- Strong execution despite the challenging environment in the quarter
- Resilient backlog of
$20.6 billion ;$14.9 billion scheduled for 2021 and beyond - Net liquidity of
$6.8 billion , an increase of$1.2 billion sequentially - On track to deliver targeted cost savings that exceed
$350 million by year-end - Updated financial guidance for all segments; initiated free cash flow outlook
U.S. GAAP diluted earnings per share was$0.03 - Includes total after-tax charges, net of credits, of
$0.06 per diluted share
- Includes total after-tax charges, net of credits, of
- Adjusted diluted earnings per share, excluding charges and credits, was
$0.09 - Includes foreign exchange losses of
$0.01 per diluted share - Includes expense resulting from increased liability to joint venture partners of
$0.11 per diluted share
- Includes foreign exchange losses of
LONDRES & PARIS &
Summary Financial Statements - Second Quarter 2020
Reconciliation of
Three Months Ended (In millions, except per share amounts) |
|
|
Change |
||
Revenue |
|
|
(8.0%) |
||
Net income |
|
|
(87.9%) |
||
Diluted earnings per share |
|
|
(85.7%) |
||
|
|
|
|
||
Adjusted EBITDA |
|
|
(46.4%) |
||
Adjusted EBITDA margin |
7.6 |
% |
13.1 |
% |
(550 bps) |
Adjusted net income |
|
|
(76.0%) |
||
Adjusted diluted earnings per share |
|
|
(76.9%) |
||
|
|
|
|
||
Inbound orders |
|
|
(86.3%) |
||
Backlog |
|
|
(20.1%) |
||
Adjusted EBITDA, which excludes pre-tax charges and credits, was
“We also made solid progress in three core areas – strengthening our balance sheet, progressing our backlog scheduling and accelerating our business transformation – all to ensure the success of
Pferdehirt added, “The strong balance sheet and extensive backlog have also provided us with the flexibility to accelerate our business transformation, with global actions underway to generate annualized cost savings in excess of
“In Surface Technologies, we continue to transform our
Pferdehirt continued, “In Subsea, we continue to believe inbound orders will approximate
“Turning to Technip Energies, we continue to make good progress on all major projects. While LNG market dynamics have shifted in recent months, we do not view this as the start of an extended downturn for our Company given our strong differentiation in this market. We have been awarded projects in
Pferdehirt concluded, “We entered this period with a solid foundation built upon the strength of our balance sheet, backlog and execution. While client conversations remain ongoing, the increased visibility we have today gives us confidence in our full-year guidance for all business segments. This is further supported by the acceleration of our business transformation initiatives to maintain – if not expand – our market leadership.”
Operational and Financial Highlights - Second Quarter 2020
Subsea
Financial Highlights
Reconciliation of
Three Months Ended (In millions) |
|
|
Change |
||
Revenue |
|
|
(8.6%) |
||
Operating profit (loss) |
|
|
n/m |
||
Adjusted EBITDA |
|
|
(46.5%) |
||
Adjusted EBITDA margin |
7.2 |
% |
12.3 |
% |
(510 bps) |
|
|
|
|
||
Inbound orders |
|
|
(80.6%) |
||
Backlog |
|
|
(19.0%) |
||
Subsea reported second quarter revenue of
Subsea reported an operating loss of
Second Quarter Subsea Highlights
- Energean Karish iEPCI™ (
Israel )
Successful installation of gas export pipeline. - Woodside Pyxis iEPCI™ (
Australia )
Subsea 2.0™ equipment arrived inAustralia for pre-installation testing. - Neptune Energy Duva and Gjøa iEPCI™ (
Norway )
Pipelay scope successfully completed. - Equinor Peregrino Phase 2 (
Brazil )
Successful completion of offshore campaign. - CNOOC Liuhua (
China )
Final subsea trees and first two manifolds delivered.
Partnership and Alliance Highlights
TechnipFMC /Halliburton launch joint subsea fiber optic service
Introduction of Odassea™, the world’s first distributed acoustic sensing solution for subsea wells. The technology platform enables operators to execute intervention-less seismic imaging and reservoir diagnostics to reduce total cost of ownership while improving reservoir knowledge.
