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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Technip Energies NV | TG:68F | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.62 | 23.00 | 23.02 | 0.00 | 08:16:31 |
TECHNIP ENERGIES H1 2024 FINANCIAL RESULTS
A solid H1 performance with strong order momentum;
well on track to deliver FY guidance
| ||
Paris, Thursday, August 01, 2024. Technip Energies (the “Company”), a leading Engineering & Technology company for the energy transition, today announces its unaudited financial results for the first half of 2024.
Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:
“Technip Energies delivered a strong first half performance, which puts us well on track to achieve our full-year guidance. Our revenues grew by double digits year-over-year, driven by positive backlog evolution and strong demand for our offerings, while robust execution ensured continued margin strength. Our consistent underlying free cash flow generation and balance sheet support ongoing investments into strategic growth initiatives, our people and our assets, preparing T.EN for the future.”
“We achieved significant commercial success with two major LNG project awards in the Middle East, which enhance our leadership in low-carbon, electrified plants - a strategic objective for T.EN - and evidence this industry’s clear intent to decarbonize. We also benefited from sustained strength in TPS orders, which grew by nearly 15% year-over-year, reflecting high demand across our offerings and our ability to deliver innovative and reliable solutions to our customers. This momentum in orders is reflected in a very healthy backlog position, up 8% year-to-date, and equivalent to around three years of revenue.”
“The excellent visibility offered by our backlog combined with the breadth and quality of our commercial pipeline underpins our strong outlook. We continue to see natural gas playing an important role in securing a low-carbon world. This includes LNG, with high-quality opportunities, notably in East Africa, North America and the Middle East. We are also experiencing strong engagement in the decarbonized markets for blue molecules, which use gas as a feedstock, and where T.EN offers a differentiated portfolio of technologies and solutions. Combined, these markets represent a €45 billion opportunity for T.EN through 2026, for which we are well positioned.”
“Beyond our commercial successes, we have made strong progress in executing our other strategic objectives to reinforce our longer-term growth outlook and open up new plays for T.EN. This includes the launch of Rely Clear100+, a productized solution for a 100 megawatt, pre-engineered green hydrogen plant, as well as launching the eMAX series - a suite of electric and automated loading arms. In addition, our technology development programs are progressing well, supported by our network of labs. We are accelerating economic solutions for green and circular polyester. This includes the commissioning of our Reju company’s state-of-the-art demonstration plant for textile-to-textile recycling.”
“Finally, I would like to thank our teams for their outstanding performance and dedication in the first half of the year, I am proud of what we have achieved together, and I look forward to building on our momentum in the second half of the year and beyond.”
Key financials – adjusted IFRS
(In € millions, except EPS and %) | H1 2024 | H1 2023 |
Revenue | 3,164.3 | 2,838.7 |
Recurring EBIT | 227.3 | 207.7 |
Recurring EBIT margin % | 7.2% | 7.3% |
Net profit | 188.1 | 125.3 |
Diluted earnings per share(1) | €1.04 | €0.70 |
Order intake | 4,006.8 | 8,959.6 |
Backlog | 16,951.7 | 18,892.3 |
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. (1) H1 2024 and H1 2023 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 181,459,062 and 179,325,740 respectively. |
Key financials – IFRS
(In € millions, except EPS) | H1 2024 | H1 2023 |
Revenue | 3,039.2 | 2,830.3 |
Net profit | 186.4 | 127.2 |
Diluted earnings per share(1) | €1.03 | €0.71 |
(1) H1 2024 and H1 2023 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 181,459,062 and 179,325,740 respectively. |
2024 full company guidance – adjusted IFRS
Revenue | €6.1 – 6.6 billion |
Recurring EBIT margin | 7.0% – 7.5% |
Effective tax rate | 26% – 30% |
Diluted earnings per share(1) | Double-digit growth |
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. (1) Diluted earnings per share growth indication excludes potential enhancement from share buyback program |
Capital Markets Day
Technip Energies will update on its strategy and business outlook during a Capital Markets Event in London on November 21, 2024.
Conference call information
Technip Energies will host its H1 2024 results conference call and webcast on Thursday, August 1 2024 at 13:00 CEST. Dial-in details:
France: +33 1 70 91 87 04 |
United Kingdom: +44 1 212818004 |
United States: +1 718 7058796 |
Conference Code: 880901 |
The event will be webcast simultaneously and can be accessed at: T.EN H1 2024 Webcast
Contacts
Investor Relations | Media Relations |
Phillip Lindsay | Jason Hyonne |
Vice President, Investor Relations | Manager, Press Relations & Social Media |
Tel: +44 20 7585 5051 | Tel: +33 1 47 78 22 89 |
Email: Phillip Lindsay | Email: Jason Hyonne |
| About Technip Energies Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust Project Delivery model supported by an extensive Technology, Products and Services offering. Operating in 34 countries, our 16,000 employees are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow. Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter. For further information: www.ten.com. | |
Operational and financial review
Order intake, backlog and backlog scheduling
Adjusted order intake for H1 2024 amounted to €4,007 million, equivalent to a book-to-bill of 1.3. Adjusted order intake in the second quarter included a major contract by ADNOC for the Engineering, Procurement, and Construction (EPC) of the low-carbon Ruwais LNG project in UAE, a substantial contract by TotalEnergies and OQ for the Marsa LNG bunkering project in Oman, a services contract by ExxonMobil for the Louisiana Carbon Capture and Sequestration Project in the US, a significant contract by IOCL for technology license and proprietary equipment supply for the 1,500 kta Paradip naphtha cracker unit in India, a Front-End Engineering and Design (FEED) by Viridor on the Runcorn energy-from-waste carbon capture project in the UK as well as other services contracts and smaller projects.
