Technip Energies Full Year 2024 Financial Results
TECHNIP ENERGIES FY 2024 FINANCIAL
RESULTS
Delivering outstanding
performance
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- Strong
revenue growth of 14% Y/Y; 2024 revenue of €6.9bn exceeds top-end
of €6.5 - 6.8bn guidance range
- Recurring EBITDA
increased by 13% Y/Y to €608m; diluted EPS up 33% Y/Y to
€2.16
- €10bn+ order
intake for second consecutive year; ~€20bn backlog providing ~3
years of revenue visibility
- Robust 2024
performance and confidence in business outlook support a proposed
49% dividend increase to €0.85/share
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Paris, Thursday, February 27, 2025. Technip
Energies (the “Company”), a global technology
& engineering powerhouse leading in energy and decarbonization
infrastructure, today announces its unaudited financial results for
full year 2024.
Arnaud Pieton, Chief Executive Officer of Technip
Energies, commented:
“Technip Energies - T.EN - delivered an
outstanding 2024 performance, setting new highs for both revenue
and earnings. This success is a testament to the ingenuity and
commitment of our teams in their pursuit of excellence. T.EN is a
company in motion, and these results provide a springboard for the
next chapter of our growth story. We reaffirm our 2025
guidance.”
“2024 was also a year of great commercial
success with more than €10 billion of order intake across our
markets including LNG and decarbonized power generation. Orders
materially exceeded revenues for both business segments. As a
result, backlog increased to a level approaching €20
billion, providing excellent, multi-year visibility and
underpinning our earnings trajectory.”
“Of particular note, in December, we were
awarded a major contract for Net Zero Teesside Power in the UK, the
world’s first gas-fired power station with carbon capture and
storage. This award reinforces our carbon capture leadership,
delivers on our innovation strategy with Canopy by
T.ENTM, and, recognizes our capability
to execute at scale.”
“Based on the strength of these results and
confidence in our business outlook, we propose increasing our
annual dividend by 49%.”
“At our Capital Markets Day in November, we
set forth an ambitious growth plan for T.EN. In addition to the
strength of our core business, we are diversifying and broadening
our portfolio of solutions and customers, establishing our
leadership in new domains. As such, T.EN is set to thrive in any
energy scenario. Moreover, our balance sheet strength, and highly
cash generative business model support growing shareholder returns
and allow us to selectively deploy capital to drive further value
creation.”
“We intend to build on the strong business
momentum established in 2023 and 2024. Our complementary growth
engines - Project Delivery and Technology, Products & Services
- are poised to further capitalize on our robust outlook over the
next 24 months, with sizable prospects in LNG and decarbonization,
including blue molecule infrastructures, notably in North
America.”
“Through continuous innovation, smart
engineering and excellence in execution, T.EN is set to win the
affordability battle, bridging prosperity and sustainability for a
world designed to last.”
Key financials – adjusted IFRS
|
(In € millions, except EPS and %) |
FY 2024 |
FY 2023 |
|
Revenue |
6,854.8 |
6,014.7 |
|
Recurring EBITDA |
608.0 |
540.4 |
|
Recurring EBITDA margin % |
8.9% |
9.0% |
|
Recurring EBIT |
495.8 |
445.1 |
|
Recurring EBIT margin % |
7.2% |
7.4% |
|
Net profit |
390.3 |
294.1 |
|
Diluted earnings per share(1) |
€2.16 |
€1.63 |
|
|
|
|
Order intake |
10,010.8 |
10,070.1 |
|
Backlog |
19,556.0 |
15,713.3 |
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)FY 2024 and
FY 2023 diluted earnings per share have been calculated using the
weighted average number of outstanding shares of 180,440,114 and
180,477,791 respectively. |
Key financials – IFRS
|
(In € millions, except EPS) |
FY 2024 |
FY 2023 |
|
Revenue |
6,718.9 |
6,003.6 |
|
Net profit |
390.7 |
296.8 |
|
Diluted earnings per share(1) |
€2.17 |
€1.64 |
|
(1) FY 2024 and FY 2023 diluted earnings
per share have been calculated using the weighted average number of
outstanding shares of 180,440,114 and 180,477,791
respectively. |
2025 full company guidance – adjusted IFRS
|
Project Delivery |
Technology, Products and Services |
|
Revenue |
€5.0 - 5.4 billion |
€2.0 - 2.2 billion |
|
EBITDA margin |
~8% |
~13.5% |
|
Corporate costs |
€50 - 60 million |
|
Effective tax
rate(1) |
26 - 30% |
|
|
|
Adjacent business model
investment(2) |
< €50 million |
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) Subject to fiscal regime changes in key
jurisdictions.
(2) As part of its capital allocation
framework for long-term value creation, the Company may invest in
adjacent business models including Build Own Operate (BOO) and
co-development. Since Q3 2024, these investment costs are recorded
as non-recurring items.
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Conference call information
Technip Energies will host its FY 2024 results
conference call and webcast on Thursday, February 27, 2025 at 13:00
CET. Dial-in details:
France:
+33
1 70 91 87 04
United Kingdom:
+44 121 281
8004
United States:
+1
718 7058796
Conference Code:
880901
The event will be webcast simultaneously and can
be accessed at: T.EN FY 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 global technology and engineering powerhouse.
With leadership positions in LNG, hydrogen, ethylene, sustainable
chemistry, and CO2 management, we are contributing to
the development of critical markets such as energy, energy
derivatives, decarbonization, and circularity. Our complementary
business segments, Technology, Products and Services (TPS) and
Project Delivery, turn innovation into scalable and industrial
reality.
Through collaboration and excellence in execution, our 17,000+
employees across 34 countries are fully committed to bridging
prosperity with sustainability for a world designed to last.
Technip Energies generated revenues of €6.9 billion in 2024 and is
listed on Euronext Paris. The Company also has American Depositary
Receipts trading over the counter.
For further information: www.ten.com. |
Operational and financial review
Order intake, backlog and backlog
scheduling
Adjusted order intake for
FY 2024 amounted to €10,011 million, equivalent to
a book-to-bill of 1.5.
Adjusted order intake in the
fourth quarter of 2024 included a
major* contract for the Net Zero Teesside Power project,
which aims to be the world’s first gas-fired power station with
carbon capture and storage, a major* contract with
TotalEnergies for the topsides of GranMorgu Floating Production,
Storage and Offloading vessel (FPSO) in Suriname, as well as other
studies, services contracts and smaller projects.