Subsea inbound orders were
Subsea Estimated Backlog Scheduling as of (In millions) |
Consolidated |
Non-consolidated |
2020 (6 months) |
|
|
2021 |
|
|
2022 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 |
|
|
2.2% |
||
Operating profit |
|
|
(15.6%) |
||
Adjusted EBITDA |
|
|
(42.3%) |
||
Adjusted EBITDA margin |
10.6 |
% |
18.7 |
% |
(810 bps) |
|
|
|
|
||
Inbound orders |
|
|
(89.7%) |
||
Backlog |
|
|
(20.9%) |
||
Technip Energies reported second quarter revenue of
Technip Energies reported operating profit of
Second Quarter Technip Energies Highlights
- Arctic LNG 2 (
Russia )
Delivery of main equipment on-going and piping prefabrication started at all yards. - Bapco Modernization Program (
Bahrain )
Construction started on the temporary jetty in May. - ENI Coral South FLNG (
Mozambique )
First Power Generation module was installed on the hull inSouth Korea , marking the start of the module lifting campaign and integration phase. - Indian Oil Corporation Panipat Hydrogen Generation Unit (
India )
Hydrogen generation unit is now under start-up.
Partnership and Alliance Highlights
TechnipFMC/Agilyx Corporation exclusive collaboration to develop ways to recycle polystyrene
This collaboration further expands on energy transition capabilities and the circular economy offering ofTechnipFMC .TechnipFMC /Clariant Catalysts joint development agreement to produce acrylonitrile
The joint venture aims to develop and commercialize more efficient processes to produce acrylonitrile and help customers achieve sustainability targets.- Demonstration plant for Carbios to recycle waste PET plastics with enzymes
For this pilot, we are providing advisory, engineering, procurement and construction supervision services for Carbios’ Enzymatic Recycling Process.
Technip Energies inbound orders were
Assiut National Oil Processing Company Hydrocracking Complex (Egypt )
Major* engineering, procurement and construction (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 ; the Company will include the contract award in its inbound when all the requirements are fulfilled.
Technip Energies Estimated Backlog Scheduling as of (In millions) |
Consolidated |
Non-consolidated |
2020 (6 months) |
|
|
2021 |
|
|
2022 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) |
|
|
Change |
||
Revenue |
|
|
(42.5%) |
||
Operating profit (loss) |
|
|
n/m |
||
Adjusted EBITDA |
|
|
(82.2%) |
||
Adjusted EBITDA margin |
3.4 |
% |
11.1 |
% |
(770 bps) |
|
|
|
|
||
Inbound orders |
|
|
(55.0%) |
||
Backlog |
|
|
(9.5%) |
||
Surface Technologies reported second quarter revenue of
Surface Technologies reported an operating loss of
Inbound orders for the quarter were
Second Quarter Surface Technologies Highlights
- Integrated technologies (
United States )
Successful completion of well pad for a major operator in theMarcellus Shale utilizing our new fully integrated FracNow™ system, including our CyberFrac™ digital operating system. - Petronas (
Malaysia )
Awarded wellheads and trees for a high-rate gas field. - Hess Corporation (
United States )
Awarded flowback work in the Bakken shale, which utilizes our latest innovations in separation technology through our Automated Well Testing package in addition to other flow testing services. - Wellhead systems (
Middle East )
Received orders for wellheads, trees and services for both onshore and shallow water fields, including our unitized wellhead systems for sour gas applications.
Corporate and Other Items
Corporate expense in the quarter was
Foreign exchange gains and losses are now provided separately in the Company’s financial statements and are no longer included in Corporate expense. 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
The Company ended the period with cash and cash equivalents of
Liquidity
During the quarter, the Company added two new sources of liquidity including a £600 million European Commercial Paper Program under the
Additionally, the Company announced amendments to its revolving credit facility agreements allowing the add back of approximately
At the end of the second quarter, the Company had
2020 Full-Year Financial Guidance1
The Company’s full-year guidance for 2020 can be found in the table below.
All segment guidance assumes no further material degradation from COVID-19 related impacts.
2020 Guidance *Updated |
||||
|
||||
Subsea |
|
Technip Energies |
|
Surface Technologies |
Revenue in a range of |
|
Revenue in a range of |
|
Revenue in a range of |
|
|
|
|
|
EBITDA margin at least 8.5%* (excluding charges and credits) |
|
EBITDA margin at least 10% (excluding charges and credits) |
|
EBITDA margin at least 5.5%* (excluding charges and credits) |
|
||||
|
||||
Corporate expense, net* |
||||
|
||||
Net interest expense |
||||
(excluding the impact of revaluation of partners’ mandatorily redeemable financial liability) |
||||
|
||||
Tax provision, as reported* |
||||
|
||||
Capital expenditures approximately |
||||
|
||||
Free cash flow* |
||||
(cash flow from operations less capital expenditures) |
||||
|
12020 segment guidance is reflective of new business perimeters previously announced in 2019. Businesses with approximately
Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense (excluding the impact of revaluation of partners’ mandatorily redeemable financial liability) 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
Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.
