Full year 2020
- Cash flow from operations of
$657 million ; free cash flow of$365 million - All segments achieved financial guidance
Total Company inbound orders of$10.1 billion ;Subsea orders of$4 billion - Resilient backlog of
$21.4 billion ;Subsea backlog of$6.9 billion
Fourth quarter 2020
U.S. GAAP diluted loss per share was$0.09 - Includes total after-tax charges, net of credits, of
$0.14 per diluted share - Adjusted diluted earnings per share, excluding charges and credits, was
$0.05 - Includes expense resulting from increased liability to joint venture partners of
$0.12 per diluted share
Summary Financial Statements - Fourth Quarter 2020
Reconciliation of
Three Months Ended (In millions, except per share amounts) |
2020 |
|
Change |
||
Revenue |
|
|
(8.1%) |
||
Net income (loss) |
|
|
n/m |
||
Diluted earnings (loss) per share |
|
|
n/m |
||
|
|
|
|
||
Adjusted EBITDA |
|
|
(25.6%) |
||
Adjusted EBITDA margin |
8.8 |
% |
10.9 |
% |
(210 bps) |
Adjusted net income |
|
|
55.0% |
||
Adjusted diluted earnings per share |
|
|
66.7% |
||
|
|
|
|
||
Inbound orders |
|
|
54.7% |
||
Backlog |
|
|
(11.8%) |
||
Adjusted results for the current period included all direct COVID-19 expenses and operational impacts related to the pandemic. Direct COVID-19 expenses were excluded from adjusted results in previous quarters in 2020.
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Full Year 2020 Results
Summary Financial Statements - Full Year 2020
Reconciliation of
Twelve Months Ended (In millions, except per share amounts) |
2020 |
|
Change |
||
Revenue |
|
|
(2.7%) |
||
Net income (loss) |
|
|
n/m |
||
Diluted earnings (loss) per share |
|
|
n/m |
||
|
|
|
|
||
Adjusted EBITDA |
|
|
(29.2%) |
||
Adjusted EBITDA margin |
8.3% |
11.4% |
(310 bps) |
||
Adjusted net income |
|
|
(73.0%) |
||
Adjusted diluted earnings per share |
|
|
(73.0%) |
||
|
|
|
|
||
Inbound orders |
|
|
(55.6%) |
||
Backlog |
|
|
(11.8%) |
||
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Separation update
Throughout 2020, we continued our work to separate
“Our efforts to address COVID-19 challenges have been recognized by our clients. Working together, we found solutions that helped mitigate many of the obstacles we faced and allowed projects to move forward safely. This collaboration allowed us to protect our backlog and remain focused on project execution, enabling us to deliver strong performance and achieve our financial guidance across all segments.”
Pferdehirt added, “Throughout 2020, we delivered several notable achievements with regard to our business transformation. We progressed on our plan to separate into two independent, industry-leading pure-play companies, completing the transaction on
Pferdehirt continued, “In Surface Technologies, we expect growth in international activity to drive full-year segment revenue higher in 2021. While we anticipate revenue in
“In Subsea, our outlook reflects renewed operator confidence given the improved economic outlook, lower market volatility and higher oil price. For the current year, we anticipate
Pferdehirt added, “TechnipFMC is well-positioned for the Energy Transition, with significant offshore opportunities in
Pferdehirt concluded, “We are excited to have embarked on our independent journey as a leading technology provider to both the traditional and new energy industries. We are well-positioned to benefit from the improved market outlook and remain focused on progressing our business transformation and ESG commitments to help our customers meet the world’s demand for energy.”
Operational and Financial Highlights - Fourth Quarter 2020
|
Financial Highlights
Reconciliation of
Three Months Ended (In millions) |
2020 |
2019 |
Change |
||
Revenue |
|
|
(10.0%) |
||
Operating profit (loss) |
|
|
n/m |
||
Adjusted EBITDA |
|
|
(37.0%) |
||
Adjusted EBITDA margin |
8.7% |
12.4% |
(370 bps) |
||
|
|
|
|
||
Inbound orders |
|
|
(39.3%) |
||
Backlog |
|
|
(18.9%) |
||
Adjusted EBITDA was
Fourth Quarter Subsea Highlights
- Eni Merakes iEPCI™ (
Indonesia )
Successful completion of installation campaign.
- Energean Karish iEPCI™ (
Israel )
Completion of 90 kilometer hydrotest of sales pipeline and tie-in spool scope.
- Total Mozambique LNG (
Mozambique )
Completion of first subsea trees.
- Eni Coral South project (
Mozambique )
Moving to the offshore execution phase with mobilization of personnel in country.
- Equinor Breidablikk (
Norway )
Significant* engineering, procurement, construction and installation contract by Equinor for the Breidablikk Pipelay, including option for the subsea installation scope located in the area close to the Grane Field,North Sea . The Breidablikk project is a tie-back to the existing Grane platform. TechnipFMC’s scope includes provision of flexible jumpers and rigid pipelines as well as pipeline installation work.
*A “significant” award ranges between$75 million and$250 million ; this inbound order was included in the Company’s first half financial results.
Subsequent to the period, the following awards were announced and will be included in first quarter 2021 results:
- Energean North El Amriya and North Idku iEPCI™ Project (
Egypt )
Significant* integrated engineering, procurement, construction and installation (iEPCI™) contract from NIpetco and PetroAmriya, two Joint Ventures betweenEnergean andEgyptian Natural Gas Holding Company (EGAS) andEgyptian General Petroleum Corporation (EGPC) for a subsea tieback located offshoreEgypt on the North El Amriya and North Idku concession.TechnipFMC will design, manufacture, deliver and install subsea equipment including the subsea production system, subsea trees, production manifolds, umbilicals, flexible pipelines, jumpers and associated subsea and topside controls.