For reference, commercial highlights for the
first nine months of 2024 are included here: T.EN
9M 2024 financial results.
* A “major” award for Technip
Energies is a contract award representing above €1 billion of
revenue.
|
(In € millions) |
FY 2024 |
FY 2023 |
|
Adjusted order intake |
10,010.8 |
10,070.1 |
|
Project Delivery |
7,808.1 |
8,311.5 |
|
Technology, Products & Services |
2,202.7 |
1,758.6 |
|
Reconciliation of IFRS to non-IFRS financial measures are
provided in appendices. |
Adjusted backlog increased by 24% to €19.6
billion compared to December 31, 2023, equivalent to 2.9x FY 2024
revenue.
|
(In € millions) |
FY 2024 |
FY 2023 |
|
Adjusted backlog |
19,556.0 |
15,713.3 |
|
Project Delivery |
17,536.2 |
13,884.1 |
|
Technology, Products & Services |
2,019.8 |
1,829.2 |
Reconciliation of IFRS to non-IFRS financial measures are provided
in appendices.
Adjusted backlog at December 31, 2024, has been positively impacted
by foreign exchange of €403.4 million. |
The table below provides estimated backlog
scheduling as of December 31, 2024.
|
(In € millions) |
FY 2025 |
FY 2026 |
FY 2027+ |
|
Adjusted backlog |
6,328.8 |
5,604.3 |
7,623.0 |
|
Project Delivery |
5,025.0 |
5,202.5 |
7,308.7 |
|
Technology, Products & Services |
1,303.8 |
401.7 |
314.2 |
|
Company financial performance
Adjusted statement of income
|
(In € millions, except %) |
FY 2024 |
FY 2023 |
% Change |
|
Adjusted revenue |
6,854.8 |
6,014.7 |
14 % |
|
Adjusted EBITDA |
608.0 |
540.4 |
13 % |
|
Adjusted recurring EBIT |
495.8 |
445.1 |
11 % |
|
Non-recurring items |
(30.0) |
(45.0) |
(33) % |
|
EBIT |
465.9 |
400.1 |
16 % |
|
Financial income (expense), net |
120.2 |
86.2 |
39 % |
|
Profit (loss) before income tax |
586.1 |
486.3 |
21 % |
|
Income tax (expense) profit |
(177.1) |
(145.4) |
22 % |
|
Net profit (loss) |
409.0 |
340.9 |
20 % |
|
Net profit (loss) attributable to Technip Energies Group |
390.3 |
294.1 |
33 % |
|
Net profit (loss) attributable to non-controlling interests |
18.7 |
46.8 |
(60) % |
Business highlights
Project Delivery – adjusted IFRS
|
(In € millions, except % and bps) |
FY 2024 |
FY 2023 |
% Change |
|
Revenue |
4,857.5 |
4,078.2 |
19 % |
|
Recurring EBITDA |
403.0 |
359.7 |
12 % |
|
Recurring EBITDA margin % |
8.3% |
8.8% |
(50) bps |
|
Recurring EBIT |
356.1 |
318.1 |
12 % |
|
Recurring EBIT margin % |
7.3% |
7.8% |
(50) bps |
|
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
FY 2024 Adjusted revenue
increased by 19% year-over-year to €4,857.5 million driven by an
increasing contribution from Qatar NFS and Qatar NFE, as well as
higher activity in offshore projects.
FY 2024 Adjusted recurring
EBITDA increased by 12% year-over-year to €403.0 million
and FY 2024 Adjusted recurring EBIT increased by
12% year-over-year to €356.1 million.
FY 2024 Adjusted recurring EBITDA / EBIT
margin decreased year-over-year by 50 bps / 50 bps to 8.3%
/ 7.3%. Following a period of strong order intake during 2023 and
2024, the margins reflect a re-balancing of our portfolio of
projects with increased revenue contribution from early-phase
projects with limited margin recognition.
Q4 2024 Key operational milestones
(Please refer to Q1 2024, H1 2024 and 9M 2024 press releases
for first nine months milestones)
QatarEnergy North Field Expansion (Qatar)
- The piping erection activities are nearly complete for the
first train and the main utilities are being commissioned.
QatarEnergy North Field South (Qatar)
- Main foundations for major equipment in the utilities areas
have been completed.
Marsa LNG (Oman)
- Construction activities safely
started.
bp Tortue gas FPSO (Senegal / Mauritania)
- Ready for
start-up milestone achieved.
Midor refinery (Egypt)
- Provisional acceptance certificate
received.
Assiut Hydrocracking Complex (Egypt)
- Piping
prefabrication substantially complete and over 82% overall project
progress.
bp Net Zero Teesside Power Project (UK)
- Geotechnical
ground investigations begin; start of purchasing campaign.
Q4 2024 Key commercial and strategic
highlights
(Please refer to Q1 2024 and H1 2024 and 9M 2024 press releases
for first nine months highlights)
Technip Energies and GE Vernova awarded a major*
contract for the Net Zero Teesside Power project (UK)
- Technip
Energies, leader of a consortium with GE Vernova and construction
partner Balfour Beatty – with the support of technology partner
Shell Catalysts & Technologies – received Notice to Proceed by
NZT Power Limited to execute a major* contract for the Net Zero
Teesside Power (NZT Power) project in the United Kingdom. NZT Power
has reached financial close and has issued a Full Notice to Proceed
to the Technip Energies-led consortium to start the full
Engineering, Procurement and Construction (EPC) package for the
Onshore Power, Capture and Compression contract. Financial close
follows the UK government’s recent announcement of a £21.7 billion
pledge for projects to capture and store carbon emissions from
energy, industry and hydrogen production. This landmark project
aims to be the world’s first gas-fired power station with carbon
capture and storage. Up to 2 million tonnes of CO2 per year will be
captured at the plant and transported and permanently stored by the
Northern Endurance Partnership. The plant could produce up to 742
megawatts of flexible, low-carbon power, equivalent to the average
annual electricity requirements of more than 1 million UK homes,
further supporting the UK's transition to a cleaner energy future.
- * A
“major” award for Technip Energies is a contract award representing
above €1 billion of revenue.
