- Solid operational results driven by strong execution across all segments
Total Company inbound orders of$2.2 billion ; Subsea book-to-bill of 1.1- Resilient backlog of
$19.6 billion ;$9.4 billion scheduled in 2021 - Achieved targeted cost savings of more than
$350 million ahead of schedule - Cash flow from operations of
$168 million ; free cash flow of$95 million
U.S. GAAP diluted loss per share was$0.01 - Includes total after-tax charges, net of credits, of
$0.17 per diluted share
- Includes total after-tax charges, net of credits, of
- Adjusted diluted earnings per share, excluding charges and credits, was
$0.16 - Includes foreign exchange gains of
$0.02 per diluted share - Includes expense resulting from increased liability to joint venture partners of
$0.14 per diluted share
- Includes foreign exchange gains of
Summary Financial Statements - Third Quarter 2020
Reconciliation of
Three Months Ended (In millions, except per share amounts) |
2020 |
|
Change |
Revenue |
|
|
0.0% |
Net income (loss) |
|
|
n/m |
Diluted earnings (loss) per share |
|
|
n/m |
|
|
|
|
Adjusted EBITDA |
|
|
(15.3%) |
Adjusted EBITDA margin |
9.6 % |
11.4 % |
(180 bps) |
Adjusted net income |
|
|
34.2% |
Adjusted diluted earnings per share |
|
|
33.3% |
|
|
|
|
Inbound orders |
|
|
(14.7%) |
Backlog |
|
|
(18.5%) |
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Pferdehirt added, “As our clients continue to re-prioritize their portfolio investments, we have seen an increase in our award activity. Inbound orders of more than
“Technip Energies secured an EPC contract for the
“And in Surface Technologies, we continued to leverage the strength and resilience of our international franchise with two important growth opportunities captured in the
“We continued to accelerate our cost reduction efforts and have already achieved the full targeted run-rate savings of more than
“Digital is another key enabler of our business transformation. We continue to apply digital technologies to enhance our customer offering and expand our market leadership. With Subsea Studio™, we are leveraging our proprietary global database of projects to rapidly evaluate field development scenarios, which enables our ability to utilize machine learning and artificial intelligence. And our integrated and digitally enabled iComplete™ offering for surface well completions is providing significant cost and efficiency benefits with a dramatic reduction in components, connections and operating costs. Since product launch, we have achieved broad customer acceptance, leading to market share gains.”
Pferdehirt continued, “Our energy transition expertise across all segments will support our clients’ efforts to meet their carbon reduction ambitions. We recently announced a strategic collaboration to accelerate the development of green hydrogen technologies with McPhy – a leading manufacturer of equipment used in the production and distribution of green hydrogen. We are a leader in hydrogen today, and with McPhy, we are bringing our core competencies in technology, engineering, integration and project execution to develop large scale and competitive green hydrogen solutions.”
Pferdehirt concluded, “In the midst of an extremely challenging time, the women and men of
Operational and Financial Highlights - Third Quarter 2020
Subsea |
Financial Highlights
Reconciliation of
Three Months Ended (In millions) |
2020 |
2019 |
Change |
Revenue |
|
|
11.9% |
Operating profit (loss) |
|
|
n/m |
Adjusted EBITDA |
|
|
5.0% |
Adjusted EBITDA margin |
9.7 % |
10.4 % |
(70 bps) |
|
|
|
|
Inbound orders |
|
|
6.4% |
Backlog |
|
|
(16.6%) |
Subsea reported third quarter revenue of
Subsea reported an operating profit of
Adjusted EBITDA was
Third Quarter Subsea Highlights
- Neptune Energy Fenja iEPCI™ (
Norway )
Began installation of electrically trace heated pipe-in-pipe.
BP Atlantis Phase 3 iEPCI™ (United States )
Helped client achieve fast track start-up.
- Woodside Pyxis iEPCI™ (
Australia )
Successful installation of two Subsea 2.0™ trees.
- Shell BC-10 (
Brazil )
Successful installation of Subsea 2.0™ tree; well is now operational and producing.
Subsea inbound orders were
- Libra Consortium’s Mero 2 Project (
Brazil )
Large* contract from theLibra Consortium for the Mero 2 project, operated by Petrobras. The contract covers the engineering, procurement, construction, installation and pre-commissioning of the infield rigid riser and flowlines for production, including the water alternating gas wells. It also comprises the installation and pre-commissioning of service flexible lines and steel tube umbilicals, as well as towing and hook-up of the floating production storage and offloading unit (FPSO).
