Technip: First Quarter 2008
- Order intake up 7.5% yoy
- Revenue increased 2.4% yoy to听鈧�1.8 billion (+8.5% excluding exchange rates translation impact)
- Subsea EBITDA margin 23% and operating margin 17.9%
- Onshore and Offshore combined operating margin 3.4%
- Net income rose 32% yoy to听鈧�89.9 million
- Backlog of听鈧�8,625 million, of which 40% is Subsea
2008 OUTLOOK
- Subsequent to FX translation impact, Group revenue updated to听鈧�7.4 -听鈧�7.6 billion with Subsea revenue growth of 10% reaffirmed
- Subsea operating margin should exceed 16%
- Onshore and Offshore combined operating margin target maintained at 3.8%
- Group operating margin 7.6%
May 15, 2008 01:00 AM Eastern Daylight Time
PARIS--()--Regulatory News:
Technip (Paris:TEC) (ISIN:FR0000131708):
| 鈧齣n millions, (except EPS) | 听 | 1Q 08 | 听 | 1Q 07 | 听 | % change | 听 | excluding
FX impact |
| Revenue | 听 | 1,816.8 | 听 | 1,774.7 | 听 | + 2.4% | 听 | + 8.5% |
| EBITDA(1) | 听 | 170.9 | 听 | 143.8 | 听 | + 18.8% | 听 | + 23.1% |
| EBITDA Margin | 听 | 9.4% | 听 | 8.1% | 听 |
+ 130 bp |
听 | + 112 bp |
| Operating Income(2) | 听 | 136.9 | 听 | 107.9 | 听 | + 26.9% | 听 | + 30.4% |
|
Operating Margin |
听 | 7.5% | 听 | 6.1% | 听 | + 140 bp | 听 | + 126 bp |
| Net Income | 听 | 89.9 | 听 | 68.1 | 听 | + 32.0% | 听 | 听 |
| EPS (鈧�) | 听 | 0.85 | 听 | 0.65 | 听 | + 31.6% | 听 | 听 |
|
(1)听Calculated as Operating Income from recurring activities pre depreciation and amortization |
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|
(2)听From recurring activities |
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On May 14, 2008, Technip鈥檚 Board of Directors approved the non-audited first quarter 2008 consolidated accounts.
Thierry Pilenko, Chairman and CEO, commented:听鈥淚n a quarter that is seasonally lower, our Subsea business performed very well with an EBITDA margin of 23%, the result of good project execution across all regions. In the Offshore business, two major fabrication projects, the Perdido SPAR hull for the Gulf of Mexico and the Akpo FPSO for Nigeria are nearing completion and should sail-away before the end of the second quarter 2008. In the Onshore business segment, projects performed as planned.
The Oil & Gas market continues to be robust for our three business segments and although no large projects have been awarded this quarter, a significant number of smaller projects were awarded to Technip, which increased our order intake by 7.5% compared to last year. Many of these projects are FEEDs or early studies that will position Technip well for the subsequent award and execution of the main projects.
Subsea now represents 40.3% of our backlog and we have raised our Subsea operating margin forecast to above 16% for the year while maintaining our combined operating margin forecast for the Onshore and Offshore segments. Subsequently we estimate Group operating margin will be 7.6%鈥�
As of January 1, 2008 Technip鈥檚 financial statements are reported as follows, in addition to Corporate, which is unchanged:
- SUBSEA: formerly听鈥淪URF鈥�
- OFFSHORE: formerly听鈥淥ffshore Facilities鈥�
- ONSHORE: combines former听鈥淥nshore-Downstream鈥澨齛nd听鈥淚ndustries鈥�
Pro-forma figures are provided for 2007.