Each of our approximately 37,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
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;
- risks associated with our ability to consummate our proposed separation and spin-off;
- 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 and Euroclear 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 |
|
Six Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
3,158.5 |
|
|
$ |
3,434.2 |
|
|
$ |
6,288.8 |
|
|
$ |
6,347.2 |
|
Costs and expenses |
3,054.4 |
|
|
3,120.6 |
|
|
9,320.7 |
|
|
5,898.8 |
|
||||
|
104.1 |
|
|
313.6 |
|
|
(3,031.9) |
|
|
448.4 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Other (expense) income, net |
3.3 |
|
|
(58.4) |
|
|
3.6 |
|
|
(70.7) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before net interest expense and income taxes |
107.4 |
|
|
255.2 |
|
|
(3,028.3) |
|
|
377.7 |
|
||||
Net interest expense |
(74.4) |
|
|
(140.6) |
|
|
(146.7) |
|
|
(228.8) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
33.0 |
|
|
114.6 |
|
|
(3,175.0) |
|
|
148.9 |
|
||||
Provision (benefit) for income taxes |
17.7 |
|
|
0.9 |
|
|
55.4 |
|
|
15.4 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
15.3 |
|
|
113.7 |
|
|
(3,230.4) |
|
|
133.5 |
|
||||
Net (income) loss attributable to non-controlling interests |
(3.6) |
|
|
(16.7) |
|
|
(14.0) |
|
|
(15.6) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
$ |
11.7 |
|
|
$ |
97.0 |
|
|
$ |
(3,244.4) |
|
|
$ |
117.9 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share attributable to |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.03 |
|
|
$ |
0.22 |
|
|
$ |
(7.24) |
|
|
$ |
0.26 |
|
Diluted |
$ |
0.03 |
|
|
$ |
0.21 |
|
|
$ |
(7.24) |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
448.3 |
|
|
447.5 |
|
|
447.9 |
|
|
447.7 |
|
||||
Diluted |
449.5 |
|
|
451.2 |
|
|
447.9 |
|
|
451.9 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per share |
$ |
— |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.26 |
|
Exhibit 2
BUSINESS SEGMENT DATA
(In millions)
|
(Unaudited) |
||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
1,378.5 |
|
|
$ |
1,508.7 |
|
|
$ |
2,631.6 |
|
|
$ |
2,694.0 |
|
Technip Energies |
1,538.3 |
|
|
1,505.0 |
|
|
3,086.0 |
|
|
2,840.1 |
|
||||
Surface Technologies |
241.7 |
|
|
420.5 |
|
|
571.2 |
|
|
813.1 |
|
||||
|
$ |
3,158.5 |
|
|
$ |
3,434.2 |
|
|
$ |
6,288.8 |
|
|
$ |
6,347.2 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Segment operating profit (loss) |
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
(75.6) |
|
|
$ |
94.6 |
|
|
$ |
(2,826.3) |
|
|
$ |
144.5 |
|
Technip Energies |
231.3 |
|
|
274.0 |
|
|
382.5 |
|
|
429.7 |
|
||||
Surface Technologies |
(13.4) |
|
|
25.5 |
|
|
(437.4) |
|
|
36.0 |
|
||||
Total segment operating profit (loss) |
142.3 |
|
|
394.1 |
|
|
(2,881.2) |
|
|
610.2 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate items |
|
|
|
|
|
|
|
||||||||
Corporate expense (1) |
(29.1) |
|
|
(120.9) |
|
|
(98.0) |
|
|
(202.9) |
|
||||
Net interest expense |
(74.4) |
|
|
(140.6) |
|
|
(146.7) |
|
|
(228.8) |
|
||||
Foreign exchange loss |
(5.8) |
|
|
(18.0) |
|
|
(49.1) |
|
|
(29.6) |
|
||||
Total corporate items |
(109.3) |
|
|
(279.5) |
|
|
(293.8) |
|
|
(461.3) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes (2) |
$ |
33.0 |
|
|
$ |
114.6 |
|
|
$ |
(3,175.0) |
|
|
$ |
148.9 |
|
(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 |
|
Six Months Ended |
||||||||||||
Inbound Orders (1) |
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
511.7 |