*A “significant” award ranges between$75 million and$250 million .
PETRONAS Carigali Limbayong Deepwater Development Project (Malaysia )
Substantial* front-end engineering design, and integrated engineering, procurement, construction, installation and commissioning of subsea production system, umbilicals, risers and flowlines (iEPCI™) contract from PETRONAS Carigali, a subsidiary ofPETRONAS for theLimbayong Deepwater Development Project . This contract covers the development of 10 deepwater wells and their tieback to the Limbayong Floating Production Storage and Offloading (FPSO) unit inMalaysia .TechnipFMC will design, manufacture, deliver and install subsea equipment including subsea trees, manifolds, umbilicals, flexible risers, flowlines, jumpers and other associated subsea hardware for the project. The iEPCI™ contract combines our integrated subsea solution with ourSubsea 2.0™ products, demonstrating the added value of our unique and complete integrated offering.
*A “substantial” award ranges between$250 million and$500 million .
- Energean Karish North iEPCI™
Development Project (Israel )
Letter of award (LOA) byEnergean Israel Limited for the development of the Karish North field, located offshoreIsrael .TechnipFMC will design, manufacture, deliver and install subsea equipment including the subsea production system, rigid flowlines and umbilicals as a tieback to the ‘Energean Power’ FPSO as well as the second gas export riser.
Estimated Backlog Scheduling as of (In millions) |
Consolidated backlog1,2 |
Non-consolidated backlog3 |
2021 |
|
|
2022 |
|
|
2023 and beyond |
|
|
Total |
|
|
1 Backlog in the period was increased by a foreign exchange impact of |
||
2 Backlog does not capture all revenue potential for Subsea Services. |
||
3 Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. |
Technip Energies |
Financial Highlights
Reconciliation of
Three Months Ended (In millions) |
2020 |
2019 |
Change |
||
Revenue |
|
|
(0.4%) |
||
Operating profit |
|
|
(30.0%) |
||
Adjusted EBITDA |
|
|
(25.3%) |
||
Adjusted EBITDA margin |
10.6% |
14.2% |
(360 bps) |
||
|
|
|
|
||
Inbound orders |
|
|
186.4% |
||
Backlog |
|
|
(7.8%) |
||
Technip Energies reported fourth quarter revenue of
Technip Energies reported operating profit of
Adjusted EBITDA was
Fourth Quarter Technip Energies Highlights
- Arctic LNG 2 project (
Russian Federation )
Overall construction progress reached 30 percent by year-end.
- Neste Singapore expansion project (
Singapore )
Multiple heavy lifts performed, including a 700-ton reactor.
- Eni Coral South FLNG (
Mozambique )
Final topside modules installed on the hull inSouth Korea ahead of schedule.
- Bapco Modernization program (
Bahrain )
Series of heavy lift operations successfully completed, including units for water desalination, heavy crude conversion and catalyst reactors.
ExxonMobil Beaumont Refinery (United States )
The five crude and hydrotreater furnace modules safely arrived in country.
Motor Oil Hellas Refinery (Greece )
Start of construction of the new naptha complex at theCorinth refinery .
Technip Energies inbound orders were
- Sempra LNG, IEnova and Total Energía Costa Azul LNG Facility (
Mexico )
Received a Notice to Proceed for a major* engineering, procurement, and construction (EPC) contract by Sempra LNG, Infraestructura Energética Nova,S.A.B. de C.V. (IEnova), and Total at their Energía Costa Azul LNG facility inBaja California, Mexico . The project will add a natural gas liquefaction facility with nameplate capacity of 3.25 million tons per annum (Mtpa) to the existing regasification terminal using a compact and high efficiency mid-scale LNG design.TechnipFMC has been involved in this project since 2017, including the delivery of the FEED.
*A “major” award is over$1 billion .
Assiut National Oil Processing Company Hydrocracking Complex (Egypt )
Major* EPC contract withAssiut National Oil Processing Company for the construction of a newHydrocracking Complex for theAssiut refinery inEgypt . The EPC contract covers new process units such as a Vacuum Distillation Unit, a Diesel Hydrocracking Unit, a Delayed Coker Unit, a Distillate Hydrotreating Unit as well as a Hydrogen Production Facility Unit using TechnipFMC’s proprietary steam reforming technology.
*A “major” award is over$1 billion .
Subsequent to the period, the following award was announced:
Qatar Petroleum North Field East Project (Qatar )
Major* engineering, procurement, construction and commissioning contract to CTJV, a joint venture between Chiyoda Corporation and Technip Energies, byQatar Petroleum for the onshore facilities of theNorth Field East Project . Award will cover the delivery of 4 mega trains, each with a capacity of 8 Mtpa of Liquefied Natural Gas (“LNG”), and associated utility facilities. It will include a large CO2 Carbon Capture and Sequestration facility, leading to more than 25% reduction ofGreen House Gas emissions when compared to similar LNG facilities.
*A “major” award is over$1 billion .