I. FIRST QUARTER 2008
A. OPERATIONAL HIGHLIGHTS
Ongoing projects progressed well for the听Subsea听business segment. The first production flexible flowlines were installed on the Agbami project, offshore Nigeria. MA-D6, offshore India, is nearing completion. The Group鈥檚 fleet utilization rate was 71% during the first quarter, as several vessels were in dry dock. Meanwhile the flexible pipe manufacturing plants produced at full capacity.
The听Offshore听business segment advanced on a multitude of projects: Akpo FPSO module interconnection has been completed at the yard in Korea, and the Perdido Spar hull is expected to sail away from the Pori yard in Finland to the Gulf of Mexico, during the second quarter.
Concerning the Tahiti Spar project, the replacement of mooring shackles has been completed. Technip and Chevron have entered into discussions to resolve contractual differences related to this matter, yet arbitration cannot be excluded. On the other SPAR project affected by metallurgical problems on certain mooring shackles, Technip鈥檚 solution to the client, including replacement shackles, continues to progress. The replacement costs for shackles are usually covered by the insurance policies of either the customer, the manufacturer (or any other party involved) or Technip.
A large number of projects are on course in the听Onshore听business segment: the Yemen and Qatar LNG and gas treatment projects, Khursaniyah gas treatment project in Saudi Arabia, three Ethylene projects in the Middle East (Kuwait, Saudi Arabia and Qatar) and Dung Quat refinery in Vietnam, as well as Horizon heavy oil upgrader in Canada. Among other contracts, two smaller projects are now practically completed in North America and Asia Pacific.
Following the agreement signed on QatarGas II project end of January, 2008, another agreement was signed on RasGas III / AKG2 projects in March 2008. Technip, along with its joint venture partner, Chiyoda, continues to negotiate with the customer on Qatargas III&IV project.
B. ORDER INTAKE AND BACKLOG
During the first quarter 2008, Technip鈥檚听order intake听reached EUR 1,592.3 million compared to EUR 1,481.3 million during the first quarter 2007. Listed in annex II (d) are the main contracts that came into force during the first quarter 2008 along with their approximate value (Group share) if publicly disclosed. The breakdown of the order intake by business segment during the first quarter 2008 is as follows:
- Subsea 45.9%
- Offshore 10.1%
- Onshore 44.0%
At the end of first quarter 2008 Group听backlog听amounted to EUR 8,625.3 million, compared to EUR 9,389.5 million at the end of 2007. The backlog breakdown by business segment, as of March 31, 2008, is as follows:
- Subsea 40.3%听(1)
- Offshore 6.6%
- Onshore 53.1%
C. ASSETS AND CAPEX
Technip鈥檚 capex for the first quarter 2008 amounted to EUR 68.1 million (cash impact) compared to EUR 35.3 million for the same quarter 2007.
Flexible pipe manufacturing plants:
- Technip signed an agreement with the Tanjung Langsat Port (Malaysia) for a 20-hectare (49-acre) land lease to set up a new flexible pipe manufacturing plant.
- The expansion of the Vitoria (Brazil) plant鈥檚 storage area and installation of a new large capacity crane, 800 tons, in Le Trait (France) to facilitate the loading of vessels are advancing as planned. These programs should be completed in 2008 and 2009, respectively.
Vessel fleet:
- The new pipelay construction vessel is under construction at the STX Heavy Industries of Korea yard in China. Her estimated delivery is for 2010.
- The Skandi Arctic, 50% owned by Technip, a new diving support vessel to be dedicated to the Norwegian North Sea, is expected to be delivered at the end of 2008.
- A contact has been signed with Petrobras for a new flexible pipelay vessel, 50% owned by Technip, dedicated to the Brazilian deep water. She is expected to join the fleet end of 2009.
Technip鈥檚 2007 - 2010 capex program has been impacted by the sharp increase in costs (raw materials and labor) and scope variation by around EUR 200 million. These elements have also impacted maintenance costs by an estimated EUR 100 million for 2008 - 2010. Technip is dedicated to further increasing its Subsea asset base which is expected to provide a ROCE听of at least 15%.
