First Quarter 2011 Results - technip.com · 2 First Quarter 2011 Results Contents 1. ... Shell &...

First Quarter 2011 Results

April 28, 2011

First Quarter 2011 Results22

Contents

1. First Quarter 2011 Operational Highlights

2. Financial Highlights

3. Strategy and Outlook

4. Annex


1. First Quarter 2011 Operational Highlights

3


First Quarter Subsea Operational Highlights

Projects completedJubilee (Ghana) West Delta Phase 7 (Egypt)

Offshore operations in progressBlock 31 (main operations completed in Angola)Pazflor (Angola)Marulk (North Sea)CWLH (Australia)

Asset activityVessel utilization rate: 65% (dry docks)First flexible pipes delivered for pre-salt Tupi Pilot (Brazil)Ramp-up continued on Asiaflex (Malaysia)

Deep Pioneer offshore Angola (Pazflor)

Apache II on Evanton spoolbase, UK


Projects completedOffshore Associated Gas (OAG) project (UAE)FEED for Wheatstone platform (Australia)

Commissioning & start up in progressNeste Oil biodiesel plant (Netherlands)Offshore P-56 semi-submersible (Brazil)

Work in progressBlock 1 Gas development (Turkmenistan)Jubail Refinery (Saudi Arabia)PMP (Qatar) Asab 3 (UAE)Shell & Petronas FLNG FEEDs (Australia & Malaysia)

First Quarter Onshore/Offshore Operational Highlights

OAG, UAE

P-56 Semi-Submersible, Brazil


Subsea order intakeEPIC & diving support (North Sea & Canada)Marine Well Containment System (Gulf of Mexico)Flexible pipe supply (Brazil & Malaysia)

Onshore/Offshore order intakeCubatão refinery (Brazil)Ethylene XXI FEED (Mexico)Offshore facilities services contracts (UAE, Indonesia & Australia)

€ million

First Quarter Order Intake & Backlog Highlights

1Q10 1Q114Q10 1Q10 1Q114Q10

3,2993,1112,893

736

440

698

1Q10 1Q114Q10 1Q10 1Q114Q10

5,7826,1175,233

557897

1,774

Order intake Backlog

Order intake Backlog


2. Financial Highlights

7


Group Financial Highlights

(1) calculated as operating income from recurring activities before depreciation and amortization(2) from recurring activities

0.920.88Diluted EPS (€)

--Other Operating Income

0.80.7Minority Interests

-1.0Income of Equity Affiliates

143.2137.0Profit Before Tax

(1.6)(3.2)Financial Result

104.395.9Net Income

10.1%10.6%Operating margin (2)

12.5%13.2%EBITDA margin

(39.7)(41.8)Income Tax

144.8139.2Operating Income (2)

179.0174.5EBITDA (1)

1,436.21,318.4Revenue

1Q 10€ million 1Q 11


Segment Financial Performance

(6)%

1Q 10

594632

1Q 11

Subsea Onshore/Offshore

+23%

842687

+61%

62

39 +177bp

7.4%5.6%

(8)%

100108

(28)bp

16.8%17.1%

1Q 10 1Q 11 1Q 10 1Q 11

1Q 10 1Q 11

1Q 10 1Q 11 1Q 10 1Q 11

€ millions (not audited)

Revenue

Operating Income(1)

Revenue

Operating Income(1)

(1) from recurring activities


3 months

Net Cash as of December 31, 2010 1,332.3

Operating Cash Flow 165.1

Change in Working Capital (145.8)

Capex (47.5)

Share Divestment / Acquisitions, Dividend Payment and Other (3.7)

Net Cash as of March 31, 2011 1,300.4

Increase / Decrease in Gross Debt (27.1)Increase / Decrease in Gross Cash (59.1)

€ million

Maintenance capex & initial payments on new Asian vessel

Cash Flow and Balance Sheet

Mainly evolution of net construction contract balance


3. Strategy and Outlook

11


R&D center

Flexible plant

Logistic bases

Flexlay vessels 4x (Skandi Niteroi under construction)

Rigid spoolbases 2x

Umbilical plant

Logistic bases

Diving support vessels 4x

Rigid spoolbase

Umbilical plantFlexible & umbilicalplant

Logistic base

Construction / flexlay vessel 1x

Diving supportvessels 4x

Worldwide support

Additional flexible plant under construction in Angra Porto, Brazil

Gulf of Mexico

BrazilWest Africa

ME / Asia Pacific

North Sea & Canada

Rigid spoolbase

Umbilical plant

Tender for new flexlay vessels in Brazil

Umbilical plant enhancement

Additional flexlay vessel under construction for Asia

Subsea: Continuous Investment Programto Drive Profitable Growth

Investments year-to-date

Potential investments

Upstream field development and project engineering

R&D centers

Manufacturing plant

6 Global Vessels (Deep Energy under construction)

1

2

3

?