|
|
$ |
2,632.7 |
|
|
$ |
1,683.8 |
|
|
$ |
5,310.4 |
|
Technip Energies |
835.8 |
|
|
8,131.2 |
|
|
1,396.4 |
|
|
11,270.0 |
|
||||
Surface Technologies |
187.1 |
|
|
415.7 |
|
|
553.4 |
|
|
783.6 |
|
||||
Total inbound orders |
$ |
1,534.6 |
|
|
$ |
11,179.6 |
|
|
$ |
3,633.6 |
|
|
$ |
17,364.0 |
|
Order Backlog (2) |
|
||||||
|
2020 |
|
2019 |
||||
|
|
|
|
||||
Subsea |
$ |
7,085.3 |
|
|
$ |
8,747.0 |
|
Technip Energies |
13,132.6 |
|
|
16,608.3 |
|
||
Surface Technologies |
385.9 |
|
|
426.6 |
|
||
Total order backlog |
$ |
20,603.8 |
|
|
$ |
25,781.9 |
|
(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 |
$ |
4,809.5 |
|
|
$ |
5,190.2 |
|
Trade receivables, net |
2,226.1 |
|
|
2,287.1 |
|
||
Contract assets |
1,414.4 |
|
|
1,520.0 |
|
||
Inventories, net |
1,370.2 |
|
|
1,416.0 |
|
||
Other current assets |
1,661.5 |
|
|
1,473.1 |
|
||
Total current assets |
11,481.7 |
|
|
11,886.4 |
|
||
|
|
|
|
||||
Property, plant and equipment, net |
2,850.8 |
|
|
3,162.0 |
|
||
|
2,470.7 |
|
|
5,598.3 |
|
||
Intangible assets, net |
1,026.9 |
|
|
1,086.6 |
|
||
Other assets |
1,764.3 |
|
|
1,785.5 |
|
||
Total assets |
$ |
19,594.4 |
|
|
$ |
23,518.8 |
|
|
|
|
|
||||
Short-term debt and current portion of long-term debt |
$ |
524.1 |
|
|
$ |
495.4 |
|
Accounts payable, trade |
2,476.1 |
|
|
2,659.8 |
|
||
Contract liabilities |
4,685.4 |
|
|
4,585.1 |
|
||
Other current liabilities |
2,212.0 |
|
|
2,398.1 |
|
||
Total current liabilities |
9,897.6 |
|
|
10,138.4 |
|
||
|
|
|
|
||||
Long-term debt, less current portion |
3,982.9 |
|
|
3,980.0 |
|
||
Other liabilities |
1,497.2 |
|
|
1,671.2 |
|
||
Redeemable non-controlling interest |
41.1 |
|
|
41.1 |
|
||
|
4,141.1 |
|
|
7,659.3 |
|
||
Non-controlling interests |
34.5 |
|
|
28.8 |
|
||
Total liabilities and equity |
$ |
19,594.4 |
|
|
$ |
23,518.8 |
|
Exhibit 5
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
|
(Unaudited) |
||||||
|
Six Months Ended |
||||||
|
|||||||
2020 |
|
2019 |
|||||
Cash provided (required) by operating activities |
|
|
|
||||
Net income (loss) |
$ |
(3,230.4) |
|
|
$ |
133.5 |
|
Adjustments to reconcile net income to cash provided (required) by operating activities |
|
|
|
||||
Depreciation |
166.0 |
|
|
176.2 |
|
||
Amortization |
61.0 |
|
|
60.7 |
|
||
Impairments |
3,221.7 |
|
|
1.2 |
|
||
Employee benefit plan and share-based compensation costs |
36.2 |
|
|
37.6 |
|
||
Deferred income tax provision (benefit), net |
(42.8) |
|
|
(127.5) |
|
||
Unrealized loss on derivative instruments and foreign exchange |
4.2 |
|
|
27.5 |
|
||
Income from equity affiliates, net of dividends received |
(36.9) |
|
|
(24.1) |
|
||
Other |
112.3 |
|
|
233.3 |
|
||
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
|
||||
Trade receivables, net and contract assets |
(10.4) |
|
|
(82.8) |
|
||
Inventories, net |
(58.7) |
|
|
(134.9) |
|
||
Accounts payable, trade |
(41.1) |
|
|
(105.0) |
|
||
Contract liabilities |
147.5 |
|
|
274.2 |
|
||
Income taxes payable (receivable), net |
17.1 |
|
|
(68.4) |
|
||
Other current assets and liabilities, net |
(414.8) |
|
|
(240.6) |
|
||
Other noncurrent assets and liabilities, net |
3.1 |
|
|
34.6 |
|
||
Cash provided (required) by operating activities |
(66.0) |
|
|
195.5 |
|
||
|
|
|
|
||||
Cash provided (required) by investing activities |
|
|
|
||||
Capital expenditures |
(177.7) |
|
|
(270.5) |
|
||
Payment to acquire debt securities |
— |
|
|
(59.7) |
|
||
Proceeds from sale of debt securities |
— |
|
|
18.9 |
|
||
Cash received from divestiture |
2.5 |
|