*A “large” award ranges between$500 million and$1 billion .
ExxonMobil Payara Project (Guyana )
Large* contract for the subsea system for the Payara project inGuyana from ExxonMobil subsidiaryEsso Exploration and Production Guyana Limited . The contract covers the manufacture and delivery of the subsea production system, including 41 enhanced vertical deep water trees and associated tooling, six flexible risers and 10 manifolds along with associated controls and tie-in development.
*A “large” award ranges between$500 million and$1 billion .
Subsea Estimated Backlog Scheduling as of (In millions) |
Consolidated |
Non- |
2020 (3 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 |
|
|
0.7% |
Operating profit |
|
|
(54.5%) |
Adjusted EBITDA |
|
|
(42.6%) |
Adjusted EBITDA margin |
10.9 % |
19.1 % |
(820 bps) |
|
|
|
|
Inbound orders |
|
|
(40.7%) |
Backlog |
|
|
(19.8%) |
Technip Energies reported third quarter revenue of
Technip Energies reported operating profit of
Third Quarter Technip Energies Highlights
- Arctic LNG 2 (
Russia )
Construction progressing at all yards inChina and on-site in the Gydan peninsula.
- Eni Coral South FLNG (
Mozambique )
Seven out of thirteen modules were installed on the hull inSouth Korea , confirming the good progress of the module lifting campaign and integration phase.
- Dow Chemical Company LHC-9 (
United States )
Our technology and design expertise have helped Dow achieve well over 2,000 KTA capacity at their newU.S. Gulf Coast steam cracker, the largest operating ethylene unit in the world.
Partnership and Alliance Highlights
- LanzaTech Sustainable Aviation Fuel Biorefinery (
United States )
TechnipFMC’s proprietary Hummingbird® ethanol-to-ethylene technology has been selected byLanzaTech for a key application which, when combined with LanzaTech’s Alcohol-to-Jet (ATJ) technology, can be used to manufacture sustainable aviation fuel (SAF) using ethanol as raw material. These sustainable technologies will be deployed in a first commercial demonstration-scale integrated biorefinery at LanzaTech’sFreedom Pines site inGeorgia ,U.S. , that will produce 10 million gallons per year of SAF and renewable diesel starting from sustainable ethanol sources.
Technip Energies inbound orders were
- Shell Moerdijk Plant Ethylene Furnaces Modernization (
Netherlands )
Significant* Engineering, Procurement and module Fabrication (EPF) contract from Shell Moerdijk for proprietary equipment and related services for eight ethylene furnaces at the Moerdijk petrochemicals complex. The new furnaces will utilize TechnipFMC’s innovative multi-line radiant coil design and will replace 16 older units without reducing capacity at the facility, while increasing energy efficiency and reducing greenhouse gas emissions.
*A “significant” award ranges between$75 million and$250 million .
- Sakhalin-1 Russian Far East LNG Plant (
Russian Federation )
Awarded FEED contract byExxon Neftegas Ltd for the 6.2Mtpa LNG plant to be built in De-Kastri, Khabarovsk Krai inRussia . This award demonstrates our leadership in engineering services and EPC for significant LNG projects.
- Qatar CO2 Sequestration (
Qatar )
Awarded the engineering study and pre-FEED contract for a 5Mtpa CO2 project inQatar ; this is the largest carbon recovery and sequestration facility in the region.
- Hydrogen Generation (
U.K. North Sea )
Genesis has been awarded a concept study which aims to identify clean gas-to-hydrogen generation from natural gas in theNorth Sea .
Technip Energies Estimated Backlog Scheduling as of (In millions) |
Consolidated |
Non- |
2020 (3 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) |
2020 |
|
Change |
Revenue |
|
|
(43.1%) |
Operating profit (loss) |
|
|
n/m |
Adjusted EBITDA |
|
|
(61.0%) |
Adjusted EBITDA margin |
7.7 % |
11.2 % |
(350 bps) |
|
|
|
|
Inbound orders |
|
|
(48.7%) |
Backlog |
|
|
(13.9%) |
Surface Technologies reported third quarter revenue of
Surface Technologies reported an operating loss of
Inbound orders for the quarter were
Third Quarter Surface Technologies Highlights
- 5-year frame agreement (
Oman )
Received orders for wellheads, trees and services as part of a new 5-year frame agreement with Petrogas Rima.