Technip Energies awarded a
major* contract by
TotalEnergies for the topsides of the GrandMorgu FPSO unit
(Suriname)
- Technip
Energies, in partnership with SBM Offshore, has been awarded a
major* contract by TotalEnergies for the GranMorgu
Floating Production, Storage and Offloading vessel (FPSO) in
Suriname. Under this contract, the joint-venture between SBM
Offshore and Technip Energies will construct and install a Floating
Production, Storage and Offloading vessel (FPSO), leveraging
Technip Energies’ expertise in engineering and modularization for
the topsides and SBM Offshore’s Fast4Ward® hull. Thanks
to the joint expertise of the two companies, the project will be
designed to minimize greenhouse gas emissions. It will include an
all-electric drive FPSO configuration, with zero routine flaring
and full reinjection of associated gas into the reservoirs. There
will be an optimized power usage with Waste Heat Recovery Units and
optimized water cooling for improved efficiency. A permanent
methane detection and monitoring system will be installed relying
on a network of sensors.
- * A
“major” award for Technip Energies is a contract award representing
above €1 billion of revenue.
Technology, Products & Services (TPS) – adjusted
IFRS
|
(In € millions, except % and bps) |
FY 2024 |
FY 2023 |
Change |
|
Revenue |
1,997.3 |
1,936.5 |
3% |
|
Recurring EBITDA |
257.5 |
243.2 |
6% |
|
Recurring EBITDA margin % |
12.9% |
12.6% |
30 bps |
|
Recurring EBIT |
192.0 |
186.3 |
3% |
|
Recurring EBIT margin % |
9.6% |
9.6% |
0 bps |
|
Financial information is presented under adjusted IFRS (see
Appendix 8.0 for complete definition). |
FY 2024 Adjusted revenue
increased year-over-year by 3% to €1,997.3 million, driven by
renewable fuels services, Project Management Consultancy, and a
higher volume of smaller projects and studies.
FY 2024 Adjusted recurring
EBITDA increased year-over-year by 6% to €257.5 million
and Adjusted recurring EBIT increased
year-over-year by 3% to €192.0 million.
FY 2024 Adjusted recurring EBITDA
margin increased by 30 bps to 12.9% benefiting from mix
and performance improvement within services. Adjusted
recurring EBIT margin remained stable at 9.6% due to
increased depreciation and amortization expense associated with
higher capital investment, including the impact of IFRS 16.
Q4 2024 Key operational milestones
(Please refer to Q1 2024, H1 2024 and 9M 2024 press releases
for first nine months milestones)
INEOS Project One (Belgium)
- Successful load-out from yard in Thailand, which celebrated
10.5 million work-hours without a loss time incident (LTI).
Neste Renewable Products Refinery Expansion - Capacity
Growth Project, Rotterdam (Netherlands)
- 11,500 tons structural steel erection achieved 75% progress,
and main process equipment installation completed.
AM Green Kakinada Project (India) - Rely
- Started mobilization of site
construction team on an Engineering, Procurement services and
Construction management (EPsCm) basis.
Numarligarh refinery expansion (India)
- Erection of the second finning reactor.
bp Net Zero Teesside Power Project - TPS scope
(UK)
- Initiation of CO2 absorber manufacturing with
inquiries and start of structural components.
Reliance NMD and DMD Cracker (India)
- Debottlenecking projects started on
EPsCm basis with targeted capacity increase to 758 KTA of
ethylene.
Q4 2024 Key commercial and strategic
highlights
(Please refer to Q1 2024 and H1 2024 and 9M 2024 press releases
for first nine months highlights)
Technip Energies and Shell Catalysts & Technologies
move towards an exclusive global alliance for carbon
capture
- Technip Energies
and Shell Catalysts & Technologies have agreed to strengthen
their relationship and will be moving towards global exclusivity
for the delivery of amine-based post-combustion carbon capture
based on Shell’s cutting-edge CANSOLV* CO₂ Capture
System. The two energy-transition leaders have been working
together as an alliance since 2012. That alliance has continuously
evolved to meet dynamic market needs and make carbon capture
accessible for industry. Building on this successful collaboration
and a deep commitment to the energy transition, the strengthened
alliance combines the capabilities of Shell Catalysts &
Technologies’ leading technology licensing expertise with Technip
Energies’ integration and project delivery excellence to address
the growing demand for scalable post-combustion carbon capture
solutions in relevant industrial sectors.
-
*CANSOLV is a Shell trademark
Technip Energies and LanzaTech Awarded Funding from the
U.S. Department of Energy for Commercializing Breakthrough
CO2 to Ethylene
Technology
- Technip Energies
and LanzaTech Global, Inc. (“LanzaTech”) announced that the U.S.
Department of Energy (DOE) Office of Clean Energy Demonstrations
(OCED) has committed up to $200 million in federal funding and
authorized the initiation of Phase 1 of their Sustainable Ethylene
from CO2 Utilization with Renewable Energy Project
(Project SECURE). Project SECURE, led by Technip Energies in
partnership with LanzaTech, aims to provide an integrated
commercial process which takes captured carbon dioxide from
ethylene production and recycles it with low carbon intensity
hydrogen to create sustainable ethanol and ethylene. This joint
technology solution is intended to first be deployed in the U.S.
Gulf Coast region for integration directly into an existing
commercial ethylene cracker and has significant replication
potential for ethylene crackers worldwide. Globally, there are
approximately 370 ethylene steam crackers, over 40 percent of which
use Technip Energies’ technology, including eight in the US.
Technip Energies, Alterra and Neste collaborate to offer
standardized solution to build chemical recycling
plants
- Technip
Energies, Alterra and Neste have signed a collaboration agreement
to advance the circularity of plastics by providing the industry a
standardized technology solution for chemical recycling, also
referred to as “advanced recycling”. The partners aim to globally
offer a standardized modular solution, based on Alterra’s
proprietary liquefaction technology, to parties interested in
building capacity for chemical recycling. This solution will come
in the form of readily designed and engineered liquefaction plant
modules, which will allow for lower pre-investment costs,
accelerated implementation time, high predictability on project
economics and reduced overall capital costs. Contributing to more
effective execution of chemical recycling capacity projects, the
solution helps the industry to reduce dependency on virgin fossil
resources and accelerate the circularity of polymers and chemicals.
Alterra’s technology is a thermochemical liquefaction process,
which converts hard-to-recycle plastics into a liquid hydrocarbon
product. This liquid intermediate product can then be further
refined into high-quality raw materials for new plastics and
chemicals. As of today, Neste alone has processed more than 6,000
tons of plastic-derived feeds, including ISCC PLUS certified oil
from Alterra’s industrial-scale site in Akron, Ohio.
