LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Jul. 24, 2017-- Regulatory News:

TechnipFMC plc: Restatement of the unaudited interim condensed consolidated financial information as of and for the period ending March 31, 2017 and prior year period prepared and included in TechnipFMC’s Quarterly Report for comparison purposes and Availability of Form 8-K Current Report

TechnipFMC plc (“TechnipFMC”) (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) announces that on 24 July 2017 the Audit Committee of the Board of Directors of TechnipFMC, after consideration of relevant facts and circumstances and after consultation with management and PricewaterhouseCoopers LLP, TechnipFMC’s independent registered public accounting firm, concluded that TechnipFMC’s unaudited interim condensed consolidated U.S. GAAP financial statements as of March 31, 2017 and for the three months ended March 31, 2017 included in TechnipFMC’s Quarterly Report on Form 10-Q and prior year period prepared and included in TechnipFMC’s Quarterly Report for comparison purposes for the quarter ended March 31, 2017, as previously filed with the U.S. Securities and Exchange Commission (“SEC”) on May 4, 2017, should be restated, and that such financial statements previously filed with the SEC should no longer be relied upon because of material errors in such financial statements. TechnipFMC has filed with the SEC a Current Report on Form 8-K in respect of the above.

TechnipFMC concluded that errors existed within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects in TechnipFMC’s unaudited Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Income for the quarter ended March 31, 2017. The net income attributable to TechnipFMC in the quarter ending March 31, 2017 was overstated by $209.5 million ($0.45 per share).

The restated unaudited interim condensed consolidated financial information of TechnipFMC as of and for the three months ended March 31, 2017 and March 31, 2016 is appended hereto. TechnipFMC will include the unaudited interim condensed consolidated financial statements so restated to recognize the non-cash, corporate charges in an amendment to TechnipFMC’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the “10-Q Amendment”) which will be filed with the SEC.

In connection with the 10-Q Amendment, TechnipFMC re-evaluated its conclusion regarding the effectiveness of TechnipFMC’s disclosure controls and procedures and internal control over financial reporting as of March 31, 2017 and determined that a material weakness existed as of March 31, 2017 relating to the rates used in calculations of foreign currency effects on certain of TechnipFMC’s engineering and construction projects.

Solely as a result of the material weakness described above, TechnipFMC expects to conclude that TechnipFMC’s disclosure controls and procedures and its internal control over financial reporting were not effective as of March 31, 2017. TechnipFMC has reviewed the process to calculate the foreign currency remeasurement effect and has implemented revisions and additional controls designed to ensure that similar computational errors will not recur. TechnipFMC believes that these changes provide reasonable assurance that the financial statements and other financial information for the three and six month periods ending June 30, 2017 fairly present in all material respects TechnipFMC’s financial condition, results of operations and cash flows as of, and for, such periods.

In addition, TechnipFMC announces that, as of July 24, 2017, it has substantially completed the preparation of its financial results for the quarter ended June 30, 2017. As previously disclosed, TechnipFMC intends to release its earnings for the quarter ended June 30, 2017 after the close of the New York Stock Exchange on Wednesday, July 26, 2017 and hold a call to discuss those earnings on Thursday, July 27, 2017 at 1 p.m.London time (8 a.m.New York time).

TechnipFMC’s guidance excludes the impact of foreign currency effects.

A copy of the Current Report on Form 8-K can be found on the SEC website (www.sec.gov) and on the TechnipFMC website (http://investors.technipfmc.com).

A copy of the Form 8-K has been submitted to the National Storage Mechanism on the date of this announcement and is, or will shortly be, available for inspection at http://www.morningstar.co.uk/uk/NSM.

A copy of the 10-Q Amendment will be submitted to the National Storage Mechanism and will be available for inspection at http://www.morningstar.co.uk/uk/NSM and on the TechnipFMC website (www.technipfmc.com).