Technip Energies Estimated Backlog Scheduling as of (In millions) |
Consolidated backlog1 |
Non-consolidated backlog2 |
2021 |
|
|
2022 |
|
|
2023 and beyond |
|
|
Total |
|
|
1 Backlog in the period was increased by a foreign exchange impact of |
||
2 Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position.
|
Surface Technologies |
Financial Highlights
Reconciliation of
Three Months Ended (In millions) |
2020 |
2019 |
Change |
||
Revenue |
|
|
(35.6%) |
||
Operating profit (loss) |
|
|
n/m |
||
Adjusted EBITDA |
|
|
(44.7%) |
||
Adjusted EBITDA margin |
11.8% |
13.7% |
(190 bps) |
||
|
|
|
|
||
Inbound orders |
|
|
(30.4%) |
||
Backlog |
|
|
(12.6%) |
||
Surface Technologies reported fourth quarter revenue of
Surface Technologies reported operating profit of
Adjusted EBITDA was
Inbound orders for the quarter were
Fourth Quarter Surface Technologies Highlights
- iComplete™ (
United States )
Four full-scale iComplete™ ecosystem tender wins in three basins.
- BPX Energy and BPX Energy/Devon Energy joint venture (
United States )
Multi-year supply contract for wellheads and trees in Eagle Ford basin.
- AkerBP
HOD B field re-development project (Norway )
Contracted to supply wellheads, tree systems and controls.
Corporate and Other Items
Corporate expense in the quarter was
Foreign exchange losses in the quarter were
Net interest expense was
The Company recorded a tax provision in the quarter of
Total depreciation and amortization for the quarter was
Cash flow from operations in the quarter was
Capital expenditures in the quarter were
Free cash flow was
The Company ended the period with cash and cash equivalents of
2021 Full-Year Financial Guidance1
The Company’s full-year guidance for 2021 can be found in the table below.
All segment guidance assumes no further material degradation from COVID-19-related impacts.
Guidance is based on continuing operations and thus excludes the impact of Technip Energies, which will be reported as discontinued operations.
2021 Guidance |
||||
|
||||
|
|
Surface Technologies |
||
Revenue in a range of |
|
Revenue in a range of |
||
|
|
|
||
EBITDA margin in a range of 10 - 11% (excluding charges and credits) |
|
EBITDA margin in a range of 8 - 11% (excluding charges and credits) |
||
|
||||
|
||||
Corporate expense, net |
||||
(includes depreciation and amortization of |
||||
|
|
|
|
|
Net interest expense |
||||
|
||||
Tax provision, as reported |
||||
(includes separation-related tax items of |
||||
|
|
|
|
|
Capital expenditures approximately |
||||
|
||||
Free cash flow |
||||
(includes separation-related tax items of |
||||
|
1Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.
Teleconference
The Company will host a teleconference on
Webcast access will also be available on our website prior to the start of the call. An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.
###
About
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments —
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including the following known material factors:
- risks associated with disease outbreaks and other public health issues, including the coronavirus disease 2019 (“COVID-19”), their impact on the global economy and the business of our company, customers, suppliers and other partners, changes in, and the administration of, treaties, laws, and regulations, including in response to such issues and the potential for such issues to exacerbate other risks we face, including those related to the factors listed or referenced below;
- unanticipated changes relating to competitive factors in our industry;
- demand for our products and services, which is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets;
- our ability to develop and implement new technologies and services, as well as our ability to protect and maintain critical intellectual property assets;
- potential liabilities arising out of the installation or use of our products;
- cost overruns related to our fixed price contracts or capital asset construction projects that may affect revenues;
- our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers;
- our reliance on subcontractors, suppliers and joint venture partners in the performance of our contracts;
- our ability to hire and retain key personnel;
- piracy risks for our maritime employees and assets;
- the potential impacts of seasonal and weather conditions;
- the cumulative loss of major contracts or alliances;
U.S. and international laws and regulations, including existing or future environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations;- disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business;
- risks associated with
The Depository Trust Company andEuroclear for clearance services for shares traded on the NYSE and Euronext Paris, respectively; - the United Kingdom’s withdrawal from the
European Union ; - risks associated with being an English public limited company, including the need for “distributable profits,” shareholder approval of certain capital structure decisions, and the risk that we may not be able to pay dividends or repurchase shares in accordance with our announced capital allocation plan;
- compliance with covenants under our debt instruments and conditions in the credit markets;
- downgrade in the ratings of our debt could restrict our ability to access the debt capital markets;
- the outcome of uninsured claims and litigation against us;
- the risks of currency exchange rate fluctuations associated with our international operations;
- risks related to our acquisition and divestiture activities;
- failure of our information technology infrastructure or any significant breach of security, including related to cyber attacks, and actual or perceived failure to comply with data security and privacy obligations;
- risks associated with tax liabilities, changes in
U.S. federal or international tax laws or interpretations to which they are subject; and - such other risk factors as set forth in our filings with the
U.S. Securities and Exchange Commission and in our filings with the Autorité des marchés financiers or theU.K. Financial Conduct Authority .