Technip Energies and Enerkem formalize collaboration to
advance waste-to-sustainable fuels and circular chemicals
technology
- Technip Energies
and Enerkem Inc. announce the official signing of their
Collaboration Agreement, solidifying their commitment to accelerate
the deployment of Enerkem’s technology converting non-recyclable
waste and residues into sustainable fuels and circular chemical
products. Enerkem’s groundbreaking gasification technology caters
to hard-to-abate sectors such as aviation and marine fuels,
providing sustainable fuel and chemical pathways. Under the terms
of the agreement, Technip Energies and Enerkem will provide
everything from strategic plant design and modularized project
delivery services to clients. As Enerkem’s strategic partner,
Technip Energies will contribute its expertise in engineering
(incl. modularization), technology integration (hydrogen, carbon
capture, etc.) and project delivery to support joint development of
such projects. The collaboration will focus on strategic efforts to
further optimize design elements and industrialize the approach to
offer a cost-effective solution.
Corporate and other items
Corporate costs, excluding
non-recurring items, were €52.4 million for full year 2024.
Non-recurring expense amounted
to €30.0 million and includes costs incurred relating to adjacent
business models.
Net financial income of €120.2
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 30.2% for the full year 2024, consistent
with the updated guidance range of 29%-33% provided at Q3 2024.
Depreciation and amortization
expense was €112.2 million, of which €71.5 million is
related to IFRS 16.
Gross cash at December 31, 2024
was €4.1 billion, which compares to €3.6 billion at December 31,
2023. Gross debt was €0.7 billion at December 31, 2024.
Adjusted free cash flow was
€748.3 million for the full year 2024. Adjusted free cash flow,
excluding the working capital and provisions variance of
€229.8 million, was €518.5 million benefiting from strong
operational performance and consistently high conversion from
Adjusted recurring EBITDA of 85% (conversion from Adjusted
recurring EBIT was 105%). Free cash flow is stated after capital
expenditures of €85.6 million. Adjusted operating cash
flow was €833.9 million.
Liquidity
Adjusted liquidity of €4.7
billion at December 31, 2024 comprised of €4.1 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.
Capital allocation and shareholder returns
The strength of the Company’s balance sheet,
with more than €1.4 billion net cash (adjusted for
project-associated cash), coupled with sustainable free cash flow
generation, underpins T.EN’s commitment to a disciplined and
effective capital allocation that prioritizes shareholder returns
and accretive investments while maintaining its investment grade
balance sheet.
The Company’s priorities are:
-
Dividends: to payout a minimum range of 25% – 35%
of free cash flow, excluding working capital, with growth aligned
to its earnings trajectory; and
- Value
accretive investments: to allocate free cash to enhance
differentiation and capture more value through TPS-focused M&A
and investment in adjacent business models, as illustrated by Reju
– a Technip Energies company focused on progressive
textile-to-textile regeneration.
Subject to investment opportunities and market
conditions, supplemental shareholder returns will be considered,
including share buybacks.
In line with the Company’s dividend policy, the
Board of Directors will propose at the Annual Shareholder Meeting
on May 6, 2025 the distribution of a cash dividend of €0.85 per
share for the 2024 financial year. If payment of the cash dividend
is approved by the shareholders, the ex-dividend date will be May
20, 2025, the record date for the dividend will be May 21, 2025,
and the dividend will be paid on May 22, 2025.
Sustainability roadmap and scorecard
Sustainability is deeply embedded in T.EN’s
business strategy, with aspirations to achieve net zero emissions
for Scope 1 and 2 by 2030, and Scope 3 by 2050. The company has
achieved a 41% reduction in Scope 1 and 2 emissions compared to
2021, and, given this early success, has raised its emissions
reduction targets from 30% to 45% by 2025. In 2024, T.EN also
upheld its commitment to R&D with 100% of spend focused on
solutions lowering emissions.
Diversity and inclusion remain key priorities,
leading to tangible improvements in gender representation.
Currently, 32% of our employees are women, and 24% of leadership
positions are held by women. T.EN is cultivating a future-ready
workforce and, on average, our employees completed more than 27
hours of learning in 2024, demonstrating progress towards our 2025
goal of 30 hours, with T.EN University programs remaining central
to this upskilling journey.
Safety is embedded in T.EN’s core values - 694
safety training sessions were conducted in 2024 with 10,000
participants. The Company continues to invest in prevention
programs to foster a strong HSE culture and avoid incidents.
With the primary objective of contributing to
the social and economic self-sufficiency of local communities, T.EN
achieved more than 29,000 hours of volunteering globally in 2024,
putting the Company on a strong path to reach its target of 30,000
volunteering hours by 2025.
In addition, T.EN successfully implemented
processes to monitor key suppliers and subcontractors on
sustainability matters, achieving a 64% monitoring rate, enhancing
the sustainability, responsibility, and resilience of its supply
chain. Regarding Human Rights due diligence, T.EN continued to
implement mitigation plans for all eligible projects.
Moving forward, T.EN will continue pursuing its
sustainability goals with a strong commitment to integrity,
emphasizing robust governance, stakeholder engagement, and
collaboration.