Q1 2024 commercial highlights are included here: T.EN Q1 2024 financial results.
(In € millions) | H1 2024 | H1 2023 |
Adjusted order intake | 4,006.8 | 8,959.6 |
Project Delivery | 2,970.2 | 8,048.0 |
Technology, Products & Services | 1,036.7 | 911.5 |
Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. |
Adjusted backlog increased by 8% to €17.0 billion compared to December 31, 2023, equivalent to 2.8x FY 2023 revenue.
(In € millions) | H1 2024 | FY 2023 |
Adjusted backlog | 16,951.7 | 15,713.3 |
Project Delivery | 15,005.2 | 13,884.1 |
Technology, Products & Services | 1,946.5 | 1,829.2 |
Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. Adjusted backlog at June 30, 2024, has been impacted positively by foreign exchange of €164.9 million. |
The table below provides estimated backlog scheduling as of June 30, 2024.
(In € millions) | 2024 (6M) | FY 2025 | FY 2026+ |
Adjusted backlog | 3,023.5 | 4,853.5 | 9,074.7 |
Company financial performance
Adjusted statement of income
(In € millions, except %) | H1 2024 | H1 2023 | % Change |
Adjusted revenue | 3,164.3 | 2,838.7 | 11% |
Adjusted EBITDA | 281.4 | 255.3 | 10% |
Adjusted recurring EBIT | 227.3 | 207.7 | 9% |
Non-recurring items | (4.1) | (33.9) | (88)% |
EBIT | 223.2 | 173.8 | 28% |
Financial income (expense), net | 57.6 | 37.1 | 55% |
Profit (loss) before income tax | 280.8 | 210.9 | 33% |
Income tax (expense) profit | (80.0) | (68.8) | 16% |
Net profit (loss) | 200.8 | 142.1 | 41% |
Net profit (loss) attributable to Technip Energies Group | 188.1 | 125.3 | 50% |
Net profit (loss) attributable to non-controlling interests | 12.7 | 16.8 | (24)% |
Business highlights
Project Delivery – adjusted IFRS
(In € millions, except % and bps) | H1 2024 | H1 2023 | % Change |
Revenue | 2,209.9 | 1,907.6 | 16% |
Recurring EBIT | 161.1 | 149.2 | 8% |
Recurring EBIT margin % | 7.3% | 7.8% | (50) bps |
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). |
H1 2024 Adjusted revenue increased by 16% year-over-year to €2,209.9 million resulting from the continued ramp-up towards peak activity on Qatar NFE, a growing contribution from Qatar NFS, as well as continued activity in downstream projects.
H1 2024 Adjusted recurring EBIT increased by 8% year-over-year to €161.1 million. H1 2024 Adjusted recurring EBIT margin decreased slightly year-over-year by 50 bps to 7.3%, reflecting a re-balancing of the portfolio with growing contributions from earlier phase projects.
Q2 2024 Key operational milestones
(Please refer to Q1 2024 press release for first quarter milestones)
Qatar Energy North Field Expansion (Qatar)
Midor Refinery Expansion (Egypt)
Bapco Refinery expansion (Bahrain)
bp Greater Tortue Ahmeyim FPSO (offshore Senegal / Mauritania)
Assiut Hydrocracking Complex (Egypt)
IOCL Paradip PTA Plant (India)
Q2 2024 Key commercial and strategic highlights
(Please refer to Q1 2024 press release for first quarter highlights)
Technip Energies awarded ADNOC’s Ruwais LNG project (UAE)
Technip Energies awarded Marsa LNG project (Oman)
Technology, Products & Services (TPS) – adjusted IFRS
(In € millions, except % and bps) | H1 2024 | H1 2023 | Change |
Revenue | 954.4 | 931.1 | 3% |
Recurring EBIT | 88.6 | 89.2 | (1)% |
Recurring EBIT margin % | 9.3% | 9.6% | (30) bps |
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). |
H1 2024 Adjusted revenue increased year-over-year by 3% to €954.4 million, resulting from strong proprietary equipment volumes, notably for ethylene projects, as well as activity in sustainable fuels and plastics circularity, and strong and sustained momentum in study work across decarbonization markets.