1听Concerning long term frame agreement for offshore inspection repair and maintenance, Technip books in its backlog the estimated expected value of these activities for the current year only.
II. FIRST QUARTER 2008 FINANCIAL RESULTS
1.听Revenue
At EUR 1,816.8 million, first quarter 2008 Group听revenue听was up 2.4% compared to the first quarter 2007 or excluding exchange rate translation impact, revenue increased 8.5% over the prior year. This was primarily due to the 14% depreciation of the US dollar and associated currencies which had a negative impact of EUR 112.9 million on Group revenue.
- Subsea听revenue reached EUR 549.1 million, compared to EUR 576.3 million during first quarter 2007, generated by the Agbami (Nigeria), MA-D6 (India), P-52 (Brazil), Kupe (New Zealand) and Pazflor (Angola) projects, as well as medium and small size projects in the North Sea.
- Offshore听revenue was EUR 186.8 million, down 16.2% compared to the same period one year ago. The main contributors were the Perdido Spar project in the Gulf of Mexico as well as the Akpo FPSO in Nigeria.
- Onshore听revenue was EUR 1,080.7 million, up 10.8% compared to EUR 975.6 million during first quarter 2007. Main contributors were the Khursaniyah project in Saudi Arabia, the four LNG projects in Qatar and Yemen, three large ethylene steam-cracker projects in Qatar, Kuwait and Saudi Arabia, the Horizon heavy oil project in Canada, as well as the Dung Quat refinery in Vietnam.
2.听Operating Income from Recurring Activities
First quarter 2008 Group听operating income from recurring activities听was EUR 136.9 million, up 26.9% compared to EUR 107.9 million recorded during the first quarter 2007. Excluding foreign exchange translation impact, operating income year-over-year was up 30.4%.
- Subsea听operating income from recurring activities was EUR 98.2 million during first quarter 2008, up 48.3% compared to the same period a year ago. The associated margin reached 17.9%, compared to 11.5% during first quarter 2007.
- Offshore听operating income from recurring activities is down 17.1% at EUR 9.7 million, compared to EUR 11.7 million during the first quarter 2007. The associated margin was 5.2% during the first quarter 2008 compared to 5.3% a year ago.
- Onshore听operating income from recurring activities during the first quarter 2008 was up 4.1% at EUR 33.2 million, compared to EUR 31.9 million a year ago. The associated margin was 3.1% during the first quarter 2008 compared to 3.3% a year ago.
Financial income from contracts accounted as revenue, amounted to EUR 14.5 million during the first quarter 2008, of which EUR 8.4 million is associated with Onshore, compared to EUR 27.3 million and EUR 18.4 million during first quarter 2007, respectively.
Operating income from recurring activities excludes income from the sale of activities as follows.
3.听Income from Activity Disposal
During first quarter 2008 there was no activity disposal.
During first quarter 2007,听income from activities disposal, amounted to EUR 14.6 million (Sale of PSSL and PSSI in the Subsea segment) after EUR 8.0 million in goodwill amortization.
4.听Operating Income
During the first quarter 2008, Group operating income amounted to EUR 136.9 million, up 11.8% compared to EUR 122.5 million recorded a year ago.
5.听Results
Net financial听charges听were EUR 8.3 million including a EUR 3.2 million negative impact of foreign currency exchange rate variation and from IAS 32-39 on hedging instruments鈥櫶齠air market value.
Income tax听was EUR 38.8 million. The effective tax rate stood at 30.2% compared to 27.8% one year ago.
Net income听was up 32.0% at EUR 89.9 million, compared to EUR 68.1 million during the first quarter 2007.
Diluted EPS听was EUR 0.85 in the first quarter 2008, an increase of 31.6%, compared to EUR 0.65 one year ago.
Average number of shares during the period on a diluted basis is calculated as per IFRS. For the first quarter 2008 this number of shares stood at 105,314,199 and 104,954,825 shares for the first quarter 2007.