|
— |
|
||
Proceeds from sale of assets |
25.4 |
|
|
1.3 |
|
||
Proceeds from repayment of advance to joint venture |
12.5 |
|
|
22.5 |
|
||
Cash required by investing activities |
(137.3) |
|
|
(287.5) |
|
||
|
|
|
|
||||
Cash required by financing activities |
|
|
|
||||
Net increase (decrease) in short-term debt |
21.6 |
|
|
(17.9) |
|
||
Net decrease in commercial paper |
(112.9) |
|
|
(479.5) |
|
||
Proceeds from issuance of long-term debt |
163.6 |
|
|
96.2 |
|
||
Purchase of ordinary shares |
— |
|
|
(90.1) |
|
||
Dividends paid |
(59.2) |
|
|
(116.6) |
|
||
Payments related to taxes withheld on share-based compensation |
(6.4) |
|
|
— |
|
||
Settlements of mandatorily redeemable financial liability |
(135.3) |
|
|
(220.6) |
|
||
Cash required by financing activities |
(128.6) |
|
|
(828.5) |
|
||
Effect of changes in foreign exchange rates on cash and cash equivalents |
(48.8) |
|
|
1.8 |
|
||
Decrease in cash and cash equivalents |
(380.7) |
|
|
(918.7) |
|
||
Cash and cash equivalents, beginning of period |
5,190.2 |
|
|
5,540.0 |
|
||
Cash and cash equivalents, end of period |
$ |
4,809.5 |
|
|
$ |
4,621.3 |
|
Exhibit 6
CASH AND CASH EQUIVALENTS
(In billions, unaudited)
|
|
||
|
2020 |
||
Held by joint ventures |
$ |
2.8 |
|
Operating cash and cash equivalents |
2.0 |
|
|
Total cash and cash equivalents |
$ |
4.8 |
|
Exhibit 7
BUSINESS SEGMENT DATA FOR YAMAL LNG JOINT VENTURE
(In millions, unaudited)
We control 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 |
$ |
1,096.9 |
|
Mandatorily redeemable financial liability |
$ |
219.8 |
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
|
|
||||
|
2020 |
|
2020 |
||||
Cash provided by operating activities |
$ |
(20.7) |
|
|
$ |
(50.9) |
|
Settlements of mandatorily redeemable financial liability |
$ |
(131.1) |
|
|
$ |
(135.3) |
|
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 |
|
Net income |
|
Provision for |
|
Net interest |
|
Income before |
|
Depreciation and |
|
Earnings before |
||||||||||||||
|
$ |
11.7 |
|
|
$ |
3.6 |
|
|
$ |
17.7 |
|
|
$ |
74.4 |
|
|
$ |
107.4 |
|
|
$ |
106.6 |
|
|
$ |
214.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
53.5 |
|
|
— |
|
|
(19.8) |
|
|
— |
|
|
33.7 |
|
|
— |
|
|
33.7 |
|
|||||||
Restructuring and other charges |
47.6 |
|
|
— |
|
|
2.6 |
|
|
— |
|
|
50.2 |
|
|
— |
|
|
50.2 |
|
|||||||
Direct COVID-19 expenses |
47.8 |
|
|
— |
|
|
8.6 |
|
|
— |
|
|
56.4 |
|
|
— |
|
|
56.4 |
|
|||||||
Litigation settlement |
(113.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(113.2) |
|
|
— |
|
|
(113.2) |
|
|||||||
Valuation allowance |
(5.2) |
|
|
— |
|
|
5.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
42.2 |
|
|
$ |
3.6 |
|
|
$ |
14.3 |
|
|
$ |
74.4 |
|
|
$ |
134.5 |
|
|
$ |
106.6 |
|
|
$ |
241.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Net income |
|
Net income |
|
Provision (benefit) |
|
Net interest |
|
Income before |
|
Depreciation and |
|
Earnings before |
||||||||||||||
|
$ |
97.0 |
|
|
$ |
16.7 |
|
|
$ |
0.9 |
|
|
$ |
140.6 |
|
|
$ |
255.2 |
|
|
$ |
117.5 |
|
|
$ |
372.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
0.4 |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
0.5 |
|
|||||||
Restructuring and other severance charges |
6.7 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.7 |
|
|
— |
|
|
8.7 |
|
|||||||
Business combination transaction and integration costs |
9.8 |
|
|
— |
|
|
3.1 |
|
|
— |
|
|
12.9 |
|
|
— |
|
|
12.9 |
|
|||||||
Legal provision, net |
55.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
