Technip Energies Financial Results for the First Nine Months of
2024
TECHNIP ENERGIES 9M 2024
FINANCIAL RESULTS
Strong 9M performance and substantial EPS
growth; upgrading full year guidance
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- Strong
revenue growth of 13% Y/Y; upgrade 2024 revenue guidance to €6.5 -
6.8bn from €6.1 - 6.6bn
- Recurring EBIT
margin stable at 7.2%; diluted EPS up 35% Y/Y
- Successful
completion of €100m share buyback program
- Well positioned
for notable prospects that enable diversification by geography and
in new markets
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Paris, Thursday, October 31, 2024. Technip
Energies (the “Company”), a leading Engineering
& Technology company for the energy transition, today announces
its unaudited financial results for the first nine months of
2024.
Arnaud Pieton, Chief Executive Officer of Technip
Energies, commented:
“I am delighted to report a highly robust
performance by Technip Energies (T.EN) in the first nine months of
2024, evidenced by year-over-year revenue growth of 13%, sustained
profitability, and substantial growth in net income. These results
demonstrate the strength of our business model and execution, and
the impressive dedication of our teams across the globe. As a
result, we are raising full year revenue
guidance.”
“Our order intake year-to-date is in line
with revenue, and we are very confident that orders will exceed
revenue on a full-year basis. Our confidence is bolstered by our
recent selection for the delivery of large modules for a
major offshore project in the Americas. We have
also recently secured an important award for Rely, our
joint venture for green hydrogen and Power-to-X, to provide
services for one of the world's largest green ammonia plants
for AM Green in India, and, we celebrated a
technology first with an award for our proprietary low-emission
cracking ethylene furnace for CPChem in the US.”
“In addition, we secured our position on
notable projects that will reinforce and diversify our backlog in
2025 and beyond. This includes our selection by Lake Charles LNG
for a major export terminal in the US, as well a front-end
engineering design (FEED) award on Rovuma LNG in Mozambique - both
projects underscore our continued leadership in modularized LNG
trains.”
“Our strategic focus provides for sustained
growth and success in promising new industries including blue
molecules and carbon capture. In the third quarter, bp awarded T.EN
a FEED for its H2Teesside project, which is expected to be one of
the UK’s largest blue hydrogen production facilities. This
reinforces our position in the UK’s first decarbonized industrial
cluster, where we have also been selected for the NZT Power
carbon-capture project, pending final investment decision. These
awards are establishing T.EN’s early leadership in growth
markets.”
“With the completion of our share buyback
program and planned cancellation of treasury shares, T.EN will have
returned more than €170 million in cash to shareholders during 2024
through dividends and buybacks - roughly equivalent to
4.5% of our market capitalization - a clear and
tangible sign of our commitment to shareholder returns.”
“Finally, we are looking forward to engaging
with our investor community at our Capital Markets Day on November
21, 2024 and sharing more about our vision for T.EN’s bright
future.”
Key financials – adjusted IFRS
|
(In € millions, except EPS and %) |
9M 2024 |
9M 2023 |
|
Revenue |
4,970.8 |
4,407.4 |
|
Recurring EBIT |
356.7 |
318.6 |
|
Recurring EBIT margin % |
7.2% |
7.2% |
|
Net profit |
279.9 |
207.3 |
|
Diluted earnings per share(1) |
€1.55 |
€1.15 |
|
|
|
|
|
Order intake |
4,813.5 |
9,507.9 |
|
Backlog |
15,852.8 |
18,029.9 |
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)9M 2024 and 9M 2023 diluted earnings per
share have been calculated using the weighted average number of
outstanding shares of 180,857,615 and 179,935,170
respectively. |
Key financials – IFRS
|
(In € millions, except EPS) |
9M 2024 |
9M 2023 |
|
Revenue |
4,778.5 |
4,367.5 |
|
Net profit |
276.5 |
210.5 |
|
Diluted earnings per share(1) |
€1.53 |
€1.17 |
|
(1)9M 2024 and 9M 2023 diluted earnings per
share have been calculated using the weighted average number of
outstanding shares of 180,857,615 and 179,935,170
respectively. |
Updating 2024 full company guidance – adjusted
IFRS
|
Revenue |
€6.5 – 6.8 billion (prior guidance: €6.1 – 6.6
billion) |
|
Recurring EBIT margin |
7.0% – 7.5% |
|
Effective tax rate |
29% – 33% (prior guidance: 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
excludes potential enhancement from share buyback program
|
Capital Markets Day - November 21, 2024,
London
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 9M 2024 results
conference call and webcast on Thursday, October 31, 2024 at 13:00
CET. 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 9M 2024 Webcast
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
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 9M 2024 amounted to
€4,814 million, equivalent to a book-to-bill of 1.0. Adjusted order
intake in the third quarter included a services contract award to
Rely, T.EN’s green hydrogen joint venture, from AM Green for
India’s largest green ammonia complex, a Front-End Engineering and
Design (FEED) contract by ExxonMobil for the Rovuma LNG project in
Mozambique, a FEED contract by bp for the low-carbon hydrogen
H2Teesside project in the UK, as well as other services contracts
and smaller projects. Also in the third quarter, T.EN was selected
for a major* Engineering, Procurement, Fabrication and
Construction (EPFC) project by Lake Charles LNG in the US (award
pending customer final investment decision) and announced the award
of an Engineering and Procurement contract by CPChem for the supply
of a proprietary low emission cracking furnace for an existing
olefins unit in the US.
H1 2024 commercial highlights are included here:
T.EN H1 2024 financial results.
* A “major” award for Technip Energies is a
contract award representing above €1 billion of revenue.
|
(In € millions) |
9M 2024 |
9M 2023 |
|
Adjusted order intake |
4,813.5 |
9,507.9 |
|
Project Delivery |
3,439.5 |
8,133.7 |
|
Technology, Products & Services |
1,374.1 |
1,374.2 |
|
Reconciliation of IFRS to non-IFRS financial measures are
provided in appendices. |
Adjusted backlog increased by 1% to €15.9
billion compared to December 31, 2023, equivalent to 2.6x FY 2023
revenue.
|
(In € millions) |
9M 2024 |
FY 2023 |
|
Adjusted backlog |
15,852.8 |
15,713.3 |
|
Project Delivery |
14,159.7 |
13,884.1 |
|
Technology, Products & Services |
1,693.1 |
1,829.2 |
Reconciliation of IFRS to non-IFRS financial measures are provided
in appendices.