6.听Cash and Balance Sheet
At the end of March 2008, the听net cash听position decreased to EUR 1,591.0 million compared to EUR 1,704.3 million at the end of 2007.
Cash generated from operations increased 53% year-on-year to EUR 123.3 million, working capital declined by EUR 64.5 million, and capital expenditures amounted to EUR 68.1 million.
Shareholders鈥櫶齟quity听as of March 31, 2008 was EUR 2,261.7 million compared to EUR 2,178.4 million as of December 31, 2007.
The first quarter 2008 results information package includes this press release and the annexes that follow as well as a presentation published on the Group鈥檚 web site:听
Cautionary note regarding forward-looking statements
This 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听identified by the use of forward-looking words such as听鈥渂elieve鈥�,听鈥渁im鈥�,听鈥渆xpect鈥�,听鈥渁nticipate鈥�,听鈥渋ntend鈥�,鈥渇oresee鈥�,听鈥渓ikely鈥�,听鈥渟hould鈥�,听鈥減lanned鈥�,听鈥渕ay鈥�,听鈥渆stimates鈥�,听鈥減otential鈥澨齩r other similar words.听Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements.听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, 2006; 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 are performing projects.
Some of these risk factors are set forth and discussed in more detail in our Annual Report.听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.听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.听We cannot assure you that projected results or events will be achieved.听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听restrictions of the United States or of other jurisdictions.
With a workforce of 23,000 people, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. The Group is headquartered in Paris.
The Group鈥檚 main operations and engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia.
In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.
The Technip share is listed in Paris on Euronext Paris.
|
ANNEX I (a) CONSOLIDATED STATEMENT OF INCOME IFRS, Not Audited |
||||
| 听 | ||||
|
Euros in millions (except EPS, E/ADS and average number of shares) |
听 | First Quarter | ||
| 听 | 2008 | 听 | 2007 | |
| Revenue | 听 | 1,816.8 | 听 | 1,774.7 |
| Gross Margin | 听 | 241.7 | 听 | 204.2 |
| Research & Development Expenses | 听 | (10.9) | 听 | (8.5) |
| SG&A & Other Operating Income (Expenses) | 听 | (93.9) | 听 | (87.8) |
| Operating Income from
Recurring Activities |
听 | 136.9 | 听 | 107.9 |
| Income from Sale of Activities | 听 | - | 听 | 14.6 |
| Operating Income | 听 | 136.9 | 听 | 122.5 |
| Financial Income (Charges) | 听 | (8.3) | 听 | (20.6) |
| Income of Equity Affiliates | 听 | 0.2 | 听 | 1.4 |
| Profit Before Tax | 听 | 128.8 | 听 | 103.3 |