H1 2024 Adjusted recurring EBIT decreased year-over-year by 1% to €88.6 million. H1 2024 Adjusted recurring EBIT margin declined year-over-year by 30 bps to 9.3% due to higher sales and tendering costs, strategic development costs for start-up and acquired entities, and higher spend on research & development. This masks an improvement in gross margin year-over-year due to a more favorable mix.
Q2 2024 Key operational milestones
(Please refer to Q1 2024 press release for first quarter milestones)
Neste Renewable Products Refinery Expansion - Capacity Growth Project, Rotterdam (Netherlands)
Shell Skyline Ethylene Furnace Revamp EPF (Netherlands)
TotalEnergies Galaxie BioJet project (France)
Q2 2024 Key commercial and strategic highlights
(Please refer to Q1 2024 press release for first quarter highlights)
IOCL’s grassroots naphtha cracking unit project in Paradip (India)
Technip Energies awarded service contract by ExxonMobil for Louisiana Carbon Capture and Sequestration Project (USA)
Long-term services agreement* with KPO for the development of the Karachaganak field (Kazakhstan)
Technip Energies to perform FEED on the Runcorn energy-from-waste carbon capture project (UK)
Rely launches Clear100+, its green hydrogen configurable productized plant
Technip Energies acquires technology from Shell to accelerate bio-polyester production
Technip Energies Loading Systems launches the eMAX series, a new era for loading arms
Technip Energies and Anellotech to jointly develop sustainable plastics recycling
Technip Energies and Mitsubishi Chemical announce licensing of improved OXO alcohol technology ’OXO M-Process’
Corporate and other items
Corporate costs, excluding non-recurring items, were €22.4 million for the first half of 2024.
Non-recurring expense amounted to €4.1 million.
Net financial income of €57.6 million benefited from interest income generated from cash and cash equivalents, partially offset by interest expenses associated with the senior unsecured notes and the mark-to-market valuation impact of investments in traded securities.
Effective tax rate on an adjusted IFRS basis was 28.5% for the first half of 2024, consistent with the 2024 guidance range of 26% - 30%.
Depreciation and amortization expense was €54.1 million, of which €34.6 million is related to IFRS 16.
Adjusted net cash at June 30, 2024 was €2.6 billion, which compares to €2.8 billion at December 31, 2023.
Adjusted free cash flow was €(94.2) million for the first half of 2024. Adjusted free cash flow, excluding the working capital and provisions variance of €334.9 million, was €240.7 million benefiting from strong operational performance and consistently high conversion from Adjusted recurring EBIT. Free cash flow is stated after capital expenditures of €29.0 million. Adjusted operating cash flow was €(65.2) million.
Share buyback
Update on program execution - as of June 30, 2024, a total number of 1,871,840 shares were bought back for €41.2 million with an average price of €22.03 per share. The cash outlay associated to these transactions during the period was €38.0 million. The €100 million program is anticipated to be completed by year-end.
Liquidity
Adjusted liquidity of €4.0 billion at June 30, 2024 comprised of €3.3 billion of cash and €750 million of liquidity provided by the Company’s undrawn revolving credit facility, offset by €80 million of outstanding commercial paper. The Company’s revolving credit facility is available for general use and serves as a backstop for the Company’s commercial paper program.
AGM and Dividend
At the company’s AGM on May 7, 2024, all resolutions submitted to the shareholders for approval at the 2024 Annual General Meeting of Shareholders (“AGM”) were adopted.
All resolutions on the agenda received a majority of votes in favor including shareholder approval for the 2023 financial statements and the proposed dividend of €0.57 per outstanding common share for the 2023 financial year. The AGM documentation and voting results are available at 2024 Annual General Meeting.
Payment for the cash dividend took place on May 23, 2024.
Forward-looking statements
This Press Release contains forward-looking statements that reflect Technip Energies’ (the “Company”) intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.
