2015 RESULTS
Full year adjusted revenue up 14% to 鈧�12.2 billion
Full year underlying Operating Income From Recurring Activities2 up 20% to 鈧�987 million, with 鈧�851 million in Subsea and 鈧�218 million in Onshore/Offshore
Year-end backlog at 鈧�17 billion after 2.8 billion of order intake in 4Q; net cash at 鈧�1.9 billion: balance sheet strengthened
Dividend maintained at 鈧�2 per share
4Q adjusted revenue up 11%; 4Q adjusted Operating Income From Recurring Activities5 up 8% to 鈧�242 million
FULL YEAR 2016 OUTLOOK:
Adjusted Subsea revenue between 鈧�4.7 and 鈧�5.0 billion, adjusted Operating Income From Recurring Activities5 between 鈧�640 and 鈧�680 million
Adjusted Onshore/Offshore revenue between 鈧�5.7 and 鈧�6.0 billion, adjusted Operating Income From Recurring Activities5 between 鈧�240 and 鈧�280 million
On February 23, 2016, Technip鈥檚 (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) Board of Directors approved the full year 2015 consolidated financial statements.
Note: In 2015, Technip applied inter alia IFRS 11 鈥� Joint Arrangements. In its full year financial statements, Technip has incorporated the interpretation of the guidelines concerning this standard issued by IFRIC in which all single project joint arrangements structured through incorporated entities can be only accounted as joint ventures. Technip will continue to report and provide forward-looking information on an adjusted basis which corresponds to its previous framework, in order to ensure consistency and comparability between periods and projects, and to the financial reporting framework used for management purposes.
The full year adjusted financial statements (those generally referred to in this press release) can be found in Annex I to III. The IFRS consolidated financial statements and a reconciliation to the adjusted basis can be found in Annex VI.
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million (except Dividend)听听 听 听听 听 听听 听4Q 14听听 听 听听 听 听听 听 听听 听4Q 15听听 听 听听 听 听听 听 听听 听Change听听 听 听听 听 听听 听 听听 听FY 14听听 听 听听 听 听听 听 听听 听FY 15听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Adjusted Revenue听听 听 听听 听 听听 听2,815.9听听 听 听听 听 听听 听 听听 听3,118.1听听 听 听听 听 听听 听 听听 听10.7%听听 听 听听 听 听听 听 听听 听10,724.5听听 听 听听 听 听听 听 听听 听12,208.7听听 听 听听 听 听听 听 听听 听13.8%听听 听听听 听听听 听
Adjusted Underlying EBITDA1听听 听 听听 听 听听 听319.2听听 听 听听 听 听听 听 听听 听323.9听听 听 听听 听 听听 听 听听 听1.5%听听 听 听听 听 听听 听 听听 听1,107.9听听 听 听听 听 听听 听 听听 听1,292.4听听 听 听听 听 听听 听 听听 听16.7%听听 听听听 听听听 听
Adjusted Underlying EBITDA Margin听听 听 听听 听 听听 听11.3%听听 听 听听 听 听听 听 听听 听10.4%听听 听 听听 听 听听 听 听听 听(95)bp听听 听 听听 听 听听 听 听听 听10.3%听听 听 听听 听 听听 听 听听 听10.6%听听 听 听听 听 听听 听 听听 听26bp听听 听听听 听听听 听
Adjusted Underlying OIFRA2听听 听听听 听听听 听223.2听听 听听听 听听听 听听听 听241.6听听 听听听 听听听 听听听 听8.2%听听 听听听 听听听 听听听 听824.6听听 听听听 听听听 听听听 听986.8听听 听听听 听听听 听听听 听19.7%听听 听听听 听听听 听
Adjusted Underlying Operating Margin3听听 听听听 听听听 听7.9%听听 听听听 听听听 听听听 听7.7%听听 听听听 听听听 听听听 听(18)bp听听 听听听 听听听 听听听 听7.7%听听 听听听 听听听 听听听 听8.1%听听 听听听 听听听 听听听 听39bp听听 听听听 听听听 听
One-off Charge听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(50.5)听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(635.3)听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Other including Tax and Financial Effects听听 听听听 听听听 听(92.0)听听 听听听 听听听 听听听 听41.0听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听听听 听(127.8)听听 听听听 听听听 听听听 听93.6听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Underlying Net Income4听听 听 听听 听 听听 听172.1听听 听 听听 听 听听 听 听听 听111.5听听 听 听听 听 听听 听 听听 听(35.2)%听听 听 听听 听 听听 听 听听 听564.4听听 听 听听 听 听听 听 听听 听586.8听听 听 听听 听 听听 听 听听 听4.0%听听 听听听 听听听 听
Adjusted OIFRA5听听 听 听听 听 听听 听223.2听听 听 听听 听 听听 听 听听 听241.6听听 听 听听 听 听听 听 听听 听8.2%听听 听 听听 听 听听 听 听听 听824.6听听 听 听听 听 听听 听 听听 听802.4听听 听 听听 听 听听 听 听听 听nm听听 听听听 听听听 听
Net Income of the Parent Company听听 听 听听 听 听听 听80.1听听 听 听听 听 听听 听 听听 听102.0听听 听 听听 听 听听 听 听听 听27.3%听听 听 听听 听 听听 听 听听 听436.6听听 听 听听 听 听听 听 听听 听45.1听听 听 听听 听 听听 听 听听 听nm听听 听听听 听听听 听
Proposed Dividend6 (鈧�)听听 听 听听 听 听听 听2.00听听 听 听听 听 听听 听 听听 听2.00听听 听 听听 听 听听 听 听听 听-听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听
Order Intake听听 听 听听 听 听听 听3,227听听 听 听听 听 听听 听 听听 听2,808听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听15,296听听 听 听听 听 听听 听 听听 听7,565听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听
Backlog听听 听 听听 听 听听 听20,936听听 听 听听 听 听听 听 听听 听16,970听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听20,936听听 听 听听 听 听听 听 听听 听16,970听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听
1 Adjusted operating income from recurring activities after Income/(loss) of equity affiliates excluding exceptional items, depreciation and amortization. No exceptional items in 4Q15.
2 Adjusted operating income from recurring activities after Income/(loss) of equity affiliates excluding exceptional items. No exceptional items in 4Q15.
3 Adjusted operating income from recurring activities after Income/(loss) of equity affiliates excluding exceptional items, divided by adjusted revenue. No exceptional items in 4Q15.
4 Net income of the parent company excluding exceptional items. See annex V.
5 Adjusted operating income from recurring activities after Income/(loss) of equity affiliates.
6 Recommendation of Technip鈥檚 Board of Directors to be approved during the Annual General Shareholders鈥� Meeting (AGM) on April 28, 2016.
Thierry Pilenko, Chairman and CEO, commented: 鈥淚n 2015, Technip showed itself to be resilient and proactive in an unprecedented market environment, executing on key projects for our clients, progressing on our cost reduction program and advancing our strategy.
2015 Performance
We closed 2015 successfully with revenue and underlying operating profit from recurring activities (OIFRA) in line with our guidance.
Order intake was 鈧�2.8 billion in the fourth quarter and 鈧�7.6 billion in 2015. Most importantly, the quality and diversity of these orders have been maintained and we are positioned for the years ahead as lead contractor at FEED stage on a number of important projects.
Our operations generated more than 鈧�1 billion of cash flow over the year, supported by the strong profitability of Subsea. We ended the year with 鈧�1.9 billion of net cash supported by discipline in capex (鈧�272 million net) and strong working capital management (positive 鈧�562 million).
The accelerated cost reduction plan announced in July 2015 has already delivered some 鈧�270 million of savings whilst investment in R&D is up and the performance of our Onshore/Offshore segment improved after a difficult start to the year. We are able to increase our cost saving target to 鈧�1 billion (from 鈧�830 million).
We delivered a series of projects for our clients with a strong safety performance: Halobutyl elastomer facility in Saudi Arabia; Burgas Refinery in Bulgaria; subsea developments as Julia in the US Gulf of Mexico and B酶yla in Norway. Ongoing major projects such as Yamal LNG progressed well.
Strategically, our alliance with FMC Technologies is meeting its targets, with the Forsys Subsea JV having won two contracts in 2015 and another in 2016 on Trestakk field for Statoil.
Our diversified backlog of 鈧�17 billion, with 鈧�7.3 billion in Subsea and 鈧�9.7 billion in Onshore/Offshore, combined with higher cost savings, focus on working capital management and lower net capex will help protect our margins and cash flow in the coming years.
Proposed 2015 Dividend
Consequently, we maintain a dividend of 2 euros per share, offer the same scrip alternative as last year and reaffirm our commitment to a stable fully diluted share count.
Market outlook
Given the oil price outlook, macro-economic and geopolitical uncertainties, we do not expect a material change in our clients' priorities over the next 12-18 months. Their capex on new projects will remain substantially below 2014 levels with more resilience in downstream compared to upstream:
Downstream: refining and (petro)chemical companies are more profitable in the current environment and we are seeing continued interest worldwide in investing, revamping and upgrading. This will benefit our technology, equipment and consulting businesses and support the improving performance of our Onshore/Offshore segment in the next couple of years.
Upstream: we may see momentum on a few strategic developments, but oil and gas operators are currently focused on completing major projects launched over the past three to five years. The completion of these should provide cashflow headroom which would enable investment to resume, to compensate inevitable reservoir depletion. Most important, the significant improvements on project economics brought by early engagement (notably by Genesis and the Forsys Subsea JV) is increasing client confidence in upstream project returns. Therefore, front-end work for upstream developments should gain momentum from late 2016 into 2017 with larger project investment decisions following on thereafter.
Strategic priorities: broadening Technip鈥檚 portfolio of solutions
Our strategy in recent years has built a broadly-based business with drivers beyond just large onshore, offshore and subsea projects. As a result, 22 per cent of our 2015 adjusted revenue and 30 per cent of our underlying EBITDA come from technology, equipment and consulting activities across our two segments - a fundamental change compared to five years ago. We intend to continue to invest in these areas, directly and through our alliances.