| Income Tax | 听 | (38.8) | 听 | (26.8) |
| Tax on Income from Sale of Activities | 听 | - | 听 | (7.2) |
| Minority Interests | 听 | (0.1) | 听 | (1.2) |
| Net Income | 听 | 89.9 | 听 | 68.1 |
| Average Number of Shares during the period on a diluted basis | 听 | 105,314,199 | 听 | 104,954,825 |
| EPS (鈧�) on a Diluted Basis | 听 | 0.85 | 听 | 0.65 |
|
E/ADS ($) on a Diluted Basis1 |
听 | 1.35 | 听 | 1.03 |
|
1听Earnings per American Depositary Share (E/ADS) are in U.S. dollars and, for all periods, are calculated based upon diluted EPS in euros converted into US dollars using the Federal Reserve Bank of New York noon buying rate (USD/EUR) of 1.5805 as of March 31, 2008. |
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|
ANNEX I (b) CONSOLIDATED BALANCE SHEET IFRS, Not Audited |
||||
| 听 | 听 | 听 | 听 | 听 |
| Euros in millions | 听 | March 31, 2008 | 听 |
Dec. 31, 2007 |
| 听 | 听 | 听 | 听 | 听 |
| Fixed Assets | 听 | 3,275.8 | 听 | 3,279.1 |
| Deferred Taxes and Other Non-Current Assets | 听 | 182.8 | 听 | 184.7 |
| NON-CURRENT ASSETS | 听 | 3,458.6 | 听 | 3,463.8 |
| Construction Contracts | 听 | 208.5 | 听 | 280.6 |
| Inventories, Customer & Other Receivables | 听 |
2,026.7 |
听 | 1,953.4 |
| Cash & Cash Equivalents | 听 | 2,334.8 | 听 | 2,401.5 |
| CURRENT ASSETS | 听 | 4,570.0 | 听 | 4,635.5 |
| TOTAL ASSETS | 听 | 8,028.6 | 听 | 8,099.3 |
| Shareholders鈥櫶鼸quity (Parent Company) | 听 | 2,261.7 | 听 | 2,178.4 |
| Minority Interests | 听 | 17.1 | 听 | 18.4 |
| SHAREHOLDERS鈥櫶鼸QUITY | 听 | 2,278.8 | 听 | 2,196.8 |
| Non-Current Debts | 听 | 650.0 | 听 | 653.3 |
| Non-Current Provisions | 听 | 109.6 | 听 | 109.7 |
| Deferred Taxes and Other Non-Current Liabilities | 听 | 167.0 | 听 | 174.2 |
| NON-CURRENT LIABILITIES | 听 | 926.6 | 听 | 937.2 |
| Current Debts | 听 | 93.8 | 听 | 43.9 |
| Current Provisions | 听 | 123.0 | 听 | 123.0 |
| Construction Contracts | 听 | 1,801.2 | 听 | 1,860.1 |
| Accounts Payable & Other Advances Received | 听 | 2,805.2 | 听 | 2,938.3 |
| CURRENT LIABILITIES | 听 | 4,823.2 | 听 | 4,965.3 |
| TOTAL SHAREHOLDERS鈥櫶鼸QUITY & LIABILITIES | 听 | 8,028.6 | 听 | 8,099.3 |
| Changes in Shareholders鈥櫶鼸quity (Parent Company) | |||||
| Shareholders鈥櫶鼸quity as of December 31, 2007 | 听 | 听 | 听 | 听 | 2,178.4 |
| First quarter 2008 Net Income | 听 | 听 | 听 | 听 | 89.9 |
| Capital Increases | 听 | 听 | 听 | 听 | 0.5 |
| IAS 32 and 39 Impacts | 听 | 听 | 听 | 听 | 24.4 |
| Dividend Payment | 听 | 听 | 听 | 听 | - |
| Treasury Shares | 听 | 听 | 听 | 听 | - |
| Translation Adjustments and Other | 听 | 听 | 听 | 听 | (31.5) |
| Shareholders鈥櫶鼸quity as of March 31, 2008 | 听 | 听 | 听 | 听 | 2,261.7 |
|