All of the Company’s forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company’s control, and assumptions that could cause actual results to differ materially from the Company’s historical experience and the Company’s present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see the Company’s risk factors set forth in the Company’s 2023 Annual Financial Report filed on March 8, 2024, with the Dutch Autoriteit Financiële Markten (AFM) and the French Autorité des Marchés Financiers (AMF) which include a discussion of factors that could affect the Company's future performance and the markets in which the Company operates.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
APPENDIX
APPENDIX 1.0: ADJUSTED STATEMENT OF INCOME - FIRST HALF 2024
(In € millions) | Project Delivery | Technology, Products & Services | Corporate/non allocable | Total | ||||
H1 24 | H1 23 | H1 24 | H1 23 | H1 24 | H1 23 | H1 24 | H1 23 | |
Adjusted revenue | 2,209.9 | 1,907.6 | 954.4 | 931.1 | — | — | 3,164.3 | 2,838.7 |
Adjusted recurring EBIT | 161.1 | 149.2 | 88.6 | 89.2 | (22.4) | (30.7) | 227.3 | 207.7 |
Non-recurring items (transaction & one-off costs) | (1.6) | (2.7) | (1.2) | (0.3) | (1.3) | (30.9) | (4.1) | (33.9) |
EBIT | 159.5 | 146.5 | 87.4 | 88.9 | (23.6) | (61.6) | 223.2 | 173.8 |
Financial income | 74.7 | 55.5 | ||||||
Financial expense | (17.1) | (18.4) | ||||||
Profit (loss) before income tax | 280.8 | 210.9 | ||||||
Income tax (expense) profit | (80.0) | (68.8) | ||||||
Net profit (loss) | 200.8 | 142.1 | ||||||
Net profit (loss) attributable to Technip Energies Group | 188.1 | 125.3 | ||||||
Net profit (loss) attributable to non-controlling interests | 12.7 | 16.8 |
APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME - SECOND QUARTER 2024
(In € millions) | Project Delivery | Technology, Products & Services | Corporate/non allocable | Total | ||||
Q2 24 | Q2 23 | Q2 24 | Q2 23 | Q2 24 | Q2 23 | Q2 24 | Q2 23 | |
Adjusted revenue | 1,164.5 | 952.8 | 479.1 | 479.3 | — | — | 1,643.6 | 1,432.1 |
Adjusted recurring EBIT | 82.5 | 71.9 | 44.1 | 43.1 | (10.1) | (14.7) | 116.5 | 100.4 |
Non-recurring items (transaction & one-off costs) | (1.5) | (2.7) | (1.7) | (0.1) | 0.8 | (19.7) | (2.4) | (22.4) |
EBIT | 81.1 | 69.2 | 42.4 | 43.1 | (9.3) | (34.3) | 114.1 | 78.0 |
Financial income | 36.5 | 28.7 | ||||||
Financial expense | 1.2 | (12.0) | ||||||
Profit (loss) before income tax | 151.8 | 94.7 | ||||||
Income tax (expense) profit | (46.4) | (35.8) | ||||||
Net profit (loss) | 105.4 | 58.9 | ||||||
Net profit (loss) attributable to Technip Energies Group | 97.9 | 45.2 | ||||||
Net profit (loss) attributable to non-controlling interests | 7.5 | 13.7 |
APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
(In € millions) | H1 24 IFRS | Adjustments | H1 24 Adjusted |
Revenue | 3,039.2 | 125.1 | 3,164.3 |
Costs and expenses | |||
Cost of sales | (2,604.9) | (102.0) | (2,706.9) |
Selling, general and administrative expense | (200.3) | (0.9) | (201.2) |
Research and development expense | (35.0) | 0.8 | (34.2) |
Impairment, restructuring and other expense | (4.1) | — | (4.1) |
Other operating income (expense), net | 6.0 | (0.2) | 5.8 |
Operating profit (loss) | 200.9 | 22.8 | 223.7 |
Share of profit (loss) of equity-accounted investees | 23.8 | (24.3) | (0.5) |
Profit (loss) before financial income (expense), net and income tax | 224.7 | (1.5) | 223.2 |
Financial income | 71.0 | 3.7 | 74.7 |
Financial expense | (17.1) | — | (17.1) |
Profit (loss) before income tax | 278.6 | 2.2 | 280.8 |
Income tax (expense) profit | (79.5) | (0.5) | (80.0) |
Net profit (loss) | 199.1 | 1.7 | 200.8 |
Net profit (loss) attributable to Technip Energies Group | 186.4 | 1.7 | 188.1 |
Net profit (loss) attributable to non-controlling interests | 12.7 | — | 12.7 |
APPENDIX 1.3: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2023
(In € millions) | H1 23 IFRS | Adjustments | H1 23 Adjusted |
Revenue | 2,830.3 | 8.4 | 2,838.7 |
Costs and expenses | |||
Cost of sales | (2,413.3) | (8.8) | (2,422.1) |
Selling, general and administrative expense | (178.8) | — | (178.8) |
Research and development expense | (23.7) | — | (23.7) |