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Exhibit 1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) |
|||||||||||||||
|
(Unaudited) |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
3,426.1 |
|
|
$ |
3,726.8 |
|
|
$ |
13,050.6 |
|
|
$ |
13,409.1 |
|
Costs and expenses |
3,343.2 |
|
|
5,816.0 |
|
|
15,936.2 |
|
|
14,935.8 |
|
||||
|
82.9 |
|
|
(2,089.2) |
|
|
(2,885.6) |
|
|
(1,526.7) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Other (expense) income, net |
33.2 |
|
|
(55.3) |
|
|
94.1 |
|
|
(157.8) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before net interest expense and income taxes |
116.1 |
|
|
(2,144.5) |
|
|
(2,791.5) |
|
|
(1,684.5) |
|
||||
Net interest expense |
(54.5) |
|
|
(106.0) |
|
|
(293.0) |
|
|
(451.3) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
61.6 |
|
|
(2,250.5) |
|
|
(3,084.5) |
|
|
(2,135.8) |
|
||||
Provision for income taxes |
75.5 |
|
|
179.8 |
|
|
153.4 |
|
|
276.3 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
(13.9) |
|
|
(2,430.3) |
|
|
(3,237.9) |
|
|
(2,412.1) |
|
||||
Net income attributable to non-controlling interests |
(25.4) |
|
|
16.3 |
|
|
(49.7) |
|
|
(3.1) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to |
$ |
(39.3) |
|
|
$ |
(2,414.0) |
|
|
$ |
(3,287.6) |
|
|
$ |
(2,415.2) |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share attributable to |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.09) |
|
|
$ |
(5.40) |
|
|
$ |
(7.33) |
|
|
$ |
(5.39) |
|
Diluted |
$ |
(0.09) |
|
|
$ |
(5.40) |
|
|
$ |
(7.33) |
|
|
$ |
(5.39) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
449.4 |
|
|
447.1 |
|
|
448.7 |
|
|
448.0 |
|
||||
Diluted |
449.4 |
|
|
447.1 |
|
|
448.7 |
|
|
448.0 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per share |
$ |
— |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.52 |
|
Exhibit 2
BUSINESS SEGMENT DATA (In millions) |
|||||||||||||||
|
(Unaudited) |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
$ |
1,338.0 |
|
|
$ |
1,486.8 |
|
|
$ |
5,471.4 |
|
|
$ |
5,523.0 |
|
Technip Energies |
1,825.8 |
|
|
1,832.4 |
|
|
6,520.0 |
|
|
6,268.8 |
|
||||
Surface Technologies |
262.3 |
|
|
407.6 |
|
|
1,059.2 |
|
|
1,617.3 |
|
||||
|
$ |
3,426.1 |
|
|
$ |
3,726.8 |
|
|
$ |
13,050.6 |
|
|
$ |
13,409.1 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Segment operating profit (loss) |
|
|
|
|
|
|
|
||||||||
|
$ |
(9.5) |
|
|
$ |
(1,512.7) |
|
|
$ |
(2,815.5) |
|
|
$ |
(1,447.7) |
|
Technip Energies |
171.6 |
|
|
245.3 |
|
|
683.6 |
|
|
959.6 |
|
||||
Surface Technologies |
15.1 |
|
|
(698.2) |
|
|
(429.3) |
|
|
(656.1) |
|
||||
Total segment operating profit (loss) |
177.2 |
|
|
(1,965.6) |
|
|
(2,561.2) |
|
|
(1,144.2) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate items |
|
|
|
|
|
|
|
||||||||
Corporate expense (1) |
(58.5) |
|
|
(116.8) |
|
|
(201.5) |
|
|
(393.4) |
|
||||
Net interest expense |
(54.5) |
|
|
(106.0) |
|
|
(293.0) |
|
|
(451.3) |
|
||||
Foreign exchange gains (losses) |
(2.6) |
|
|
(62.1) |
|
|
(28.8) |
|
|
(146.9) |
|
||||
Total corporate items |
(115.6) |
|
|
(284.9) |
|
|
(523.3) |
|
|
(991.6) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes (2) |
$ |
61.6 |
|
|
$ |
(2,250.5) |
|
|
$ |
(3,084.5) |
|
|
$ |
(2,135.8) |
|
(1) Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits.
(2) Includes amounts attributable to non-controlling interests.
Exhibit 3
BUSINESS SEGMENT DATA (In millions, unaudited) |
||||||||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||||||||||||
|
Inbound Orders (1) |
|
|
|
||||||||||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
$ |
712.1 |
|
|
$ |
1,172.3 |
|
|
$ |
4,003.0 |
|
|
$ |
7,992.6 |
|
||||||||
|
Technip Energies |
3,192.1 |
|
|
1,114.5 |
|
|
5,001.3 |
|
|
13,080.5 |
|
||||||||||||
|
Surface Technologies |
300.3 |
|
|
431.6 |
|
|
1,061.2 |
|
|
1,619.9 |
|
||||||||||||
|
Total inbound orders |
$ |
4,204.5 |
|
|
$ |
2,718.4 |
|
|
$ |
10,065.5 |
|
|
$ |
22,693.0 |
|
||||||||
Order Backlog (2) |
|
|
||||||||||||||||||||||
|
2020 |
|
2019 |
|
||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
|
$ |
6,876.0 |
|
|
$ |
8,479.8 |
|
|
||||||||||||||||
Technip Energies |
14,098.7 |
|
|
15,298.1 |
|
|
||||||||||||||||||
Surface Technologies |
413.5 |
|
|
473.2 |
|
|
||||||||||||||||||
Total order backlog |
$ |
21,388.2 |
|
|
$ |
24,251.1 |
|
|
(1) Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period.
(2) Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date.
