Fourth Quarter and Full Year 2011 Results Paris, February 16, 2012
Safe Harbor T his presentation contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one or more of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability of our subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading to significant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure in some countries where we are performing projects. Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward looking information set forth in this release to reflect subsequent events or circumstances. **** This presentation does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities. This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions. 2 Fourth Quarter and Full Year 2011 Results
Contents 1. 2011: Year of Profitable & Sustainable Growth 2. Fourth Quarter Operations & 2011 Financial Highlights 3. 2012 Outlook & Priorities 3 Fourth Quarter and Full Year 2011 Results
1. 2011: Year of Profitable & Sustainable Growth 4 Fourth Quarter and Full Year 2011 Results
2011 Key Achievements � Record net income of €507 million � Operating margin above 10% for the 3 rd year � €8 billion of diversified new orders � €10.4 billion backlog, up by more than €1.1 billion year on year � Step change in our portfolio of products and services Dividend increase by 9% to €1.58 per share (1) from recurring activities 5 Fourth Quarter and Full Year 2011 Results
2011 Major Projects Delivered to Clients Skarv Marulk Neste Oil biodiesel plant Galapagos Phase 1 West Delta Deep Marine Upper Zakum Phase 7 & 8A 750+ FEED Jubilee Block 31 Wheatstone P-56 semi-submersible Kitan platform FEED Pazflor CWLH 1 Onshore/Offshore Subsea (1) Cossack Wanaea Lambert Hermes 6 Fourth Quarter and Full Year 2011 Results
A Growing, Profitable Backlog € million (audited) Backlog and Operating Margin 1 10,416 9,228 8,018 7,208 10.5% 10.4% 10.2% Onshore/Offshore backlog Subsea backlog 8.8% Operating margin (%) 2008 2009 2010 2011 2008 2009 2010 2011 (1) from recurring activities 7 Fourth Quarter and Full Year 2011 Results
Well Diversified Backlog As of December 31, 2011 Backlog by geography Backlog by market split Other Europe / Russia Petrochems 2% Deepwater Central Asia >1,000 meters 5% Americas 20% 22% Refining / Africa €10,416 €10,416 Heavy Oil million million 15% 36% Shallow Water Middle East Gas / LNG / FLNG Asia Pacific 8 Fourth Quarter and Full Year 2011 Results
Investment in Key Differentiating Assets and Technologies 7 +1 34 Under construction 28,000 +4 Under construction 23,000 5 18 2007 2007 2007 Vessels People Plants 9 Fourth Quarter and Full Year 2011 Results
Technip Customer Support from Concept to Execution in Offshore & Subsea Concept Execution Project Engineering & Procurement P R Upstream O Manufacturing J Engineering � Flexible risers � Rigid Pipeline E � Umbilicals � Pre-FEED* and and flowlines Welding/Spooling C FEED T � Offshore field M development studies A Installation N � Innovative A � Flexible-Lay � Heavy Lift for � Rigid Reel-Lay technology G Subsea solutions for � Umbilical-Lay � Rigid J-Lay infrastructure E platform and � Associated M � Rigid S-Lay subsea � Rigid S-Lay � Offshore topside construction challenges E installation N T Support, Diving & Logistics R&D, Proprietary Software & Hardware *FEED: Front End Engineering Design 10 Fourth Quarter and Full Year 2011 Results
Addressing Expanding Markets Offshore Wind Deep-to-Shore FLNG Petrochemicals / Fertilizers 11 Fourth Quarter and Full Year 2011 Results
2. Fourth Quarter Operations & 2011 Financial Highlights 12 12 Fourth Quarter and Full Year 2011 Results
Fourth Quarter & FY 2011 Financial Highlights € million (audited) Δ Δ 4Q 11 FY 2011 4Q 10 FY 2010 Revenue 2,014.3 6,813.0 14.0% 12.0% EBITDA 1 274.0 883.5 31.9% 13.7% EBITDA Margin 13.6% 13.0% 185bp 19bp Operating Income 2 208.2 709.5 26.3% 14.4% Operating Margin 2 10.3% 10.4% 100bp 21bp Non-Current Operating Result (11.0) (15.7) 37.5% 2.8x Financial Result 11.0 17.4 110.0x nm Income before Tax 208.2 711.2 32.6% 19.6% Effective Tax Rate 29.5% 29.3% 18bp (83bp) Net Income 149.5 507.3 33.2% 21.5% Dividend per Share 1.58 9.0% (1) calculated as operating income from recurring activities before depreciation and amortization (2) from recurring activities 13 Fourth Quarter and Full Year 2011 Results
Fourth Quarter Order Intake & Backlog € million (not audited) Order intake Backlog � Subsea order intake 1,127 1,216 4,380 4,065 � Charter for two 550 ton flexible pipeline installation 3,111 vessels, Petrobras, Brazil 698 � Golden Eagle Development, Nexen, UK � Vilje South & Visund North, Statoil, Norway � Coga, Total, Congo & Gabon 4Q 10 3Q 11 4Q 11 4Q 10 3Q 11 4Q 11 Order intake Backlog � Onshore/Offshore order intake 6,036 6,117 6,053 1,774 � Lucius Spar 1 , Anadarko, Gulf of Mexico 1,225 1,023 � Prelude FLNG 2 , Shell, Australia � Wheatstone, DSME 3 , Australia � GTL FEED, JV 4 , Uzbekistan 4Q 10 3Q 11 4Q 11 4Q10 3Q 11 4Q 11 (1) Full contribution (2) 3 rd contribution (3) Daewoo Shipbuilding & Marine Engineering Co., Ltd. (4) JV between Uzbekneftegaz, Sasol and Petronas 14 Fourth Quarter and Full Year 2011 Results
Recommend
More recommend