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 - FULL YEAR
2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
FY 24 |
FY 23 |
FY 24 |
FY 23 |
FY 24 |
FY 23 |
FY 24 |
FY 23 |
|
Adjusted revenue |
4,857.5 |
4,078.2 |
1,997.3 |
1,936.5 |
— |
— |
6,854.8 |
6,014.7 |
|
Adjusted recurring EBIT |
356.1 |
318.1 |
192.0 |
186.3 |
(52.4) |
(59.3) |
495.8 |
445.1 |
|
Non-recurring items (transaction & one-off costs) |
(9.6) |
(2.5) |
(12.8) |
(2.3) |
(7.6) |
(40.2) |
(30.0) |
(45.0) |
|
EBIT |
346.6 |
315.6 |
179.2 |
184.0 |
(59.9) |
(99.5) |
465.9 |
400.1 |
|
Financial income |
|
|
|
|
|
|
155.8 |
128.1 |
|
Financial expense |
|
|
|
|
|
|
(35.5) |
(41.9) |
|
Profit (loss) before income tax |
|
|
|
|
|
|
586.1 |
486.3 |
|
Income tax (expense) profit |
|
|
|
|
|
|
(177.1) |
(145.4) |
|
Net profit (loss) |
|
|
|
|
|
|
409.0 |
340.9 |
|
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
|
|
390.3 |
294.1 |
|
Net profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
18.7 |
46.8 |
APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME - FOURTH
QUARTER 2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
Q4 24 |
Q4 23 |
Q4 24 |
Q4 23 |
Q4 24 |
Q4 23 |
Q4 24 |
Q4 23 |
|
Adjusted revenue |
1,362.0 |
1,100.4 |
522.0 |
506.9 |
— |
— |
1,883.9 |
1,607.3 |
|
Adjusted recurring EBIT |
97.9 |
86.4 |
52.8 |
48.1 |
(11.6) |
(8.1) |
139.1 |
126.5 |
|
Non-recurring items (transaction & one-off costs) |
(3.4) |
0.1 |
(7.5) |
(1.1) |
(2.6) |
(2.0) |
(13.5) |
(3.0) |
|
EBIT |
94.5 |
86.5 |
45.3 |
47.0 |
(14.2) |
(10.1) |
125.6 |
123.5 |
|
Financial income |
|
|
|
|
|
|
41.7 |
37.5 |
|
Financial expense |
|
|
|
|
|
|
(10.4) |
(11.5) |
|
Profit (loss) before income tax |
|
|
|
|
|
|
156.9 |
149.5 |
|
Income tax (expense) profit |
|
|
|
|
|
|
(47.2) |
(44.2) |
|
Net profit (loss) |
|
|
|
|
|
|
109.7 |
105.3 |
|
Net profit (loss) attributable to Technip Energies Group |
|
|
|
|
|
|
110.4 |
86.7 |
|
Net profit (loss) attributable to non-controlling interests |
|
|
|
|
|
|
(0.7) |
18.6 |
APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2024
|
(In € millions) |
FY 24
IFRS |
Adjustments |
FY 24
Adjusted |
|
Revenue |
6,718.9 |
135.9 |
6,854.8 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(5,800.8) |
(118.2) |
(5,919.0) |
|
Selling, general and administrative expense |
(392.0) |
(2.3) |
(394.3) |
|
Research and development expense |
(72.9) |
— |
(72.9) |
|
Impairment, restructuring and other expense |
(30.0) |
— |
(30.0) |
|
Other operating income (expense), net |
26.4 |
(0.4) |
26.0 |
|
Operating profit (loss) |
449.6 |
15.0 |
464.6 |
|
Share of profit (loss) of equity-accounted investees |
18.6 |
(17.3) |
1.3 |
|
Profit (loss) before financial income (expense), net and
income tax |
468.1 |
(2.2) |
465.9 |
|
Financial income |
149.2 |
6.6 |
155.8 |
|
Financial expense |
(35.6) |
0.1 |
(35.5) |
|
Profit (loss) before income tax |
581.8 |
4.3 |
586.1 |
|
Income tax (expense) profit |
(172.3) |
(4.8) |
(177.1) |
|
Net profit (loss) |
409.4 |
(0.4) |
409.0 |
|
Net profit (loss) attributable to Technip Energies Group |
390.7 |
(0.4) |
390.3 |
|
Net profit (loss) attributable to non-controlling interests |
18.7 |
— |
18.7 |
APPENDIX 1.3: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2023
|
(In € millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
|
Revenue |
6,003.6 |
11.1 |
6,014.7 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(5,080.4) |
(34.6) |
(5,115.0) |
|
Selling, general and administrative expense |
(379.5) |
(0.1) |
(379.6) |
|
Research and development expense |
(62.2) |
— |
(62.2) |
|
Impairment, restructuring and other expense |
(45.0) |
— |
(45.0) |
|
Other operating income (expense), net |
15.6 |
(1.0) |
14.6 |
|
Operating profit (loss) |
452.1 |
(24.6) |
427.5 |
|
Share of profit (loss) of equity-accounted investees |
(27.9) |
0.5 |
(27.4) |
|
Profit (loss) before financial income (expense), net and
income tax |
424.2 |
(24.1) |
400.1 |
|
Financial income |
118.8 |
9.3 |
128.1 |
|
Financial expense |
(53.9) |
12.0 |
(41.9) |
|
Profit (loss) before income tax |
489.1 |
(2.8) |
486.3 |
|
Income tax (expense) profit |
(145.5) |
0.1 |
(145.4) |
|
Net profit (loss) |
343.6 |
(2.7) |
340.9 |
|
Net profit (loss) attributable to Technip Energies Group |
296.8 |
(2.7) |
294.1 |
|
Net profit (loss) attributable to non-controlling interests |
46.8 |
— |
46.8 |
APPENDIX 1.4: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FOURTH QUARTER 2024
|
(In € millions) |
Q4 24
IFRS |
Adjustments |
Q4 24
Adjusted |
|
Revenue |
1,940.4 |
(56.5) |
1,883.9 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(1,697.0) |
59.2 |
(1,637.8) |
|
Selling, general and administrative expense |
(100.3) |
— |
(100.3) |
|
Research and development expense |
(22.8) |
0.6 |
(22.2) |
|
Impairment, restructuring and other expense |
(13.5) |
— |
(13.5) |
|
Other operating income (expense), net |
20.3 |
(1.7) |
18.6 |
|
Operating profit (loss) |
127.1 |
1.7 |
128.8 |
|
Share of profit (loss) of equity-accounted investees |
0.5 |
(3.7) |
(3.2) |
|
Profit (loss) before financial income (expense), net and
income tax |
127.6 |
(2.0) |
125.6 |
|
Financial income |
40.5 |
1.2 |
41.7 |
|
Financial expense |
(10.4) |
— |
(10.4) |
|
Profit (loss) before income tax |
157.7 |
(0.8) |
156.9 |
|
Income tax (expense) profit |