RESTATED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION OF TECHNIPFMC AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2017
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions except per share amounts)
		(unaudited)
		Three Months Ended
		March 31 as reported on Form 10-Q filed on May 4, 2017
		2017															2016
		As Previously Reported					Restatement Adjustments					As Restated					As Previously Reported					Restatement Adjustments					As Restated
Revenue		$	3,388.0				$	—				$	3,388.0				$	2,405.7				$	—				$	2,405.7
Costs and expenses		3,345.1					(2.9		)			3,342.2					2,209.3					—					2,209.3
		42.9					2.9					45.8					196.4					—					196.4
Other income (expense), net		336.8					(263.9		)			72.9					11.7					(28.3		)			(16.6		)
Income before net interest expense and income taxes		379.7					(261.0		)			118.7					208.1					(28.3		)			179.8
Net interest expense		(81.7		)			(0.4		)			(82.1		)			(13.3		)			—					(13.3		)
Income before income taxes		298.0					(261.4		)			36.6					194.8					(28.3		)			166.5
Provision for income taxes		103.7					(51.9		)			51.8					47.5					(1.6		)			45.9
Net income (loss)		194.3					(209.5		)			(15.2		)			147.3					(26.7		)			120.6
Net (income) loss attributable to noncontrolling interests		(3.5		)			—					(3.5		)			0.1					—					0.1
Net income (loss) attributable to TechnipFMC plc		$	190.8				$	(209.5	)			$	(18.7	)			$	147.4				$	(26.7	)			$	120.7
Earnings (loss) per share attributable to TechnipFMC plc:
Basic		$	0.41				$	(0.45	)			$	(0.04	)			$	1.25				$	(0.23	)			$	1.02
Diluted		$	0.41				$	(0.45	)			$	(0.04	)			$	1.21				$	(0.24	)			$	0.97
Weighted average shares outstanding:
Basic		466.6										466.6					118.2										118.2
Diluted		468.9										466.6					124.4										124.4

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions)
			(unaudited)
			Three Months Ended
			March 31 as reported on Form 10-Q filed on May 4, 2017
			2017															2016
			As Previously Reported					Restatement Adjustments					As Restated					As Previously Reported					Restatement Adjustments					As Restated
Revenue
Subsea			$	1,376.7				$	—				$	1,376.7				$	1,517.2				$	—				$	1,517.2
Onshore/Offshore			1,764.0					—					1,764.0					888.5					—					888.5
Surface Technologies			248.4					—					248.4					—					—					—
Other revenue and intercompany eliminations			(1.1		)			—					(1.1		)			—					—					—
Total revenue			$	3,388.0				$	—				$	3,388.0				$	2,405.7				$	—				$	2,405.7
Income before income taxes:
Segment operating profit (loss):
Subsea			$	54.2				$	—				$	54.2				$	196.4				$	—				$	196.4
Onshore/Offshore			139.9					2.9					142.8					58.5					(20.1		)			38.4
Surface Technologies			(18.6		)			—					(18.6		)			—					—					—
Total segment operating profit			175.5					2.9					178.4					254.9					(20.1		)			234.8
Corporate items:
Corporate income (expense) (1)			204.2					(263.9		)			(59.7		)			(46.8		)			(8.2		)			(55.0		)
Net interest expense			(81.7		)			(0.4		)			(82.1		)			(13.3		)			—					(13.3		)
Total corporate items			122.5					(264.3		)			(141.8		)			(60.1		)			(8.2		)			(68.3		)
Income before income taxes (2)			$	298.0				$	(261.4	)			$	36.6				$	194.8				$	(28.3	)			$	166.5

(1)		Corporate income (expense) primarily includes corporate staff expenses, stock-based compensation expenses, other employee benefits, certain foreign exchange gains and losses, and merger-related transaction expenses.
(2)		Includes amounts attributable to noncontrolling interests.

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions)
			(unaudited)
			March 31,															December 31,
			2017															2016
			As Previously Reported					Restatement Adjustments					As Restated					As Previously Reported					Restatement Adjustments					As Restated
Cash and cash equivalents			$	7,041.7				$	—				$	7,041.7				$	6,269.3				$	—				$	6,269.3
Trade receivables, net			2,433.3					—					2,433.3					2,024.5					—					2,024.5
Costs in excess of billings			1,036.8					—					1,036.8					485.8					—					485.8
Inventories, net			983.5					—					983.5					334.7					—					334.7
Other current assets			2,239.5					—					2,239.5					1,822.9					—					1,822.9
Total current assets			13,734.8					—					13,734.8					10,937.2					—					10,937.2
Property, plant and equipment, net			3,975.5					—					3,975.5					2,620.1					—					2,620.1
Goodwill			9,023.6					—					9,023.6					3,718.3					—					3,718.3
Intangible assets, net			1,580.0					(78.8		)			1,501.2					255.4					(81.7		)			173.7
Other assets			1,256.6					124.2					1,380.8					1,168.1					72.3					1,240.4
Total assets			$	29,570.5				$	45.4				$	29,615.9				$	18,699.1				$	(9.4	)			$	18,689.7
Short-term debt and current portion of long-term debt			$	499.0				$	—				$	499.0				$	683.6				$	—				$	683.6
Accounts payable, trade			4,131.5					—					4,131.5					3,837.7					—					3,837.7
Advance payments			314.9					—					314.9					411.1					—					411.1
Billings in excess of costs			3,478.7					222.4					3,701.1					3,364.5					(41.5		)			3,323.0
Other current liabilities			3,072.9					—					3,072.9					2,633.5					—					2,633.5
Total current liabilities			11,497.0					222.4					11,719.4					10,930.4					(41.5		)			10,888.9
Long-term debt, less current portion			3,082.8					—					3,082.8					1,869.3					—					1,869.3
Other liabilities			1,431.5					—					1,431.5					820.0					(0.4		)			819.6
TechnipFMC plc stockholders’ equity			13,552.8					(177.0		)			13,375.8					5,091.1					32.5					5,123.6
Noncontrolling interests			6.4					—					6.4					(11.7		)			—					(11.7		)
Total liabilities and equity			$	29,570.5				$	45.4				$	29,615.9				$	18,699.1				$	(9.4	)			$	18,689.7

