8) |
(0.7) |
Profit (loss) before financial income (expense), net and
income tax |
160.0 |
(43.5) |
116.5 |
Financial income |
28.7 |
0.8 |
29.5 |
Financial expense |
(57.0) |
50.2 |
(6.8) |
Profit (loss) before income tax |
131.7 |
7.5 |
139.2 |
Income tax (expense) profit |
(27.0) |
(7.0) |
(34.0) |
Net profit (loss) |
104.7 |
0.5 |
105.2 |
Net profit (loss) attributable to Technip Energies Group |
96.6 |
0.5 |
97.1 |
Net profit (loss) attributable to non-controlling interests |
8.1 |
— |
8.1 |
APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL
POSITION
(In € millions) |
FY 23 |
FY 22 |
Goodwill |
2,093.3 |
2,096.4 |
Intangible assets, net |
120.5 |
108.2 |
Property, plant and equipment, net |
116.7 |
103.2 |
Right-of-use assets |
200.8 |
223.1 |
Equity accounted investees |
24.8 |
29.9 |
Other non-current assets |
305.7 |
243.5 |
Total non-current assets |
2,861.8 |
2,804.3 |
Trade receivables, net |
1,189.6 |
1,245.8 |
Contract assets |
399.8 |
355.4 |
Other current assets |
781.8 |
815.1 |
Cash and cash equivalents |
3,569.3 |
3,791.2 |
Total current assets |
5,940.5 |
6,207.5 |
Total assets |
8,802.3 |
9,011.8 |
Total equity |
1,956.3 |
1,736.3 |
Long-term debt, less current portion |
637.3 |
595.3 |
Lease liability – non-current |
160.4 |
195.8 |
Accrued pension and other post-retirement benefits, less current
portion |
115.8 |
101.7 |
Other non-current liabilities |
157.9 |
124.5 |
Total non-current liabilities |
1,071.4 |
1,017.3 |
Short-term debt |
123.9 |
123.7 |
Lease liability – current |
71.9 |
72.9 |
Accounts payable, trade |
1,572.8 |
1,861.5 |
Contract liabilities |
3,156.7 |
3,383.5 |
Other current liabilities |
849.3 |
816.6 |
Total current liabilities |
5,774.6 |
6,258.2 |
Total liabilities |
6,846.0 |
7,275.5 |
Total equity and liabilities |
8,802.3 |
9,011.8 |
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FULL YEAR
2023
(In €
millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
Goodwill |
2,093.3 |
— |
2,093.3 |
Intangible assets, net |
123.3 |
(2.8) |
120.5 |
Property, plant and equipment, net |
116.6 |
0.1 |
116.7 |
Right-of-use assets |
200.8 |
— |
200.8 |
Equity accounted investees |
100.1 |
(75.3) |
24.8 |
Other non-current assets |
302.3 |
3.4 |
305.7 |
Total non-current assets |
2,936.4 |
(74.6) |
2,861.8 |
Trade receivables, net |
1,214.6 |
(25.0) |
1,189.6 |
Contract assets |
399.9 |
(0.1) |
399.8 |
Other current assets |
747.6 |
34.2 |
781.8 |
Cash and cash equivalents |
3,371.0 |
198.3 |
3,569.3 |
Total current assets |
5,733.1 |
207.4 |
5,940.5 |
Total assets |
8,669.5 |
132.8 |
8,802.3 |
Total equity |
1,951.2 |
5.1 |
1,956.3 |
Long-term debt, less current portion |
637.3 |
— |
637.3 |
Lease liability – non-current |
160.4 |
— |
160.4 |
Accrued pension and other post-retirement benefits, less current
portion |
114.7 |
1.1 |
115.8 |
Other non-current liabilities |
232.1 |
(74.2) |
157.9 |
Total non-current liabilities |
1,144.5 |
(73.1) |
1,071.4 |
Short-term debt |
123.9 |
— |
123.9 |
Lease liability – current |
71.9 |
— |
71.9 |
Accounts payable, trade |
1,506.7 |
66.1 |
1,572.8 |
Contract liabilities |
3,014.8 |
141.9 |
3,156.7 |
Other current liabilities |
856.5 |
(7.2) |
849.3 |
Total current liabilities |
5,573.8 |
200.8 |
5,774.6 |
Total liabilities |
6,718.3 |
127.7 |
6,846.0 |
Total equity and liabilities |
8,669.5 |
132.8 |
8,802.3 |
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FULL YEAR
2022
(In €
millions) |
FY 22
IFRS |
Adjustments |
FY 22
Adjusted |
Goodwill |
2,096.4 |
— |
2,096.4 |
Intangible assets, net |
108.2 |
— |
108.2 |
Property, plant and equipment, net |
102.8 |
0.4 |
103.2 |
Right-of-use assets |
221.7 |