Exhibit 4
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) |
|||||||
|
|||||||
|
(Unaudited) |
||||||
|
|
|
|
||||
|
|
|
|
||||
Cash and cash equivalents |
$ |
4,807.8 |
|
|
$ |
5,190.2 |
|
Trade receivables, net |
2,289.8 |
|
|
2,287.1 |
|
||
Contract assets |
1,267.6 |
|
|
1,520.0 |
|
||
Inventories, net |
1,268.5 |
|
|
1,416.0 |
|
||
Other current assets |
1,811.0 |
|
|
1,473.1 |
|
||
Total current assets |
11,444.7 |
|
|
11,886.4 |
|
||
|
|
|
|
||||
Property, plant and equipment, net |
2,861.8 |
|
|
3,162.0 |
|
||
|
2,512.5 |
|
|
5,598.3 |
|
||
Intangible assets, net |
981.1 |
|
|
1,086.6 |
|
||
Other assets |
1,847.5 |
|
|
1,785.5 |
|
||
Total assets |
$ |
19,647.6 |
|
|
$ |
23,518.8 |
|
|
|
|
|
||||
Short-term debt and current portion of long-term debt |
$ |
636.2 |
|
|
$ |
495.4 |
|
Accounts payable, trade |
2,740.3 |
|
|
2,659.8 |
|
||
Contract liabilities |
4,736.1 |
|
|
4,585.1 |
|
||
Other current liabilities |
2,280.0 |
|
|
2,398.1 |
|
||
Total current liabilities |
10,392.6 |
|
|
10,138.4 |
|
||
|
|
|
|
||||
Long-term debt, less current portion |
3,317.7 |
|
|
3,980.0 |
|
||
Other liabilities |
1,679.3 |
|
|
1,671.2 |
|
||
Redeemable non-controlling interest |
43.7 |
|
|
41.1 |
|
||
|
4,154.2 |
|
|
7,659.3 |
|
||
Non-controlling interests |
60.1 |
|
|
28.8 |
|
||
Total liabilities and equity |
$ |
19,647.6 |
|
|
$ |
23,518.8 |
|
Exhibit 5
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) |
|||||||
|
(Unaudited) |
||||||
|
Year Ended |
||||||
|
|||||||
2020 |
|
2019 |
|||||
Cash provided (required) by operating activities |
|
|
|
||||
Net loss |
$ |
(3,237.9) |
|
|
$ |
(2,412.1) |
|
Adjustments to reconcile net income to cash provided (required) by operating activities |
|
|
|
||||
Depreciation |
323.5 |
|
|
383.5 |
|
||
Amortization |
123.7 |
|
|
126.1 |
|
||
Impairments |
3,287.4 |
|
|
2,484.1 |
|
||
Employee benefit plan and share-based compensation costs |
47.5 |
|
|
63.3 |
|
||
Deferred income tax benefit, net |
(6.7) |
|
|
(75.4) |
|
||
Unrealized loss (gain) on derivative instruments and foreign exchange |
(41.2) |
|
|
32.5 |
|
||
Income from equity affiliates, net of dividends received |
(58.1) |
|
|
(58.8) |
|
||
Other |
195.5 |
|
|
364.4 |
|
||
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
|
||||
Trade receivables, net and contract assets |
348.1 |
|
|
(39.7) |
|
||
Inventories, net |
82.8 |
|
|
(169.6) |
|
||
Accounts payable, trade |
18.4 |
|
|
26.1 |
|
||
Contract liabilities |
(75.2) |
|
|
520.1 |
|
||
Income taxes payable (receivable), net |
(52.8) |
|
|
12.7 |
|
||
Other current assets and liabilities, net |
(267.3) |
|
|
(431.8) |
|
||
Other noncurrent assets and liabilities, net |
(30.8) |
|
|
23.1 |
|
||
Cash provided by operating activities |
656.9 |
|
|
848.5 |
|
||
|
|
|
|
||||
Cash provided (required) by investing activities |
|
|
|
||||
Capital expenditures |
(291.8) |
|
|
(454.4) |
|
||
Payment to acquire debt securities |
(3.9) |
|
|
(71.6) |
|
||
Proceeds from sale of debt securities |
51.5 |
|
|
18.9 |
|
||
Acquisition of equity securities |
(17.9) |
|
|
— |
|
||
Acquisitions, net of cash acquired |
— |
|
|
16.0 |
|
||
Cash received (divested) from divestiture |
8.8 |
|
|
(2.1) |
|
||
Proceeds from sale of assets |
46.0 |
|
|
7.8 |
|
||
Proceeds from repayment of advance to joint venture |
26.7 |
|
|
62.0 |
|
||
Other |
— |
|
|
3.6 |
|
||
Cash required by investing activities |
(180.6) |
|
|
(419.8) |
|
||
|
|
|
|
||||
Cash required by financing activities |
|
|
|
||||
Net decrease in short-term debt |
(24.4) |
|
|
(49.6) |
|
||
Net increase (decrease) in commercial paper |
(554.5) |
|
|
57.3 |
|
||
Proceeds from issuance of long-term debt |
223.2 |
|
|
96.2 |
|
||
Repayments of long-term debt |
(423.9) |
|
|
— |
|
||
Purchase of ordinary shares |
— |
|
|
(92.7) |
|
||
Dividends paid |
(59.2) |
|
|
(232.8) |
|
||
Payments related to taxes withheld on share-based compensation |
(7.4) |
|
|
— |
|
||
Settlements of mandatorily redeemable financial liability |
(224.2) |
|
|
(562.8) |
|
||
Other |
(11.8) |
|
|
— |
|
||
Cash required by financing activities |
(1,082.2) |
|
|
(784.4) |
|
||
Effect of changes in foreign exchange rates on cash and cash equivalents |
223.5 |
|
|
5.9 |
|
||
Decrease in cash and cash equivalents |
(382.4) |
|
|
(349.8) |
|
||
Cash and cash equivalents, beginning of period |
5,190.2 |
|
|
5,540.0 |
|
||
Cash and cash equivalents, end of period |
$ |
4,807.8 |
|
|
$ |
5,190.2 |
|
Exhibit 6
CASH AND CASH EQUIVALENTS (In billions, unaudited) |
|||
|
|
||
|
2020 |
||
Held by joint ventures |
$ |
3.1 |
|
Operating cash and cash equivalents |
1.7 |
|
|
Total cash and cash equivalents |