To conclude, there will be a premium in this period on being able to compete for the work available on an integrated yet flexible basis and in a way which demonstrates tangible benefits for our clients. We will continue to seek early stage engagement with clients, committing to drive costs out through the application of technology, simplicity and standardization, and to an efficient use of our own supply chain. Internally, we are controlling our costs, our cash, our projects and our capex, maintaining a strong balance sheet and therefore our capacity to reinforce our leadership. Overall, we are ready to seize opportunities in this unprecedented market environment - to win projects, gain new markets, retain and recruit the best talents - and create long-term value for all our stakeholders.鈥�
I. ORDER INTAKE AND BACKLOG
1. Fourth Quarter 2015 Order Intake
During fourth quarter 2015, Technip鈥檚 order intake was 鈧�2.8 billion. The breakdown by business segment was as follows:
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Order Intake1 (鈧� million)听听 听 听听 听 听听 听4Q 2014听听 听 听听 听 听听 听 听听 听4Q 2015听听 听听听 听听听 听
Subsea听听 听 听听 听 听听 听1,271听听 听 听听 听 听听 听 听听 听651听听 听听听 听听听 听
Onshore/Offshore听听 听听听 听听听 听1,956听听 听听听 听听听 听听听 听2,157听听 听听听 听听听 听
Total听听 听 听听 听 听听 听3,227听听 听 听听 听 听听 听 听听 听2,808听听 听听听 听听听 听
听
Subsea order intake included a contract to supply the first flexible pipes for the pre-salt Libra Extended Well Test field in the Santos Basin, Brazil, which will be produced at our Vitoria and A莽u manufacturing plants.
In the US Gulf of Mexico, two lump sum contracts were awarded: one for the development of the Odd Job field and another for the South Santa Cruz and Barataria fields, covering fabrication and installation of pipe-in-pipe flowlines and associated systems, both to be fabricated at our spoolbase in Mobile, Alabama and installed by the Deep Blue vessel.
Onshore/Offshore order intake included part of the reimbursable scope of the construction and logistics of the Yamal LNG project. In addition, a contract was awarded to provide proprietary technology and engineering, procurement and construction for a 40 thousand normal cubic meters per hour grassroots hydrogen plant in Montana, USA. Through the alliance with Air Products, Technip was also awarded a contract to provide technology, engineering and procurement services for a 3.5 million standard cubic meters per day grassroots hydrogen plant in Texas, USA.
In the Czech Republic, a lump sum contract was awarded for the engineering, supply and construction of four cracking furnaces and associated pipe-rack for an ethylene plant. The furnaces will be based on Technip proprietary technologies.
Listed in annex IV are the main contracts announced since October 2015 and their approximate value if publicly disclosed.
2. Backlog
At the end of fourth quarter 2015, Technip鈥檚 backlog was 鈧�17.0 billion, compared with 鈧�17.5 billion at the end of third quarter 2015 and 鈧�20.9 billion at the end of fourth quarter 2014.
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Estimated Backlog2 Scheduling
as of Dec. 31, 2015 (鈧� million)
听听听 听 听听 听Subsea听听 听 听听 听Onshore/Offshore听听 听 听听 听Group听听 听
2016听听 听 听听 听 听听 听4,502听听 听 听听 听4,996听听 听 听听 听9,498听听 听
2017听听 听听听 听听听 听1,774听听 听听听 听2,980听听 听听听 听4,754听听 听
2018 and beyond听听 听听听 听听听 听1,033听听 听听听 听1,685听听 听听听 听2,718听听 听
Total听听 听 听听 听 听听 听7,309听听 听 听听 听9,661听听 听 听听 听16,970听听 听
听
1 Order intake includes all projects whose revenues are consolidated in our adjusted financial statements.
2 Backlog includes all projects whose revenues are consolidated in our adjusted financial statements.
II. FOURTH QUARTER 2015 OPERATIONAL & FINANCIAL HIGHLIGHTS 鈥� ADJUSTED BASIS
On July 6th, the Group announced the launch of a restructuring plan addressing the downturn in the oil and gas market. All costs in respect to this plan were accounted in this quarter in non-current operating result (see note II.4).
1. Subsea
Subsea main operations for the quarter were as follows:
In the Americas:
- In the US Gulf of Mexico, Deep Blue successfully completed a combined installation campaign for the developments of the Kodiak and the K2 projects, and was then mobilized on Stones to start its second installation trip.
- In Brazil, at our manufacturing plants in Vitoria and A莽u flexible pipe production continued for the pre-salt fields of Lula Alto, Iracema Norte and Iracema Sul, and was completed for Sapinho谩 & Lula Nordeste and Sapinho谩 Norte fields.
In the North Sea, Deep Arctic was mobilized on the Alvheim field in Norway and worked on the extension of the subsea infrastructure. Engineering and procurement phases continued on the Edradour project in Scotland, for which manufacturing of umbilical pipes progressed in our Newcastle umbilical plant.
In Asia Pacific, G1201 completed its S-lay campaign on the Malikai project in Malaysia. Meanwhile, Deep Orient completed its installation campaign for the D18 project in Malaysia and moved to Indonesia on the Bangka project. Also in Indonesia, engineering and procurement phases continued on the Jangkrik project, for which manufacturing of flexible pipes progressed at our Asiaflex plant. In Australia, the North Sea Atlantic continued working on the Wheatstone project.
In West Africa, progress was made on the Block 15/06 East Hub development in Angola with Deep Energy completing its first installation trip. In Congo, G1200 continued working on the Moho Nord project while Deep Pioneer completed its offshore campaign and moved onto T.E.N. in Ghana. Meanwhile, engineering and procurement continued on Kaombo in Angola.
Overall, the Group vessel utilization rate for the fourth quarter of 2015 was 74%, in line with the fourth quarter of 2014, and below the 89% seen in the third quarter of 2015.
Subsea financial performance is set out in the following table:
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鈧� million听听 听 听听 听 听听 听4Q 2014听听 听 听听 听 听听 听 听听 听4Q 2015听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Subsea听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听
Adjusted Revenue听听 听听听 听听听 听1,290.3听听 听听听 听听听 听听听 听1,487.6听听 听听听 听听听 听听听 听15.3%听听 听听听 听听听 听
Adjusted EBITDA听听 听听听 听听听 听285.7听听 听听听 听听听 听听听 听276.2听听 听听听 听听听 听听听 听(3.3)%听听 听听听 听听听 听
Adjusted EBITDA Margin听听 听听听 听听听 听22.1%听听 听听听 听听听 听听听 听18.6%听听 听听听 听听听 听听听 听(358)bp听听 听听听 听听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates*听听 听听听 听听听 听197.9听听 听听听 听听听 听听听 听203.6听听 听听听 听听听 听听听 听2.9%听听 听听听 听听听 听
Adjusted Operating Margin听听 听 听听 听 听听 听15.3%听听 听 听听 听 听听 听 听听 听13.7%听听 听 听听 听 听听 听 听听 听(165)bp听听 听听听 听听听 听
听
* No one-off charge accounted in Subsea adjusted operating income from recurring activities in 4Q 2015.
2. Onshore/Offshore
Onshore/Offshore main operations for the quarter were as follows:
In the Middle East, mechanical completion was achieved for the Halobutyl elastomer facility in Saudi Arabia, as well as for several scopes of the Khafji Crude Related Offshore projects in the neutral zone between Saudi Arabia and Kuwait. Meanwhile, fabrication continued for the FMB platforms in Qatar and for the Umm Lulu complex in Abu Dhabi. Also in Abu Dhabi, commissioning activities were ongoing on Satah Full Field Development and we completed the flares modification and revamp project on Das Island for ADMA-OPCO.
In Asia Pacific, the Block SK316 platforms project neared completion in Malaysia. In Korea, integration progressed after successful installation of the turret-mooring system and the 135-meter flare onto the Prelude FLNG hull. Meanwhile, in India, we completed the Heera Redevelopment (HRD) process platform. In Brunei, fabrication continued on Maharaja Lela & Jamalulalam project.
In Europe and Russia, construction of process modules continued for the Yamal LNG project in Chinese yards while winter activities progressed, with the mobilization ramp up on site. Engineering continued on the Duslo ammonia plant in Slovakia and on the polyethylene plant in the Czech Republic.
In the Americas, construction activities continued on the CPChem polyethylene plant in Texas and Sasol鈥檚 world-scale ethane cracker and derivative complex near Lake Charles, Louisiana. At the same time, the construction of the topsides progressed for the Juniper project in Trinidad and Tobago.
Onshore/Offshore financial performance is set out in the following table:
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million听听 听 听听 听 听听 听4Q 2014听听 听 听听 听 听听 听 听听 听4Q 2015听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Onshore/Offshore听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听
Adjusted Revenue听听 听听听 听听听 听1,525.6听听 听听听 听听听 听听听 听1,630.5听听 听听听 听听听 听听听 听6.9%听听 听听听 听听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates*听听 听听听 听听听 听47.9听听 听听听 听听听 听听听 听66.1听听 听听听 听听听 听听听 听38.0%听听 听听听 听听听 听
Adjusted Operating Margin听听 听 听听 听 听听 听3.1%听听 听 听听 听 听听 听 听听 听4.1%听听 听 听听 听 听听 听 听听 听91bp听听 听听听 听听听 听
听
* No one-off charge accounted in Onshore/Offshore adjusted operating income from recurring activities in 4Q 2015.
3. Group
The Group鈥檚 adjusted operating income from recurring activities after income/(loss) of equity affiliates, including Corporate charges of 鈧�28 million, is set out in the following table:
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million听听 听 听听 听 听听 听4Q 2014听听 听 听听 听 听听 听 听听 听4Q 2015听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Group听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听
Adjusted Revenue听听 听听听 听听听 听2,815.9听听 听听听 听听听 听听听 听3,118.1听听 听听听 听听听 听听听 听10.7%听听 听听听 听听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates*听听 听听听 听听听 听223.2听听 听听听 听听听 听听听 听241.6听听 听听听 听听听 听听听 听8.2%听听 听听听 听听听 听
Adjusted Operating Margin听听 听 听听 听 听听 听7.9%听听 听 听听 听 听听 听 听听 听7.7%听听 听 听听 听 听听 听 听听 听(18)bp听听 听听听 听听听 听
听
* No one-off charge accounted in adjusted operating income from recurring activities in 4Q 2015.