1.4 |
223.1 |
Equity accounted investees |
106.3 |
(76.4) |
29.9 |
Other non-current assets |
242.2 |
1.3 |
243.5 |
Total non-current assets |
2,877.6 |
(73.3) |
2,804.3 |
Trade receivables, net |
1,287.4 |
(41.6) |
1,245.8 |
Contract assets |
343.2 |
12.2 |
355.4 |
Other current assets |
706.7 |
108.4 |
815.1 |
Cash and cash equivalents |
3,477.4 |
313.8 |
3,791.2 |
Total current assets |
5,814.7 |
392.8 |
6,207.5 |
Total assets |
8,692.3 |
319.5 |
9,011.8 |
Total equity |
1,736.4 |
(0.1) |
1,736.3 |
Long-term debt, less current portion |
595.3 |
— |
595.3 |
Lease liability – non-current |
195.1 |
0.7 |
195.8 |
Accrued pension and other post-retirement benefits, less current
portion |
100.9 |
0.8 |
101.7 |
Other non-current liabilities |
129.0 |
(4.5) |
124.5 |
Total non-current liabilities |
1,020.3 |
(3.0) |
1,017.3 |
Short-term debt |
123.7 |
— |
123.7 |
Lease liability – current |
72.1 |
0.8 |
72.9 |
Accounts payable, trade |
1,662.7 |
198.8 |
1,861.5 |
Contract liabilities |
3,154.8 |
228.7 |
3,383.5 |
Other current liabilities |
922.3 |
(105.7) |
816.6 |
Total current liabilities |
5,935.6 |
322.6 |
6,258.2 |
Total liabilities |
6,955.9 |
319.6 |
7,275.5 |
Total equity and liabilities |
8,692.3 |
319.5 |
9,011.8 |
APPENDIX 3.0: ADJUSTED STATEMENT OF CASH
FLOWS
(In € millions) |
FY 23 |
FY 22 |
Net profit (loss) |
340.9 |
333.7 |
Change in working capital and provisions |
(330.5) |
(345.8) |
Non-cash items and other |
250.6 |
144.8 |
Cash provided (required) by operating
activities |
261.0 |
132.7 |
Acquisition of property, plant, equipment and intangible
assets |
(48.5) |
(46.8) |
Acquisition of financial assets |
(14.8) |
(11.5) |
Acquisition of subsidiary, net of cash acquired |
(18.7) |
— |
Proceeds from disposals of subsidiaries, net of cash disposed |
(111.3) |
(1.9) |
Other |
0.6 |
0.6 |
Cash provided (required) by investing
activities |
(192.7) |
(59.6) |
Capital increase |
29.8 |
— |
Net increase (repayment) in long-term, short-term debt
and commercial paper |
(2.6) |
32.8 |
Purchase of treasury shares |
— |
(53.5) |
Dividends paid to Shareholders |
(91.2) |
(79.0) |
Payments for the principal portion of lease liabilities |
(77.1) |
(78.8) |
Other (of which dividends paid to non-controlling interests) |
(85.8) |
(11.9) |
Cash provided (required) by financing
activities |
(226.9) |
(190.4) |
Effect of changes in foreign exchange rates on cash
and cash equivalents |
(63.3) |
98.4 |
(Decrease) Increase in cash and cash
equivalents |
(221.9) |
(18.9) |
Cash and cash equivalents, beginning of period |
3,791.2 |
3,810.1 |
Cash and cash equivalents, end of period |
3,569.3 |
3,791.2 |
APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2023
(In € millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
Net profit (loss) |
343.6 |
(2.7) |
340.9 |
Change in working capital and provisions |
(292.8) |
(37.7) |
(330.5) |
Non-cash items and other |
328.0 |
(77.4) |
250.6 |
Cash provided (required) by operating
activities |
378.8 |
(117.8) |
261.0 |
Acquisition of property, plant, equipment and intangible
assets |
(48.4) |
(0.1) |
(48.5) |
Acquisition of financial assets |
(14.8) |
— |
(14.8) |
Acquisition of subsidiary, net of cash acquired |
(14.9) |
(3.8) |
(18.7) |
Proceeds from disposals of subsidiaries, net of cash disposed |
(30.5) |
(80.8) |
(111.3) |
Other |
0.6 |
— |
0.6 |
Cash provided (required) by investing
activities |
(108.0) |
(84.7) |
(192.7) |
Capital increase |
29.8 |
— |
29.8 |
Net increase (repayment) in long-term, short-term debt
and commercial paper |
(2.5) |
(0.1) |
(2.6) |
Dividends paid to Shareholders |
(91.2) |
— |
(91.2) |
Settlements of mandatorily redeemable financial liability |