CNRL

Algiers Refinery

Cubatão

Ethylene XXIMariscal Sucre

Upper Zakum 750+

Macedon

Gendalo-Gehem

Wheatstone

Badra

Diversified / Medium-sized contract

Strategic / FEEDFlagship / Large contract

Petronas FLNG

GonfrevilleBurgas

Kharir

Flare Gas Recovery AdistarMWCS Jack & St Malo

BC-10 Ph.2

IPB Papa-Terra

Clov Umbilicals

Jubilee Export

GygridGjøa

Clipper South

Well Diversified Portfolio of New Contracts Since October 2010

Flexlay Charter

Berantai & Sepat

West Qurna

Hibernia Ph.2

Flexible Supply

Underlined projects are part of 1st quarter order intake


Subsea Offshore Onshore Group

2011 (9 months) 1,823.0 462.2 2,169.0 4,454.2

2012 962.2 499.5 1,962.0 3,423.7

2013+ 513.6 128.1 561.6 1,203.3

Total 3,298.8 1,089.8 4,692.6 9,081.2

Solid, Profitable Backlog with Good Visibility

€ million (not audited)


Business Environment

Political uncertainty in North Africa pushing back awardsContinued tendering across the Gulf of Guinea

Strong momentum in gas-related projectsInvestment in refining, petrochemicals and fertilizerPromising market for flexible pipe & umbilical solutions

First major pre-salt tenders High level of tendering for projects, assets and flexible pipeNon pre-salt work very activeContinuous focus on logistics & local contentExpanding onshore opportunities

Brazil

Africa

First drilling permits grantedSlow but steady momentum

Gulf of Mexico

Some activity in Canadian oil sandsLimited opportunities in US onshore

North AmericaPositive trend continuesTendering turning to awards

North Sea

Onshore very slowIncreasing focus on renewable energies

Europe

Downstream & offshore strategic investments continue across the region

Middle East

Asia PacificSeveral onshore/offshoreprojects moving forward

Latin America


2011 Full Year Outlook* Confirmed

Group revenue around €6.5 - 6.7 billion

Subsea revenue around €2.6 - 2.7 billion

Subsea operating margin above 15%

Onshore/Offshore combined operating margin between 6.0% and 6.5%

*at current exchange rates


Technip

ISIN: FR0000131708Bloomberg: TEC FP Reuters: TECF.PA SEDOL: 4874160

OTC ADR ISIN: US8785462099ADR: TKPPK


Bloomberg ticker: TKPPYCUSIP: 878546209

Depositary bank: Deutsche Bank Trust Company Americas

Depositary bank contacts:

ADR broker helpline: +1 212 250 9100 (New York) +44 207 547 6500 (London)

e-mail: [email protected] website: www.adr.db.comDepositary bank’s local custodian: Deutsche Bank Amsterdam

Technip has a sponsored Level 1 ADR


Safe Harbor

his presentation contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” 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.

****

This presentation does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities. This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions.

T


4. Annex

20


First Quarter 2011


Group 1Q 2011 Balance Sheet

€ million Dec. 31, 2010 Mar. 31, 2011Fixed Assets 4,146.0 4,167.5Construction Contracts 378.6 447.1Other Assets 2,591.7 2,260.7Cash & Cash Equivalents 3,105.7 3,046.7Total Assets 10,222.0 9,922.0

Shareholders' Equity (including minority interests) 3,202.1 3,347.2

Construction Contracts 694.9 655.9Financial Debt 1,773.4 1,746.3Other Liabilities 4,551.6 4,172.6Total Shareholders' Equity and Liabilities 10,222.0 9,922.0