In the fourth quarter of 2015, compared to a year ago, the estimated translation impact from foreign exchange was a positive 鈧�38 million on adjusted revenue and a positive 鈧�16 million on adjusted operating income from recurring activities after income/(loss) of equity affiliates.
4. Adjusted Non-Current Items and Group Net Income
Adjusted non-current operating items of 鈧�(52) million were booked in the quarter, out of which 鈧�(50) million reflected the restructuring plan announced on July 6th, taking total one-off charges booked in respect to the plan to 鈧�635 million out of the total estimated charge of 鈧�650 million.
Adjusted financial result in the fourth quarter of 2015 included mainly around 鈧�19 million of interest expenses on long and short-term debt and a 鈧�26 million negative impact from changes in foreign exchange rates and fair market value of hedging instruments.
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million (except Diluted Earnings per Share and Diluted
Number of Shares)
听听听 听 听听 听4Q 2014听听 听 听听 听 听听 听 听听 听4Q 2015听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates*听听 听 听听 听 听听 听223.2听听 听 听听 听 听听 听 听听 听241.6听听 听 听听 听 听听 听 听听 听8.2%听听 听听听 听听听 听
Adjusted Non-Current Operating Result听听 听听听 听听听 听(33.3)听听 听听听 听听听 听听听 听(52.0)听听 听听听 听听听 听听听 听56.2%听听 听听听 听听听 听
Adjusted Financial Result听听 听听听 听听听 听(67.7)听听 听听听 听听听 听听听 听(50.9)听听 听听听 听听听 听听听 听(24.8)%听听 听听听 听听听 听
Adjusted Income Tax Expense听听 听听听 听听听 听(39.2)听听 听听听 听听听 听听听 听(34.8)听听 听听听 听听听 听听听 听(11.2)%听听 听听听 听听听 听
Adjusted Effective Tax Rate听听 听听听 听听听 听32.1%听听 听听听 听听听 听听听 听25.1%听听 听听听 听听听 听听听 听(699)bp听听 听听听 听听听 听
Adjusted Non-Controlling Interests听听 听听听 听听听 听(2.9)听听 听听听 听听听 听听听 听(1.9)听听 听听听 听听听 听听听 听(34.5)%听听 听听听 听听听 听
Net Income of the Parent Company听听 听听听 听听听 听80.1听听 听听听 听听听 听听听 听102.0听听 听听听 听听听 听听听 听27.3%听听 听听听 听听听 听
Underlying Net Income听听 听听听 听听听 听172.1听听 听听听 听听听 听听听 听111.5听听 听听听 听听听 听听听 听(35.2)%听听 听听听 听听听 听
Diluted Number of Shares听听 听听听 听听听 听124,725,767听听 听听听 听听听 听听听 听129,100,010听听 听听听 听听听 听听听 听3.5%听听 听听听 听听听 听
Diluted Earnings per Share (鈧�)听听 听 听听 听 听听 听0.68听听 听 听听 听 听听 听 听听 听0.83听听 听 听听 听 听听 听 听听 听21.6%听听 听听听 听听听 听
听
* No one-off charge accounted in adjusted operating income from recurring activities in 4Q 2015.
5. Adjusted Cash Flow and Statement of Consolidated Financial Position
As of December 31, 2015, the adjusted net cash position1 was 鈧�1,938 million, compared with 鈧�1,301 million as of September 30, 2015.
听听听 听 听听 听 听听 听听
Adjusted Cash2 as of September 30, 2015听听 听 听听 听 听听 听3,802.2
Adjusted Cash Generated from/(used in) Operating Activities听听 听 听听 听 听听 听633.6
Adjusted Cash Generated from/(used in) Investing Activities听听 听听听 听听听 听(56.4)
Adjusted Cash Generated from/(used in) Financing Activities听听 听听听 听听听 听62.3
Adjusted FX Impacts听听 听 听听 听 听听 听59.6
Adjusted Cash2 as of December 31, 2015听听 听 听听 听 听听 听4,501.3
听
Adjusted capital expenditures for the fourth quarter of 2015 were 鈧�77 million, compared with 鈧�113 million one year ago.
The Group鈥檚 balance sheet remained robust and liquid. Adjusted shareholders鈥� equity of the parent company as of December 31, 2015, was 鈧�4,536 million, compared with 鈧�4,363 million as of December 31, 2014.
1 The IFRS consolidated financial statements and a reconciliation to the adjusted basis can be found in Annex VI.
2 Adjusted cash and cash equivalents, including bank overdrafts.
III. FULL YEAR 2015 FINANCIAL RESULTS 鈥� ADJUSTED BASIS
1. Subsea
Subsea adjusted EBITDA margin was 19.0% in 2015, compared to 18.1% in 2014, and adjusted operating margin was 14.5% in 2015, compared to 13.0% in 2014, reflecting progress on large projects and a high fleet utilization rate of 80%.
Subsea financial performance is set out in the following table:
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million听听 听 听听 听 听听 听 听听 听FY 2014听听 听 听听 听 听听 听 听听 听FY 2015听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Subsea听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听
Adjusted Revenue听听 听听听 听听听 听听听 听4,880.4听听 听听听 听听听 听听听 听5,876.0听听 听听听 听听听 听听听 听20.4%听听 听听听 听听听 听
Adjusted EBITDA听听 听听听 听听听 听听听 听882.4听听 听听听 听听听 听听听 听1,117.8听听 听听听 听听听 听听听 听26.7%听听 听听听 听听听 听
Adjusted EBITDA Margin听听 听听听 听听听 听听听 听18.1%听听 听听听 听听听 听听听 听19.0%听听 听听听 听听听 听听听 听94bp听听 听听听 听听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates*听听 听听听 听听听 听听听 听635.1听听 听听听 听听听 听听听 听851.1听听 听听听 听听听 听听听 听34.0%听听 听听听 听听听 听
Adjusted Operating Margin听听 听 听听 听 听听 听 听听 听13.0%听听 听 听听 听 听听 听 听听 听14.5%听听 听 听听 听 听听 听 听听 听147bp听听 听听听 听听听 听
* No one-off charge accounted in Subsea adjusted operating income from recurring activities.
2. Onshore/Offshore
Onshore/Offshore adjusted operating margin accordingly fell to 0.5% in 2015, while underlying adjusted operating income fell to 3.4% in 2015, compared to 4.7% in 2014.
Onshore/Offshore financial performance is set out in the following table:
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million听听 听 听听 听 听听 听FY 2014听听 听 听听 听 听听 听 听听 听FY 2015听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Onshore/Offshore听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听
Adjusted Revenue听听 听听听 听听听 听5,844.1听听 听听听 听听听 听听听 听6,332.7听听 听听听 听听听 听听听 听8.4%听听 听听听 听听听 听
Adjusted Underlying OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听听听 听276.2听听 听听听 听听听 听听听 听218.3听听 听听听 听听听 听听听 听(21.0)%听听 听听听 听听听 听
Adjusted Underlying Operating Margin听听 听听听 听听听 听4.7%听听 听听听 听听听 听听听 听3.4%听听 听听听 听听听 听听听 听(128)bp听听 听听听 听听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听听听 听276.2听听 听听听 听听听 听听听 听33.9听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Adjusted Operating Margin听听 听 听听 听 听听 听4.7%听听 听 听听 听 听听 听 听听 听0.5%听听 听 听听 听 听听 听 听听 听nm听听 听听听 听听听 听
听
3. Group
On July 6th, Technip announced the launch of a restructuring plan with a total estimated one-off charge of 鈧�650 million. Of this total, 鈧�635 million was booked in 2015: 鈧�184 million in operating income from recurring activities and 鈧�451 million in non-current operating result.
The Group鈥檚 adjusted Operating Income From Recurring Activities after Income/(Loss) of Equity Affiliates, including Corporate charges as detailed in annex I (c), is set out in the following table:
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million听听 听 听听 听 听听 听FY 2014听听 听 听听 听FY 2015听听 听 听听 听Change听听 听
Group听听 听 听听 听 听听 听听听 听 听听 听听听 听 听听 听听听 听
Adjusted Revenue听听 听听听 听听听 听10,724.5听听 听听听 听12,208.7听听 听听听 听13.8%听听 听
Adjusted Underlying OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听听听 听824.6听听 听听听 听986.8听听 听听听 听19.7%听听 听
Adjusted Underlying Operating Margin听听 听听听 听听听 听7.7%听听 听听听 听8.1%听听 听听听 听39bp听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听听听 听824.6听听 听听听 听802.4听听 听听听 听nm听听 听
Adjusted Operating Margin听听 听 听听 听 听听 听7.7%听听 听 听听 听6.6%听听 听 听听 听nm听听 听
听
In 2015, the estimated translation impact from foreign exchange was a positive 鈧�701 million on adjusted revenue and a positive 鈧�64 million on adjusted operating income from recurring activities after income/(loss) of equity affiliates.
4. Adjusted Non-Current Items and Group Net Income
Adjusted non-current operating items of 鈧�(470) million were booked in 2015, out of which 鈧�(451) million reflected part of the one-off charge referred to above.
Adjusted Financial result in 2015 included around 鈧�90 million of interest expenses on long-term and short-term debt, a 鈧�61 million negative impact from changes in foreign exchange rates and fair market value of hedging instruments and a non-current charge of 鈧�28 million against our investment in MHB1. On the positive side, we booked interest income of around 鈧�38 million.