ANNEX I (c) CONSOLIDATED STATEMENT OF CASH FLOWS IFRS Not Audited |
||||||||
| 听 | ||||||||
| Euros in millions | 听 | First Quarter | ||||||
| 听 | 2008 | 听 | 2007 | |||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Income | 听 | 89.9 | 听 | 听 | 听 | 68.1 | 听 | 听 |
| Depreciation of Property, Plant & Equipment | 听 | 34.0 | 听 | 听 | 听 | 35.9 | 听 | 听 |
| Stock Option and Performance Share Charge | 听 | 3.1 | 听 | 听 | 听 | 1.2 | 听 | 听 |
| Long-Term Provisions (Including Employee Benefits) | 听 | 2.5 | 听 | 听 | 听 | 0.6 | 听 | 听 |
| Reduction of Goodwill Related to Realized Income Tax Loss Carry Forwards not previously Recognized | 听 | - | 听 | 听 | 听 | 2.5 | 听 | 听 |
| Deferred Income Tax | 听 | (6.1) | 听 | 听 | 听 | (12.5) | 听 | 听 |
| Capital (Gain) Loss on Asset / Activity Sales | 听 | - | 听 | 听 | 听 | (14.8) | 听 | 听 |
| Minority Interests and Other | 听 | (0.1) | 听 | 听 | 听 | (0.2) | 听 | 听 |
| Cash from Operations | 听 | 123.3 | 听 | 听 | 听 | 80.8 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Change in Working Capital | 听 | (64.5) | 听 | 听 | 听 | 53.9 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Cash Provided by (Used in) Operating Activities | 听 | 听 | 听 | 58.8 | 听 | 听 | 听 | 134.7 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Capital Expenditures | 听 | (68.1) | 听 | 听 | 听 | (35.3) | 听 | 听 |
| Cash Proceeds from Asset Sales | 听 | 0.8 | 听 | 听 | 听 | 1.0 | 听 | 听 |
| Change of Scope of Consolidation | 听 | 0.1 | 听 | 听 | 听 | 66.3 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Cash Provided by (Used in) Investment Activities | 听 | 听 | 听 | (67.2) | 听 | 听 | 听 | 32.0 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Increase (Decrease) in Debt | 听 | 47.5 | 听 | 听 | 听 | 10.8 | 听 | 听 |
| Capital Increase | 听 | 0.5 | 听 | 听 | 听 | 2.8 | 听 | 听 |
| Share Repurchases | 听 | - | 听 | 听 | 听 | (86.1) | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Cash Provided by (Used in) Financing Activities | 听 | 听 | 听 | 48.0 | 听 | 听 | 听 | (72.5) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Foreign Exchange Translation Adjustment | 听 | 听 | 听 | (106.3) | 听 | 听 | 听 | (15.7) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 听 | 听 | 听 | (66.7) | 听 | 听 | 听 | 78.5 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash and Cash Equivalents at Period Beginning | 听 | 2,401.5 | 听 | 听 | 听 | 2,402.8 | 听 | 听 |
| Cash and Cash Equivalents at Period End | 听 | 2,334.8 | 听 | 听 | 听 | 2,481.3 | 听 | 听 |
| 听 | 听 | 听 | 听 | (66.7) | 听 | 听 | 听 | 78.5 |
|
ANNEX I (d) TREASURY AND FINANCIAL DEBT - CURRENCY RATES IFRS Not Audited |
||||||
| 听 | 听 | 听 | ||||
|
Euros in millions |
听 | Treasury and Financial Debt | ||||