— |
|
|
55.2 |
|
|||||||
Purchase price accounting adjustment |
6.5 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.5 |
|
|
(8.5) |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
175.6 |
|
|
$ |
16.7 |
|
|
$ |
8.1 |
|
|
$ |
140.6 |
|
|
$ |
341.0 |
|
|
$ |
109.0 |
|
|
$ |
450.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per share attributable to |
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Six Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Net income |
|
Net income |
|
Provision |
|
Net interest |
|
Income (loss) |
|
Depreciation and |
|
Earnings before |
||||||||||||||
|
$ |
(3,244.4) |
|
|
$ |
14.0 |
|
|
$ |
55.4 |
|
|
$ |
146.7 |
|
|
$ |
(3,028.3) |
|
|
$ |
227.0 |
|
|
$ |
(2,801.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
3,213.4 |
|
|
— |
|
|
8.3 |
|
|
— |
|
|
3,221.7 |
|
|
— |
|
|
3,221.7 |
|
|||||||
Restructuring and other charges |
56.2 |
|
|
— |
|
|
5.4 |
|
|
— |
|
|
61.6 |
|
|
— |
|
|
61.6 |
|
|||||||
Direct COVID-19 expenses |
54.6 |
|
|
— |
|
|
10.8 |
|
|
— |
|
|
65.4 |
|
|
— |
|
|
65.4 |
|
|||||||
Litigation settlement |
(113.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(113.2) |
|
|
— |
|
|
(113.2) |
|
|||||||
Separation costs |
20.2 |
|
|
— |
|
|
6.9 |
|
|
— |
|
|
27.1 |
|
|
— |
|
|
27.1 |
|
|||||||
Purchase price accounting adjustment |
6.5 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.5 |
|
|
(8.5) |
|
|
— |
|
|||||||
Valuation allowance |
(0.2) |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
(6.9) |
|
|
$ |
14.0 |
|
|
$ |
89.0 |
|
|
$ |
146.7 |
|
|
$ |
242.8 |
|
|
$ |
218.5 |
|
|
$ |
461.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(7.24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
(0.02) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Six Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Net income |
|
Net income |
|
Provision |
|
Net interest |
|
Income (loss) |
|
Depreciation and |
|
Earnings before |
||||||||||||||
|
$ |
117.9 |
|
|
$ |
15.6 |
|
|
$ |
15.4 |
|
|
$ |
228.8 |
|
|
$ |
377.7 |
|
|
$ |
236.9 |
|
|
$ |
614.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
0.9 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
1.2 |
|
|||||||
Restructuring and other severance charges |
18.3 |
|
|
— |
|
|
6.2 |
|
|
— |
|
|
24.5 |
|
|
— |
|
|
24.5 |
|
|||||||
Business combinations transaction and integration costs |
18.7 |
|
|
— |
|
|
6.3 |
|
|
— |
|
|
25.0 |
|
|
— |
|
|
25.0 |
|
|||||||
Reorganization |
19.2 |
|
|
— |
|
|
6.1 |
|
|
— |
|
|
25.3 |
|
|
— |
|
|
25.3 |
|
|||||||
Legal provision, net |
55.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
— |
|
|
55.2 |
|
|||||||
Purchase price accounting adjustment |
13.0 |
|
|
— |
|
|
4.0 |
|
|
— |
|
|
17.0 |
|
|
(17.0) |
|
|
— |
|
|||||||
Valuation allowance |
(40.3) |
|
|
— |
|
|
40.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
202.9 |
|
|
$ |
15.6 |
|
|
$ |
78.6 |
|
|
$ |
228.8 |
|
|
$ |
525.9 |
|
|
$ |
219.9 |
|
|
$ |
745.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 10
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip |
|
Surface |
|
Corporate |
|
Foreign |
|
Total |
||||||||||||
Revenue |
$ |
1,378.5 |
|
|
$ |
1,538.3 |
|
|
$ |
241.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,158.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(75.6) |
|
|
$ |
231.3 |
|
|
$ |
(13.4) |
|
|
$ |
(29.1) |
|
|
$ |
(5.8) |
|
|
$ |
107.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
32.5 |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
— |
|
|
33.7 |
|
||||||