Impairment, restructuring and other expense | (33.9) | — | (33.9) |
Other operating income (expense), net | (7.0) | 0.6 | (6.4) |
Operating profit (loss) | 173.5 | 0.3 | 173.8 |
Share of profit (loss) of equity-accounted investees | 15.8 | (15.8) | — |
Profit (loss) before financial income (expense), net and income tax | 189.3 | (15.5) | 173.8 |
Financial income | 51.1 | 4.4 | 55.5 |
Financial expense | (26.8) | 8.4 | (18.4) |
Profit (loss) before income tax | 213.6 | (2.7) | 210.9 |
Income tax (expense) profit | (69.6) | 0.8 | (68.8) |
Net profit (loss) | 144.0 | (1.9) | 142.1 |
Net profit (loss) attributable to Technip Energies Group | 127.2 | (1.9) | 125.3 |
Net profit (loss) attributable to non-controlling interests | 16.8 | — | 16.8 |
APPENDIX 1.4: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - SECOND QUARTER 2024
(In € millions) | Q2 24 IFRS | Adjustments | Q2 24 Adjusted |
Revenue | 1,541.1 | 102.5 | 1,643.6 |
Costs and expenses | |||
Cost of sales | (1,325.6) | (84.5) | (1,410.1) |
Selling, general and administrative expense | (99.6) | (0.6) | (100.2) |
Research and development expense | (20.6) | 0.5 | (20.1) |
Impairment, restructuring and other expense | (2.4) | — | (2.4) |
Other operating income (expense), net | 2.9 | 1.1 | 4.0 |
Operating profit (loss) | 95.8 | 19.0 | 114.8 |
Share of profit (loss) of equity-accounted investees | 17.8 | (18.4) | (0.6) |
Profit (loss) before financial income (expense), net and income tax | 113.6 | 0.5 | 114.1 |
Financial income | 34.5 | 2.0 | 36.5 |
Financial expense | 1.1 | 0.1 | 1.2 |
Profit (loss) before income tax | 149.2 | 2.6 | 151.8 |
Income tax (expense) profit | (45.7) | (0.7) | (46.4) |
Net profit (loss) | 103.5 | 1.9 | 105.4 |
Net profit (loss) attributable to Technip Energies Group | 95.7 | 2.2 | 97.9 |
Net profit (loss) attributable to non-controlling interests | 7.8 | (0.3) | 7.5 |
APPENDIX 1.5: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - SECOND QUARTER 2023
(In € millions) | Q2 23 IFRS | Adjustments | Q2 23 Adjusted |
Revenue | 1,430.6 | 1.5 | 1,432.1 |
Costs and expenses | |||
Cost of sales | (1,221.4) | (8.7) | (1,230.1) |
Selling, general and administrative expense | (87.8) | — | (87.8) |
Research and development expense | (13.0) | — | (13.0) |
Impairment, restructuring and other expense | (22.4) | — | (22.4) |
Other operating income (expense), net | (1.2) | 0.6 | (0.6) |
Operating profit (loss) | 84.8 | (6.6) | 78.2 |
Share of profit (loss) of equity-accounted investees | 6.0 | (6.2) | (0.2) |
Profit (loss) before financial income (expense), net and income tax | 90.8 | (12.8) | 78.0 |
Financial income | 26.0 | 2.7 | 28.7 |
Financial expense | (21.3) | 9.3 | (12.0) |
Profit (loss) before income tax | 95.5 | (0.8) | 94.7 |
Income tax (expense) profit | (36.1) | 0.3 | (35.8) |
Net profit (loss) | 59.4 | (0.5) | 58.9 |
Net profit (loss) attributable to Technip Energies Group | 45.8 | (0.6) | 45.2 |
Net profit (loss) attributable to non-controlling interests | 13.7 | — | 13.7 |
APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL POSITION
(In € millions) | H1 24 | FY 23 |
Goodwill | 2,104.6 | 2,093.3 |
Intangible assets, net | 118.4 | 120.5 |
Property, plant and equipment, net | 139.5 | 116.7 |
Right-of-use assets | 194.1 | 200.8 |
Equity accounted investees | 24.5 | 24.8 |
Other non-current assets | 327.2 | 305.7 |
Total non-current assets | 2,908.3 | 2,861.8 |
Trade receivables, net | 1,122.1 | 1,189.6 |
Contract assets | 492.0 | 399.8 |
Other current assets | 942.0 | 781.8 |
Cash and cash equivalents | 3,344.0 | 3,569.3 |
Total current assets | 5,900.1 | 5,940.5 |
Total assets | 8,808.4 | 8,802.3 |
Total equity | 1,988.6 | 1,956.3 |
Long-term debt, less current portion | 641.9 | 637.3 |
Lease liability – non-current | 162.2 | 160.4 |
Accrued pension and other post-retirement benefits, less current portion | 118.8 | 115.8 |
Other non-current liabilities | 170.8 | 157.9 |
Total non-current liabilities | 1,093.7 | 1,071.4 |
Short-term debt | 147.4 | 123.9 |
Lease liability – current | 66.0 | 71.9 |
Accounts payable, trade | 1,563.5 | 1,572.8 |
Contract liabilities | 3,165.8 | 3,156.7 |
Other current liabilities | 783.4 | 849.3 |
Total current liabilities | 5,726.1 | 5,774.6 |