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In millions)
			(Unaudited)
			as reported on Form 10-Q filed on May 4, 2017
			Three Months Ended
			March 31
			2017															2016
			As Previously Reported					Restatement Adjustments					As Restated					As Previously Reported					Restatement Adjustments					As Restated
Cash provided (required) by operating activities:
Net income (loss)			$	194.3				$	(209.5	)			$	(15.2	)			$	147.3				$	(26.7	)			$	120.6
Depreciation and amortization			154.1					(2.9		)			151.2					74.6					—					74.6
Asset impairments charges			0.4					—					0.4					—					—					—
Trade receivables, net and costs in excess of billings			267.7					—					267.7					8.8					—					8.8
Inventories, net			126.6					—					126.6					42.0					—					42.0
Accounts payable, trade			(168.8		)			—					(168.8		)			(84.0		)			—					(84.0		)
Advance payments and billings in excess of costs			(220.6		)			263.9					43.3					(91.6		)			8.2					(83.4		)
Other			(202.7		)			(51.5		)			(254.2		)			63.3					18.5					81.8
Net cash provided by operating activities			151.0					—					151.0					160.4					—					160.4
Cash provided (required) by investing activities:
Capital expenditures			(51.2		)			—					(51.2		)			(25.5		)			—					(25.5		)
Cash acquired in merger of Technip and FMC Technologies			1,479.2					—					1,479.2					—					—					—
Other investing			14.9					—					14.9					0.5					—					0.5
Net cash provided (required) by investing activities			1,442.9					—					1,442.9					(25.0		)			—					(25.0		)
Cash provided (required) by financing activities:
Net increase (decrease) in debt			(820.1		)			—					(820.1		)			(249.8		)			—					(249.8		)
Other financing			(45.4		)			—					(45.4		)			(19.4		)			—					(19.4		)
Net cash required by financing activities			(865.5		)			—					(865.5		)			(269.2		)			—					(269.2		)
Effect of changes in foreign exchange rates on cash and cash equivalents			44.0					—					44.0					(97.7		)			—					(97.7		)
Increase (decrease) in cash and cash equivalents			772.4					—					772.4					(231.5		)			—					(231.5		)
Cash and cash equivalents, beginning of period			6,269.3					—					6,269.3					3,178.0					—					3,178.0
Cash and cash equivalents, end of period			$	7,041.7				$	—				$	7,041.7				$	2,946.5				$	—				$	2,946.5

TECHNIPFMC plc AND CONSOLIDATED SUBSIDIARIES

NON-GAAP FINANCIAL MEASURES

The Reconciliation of U.S. GAAP to non-GAAP financial measures for TechnipFMC plc and consolidated subsidiaries are provided on the following page. The financial results reflect the following information:

• On January 16, 2017, TechnipFMC was created by the business combination of Technip S.A. (Technip) and FMC Technologies, Inc. (FMC Technologies).
• In December of 2016, Technip increased its ownership in the Yamal LNG Joint Venture and became the controlling shareholder. Under US GAAP, this would have resulted in full consolidation of the Joint Venture on the date of the transaction.