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
鈧� million (except Diluted Earnings per Share, and Diluted Number of Shares)听听 听 听听 听 听听 听FY 2014听听 听 听听 听 听听 听 听听 听FY 2015听听 听 听听 听 听听 听 听听 听Change听听 听听听 听听听 听
Adjusted OIFRA after Income/(Loss) of Equity Affiliates听听 听 听听 听 听听 听824.6听听 听 听听 听 听听 听 听听 听802.4听听 听 听听 听 听听 听 听听 听nm听听 听听听 听听听 听
Adjusted Underlying OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听听听 听824.6听听 听听听 听听听 听听听 听986.8听听 听听听 听听听 听听听 听19.7%听听 听听听 听听听 听
Adjusted Non-Current Operating Result听听 听听听 听听听 听(73.6)听听 听听听 听听听 听听听 听(469.8)听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Adjusted Financial Result听听 听听听 听听听 听(128.5)听听 听听听 听听听 听听听 听(157.4)听听 听听听 听听听 听听听 听22.5%听听 听听听 听听听 听
Adjusted Income Tax Expense听听 听听听 听听听 听(180.1)听听 听听听 听听听 听听听 听(119.0)听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Adjusted Effective Tax Rate听听 听听听 听听听 听28.9%听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Adjusted Non-Controlling Interests
(5.8)听听 听听听 听听听 听听听 听(11.1)听听 听听听 听听听 听听听 听91.4%听听 听听听 听听听 听
Net Income of the Parent Company听听 听听听 听听听 听436.6听听 听听听 听听听 听听听 听45.1听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Underlying Net Income听听 听听听 听听听 听564.4听听 听听听 听听听 听听听 听586.8听听 听听听 听听听 听听听 听4.0%听听 听听听 听听听 听
Diluted Number of Shares听听 听听听 听听听 听125,270,614听听 听听听 听听听 听听听 听114,886,813听听 听听听 听听听 听听听 听nm听听 听听听 听听听 听
Diluted Earnings per Share (鈧�)听听 听 听听 听 听听 听3.65听听 听 听听 听 听听 听 听听 听0.39听听 听 听听 听 听听 听 听听 听nm听听 听听听 听听听 听
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1 MHB: Malaysia Marine and Heavy Engineering Holdings Berhad listed in Malaysia on Bursa Malaysia, of which Technip holds 8.5%.
5. Adjusted Cash Flow and Statement of Consolidated Financial Position
As of December 31, 2015 our adjusted net cash position1 was 鈧�1,938 million compared with 鈧�1,125 million at the end of 2014.
听听听 听 听听 听 听听 听听
Adjusted Cash2 as of December 31, 2014听听 听 听听 听 听听 听3,737.4
Adjusted Cash Generated from/(used in) Operating Activities听听 听 听听 听 听听 听1,043.3
Adjusted Cash Generated from/(used in) Investing Activities听听 听听听 听听听 听(303.4)
Adjusted Cash Generated from/(used in) Financing Activities听听 听听听 听听听 听(113.8)
Adjusted FX Impacts听听 听 听听 听 听听 听137.8
Adjusted Cash2 as of December 31, 2015听听 听 听听 听 听听 听4,501.3
听
Adjusted capital expenditures in 2015 were 鈧�295 million, compared to 鈧�376 million one year ago, showing our discipline and focus on our already initiated investments, reinforcing our will to remain at the cutting edge of technology.
IV. FULL YEAR 2016 OUTLOOK:
Adjusted Subsea revenue between 鈧�4.7 and 鈧�5.0 billion, adjusted operating income from recurring activities3 between 鈧�640 and 鈧�680 million
Adjusted Onshore/Offshore revenue between 鈧�5.7 and 鈧�6.0 billion, adjusted operating income from recurring activities3 between 鈧�240 and 鈧�280 million
1 The IFRS consolidated financial statements and a reconciliation to the adjusted basis can be found in Annex VI.
2 Cash and cash equivalents, including bank overdrafts.
3 Adjusted operating income from recurring activities after Income/(Loss) of Equity Affiliates.
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The information package on Fourth Quarter and Full Year 2015 results includes this press release and the annexes which follow, as well as the presentation published on Technip鈥檚 website: www.technip.com
Audit procedures on the consolidated financial statements are complete. The audit opinion will be issued once all audit procedures required for the filing of the Reference Document are finalized.
NOTICE
Today, Thursday, February 25, 2016, Chairman and CEO Thierry Pilenko, along with Group CFO Julian Waldron, will comment on Technip鈥檚 results and answer questions from the financial community during a conference call in English starting at 9:30 a.m. Paris time.
To participate in the conference call, you may call any of the following telephone numbers approximately 5 - 10 minutes prior to the scheduled start time:
听听听 听 听听 听 听听 听 听听 听
France / Continental Europe:
+33 (0) 1 70 77 09 44
UK:
+44 (0) 203 043 2441
USA:
+1 866 907 5924
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The conference call will also be available via a simultaneous, listen-only audio-cast on Technip鈥檚 website.
A replay of this conference call will be available approximately two hours following the conference call for three months on Technip鈥檚 website and at the following telephone numbers:
听听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听
Telephone Numbers
Confirmation Code
France / Continental Europe:
+33 (0) 1 72 00 15 00
298740#
UK:
+44 (0) 203 367 9460
298740#
USA:
+1 877 642 3018
298740#
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Cautionary note regarding forward-looking statements
This press release contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events, and generally may be identified by the use of forward-looking words such as 鈥渂elieve鈥�, 鈥渁im鈥�, 鈥渆xpect鈥�, 鈥渁nticipate鈥�, 鈥渋ntend鈥�, 鈥渇oresee鈥�, 鈥渓ikely鈥�, 鈥渟hould鈥�, 鈥減lanned鈥�, 鈥渕ay鈥�, 鈥渆stimates鈥�, 鈥減otential鈥� or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one or more of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability of our subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading to significant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure in some countries where we are performing projects.
Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward-looking information set forth in this release to reflect subsequent events or circumstances.
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This press release does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities.
This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions.
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Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our close to 34,400 people are constantly offering the best solutions and most innovative technologies to meet the world鈥檚 energy challenges.
Present in 45 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
Technip shares are listed on the Euronext Paris exchange, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY).
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ANNEX I (a) 1
ADJUSTED CONSOLIDATED STATEMENT OF INCOME
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Fourth Quarter
Not audited
听听听 听 听听 听 听听 听Full Year
Audited
鈧� million (except Diluted Earnings per
Share and Diluted Number of Shares)
听听听 听 听听 听2014听听 听 听听 听 听听 听 听听 听2015听听 听 听听 听 听听 听 听听 听Change听听 听 听听 听 听听 听 听听 听2014听听 听 听听 听 听听 听 听听 听2015听听 听 听听 听 听听 听 听听 听Change听听 听
Revenue听听 听 听听 听 听听 听2,815.9听听 听 听听 听 听听 听 听听 听3,118.1听听 听 听听 听 听听 听 听听 听10.7%听听 听 听听 听 听听 听 听听 听10,724.5听听 听 听听 听 听听 听 听听 听12,208.7听听 听 听听 听 听听 听 听听 听13.8%听听 听
Gross Margin听听 听 听听 听 听听 听392.6听听 听 听听 听 听听 听 听听 听422.3听听 听 听听 听 听听 听 听听 听7.6%听听 听 听听 听 听听 听 听听 听1,514.2听听 听 听听 听 听听 听 听听 听1,481.7听听 听 听听 听 听听 听 听听 听nm听听 听
Research & Development Expenses听听 听听听 听听听 听(25.4)听听 听 听听 听 听听 听 听听 听(25.1)听听 听 听听 听 听听 听 听听 听(1.2)%听听 听听听 听听听 听听听 听(82.6)听听 听 听听 听 听听 听 听听 听(86.1)听听 听 听听 听 听听 听 听听 听4.2%听听 听
SG&A and Other听听 听听听 听听听 听(149.6)听听 听听听 听听听 听听听 听(153.6)听听 听听听 听听听 听听听 听2.7%听听 听听听 听听听 听听听 听(625.2)听听 听听听 听听听 听听听 听(613.4)听听 听听听 听听听 听听听 听(1.9)%听听 听
Share of Income/(Loss) of Equity Affiliates听听 听 听听 听 听听 听5.6听听 听 听听 听 听听 听 听听 听(2.0)听听 听 听听 听 听听 听 听听 听(135.7)%听听 听 听听 听 听听 听 听听 听18.2听听 听 听听 听 听听 听 听听 听20.2听听 听 听听 听 听听 听 听听 听11.0%听听 听
OIFRA after Income/(Loss) of Equity Affiliates听听 听 听听 听 听听 听223.2听听 听 听听 听 听听 听 听听 听241.6听听 听 听听 听 听听 听 听听 听8.2%听听 听 听听 听 听听 听 听听 听824.6听听 听 听听 听 听听 听 听听 听802.4听听 听 听听 听 听听 听 听听 听nm听听 听
Non-Current Operating Result听听 听听听 听听听 听(33.3)听听 听听听 听听听 听听听 听(52.0)听听 听听听 听听听 听听听 听56.2%听听 听听听 听听听 听听听 听(73.6)听听 听听听 听听听 听听听 听(469.8)听听 听听听 听听听 听听听 听nm听听 听
Operating Income听听 听 听听 听 听听 听189.9听听 听 听听 听 听听 听 听听 听189.6听听 听 听听 听 听听 听 听听 听(0.2)%听听 听 听听 听 听听 听 听听 听751.0听听 听 听听 听 听听 听 听听 听332.6听听 听 听听 听 听听 听 听听 听nm听听 听
Financial Result听听 听听听 听听听 听(67.7)听听 听听听 听听听 听听听 听(50.9)听听 听听听 听听听 听听听 听(24.8)%听听 听听听 听听听 听听听 听(128.5)听听 听听听 听听听 听听听 听(157.4)听听 听听听 听听听 听听听 听22.5%听听 听
Income/(Loss) before Tax听听 听 听听 听 听听 听122.2听听 听 听听 听 听听 听 听听 听138.7听听 听 听听 听 听听 听 听听 听13.5%听听 听 听听 听 听听 听 听听 听622.5听听 听 听听 听 听听 听 听听 听175.2听听 听 听听 听 听听 听 听听 听nm听听 听
Income Tax Expense听听 听听听 听听听 听(39.2)听听 听听听 听听听 听听听 听(34.8)听听 听听听 听听听 听听听 听(11.2)%听听 听听听 听听听 听听听 听(180.1)听听 听听听 听听听 听听听 听(119.0)听听 听听听 听听听 听听听 听nm听听 听
Non-Controlling Interests听听 听听听 听听听 听(2.9)听听 听听听 听听听 听听听 听(1.9)听听 听听听 听听听 听听听 听(34.5)%听听 听听听 听听听 听听听 听(5.8)听听 听听听 听听听 听听听 听(11.1)听听 听听听 听听听 听听听 听91.4%听听 听
Net Income/(Loss) of the Parent Company听听 听 听听 听 听听 听80.1听听 听 听听 听 听听 听 听听 听102.0听听 听 听听 听 听听 听 听听 听27.3%听听 听 听听 听 听听 听 听听 听436.6听听 听 听听 听 听听 听 听听 听45.1听听 听 听听 听 听听 听 听听 听nm听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Diluted Number of Shares2听听 听 听听 听 听听 听124,725,767听听 听 听听 听 听听 听 听听 听129,100,010听听 听 听听 听 听听 听 听听 听3.5%听听 听 听听 听 听听 听 听听 听125,270,614听听 听 听听 听 听听 听 听听 听114,886,813听听 听 听听 听 听听 听 听听 听nm听听 听
Diluted Earnings per Share (鈧�)听听 听 听听 听 听听 听0.68听听 听 听听 听 听听 听 听听 听0.83听听 听 听听 听 听听 听 听听 听21.6%听听 听 听听 听 听听 听 听听 听3.65听听 听 听听 听 听听 听 听听 听0.39听听 听 听听 听 听听 听 听听 听nm听听 听
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1 Note that statements disclosed in annex I(a) and I(c) do not report underlying OIFRA. Please refer to annex V for the underlying net income reconciliation.