| 听 | 听 | Mar. 31, 2008 | 听 | Dec. 31, 2007 | 听 | Mar. 31, 2007 |
| Cash Equivalents | 听 | 1,915.8 | 听 | 1,815.9 | 听 | 1,968.6 |
| Cash | 听 | 419.0 | 听 | 585.6 | 听 | 512.7 |
| Cash & Cash Equivalents (A) | 听 | 2,334.8 | 听 | 2,401.5 | 听 | 2,481.3 |
| Current Debts | 听 | 93.8 | 听 | 43.9 | 听 | 203.3 |
| Non Current Debts | 听 | 650.0 | 听 | 653.3 | 听 | 666.5 |
| Gross Debt (B) | 听 | 743.8 | 听 | 697.2 | 听 | 869.8 |
| Net Financial Cash (Debt) (A - B) | 听 | 1,591.0 | 听 | 1,704.3 | 听 | 1,611.5 |
|
Euro versus Foreign Currency Conversion Rates |
||||||||
| 听 | 听 | 听 | 听 | 听 | ||||
| 听 | 听 | Statement of Income | 听 | Balance Sheet as of | ||||
| 听 | 听 | 1Q 08 | 听 | 1Q 07 | 听 |
March 31 2008 |
听 |
Dec. 31 2007 |
| USD | 听 | 1.50 | 听 | 1.31 | 听 | 1.58 | 听 | 1.47 |
| GBP | 听 | 0.76 | 听 | 0.67 | 听 | 0.80 | 听 | 0.73 |
|
ANNEX II (a) REVENUE BY REGION IFRS Not audited |
||||||||||||
| 听 | 听 | 听 | 听 | 听 | ||||||||
| Euros in millions | 听 | 听 | 听 | First Quarter | ||||||||
| 听 | 听 | 听 | 听 | 2008 | 听 | 听 | 听 | 2007 | 听 | 听 | 听 | Change |
| Europe, Russia, C. Asia | 听 | 听 | 听 | 279.5 | 听 | 听 | 听 | 253.1 | 听 | 听 | 听 | 10.4% |
| Africa | 听 | 听 | 听 | 200.2 | 听 | 听 | 听 | 298.3 | 听 | 听 | 听 | (32.9)% |
| Middle East | 听 | 听 | 听 | 678.0 | 听 | 听 | 听 | 690.3 | 听 | 听 | 听 | (1.8)% |
| Asia Pacific | 听 | 听 | 听 | 263.0 | 听 | 听 | 听 | 189.4 | 听 | 听 | 听 | 38.9% |
| Americas | 听 | 听 | 听 | 396.1 | 听 | 听 | 听 | 343.6 | 听 | 听 | 听 | 15.3% |
| TOTAL | 听 | 听 | 听 | 1,816.8 | 听 | 听 | 听 | 1,774.7 | 听 | 听 | 听 | 2.4% |
|
ANNEX II (b) ADDITIONAL INFORMATION BY BUSINESS SEGMENT IFRS Not audited |
||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Euros in millions | 听 | 1Q 08 | 听 | 1Q 07 | 听 | Change |
| SUBSEA | 听 | 听 | 听 | 听 | 听 | 听 |
| Revenue | 听 | 549.1 | 听 | 576.3 | 听 | (4.7)% |
| Gross Margin | 听 | 143.7 | 听 | 108.1 | 听 | 32.9% |
| Operating Income from Recurring Activities | 听 | 98.2 | 听 | 66.2 | 听 | 48.3% |
| Depreciation | 听 | (28.2) | 听 | (30.2) | 听 | (6.6)% |
| OFFSHORE | 听 | 听 | 听 | 听 | 听 | 听 |
| Revenue | 听 | 186.8 | 听 | 222.8 | 听 | (16.2)% |
| Gross Margin | 听 | 23.0 | 听 | 25.4 | 听 | (9.4)% |
| Operating Income from Recurring Activities | 听 | 9.7 | 听 | 11.7 | 听 | (17.1)% |
| Depreciation | 听 | (2.1) | 听 | (2.3) | 听 | (8.7)% |
| ONSHORE | 听 | 听 | 听 | 听 | 听 | 听 |
| Revenue | 听 | 1,080.7 | 听 | 975.6 | 听 | 10.8% |
| Gross Margin | 听 | 75.3 | 听 | 66.7 | 听 | 12.9% |
| Operating Income from Recurring Activities | 听 | 33.2 | 听 | 31.9 | 听 | 4.1% |
| Depreciation | 听 | (3.0) | 听 | (2.4) | 听 | 25.0% |
| CORPORATE | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating Income | 听 | (4.2) | 听 | (1.9) | 听 | 121.1% |