$ |
4.8 |
|
Exhibit 7
BUSINESS SEGMENT DATA FOR YAMAL LNG JOINT VENTURE
(In millions, unaudited)
Prior to the spin-off of Technip Energies, we controlled the voting control interests in the legal Technip Energies contract entities which own and account for the design, engineering, and construction of the
|
|
|
|||||||||
|
2020 |
|
|||||||||
Contract liabilities |
$ |
847.7 |
|
||||||||
Mandatorily redeemable financial liability |
$ |
246.6 |
|
||||||||
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
||||||||
|
2020 |
|
2020 |
||||||||
Cash used by operating activities |
$ |
8.8 |
|
|
$ |
(59.3) |
|||||
Settlements of mandatorily redeemable financial liability |
$ |
(88.9) |
|
|
$ |
(224.2) |
Exhibit 8
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
Charges and Credits
In addition to financial results determined in accordance with
|
Three Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Net income attributable to |
|
Net income (loss) attributable to non-controlling interests |
|
Provision for income taxes |
|
Net interest expense |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||||||||
|
$ |
(39.3) |
|
|
$ |
25.4 |
|
|
$ |
75.5 |
|
|
$ |
54.5 |
|
|
$ |
116.1 |
|
|
$ |
111.7 |
|
|
$ |
227.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
31.6 |
|
|
— |
|
|
2.8 |
|
|
— |
|
|
34.4 |
|
|
— |
|
|
34.4 |
|
|||||||
Restructuring and other charges |
18.3 |
|
|
— |
|
|
7.9 |
|
|
— |
|
|
26.2 |
|
|
— |
|
|
26.2 |
|
|||||||
Separation costs |
16.1 |
|
|
— |
|
|
(3.7) |
|
|
— |
|
|
12.4 |
|
|
— |
|
|
12.4 |
|
|||||||
Valuation allowance |
(3.3) |
|
|
— |
|
|
3.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
23.4 |
|
|
$ |
25.4 |
|
|
$ |
85.8 |
|
|
$ |
54.5 |
|
|
$ |
189.1 |
|
|
$ |
111.7 |
|
|
$ |
300.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(0.09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Net loss attributable to |
|
Net income (loss) attributable to non-controlling interests |
|
Provision (benefit) for income taxes |
|
Net interest expense |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||||||||
|
$ |
(2,414.0) |
|
|
$ |
(16.3) |
|
|
$ |
179.8 |
|
|
$ |
106.0 |
|
|
$ |
(2,144.5) |
|
|
$ |
131.1 |
|
|
$ |
(2,013.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
2,268.6 |
|
|
— |
|
|
88.0 |
|
|
— |
|
|
2,356.6 |
|
|
— |
|
|
2,356.6 |
|
|||||||
Restructuring and other charges |
(1.1) |
|
|
— |
|
|
(0.4) |
|
|
— |
|
|
(1.5) |
|
|
— |
|
|
(1.5) |
|
|||||||
Separation costs |
47.1 |
|
|
— |
|
|
15.6 |
|
|
— |
|
|
62.7 |
|
|
— |
|
|
62.7 |
|
|||||||
Purchase price accounting adjustment |
6.5 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.5 |
|
|
(8.5) |
|
|
— |
|
|||||||
Valuation allowance |
108.0 |
|
|
— |
|
|
(108.0) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
15.1 |
|
|
$ |
(16.3) |
|
|
$ |
177.0 |
|
|
$ |
106.0 |
|
|
$ |
281.8 |
|
|
$ |
122.6 |
|
|
$ |
404.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(5.40) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 9
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
Charges and Credits
In addition to financial results determined in accordance with
|
Year Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Net income (loss) attributable to |
|
Net income (loss) attributable to non-controlling interests |
|
Provision (benefit) for income taxes |
|
Net interest expense |
|
Income (loss) before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||||||||
|
$ |
(3,287.6) |
|
|
$ |
49.7 |
|
|
$ |
153.4 |
|
|
$ |
293.0 |
|
|
$ |
(2,791.5) |
|
|
$ |
447.2 |
|
|
$ |
(2,344.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
3,271.0 |
|
|
— |
|
|
16.4 |
|
|
— |
|
|
3,287.4 |
|
|
— |
|
|
3,287.4 |
|
|||||||
Restructuring and other charges |
96.1 |
|
|
— |
|
|
16.0 |
|
|
— |
|
|
112.1 |
|
|
— |
|
|
112.1 |
|
|||||||
Direct COVID-19 expenses |
83.7 |
|
|
— |
|
|
18.1 |
|
|
— |
|
|
101.8 |
|
|
— |
|
|
101.8 |
|
|||||||
Litigation settlement |
(113.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(113.2) |
|
|
— |
|
|
(113.2) |
|
|||||||
Separation costs |
36.3 |
|
|
— |
|
|
3.2 |
|
|
— |
|
|
39.5 |
|
|
— |
|
|
39.5 |
|
|||||||
Purchase price accounting adjustment |
6.5 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.5 |
|
|
(8.5) |
|
|
— |
|
|||||||
Valuation allowance |
(3.5) |
|
|
— |
|
|
3.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
89.3 |
|
|
$ |
49.7 |
|
|
$ |
212.6 |
|
|
$ |
293.0 |
|
|
$ |
644.6 |
|
|
$ |
438.7 |
|
|
$ |
1,083.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(7.33) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Net income (loss) attributable to |
|
Net income (loss) attributable to non-controlling interests |