(44.1) |
(3.1) |
(47.2) |
|
Net profit (loss) |
113.5 |
(3.8) |
109.7 |
|
Net profit (loss) attributable to Technip Energies Group |
114.2 |
(3.8) |
110.4 |
|
Net profit (loss) attributable to non-controlling interests |
(0.7) |
— |
(0.7) |
APPENDIX 1.5: STATEMENT OF INCOME - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FOURTH QUARTER 2023
|
(In € millions) |
Q4 23
IFRS |
Adjustments |
Q4 23
Adjusted |
|
Revenue |
1,636.2 |
(28.9) |
1,607.3 |
|
Costs and expenses |
|
|
|
|
Cost of sales |
(1,335.3) |
(10.6) |
(1,345.9) |
|
Selling, general and administrative expense |
(99.4) |
(0.1) |
(99.5) |
|
Research and development expense |
(22.3) |
— |
(22.3) |
|
Impairment, restructuring and other expense |
(3.0) |
— |
(3.0) |
|
Other operating income (expense), net |
15.8 |
(1.0) |
14.8 |
|
Operating profit (loss) |
192.0 |
(40.6) |
151.4 |
|
Share of profit (loss) of equity-accounted investees |
(66.0) |
38.1 |
(27.9) |
|
Profit (loss) before financial income (expense), net and
income tax |
126.0 |
(2.5) |
123.5 |
|
Financial income |
35.2 |
2.3 |
37.5 |
|
Financial expense |
(13.3) |
1.8 |
(11.5) |
|
Profit (loss) before income tax |
147.9 |
1.6 |
149.5 |
|
Income tax (expense) profit |
(43.0) |
(1.2) |
(44.2) |
|
Net profit (loss) |
104.9 |
0.4 |
105.3 |
|
Net profit (loss) attributable to Technip Energies Group |
86.3 |
0.4 |
86.7 |
|
Net profit (loss) attributable to non-controlling interests |
18.6 |
— |
18.6 |
APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL
POSITION
|
(In € millions) |
FY 24 |
FY 23 |
|
Goodwill |
2,118.0 |
2,093.3 |
|
Intangible assets |
145.3 |
120.5 |
|
Property, plant and equipment |
167.4 |
116.7 |
|
Right-of-use assets |
201.8 |
200.8 |
|
Equity accounted investees |
20.1 |
24.8 |
|
Other non-current assets |
331.1 |
305.7 |
|
Total non-current assets |
2,983.7 |
2,861.8 |
|
Trade receivables |
1,078.7 |
1,189.6 |
|
Contract assets |
485.9 |
399.8 |
|
Other current assets |
785.8 |
781.8 |
|
Cash and cash equivalents |
4,058.0 |
3,569.3 |
|
Total current assets |
6,408.4 |
5,940.5 |
|
Total assets |
9,392.0 |
8,802.3 |
|
Total equity |
2,114.8 |
1,956.3 |
|
Long-term debt, less current portion |
642.4 |
637.3 |
|
Lease liabilities |
192.4 |
160.4 |
|
Accrued pension and other post-retirement benefits, less current
portion |
126.0 |
115.8 |
|
Other non-current liabilities |
169.7 |
157.9 |
|
Total non-current liabilities |
1,130.5 |
1,071.4 |
|
Short-term debt |
93.8 |
123.9 |
|
Lease liabilities |
57.4 |
71.9 |
|
Accounts payable, trade |
1,642.6 |
1,572.8 |
|
Contract liabilities |
3,466.3 |
3,156.7 |
|
Other current liabilities |
886.6 |
849.3 |
|
Total current liabilities |
6,146.7 |
5,774.6 |
|
Total liabilities |
7,277.2 |
6,846.0 |
|
Total equity and liabilities |
9,392.0 |
8,802.3 |
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FULL YEAR
2024
| (In €
millions) |
FY 24
IFRS |
Adjustments |
FY 24
Adjusted |
|
Goodwill |
2,118.0 |
— |
2,118.0 |
|
Intangible assets |
145.3 |
— |
145.3 |
|
Property, plant and equipment |
165.9 |
1.5 |
167.4 |
|
Right-of-use assets |
201.3 |
0.5 |
201.8 |
|
Equity accounted investees |
98.2 |
(78.1) |
20.1 |
|
Other non-current assets |
335.1 |
(4.0) |
331.1 |
|
Total non-current assets |
3,063.8 |
(80.1) |
2,983.7 |
|
Trade receivables |
1,096.8 |
(18.1) |
1,078.7 |
|
Contract assets |
481.3 |
4.6 |
485.9 |
|
Other current assets |
752.3 |
33.5 |
785.8 |
|
Cash and cash equivalents |
3,846.7 |
211.3 |
4,058.0 |
|
Total current assets |
6,177.1 |
231.3 |
6,408.4 |
|
Total assets |
9,240.9 |
151.1 |
9,392.0 |
|
Total equity |
2,114.8 |
— |
2,114.8 |
|
Long-term debt, less current portion |
637.6 |
4.8 |
642.4 |
|
Lease liabilities |
192.4 |
— |
192.4 |
|
Accrued pension and other post-retirement benefits, less current
portion |
124.8 |
1.2 |
126.0 |
|
Other non-current liabilities |
264.3 |
(94.6) |
169.7 |
|
Total non-current liabilities |
1,219.1 |
(88.6) |
1,130.5 |
|
Short-term debt |
93.8 |
— |
93.8 |
|
Lease liabilities |
56.9 |
0.5 |
57.4 |
|
Accounts payable, trade |
1,517.2 |
125.4 |
1,642.6 |
|
Contract liabilities |
3,358.4 |
107.9 |
3,466.3 |
|
Other current liabilities |
880.7 |
5.9 |
886.6 |
|
Total current liabilities |
5,907.0 |
239.7 |
6,146.7 |
|
Total liabilities |
7,126.1 |
151.1 |
7,277.2 |
|
Total equity and liabilities |
9,240.9 |
151.1 |
9,392.0 |
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION -
RECONCILIATION BETWEEN IFRS AND ADJUSTED - FULL YEAR
2023
| (In €
millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
|
Goodwill |
2,093.3 |
— |
2,093.3 |
|
Intangible assets |
123.3 |
(2.8) |
120.5 |
|
Property, plant and equipment |
116.6 |
0.1 |
116.7 |
|
Right-of-use assets |
200.8 |
— |
200.8 |
|
Equity accounted investees |
100.1 |
(75.3) |
24.8 |
|
Other non-current assets |
302.3 |
3.4 |
305.7 |
|
Total non-current assets |
2,936.4 |
(74.6) |
2,861.8 |
|
Trade receivables |
1,214.6 |
(25.0) |
1,189.6 |
|
Contract assets |
399.9 |
(0.1) |
399.8 |
|
Other current assets |
747.6 |
34.2 |
781.8 |
|
Cash and cash equivalents |
3,371.0 |
198.3 |
3,569.3 |
|
Total current assets |
5,733.1 |
207.4 |
5,940.5 |
|
Total assets |
8,669.5 |
132.8 |
8,802.3 |
|
Total equity |
1,951.2 |
5.1 |
1,956.3 |
|
Long-term debt, less current portion |
637.3 |
— |
637.3 |
|
Lease liabilities |