Adjusted backlog at September 30, 2024, has been impacted
positively by foreign exchange of €0.6 million. |
The table below provides estimated backlog
scheduling as of September 30, 2024.
|
(In € millions) |
2024 (3M) |
FY 2025 |
FY 2026+ |
|
Adjusted backlog |
1,701.1 |
5,079.7 |
9,072.0 |
|
|
Company financial
performance
Adjusted statement of income
|
(In € millions, except %) |
9M 2024 |
9M 2023 |
% Change |
|
Adjusted revenue |
4,970.8 |
4,407.4 |
13% |
|
Adjusted EBITDA |
439.3 |
390.6 |
12% |
|
Adjusted recurring EBIT |
356.7 |
318.6 |
12% |
|
Non-recurring items |
(16.4) |
(42.0) |
(61)% |
|
EBIT |
340.3 |
276.6 |
23% |
|
Financial income (expense), net |
88.9 |
60.2 |
48% |
|
Profit (loss) before income tax |
429.2 |
336.8 |
27% |
|
Income tax (expense) profit |
(129.8) |
(101.3) |
28% |
|
Net profit (loss) |
299.4 |
235.5 |
27% |
|
Net profit (loss) attributable to Technip Energies Group |
279.9 |
207.3 |
35% |
|
Net profit (loss) attributable to non-controlling interests |
19.4 |
28.2 |
(31)% |
Business highlights
Project Delivery – adjusted IFRS
|
(In € millions, except % and bps) |
9M 2024 |
9M 2023 |
% Change |
|
Revenue |
3,495.5 |
2,977.8 |
17% |
|
Recurring EBITDA |
291.7 |
262.7 |
11% |
|
Recurring EBITDA margin % |
8.3% |
8.8% |
(50) bps |
|
Recurring EBIT |
258.3 |
231.7 |
11% |
|
Recurring EBIT margin % |
7.4% |
7.8% |
(40) bps |
|
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
9M 2024 Adjusted revenue
increased by 17% year-over-year to €3,495.5 million due to a
growing contribution from Qatar NFS and Qatar NFE, as well as
higher activity in offshore, partially offset by reduced activity
in downstream projects in completion phases.
9M 2024 Adjusted recurring
EBITDA increased by 11% to €291.7 million and 9M
2024 Adjusted recurring EBIT increased by 11%
year-over-year to €258.3 million.
9M 2024 Adjusted recurring EBITDA / EBIT
margin decreased year-over-year by 50 bps / 40 bps to 8.3%
/ 7.4%, reflecting a re-balancing of the portfolio and growing
contributions from earlier phase projects where less margin is
recognized. Project execution remains strong across the
portfolio.
Q3 2024 Key operational milestones
(Please refer to Q1 2024 and H1 2024 press releases
for first half milestones)
Qatar Energy North Field Expansion (Qatar)
- Mobilization at site has reached its peak and commissioning
activities for the desalination plant are ongoing.
Long Son Petrochemicals olefins plant
(Vietnam)
- Final performance acceptance test
passed.
Borouge IV Ethylene project (UAE)
- Cracking furnace
proprietary equipment delivered at site and heavy lifting campaign
started.
Bapco Refinery expansion (Bahrain)
- Start-up of first tail gas
treatment and sour water strippers units.
Assiut Hydrocracking Complex (Egypt)
- 20 million hours achieved without a
lost time incident (LTI).
Petronas Kasawari Offshore (Malaysia)
- Gas exported into the trunk line
for the first time.
Q3 2024 Key commercial and strategic
highlights
(Please refer to Q1 2024 and H1 2024 press releases for first
half highlights)
Technip Energies and KBR selected for a major LNG
project by Lake Charles LNG (USA)
- The KTJV joint
venture between Technip Energies and KBR has been selected for a
major* Engineering, Procurement, Fabrication and
Construction (EPFC) project by Lake Charles LNG. Subject to Lake
Charles LNG making a final investment decision to proceed with this
project, this project will convert the existing Lake Charles LNG
import and regasification terminal, located in Lake Charles,
Louisiana, on the United States Gulf Coast, into an LNG export
terminal. When the conversion is complete, the liquefaction
terminal will be among the largest LNG terminals in the United
States. The award covers a new 16.45 Mtpa LNG export facility,
including three 5.5 Mtpa modular LNG trains, brownfield
modification to LNG storage, along with procurement,
transportation, fabrication, installation, commissioning, and
startup of the terminal.
-
* A “major” award for Technip Energies is a
contract award representing above €1 billion of revenue. This
project is pending customer final investment decision and is not
included in 9M 2024 backlog.
Technip Energies and JGC Corporation awarded FEED
contract by ExxonMobil for the Rovuma LNG project in
Mozambique
- Technip Energies
and JGC Corporation have been awarded the Front-End Engineering
Design (FEED) contract by ExxonMobil – on behalf of Mozambique
Rovuma Venture (MRV), a joint venture of ExxonMobil, Eni, and CNPC
– for the Rovuma LNG project at Palma in the Afungi peninsula,
Northeast of Mozambique. The Rovuma LNG project will consist of an
LNG plant with a total production capacity of 18 Mtpa, comprising
12 fully modularized LNG trains of 1.5 Mtpa each. The plant design
will feature electric-driven LNG trains instead of gas turbines,
reducing greenhouse gases emissions compared to conventional LNG
projects. It will also include prefabricated and standardized
modules to be assembled at the project site in Mozambique, offering
cost competitiveness and certainty in delivery schedule.