|
Provision (benefit) for income taxes |
|
Net interest expense |
|
Income (loss) before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||||||||
|
$ |
(2,415.2) |
|
|
$ |
3.1 |
|
|
$ |
276.3 |
|
|
$ |
451.3 |
|
|
$ |
(1,684.5) |
|
|
$ |
509.6 |
|
|
$ |
(1,174.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
2,364.2 |
|
|
— |
|
|
119.9 |
|
|
— |
|
|
2,484.1 |
|
|
— |
|
|
2,484.1 |
|
|||||||
Restructuring and other charges |
27.7 |
|
|
— |
|
|
9.3 |
|
|
— |
|
|
37.0 |
|
|
— |
|
|
37.0 |
|
|||||||
Business combinations transaction and integration costs |
23.1 |
|
|
— |
|
|
8.1 |
|
|
— |
|
|
31.2 |
|
|
— |
|
|
31.2 |
|
|||||||
Separation costs |
54.2 |
|
|
— |
|
|
17.9 |
|
|
— |
|
|
72.1 |
|
|
— |
|
|
72.1 |
|
|||||||
Reorganization |
17.2 |
|
|
— |
|
|
8.1 |
|
|
— |
|
|
25.3 |
|
|
— |
|
|
25.3 |
|
|||||||
Legal provision, net |
46.3 |
|
|
— |
|
|
8.3 |
|
|
— |
|
|
54.6 |
|
|
— |
|
|
54.6 |
|
|||||||
Purchase price accounting adjustment |
26.0 |
|
|
— |
|
|
8.0 |
|
|
— |
|
|
34.0 |
|
|
(34.0) |
|
|
— |
|
|||||||
Valuation allowance |
187.0 |
|
|
— |
|
|
(187.0) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
330.5 |
|
|
$ |
3.1 |
|
|
$ |
268.9 |
|
|
$ |
451.3 |
|
|
$ |
1,053.8 |
|
|
$ |
475.6 |
|
|
$ |
1,529.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(5.39) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 10
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
1,338.0 |
|
|
$ |
1,825.8 |
|
|
$ |
262.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,426.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(9.5) |
|
|
$ |
171.6 |
|
|
$ |
15.1 |
|
|
$ |
(58.5) |
|
|
$ |
(2.6) |
|
|
$ |
116.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
27.9 |
|
|
4.6 |
|
|
1.2 |
|
|
0.7 |
|
|
— |
|
|
34.4 |
|
||||||
Restructuring and other charges |
16.8 |
|
|
10.2 |
|
|
(0.8) |
|
|
— |
|
|
— |
|
|
26.2 |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
12.4 |
|
|
— |
|
|
12.4 |
|
||||||
Subtotal |
44.7 |
|
|
14.8 |
|
|
0.4 |
|
|
13.1 |
|
|
— |
|
|
73.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
35.2 |
|
|
186.4 |
|
|
15.5 |
|
|
(45.4) |
|
|
(2.6) |
|
|
189.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
81.3 |
|
|
7.6 |
|
|
15.4 |
|
|
7.4 |
|
|
— |
|
|
111.7 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
116.5 |
|
|
$ |
194.0 |
|
|
$ |
30.9 |
|
|
$ |
(38.0) |
|
|
$ |
(2.6) |
|
|
$ |
300.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-0.7 |
% |
|
9.4 |
% |
|
5.8 |
% |
|
|
|
|
|
3.4 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
2.6 |
% |
|
10.2 |
% |
|
5.9 |
% |
|
|
|
|
|
5.5 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
8.7 |
% |
|
10.6 |
% |
|
11.8 |
% |
|
|
|
|
|
8.8 |
% |
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
1,486.8 |
|
|
$ |
1,832.4 |
|
|
$ |
407.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,726.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(1,512.7) |
|
|
$ |
245.3 |
|
|
$ |
(698.2) |
|
|
$ |
(116.8) |
|
|
$ |
(62.1) |
|
|
$ |
(2,144.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
1,671.7 |
|
|
— |
|
|
684.9 |
|
|
— |
|
|
— |
|
|
2,356.6 |
|
||||||
Restructuring and other charges |
(57.5) |
|
|
5.9 |
|
|
37.0 |
|
|
13.1 |
|
|
— |
|
|
(1.5) |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
62.7 |
|
|
— |
|
|
62.7 |
|
||||||
Purchase price accounting adjustments |
8.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8.5 |
|
||||||
Subtotal |
1,622.7 |
|
|
5.9 |
|
|
721.9 |
|
|
75.8 |
|
|
— |
|
|
2,426.3 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
110.0 |
|
|
251.2 |
|
|
23.7 |
|
|
(41.0) |
|
|
(62.1) |
|
|
281.8 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
75.0 |
|
|
8.5 |
|
|
32.2 |
|
|
6.9 |
|
|
— |
|
|
122.6 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
185.0 |
|
|
$ |
259.7 |
|
|
$ |
55.9 |
|
|
$ |
(34.1) |
|
|
$ |
(62.1) |
|
|
$ |
404.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-101.7 |
% |
|
13.4 |
% |
|
-171.3 |
% |
|
|
|
|
|
-57.5 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
7.4 |
% |
|
13.7 |
% |
|
5.8 |
% |
|
|
|
|
|
7.6 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
12.4 |
% |
|
14.2 |
% |
|
13.7 |
% |
|
|
|
|
|
10.9 |
% |
Exhibit 11
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Year Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
5,471.4 |
|
|
$ |
6,520.0 |
|
|
$ |
1,059.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,050.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(2,815.5) |
|
|
$ |
683.6 |
|
|
$ |
(429.3) |
|
|
$ |
(201.5) |
|
|
$ |
(28.8) |
|
|
$ |
(2,791.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
2,854.5 |
|
|