160.4 |
— |
160.4 |
|
Accrued pension and other post-retirement benefits, less current
portion |
114.7 |
1.1 |
115.8 |
|
Other non-current liabilities |
232.1 |
(74.2) |
157.9 |
|
Total non-current liabilities |
1,144.5 |
(73.1) |
1,071.4 |
|
Short-term debt |
123.9 |
— |
123.9 |
|
Lease liabilities |
71.9 |
— |
71.9 |
|
Accounts payable, trade |
1,506.7 |
66.1 |
1,572.8 |
|
Contract liabilities |
3,014.8 |
141.9 |
3,156.7 |
|
Other current liabilities |
856.5 |
(7.2) |
849.3 |
|
Total current liabilities |
5,573.8 |
200.8 |
5,774.6 |
|
Total liabilities |
6,718.3 |
127.7 |
6,846.0 |
|
Total equity and liabilities |
8,669.5 |
132.8 |
8,802.3 |
APPENDIX 3.0: ADJUSTED STATEMENT OF CASH
FLOWS
|
(In € millions) |
FY 24 |
FY 23 |
|
Net profit (loss) |
409.0 |
340.9 |
|
Change in working capital and provisions |
229.8 |
(330.5) |
|
Non-cash items and other |
195.1 |
250.6 |
|
Cash provided (required) by operating
activities |
833.9 |
261.0 |
|
Acquisition of property, plant, equipment and intangible
assets |
(85.6) |
(48.5) |
|
Acquisition of financial assets |
(6.7) |
(14.8) |
|
Acquisition of subsidiary, net of cash acquired |
0.1 |
(18.7) |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(1.3) |
(111.3) |
|
Other |
— |
0.6 |
|
Cash provided (required) by investing
activities |
(93.5) |
(192.7) |
|
Proceeds from issues of shares |
— |
29.8 |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
(35.1) |
(2.6) |
|
Payments for acquisition of treasury shares |
(100.0) |
— |
|
Share issue and buy-back transaction costs |
(0.7) |
— |
|
Dividends paid to Shareholders |
(101.5) |
(91.2) |
|
Payments for the principal portion of lease liabilities |
(71.6) |
(77.1) |
|
Other (of which dividends paid to non-controlling interests) |
(40.0) |
(85.8) |
|
Cash provided (required) by financing
activities |
(349.0) |
(226.9) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
97.3 |
(63.3) |
|
(Decrease) Increase in cash and cash
equivalents |
488.7 |
(221.9) |
|
Cash and cash equivalents, beginning of period |
3,569.3 |
3,791.2 |
|
Cash and cash equivalents, end of period |
4,058.0 |
3,569.3 |
APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2024
|
(In € millions) |
FY 24
IFRS |
Adjustments |
FY 24
Adjusted |
|
Net profit (loss) |
409.4 |
(0.4) |
409.0 |
|
Change in working capital and provisions |
228.2 |
1.6 |
229.8 |
|
Non-cash items and other |
207.6 |
(12.5) |
195.1 |
|
Cash provided (required) by operating
activities |
845.2 |
(11.3) |
833.9 |
|
Acquisition of property, plant, equipment and intangible
assets |
(84.6) |
(1.0) |
(85.6) |
|
Acquisition of financial assets |
(6.7) |
— |
(6.7) |
|
Acquisition of subsidiary, net of cash acquired |
0.1 |
— |
0.1 |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(1.3) |
— |
(1.3) |
|
Other |
(5.0) |
5.0 |
— |
|
Cash provided (required) by investing
activities |
(97.5) |
4.0 |
(93.5) |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
(35.7) |
0.6 |
(35.1) |
|
Payments for acquisition of treasury shares 1 |
(100.0) |
— |
(100.0) |
|
Share issue and buy-back transaction costs |
(0.7) |
— |
(0.7) |
|
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 |
(70.9) |
(0.7) |
(71.6) |
|
Other (of which dividends paid to non-controlling interests) |
(40.0) |
— |
(40.0) |
|
Cash provided (required) by financing
activities |
(364.8) |
15.8 |
(349.0) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
92.8 |
4.5 |
97.3 |
|
(Decrease) Increase in cash and cash
equivalents |
475.7 |
13.0 |
488.7 |
|
Cash and cash equivalents, beginning of period |
3,371.0 |
198.3 |
3,569.3 |
|
Cash and cash equivalents, end of period |
3,846.7 |
211.3 |
4,058.0 |
|
1 The total cash outflow is exclusively
related to the Share Buy Back transactions. |
APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION
BETWEEN IFRS AND ADJUSTED - FULL YEAR 2023
|
(In € millions) |
FY 23
IFRS |
Adjustments |
FY 23
Adjusted |
|
Net profit (loss) |
343.6 |
(2.7) |
340.9 |
|
Change in working capital and provisions |
(292.8) |
(37.7) |
(330.5) |
|
Non-cash items and other |
328.0 |
(77.4) |
250.6 |
|
Cash provided (required) by operating
activities |
378.8 |
(117.8) |
261.0 |
|
Acquisition of property, plant, equipment and intangible
assets |
(48.4) |
(0.1) |
(48.5) |
|
Acquisition of financial assets |
(14.8) |
— |
(14.8) |
|
Acquisition of subsidiary, net of cash acquired |
(14.9) |
(3.8) |
(18.7) |
|
Proceeds from disposals of subsidiaries, net of cash disposed |
(30.5) |
(80.8) |
(111.3) |
|
Other |
0.6 |
— |
0.6 |
|
Cash provided (required) by investing
activities |
(108.0) |
(84.7) |
(192.7) |
|
Proceeds from issues of shares |
29.8 |
— |
29.8 |
|
Net increase (repayment) in long-term, short-term debt
and commercial paper |
(2.5) |
(0.1) |
(2.6) |
|
Dividends paid to Shareholders |
(91.2) |
— |
(91.2) |
|
Settlements of mandatorily redeemable financial liability |
(92.7) |
92.7 |
— |
|
Payments for the principal portion of lease liabilities |
(76.6) |
(0.5) |
(77.1) |
|
Other (of which dividends paid to non-controlling interests) |
(85.8) |
— |
(85.8) |
|
Cash provided (required) by financing
activities |
(319.0) |
92.1 |
(226.9) |
|
Effect of changes in foreign exchange rates on cash
and cash equivalents |
(58.2) |
(5.1) |
(63.3) |
|
(Decrease) Increase in cash and cash
equivalents |