- High-specification equipment and services (
Kuwait )
Nominated to supply high-specification gas equipment and in-country services for client’s 20 well program.
- Expansion of offerings (
United Arab Emirates )
Received a services award for maintenance of wellheads and trees from Crescent Petroleum for its Nahrwan field; successfully completed the installation of trees as part of Total’s Diyab Unconventional Exploration project.
- Successful commercialization of iComplete™ system (
United States )
Secured awards from operators in all majorU.S. basins for our iComplete™ system offering for surface well completions.
- Orders for new UH-5 Unihead® wellhead systems (
Malaysia )
Received orders withCarigali Hess Operating Company (CHOC) in support of its migration to our new standard wellhead products which reduce installation time, improve safety and minimize customers’ non-productive time.
Corporate and Other Items
Corporate expense in the quarter was
Foreign exchange gains 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
2020 Full-Year Financial Guidance1
The Company’s full-year guidance for 2020 can be found in the table below. No updates were made to the previous guidance that was issued on
All segment guidance assumes no further material degradation from COVID-19-related impacts.
2020 Guidance |
||||
|
||||
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 |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
3,335.7 |
|
|
$ |
3,335.1 |
|
|
$ |
9,624.5 |
|
|
$ |
9,682.3 |
|
Costs and expenses |
3,255.0 |
|
|
3,221.0 |
|
|
12,575.7 |
|
|
9,119.8 |
|
||||
|
80.7 |
|
|
114.1 |
|
|
(2,951.2) |
|
|
562.5 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Other (expense) income, net |
40.0 |
|
|
(31.8) |
|
|
43.6 |
|
|
(102.5) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before net interest expense and income taxes |
120.7 |
|
|
82.3 |
|
|
(2,907.6) |
|
|
460.0 |
|
||||
Net interest expense |
(91.8) |
|
|
(116.5) |
|
|
(238.5) |
|
|
(345.3) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
28.9 |
|
|
(34.2) |
|
|
(3,146.1) |
|
|
114.7 |
|
||||
Provision for income taxes |
22.5 |
|
|
81.1 |
|
|
77.9 |
|
|
96.5 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
6.4 |
|
|
(115.3) |
|
|
(3,224.0) |
|
|
18.2 |
|
||||
Net income attributable to non-controlling interests |
(10.3) |
|
|
(3.8) |
|
|
(24.3) |
|
|
(19.4) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to |
$ |
(3.9) |
|
|
$ |
(119.1) |
|
|
$ |
(3,248.3) |
|
|
$ |
(1.2) |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share attributable to |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.01) |
|
|
$ |
(0.27) |
|
|
$ |
(7.24) |
|
|
$ |
— |
|
Diluted |
$ |
(0.01) |
|
|
$ |
(0.27) |
|
|
$ |
(7.24) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
449.4 |
|
|
446.9 |
|
|
448.4 |
|
|
448.6 |
|
||||
Diluted |
449.4 |
|
|
446.9 |
|
|
448.4 |
|
|
448.6 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per share |
$ |
— |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.39 |
|
Exhibit 2 |
|||||||||||||||
BUSINESS SEGMENT DATA (In millions) |
|||||||||||||||
|
(Unaudited) |
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
1,501.8 |
|
|
$ |
1,342.2 |
|
|
$ |
4,133.4 |
|
|
$ |
4,036.2 |
|
Technip Energies |
1,608.2 |
|
|
1,596.3 |
|
|
4,694.2 |
|
|
4,436.4 |
|
||||
Surface Technologies |
225.7 |
|
|
396.6 |
|
|
796.9 |
|
|
1,209.7 |
|
||||
|
$ |
3,335.7 |
|
|
$ |
3,335.1 |
|
|
$ |
9,624.5 |
|
|
$ |
9,682.3 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Segment operating profit (loss) |