Total liabilities | 6,819.8 | 6,846.0 |
Total equity and liabilities | 8,808.4 | 8,802.3 |
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
(In € millions) | H1 24 IFRS | Adjustments | H1 24 Adjusted |
Goodwill | 2,104.6 | — | 2,104.6 |
Intangible assets, net | 121.2 | (2.8) | 118.4 |
Property, plant and equipment, net | 137.9 | 1.6 | 139.5 |
Right-of-use assets | 193.2 | 0.9 | 194.1 |
Equity accounted investees | 84.3 | (59.8) | 24.5 |
Other non-current assets | 330.6 | (3.4) | 327.2 |
Total non-current assets | 2,971.8 | (63.5) | 2,908.3 |
Trade receivables, net | 1,161.0 | (38.9) | 1,122.1 |
Contract assets | 488.9 | 3.1 | 492.0 |
Other current assets | 928.1 | 13.9 | 942.0 |
Cash and cash equivalents | 3,121.5 | 222.5 | 3,344.0 |
Total current assets | 5,699.5 | 200.6 | 5,900.1 |
Total assets | 8,671.3 | 137.1 | 8,808.4 |
Total equity | 1,981.2 | 7.4 | 1,988.6 |
Long-term debt, less current portion | 637.4 | 4.5 | 641.9 |
Lease liability – non-current | 162.1 | 0.1 | 162.2 |
Accrued pension and other post-retirement benefits, less current portion | 117.1 | 1.7 | 118.8 |
Other non-current liabilities | 247.6 | (76.8) | 170.8 |
Total non-current liabilities | 1,164.2 | (70.5) | 1,093.7 |
Short-term debt | 147.4 | — | 147.4 |
Lease liability – current | 65.2 | 0.8 | 66.0 |
Accounts payable, trade | 1,479.6 | 83.9 | 1,563.5 |
Contract liabilities | 3,053.3 | 112.5 | 3,165.8 |
Other current liabilities | 780.4 | 3.0 | 783.4 |
Total current liabilities | 5,525.9 | 200.2 | 5,726.1 |
Total liabilities | 6,690.1 | 129.7 | 6,819.8 |
Total equity and liabilities | 8,671.3 | 137.1 | 8,808.4 |
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2023
(In € millions) | H1 23 IFRS | Adjustments | H1 23 Adjusted |
Goodwill | 2,086.9 | — | 2,086.9 |
Intangible assets, net | 110.1 | — | 110.1 |
Property, plant and equipment, net | 100.3 | 0.2 | 100.5 |
Right-of-use assets | 220.9 | 0.3 | 221.2 |
Equity accounted investees | 70.2 | (39.1) | 31.1 |
Other non-current assets | 245.9 | 2.3 | 248.2 |
Total non-current assets | 2,834.2 | (36.3) | 2,797.9 |
Trade receivables, net | 1,340.6 | (27.6) | 1,313.0 |
Contract assets | 451.5 | (1.9) | 449.6 |
Other current assets | 764.3 | 36.7 | 801.0 |
Cash and cash equivalents | 3,187.7 | 241.3 | 3,429.0 |
Total current assets | 5,744.1 | 248.5 | 5,992.6 |
Total assets | 8,578.3 | 212.2 | 8,790.5 |
Total equity | 1,757.9 | 0.6 | 1,758.5 |
Long-term debt, less current portion | 595.7 | — | 595.7 |
Lease liability – non-current | 186.4 | — | 186.4 |
Accrued pension and other post-retirement benefits, less current portion | 98.8 | 0.9 | 99.7 |
Other non-current liabilities | 122.1 | (3.7) | 118.4 |
Total non-current liabilities | 1,003.0 | (2.8) | 1,000.2 |
Short-term debt | 130.7 | — | 130.7 |
Lease liability – current | 72.6 | 0.3 | 72.9 |
Accounts payable, trade | 1,286.0 | 123.3 | 1,409.3 |
Contract liabilities | 3,573.0 | 117.2 | 3,690.2 |
Other current liabilities | 755.1 | (26.4) | 728.7 |
Total current liabilities | 5,817.4 | 214.4 | 6,031.8 |
Total liabilities | 6,820.4 | 211.6 | 7,032.0 |
Total equity and liabilities | 8,578.3 | 212.2 | 8,790.5 |
APPENDIX 3.0: ADJUSTED STATEMENT OF CASH FLOWS
(In € millions) | H1 24 | H1 23 |
Net profit (loss) | 200.8 | 142.1 |
Change in working capital and provisions | (334.9) | (231.8) |
Non-cash items and other | 68.9 | 87.7 |
Cash provided (required) by operating activities | (65.2) | (2.0) |
Acquisition of property, plant, equipment and intangible assets | (29.0) | (22.2) |
Acquisition of financial assets | (4.8) | (25.0) |
Acquisition of subsidiary, net of cash acquired | 1.2 | — |
Proceeds from disposals of subsidiaries, net of cash disposed | (1.3) | (111.3) |
Other | — | 0.1 |
Cash provided (required) by investing activities | (33.9) | (158.4) |
Capital increase | (0.7) | — |
Net increase (repayment) in long-term, short-term debt and commercial paper | 24.5 | 11.7 |
Purchase of treasury shares | (38.0) | — |
Dividends paid to Shareholders | (101.5) | (91.2) |
Payments for the principal portion of lease liabilities | (31.5) | (38.4) |
Other (of which dividends paid to non-controlling interests) | (19.0) | (26.7) |
Cash provided (required) by financing activities | (166.2) | (144.6) |