(92.7) |
92.7 |
— |
Payments for the principal portion of lease liabilities |
(76.6) |
(0.5) |
(77.1) |
Other (of which dividends paid to non-controlling interests) |
(85.8) |
— |
(85.8) |
Cash provided (required) by financing
activities |
(319.0) |
92.1 |
(226.9) |
Effect of changes in foreign exchange rates on cash
and cash equivalents |
(58.2) |
(5.1) |
(63.3) |
(Decrease) Increase in cash and cash
equivalents |
(106.4) |
(115.5) |
(221.9) |
Cash and cash equivalents, beginning of period |
3,477.4 |
313.8 |
3,791.2 |
Cash and cash equivalents, end of period |
3,371.0 |
198.3 |
3,569.3 |
APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2022
(In € millions) |
FY 22
IFRS |
Adjustments |
FY 22
Adjusted |
Net profit (loss) |
314.2 |
19.5 |
333.7 |
Change in working capital and provisions |
(412.3) |
66.5 |
(345.8) |
Non-cash items and other |
282.5 |
(137.7) |
144.8 |
Cash provided (required) by operating
activities |
184.4 |
(51.7) |
132.7 |
Acquisition of property, plant, equipment and intangible
assets |
(46.7) |
(0.1) |
(46.8) |
Acquisition of financial assets |
(11.5) |
— |
(11.5) |
Proceeds from disposals of subsidiaries, net of cash disposed |
— |
(1.9) |
(1.9) |
Other |
0.6 |
— |
0.6 |
Cash provided (required) by investing
activities |
(57.6) |
(2.0) |
(59.6) |
Net increase (repayment) in long-term, short-term debt
and commercial paper |
32.8 |
— |
32.8 |
Purchase of treasury shares |
(53.5) |
— |
(53.5) |
Dividends paid to Shareholders |
(79.0) |
— |
(79.0) |
Settlements of mandatorily redeemable financial liability |
(206.6) |
206.6 |
— |
Payments for the principal portion of lease liabilities |
(78.1) |
(0.7) |
(78.8) |
Other (of which dividends paid to non-controlling interests) |
(11.9) |
— |
(11.9) |
Cash provided (required) by financing
activities |
(396.3) |
205.9 |
(190.4) |
Effect of changes in foreign exchange rates on cash
and cash equivalents |
108.3 |
(9.9) |
98.4 |
(Decrease) Increase in cash and cash
equivalents |
(161.2) |
142.3 |
(18.9) |
Cash and cash equivalents, beginning of period |
3,638.6 |
171.5 |
3,810.1 |
Cash and cash equivalents, end of period |
3,477.4 |
313.8 |
3,791.2 |
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- FULL YEAR 2023
(In € millions, except %) |
FY 23 |
% of revenues |
FY 22 |
% of revenues |
Adjusted revenue |
6,014.7 |
|
6,424.4 |
|
Cost of sales |
(5,115.0) |
85.0% |
(5,593.0) |
87.1% |
Adjusted gross margin |
899.7 |
15.0% |
831.4 |
12.9% |
Adjusted recurring EBITDA |
540.4 |
9.0% |
560.2 |
8.7% |
Amortization, depreciation and impairment |
(95.3) |
|
(109.1) |
|
Adjusted recurring EBIT |
445.1 |
7.4% |
451.1 |
7.0% |
Non-recurring items |
(45.0) |
|
(1.4) |
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
400.1 |
6.7% |
449.7 |
7.0% |
Financial income (expense), net |
86.2 |
|
15.5 |
|
Adjusted profit (loss) before tax |
486.3 |
8.1% |
465.2 |
7.2% |
Income tax (expense) profit |
(145.4) |
|
(131.5) |
|
Adjusted net profit (loss) |
340.9 |
5.7% |
333.7 |
5.2% |
APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- FOURTH QUARTER 2023
(In € millions, except %) |
Q4 23 |
% of revenues |
Q4 22 |
% of revenues |
Adjusted revenue |
1,607.3 |
|
1,562.2 |
|
Cost of sales |
(1,345.9) |
83.7% |
(1,342.7) |
85.9% |
Adjusted gross margin |
261.4 |
16.3% |
219.5 |
14.1% |
Adjusted recurring EBITDA |
149.9 |
9.3% |
144.2 |
9.2% |
Amortization, depreciation and impairment |
(23.4) |
|
(29.1) |
|
Adjusted recurring EBIT |
126.5 |
7.9% |
115.1 |
7.4% |
Non-recurring items |
(3.0) |
|
1.4 |
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
123.5 |
7.7% |
116.5 |
7.5% |
Financial income (expense), net |