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
20.3 |
|
|
$ |
(79.6) |
|
|
$ |
(2,806.0) |
|
|
$ |
65.0 |
|
Technip Energies |
129.5 |
|
|
284.6 |
|
|
512.0 |
|
|
714.3 |
|
||||
Surface Technologies |
(7.0) |
|
|
6.1 |
|
|
(444.4) |
|
|
42.1 |
|
||||
Total segment operating profit (loss) |
142.8 |
|
|
211.1 |
|
|
(2,738.4) |
|
|
821.4 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate items |
|
|
|
|
|
|
|
||||||||
Corporate expense (1) |
(27.7) |
|
|
(75.6) |
|
|
(125.7) |
|
|
(278.6) |
|
||||
Net interest expense |
(91.8) |
|
|
(116.5) |
|
|
(238.5) |
|
|
(345.3) |
|
||||
Foreign exchange gains (losses) |
5.6 |
|
|
(53.2) |
|
|
(43.5) |
|
|
(82.8) |
|
||||
Total corporate items |
(113.9) |
|
|
(245.3) |
|
|
(407.7) |
|
|
(706.7) |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes (2) |
$ |
28.9 |
|
|
$ |
(34.2) |
|
|
$ |
(3,146.1) |
|
|
$ |
114.7 |
|
(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 |
|
Nine Months Ended |
||||||||||||
Inbound Orders (1) |
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
1,607.1 |
|
|
$ |
1,509.9 |
|
|
$ |
3,290.9 |
|
|
$ |
6,820.3 |
|
Technip Energies |
412.8 |
|
|
696.0 |
|
|
1,809.2 |
|
|
11,966.0 |
|
||||
Surface Technologies |
207.5 |
|
|
404.7 |
|
|
760.9 |
|
|
1,188.3 |
|
||||
Total inbound orders |
$ |
2,227.4 |
|
|
$ |
2,610.6 |
|
|
$ |
5,861.0 |
|
|
$ |
19,974.6 |
|
Order Backlog (2) |
|
||||||
|
2020 |
|
2019 |
||||
|
|
|
|
||||
Subsea |
$ |
7,218.0 |
|
|
$ |
8,655.8 |
|
Technip Energies |
12,059.2 |
|
|
15,030.8 |
|
||
Surface Technologies |
368.9 |
|
|
428.7 |
|
||
Total order backlog |
$ |
19,646.1 |
|
|
$ |
24,115.3 |
|
(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 |
$ |
4,244.0 |
|
|
$ |
5,190.2 |
|
Trade receivables, net |
2,127.8 |
|
|
2,287.1 |
|
||
Contract assets |
1,470.0 |
|
|
1,520.0 |
|
||
Inventories, net |
1,339.1 |
|
|
1,416.0 |
|
||
Other current assets |
1,853.2 |
|
|
1,473.1 |
|
||
Total current assets |
11,034.1 |
|
|
11,886.4 |
|
||
|
|
|
|
||||
Property, plant and equipment, net |
2,806.4 |
|
|
3,162.0 |
|
||
|
2,488.7 |
|
|
5,598.3 |
|
||
Intangible assets, net |
1,002.3 |
|
|
1,086.6 |
|
||
Other assets |
1,579.7 |
|
|
1,785.5 |
|
||
Total assets |
$ |
18,911.2 |
|
|
$ |
23,518.8 |
|
|
|
|
|
||||
Short-term debt and current portion of long-term debt |
$ |
612.2 |
|
|
$ |
495.4 |
|
Accounts payable, trade |
2,498.4 |
|
|
2,659.8 |
|
||
Contract liabilities |
4,643.4 |
|
|
4,585.1 |
|
||
Other current liabilities |
2,263.2 |
|
|
2,398.1 |
|
||
Total current liabilities |
10,017.2 |
|
|
10,138.4 |
|
||
|
|
|
|
||||
Long-term debt, less current portion |
3,248.0 |
|
|
3,980.0 |
|
||
Other liabilities |
1,370.2 |
|
|
1,671.2 |
|
||
Redeemable non-controlling interest |
42.1 |
|
|
41.1 |
|
||
|
4,189.1 |
|
|
7,659.3 |
|
||
Non-controlling interests |
44.6 |
|
|
28.8 |
|
||
Total liabilities and equity |
$ |
18,911.2 |
|
|
$ |
23,518.8 |
|
Exhibit 5 |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) |
|||||||
|
(Unaudited) |
||||||
|
Nine Months Ended |
||||||
|
|||||||
2020 |
|
2019 |
|||||
Cash provided (required) by operating activities |
|
|
|
||||
Net income (loss) |
$ |
(3,224.0) |
|
|
$ |
18.2 |
|
Adjustments to reconcile net income to cash provided (required) by operating activities |
|
|
|
||||
Depreciation |
244.5 |
|
|
282.5 |
|
||
Amortization |
91.0 |
|
|
96.0 |
|
||
Impairments |
3,253.0 |
|
|
127.5 |
|
||
Employee benefit plan and share-based compensation costs |
43.0 |
|
|
54.2 |
|
||
Deferred income tax benefit, net |