2 As per IFRS, diluted earnings per share are calculated by dividing profit or loss attributable to the Parent Company鈥檚 Shareholders, restated for financial interest related to dilutive potential ordinary shares, by the weighted average number of outstanding shares during the period, plus the effect of dilutive potential ordinary shares related to the convertible bonds, dilutive stock options and performance shares calculated according to the 鈥淪hare Purchase Method鈥� (IFRS 2), less treasury shares. In conformity with this method, anti-dilutive stock options are ignored in calculating EPS. Dilutive options are taken into account if the subscription price of the stock options plus the future IFRS 2 charge (i.e. the sum of annual charge to be recorded until the end of the stock option plan) is lower than the average market share price during the period. As of December 31 2015, the conversion of potential ordinary shares related to share subscriptions options, performance shares and convertible bonds would increase earnings per share. These potential ordinary shares shall then be treated as anti-dilutive and therefore excluded from the calculation of the diluted earnings per share.
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ANNEX I (b)
FOREIGN CURRENCY CONVERSION RATES
听听听 听 听听 听 听听 听 听听 听
Closing Rate as of听听 听 听听 听Average Rate of听听 听
听听听 听 听听 听Dec. 31, 2014听听 听 听听 听Dec. 31, 2015听听 听 听听 听4Q 2014听听 听 听听 听4Q 2015听听 听 听听 听FY 2014听听 听 听听 听FY 2015听听 听
USD for 1 EUR听听 听 听听 听1.21听听 听 听听 听1.09听听 听 听听 听1.25听听 听 听听 听1.09听听 听 听听 听1.33听听 听 听听 听1.11听听 听
GBP for 1 EUR听听 听 听听 听0.78听听 听 听听 听0.73听听 听 听听 听0.79听听 听 听听 听0.72听听 听 听听 听0.81听听 听 听听 听0.73听听 听
BRL for 1 EUR听听 听 听听 听3.22听听 听 听听 听4.31听听 听 听听 听3.18听听 听 听听 听4.21听听 听 听听 听3.12听听 听 听听 听3.69听听 听
NOK for 1 EUR听听 听 听听 听9.04听听 听 听听 听9.60听听 听 听听 听8.60听听 听 听听 听9.34听听 听 听听 听8.36听听 听 听听 听8.94听听 听
听听听 听听听 听 听听 听听听 听 听听 听听听 听 听听 听听听 听 听听 听听听 听
听
ANNEX I (c) 1
ADJUSTED ADDITIONAL INFORMATION BY BUSINESS SEGMENT
听听听 听 听听 听 听听 听 听听 听
Fourth Quarter
Not audited
听听听 听Full Year
Audited
鈧� million听听 听 听听 听2014听听 听 听听 听2015听听 听 听听 听Change听听 听 听听 听2014听听 听 听听 听2015听听 听 听听 听Change听听 听
SUBSEA
听听听 听听听 听 听听 听听听 听听听 听听听 听 听听 听听听 听 听听 听听听 听
Revenue听听 听听听 听1,290.3听听 听听听 听1,487.6听听 听听听 听15.3%听听 听听听 听4,880.4听听 听听听 听5,876.0听听 听听听 听20.4%听听 听
Gross Margin听听 听听听 听260.6听听 听听听 听277.0听听 听听听 听6.3%听听 听听听 听898.6听听 听听听 听1,118.3听听 听听听 听24.4%听听 听
OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听197.9听听 听听听 听203.6听听 听听听 听2.9%听听 听听听 听635.1听听 听听听 听851.1听听 听听听 听34.0%听听 听
Operating Margin听听 听听听 听15.3%听听 听听听 听13.7%听听 听听听 听(165)bp听听 听听听 听13.0%听听 听听听 听14.5%听听 听听听 听147bp听听 听
Depreciation and Amortization听听 听听听 听(87.8)听听 听听听 听(72.6)听听 听听听 听(17.3)%听听 听听听 听(247.3)听听 听听听 听(266.7)听听 听听听 听7.8%听听 听
EBITDA听听 听听听 听285.7听听 听听听 听276.2听听 听听听 听(3.3)%听听 听听听 听882.4听听 听听听 听1,117.8听听 听听听 听26.7%听听 听
EBITDA Margin听听 听 听听 听22.1%听听 听 听听 听18.6%听听 听 听听 听(358)bp听听 听 听听 听18.1%听听 听 听听 听19.0%听听 听 听听 听94bp听听 听
ONSHORE/OFFSHORE
Revenue听听 听听听 听1,525.6听听 听听听 听1,630.5听听 听听听 听6.9%听听 听听听 听5,844.1听听 听听听 听6,332.7听听 听听听 听8.4%听听 听
Gross Margin听听 听听听 听132.0听听 听听听 听145.3听听 听听听 听10.1%听听 听听听 听615.6听听 听听听 听363.4听听 听听听 听nm听听 听
OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听47.9听听 听听听 听66.1听听 听听听 听38.0%听听 听听听 听276.2听听 听听听 听33.9听听 听听听 听nm听听 听
Operating Margin听听 听听听 听3.1%听听 听听听 听4.1%听听 听听听 听91bp听听 听听听 听4.7%听听 听听听 听0.5%听听 听听听 听nm听听 听
Depreciation and Amortization听听 听 听听 听(8.2)听听 听 听听 听(9.7)听听 听 听听 听18.3%听听 听 听听 听(36.0)听听 听 听听 听(38.9)听听 听 听听 听8.1%听听 听
CORPORATE
OIFRA after Income/(Loss) of Equity Affiliates听听 听听听 听(22.6)听听 听听听 听(28.1)听听 听听听 听24.3%听听 听听听 听(86.7)听听 听听听 听(82.6)听听 听听听 听(4.7)%听听 听
Depreciation and Amortization听听 听 听听 听-听听 听 听听 听-听听 听 听听 听-听听 听 听听 听-听听 听 听听 听-听听 听 听听 听-听听 听
听
1 Note that statements disclosed in annex I(a) and I(c) do not report underlying OIFRA. Please refer to annex V for the underlying net income reconciliation.