Technology, Products & Services (TPS) – adjusted
IFRS
|
(In € millions, except % and bps) |
9M 2024 |
9M 2023 |
Change |
|
Revenue |
1,475.3 |
1,429.6 |
3% |
|
Recurring EBITDA |
188.2 |
179.9 |
5% |
|
Recurring EBITDA margin % |
12.8% |
12.6% |
20 bps |
|
Recurring EBIT |
139.2 |
138.1 |
1% |
|
Recurring EBIT margin % |
9.4% |
9.7% |
(30) bps |
|
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
9M 2024 Adjusted revenue
increased year-over-year by 3% to €1,475.3 million, resulting from
growth in renewable fuels work and decarbonization services, as
well as PMC activities, and other studies and services work across
energy and energy derivatives markets. Proprietary equipment
volumes, notably for ethylene projects, were broadly sustained at a
high level.
9M 2024 Adjusted recurring
EBITDA increased year-over-year by 5% to 188.2 million and
Adjusted recurring EBIT increased year-over-year
by 1% to €139.2 million.
9M 2024 Adjusted recurring EBITDA
margin increased by 20 bps to 12.8% benefiting from a
favorable mix. Conversely, Adjusted recurring EBIT
margin decreased year-over-year by 30 bps to 9.4% due to
increased depreciation and amortization expense associated with
higher capital investment and growth in services, including the
impact of IFRS 16, as well as the impact of higher sales and
tendering costs, strategic development costs, and higher spend on
research & development.
Q3 2024 Key operational milestones
(Please refer to Q1 2024 and H1 2024 press releases for first
half milestones)
Reju (Germany)
- Reju, a T.EN company, opens its first textile-to textile
Regeneration Hub Zero in Frankfurt.
ExxonMobil - LaBarge CCS (USA)
- Buildings for modularized power distribution center delivered
and installed on site.
Neste Renewable Products Refinery Expansion - Capacity
Growth Project, Rotterdam (Netherlands)
- Storage tank being erected, piping pre-fabrication and erection
progressing.
Arcadia eFUELS Endor (Denmark)
- FEED activities completed and delivered to client.
Q3 2024 Key commercial and strategic
highlights
(Please refer to Q1 2024 and H1 2024 press releases for first
half highlights)
Technip Energies awarded a proprietary equipment
contract by Chevron Phillips Chemical for the first complete
implementation of the low-CO2
cracking furnace technology (USA)
- Technip Energies
has been awarded an Engineering and Procurement contract by Chevron
Phillips Chemical (CPChem) for the supply of a proprietary Low
Emission Cracking Furnace in an existing olefins unit at its
facility in Sweeny, Texas. This low-emission design is
cost-effective and will reduce fuel consumption and CO₂ emissions
by approximately 30 %. Technip Energies’ patented design of the Low
Emission Cracking Furnace focuses on improving fuel efficiency
using a novel heat recovery scheme, which includes combustion air
preheat and a first-of-its-kind gas-to-gas primary feed effluent
exchanger. The project also electrifies a major compressor driver,
and because the low emission furnace will be capable of using
hydrogen as fuel, the project enables immediate and future
reductions to the existing unit’s carbon intensity.
Technip Energies to design groundbreaking low-carbon
hydrogen facility for bp (United Kingdom)
- Technip Energies
has been awarded the Front-End Engineering Design (FEED) contract
by bp for the H2Teesside project in the North East of the United
Kingdom. H2Teesside is expected to be one of the UK’s
largest low-carbon hydrogen production facilities - fully
integrated with carbon capture technology. The project is targeting
1.2 GW of low-carbon hydrogen production, which equates to more
than 10% of the UK’s 2030 hydrogen production target. As part of
the FEED study, Technip Energies will deliver a comprehensive
design utilizing their in-house expertise and global best practices
to design large scale project, integrating hydrogen and carbon
capture technologies. In the perspective of a 2025 final investment
decision, the next step for Technip Energies, if selected, will be
to provide the full Engineering Procurement, Construction and
Commissioning (EPCC) package for the project.
Rely awarded a contract by AM Green to engineer and
deliver India’s Largest*
Green Ammonia complex in Kakinada (India)
- Rely has been
awarded an EPsCm contract by AM Green India Pvt Ltd. for its 2 x
1500 tons per day (TPD) Green Ammonia Complex at Kakinada, Andhra
Pradesh, India. The project, which reached FID in August 2024,
includes 2 x 640MW Pressured Alkaline Electrolysers for the
production of green hydrogen, making it one of the world largest
green hydrogen facilities to move to execution phase. The
development has reached its final investment decision (FID) in
August 2024 and will deliver 1Mtpa of RED3 RFNBO compliant Green
Ammonia, most of which will be exported to the European market. It
will benefit from a round-the-clock carbon free power, thanks to a
combination of wind, solar power and pumped hydro storage system.
Rely will provide design, detailed engineering, procurement
services, construction management and commissioning services
(“EPsCm Services”) for the entire facility, consisting in
electrolyzers for Green Hydrogen Production, air separation units
for nitrogen, two trains of ammonia synthesis, ammonia storage,
ammonia loading facility at the port and offsite utilities. The
Pressured Alkaline Electrolysers will be provided by John Cockerill
Hydrogen.
- *Largest
Green Ammonia complex with FID approved.
Corporate and other items
Corporate costs, excluding
non-recurring items, were €40.8 million for the first nine months
of 2024.
Non-recurring expense amounted
to €16.4 million and includes costs incurred relating the set up of
new business ventures.
Net financial income of €88.9
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 30.3% for the first nine months of 2024.
This is slightly above the prior 2024 guidance range of 26% - 30%.
This is due to the mix effect of reduced earnings from lower tax
rate jurisdictions and more earnings in higher tax rate
jurisdictions. As a result of this, and the potential impact of the
French surtax, FY 2024 tax rate guidance has increased to 29% - 33%
(previously 26% - 30%).
Depreciation and amortization
expense was €82.6 million, of which €52.7 million is
related to IFRS 16.
Adjusted net cash at September
30, 2024 was €2.7 billion, which compares to €2.8 billion at
December 31, 2023.