(33.5) |
|
|
(122.6) |
|
||
Unrealized loss (gain) on derivative instruments and foreign exchange |
(26.1) |
|
|
108.2 |
|
||
Income from equity affiliates, net of dividends received |
(48.0) |
|
|
(49.6) |
|
||
Other |
182.4 |
|
|
307.6 |
|
||
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
|
||||
Trade receivables, net and contract assets |
120.4 |
|
|
(23.0) |
|
||
Inventories, net |
(23.8) |
|
|
(190.6) |
|
||
Accounts payable, trade |
(84.6) |
|
|
19.4 |
|
||
Contract liabilities |
(14.3) |
|
|
124.8 |
|
||
Income taxes payable (receivable), net |
(37.0) |
|
|
(45.3) |
|
||
Other current assets and liabilities, net |
(351.9) |
|
|
(431.1) |
|
||
Other noncurrent assets and liabilities, net |
11.0 |
|
|
13.2 |
|
||
Cash provided by operating activities |
102.1 |
|
|
289.4 |
|
||
|
|
|
|
||||
Cash provided (required) by investing activities |
|
|
|
||||
Capital expenditures |
(250.8) |
|
|
(368.4) |
|
||
Payment to acquire debt securities |
(3.9) |
|
|
(59.7) |
|
||
Proceeds from sale of debt securities |
3.9 |
|
|
18.9 |
|
||
Cash received from divestiture |
2.5 |
|
|
— |
|
||
Proceeds from sale of assets |
23.4 |
|
|
5.6 |
|
||
Proceeds from repayment of advance to joint venture |
12.5 |
|
|
46.4 |
|
||
Cash required by investing activities |
(212.4) |
|
|
(357.2) |
|
||
|
|
|
|
||||
Cash required by financing activities |
|
|
|
||||
Net decrease in short-term debt |
(7.2) |
|
|
(28.5) |
|
||
Net decrease in commercial paper |
(503.0) |
|
|
(255.5) |
|
||
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) |
|
|
(174.7) |
|
||
Payments related to taxes withheld on share-based compensation |
(6.4) |
|
|
— |
|
||
Settlements of mandatorily redeemable financial liability |
(135.3) |
|
|
(443.7) |
|
||
Cash required by financing activities |
(911.8) |
|
|
(898.9) |
|
||
Effect of changes in foreign exchange rates on cash and cash equivalents |
75.9 |
|
|
(68.9) |
|
||
Decrease in cash and cash equivalents |
(946.2) |
|
|
(1,035.6) |
|
||
Cash and cash equivalents, beginning of period |
5,190.2 |
|
|
5,540.0 |
|
||
Cash and cash equivalents, end of period |
$ |
4,244.0 |
|
|
$ |
4,504.4 |
|
Exhibit 6 |
|||
CASH AND CASH EQUIVALENTS (In billions, unaudited) |
|||
|
|
||
|
2020 |
||
Held by joint ventures |
$ |
3.1 |
|
Operating cash and cash equivalents |
1.1 |
|
|
Total cash and cash equivalents |
$ |
4.2 |
|
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 |
$ |
963.8 |
|
Mandatorily redeemable financial liability |
$ |
281.7 |
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
|
||||
|
2020 |
|
2020 |
||||
Cash used by operating activities |
$ |
(17.2) |
|
|
$ |
(68.1) |
|
Settlements of mandatorily redeemable financial liability |
$ |
— |
|
|
$ |
(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 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) |
||||||||||||||
|
$ |
(3.9) |
|
|
$ |
10.3 |
|
|
$ |
22.5 |
|
|
$ |
91.8 |
|
|
$ |
120.7 |
|
|
$ |
108.5 |
|
|
$ |
229.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
26.0 |
|
|
— |
|
|
5.3 |
|
|
— |
|
|
31.3 |
|
|
— |
|
|
31.3 |
|
|||||||
Restructuring and other charges |
21.6 |
|
|
— |
|
|
2.7 |
|
|
— |
|
|
24.3 |
|
|
— |
|
|
24.3 |
|
|||||||
Direct COVID-19 expenses |
28.5 |
|
|
— |
|
|
7.9 |
|
|
— |
|
|
36.4 |
|
|
— |
|
|
36.4 |
|
|||||||
Adjusted financial measures |
$ |
72.2 |
|
|
$ |
10.3 |
|
|
$ |
38.4 |
|
|
$ |
91.8 |
|
|
$ |
212.7 |
|
|
$ |
108.5 |
|
|
$ |
321.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(0.01) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
||||||||||||||