The Non-GAAP results for the three months ended March 31, 2017:

1. Include the results of Technip for the full period;

2. Include the results of FMC Technologies for the period January 17 to March 31, 2017; revenues of $112.9 million during the period from January 1 to January 16, 2017 were excluded, of which approximately 70 percent from Subsea and the remainder from Surface Technologies; and

3. Fully consolidate the Yamal LNG Joint Venture for the full period, within the Onshore/Offshore segment.

The Non-GAAP pro forma results for the three months ended March 31, 2016:

1. Include the results of both Technip and FMC Technologies for the full period;

2. Combine FMC Technologies’ former Surface Technologies and Energy Infrastructure segments to form the pro forma Surface Technologies segment;

3. Purchase price accounting adjustments applied on an equal basis to first quarter 2017 results to provide comparability; and

4. Fully consolidate the Yamal LNG Joint Venture for the full period, within the Onshore/Offshore segment.

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In millions, unaudited)

Charges and Credits

In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), the First Quarter 2017 Earnings Release also includes non-GAAP financial measures (as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended) and describes performance on a year-over-year basis against 2016 pro forma results and measures. Net income, excluding charges and credits, as well as measures derived from it (including Diluted EPS, excluding charges and credits; Income before net interest expense and taxes, excluding charges and credits ("Adjusted Operating profit"); Depreciation and amortization, excluding charges and credits; Earnings before net interest expense, income taxes, depreciation and amortization, excluding charges and credits ("Adjusted EBITDA"); and net cash) are non-GAAP financial measures. Management believes that the exclusion of charges and credits from these financial measures enables investors and management to more effectively evaluate TechnipFMC's operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked or misleading to both investors and management by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures.

			Three Months Ended
			March 31, 2017
			Net income attributable to TechnipFMC plc					Net (income) loss attributable to noncontrolling 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)
TechnipFMC plc, as reported			$	190.8				$	(3.5	)			$	103.7				$	(81.7	)			$	379.7				$	154.1				$	533.8
Restatement Adjustments			(209.5		)			—					(51.9		)			(0.4		)			(261.0		)			(2.9		)			(263.9		)
As Restated			(18.7		)			(3.5		)			51.8					(82.1		)			118.7					151.2					269.9
Charges and (credits):
Impairment and other charges			—					—					0.4					—					0.4					—					0.4
Restructuring and other severance charges			6.8					—					2.5					—					9.3					—					9.3
Business combination transaction and integration costs			38.8					—					15.9					—					54.7					—					54.7
Purchase price accounting adjustments			94.5					—					34.9					0.3					129.1					(42.9		)			86.2
Adjusted financial measures			$	330.9				$	(3.5	)			$	157.4				$	(81.4	)			$	573.2				$	111.2				$	684.4
As Restated			121.4					(3.5		)			105.5					(81.8		)			312.2					108.3					420.5
			Pro Forma Three Months Ended
			March 31, 2016
			Net income attributable to TechnipFMC plc					Net (income) loss attributable to noncontrolling 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)
TechnipFMC plc, as reported			$	123.3				$	0.1				$	26.7				$	(13.6	)			$	163.5				$	160.5				$	324.0
Restatement Adjustments			(26.7		)			—					(1.6		)			—					(28.3		)			—					(28.3		)
As Restated			96.6					0.1					25.1					(13.6		)			135.2					160.5					295.7
Charges and (credits):
Impairment and other charges			53.8					—					—					—					53.8					—					53.8
Restructuring and other severance charges			22.2					—					—					—					22.2					—					22.2
Purchase price accounting adjustments			94.5					—					34.9					0.3					129.1					(42.9		)			86.2
Adjusted financial measures			$	293.8				$	0.1				$	61.6				$	(13.3	)			$	368.6				$	117.6				$	486.2
As Restated			267.1					0.1					60.0					(13.3		)			340.3					117.6					457.9

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions except per share amounts, unaudited)
			(Unaudited)
			Three Months Ended
			March 31, 2017															March 31, 2016
			As Previously Reported					Restatement Adjustments					As Restated					As Previously Reported					Restatement Adjustments					As Restated
(after-tax)
Net income attributable to TechnipFMC plc, as reported			$	191				$	(210	)			$	(19	)			$	147				$	(27	)			$	121
Charges and (credits):
Impairment and other charges (1)			—					—					—					13					—					13
Restructuring and other severance charges (2)			7					—					7					12					—					12
Business combination transaction and integration costs (3)			39					—					39					—					—					—
Purchase price accounting adjustments (4)			95					—					95					—					—					—
Adjusted net income attributable to TechnipFMC plc			$	331				$	(210	)			$	121				$	172				$	(27	)			$	145
Diluted EPS attributable to TechnipFMC plc, as reported			$	0.41				$	(0.45	)			$	(0.04	)			$	1.21				$	(0.24	)			$	0.97
Adjusted diluted EPS attributable to TechnipFMC plc			$	0.71				$	(0.45	)			$	0.26				$	1.41				$	(0.24	)			$	1.17

(1)		Tax effect of nil and $6 million during the three months ended March 31, 2017 and 2016, respectively.
(2)		Tax effect of $3 million and $5 million during the three months ended March 31, 2017 and 2016, respectively.
(3)		Tax effect of $16 million and nil during the three months ended March 31, 2017 and 2016, respectively.
(4)		Tax effect of $35 million and nil during the three months ended March 31, 2017 and 2016, respectively.