ANNEX I (d)
ADJUSTED REVENUE BY GEOGRAPHICAL AREA
听听听 听 听听 听 听听 听 听听 听
Fourth Quarter
Not audited
听听听 听Full Year
Audited
鈧� million听听 听 听听 听2014听听 听 听听 听2015听听 听 听听 听Change听听 听 听听 听2014听听 听 听听 听2015听听 听 听听 听Change听听 听
Europe, Russia, Central Asia听听 听 听听 听801.7听听 听 听听 听1,131.2听听 听 听听 听41.1%听听 听 听听 听3,348.9听听 听 听听 听4,516.6听听 听 听听 听34.9%听听 听
Africa听听 听 听听 听404.5听听 听 听听 听480.5听听 听 听听 听18.8%听听 听 听听 听1,219.7听听 听 听听 听1,852.4听听 听 听听 听51.9%听听 听
Middle East听听 听 听听 听254.7听听 听 听听 听259.8听听 听 听听 听2.0%听听 听 听听 听1,199.9听听 听 听听 听958.0听听 听 听听 听(20.2)%听听 听
Asia Pacific听听 听 听听 听507.0听听 听 听听 听496.2听听 听 听听 听(2.1)%听听 听 听听 听1,962.5听听 听 听听 听2,036.9听听 听 听听 听3.8%听听 听
Americas听听 听 听听 听848.0听听 听 听听 听750.4听听 听 听听 听(11.5)%听听 听 听听 听2,993.5听听 听 听听 听2,844.8听听 听 听听 听(5.0)%听听 听
TOTAL听听 听 听听 听2,815.9听听 听 听听 听3,118.1听听 听 听听 听10.7%听听 听 听听 听10,724.5听听 听 听听 听12,208.7听听 听 听听 听13.8%听听 听
听听听 听听听 听 听听 听听听 听听听 听听听 听 听听 听听听 听 听听 听听听 听
听
ANNEX II
ADJUSTED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Dec. 31, 2014
Audited
听听听 听 听听 听Dec. 31, 2015
Audited
鈧� million听听 听 听听 听 听听 听 听听 听 听听 听
Fixed Assets听听 听听听 听听听 听6,414.2听听 听听听 听听听 听6,507.9听听 听
Deferred Tax Assets听听 听 听听 听 听听 听391.0听听 听 听听 听 听听 听481.8听听 听
Non-Current Assets听听 听 听听 听 听听 听6,805.2听听 听 听听 听 听听 听6,989.7听听 听
Construction Contracts 鈥� Amounts in Assets听听 听听听 听听听 听756.3听听 听听听 听听听 听652.0听听 听
Inventories, Trade Receivables and Other听听 听听听 听听听 听3,297.0听听 听听听 听听听 听3,366.5听听 听
Cash & Cash Equivalents听听 听 听听 听 听听 听3,738.3听听 听 听听 听 听听 听4,501.4听听 听
Current Assets听听 听 听听 听 听听 听7,791.6听听 听 听听 听 听听 听8,519.9听听 听
Assets Classified as Held for Sale听听 听 听听 听 听听 听3.2听听 听 听听 听 听听 听26.4听听 听
Total Assets听听 听 听听 听 听听 听14,600.0听听 听 听听 听 听听 听15,536.0听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Shareholders鈥� Equity (Parent Company)听听 听听听 听听听 听4,363.4听听 听听听 听听听 听4,536.4听听 听
Non-Controlling Interests听听 听 听听 听 听听 听11.8听听 听 听听 听 听听 听8.5听听 听
Shareholders鈥� Equity听听 听 听听 听 听听 听4,375.2听听 听 听听 听 听听 听4,544.9听听 听
Non-Current Financial Debts听听 听听听 听听听 听2,356.6听听 听听听 听听听 听1,626.0听听 听
Non-Current Provisions听听 听听听 听听听 听232.9听听 听听听 听听听 听243.0听听 听
Deferred Tax Liabilities and Other Non-Current Liabilities听听 听 听听 听 听听 听249.1听听 听 听听 听 听听 听215.0听听 听
Non-Current Liabilities听听 听 听听 听 听听 听2,838.6听听 听 听听 听 听听 听2,084.0听听 听
Current Financial Debts听听 听听听 听听听 听256.4听听 听听听 听听听 听937.1听听 听
Current Provisions听听 听听听 听听听 听328.3听听 听听听 听听听 听435.7听听 听
Construction Contracts 鈥� Amounts in Liabilities听听 听听听 听听听 听2,258.2听听 听听听 听听听 听2,308.2听听 听
Trade Payables & Other听听 听 听听 听 听听 听4,543.3听听 听 听听 听 听听 听5,226.1听听 听
Current Liabilities听听 听 听听 听 听听 听7,386.2听听 听 听听 听 听听 听8,907.1听听 听
Total Shareholders鈥� Equity & Liabilities听听 听 听听 听 听听 听14,600.0听听 听 听听 听 听听 听15,536.0听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Net Cash Position听听 听 听听 听 听听 听1,125.3听听 听 听听 听 听听 听1,938.3听听 听
听
听
Adjusted Statement of Changes in Shareholders鈥� Equity (Parent Company)
Audited (鈧� million):
Shareholders鈥� Equity as of December 31, 2014听听 听 听听 听4,363.4
Net Income听听 听听听 听45.1
Other Comprehensive Income听听 听听听 听74.3
Capital Increase听听 听听听 听231.2
Treasury Shares听听 听听听 听6.1
Dividends Paid听听 听听听 听(225.8)
Other听听 听听听 听42.1
Shareholders鈥� Equity as of December 31, 2015听听 听 听听 听4,536.4
听
听听听 听听听 听
ANNEX III (a)
ADJUSTED CONSOLIDATED STATEMENT OF CASH FLOWS
听听听 听
Full Year
Audited
鈧� million听听 听 听听 听2014听听 听 听听 听2015听听 听
Net Income/(Loss) of the Parent Company听听 听听听 听436.6听听 听 听听 听听听 听 听听 听45.1听听 听 听听 听听听 听
Depreciation & Amortization of Fixed Assets听听 听听听 听283.3听听 听听听 听听听 听听听 听346.3听听 听听听 听听听 听
Stock Options and Performance Share Charges听听 听听听 听40.0听听 听听听 听听听 听听听 听40.5听听 听听听 听听听 听
Non-Current Provisions (including Employee Benefits)听听 听听听 听(35.4)听听 听听听 听听听 听听听 听136.5听听 听听听 听听听 听
Deferred Income Tax听听 听听听 听21.4听听 听听听 听听听 听听听 听(81.0)听听 听听听 听听听 听
Net (Gains)/Losses on Disposal of Assets and Investments听听 听听听 听(7.1)听听 听听听 听听听 听听听 听(31.8)听听 听听听 听听听 听
Non-Controlling Interests and Other听听 听听听 听23.8听听 听听听 听听听 听听听 听25.6听听 听听听 听听听 听
听
Cash Generated from/(used in) Operations听听 听听听 听762.6听听 听听听 听听听 听听听 听481.2听听 听听听 听听听 听
听
Change in Working Capital Requirements听听 听听听 听104.9听听 听听听 听听听 听听听 听562.1听听 听听听 听听听 听
听
Net Cash Generated from/(used in) Operating Activities听听 听听听 听听听 听听听 听867.5听听 听听听 听听听 听听听 听1,043.3听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Capital Expenditures听听 听听听 听(375.6)听听 听听听 听听听 听听听 听(294.9)听听 听听听 听听听 听
Proceeds from Non-Current Asset Disposals听听 听听听 听86.0听听 听听听 听听听 听听听 听24.5听听 听听听 听听听 听
Acquisitions of Financial Assets听听 听听听 听(36.7)听听 听听听 听听听 听听听 听(2.3)听听 听听听 听听听 听
Acquisition Costs of Consolidated Companies, Net of Cash Acquired听听 听听听 听(58.8)听听 听听听 听听听 听听听 听(30.7)听听 听听听 听听听 听
听
Net Cash Generated from/(used in) Investing Activities听听 听听听 听听听 听听听 听(385.1)听听 听听听 听听听 听听听 听(303.4)听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Net Increase/(Decrease) in Borrowings听听 听听听 听80.0听听 听听听 听听听 听听听 听(113.4)听听 听听听 听听听 听
Capital Increase听听 听听听 听11.7听听 听听听 听听听 听听听 听94.3听听 听听听 听听听 听
Dividends Paid听听 听听听 听(206.5)听听 听听听 听听听 听听听 听(88.9)听听 听听听 听听听 听
Share Buy-Back and Other听听 听听听 听(44.6)听听 听听听 听听听 听听听 听(5.8)听听 听听听 听听听 听
听
Net Cash Generated from/(used in) Financing Activities听听 听听听 听听听 听听听 听(159.4)听听 听听听 听听听 听听听 听(113.8)听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Net Effects of Foreign Exchange Rate Changes听听 听听听 听听听 听听听 听211.4听听 听听听 听听听 听听听 听137.8听听 听
听
Net Increase/(Decrease) in Cash and Cash Equivalents听听 听听听 听听听 听听听 听534.4听听 听听听 听听听 听听听 听763.9听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Bank Overdrafts at Period Beginning听听 听听听 听(2.4)听听 听听听 听听听 听听听 听(0.9)听听 听听听 听听听 听
Cash and Cash Equivalents at Period Beginning听听 听听听 听3,205.4听听 听听听 听听听 听听听 听3,738.3听听 听听听 听听听 听
Bank Overdrafts at Period End听听 听听听 听(0.9)听听 听听听 听听听 听听听 听(0.1)听听 听听听 听听听 听
Cash and Cash Equivalents at Period End听听 听听听 听3,738.3听听 听听听 听听听 听听听 听4,501.4听听 听听听 听听听 听
534.4听听 听听听 听听听 听听听 听763.9听听 听
听
听听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听 听听 听 听听 听
ANNEX III (b)
ADJUSTED CASH & FINANCIAL DEBTS
听听听 听听听 听听听 听
鈧� million听听 听 听听 听 听听 听Dec. 31, 2014
Audited
听听听 听 听听 听 听听 听Dec. 31, 2015
Audited
Cash Equivalents听听 听听听 听听听 听1,809.4听听 听听听 听听听 听听听 听2,555.7听听 听听听 听听听 听
Cash听听 听听听 听听听 听1,928.9听听 听听听 听听听 听听听 听1,945.7听听 听听听 听听听 听
Cash & Cash Equivalents (A)听听 听 听听 听 听听 听3,738.3听听 听 听听 听 听听 听 听听 听4,501.4听听 听听听 听听听 听
Current Financial Debts听听 听听听 听听听 听256.4听听 听听听 听听听 听听听 听937.1听听 听听听 听听听 听
Non-Current Financial Debts听听 听听听 听听听 听2,356.6听听 听听听 听听听 听听听 听1,626.0听听 听听听 听听听 听
Gross Debt (B)听听 听 听听 听 听听 听2,613.0听听 听 听听 听 听听 听 听听 听2,563.1听听 听听听 听听听 听
Net Cash Position (A 鈥� B)听听 听 听听 听 听听 听1,125.3听听 听 听听 听 听听 听 听听 听1,938.3听听 听听听 听听听 听
听
ANNEX IV
CONTRACT AWARDS
Not audited
The main contracts we announced during fourth quarter 2015 were the following:
Subsea Segment:
Supply contract for the Block 15/06 East Hub Development at a water depth of 450-600 meters, covering 15 kilometers of dynamic and static steel tube umbilicals: ENI S.p.A., 350 kilometers north of Luanda, Angola,
Contract for the development of subsea infrastructure for the Stones project, including two subsea production tie-backs to the Floating Production, Storage and Offloading (FPSO) vessel: Shell Offshore Inc., Walker Ridge area, US Gulf of Mexico,
Important contract covering the engineering, procurement, fabrication, installation and commissioning of three flexible pipes totaling 9.9 kilometers. The flexible pipes consist of two production risers and flowlines and one gas export riser and flowline, connecting shallow water platforms to a new FPSO in the Layang Field: JX Nippon Oil and Gas Exploration Ltd, offshore Sarawak, Malaysia,
Substantial contract covering the supply of high-end flexible pipes for the Libra Extended Well Test field including: 8" oil production, 6" service and 6" gas injection flexible pipes. This project is one of the first steps of the Libra giant field development. The highly technological flexible pipes will be produced at Technip's manufacturing sites in Vitoria and A莽u, Brazil: Libra Oil & Gas BV, a consortium led by Petrobras Netherlands BV (PNBV, 40%) and partners: Shell (20%), Total (20%), CNOOC (10%) and CNPC (10%), located in the Santos Basin pre-salt area, Brazil,
Lump sum contract for the development of the Odd Job field, covering the fabrication and installation of approximately 23 kilometers of pipe-in-pipe flowline and approximately 2 kilometers of Steel Catenary Riser (SCR), and associated system, to be fabricated at our spoolbase in Mobile, Alabama and installed by the Deep Blue vessel: Deep Gulf Energy II LLC., Mississippi Canyon offshore New Orleans, US Gulf of Mexico.