|
$ |
(119.1) |
|
|
$ |
3.8 |
|
|
$ |
81.1 |
|
|
$ |
116.5 |
|
|
$ |
82.3 |
|
|
$ |
141.6 |
|
|
$ |
223.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
126.1 |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
126.3 |
|
|
— |
|
|
126.3 |
|
|||||||
Restructuring and other charges |
12.3 |
|
|
— |
|
|
1.7 |
|
|
— |
|
|
14.0 |
|
|
— |
|
|
14.0 |
|
|||||||
Business combination transaction and integration costs |
6.1 |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
6.2 |
|
|
— |
|
|
6.2 |
|
|||||||
Separation costs |
7.5 |
|
|
— |
|
|
1.9 |
|
|
— |
|
|
9.4 |
|
|
— |
|
|
9.4 |
|
|||||||
Legal provision, net |
(0.6) |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.6) |
|
|
— |
|
|
(0.6) |
|
|||||||
Purchase price accounting adjustment |
6.5 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.5 |
|
|
(8.5) |
|
|
— |
|
|||||||
Valuation allowance |
15.0 |
|
|
— |
|
|
(15.0) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
53.8 |
|
|
$ |
3.8 |
|
|
$ |
72.0 |
|
|
$ |
116.5 |
|
|
$ |
246.1 |
|
|
$ |
133.1 |
|
|
$ |
379.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(0.27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Nine Months 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) |
||||||||||||||
|
$ |
(3,248.3) |
|
|
$ |
24.3 |
|
|
$ |
77.9 |
|
|
$ |
238.5 |
|
|
$ |
(2,907.6) |
|
|
$ |
335.5 |
|
|
$ |
(2,572.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
3,239.4 |
|
|
— |
|
|
13.6 |
|
|
— |
|
|
3,253.0 |
|
|
— |
|
|
3,253.0 |
|
|||||||
Restructuring and other charges |
77.8 |
|
|
— |
|
|
8.1 |
|
|
— |
|
|
85.9 |
|
|
— |
|
|
85.9 |
|
|||||||
Direct COVID-19 expenses |
83.1 |
|
|
— |
|
|
18.7 |
|
|
— |
|
|
101.8 |
|
|
— |
|
|
101.8 |
|
|||||||
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 |
$ |
65.3 |
|
|
$ |
24.3 |
|
|
$ |
127.4 |
|
|
$ |
238.5 |
|
|
$ |
455.5 |
|
|
$ |
327.0 |
|
|
$ |
782.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
(7.24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 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) |
||||||||||||||
|
$ |
(1.2) |
|
|
$ |
19.4 |
|
|
$ |
96.5 |
|
|
$ |
345.3 |
|
|
$ |
460.0 |
|
|
$ |
378.5 |
|
|
$ |
838.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
127.0 |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
127.5 |
|
|
— |
|
|
127.5 |
|
|||||||
Restructuring and other charges |
30.6 |
|
|
— |
|
|
7.9 |
|
|
— |
|
|
38.5 |
|
|
— |
|
|
38.5 |
|
|||||||
Business combinations transaction and integration costs |
24.8 |
|
|
— |
|
|
6.4 |
|
|
— |
|
|
31.2 |
|
|
— |
|
|
31.2 |
|
|||||||
Separation costs |
7.5 |
|
|
— |
|
|
1.9 |
|
|
— |
|
|
9.4 |
|
|
— |
|
|
9.4 |
|
|||||||
Reorganization |
19.2 |
|
|
— |
|
|
6.1 |
|
|
— |
|
|
25.3 |
|
|
— |
|
|
25.3 |
|
|||||||
Legal provision, net |
54.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
54.6 |
|
|
— |
|
|
54.6 |
|
|||||||
Purchase price accounting adjustment |
19.5 |
|
|
— |
|
|
6.0 |
|
|
— |
|
|
25.5 |
|
|
(25.5) |
|
|
— |
|
|||||||
Valuation allowance |
(25.3) |
|
|
— |
|
|
25.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
256.7 |
|
|
$ |
19.4 |
|
|
$ |
150.6 |
|
|
$ |
345.3 |
|
|
$ |
772.0 |
|
|
$ |
353.0 |
|
|
$ |
1,125.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to |
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to |
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 10
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
1,501.8 |
|
|
$ |
1,608.2 |
|
|
$ |
225.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,335.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