Adjusted free cash flow was
€191.6 million for the first nine months of 2024. Adjusted free
cash flow, excluding the working capital and provisions variance of
€168.7 million, was €360.3 million benefiting from strong
operational performance and consistently high conversion from
Adjusted recurring EBIT at 101%. Free cash flow is stated after
capital expenditures of €55.8 million. Adjusted operating
cash flow was €247.4 million.
Share buyback
Completion of the share buyback
program. On September 30, 2024, the Company announced the
completion of it €100 million share buyback program. Between March
5, 2024 and September 27, 2024 a total number of 4,580,640 shares
(representing 2.52% of the share capital of the Company) were
bought back.
The shares acquired under the share buyback
program will be used to 1) reduce the Company’s share capital by
cancelling treasury shares and 2) to meet the Company's obligations
under equity incentive plans.
Liquidity
Adjusted liquidity of €4.2
billion at September 30, 2024 comprised of €3.5 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.
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, and in the
Company’s 2024 Half-Year Report filed on August 1, 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 NINE
MONTHS 2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
9M 24 |
9M 23 |
9M 24 |
9M 23 |
9M 24 |
9M 23 |
9M 24 |
9M 23 |
|
Adjusted revenue |
3,495.5 |
2,977.8 |
1,475.3 |
1,429.6 |
— |
— |
4,970.8 |
4,407.4 |
|
Adjusted recurring EBIT |
258.3 |
231.7 |
139.2 |
138.1 |
(40.8) |
(51.2) |
356.7 |
318.6 |
|
Non-recurring items (transaction & one-off costs) |
(6.2) |
(2.6) |
(5.3) |
(1.1) |
(4.9) |
(38.2) |
(16.4) |
(42.0) |
|
EBIT |
252.1 |
229.1 |
133.9 |
137.0 |
(45.7) |
(89.4) |
340.3 |
276.6 |
|
Financial income |
|
|
|
|
|
|
114.0 |
90.6 |
|
Financial expense |
|
|
|
|
|
|
(25.1) |
(30.4) |
|
Profit (loss) before income tax |
|
|
|
|
|
|
429.2 |
336.8 |
|
Income tax (expense) profit |
|
|
|
|
|
|
(129.8) |
(101.3) |
|
Net profit (loss) |
|
|
|
|
|
|
299.4 |
235.5 |
|
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
|
|
279.9 |
207.3 |
|
Net profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
19.4 |
28.2 |
APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME - THIRD
QUARTER 2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
Q3 24 |
Q3 23 |
Q3 24 |
Q3 23 |
Q3 24 |
Q3 23 |
Q3 24 |
Q3 23 |
|
Adjusted revenue |
1,285.6 |
1,070.2 |
520.9 |
498.5 |
— |
— |
1,806.5 |
1,568.7 |
|
Adjusted recurring EBIT |
97.2 |
82.5 |
50.6 |
48.9 |
(18.4) |
(20.5) |
129.4 |
110.9 |
|
Non-recurring items (transaction & one-off costs) |
(4.6) |
0.1 |
(4.1) |
(0.8) |
(3.7) |
(7.3) |
(12.4) |
(8.0) |
|
EBIT |
92.6 |
82.6 |
46.5 |
48.1 |
(22.1) |
(27.9) |
117.0 |
102.9 |
|
Financial income |
|
|
|
|
|
|
39.4 |
35.1 |
|
Financial expense |
|
|
|
|
|
|
(8.0) |
(12.0) |
|
Profit (loss) before income tax |
|
|
|
|
|
|
148.4 |
126.0 |
|
Income tax (expense) profit |
|
|
|
|
|
|
(49.8) |
(32.4) |
|
Net profit (loss) |
|
|
|
|
|
|
98.6 |
93.6 |
|
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
|
|
91.8 |
82.2 |
|
Net profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
6.7 |
11.4 |
APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2024
|
(In € millions) |
9M 24
IFRS |
Adjustments |
9M 24
Adjusted |
|
Revenue |
4,778.5 |
192.3 |
4,970.8 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(4,103.8) |
(177.4) |
(4,281.2) |
|
Selling, general and administrative expense |
(291.8) |
(2.3) |
(294.1) |
|
Research and development expense |
(50.1) |
(0.6) |
(50.7) |
|
Impairment, restructuring and other expense |
(16.4) |
— |
(16.4) |
|
Other operating income (expense), net |
6.1 |
1.3 |
7.4 |
|
Operating profit (loss) |
322.5 |
13.3 |
335.8 |
|
Share of profit (loss) of equity-accounted investees |
18.1 |
(13.7) |
4.4 |
|
Profit (loss) before financial income (expense), net and
income tax |
340.5 |
(0.2) |
340.3 |
|
Financial income |
108.7 |
5.3 |
114.0 |
|
Financial expense |
(25.1) |
— |
(25.1) |
|
Profit (loss) before income tax |
424.1 |
5.1 |
429.2 |
|
Income tax (expense) profit |
(128.2) |
(1.6) |
(129.8) |
|
Net profit (loss) |
295.9 |
3.5 |
299.4 |
|
Net profit (loss) attributable to Technip Energies Group |
276.5 |
3.4 |
279.9 |
|
Net profit (loss) attributable to non-controlling interests |
19.4 |
— |
19.4 |
APPENDIX 1.3: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2023
|
(In € millions) |
9M 23
IFRS |
Adjustments |
9M 23
Adjusted |
|
Revenue |
4,367.5 |
39.9 |
4,407.4 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(3,745.1) |
(24.0) |
(3,769.1) |
|
Selling, general and administrative expense |
(280.1) |
— |
(280.1) |
|
Research and development expense |
(39.9) |
— |
(39.9) |
|
Impairment, restructuring and other expense |
(42.0) |
— |
(42.0) |
|
Other operating income (expense), net |
(0.3) |
0.1 |
(0.2) |
|
Operating profit (loss) |
260.1 |
16.0 |
276.1 |
|
Share of profit (loss) of equity-accounted investees |
38.1 |
(37.6) |
0.5 |
|