Onshore/Offshore Segment:
Contract to supply three hydrogen reformers as part of the hydrogen production facility at PETRONAS鈥� Refinery and Petrochemical Integrated Development (RAPID) project: PETRONAS, state of Johor, Malaysia,
Contract to supply proprietary ethylene technology and Process Design Package (PDP) for a 1,000 KTA grassroots ethane cracker for which a final investment decision by client expected in 2016 or 2017: PTTGC America LLC (PTTGCA), a subsidiary of PTT Global Chemical Thailand鈥檚 largest integrated petrochemical and refining company, located in Belmont County, Ohio, USA,
A significant contract to provide proprietary technology and EPC for a 40 thousand normal cubic meters per hour grassroots hydrogen plant at the CHS Refinery. The plant is part of the company鈥檚 ongoing upgrades to boost efficiency, increase diesel production and process additional crudes at its refinery: CHS Inc, Laurel, Montana, USA,
A lump sum contract to supply its proprietary technology, detailed engineering and procurement services for a reformer for a hydrogen plant. The reformer, which is the heart of a hydrogen plant, will produce 160,000 Nm3/h of hydrogen product and high quality export steam to be used by the refinery: STAR Oil Company, located near the STAR Aegean Refinery Izmir, Aliaga, Turkey,
A significant lump sum contract for the engineering, supply and construction of four cracking furnaces for an ethylene plant, including the associated pipe-rack. These new furnaces will replace damaged units at the site and will be based on proprietary technology: Unipetrol, Zaluzi, Czech Republic.
Since December 31, 2015, Technip has also announced the award of the following contracts, which were included in the backlog as of December 31, 2015:
Subsea Segment:
Lump sum contract for the development of the South Santa Cruz and Barataria fields. The contract covers fabrication and installation of approximately 23 kilometers of pipe-in-pipe flowline and associated system, to be fabricated at our spoolbase in Mobile, Alabama and installed by the Deep Blue vessel: Deep Gulf Energy II LLC., Mississippi Canyon offshore New Orleans, US Gulf of Mexico.
Onshore/Offshore Segment:
A contract to provide proprietary technology and engineering and procurement services for a grassroots hydrogen plant. The 3.5 million standard cubic meters per day plant will produce hydrogen and carbon monoxide (CO): Air products, Baytown, Texas, USA,
A contract to provide engineering and procurement services for a 480 metric ton per day Dorr Oliver FluoSolids庐 roaster system for the Glogow I Copper Smelter Optimization Project, also covering proprietary technology and equipment, erection supervision, commissioning, startup and training assistance: KGHM, Glogow, Poland.
Since December 31, 2015, Technip has also announced the award of the following contracts, which were not included in the backlog as of December 31, 2015:
Subsea Segment:
Two lump sum contracts for infield pipeline construction for the Johan Sverdrup Development and the Oseberg Vestflanken 2 projects, covering the fabrication and installation of 29 kilometers of plastic lined 16鈥� water injection flowlines for Johan Sverdrup, and 7.5 kilometers of 14鈥� production pipeline and 9 kilometers of 10鈥� gas injection pipeline for Oseberg Vestflanken 2: Statoil, North Sea.
Onshore/Offshore Segment:
Contract to supply proprietary ethylene technology, Process Design Package (PDP), technical services and proprietary equipment for a 650 KTA grassroots gas cracker. The plant will use low cost ethane and propane from North America and will be part of SP Olefins 1100 KTA Light Hydrocarbon Utilization Project: SP Olefins (Taixing) Co. Ltd, a subsidiary of SP Chemicals, Taixing, Jiangsu Province, China.
ANNEX V
UNDERLYING NET INCOME RECONCILIATION
听听听 听 听听 听 听听 听 听听 听听
鈧� million听听 听听听 听Fourth Quarter听听 听 听听 听 听听 听Full Year
2015
Not audited
听听听 听 听听 听2015
Audited
听听听 听听听 听 听听 听 听听 听 听听 听听
Net Income of the Parent Company听听 听听听 听102.0听听 听 听听 听 听听 听45.1
One-off charges in OIFRA听听 听听听 听-听听 听听听 听听听 听184.4
Charges from Non-Current Activities听听 听听听 听50.5听听 听听听 听听听 听450.9
Other听听 听听听 听1.5听听 听听听 听听听 听18.9
Taxes & Financial Result听听 听听听 听(42.5)听听 听 听听 听 听听 听(112.5)
Underlying Net Income听听 听听听 听111.5听听 听 听听 听 听听 听586.8
听
****
The annex VI presents the full year IFRS consolidated financial statements and a reconciliation to the adjusted basis.
****
听听听 听听听 听
ANNEX VI (a)
CONSOLIDATED STATEMENT OF INCOME
Audited
听听听 听
鈧� million听听 听听听 听Full Year听听 听
(Except Diluted Earnings per Share, and Diluted Number of Shares)听听 听 听听 听2014
IFRS
听听听 听2015
IFRS
听听听 听Change听听 听 听听 听 听听 听Adjustments听听 听 听听 听2015
Adjusted
Revenue听听 听 听听 听10,073.9听听 听 听听 听10,337.9听听 听 听听 听2.6%听听 听听听 听听听 听1,870.8听听 听 听听 听12,208.7听听 听
Gross Margin听听 听 听听 听1,467.6听听 听 听听 听1,445.7听听 听 听听 听nm听听 听听听 听听听 听36.0听听 听 听听 听1,481.7听听 听
Research & Development Expenses听听 听听听 听(82.6)听听 听 听听 听(86.1)听听 听 听听 听4.2%听听 听听听 听听听 听-听听 听 听听 听(86.1)听听 听
SG&A and Other听听 听听听 听(625.1)听听 听听听 听(613.6)听听 听听听 听(1.8)%听听 听听听 听听听 听0.2听听 听听听 听(613.4)听听 听
Share of Income/(Loss) of Equity Affiliates听听 听听听 听40.3听听 听听听 听54.6听听 听听听 听35.5%听听 听听听 听听听 听(34.4)听听 听 听听 听20.2听听 听
OIFRA after Income/(Loss) of Equity Affiliates听听 听 听听 听800.2听听 听 听听 听800.6听听 听 听听 听-听听 听听听 听听听 听1.8听听 听 听听 听802.4听听 听
Non-Current Operating Result听听 听听听 听(73.6)听听 听听听 听(469.8)听听 听听听 听nm听听 听听听 听听听 听-听听 听听听 听(469.8)听听 听
Operating Income听听 听 听听 听726.6听听 听 听听 听330.8听听 听 听听 听nm听听 听听听 听听听 听1.8听听 听 听听 听332.6听听 听
Financial Result听听 听听听 听(127.3)听听 听听听 听(157.6)听听 听听听 听23.8%听听 听听听 听听听 听0.2听听 听听听 听(157.4)听听 听
Income/(Loss) before Tax听听 听 听听 听599.3听听 听 听听 听173.2听听 听 听听 听nm听听 听听听 听听听 听2.0听听 听 听听 听175.2听听 听
Income Tax Expense听听 听听听 听(156.9)听听 听听听 听(117.0)听听 听听听 听nm听听 听听听 听听听 听(2.0)听听 听听听 听(119.0)听听 听
Non-Controlling Interests听听 听听听 听(5.8)听听 听听听 听(11.1)听听 听听听 听91.4%听听 听听听 听听听 听-听听 听听听 听(11.1)听听 听
Net Income/(Loss) of the Parent Company听听 听 听听 听436.6听听 听 听听 听45.1听听 听 听听 听nm听听 听听听 听听听 听-听听 听 听听 听45.1听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听听听 听听听 听
Diluted Number of Shares听听 听 听听 听125,270,614听听 听 听听 听114,886,813听听 听 听听 听nm听听 听听听 听听听 听听听 听听听 听听听 听
Diluted Earnings per Share (鈧�)听听 听 听听 听3.65听听 听 听听 听0.39听听 听 听听 听nm听听 听听听 听听听 听听听 听听听 听听听 听
听
听听听 听听听 听 听听 听听听 听 听听 听 听听 听 听听 听听听 听 听听 听听听 听
ANNEX VI (b)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited
听听听 听 听听 听 听听 听听听 听听听 听听听 听 听听 听 听听 听 听听 听
Dec. 31 2014
Dec. 31 2015听听 听听听 听听听 听听听 听
Adjustments
Dec. 31 2015听听 听
鈧� million听听 听 听听 听IFRS听听 听 听听 听IFRS听听 听听听 听听听 听听听 听听听 听Adjusted听听 听
Fixed Assets听听 听听听 听6,452.5听听 听听听 听6,539.0听听 听听听 听听听 听听听 听(31.1)听听 听听听 听6,507.9听听 听
Deferred Tax Assets听听 听 听听 听366.0听听 听 听听 听430.4听听 听听听 听听听 听听听 听51.4听听 听 听听 听481.8听听 听
Non-Current Assets听听 听 听听 听6,818.5听听 听 听听 听6,969.4听听 听听听 听听听 听听听 听20.3听听 听 听听 听6,989.7听听 听
Construction Contracts 鈥� Amounts in Assets听听 听听听 听755.1听听 听听听 听637.6听听 听听听 听听听 听听听 听14.4听听 听听听 听652.0听听 听