Backlog above €9 billion

Subsea

Offshore

Onshore

2008 20092007

37%

6%

57%

49%

6%

45%

38%

6%

54%

9,390

7,208

8,018

34%

12%

9,228

2010

56%

9,082 million

1Q2011

9,082

52%

12%

36%

2009 31%

201048%

201113%

20084%

< 20084%

Backlog across segments Backlog by award date as of March 31, 2011

€ million


21%6%

35%

9%

27%

16%

30%

7%

29% 18%

Technip’s backlog by geography and activity as of March 31, 2011

Market SplitBy Geography

Europe / Russia Central Asia

AfricaAsia

Pacific

Americas

Middle East

Deepwater>1,000 meters

PetrochemsOther 2%

Gas / LNG

Refining /Heavy Oil

Shallow Water

Current business is diversified across key growth markets


Onshore and Offshore 1Q 2011 Figures

+17%

1Q 10

638545

1Q 11

Onshore Offshore

+44%

204142

(8)%

1011

(280)bp4.9%

7.7%

+89%

52

28+311bp

8.2%5.1%

1Q 10 1Q 11 1Q 10 1Q 11

1Q 10 1Q 11

1Q 10 1Q 11 1Q 10 1Q 11


Revenue

Operating Income(1)Operating Income(1)

Revenue



Full Year 2010


Full Year 2010 Financial Performance

(5) %

2009

2,7322,866

2010

Subsea Onshore/Offshore

(7) %

3,3503,590

+8 %

207191

+85 bp

6 %5 %

(14) %

457533

(187) bp17 %19 %

2009 2010 2009 2010

2009 2010

2009 2010 2009 2010

Revenue Revenue

Operating income(1)Operating income(1)




Full Year 2010 Financial Highlights

(1) calculated as operating income from recurring activities before depreciation and amortization(2) from recurring activities

(3) 2009 included €245m exceptional provision for TSKJ matter

3.811.59Diluted EPS (€)

1.451.35Dividend per share (€)

(5.6)(247.5)Other Operating Income (3)

2.4(8.1)Minority Interests

-4.7Income of Equity Affiliates

594.6373.2Profit Before Tax

(20.1)(60.7)Financial Result

417.6170.4Net Income

10.2%10.5%Operating margin (2)

12.8%14.0%EBITDA margin

(179.4)(194.7)Income Tax

620.3676.7Operating Income (2)

777.3900.8EBITDA (1)

6,081.96,456.0Revenue FY 09€ million

30.2% effective tax rate

Lower IFRS impacts

+ €0.10

Operating Profitability above 10% for the second year running

FY 10

Lower one-off charges


12 months


Operating Cash Flow 539.2

Change in Working Capital (500.9)

Capex (388.9)

Share Acquisitions (114.7)

Dividend Payment (143.6)

Others 157.6


Increase in Gross Debt 901.8Increase in Gross Cash 450.5

€ million

MHB investment

Includes €174 million TSKJ payments

Full Year 2010 Cash Flow Statement

Short-term debt was refinanced to 5 & 10 year maturities

2009 dividend per share: €1.35


Strategic Investments


Continued Strategic Investments

2007 2008 2009 2010

544542

57

2007 2008 2009 2010

262

401 424504

Brazilian built flexlay vessel: Skandi Niteroi

MHB

**IPB: Integrated Production Bundles, proprietary technology

2010 key achievementsNet R&D expenditure*

Capex & Investments

1st Reeled heated pipe-in-pipe:Islay

1st IPB** flexible in Brazil:Papa-Terra

Malaysian yard: MHB (Petronas)

*R&D costs supported by Technip, excluding project related R&D costs

€ million


Strategic Priorities

Balanced, profitable backlog

Key differentiating assets

Local content

Technology

Vertical integration

Execution capability

2011 YTD Key Initiatives

Capitalize on worldwide footprint

Investment in wind turbine technology

Reinforcing steel tubes umbilicals capability

Dedicated flexlay vessel forAsian market

New high-end flexible

manufacturing plant in Brazil

2011: Focus on Sustainable & Profitable Growth


1. Expansion of steel tube umbilicals capability

2. Dedicated newbuild flexlay vessel for Asian market

3. High-end flexible manufacturing in Brazil

4. Strategic foothold in offshore wind market

1. Technip’s Umbilicals capacity

Houston(GoM) Lobito

(West Africa) Asiaflex (Asia Pacific)

Newcastle (North Sea)

2. Newbuild vessel for Asian market

Four New Growth Initiatives for 2011

First Quarter 2011 Results34 34

34

Risers

Export lines

Buoyancy can – FSHR(2), Technip's hybrid system

(1) Integrated Production Bundle(2) Free Standing Hybrid Riser

Flexible riser & jumper

Rigid riser/flowline/export

IPB flexible pipeFlexible flowline

IPB(1)

Infield flowlines

Jumpers

3. Expansion of Brazil Manufacturing Footprint


4. Strategic Foothold in Offshore Wind

Hywind project: 2009

World's first full-scale floating wind turbine

Subocean acquisition: 2011

• UK-based subsea wind cable-installation company

Vertiwind project: 2011

R&D program on vertical-axis floating wind turbine

Leverage Technip's engineering, project management expertise and installation know-howDevelop skills & assets, plus relevant partnershipsInitial focus on European market

Technip’s priorities

First Quarter 2011 Result36 First Quarter 2011 Results36

Technip Today


Bringing Innovative Solutions to Clients in 3 Segments

Strong reputation with customers & business partners

Project execution expertise

High added-value processknow-how

OnshoreSubsea

Worldwide leadershipUnique vertical integration

Design & Project ManagementManufacturing & SpoolingInstallationR&D

First class assets and technologies

Manufacturing plantsHigh performing vesselsAdvanced rigid & flexible pipes

TPG 500 Unideck Semi-submersible Spar EDP FPSO/FLNG

Offshore

Innovative engineering capabilities

Proprietary platform design

Proven track record in engineering & construction


Two Complementary Business Models Driving Financial Structure and Performance

* from recurring activities

FY 09

533457

FY 10

€ million

18.6%

FY 09 FY 10

16.7%

FY 09

191 207

FY 10

€ million

FY 09 FY 10

Negative working capital

5.3%6.2%

Subsea Offshore Onshore

Operating Income* Operating Margin* Combined Operating Income*

Combined Operating Margin*

Capital intensive: fleet and manufacturing unitsVertical integration from engineering to manufacturing & construction

Negative capital employed: low fixed assetsHigh degree of outsourcing & sub-contracting


Aberdeen

ParisSt. John’s

Luanda

Rio de Janeiro

Houston

Mumbai

Kuala Lumpur

Perth

Lagos

Vitória

Los Angeles

Caracas

Dande

Lobito

Port Harcourt

BarcelonaLyon

RomeAthens

The HagueDüsseldorf

St. PetersburgEvanton

LondonNewcastle

Abu DhabiDoha

Chennai Bangkok

Singapore

JakartaBalikpapan

Shanghai

Pori

Le Trait

Bogota

New Delhi

Regional Headquarters / Operating centers

Spoolbases

Manufacturing plants (flexible pipelines)Manufacturing plants (umbilicals)Construction yard

Tanjung Langsat

Calgary

Monterrey

Oslo

Orkanger

Stavanger

Services base

Baku

Angra Porto

Seven Empowered RegionsTechnip’s Worldwide Presence

Accra


National Oil Companies International Oil Companies

Large Diversified & Balanced Customer Base


Assets on all continents

Flexible plants:Brazil, France, Malaysia

Rigid spoolbases:Angola, Norway, UK, USA

Logistic bases:Brazil, France, Malaysia

Umbilical plants:Angola, Malaysia, UK, USA

State-of-the-art fleet designed to:

Install pipes

Heavy construction

Diving support

Close to production sites

Proprietary technology

Dedicated engineering teams around the world

Strategic locationsAberdeenHoustonKuala LumpurOsloParisPerthRio de Janeiro

World-classR&D facilities

Aberdeen (UK)Le Trait (France)Newcastle (UK)Rio & Vitoria (Brazil)

Seamless Execution Subsea: a Unique Vertically Integrated Business Model

Manufacturing & Spooling 3

R&D 1

Installation

Design & Project Management 2

4



High Performing Fleet

Venturer Seamec 3 Wellservicer AllianceSkandi Achiever

Seamec 2 Seamec 1 Orelia Seamec PrincessSkandi ArcticDiving support vessels (DSV)

10 units

Rigid and flexible pipelay vessels

6 units

Sunrise 2000

Deep Blue Apache II

Skandi Vitoria

Subsea construction vessels

(flexlay capability)3 units Deep ConstructorDeep Pioneer

Deep Energy

Newbuild vessel for Asian Market

*Vessels under construction

Skandi Niteroi


VesselsSkandi VitoriaSunrise 2000Normand ProgressSkandi Niteroi 1)

Flexible pipe#1 local supplier1st IPB* in Brazil (Papa-Terra)Flexible pipe for pre-salt (Tupi Pilot)

Rigid pipe1st Free Standing Hybrid Riser (PDET)1st Reeled Pipe-in-Pipe (Canapu)Tupi pre-salt 216km export line

OffshoreOffshore platforms P51/P52 & P56 / P58 / P62Brazilian FLNG Feed

ResourcesOperating & Engineering centerSubsea R&D complex

Operating Center (Rio)

Flexible plant (Vitoria)

*Integrated Production Bundle1) under construction

Logistic Base & Flexible plant under construction (Angra)

1)

Technip in Brazil Operations

Technip: Long-Standing Presence in Brazil

1977: 20 EngineersGaroupa field development- Platform design- 1st flexible pipe installed in Brazil- 100 meters water depth

1985: 1st flexible plant in Vitoria2007: over 2,000 employees

Roncador field development - P-52 Platform - Subsea works- 1,800 meters water depth

2009: Angra Porto logistic base2010: 1st Brazilian flagged flexlay

vessel2011:

Initial plan for new high-end flexible plant2nd Brazilian flagged flexlay vessel to be delivered

Technip in Brazil: 2,800 employees


Technip’s Asia Pacific Regional Hub

Technip’s priorities

Perth

Bangkok

Shanghai

Singapore

Jakarta

Balikpapan

Kuala Lumpur

Technip’s Operating Centers

Flexible/Umbilical manufacturing plant

MHB’s yard

1st and only Asian flexible/umbilical manufacturing plantOffshore logistic baseDedicated local installation capacity

Asiaflex

Major fabrication yard in South East AsiaCentrally locatedStrong platform fabrication track recordSupport from MISC / PETRONASCollaboration agreement to provide EPCI capability and

technology to PETRONAS

Investment in MHB

3,600 peopleFounded in 1982

Technip in Asia Pacific

Enhance local content and client proximity Provide proven technology, world class engineering and executionReinforce regional capability: Onshore/Offshore/Subsea

Newbuild vessel for Asian Market


The first offshore field in Ghana

Engineering, Fabrication and Installation projects involving Technip’s centers in Paris, Houston and Angola

Fabrication of flexible pipes in Le Trait, France

Mobilization of Deep Blue and Deep Pioneer for offshore campaign

Jubilee, an Example of a Seamless Project Execution

Houston

Jubilee

Paris

Fabrication of the flexible pipes

Coordinated Engineering

teams from the Subsea Division

Multi vessel installation (Including Deep Blue & Deep Pioneer)

Le Trait


Ethylene IncreasedEfficiency

Cryogenic Rigid Pipe-in-PipeFlow-AssuranceUltra Deepwater

State-of-the-Art Technology in all Business Segments

Unrivalled high technological assets Numerous proprietary technologies and partnerships with licensors

LNG unloading/ long distance applications

Heated and monitoredFlexible Pipes

3,000m (7”- 11”)Flexible Pipes

Heated Rigid Pipe-in-Pipe

Design, manufacture & qualify flexible pipes for 3,000 m water depth

Integration of gas lift tubes, electrical cables or optic fibers in the production riser (Schlumberger cooperation)

New Electrical Trace Heating technology qualified by major clients

Increasing ethylene and refining efficiency

Subsea Offshore Onshore


Reeled Heated Pipe-in-Pipe

Flow assurance: heated pipe-in-pipeFibre optic temperature monitoring Fast installation: reeled pipe-in-pipeBuilt-in directly onshore, at our spoolbasesHigher insulation efficiency: lower power requirements

6 km tie-back in 122 meters of waterMajor challenge: hydrates formationEPCI project, valued in excess of £60 millionOffshore deployment in mid-2011 with Technip’s fleet

*ETH: Electrical Trace Heating

Technip’s ETH* technology Islay Project, UK North Sea


FLNG1, an Innovative Solution for our Customers

FLNG is a commercially attractive and environmentally sensitive approach for offshore gas fields in remote locations

Technip’s unique combination of skills and technology:

LNG processOffshore facilitiesSubsea infrastructures

Shell: 15 year master agreement

Petrobras FEED delivered end 2010

Petronas FEED awarded beginning 2011

1: Floating Liquefied Natural Gas

1,476 x 230 feet, (450 x 75 meters), 3.5 mtpa LNG capacity

Synergies of Technip’s broad ranging strengths in all three business segments


Riser system

Buoyancy canTop side jumpers

Very deep water umbilical (3,000m)

Very deep water jumpers (3,000m)

World Class Engineering & Technology to Develop Marine Well Containment System

Fast track projectStrong requirements

Very deep water 10,000 feet - 3,000 meters)High pressure (10,000 psi - 690 bar)Holding capacity100,000 barrels per day


Shareholding structure, December 2010

Listed on NYSE Euronext ParisSource: Ipreo June 2010

FSI5.4%

North America 24.8%

Treasury Shares 2.7%Employees 2.2%

IFP Energies Nouvelles 2.7%

Rest of World18.9%

French Institutional Investors20.3%

Individual Shareholders 6.1%

Others 4.6%

UK & Ireland12.3%

Institutional Investors81.7%

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