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited)
			Three Months Ended
			March 31, 2017
			Subsea Technologies					Onshore/ Offshore					Surface Technologies					Corporate and Other				Total
Revenue			$	1,376.7				$	1,764.0				$	248.4				$	(1.1	)		$	3,388.0
Operating profit, as reported (pre-tax)			$	54.2				$	139.9				$	(18.6	)			$	204.2			$	379.7
Restatement Adjustments								2.9										(263.9		)		(261.0		)
As Restated								142.8										(59.7		)		118.7
Charges and (credits):
Impairment and other charges			0.2					—					0.2					—				0.4
Restructuring and other severance charges			6.5					(0.3		)			1.2					1.9				9.3
Business combination transaction and integration costs			1.5					—					0.8					52.3				54.7
Purchase price accounting adjustments - non-amortization related			55.0					—					34.2					(3.0		)		86.2
Purchase price accounting adjustments - amortization related			34.0					—					9.0					(0.1		)		42.9
Subtotal			97.2					(0.3		)			45.4					51.1				193.5
Adjusted Operating profit			151.4					139.6					26.8					255.3				573.2
As Restated								142.5										(8.6		)		312.2
Adjusted Depreciation and amortization			87.2					12.6					9.2					2.2				111.2
Restatement Adjustments								(2.9		)												(2.9		)
As Restated								9.7														108.3
Adjusted EBITDA(1)			$	238.6				$	152.2				$	36.0				$	257.5			$	684.4
As Restated																		(6.4		)		420.5
Operating profit margin, as reported			3.9		%			7.9		%			(7.5		)%							11.2		%
As Restated								8.1		%												3.5		%
Adjusted Operating profit margin			11.0		%			7.9		%			10.8		%							16.9		%
As Restated								8.1		%												9.2		%
Adjusted EBITDA margin(1)			17.3		%			8.6		%			14.5		%							20.2		%
As Restated																						12.4		%

			Pro Forma Three Months Ended
			March 31, 2016
			Subsea Technologies					Onshore/ Offshore					Surface Technologies					Corporate and Other					Total
Revenue, as pro forma			$	2,378.0				$	2,181.9				$	349.6				$	(4.9	)			$	4,904.6
Restatement Adjustments								(213.0		)													(213.0		)
As Restated								1,968.9															4,691.6
Operating profit (pre-tax), as pro forma			$	216.9				$	58.4				$	(75.1	)			$	(36.7	)			$	163.5
Restatement Adjustments																		(28.3		)			(28.3		)
As Restated																		(65.0		)			135.2
Charges and (credits):
Impairment and other charges			0.1					19.4					34.2					—					53.8
Restructuring and other severance charges			0.3					16.0					5.8					—					22.2
Purchase price accounting adjustments - non-amortization related			55.0					—					34.2					(3.0		)			86.2
Purchase price accounting adjustments - amortization related			34.0					—					9.0					(0.1		)			42.9
Subtotal			89.5					35.4					83.3					(3.1		)			205.1
Adjusted Operating profit			306.4					93.8					8.2					(39.8		)			368.6
As Restated																		(68.1		)			340.3
Adjusted Depreciation and amortization			89.7					9.1					20.8					(2.0		)			117.6
Adjusted EBITDA(1)			$	396.1				$	102.9				$	29.0				$	(41.8	)			$	486.2
As Restated																		(70.1		)			457.9
Operating profit margin, as pro forma			9.1		%			2.7		%			(21.5		)%								3.3		%
As Restated								3.0		%													2.9		%
Adjusted Operating profit margin			12.9		%			4.3		%			2.3		%								7.5		%
As Restated								4.8		%													7.3		%
Adjusted EBITDA margin(1)			16.7		%			4.7		%			8.3		%								9.9		%
								5.2		%													9.8		%
As Restated
(1) Includes amounts attributable to noncontrolling interests

 

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Source: TechnipFMC plc

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