20.3 |
|
|
$ |
129.5 |
|
|
$ |
(7.0) |
|
|
$ |
(27.7) |
|
|
$ |
5.6 |
|
|
$ |
120.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
17.6 |
|
|
5.7 |
|
|
5.4 |
|
|
2.6 |
|
|
— |
|
|
31.3 |
|
||||||
Restructuring and other charges |
7.1 |
|
|
15.1 |
|
|
0.9 |
|
|
1.2 |
|
|
— |
|
|
24.3 |
|
||||||
Direct COVID-19 expenses |
18.7 |
|
|
15.3 |
|
|
2.4 |
|
|
— |
|
|
— |
|
|
36.4 |
|
||||||
Subtotal |
43.4 |
|
|
36.1 |
|
|
8.7 |
|
|
3.8 |
|
|
— |
|
|
92.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
63.7 |
|
|
165.6 |
|
|
1.7 |
|
|
(23.9) |
|
|
5.6 |
|
|
212.7 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
82.3 |
|
|
8.9 |
|
|
15.6 |
|
|
1.7 |
|
|
— |
|
|
108.5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
146.0 |
|
|
$ |
174.5 |
|
|
$ |
17.3 |
|
|
$ |
(22.2) |
|
|
$ |
5.6 |
|
|
$ |
321.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
1.4 |
% |
|
8.1 |
% |
|
-3.1 |
% |
|
|
|
|
|
3.6 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
4.2 |
% |
|
10.3 |
% |
|
0.8 |
% |
|
|
|
|
|
6.4 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
9.7 |
% |
|
10.9 |
% |
|
7.7 |
% |
|
|
|
|
|
9.6 |
% |
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
1,342.2 |
|
|
$ |
1,596.3 |
|
|
$ |
396.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,335.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(79.6) |
|
|
$ |
284.6 |
|
|
$ |
6.1 |
|
|
$ |
(75.6) |
|
|
$ |
(53.2) |
|
|
$ |
82.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
126.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
126.3 |
|
||||||
Restructuring and other charges |
4.9 |
|
|
5.2 |
|
|
0.7 |
|
|
3.2 |
|
|
— |
|
|
14.0 |
|
||||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
6.2 |
|
|
— |
|
|
6.2 |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
9.4 |
|
|
— |
|
|
9.4 |
|
||||||
Legal provision, net |
— |
|
|
— |
|
|
— |
|
|
(0.6) |
|
|
— |
|
|
(0.6) |
|
||||||
Purchase price accounting adjustments - amortization related |
8.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8.5 |
|
||||||
Subtotal |
139.7 |
|
|
5.2 |
|
|
0.7 |
|
|
18.2 |
|
|
— |
|
|
163.8 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
60.1 |
|
|
289.8 |
|
|
6.8 |
|
|
(57.4) |
|
|
(53.2) |
|
|
246.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
79.0 |
|
|
14.4 |
|
|
37.6 |
|
|
2.1 |
|
|
— |
|
|
133.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
139.1 |
|
|
$ |
304.2 |
|
|
$ |
44.4 |
|
|
$ |
(55.3) |
|
|
$ |
(53.2) |
|
|
$ |
379.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-5.9 |
% |
|
17.8 |
% |
|
1.5 |
% |
|
|
|
|
|
2.5 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
4.5 |
% |
|
18.2 |
% |
|
1.7 |
% |
|
|
|
|
|
7.4 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
10.4 |
% |
|
19.1 |
% |
|
11.2 |
% |
|
|
|
|
|
11.4 |
% |
Exhibit 11
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Nine Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
4,133.4 |
|
|
$ |
4,694.2 |
|
|
$ |
796.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,624.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
(2,806.0) |
|
|
$ |
512.0 |
|
|
$ |
(444.4) |
|
|
$ |
(125.7) |
|
|
$ |
(43.5) |
|
|
$ |
(2,907.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
2,826.6 |
|
|
5.7 |
|
|
418.1 |
|
|
2.6 |
|
|
— |
|
|
3,253.0 |
|
||||||
Restructuring and other charges* |
36.1 |
|
|
29.1 |
|
|
14.0 |
|
|
6.7 |
|
|
— |
|
|
85.9 |
|
||||||
Direct COVID-19 expenses |
50.1 |
|
|
44.0 |
|
|
7.7 |
|
|
— |
|
|
— |
|
|
101.8 |
|
||||||
Litigation settlement |
— |
|
|