| Depreciation | 听 | (0.7) | 听 | (1.0) | 听 | (30.0)% |
|
ANNEX II (c) ORDER INTAKE & BACKLOG Not audited |
||||||
| 听 | 听 | 听 | ||||
| Euros in millions | 听 | Order Intake by Business Segment | ||||
| 听 | 听 | First Quarter | ||||
| 听 | 听 | 2008 | 听 | 2007 | 听 | Change |
| SUBSEA | 听 | 731.3 | 听 | 361.3 | 听 | 102.4% |
| OFFSHORE | 听 | 161.3 | 听 | 91.1 | 听 | 77.1% |
| ONSHORE | 听 | 699.7 | 听 | 1,028.9 | 听 | (32.0)% |
| TOTAL | 听 | 1,592.3 | 听 | 1,481.3 | 听 | 7.5% |
| 听 | 听 | 听 | ||||
| 听 | 听 | Backlog by Business Segment | ||||
| 听 | 听 | As of
Mar. 31, 2008 |
听 | As of
Dec. 31, 2007 |
听 |
As of听 |
| 听 | 听 | 听 | 听 | |||
| SUBSEA | 听 | 3,474.2 | 听 | 3,477.1 | 听 | 2,482.6 |
| OFFSHORE | 听 | 571.4 | 听 | 550.9 | 听 | 623.7 |
| ONSHORE | 听 | 4,579.7 | 听 | 5,361.5 | 听 | 6,772.2 |
| TOTAL | 听 | 8,625.3 | 听 | 9,389.5 | 听 | 9,878.5 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | Backlog by Region | ||||
| 听 | 听 | As of
Mar. 31, 2008 |
听 | As of
Dec. 31, 2007 |
听 | As of
Mar. 31, 2007 |
| 听 | 听 | 听 | 听 | |||
| Europe, Russia, C Asia | 听 | 1,729.0 | 听 | 1,691.8 | 听 | 1,094.4 |
| Africa | 听 | 1,418.7 | 听 | 1,623.3 | 听 | 1,084.3 |
| Middle East | 听 | 2,561.9 | 听 | 3,198.0 | 听 | 4,821.9 |
| Asia Pacific | 听 | 911.9 | 听 | 944.0 | 听 | 1,145.3 |
| Americas | 听 | 2,003.8 | 听 | 1,932.4 | 听 | 1,732.6 |
| TOTAL | 听 | 8,625.3 | 听 | 9,389.5 | 听 | 9,878.5 |
| 听 | 听 | March 31, 2008 Backlog Estimated Scheduling | ||||||
| 听 | 听 | SUBSEA | 听 | OFFSHORE | 听 | ONSHORE | 听 | GROUP |
|
2008 (9 months) |
听 | 1,865 | 听 | 437 | 听 | 2,600 | 听 | 4,902 |
| 2009 | 听 | 845 | 听 | 104 | 听 | 1,700 | 听 | 2,649 |
| 2010 and Beyond | 听 | 764 | 听 | 30 | 听 | 280 | 听 | 1,074 |
| TOTAL | 听 | 3,474 | 听 | 571 | 听 | 4,580 | 听 | 8,625 |
|
ANNEX II (d) ORDER INTAKE Not audited |
| 听 |
| First quarter 2008, Technip鈥檚 order intake reached EUR 1,592.3 million compared to EUR 1.481,3 million in 2007. Listed below are the main contracts that came into force during the first quarter 2008 along with their approximate value (Group share) if publicly disclosed: |
| 听 |
|
|
|
|
|
|
|
| 听 |
| Since April 1, 2008, Technip has also announced the following contract awards which were not included in the backlog as of March 31, 2008: |
| 听 |
|
|
|
|
|
听
Contacts
Technip
Investor and Analyst Relations
Kimberly Stewart, +33 (0) 1 47 78听66 74
kstewart@technip.com
or
Xavier d鈥橭uince, +33 (0) 1 47 78 25 75
xdouince@technip.com
or
Antoine d鈥橝njou, +33 (0) 1 47 78 30 18
adanjou@technip.com
or
Public Relations
Yves Gautier, +33 (0) 1 47 78 25 33
Floriane Lassalle-Massip, +33 (0) 1 47 78 32 79
press@technip.com
or
Group website