26.0 |
|
22.7 |
|
Adjusted profit (loss) before tax |
149.5 |
9.3% |
139.2 |
8.9% |
Income tax (expense) profit |
(44.2) |
|
(34.0) |
|
Adjusted net profit (loss) |
105.3 |
6.6% |
105.2 |
6.7% |
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - FULL YEAR 2023
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
FY 23 |
FY 22 |
FY 23 |
FY 22 |
FY 23 |
FY 22 |
FY 23 |
FY 22 |
Revenue |
4,078.2 |
5,023.9 |
1,936.5 |
1,400.6 |
— |
— |
6,014.7 |
6,424.4 |
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
400.1 |
449.7 |
Non-recurring items: |
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
45.0 |
1.4 |
Adjusted recurring EBIT |
318.1 |
396.0 |
186.3 |
130.0 |
(59.3) |
(74.8) |
445.1 |
451.1 |
Adjusted recurring EBIT margin % |
7.8% |
7.9% |
9.6% |
9.3% |
—% |
—% |
7.4% |
7.0% |
Adjusted amortization and depreciation |
|
|
|
|
|
|
(95.3) |
(109.1) |
Adjusted recurring EBITDA |
|
|
|
|
|
|
540.4 |
560.2 |
Adjusted recurring EBITDA margin % |
|
|
|
|
|
|
9.0% |
8.7% |
APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - FOURTH QUARTER 2023
(In € millions, except %)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
Q4 23 |
Q4 22 |
Q4 23 |
Q4 22 |
Q4 23 |
Q4 22 |
Q4 23 |
Q4 22 |
Revenue |
1,100.4 |
1,128.2 |
506.9 |
434.0 |
— |
— |
1,607.3 |
1,562.2 |
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
123.5 |
116.5 |
Non-recurring items: |
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
3.0 |
(1.4) |
Adjusted recurring EBIT |
86.4 |
116.8 |
48.1 |
41.1 |
(8.1) |
(42.7) |
126.5 |
115.1 |
Adjusted recurring EBIT margin % |
7.9% |
10.4% |
9.5% |
9.5% |
—% |
—% |
7.9% |
7.4% |
Adjusted amortization and depreciation |
|
|
|
|
|
|
(23.4) |
(29.1) |
Adjusted recurring EBITDA |
|
|
|
|
|
|
149.9 |
144.2 |
Adjusted recurring EBITDA margin % |
|
|
|
|
|
|
9.3% |
9.2% |
APPENDIX 6.0: BACKLOG - RECONCILIATION BETWEEN IFRS AND
ADJUSTED
(In € millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
Project Delivery |
13,848.1 |
36.1 |
13,884.1 |
Technology, Products & Services |
1,829.2 |
— |
1,829.2 |
Total |
15,677.3 |
|
15,713.3 |
APPENDIX 7.0: ORDER INTAKE - RECONCILIATION BETWEEN IFRS
AND ADJUSTED
(In € millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
Project Delivery |
8,368.7 |
(57.2) |
8,311.5 |
Technology, Products & Services |
1,758.6 |
— |
1,758.6 |
Total |
10,127.4 |
|
10,070.1 |
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 Order 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, NFE, and Yamal LNG (for 2022) 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
the Group in the second quarter of 2023), the revenue from the
joint-venture Rovuma is included at 33.3% and the revenue from
Taclov is included at 52.6% starting the last quarter of the year
2023. Revenue from Nova Energies is included at 50% for the first
six months of 2022. 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
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 in 2022, the
joint-venture Rovuma, two affiliates of the NFE joint-venture, and
the Nova Energies joint-venture for 2022) and restates the share of
order backlog related to the Company’s non-controlling interest in
Yamal LNG (for 2022). 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 in 2022,
the joint-venture Rovuma, two affiliates of the NFE joint-venture,
and the Nova Energies joint-venture for 2022) and restates the
share of order intake attributable to the non-controlling interests
in Yamal LNG (for 2022). 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.
•
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 FY 2023 Financial Results
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