Profit (loss) before financial income (expense), net and
income tax |
298.2 |
(21.6) |
276.6 |
|
Financial income |
83.7 |
6.9 |
90.6 |
|
Financial expense |
(40.7) |
10.3 |
(30.4) |
|
Profit (loss) before income tax |
341.2 |
(4.4) |
336.8 |
|
Income tax (expense) profit |
(102.5) |
1.2 |
(101.3) |
|
Net profit (loss) |
238.7 |
(3.2) |
235.5 |
|
Net profit (loss) attributable to Technip Energies Group |
210.5 |
(3.2) |
207.3 |
|
Net profit (loss) attributable to non-controlling interests |
28.2 |
— |
28.2 |
APPENDIX 1.4: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - THIRD QUARTER 2024
|
(In € millions) |
Q3 24
IFRS |
Adjustments |
Q3 24
Adjusted |
|
Revenue |
1,739.3 |
67.2 |
1,806.5 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(1,498.9) |
(75.4) |
(1,574.3) |
|
Selling, general and administrative expense |
(91.5) |
(1.3) |
(92.8) |
|
Research and development expense |
(15.1) |
(1.4) |
(16.5) |
|
Impairment, restructuring and other expense |
(12.4) |
— |
(12.4) |
|
Other operating income (expense), net |
0.1 |
1.5 |
1.6 |
|
Operating profit (loss) |
121.5 |
(9.4) |
112.1 |
|
Share of profit (loss) of equity-accounted investees |
(5.7) |
10.6 |
4.9 |
|
Profit (loss) before financial income (expense), net and
income tax |
115.8 |
1.2 |
117.0 |
|
Financial income |
37.7 |
1.7 |
39.4 |
|
Financial expense |
(8.0) |
— |
(8.0) |
|
Profit (loss) before income tax |
145.5 |
2.9 |
148.4 |
|
Income tax (expense) profit |
(48.7) |
(1.1) |
(49.8) |
|
Net profit (loss) |
96.8 |
1.8 |
98.6 |
|
Net profit (loss) attributable to Technip Energies Group |
90.0 |
1.8 |
91.8 |
|
Net profit (loss) attributable to non-controlling interests |
6.7 |
— |
6.7 |
APPENDIX 1.5: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - THIRD QUARTER 2023
|
(In € millions) |
Q3 23
IFRS |
Adjustments |
Q3 23
Adjusted |
|
Revenue |
1,537.2 |
31.5 |
1,568.7 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(1,331.8) |
(15.2) |
(1,347.0) |
|
Selling, general and administrative expense |
(101.3) |
— |
(101.3) |
|
Research and development expense |
(16.2) |
— |
(16.2) |
|
Impairment, restructuring and other expense |
(8.0) |
— |
(8.0) |
|
Other operating income (expense), net |
6.7 |
(0.5) |
6.2 |
|
Operating profit (loss) |
86.6 |
15.8 |
102.4 |
|
Share of profit (loss) of equity-accounted investees |
22.3 |
(21.8) |
0.5 |
|
Profit (loss) before financial income (expense), net and
income tax |
108.9 |
(6.0) |
102.9 |
|
Financial income |
32.6 |
2.5 |
35.1 |
|
Financial expense |
(13.9) |
1.9 |
(12.0) |
|
Profit (loss) before income tax |
127.6 |
(1.6) |
126.0 |
|
Income tax (expense) profit |
(32.8) |
0.4 |
(32.4) |
|
Net profit (loss) |
94.8 |
(1.2) |
93.6 |
|
Net profit (loss) attributable to Technip Energies Group |
83.4 |
(1.2) |
82.2 |
|
Net profit (loss) attributable to non-controlling interests |
11.4 |
— |
11.4 |
APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL
POSITION
|
(In € millions) |
9M 24 |
FY 23 |
|
Goodwill |
2,090.9 |
2,093.3 |
|
Intangible assets, net |
127.1 |
120.5 |
|
Property, plant and equipment, net |
160.1 |
116.7 |
|
Right-of-use assets |
184.4 |
200.8 |
|
Equity accounted investees |
24.8 |
24.8 |
|
Other non-current assets |
341.7 |
305.7 |
|
Total non-current assets |
2,929.0 |
2,861.8 |
|
Trade receivables, net |
1,190.1 |
1,189.6 |
|
Contract assets |
565.6 |
399.8 |
|
Other current assets |
920.3 |
781.8 |
|
Cash and cash equivalents |
3,500.9 |
3,569.3 |
|
Total current assets |
6,176.9 |
5,940.5 |
|
Total assets |
9,105.9 |
8,802.3 |
|
Total equity |
2,033.4 |
1,956.3 |
|
Long-term debt, less current portion |
641.9 |
637.3 |
|
Lease liability – non-current |
153.7 |
160.4 |
|
Accrued pension and other post-retirement benefits, less current
portion |
120.0 |
115.8 |
|
Other non-current liabilities |
159.8 |
157.9 |
|
Total non-current liabilities |
1,075.4 |
1,071.4 |
|
Short-term debt |
129.9 |
123.9 |
|
Lease liability – current |
60.3 |
71.9 |
|
Accounts payable, trade |
1,652.3 |
1,572.8 |
|
Contract liabilities |
3,318.7 |
3,156.7 |
|
Other current liabilities |
835.9 |
849.3 |
|
Total current liabilities |
5,997.1 |
5,774.6 |
|
Total liabilities |
7,072.5 |
6,846.0 |
|
Total equity and liabilities |
9,105.9 |
8,802.3 |
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS
2024
| (In €
millions) |
9M 24
IFRS |
Adjustments |
9M 24
Adjusted |
|
Goodwill |
2,090.9 |
— |
2,090.9 |
|
Intangible assets, net |
127.0 |
0.1 |
127.1 |
|
Property, plant and equipment, net |
158.6 |
1.5 |
160.1 |
|
Right-of-use assets |
183.7 |
0.7 |
184.4 |
|
Equity accounted investees |
99.8 |
(75.0) |
24.8 |
|
Other non-current assets |
345.9 |
(4.2) |
341.7 |
|
Total non-current assets |
3,005.9 |
(76.9) |
2,929.0 |
|
Trade receivables, net |
1,214.1 |
(24.0) |
1,190.1 |
|
Contract assets |
562.5 |
3.1 |
565.6 |
|
Other current assets |
892.6 |
27.7 |
920.3 |
|
Cash and cash equivalents |
3,320.1 |
180.8 |
3,500.9 |
|
Total current assets |
5,989.3 |
187.6 |
6,176.9 |
|
Total assets |
8,995.2 |
110.7 |
9,105.9 |
|
Total equity |
2,029.6 |