Inventories, Trade Receivables and Other听听 听听听 听3,157.4听听 听听听 听3,116.5听听 听听听 听听听 听听听 听250.0听听 听听听 听3,366.5听听 听
Cash & Cash Equivalents听听 听 听听 听2,685.6听听 听 听听 听2,919.1听听 听听听 听听听 听听听 听1,582.3听听 听 听听 听4,501.4听听 听
Current Assets听听 听 听听 听6,598.1听听 听 听听 听6,673.2听听 听听听 听听听 听听听 听1,846.7听听 听 听听 听8,519.9听听 听
Assets Classified as Held for Sale听听 听 听听 听3.2听听 听 听听 听26.4听听 听听听 听听听 听听听 听-听听 听 听听 听26.4听听 听
Total Assets听听 听 听听 听13,419.8听听 听 听听 听13,669.0听听 听听听 听听听 听听听 听1,867.0听听 听 听听 听15,536.0听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听 听听 听 听听 听 听听 听
Shareholders鈥� Equity (Parent Company)听听 听听听 听4,363.4听听 听听听 听4,536.4听听 听听听 听听听 听听听 听-听听 听听听 听4,536.4听听 听
Non-Controlling Interests听听 听 听听 听11.8听听 听 听听 听8.5听听 听听听 听听听 听听听 听-听听 听 听听 听8.5听听 听
Shareholders鈥� Equity听听 听 听听 听4,375.2听听 听 听听 听4,544.9听听 听听听 听听听 听听听 听-听听 听 听听 听4,544.9听听 听
Non-Current Financial Debts听听 听听听 听2,356.6听听 听听听 听1,626.0听听 听听听 听听听 听听听 听-听听 听听听 听1,626.0听听 听
Non-Current Provisions听听 听听听 听231.6听听 听听听 听242.0听听 听听听 听听听 听听听 听1.0听听 听听听 听243.0听听 听
Deferred Tax Liabilities and Other Non-Current Liabilities听听 听 听听 听236.8听听 听 听听 听207.6听听 听听听 听听听 听听听 听7.4听听 听 听听 听215.0听听 听
Non-Current Liabilities听听 听 听听 听2,825.0听听 听 听听 听2,075.6听听 听听听 听听听 听听听 听8.4听听 听 听听 听2,084.0听听 听
Current Financial Debts听听 听听听 听256.4听听 听听听 听937.1听听 听听听 听听听 听听听 听-听听 听听听 听937.1听听 听
Current Provisions听听 听听听 听326.3听听 听听听 听433.7听听 听听听 听听听 听听听 听2.0听听 听听听 听435.7听听 听
Construction Contracts 鈥� Amounts in Liabilities听听 听听听 听1,256.1听听 听听听 听908.4听听 听听听 听听听 听听听 听1,399.8听听 听听听 听2,308.2听听 听
Trade Payables & Other听听 听 听听 听4,380.8听听 听 听听 听4,769.3听听 听听听 听听听 听听听 听456.8听听 听 听听 听5,226.1听听 听
Current Liabilities听听 听 听听 听6,219.6听听 听 听听 听7,048.5听听 听听听 听听听 听听听 听1,858.6听听 听 听听 听8,907.1听听 听
Total Shareholders鈥� Equity & Liabilities听听 听 听听 听13,419.8听听 听 听听 听13,669.0听听 听听听 听听听 听听听 听1,867.0听听 听 听听 听15,536.0听听 听
听
听
Statement of Changes in Shareholders鈥� Equity (Parent Company)
IFRS, Audited (鈧� million):
Shareholders鈥� Equity as of December 31, 2014听听 听 听听 听4,363.4
Net Income听听 听听听 听45.1
Other Comprehensive Income听听 听听听 听74.3
Capital Increase听听 听听听 听231.2
Treasury Shares听听 听听听 听6.1
Dividends Paid听听 听听听 听(225.8)
Other听听 听听听 听42.1
Shareholders鈥� Equity as of December 31, 2015听听 听 听听 听4,536.4
听
听听听 听听听 听
ANNEX VI (c)
CONSOLIDATED STATEMENT OF CASH FLOWS
Audited
听听听 听
Full Year听听 听
鈧� million听听 听 听听 听2014 IFRS听听 听 听听 听2015 IFRS听听 听 听听 听 听听 听 听听 听Adjustments听听 听 听听 听2015 Adjusted听听 听
Net Income/(Loss) of the Parent Company听听 听听听 听436.6听听 听 听听 听听听 听 听听 听45.1听听 听 听听 听听听 听 听听 听 听听 听 听听 听-听听 听 听听 听听听 听 听听 听45.1听听 听 听听 听听听 听
Depreciation & Amortization of Fixed Assets听听 听听听 听283.3听听 听听听 听听听 听听听 听346.0听听 听听听 听听听 听听听 听听听 听听听 听0.3听听 听听听 听听听 听听听 听346.3听听 听听听 听听听 听
Stock Options and Performance Share Charges听听 听听听 听40.0听听 听听听 听听听 听听听 听40.5听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听40.5听听 听听听 听听听 听
Non-Current Provisions (including Employee Benefits)听听 听听听 听(35.4)听听 听听听 听听听 听听听 听136.4听听 听听听 听听听 听听听 听听听 听听听 听0.1听听 听听听 听听听 听听听 听136.5听听 听听听 听听听 听
Deferred Income Tax听听 听听听 听1.8听听 听听听 听听听 听听听 听(63.8)听听 听听听 听听听 听听听 听听听 听听听 听(17.2)听听 听听听 听听听 听听听 听(81.0)听听 听听听 听听听 听
Net (Gains)/Losses on Disposal of Assets and Investments听听 听听听 听(7.1)听听 听听听 听听听 听听听 听(31.8)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(31.8)听听 听听听 听听听 听
Non-Controlling Interests and Other听听 听听听 听3.1听听 听听听 听听听 听听听 听5.6听听 听听听 听听听 听听听 听听听 听听听 听20.0听听 听听听 听听听 听听听 听25.6听听 听听听 听听听 听
听
Cash Generated from/(used in) Operations听听 听听听 听722.3听听 听听听 听听听 听听听 听478.0听听 听听听 听听听 听听听 听听听 听听听 听3.2听听 听听听 听听听 听听听 听481.2听听 听听听 听听听 听
听
Change in Working Capital Requirements听听 听听听 听(597.3)听听 听听听 听听听 听听听 听153.0听听 听听听 听听听 听听听 听听听 听听听 听409.1听听 听听听 听听听 听听听 听562.1听听 听听听 听听听 听
听
Net Cash Generated from/(used in) Operating Activities听听 听听听 听听听 听听听 听125.0听听 听听听 听听听 听听听 听631.0听听 听听听 听听听 听听听 听听听 听听听 听412.3听听 听听听 听听听 听听听 听1,043.3听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Capital Expenditures听听 听听听 听(375.0)听听 听听听 听听听 听听听 听(293.3)听听 听听听 听听听 听听听 听听听 听听听 听(1.6)听听 听听听 听听听 听听听 听(294.9)听听 听听听 听听听 听
Proceeds from Non-Current Asset Disposals听听 听听听 听85.9听听 听听听 听听听 听听听 听24.5听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听24.5听听 听听听 听听听 听
Acquisitions of Financial Assets听听 听听听 听(36.7)听听 听听听 听听听 听听听 听(2.3)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(2.3)听听 听听听 听听听 听
Acquisition Costs of Consolidated Companies, Net of Cash acquired听听 听听听 听(58.8)听听 听听听 听听听 听听听 听(30.7)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(30.7)听听 听听听 听听听 听
听
Net Cash Generated from/(used in) Investing Activities听听 听听听 听听听 听听听 听(384.6)听听 听听听 听听听 听听听 听(301.8)听听 听听听 听听听 听听听 听听听 听听听 听(1.6)听听 听听听 听听听 听听听 听(303.4)听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Net Increase/(Decrease) in Borrowings听听 听听听 听80.0听听 听听听 听听听 听听听 听(113.4)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(113.4)听听 听听听 听听听 听
Capital Increase听听 听听听 听11.7听听 听听听 听听听 听听听 听94.3听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听94.3听听 听听听 听听听 听
Dividends Paid听听 听听听 听(206.5)听听 听听听 听听听 听听听 听(88.9)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(88.9)听听 听听听 听听听 听
Share Buy-Back & other听听 听听听 听(44.6)听听 听听听 听听听 听听听 听(5.8)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(5.8)听听 听听听 听听听 听
听
Net Cash Generated from/(used in) Financing Activities听听 听听听 听听听 听听听 听(159.4)听听 听听听 听听听 听听听 听(113.8)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(113.8)听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Net Effects of Foreign Exchange Rate Changes听听 听听听 听听听 听听听 听117.0听听 听听听 听听听 听听听 听18.9听听 听听听 听听听 听听听 听 听听 听 听听 听118.9听听 听 听听 听 听听 听 听听 听137.8听听 听
听
Net Increase/(Decrease) in Cash and Cash Equivalents听听 听听听 听听听 听听听 听(302.0)听听 听听听 听听听 听听听 听234.3听听 听听听 听听听 听听听 听听听 听听听 听529.6听听 听听听 听听听 听听听 听763.9听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听听听 听听听 听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
Bank Overdrafts at Period Beginning听听 听听听 听(2.4)听听 听听听 听听听 听听听 听(0.9)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(0.9)听听 听听听 听听听 听
Cash and Cash Equivalents at Period Beginning听听 听听听 听2,989.1听听 听听听 听听听 听听听 听2,685.6听听 听听听 听听听 听听听 听听听 听听听 听1,052.7听听 听听听 听听听 听听听 听3,738.3听听 听听听 听听听 听
Bank Overdrafts at Period End听听 听听听 听(0.9)听听 听听听 听听听 听听听 听(0.1)听听 听听听 听听听 听听听 听听听 听听听 听-听听 听听听 听听听 听听听 听(0.1)听听 听听听 听听听 听
Cash and Cash Equivalents at Period End听听 听听听 听2,685.6听听 听听听 听听听 听听听 听2,919.1听听 听听听 听听听 听听听 听听听 听听听 听1,582.3听听 听听听 听听听 听听听 听4,501.4听听 听听听 听听听 听
(302.0)听听 听听听 听听听 听听听 听234.3听听 听听听 听听听 听听听 听听听 听听听 听529.6听听 听听听 听听听 听听听 听763.9听听 听
听听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听 听听 听
听
Contacts
Technip
Analyst and Investor Relations
Kimberly Stewart, +33 (0) 1 85 67 43 81
kstewart@technip.com
Aur茅lia Baudey-Vignaud, +33 (0) 1 85 67 43 81
abaudeyvignaud@technip.com
Mich猫le Schant茅, +33 (0) 1 47 78 67 32
mschante@technip.com
or
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or
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