Effect of changes in foreign exchange rates on cash and cash equivalents | 40.1 | (57.2) |
(Decrease) Increase in cash and cash equivalents | (225.2) | (362.2) |
Cash and cash equivalents, beginning of period | 3,569.2 | 3,791.2 |
Cash and cash equivalents, end of period | 3,344.0 | 3,429.0 |
APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
(In € millions) | H1 24 IFRS | Adjustments | H1 24 Adjusted |
Net profit (loss) | 199.1 | 1.7 | 200.8 |
Change in working capital and provisions | (330.4) | (4.5) | (334.9) |
Non-cash items and other | 59.6 | 9.3 | 68.9 |
Cash provided (required) by operating activities | (71.7) | 6.5 | (65.2) |
Acquisition of property, plant, equipment and intangible assets | (28.3) | (0.7) | (29.0) |
Acquisition of financial assets | (4.8) | — | (4.8) |
Acquisition of subsidiary, net of cash acquired | — | 1.2 | 1.2 |
Proceeds from disposals of subsidiaries, net of cash disposed | (1.3) | — | (1.3) |
Cash provided (required) by investing activities | (34.4) | 0.5 | (33.9) |
Capital increase | (0.7) | — | (0.7) |
Net increase (repayment) in long-term, short-term debt and commercial paper | 24.1 | 0.4 | 24.5 |
Purchase of treasury shares | (38.0) | — | (38.0) |
Dividends paid to Shareholders | (101.5) | — | (101.5) |
Settlements of mandatorily redeemable financial liability | (16.0) | 16.0 | — |
Payments for the principal portion of lease liabilities | (31.2) | (0.3) | (31.5) |
Other (of which dividends paid to non-controlling interests) | (19.0) | — | (19.0) |
Cash provided (required) by financing activities | (182.3) | 16.1 | (166.2) |
Effect of changes in foreign exchange rates on cash and cash equivalents | 38.9 | 1.2 | 40.1 |
(Decrease) Increase in cash and cash equivalents | (249.5) | 24.3 | (225.2) |
Cash and cash equivalents, beginning of period | 3,371.0 | 198.2 | 3,569.2 |
Cash and cash equivalents, end of period | 3,121.5 | 222.5 | 3,344.0 |
APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2023
(In € millions) | H1 23 IFRS | Adjustments | H1 23 Adjusted |
Net profit (loss) | 144.0 | (1.9) | 142.1 |
Change in working capital and provisions | (216.6) | (15.2) | (231.8) |
Non-cash items and other | 137.2 | (49.5) | 87.7 |
Cash provided (required) by operating activities | 64.6 | (66.6) | (2.0) |
Acquisition of property, plant, equipment and intangible assets | (22.2) | — | (22.2) |
Acquisition of financial assets | (25.0) | — | (25.0) |
Proceeds from disposals of subsidiaries, net of cash disposed | (30.5) | (80.8) | (111.3) |
Other | 0.1 | — | 0.1 |
Cash provided (required) by investing activities | (77.6) | (80.8) | (158.4) |
Net increase (repayment) in long-term, short-term debt and commercial paper | 11.8 | (0.1) | 11.7 |
Dividends paid to Shareholders | (91.2) | — | (91.2) |
Settlements of mandatorily redeemable financial liability | (80.3) | 80.3 | — |
Payments for the principal portion of lease liabilities | (38.0) | (0.4) | (38.4) |
Other (of which dividends paid to non-controlling interests) | (26.6) | (0.1) | (26.7) |
Cash provided (required) by financing activities | (224.3) | 79.7 | (144.6) |
Effect of changes in foreign exchange rates on cash and cash equivalents | (52.4) | (4.8) | (57.2) |
(Decrease) Increase in cash and cash equivalents | (289.7) | (72.5) | (362.2) |
Cash and cash equivalents, beginning of period | 3,477.4 | 313.8 | 3,791.2 |
Cash and cash equivalents, end of period | 3,187.7 | 241.3 | 3,429.0 |
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES - FIRST HALF 2024
(In € millions, except %) | H1 24 | % of revenues | H1 23 | % of revenues |
Adjusted revenue | 3,164.3 | 2,838.7 | ||
Cost of sales | (2,706.9) | 85.5% | (2,422.1) | 85.3% |
Adjusted gross margin | 457.4 | 14.5% | 416.6 | 14.7% |
Adjusted recurring EBITDA | 281.4 | 8.9% | 255.3 | 9.0% |
Amortization, depreciation and impairment | (54.1) | (47.6) | ||
Adjusted recurring EBIT | 227.3 | 7.2% | 207.7 | 7.3% |
Non-recurring items | (4.1) | (33.9) | ||
Adjusted profit (loss) before financial income (expense), net and income tax | 223.2 | 7.1% | 173.8 | 6.1% |
Financial income (expense), net | 57.6 | 37.1 | ||
Adjusted profit (loss) before tax | 280.8 | 8.9% | 210.9 | 7.4% |