(106.4) |
(115.5) |
(221.9) |
|
Cash and cash equivalents, beginning of period |
3,477.4 |
313.8 |
3,791.2 |
|
Cash and cash equivalents, end of period |
3,371.0 |
198.3 |
3,569.3 |
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- FULL YEAR 2024
|
(In € millions, except %) |
FY 24 |
% of revenues |
FY 23 |
% of revenues |
|
Adjusted revenue |
6,854.8 |
|
6,014.7 |
|
|
Cost of sales |
(5,919.0) |
86.3% |
(5,115.0) |
85.0% |
|
Adjusted gross margin |
935.8 |
13.7% |
899.7 |
15.0% |
|
Adjusted recurring EBITDA |
608.0 |
8.9% |
540.4 |
9.0% |
|
Amortization, depreciation and impairment |
(112.2) |
|
(95.3) |
|
|
Adjusted recurring EBIT |
495.8 |
7.2% |
445.1 |
7.4% |
|
Non-recurring items |
(30.0) |
|
(45.0) |
|
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
465.9 |
6.8% |
400.1 |
6.7% |
|
Financial income (expense), net |
120.2 |
|
86.2 |
|
|
Adjusted profit (loss) before tax |
586.1 |
8.6% |
486.3 |
8.1% |
|
Income tax (expense) profit |
(177.1) |
|
(145.4) |
|
|
Adjusted net profit (loss) |
409.0 |
6.0% |
340.9 |
5.7% |
APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES
- FOURTH QUARTER 2024
|
(In € millions, except %) |
Q4 24 |
% of revenues |
Q4 23 |
% of revenues |
|
Adjusted revenue |
1,883.9 |
|
1,607.3 |
|
|
Cost of sales |
(1,637.8) |
86.9% |
(1,345.9) |
83.7% |
|
Adjusted gross margin |
246.2 |
13.1% |
261.4 |
16.3% |
|
Adjusted recurring EBITDA |
168.7 |
9.0% |
149.9 |
9.3% |
|
Amortization, depreciation and impairment |
(29.6) |
|
(23.4) |
|
|
Adjusted recurring EBIT |
139.1 |
7.4% |
126.5 |
7.9% |
|
Non-recurring items |
(13.5) |
|
(3.0) |
|
|
Adjusted profit (loss) before financial income (expense),
net and income tax |
125.6 |
6.7% |
123.5 |
7.7% |
|
Financial income (expense), net |
31.3 |
|
26.0 |
|
|
Adjusted profit (loss) before tax |
156.9 |
8.3% |
149.5 |
9.3% |
|
Income tax (expense) profit |
(47.2) |
|
(44.2) |
|
|
Adjusted net profit (loss) |
109.7 |
5.8% |
105.3 |
6.6% |
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - FULL YEAR 2024
(In € millions)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
FY 24 |
FY 23 |
FY 24 |
FY 23 |
FY 24 |
FY 23 |
FY 24 |
FY 23 |
|
Revenue |
4,857.5 |
4,078.2 |
1,997.3 |
1,936.5 |
— |
— |
6,854.8 |
6,014.7 |
|
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
465.9 |
400.1 |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
30.0 |
45.0 |
|
Adjusted recurring EBIT |
356.1 |
318.1 |
192.0 |
186.3 |
(52.4) |
(59.3) |
495.8 |
445.1 |
|
Adjusted recurring EBIT margin % |
7.3% |
7.8% |
9.6% |
9.6% |
—% |
—% |
7.2% |
7.4% |
|
Adjusted amortization and depreciation |
(46.9) |
(41.5) |
(65.5) |
(57.0) |
0.2 |
3.2 |
(112.2) |
(95.3) |
|
Adjusted recurring EBITDA |
403.0 |
359.7 |
257.5 |
243.2 |
(52.6) |
(62.5) |
608.0 |
540.4 |
|
Adjusted recurring EBITDA margin % |
8.3% |
8.8% |
12.9% |
12.6% |
—% |
—% |
8.9% |
9.0% |
APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA
RECONCILIATION - FOURTH QUARTER 2024
(In € millions, except %)
|
Project
Delivery |
Technology, Products & Services |
Corporate/non allocable |
Total |
|
Q4 24 |
Q4 23 |
Q4 24 |
Q4 23 |
Q4 24 |
Q4 23 |
Q4 24 |
Q4 23 |
|
Revenue |
1,362.0 |
1,100.4 |
522.0 |
506.9 |
— |
— |
1,883.9 |
1,607.3 |
|
Profit (loss) before financial income (expense), net and income
tax |
|
|
|
|
|
|
125.6 |
123.5 |
|
Non-recurring items: |
|
|
|
|
|
|
|
|
|
Other non-recurring income/(expense) |
|
|
|
|
|
|
13.5 |
3.0 |
|
Adjusted recurring EBIT |
97.9 |
86.4 |
52.8 |
48.1 |
(11.6) |
(8.1) |
139.1 |
126.5 |
|
Adjusted recurring EBIT margin % |
7.2% |
7.9% |
10.1% |
9.5% |
—% |
—% |
7.4% |
7.9% |
|
Adjusted amortization and depreciation |
(13.4) |
(10.5) |
(16.5) |
(15.2) |
0.3 |
2.3 |
(29.6) |
(23.4) |
|
Adjusted recurring EBITDA |
111.3 |
97.0 |
69.3 |
63.3 |
(11.9) |
(10.4) |
168.7 |
149.9 |
|
Adjusted recurring EBITDA margin % |
8.2% |
8.8% |
13.3% |
12.5% |
—% |
—% |
9.0% |
9.3% |
APPENDIX 6.0: BACKLOG - RECONCILIATION BETWEEN IFRS AND
ADJUSTED
|
(In € millions) |
FY 24
IFRS |
Adjustments |
FY 24
Adjusted |
|
Project Delivery |
17,702.6 |
(166.4) |
17,536.2 |
|
Technology, Products & Services |
2,005.7 |
14.1 |
2,019.8 |
|
Total |
19,708.3 |
|
19,556.0 |
APPENDIX 7.0: ORDER INTAKE - RECONCILIATION BETWEEN IFRS
AND ADJUSTED
|
(In € millions) |
FY 24
IFRS |
Adjustments |
FY 24
Adjusted |
|
Project Delivery |
7,872.6 |
(64.5) |
7,808.1 |
|
Technology, Products & Services |
2,160.7 |
42.0 |
2,202.7 |
|
Total |
10,033.3 |
|
10,010.8 |
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:
- 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 most material projects
was included: the revenue from ENI CORAL FLNG and NFE is included
at 50% and the revenue from BAPCO Sitra Refinery is included at
36%. 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 income
(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 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 (mainly
in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two
affiliates of the NFE joint-venture). 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 (mainly in relation to ENI Coral FLNG, BAPCO
Sitra Refinery and two affiliates of the NFE joint-venture). 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 Full Year 2024 Financial Results
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