3.8 |
2,033.4 |
|
Long-term debt, less current portion |
637.5 |
4.4 |
641.9 |
|
Lease liability – non-current |
153.7 |
— |
153.7 |
|
Accrued pension and other post-retirement benefits, less current
portion |
118.7 |
1.3 |
120.0 |
|
Other non-current liabilities |
247.9 |
(88.1) |
159.8 |
|
Total non-current liabilities |
1,157.8 |
(82.4) |
1,075.4 |
|
Short-term debt |
129.9 |
— |
129.9 |
|
Lease liability – current |
59.6 |
0.7 |
60.3 |
|
Accounts payable, trade |
1,570.7 |
81.6 |
1,652.3 |
|
Contract liabilities |
3,212.8 |
105.9 |
3,318.7 |
|
Other current liabilities |
834.8 |
1.1 |
835.9 |
|
Total current liabilities |
5,807.8 |
189.3 |
5,997.1 |
|
Total liabilities |
6,965.6 |
106.9 |
7,072.5 |
|
Total equity and liabilities |
8,995.2 |
110.7 |
9,105.9 |
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS
2023
| (In €
millions) |
9M 23
IFRS |
Adjustments |
9M 23
Adjusted |
|
Goodwill |
2,097.0 |
— |
2,097.0 |
|
Intangible assets, net |
117.5 |
— |
117.5 |
|
Property, plant and equipment, net |
101.9 |
0.2 |
102.1 |
|
Right-of-use assets |
211.8 |
— |
211.8 |
|
Equity accounted investees |
100.8 |
(69.1) |
31.7 |
|
Other non-current assets |
253.5 |
3.5 |
257.0 |
|
Total non-current assets |
2,882.5 |
(65.4) |
2,817.1 |
|
Trade receivables, net |
1,268.5 |
(36.6) |
1,231.9 |
|
Contract assets |
469.2 |
(0.7) |
468.5 |
|
Other current assets |
751.7 |
30.8 |
782.5 |
|
Cash and cash equivalents |
3,271.0 |
236.7 |
3,507.7 |
|
Total current assets |
5,760.4 |
230.2 |
5,990.6 |
|
Total assets |
8,642.9 |
164.8 |
8,807.7 |
|
Total equity |
1,904.5 |
(0.1) |
1,904.4 |
|
Long-term debt, less current portion |
595.9 |
— |
595.9 |
|
Lease liability – non-current |
172.5 |
— |
172.5 |
|
Accrued pension and other post-retirement benefits, less current
portion |
104.5 |
1.0 |
105.5 |
|
Other non-current liabilities |
121.0 |
(13.3) |
107.7 |
|
Total non-current liabilities |
993.9 |
(12.4) |
981.6 |
|
Short-term debt |
135.5 |
— |
135.5 |
|
Lease liability – current |
74.0 |
0.1 |
74.1 |
|
Accounts payable, trade |
1,439.5 |
100.6 |
1,540.1 |
|
Contract liabilities |
3,304.5 |
103.1 |
3,407.6 |
|
Other current liabilities |
791.0 |
(26.6) |
764.4 |
|
Total current liabilities |
5,744.5 |
177.2 |
5,921.7 |
|
Total liabilities |
6,738.4 |
164.8 |
6,903.3 |
|
Total equity and liabilities |
8,642.9 |
164.8 |
8,807.7 |
APPENDIX 3.0: ADJUSTED STATEMENT OF CASH
FLOWS
|
(In € millions) |
9M 24 |
9M 23 |
|
Net profit (loss) |
299.4 |
235.5 |
|
Change in working capital and provisions |
(168.7) |
(382.3) |
|
Non-cash items and other |
116.7 |
186.3 |
|
Cash provided (required) by operating
activities |
247.4 |
39.5 |
|
Acquisition of property, plant, equipment and intangible
assets |
(55.8) |
(33.0) |
|
Acquisition of financial assets |
(5.1) |
(31.6) |
|
Proceeds from disposal of assets |
— |
0.1 |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(1.3) |
(111.3) |
|
Other |
5.0 |
0.4 |
|
Cash provided (required) by investing
activities |
(57.2) |
(175.4) |
|
Capital increase |
(0.7) |
29.7 |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
7.0 |
12.6 |
|
Purchase of treasury shares |
(89.0) |
— |
|
Dividends paid to Shareholders |
(101.5) |
(91.2) |
|
Payments for the principal portion of lease liabilities |
(52.0) |
(57.5) |
|
Other (of which dividends paid to non-controlling interests) |
(19.0) |
(26.6) |
|
Cash provided (required) by financing
activities |
(255.2) |
(133.0) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
(3.3) |
(14.6) |
|
(Decrease) Increase in cash and cash
equivalents |
(68.3) |
(283.5) |
|
Cash and cash equivalents, beginning of period |
3,569.2 |
3,791.2 |
|
Cash and cash equivalents, end of period |
3,500.9 |
3,507.7 |
APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2024
|
(In € millions) |
9M 24
IFRS |
Adjustments |
9M 24
Adjusted |
|
Net profit (loss) |
295.9 |
3.5 |
299.4 |
|
Change in working capital and provisions |
(146.1) |
(22.6) |
(168.7) |
|
Non-cash items and other |
140.4 |
(23.7) |
116.7 |
|
Cash provided (required) by operating
activities |
290.2 |
(42.8) |
247.4 |
|
Acquisition of property, plant, equipment and intangible
assets |
(55.0) |
(0.8) |
(55.8) |
|
Acquisition of financial assets |
(5.1) |
— |
(5.1) |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(1.3) |
— |
(1.3) |
|
Other |
(5.0) |
10.0 |
5.0 |
|
Cash provided (required) by investing
activities |
(66.4) |
9.2 |
(57.2) |
|
Capital increase |
(0.7) |
— |
(0.7) |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
6.5 |
0.5 |
7.0 |
|
Purchase of treasury shares 1 |
(89.0) |
— |
(89.0) |
|
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 |
(51.6) |
(0.4) |
(52.0) |
|
Other (of which dividends paid to non-controlling interests) |
(19.0) |
— |
(19.0) |
|
Cash provided (required) by financing
activities |
(271.3) |
16.1 |
(255.2) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
(3.4) |
0.1 |
(3.3) |
|
(Decrease) Increase in cash and cash
equivalents |
(50.9) |
(17.4) |
(68.3) |
|