Income tax (expense) profit | (80.0) | (68.8) | ||
Adjusted net profit (loss) | 200.8 | 6.3% | 142.1 | 5.0% |
APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES - SECOND QUARTER 2024
(In € millions, except %) | Q2 24 | % of revenues | Q2 23 | % of revenues |
Adjusted revenue | 1,643.6 | 1,432.1 | ||
Cost of sales | (1,410.1) | 85.8% | (1,230.1) | 85.9% |
Adjusted gross margin | 233.5 | 14.2% | 202.0 | 14.1% |
Adjusted recurring EBITDA | 144.7 | 8.8% | 124.4 | 8.7% |
Amortization, depreciation and impairment | (28.2) | (24.0) | ||
Adjusted recurring EBIT | 116.5 | 7.1% | 100.4 | 7.0% |
Non-recurring items | (2.4) | (22.4) | ||
Adjusted profit (loss) before financial income (expense), net and income tax | 114.1 | 6.9% | 78.0 | 5.4% |
Financial income (expense), net | 37.7 | 16.7 | ||
Adjusted profit (loss) before tax | 151.8 | 9.2% | 94.7 | 6.6% |
Income tax (expense) profit | (46.4) | (35.8) | ||
Adjusted net profit (loss) | 105.4 | 6.4% | 58.9 | 4.1% |
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION - FIRST HALF 2024
(In € millions) | Project Delivery | Technology, Products & Services | Corporate/non allocable | Total | ||||
H1 24 | H1 23 | H1 24 | H1 23 | H1 24 | H1 23 | H1 24 | H1 23 | |
Revenue | 2,209.9 | 1,907.6 | 954.4 | 931.1 | — | — | 3,164.3 | 2,838.7 |
Profit (loss) before financial income (expense), net and income tax | 223.2 | 173.8 | ||||||
Non-recurring items: | ||||||||
Other non-recurring income/(expense) | 4.1 | 33.9 | ||||||
Adjusted recurring EBIT | 161.1 | 149.2 | 88.6 | 89.2 | (22.4) | (30.7) | 227.3 | 207.7 |
Adjusted recurring EBIT margin % | 7.3% | 7.8% | 9.3% | 9.6% | —% | —% | 7.2% | 7.3% |
Adjusted amortization and depreciation | (54.1) | (47.6) | ||||||
Adjusted recurring EBITDA | 281.4 | 255.3 | ||||||
Adjusted recurring EBITDA margin % | 8.9% | 9.0% |
APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION - SECOND QUARTER 2024
(In € millions, except %) | Project Delivery | Technology, Products & Services | Corporate/non allocable | Total | ||||
Q2 24 | Q2 23 | Q2 24 | Q2 23 | Q2 24 | Q2 23 | Q2 24 | Q2 23 | |
Revenue | 1,164.5 | 952.8 | 479.1 | 479.3 | — | — | 1,643.6 | 1,432.1 |
Profit (loss) before financial income (expense), net and income tax | 114.1 | 78.0 | ||||||
Non-recurring items: | ||||||||
Other non-recurring income/(expense) | 2.4 | 22.4 | ||||||
Adjusted recurring EBIT | 82.5 | 71.9 | 44.1 | 43.1 | (10.1) | (14.7) | 116.5 | 100.4 |
Adjusted recurring EBIT margin % | 7.1% | 7.5% | 9.2% | 9.0% | —% | —% | 7.1% | 7.0% |
Adjusted amortization and depreciation | (28.2) | (24.0) | ||||||
Adjusted recurring EBITDA | 144.7 | 124.4 | ||||||
Adjusted recurring EBITDA margin % | 8.8% | 8.7% |
APPENDIX 6.0: BACKLOG - RECONCILIATION BETWEEN IFRS AND ADJUSTED
(In € millions) | H1 24 IFRS | Adjustments | H1 24 Adjusted |
Project Delivery | 14,908.3 | 96.9 | 15,005.2 |
Technology, Products & Services | 1,908.5 | 37.9 | 1,946.5 |
Total | 16,816.8 | 16,951.7 |
APPENDIX 7.0: ORDER INTAKE - RECONCILIATION BETWEEN IFRS AND ADJUSTED
(In € millions) | H1 24 IFRS | Adjustments | H1 24 Adjusted |
Project Delivery | 2,838.7 | 131.5 | 2,970.2 |
Technology, Products & Services | 1,002.0 | 34.7 | 1,036.7 |
Total | 3,840.7 | 4,006.8 |
APPENDIX 8.0: Definition of Alternative Performance Measures (APMs)
Certain parts of this Press Release contain the following non-IFRS financial measures: Adjusted Revenue, Adjusted Recurring EBIT, Adjusted Recurring EBITDA, Adjusted net (debt) cash, Adjusted Backlog, and Adjusted Order Intake, which are not recognized as measures of financial performance or liquidity under IFRS and which the Company considers to be APMs. APMs should not be considered an alternative to, or more meaningful than, the equivalent measures as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity.
Each of the APMs is defined below:
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Contacts
Investor Relations
Phillip Lindsay
Vice President, Investor Relations
Tel: +44 20 7585 5051
Email: Phillip Lindsay
Media Relations
Jason Hyonne
Manager, Press Relations & Social Media
Tel: +33 1 47 78 22 89
Email: Jason Hyonne
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