10.3 |
|
|
419.3 |
|
|
3.3 |
|
|
— |
|
|
3,287.4 |
|
||||||
Restructuring and other charges* |
52.9 |
|
|
39.3 |
|
|
13.2 |
|
|
6.7 |
|
|
— |
|
|
112.1 |
|
||||||
Direct COVID-19 expenses |
50.1 |
|
|
44.0 |
|
|
7.7 |
|
|
— |
|
|
— |
|
|
101.8 |
|
||||||
Litigation settlement |
— |
|
|
(113.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(113.2) |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
39.5 |
|
|
— |
|
|
39.5 |
|
||||||
Purchase price accounting adjustments |
8.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8.5 |
|
||||||
Subtotal |
2,966.0 |
|
|
(19.6) |
|
|
440.2 |
|
|
49.5 |
|
|
— |
|
|
3,436.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
150.5 |
|
|
664.0 |
|
|
10.9 |
|
|
(152.0) |
|
|
(28.8) |
|
|
644.6 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
316.4 |
|
|
34.2 |
|
|
70.1 |
|
|
18.0 |
|
|
— |
|
|
438.7 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
466.9 |
|
|
$ |
698.2 |
|
|
$ |
81.0 |
|
|
$ |
(134.0) |
|
|
$ |
(28.8) |
|
|
$ |
1,083.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-51.5 |
% |
|
10.5 |
% |
|
-40.5 |
% |
|
|
|
|
|
-21.4 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
2.8 |
% |
|
10.2 |
% |
|
1.0 |
% |
|
|
|
|
|
4.9 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
8.5 |
% |
|
10.7 |
% |
|
7.6 |
% |
|
|
|
|
|
8.3 |
% |
*On
|
Year Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
5,523.0 |
|
|
$ |
6,268.8 |
|
|
$ |
1,617.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,409.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(1,447.7) |
|
|
$ |
959.6 |
|
|
$ |
(656.1) |
|
|
$ |
(393.4) |
|
|
$ |
(146.9) |
|
|
$ |
(1,684.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
1,798.6 |
|
|
— |
|
|
685.5 |
|
|
— |
|
|
— |
|
|
2,484.1 |
|
||||||
Restructuring and other charges |
(46.4) |
|
|
17.0 |
|
|
39.8 |
|
|
26.6 |
|
|
— |
|
|
37.0 |
|
||||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
31.2 |
|
|
— |
|
|
31.2 |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
72.1 |
|
|
— |
|
|
72.1 |
|
||||||
Reorganization |
— |
|
|
25.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
25.3 |
|
||||||
Legal provision, net |
— |
|
|
— |
|
|
— |
|
|
54.6 |
|
|
— |
|
|
54.6 |
|
||||||
Purchase price accounting adjustments |
34.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
34.0 |
|
||||||
Subtotal |
1,786.2 |
|
|
42.3 |
|
|
725.3 |
|
|
184.5 |
|
|
— |
|
|
2,738.3 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
338.5 |
|
|
1,001.9 |
|
|
69.2 |
|
|
(208.9) |
|
|
(146.9) |
|
|
1,053.8 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
311.6 |
|
|
38.7 |
|
|
107.9 |
|
|
17.4 |
|
|
— |
|
|
475.6 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
650.1 |
|
|
$ |
1,040.6 |
|
|
$ |
177.1 |
|
|
$ |
(191.5) |
|
|
$ |
(146.9) |
|
|
$ |
1,529.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-26.2 |
% |
|
15.3 |
% |
|
-40.6 |
% |
|
|
|
|
|
-12.6 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
6.1 |
% |
|
16.0 |
% |
|
4.3 |
% |
|
|
|
|
|
7.9 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
11.8 |
% |
|
16.6 |
% |
|
11.0 |
% |
|
|
|
|
|
11.4 |
% |
Exhibit 12
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
$ |
4,807.8 |
|
|
$ |
4,244.0 |
|
|
$ |
4,809.5 |
|
|
$ |
4,999.4 |
|
|
$ |
5,190.2 |
|
Short-term debt and current portion of long-term debt |
(636.2) |
|
|
(612.2) |
|
|
(524.1) |
|
|
(586.7) |
|
|
(495.4) |
|
|||||
Long-term debt, less current portion |
(3,317.7) |
|
|
(3,248.0) |
|
|
(3,982.9) |
|
|
(3,823.9) |
|
|
(3,980.0) |
|
|||||
Net cash |
$ |
853.9 |
|
|
$ |
383.8 |
|
|
$ |
302.5 |
|
|
$ |
588.8 |
|
|
$ |
714.8 |
|
Net (debt) cash, is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt. Management uses this non-GAAP financial measure to evaluate our capital structure and financial leverage. We believe net debt, or net cash, is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. Net (debt) cash should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with
Exhibit 13
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
||||
|
2020 |
|
2020 |
||||
Cash provided by operating activities |
$ |
554.8 |
|
|
$ |
656.9 |
|
Capital expenditures |
(41.0) |
|
|
(291.8) |
|
||
Free cash flow |
$ |
513.8 |
|
|
$ |
365.1 |
|
Free cash flow, is a non-GAAP financial measure and is defined as cash provided by operating activities less capital expenditures. Management uses this non-GAAP financial measure to evaluate our financial condition. We believe, free cash flow is a meaningful financial measure that may assist investors in understanding our financial condition and results of operations.
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