Cash and cash equivalents, beginning of period |
3,371.0 |
198.2 |
3,569.2 |
|
Cash and cash equivalents, end of period |
3,320.1 |
180.8 |
3,500.9 |
|
1 The total cash outflow is exclusively
related to the Share Buy Back transactions, the remaining amount of
€11 million is paid on the 1st of October. |
APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FIRST NINE MONTHS 2023
|
(In € millions) |
9M 23
IFRS |
Adjustments |
9M 23
Adjusted |
|
Net profit (loss) |
238.7 |
(3.2) |
235.5 |
|
Change in working capital and provisions |
(343.1) |
(39.2) |
(382.3) |
|
Non-cash items and other |
218.0 |
(31.7) |
186.3 |
|
Cash provided (required) by operating
activities |
113.6 |
(74.1) |
39.5 |
|
Acquisition of property, plant, equipment and intangible
assets |
(33.0) |
— |
(33.0) |
|
Acquisition of financial assets |
(31.6) |
— |
(31.6) |
|
Proceeds from disposal of assets |
0.1 |
— |
0.1 |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(30.5) |
(80.8) |
(111.3) |
|
Other |
0.4 |
— |
0.4 |
|
Cash provided (required) by investing
activities |
(94.6) |
(80.8) |
(175.4) |
|
Capital increase |
29.7 |
— |
29.7 |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
12.7 |
(0.1) |
12.6 |
|
Dividends paid to Shareholders |
(91.2) |
— |
(91.2) |
|
Settlements of mandatorily redeemable financial liability |
(80.9) |
80.9 |
— |
|
Payments for the principal portion of lease liabilities |
(57.0) |
(0.5) |
(57.5) |
|
Other (of which dividends paid to non-controlling interests) |
(25.8) |
(0.8) |
(26.6) |
|
Cash provided (required) by financing
activities |
(212.5) |
79.5 |
(133.0) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
(12.9) |
(1.7) |
(14.6) |
|
(Decrease) Increase in cash and cash
equivalents |
(206.4) |
(77.1) |
(283.5) |
|
Cash and cash equivalents, beginning of period |
3,477.4 |
313.8 |
3,791.2 |
|
Cash and cash equivalents, end of period |
3,271.0 |
236.7 |
3,507.7 |
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- FIRST NINE MONTHS 2024
|
(In € millions, except %) |
9M 24 |
% of revenues |
9M 23 |
% of revenues |
|
Adjusted revenue |
4,970.8 |
|
4,407.4 |
|
|
Cost of sales |
(4,281.2) |
86.1% |
(3,769.1) |
85.5% |
|
Adjusted gross margin |
689.6 |
13.9% |
638.3 |
14.5% |
|
Adjusted recurring EBITDA |
439.3 |
8.8% |
390.6 |
8.9% |
|
Amortization, depreciation and impairment |
(82.6) |
|
(72.0) |
|
|
Adjusted recurring EBIT |
356.7 |
7.2% |
318.6 |
7.2% |
|
Non-recurring items |
(16.4) |
|
(42.0) |
|
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
340.3 |
6.8% |
276.6 |
6.3% |
|
Financial income (expense), net |
88.9 |
|
60.2 |
|
|
Adjusted profit (loss) before tax |
429.2 |
8.6% |
336.8 |
7.6% |
|
Income tax (expense) profit |
(129.8) |
|
(101.3) |
|
|
Adjusted net profit (loss) |
299.4 |
6.0% |
235.5 |
5.3% |
APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- THIRD QUARTER 2024
|
(In € millions, except %) |
Q3 24 |
% of revenues |
Q3 23 |
% of revenues |
|
Adjusted revenue |
1,806.5 |
|
1,568.7 |
|
|
Cost of sales |
(1,574.3) |
87.1% |
(1,347.0) |
85.9% |
|
Adjusted gross margin |
232.2 |
12.9% |
221.7 |
14.1% |
|
Adjusted recurring EBITDA |
157.9 |
8.7% |
135.2 |
8.6% |
|
Amortization, depreciation and impairment |
(28.5) |
|
(24.3) |
|
|
Adjusted recurring EBIT |
129.4 |
7.2% |
110.9 |
7.1% |
|
Non-recurring items |
(12.4) |
|
(8.0) |
|
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
117.0 |
6.5% |
102.9 |
6.6% |
|
Financial income (expense), net |
31.4 |
|
23.1 |
|
|
Adjusted profit (loss) before tax |
148.4 |
8.2% |
126.0 |
8.0% |
|
Income tax (expense) profit |
(49.8) |
|
(32.4) |
|
|
Adjusted net profit (loss) |
98.6 |
5.5% |
93.6 |
6.0% |
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - FIRST NINE MONTHS 2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
9M 24 |
9M 23 |
9M 24 |
9M 23 |
9M 24 |
9M 23 |
9M 24 |
9M 23 |
|
Revenue |
3,495.5 |
2,977.8 |
1,475.3 |
1,429.6 |
— |
— |
4,970.8 |
4,407.4 |
|
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
340.3 |
276.6 |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
16.4 |
42.0 |
|
Adjusted recurring EBIT |
258.3 |
231.7 |
139.2 |
138.1 |
(40.8) |
(51.2) |
356.7 |
318.6 |
|
Adjusted recurring EBIT margin % |
7.4% |
7.8% |
9.4% |
9.7% |
—% |
—% |
7.2% |
7.2% |
|
Adjusted amortization and depreciation |
(33.5) |
(31.0) |
(49.0) |
(41.8) |
(0.1) |
0.9 |
(82.6) |
(72.0) |
|
Adjusted recurring EBITDA |
291.7 |
262.7 |
188.2 |
179.91 |
(40.6) |
(52.1) |
439.3 |
390.6 |
|
Adjusted recurring EBITDA margin % |
8.3% |
8.8% |
12.8% |
12.6% |
—% |
—% |
8.8% |
8.9% |
APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - THIRD QUARTER 2024
(In € millions, except %)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
Q3 24 |
Q3 23 |
Q3 24 |
Q3 23 |
Q3 24 |
Q3 23 |
Q3 24 |
Q3 23 |
|
Revenue |
1,285.6 |
1,070.2 |
520.9 |
498.5 |
— |
— |
1,806.5 |
1,568.7 |
|
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
117.0 |
102.9 |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
12.4 |
8.0 |
|
Adjusted recurring EBIT |
97.2 |
82.5 |
50.6 |
48.9 |