(113.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(113.2) |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
27.1 |
|
|
— |
|
|
27.1 |
|
||||||
Purchase price accounting adjustments |
8.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8.5 |
|
||||||
Subtotal |
2,921.3 |
|
|
(34.4) |
|
|
439.8 |
|
|
36.4 |
|
|
— |
|
|
3,363.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
115.3 |
|
|
477.6 |
|
|
(4.6) |
|
|
(89.3) |
|
|
(43.5) |
|
|
455.5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
235.1 |
|
|
26.6 |
|
|
54.7 |
|
|
10.6 |
|
|
— |
|
|
327.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
350.4 |
|
|
$ |
504.2 |
|
|
$ |
50.1 |
|
|
$ |
(78.7) |
|
|
$ |
(43.5) |
|
|
$ |
782.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
-67.9 |
% |
|
10.9 |
% |
|
-55.8 |
% |
|
|
|
|
|
-30.2 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
2.8 |
% |
|
10.2 |
% |
|
-0.6 |
% |
|
|
|
|
|
4.7 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
8.5 |
% |
|
10.7 |
% |
|
6.3 |
% |
|
|
|
|
|
8.1 |
% |
*On
|
Nine Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Subsea |
|
Technip Energies |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||||
Revenue |
$ |
4,036.2 |
|
|
$ |
4,436.4 |
|
|
$ |
1,209.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,682.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
65.0 |
|
|
$ |
714.3 |
|
|
$ |
42.1 |
|
|
$ |
(278.6) |
|
|
$ |
(82.8) |
|
|
$ |
460.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment and other charges |
126.9 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
— |
|
|
127.5 |
|
||||||
Restructuring and other charges |
11.1 |
|
|
11.1 |
|
|
2.8 |
|
|
13.5 |
|
|
— |
|
|
38.5 |
|
||||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
31.2 |
|
|
— |
|
|
31.2 |
|
||||||
Separation costs |
— |
|
|
— |
|
|
— |
|
|
9.4 |
|
|
— |
|
|
9.4 |
|
||||||
Reorganization |
— |
|
|
25.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
25.3 |
|
||||||
Legal provision, net |
— |
|
|
— |
|
|
— |
|
|
54.6 |
|
|
— |
|
|
54.6 |
|
||||||
Purchase price accounting adjustments - amortization related |
25.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25.5 |
|
||||||
Subtotal |
163.5 |
|
|
36.4 |
|
|
3.4 |
|
|
108.7 |
|
|
— |
|
|
312.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit (loss) |
228.5 |
|
|
750.7 |
|
|
45.5 |
|
|
(169.9) |
|
|
(82.8) |
|
|
772.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Depreciation and amortization |
236.6 |
|
|
30.2 |
|
|
75.7 |
|
|
10.5 |
|
|
— |
|
|
353.0 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
465.1 |
|
|
$ |
780.9 |
|
|
$ |
121.2 |
|
|
$ |
(159.4) |
|
|
$ |
(82.8) |
|
|
$ |
1,125.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating profit margin, as reported |
1.6 |
% |
|
16.1 |
% |
|
3.5 |
% |
|
|
|
|
|
4.8 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Operating profit margin |
5.7 |
% |
|
16.9 |
% |
|
3.8 |
% |
|
|
|
|
|
8.0 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA margin |
11.5 |
% |
|
17.6 |
% |
|
10.0 |
% |
|
|
|
|
|
11.6 |
|
Exhibit 12 |
|||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
4,244.0 |
|
|
$ |
4,809.5 |
|
|
$ |
4,999.4 |
|
|
$ |
5,190.2 |
|
Short-term debt and current portion of long-term debt |
(612.2) |
|
|
(524.1) |
|
|
(586.7) |
|
|
(495.4) |
|
||||
Long-term debt, less current portion |
(3,248.0) |
|
|
(3,982.9) |
|
|
(3,823.9) |
|
|
(3,980.0) |
|
||||
Net cash |
$ |
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20201021005984/en/
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: