second quarter 2013 resu lts
play

Second Quarter 2013 Resu lts Paris, July 25, 2013 Safe Harbor T - PDF document

Second Quarter 2013 Resu lts Paris, July 25, 2013 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


  1. Second Quarter 2013 Resu lts Paris, July 25, 2013

  2. 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 Second Quarter 2013 Results

  3. Second Quarter 2013 Highlights Achievements Financials  Revenue grew by 18.1% (1) , to €2.4 billion  Solid margins in both segments  First projects completed for Deep Orient vessel  Group Operating margin (2) at 10.0%  Portfolio diversification maintained:  Iracema Sul, Brazil: Flexible pipes for  Net income grew 19.4% (1) , to €162.4 million the pre-salt  Pacific LNG, Canada: Early  EPS (3) grew 17.8%, to €1.35 per share involvement, know-how intensive  P-76 FPSO, Brazil: Engineering & Integration of topsides  €15.2 billion backlog , with €2.8 billion order intake (1) year-on-year (2) from recurring activities (3) diluted Earning Per Share: 124,410,586 outstanding shares 3 Second Quarter 2013 Results

  4. 1. 2Q 2013 Operational & Financial Highlights Second Quarter 2013 Results 4

  5. Second Quarter Order Intake € million  Subsea Order intake Backlog  Iracema Sul pre-salt flexible pipes, Brazil 7,355 6,815  South White Rose Extension field, Canada 5,963 1,926  Egina umbilicals & flexible pipes, Nigeria 1,540 1,336  Exxon Mobil Julia EPCI, US Gulf of Mexico  Snøhvit CO 2 project, Norway 2Q 12 1Q 13 2Q 13 2Q 12 1Q 13 2Q 13  Onshore/Offshore  Bahrein refinery brownfield for third SRU (1) Order intake Backlog  P-76 FPSO, Brazil  Pacific LNG FEED, Canada  Zhuhai Purified Terephthalic Acid plant, China 1,224 1,180 7,964 7,830 6,761 980  Yamal LNG, Russia, early works 2Q 12 1Q 13 2Q 13 2Q 12 1Q 13 2Q 13 (1) Sulfur Recovery Unit 5 Second Quarter 2013 Results

  6. Second Quarter Subsea Operations € million  Engineering / Procurement ramp-up Revenue on large, new projects 1,103 981  Moho Nord, Congo  Sapinhoa flexible pipes supply, Brazil  Quad 204, UK  Bøyla, Norway  Julia, US Gulf of Mexico 2Q 12 2Q 13  2013 offshore operations on-going Operating Income & Margin 1  Åsgard subsea compression, Norway  Golden Eagle, UK 175  Brynhild, Norway 147 15.9% 15.0%  GirRI phase 2, Angola  Liuhua, China  Vessel utilization rate: 84% (2) (2) 2Q 12 2Q 13 2Q 12 2Q 13 (1) from recurring activities (2) restated 6 Second Quarter 2013 Results

  7. Second Quarter Onshore/Offshore Operations € million  Upstream Revenue  Lucius Spar, US Gulf of Mexico 1,321 1,071  Malikai TLP, Malaysia  Upper Zakum EPC 1, Abu Dhabi  Aasta Hansteen Spar, Norway  Gas, LNG & FLNG 2Q 12 2Q 13  Petronas FLNG, Malaysia  Prelude FLNG, Australia  Other FLNG FEEDs, Australia/Asia Operating Income & Margin 1  Refining  Burgas refinery, Bulgaria 89  Jubail refinery, Saudi Arabia 78 7.2% 6.7%  Algiers refinery, Algeria  Petrochemicals  Ikra vinyl plant, Russia  Etileno XXI, Mexico (2) (2) 2Q 12 2Q 13 2Q 12 2Q 13 (1) from recurring activities (2) restated 7 Second Quarter 2013 Results

  8. Group Financial Highlights 2Q 12 (1) Year-on-year change 2Q 13 € million 2,052.2 2,423.6 +18% Revenue EBITDA (2) 257.3 294.4 +14% 12.5% 12.1% EBITDA Margin Operating Income (3) +17% 207.3 242.0 Operating Margin (3) 10.1% 10.0% (3.0) - Non-Current Operating Result (18.9) (10.7) Financial Result Income / (Loss) before Tax 185.4 231.2 26.3% 29.3% Effective Tax Rate +19% 136.0 162.4 Net Income +18% Diluted Earning Per Share (4) 1.14 1.35 (1) restated (2) calculated as operating income from recurring activities before depreciation and amortization (3) from recurring activities (4) diluted number of shares: 124,410,586 outstanding shares 8

  9. Cash flow 3 Months € million Net Cash Position as of (90.9) March 31, 2013  Better balance between spending on Cash Generated from / (Used 257.7 in) Operations existing projects and contract advances Change in Working Capital (75.1) Requirements  Strong capex ramp-up of €282 million for 1H13 Capital Expenditures (170.8)  Dividend amount grew by nearly 8% Dividends paid (186.0)  €17 million share buybacks during 2Q13 and €108 million over the last Other including FX Impacts (6.1) 12 months Net Cash Position as of (271.2) June 30, 2013 9 Second Quarter 2013 Results

  10. Backlog Analysis Backlog by Geography Backlog by Market Split 2% 1% 3% Others 9% 13% Africa 12% 10% 17% 16% Petrochems 11% 11% 8% 14% Refining / 12% Heavy Oil 9% 12% 29% Middle East 48% 28% 37% Gas / LNG / FLNG 37% 21% 42% 20% 18% Americas 11% Shallow Water (1) Asia Pacific 12% 30% 30% 27% Deepwater (1) 23% 18% >1,000 meters Europe / Russia 9% Central Asia Dec 2006 Dec 2012 June 2013 Dec 2006 Dec 2012 June 2013 (1) Includes offshore platforms and subsea projects Backlog as of: December 2006: €10.3 billion December 2012: €14.3 billion June 2013: €15.2 billion 10 Second Quarter 2013 Results

Download Presentation
Download Policy: The content available on the website is offered to you 'AS IS' for your personal information and use only. It cannot be commercialized, licensed, or distributed on other websites without prior consent from the author. To download a presentation, simply click this link. If you encounter any difficulties during the download process, it's possible that the publisher has removed the file from their server.

Recommend


More recommend