(18.4) |
(20.5) |
129.4 |
110.9 |
|
Adjusted recurring EBIT margin % |
7.6% |
7.7% |
9.7% |
9.8% |
—% |
—% |
7.2% |
7.1% |
|
Adjusted amortization and depreciation |
(11.5) |
(9.9) |
(16.2) |
(12.9) |
(0.8) |
(1.5) |
(28.5) |
(24.3) |
|
Adjusted recurring EBITDA |
108.7 |
92.4 |
66.7 |
61.9 |
(17.6) |
(19.1) |
157.9 |
135.2 |
|
Adjusted recurring EBITDA margin % |
8.5% |
8.6% |
12.8% |
12.4% |
—% |
—% |
8.7% |
8.6% |
APPENDIX 6.0: BACKLOG - RECONCILIATION BETWEEN IFRS AND
ADJUSTED
|
(In € millions) |
9M 24
IFRS |
Adjustments |
9M 24
Adjusted |
|
Project Delivery |
14,150.1 |
9.6 |
14,159.7 |
|
Technology, Products & Services |
1,675.8 |
17.3 |
1,693.1 |
|
Total |
15,825.9 |
|
15,852.8 |
APPENDIX 7.0: ORDER INTAKE - RECONCILIATION BETWEEN IFRS
AND ADJUSTED
|
(In € millions) |
9M 24
IFRS |
Adjustments |
9M 24
Adjusted |
|
Project Delivery |
3,333.1 |
106.3 |
3,439.5 |
|
Technology, Products & Services |
1,334.7 |
39.3 |
1,374.1 |
|
Total |
4,667.9 |
|
4,813.5 |
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:
- Adjusted
revenue: represents the revenue recognized under IFRS as
adjusted according to the method described below. For the periods
presented in this Press Release, the Company’s proportionate share
of joint venture revenue from the following projects was included:
the revenue from ENI CORAL FLNG and NFE is included at 50%, the
revenue from BAPCO Sitra Refinery is included at 36%. Starting
2024, revenue from TPIT & DAR Engineering Consulting is
included at 60% and revenue from Ruwais is included at 40%. The
Company believes that presenting the proportionate share of its
joint venture revenue in construction projects carried out in joint
arrangements enables management and investors to better evaluate
the performance of the Company’s core business period-over-period
by assisting them in more accurately understanding the activities
actually performed by the Company on these projects.
- Adjusted
recurring EBIT: represents profit before financial
expense, net, and income taxes recorded under IFRS as adjusted to
reflect line-by-line for their respective share incorporated
construction project entities that are not fully owned by the
Company (applying to the method described above under Adjusted
Revenue and including Ekwil at 50%) and adds or removes, as
appropriate, items that are considered as non-recurring from EBIT
(such as restructuring expenses, costs arising out of significant
litigation that have arisen outside of the ordinary course of
business and other non-recurring expenses). The Company believes
that the exclusion of such expenses or profits from these financial
measures enables investors and management to evaluate the Company’s
operations and consolidated results of operations
period-over-period, and to identify operating trends that could
otherwise be masked to both investors and management by the
excluded items.
- Adjusted
recurring EBITDA: corresponds to the adjusted recurring
EBIT as described above before depreciation and amortization
expenses.
- Adjusted
net (debt) cash: reflects cash and cash equivalents, net
of debt (including short-term debt), as adjusted according to the
method described above under adjusted revenue. Management uses this
APM to evaluate the Company’s capital structure and financial
leverage. The Company believes adjusted net (debt) cash, is a
meaningful financial measure that may assist investors in
understanding the Company’s financial condition and recognizing
underlying trends in its capital structure.
- Adjusted
backlog: backlog is calculated as the estimated sales
value of unfilled, confirmed customer orders at the relevant
reporting date. Adjusted backlog takes into account the Company’s
proportionate share of backlog related to equity affiliates (ENI
Coral FLNG, BAPCO Sitra Refinery, the joint-venture Rovuma, two
affiliates of the NFE joint-venture, TPIT & DAR Engineering
Consulting and Ruwais from 2024). The Company believes that the
adjusted backlog enables management and investors to evaluate the
level of the Company’s core business forthcoming activities by
including its proportionate share in the estimated sales coming
from construction projects in joint arrangements.
- Adjusted
order intake: order intake corresponds to signed contracts
which have come into force during the reporting period. Adjusted
order intake adds the proportionate share of orders signed related
to equity affiliates (ENI Coral FLNG, BAPCO Sitra Refinery, the
joint-venture Rovuma, two affiliates of the NFE joint-venture, TPIT
& DAR Engineering Consulting and Ruwais from 2024). This
financial measure is closely connected with the adjusted backlog in
the evaluation of the level of the Company’s forthcoming activities
by presenting its proportionate share of contracts which came into
force during the period and that will be performed by the
Company.
•
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
- Technip Energies 9M 2024 Financial Results
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