Restructuring and other charges |
35.9 |
|
|
11.1 |
|
|
1.3 |
|
|
1.9 |
|
|
— |
|
|
50.2 |
|
||||||
Direct COVID-19 expenses |
27.4 |
|
|
24.8 |
|
|
4.2 |
|
|
— |
|
|
— |
|
|
56.4 |
|
||||||
Litigation settlement |
— |
|
|
(113.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(113.2) |
|
||||||
Subtotal |
95.8 |
|
|
(77.3) |
|
|
6.7 |
|
|
1.9 |
|
|
— |
|
|
27.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
20.2 |
|
|
154.0 |
|
|
(6.7) |
|
|
(27.2) |
|
|
(5.8) |
|
|
134.5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
79.4 |
|
|
8.6 |
|
|
15.0 |
|
|
3.6 |
|
|
— |
|
|
106.6 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
99.6 |
|
|
$ |
162.6 |
|
|
$ |
8.3 |
|
|
$ |
(23.6) |
|
|
$ |
(5.8) |
|
|
$ |
241.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-5.5 |
% |
|
15.0 |
% |
|
-5.5 |
% |
|
|
|
|
|
3.4 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
1.5 |
% |
|
10.0 |
% |
|
-2.8 |
% |
|
|
|
|
|
4.3 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
7.2 |
% |
|
10.6 |
% |
|
3.4 |
% |
|
|
|
|
|
7.6 |
% |
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip |
|
Surface |
|
Corporate |
|
Foreign |
|
Total |
||||||||||||
Revenue |
$ |
1,508.7 |
|
|
$ |
1,505.0 |
|
|
$ |
420.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,434.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
94.6 |
|
|
$ |
274.0 |
|
|
$ |
25.5 |
|
|
$ |
(120.9) |
|
|
$ |
(18.0) |
|
|
$ |
255.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
(0.1) |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
— |
|
|
0.5 |
|
||||||
Restructuring and other severance charges |
4.6 |
|
|
2.1 |
|
|
0.6 |
|
|
1.4 |
|
|
— |
|
|
8.7 |
|
||||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
12.9 |
|
|
— |
|
|
12.9 |
|
||||||
Legal provision, net |
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
— |
|
|
55.2 |
|
||||||
Purchase price accounting adjustments - amortization related |
8.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8.5 |
|
||||||
Subtotal |
13.0 |
|
|
2.1 |
|
|
1.2 |
|
|
69.5 |
|
|
— |
|
|
85.8 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
107.6 |
|
|
276.1 |
|
|
26.7 |
|
|
(51.4) |
|
|
(18.0) |
|
|
341.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
78.6 |
|
|
5.8 |
|
|
20.0 |
|
|
4.6 |
|
|
— |
|
|
109.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
186.2 |
|
|
$ |
281.9 |
|
|
$ |
46.7 |
|
|
$ |
(46.8) |
|
|
$ |
(18.0) |
|
|
$ |
450.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
6.3 |
% |
|
18.2 |
% |
|
6.1 |
% |
|
|
|
|
|
7.4 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
7.1 |
% |
|
18.3 |
% |
|
6.3 |
% |
|
|
|
|
|
9.9 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
12.3 |
% |
|
18.7 |
% |
|
11.1 |
% |
|
|
|
|
|
13.1 |
% |
Exhibit 11
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Six Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip |
|
Surface |
|
Corporate |
|
Foreign |
|
Total |
||||||||||||
Revenue |
$ |
2,631.6 |
|
|
$ |
3,086.0 |
|
|
$ |
571.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,288.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(2,826.3) |
|
|
$ |
382.5 |
|
|
$ |
(437.4) |
|
|
$ |
(98.0) |
|
|
$ |
(49.1) |
|
|
$ |
(3,028.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
2,809.0 |
|
|
— |
|
|
412.7 |
|
|
— |
|
|
— |
|
|
3,221.7 |
|
||||||
Restructuring and other charges* |
29.0 |
|
|
14.0 |
|
|
13.1 |
|
|
5.5 |
|
|
— |
|
|
61.6 |
|
||||||
Direct COVID-19 expenses |
31.4 |
|
|
28.7 |
|
|
5.3 |
|
|
— |
|
|
— |
|
|
65.4 |
|
||||||
Litigation settlement |
— |
|
|
(113.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(113.2) |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
27.1 |
|
|
— |
|
|
27.1 |
|
||||||
Purchase price accounting adjustments |
8.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8.5 |
|
||||||
Subtotal |
2,877.9 |
|
|
(70.5) |
|
|
431.1 |
|
|
32.6 |
|
|
— |
|
|
3,271.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
51.6 |
|
|
312.0 |
|
|
(6.3) |
|
|
(65.4) |
|
|
(49.1) |
|
|
242.8 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
152.8 |
|
|
17.7 |
|
|
39.1 |
|
|
8.9 |
|
|
— |
|
|
218.5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
204.4 |
|
|
$ |
329.7 |
|
|
$ |
32.8 |
|
|
$ |
(56.5) |
|
|
$ |
(49.1) |
|
|
$ |
461.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-107.4 |
% |
|
12.4 |
% |
|
-76.6 |
% |
|
|
|
|
|
-48.2 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
2.0 |
% |
|
10.1 |
% |
|
-1.1 |
% |
|
|
|
|
|
3.9 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
7.8 |
% |
|
10.7 |
% |
|
5.7 |
% |
|
|
|
|
|
7.3 |
% |
*On
|
Six Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip |
|
Surface |
|
Corporate |
|
Foreign |
|
Total |
||||||||||||
Revenue |
$ |
2,694.0 |
|
|
$ |
2,840.1 |
|
|
$ |
813.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,347.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
144.5 |
|
|
$ |
429.7 |
|
|
$ |
36.0 |
|
|
$ |
(202.9) |
|
|
$ |
(29.6) |
|
|
$ |
377.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
0.6 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
— |
|
|
1.2 |
|
||||||
Restructuring and other severance charges |
6.2 |
|
|
5.9 |
|
|
2.1 |
|
|
10.3 |
|
|
— |
|
|
24.5 |
|
||||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
25.0 |
|
|
— |
|
|
25.0 |
|
||||||
Reorganization |
— |
|
|
25.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
25.3 |
|
||||||
Legal provision, net |
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
— |
|
|
55.2 |
|
||||||
Purchase price accounting adjustments - amortization related |
17.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17.0 |
|
||||||
Subtotal |
23.8 |
|
|
31.2 |
|
|
2.7 |
|
|
90.5 |
|
|
— |
|
|
148.2 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
168.3 |
|
|
460.9 |
|
|
38.7 |
|
|
(112.4) |
|
|
(29.6) |
|
|
525.9 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
157.6 |
|
|
15.8 |
|
|
38.1 |
|
|
8.4 |
|
|
— |
|
|
219.9 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
325.9 |
|
|
$ |
476.7 |
|
|
$ |
76.8 |
|
|
$ |
(104.0) |
|
|
$ |
(29.6) |
|
|
$ |
745.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
5.4 |
% |
|
15.1 |
% |
|
4.4 |
% |
|
|
|
|
|
6.0 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
6.2 |
% |
|
16.2 |
% |
|
4.8 |
% |
|
|
|
|
|
8.3 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
12.1 |
% |
|
16.8 |
% |
|
9.4 |
% |
|
|
|
|
|
11.8 |
% |
Exhibit 12
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
4,809.5 |
|
|
$ |
4,999.4 |
|
|
$ |
5,190.2 |
|
Short-term debt and current portion of long-term debt |
(524.1) |
|
|
(586.7) |
|
|
(495.4) |
|
|||
Long-term debt, less current portion |
(3,982.9) |
|
|
(3,823.9) |
|
|
(3,980.0) |
|
|||
Net cash |
$ |
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20200729005934/en/
Contacts
Investor relations
Vice President Investor Relations
Tel: +1 281 260 3665
Email:
Director Investor Relations (
Tel: +44 (0) 20 3429 3929
Email:
Media relations
Senior Vice President Corporate Engagement
Tel: +33 1 47 78 39 92
Email: Christophe Belorgeot
Public Relations Director
Tel: +1 281 591 4108
Email:
Source: