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COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip

Technip · Apr 28, 2006 · 42 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 1
    TECHNIP COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS APRIL 28, 2006
  2. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 2
    I. THE YEAR 2005 1. Order Intake 2. Financial Results Annual General Meeting April 28, 2006 2
  3. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 3
    1. Order Intake Annual General Meeting April 28, 2006 3
  4. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 4
    2005 Order Intake: A Record Year in Millions 9,806 + 77% 6,582 5,553 5,092 2002 2003 2004 2005 Nearly twice the 2004 amount Annual General Meeting April 28, 2006 4
  5. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 5
    2005 Order Intake by Segment in Millions Change 2005 / 2004 SURF (sub-sea pipelines) 2,623 + 78% Offshore Facilities 1,258 + 32% Onshore Downstream 5,753 + 129% Industries 172 + 9% 9,806 + 93% Annual General Meeting…
  6. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 6
    Agbami SURF Client: Chevron Water depth: 1,550 m Supply: Flexible Pipes, Risers, Umbilicals Value: 840 M Completion: 2008 Agbami field, Nigeria This deepwater contract, the Nigeria largest ever awarded to Technip,…
  7. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 7
    P-52 SURF Client: Petrobras Water depth: 2,000 m Supply: 221 km of flexible pipes Value: 350 M Execution: JV Technip & Subsea 7 Transport of the P-52 semi-submersible to production site. P-52 A new significant deep water…
  8. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 8
    PDET SURF Client: Petrobras Water depth: 100 m - 1,800 m Supply: 56 km of 18 rigid pipes Value: 210 M Completion: 2007 Deep Blue J-lay installation PDET This new oil export system Rio de Janeiro completes the piping…
  9. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 9
    Kikeh SURF and SPAR Client: Murphy Oil Water depth: 1,330 m Supply: Flexible Pipes, Riser, Umbilicals Spar commissioning: 2006 Pipes Installation: 2007 Deep Blue First deepwater development Kikeh offshore Malaysia.…
  10. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 10
    Tahiti Spar Client: Chevron Water depth: 1,280 m Hull: 170 m x 39 m Topsides: 18,950 T Completion: mid-2007 3D View of Tahiti SPAR Tahiti Chevron has selected Technip Spar technology to develop its Tahiti field in the…
  11. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 11
    Akpo FPSO Client: Total Water depth: 1,100 - 1,700 m Prod. capacity: 225,000 BOE/D Storage capacity: 2 MB Value: 540 M (Technip Share) Completion: 2008 Execution: Technip & HHI Dalia FPSO Nigeria A new major deep water…
  12. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 12
    RasGas III Client: Qatar Petroleum & ExxonMobil Capacity: 2 x 7.8 MT/Y Value: 1.6 Bn (Technip share) Execution: JV Technip & Chiyoda Ras Laffan LNG site RasGas III is the third major LNG project won in Qatar by RasGas III…
  13. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 13
    Yemen LNG Client: Total, Yemen Gas & partners Capacity: 2 x 3.6 MT/Y Execution: JV Technip, JGC, KBR Value: 667 M Yemen LNG plant, 3D view Technip capitalizes on its LNG expertise and presence in the Middle East by leading…
  14. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 14
    Horizon: Extra Heavy Oil Upgrading Client: Canadian Natural Resources Ltd. Coker: 123,000 B/D Hydrogen: 144 M CFD Value: 700 M Sincor Upgrader Canada Canadian non-conventional oil resources represent 36% of the…
  15. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 15
    Dung Quat Refinery Client: PetroVietnam Production: 145,000 B/D Completion: 2008 Execution: Technip & Partners Midor Refinery Dung Quat The first crude oil refinery in Vietnam, awarded to a Technip led consortium…
  16. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 16
    Steamcrackers YANBU - SAUDI ARABIA: Client: SABIC Capacity: 1.3m T/Y Ethylene 0.4m T/Y Propylene RAS LAFFAN - QATAR: Client: QP / CPC / Total Capacity: 1.3m T/Y Ethylene Value: 800 M DOW PIC - KUWAIT: Client: JV DOW/PIC…
  17. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 17
    2. Financial Results Annual General Meeting April 28, 2006 17
  18. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 18
    Full Year 2005 Main Financial Numbers in millions Audited 2005 2004* Change Revenues 5,376.1 5,140.9 4.6% Minor y-o-y changes to revenue and operating Operating Income income 231.0 233.6 - 1.1% Operating Margin Ratio 4.3 % 4.5 %…
  19. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 19
    Consolidated Balance Sheet in millions Audited 2005 2004* Fixed and Other Assets 3,223.2 3,209.2 Inventories and Receivables 1,886.0 1,774.4 Cash & Equivalents 2,187.8 1,434.0 Strong Increase (+ 53%) 7,297.0 6,417.6…
  20. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 20
    Consolidated Cash Flow Statement in millions Audited 2005 2004* Cash from Operations 275.8 307.9 Change in Working Capital 618.1 89.9 Net Cash Provided by Operating 893.9 397.8 Increase of 496 M Activities Capital Expenditures…
  21. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 21
    Net Cash Position in Millions 668 Net Cash 12-31-2001* 12-31-2002* 12-31-2003* 12-31-2004 12-31-2005 - 167 Net Debt - 237 - 506 - 876 Gearing Ratio 39.6% 25.0% 12.2% 9.0% NA Debt raised for 2001 acquisitions is now…
  22. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 22
    2005 Stock Market Performance + 49% 4-for-1 stock split in May 2005 + 30% + 23% Repurchase of shares and convertible bonds to offset dilution Proposal to increase dividend to 0% 0.92 per share (+ 11%) CAC 40 Dow Jones…
  23. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 23
    II. 2006 OUTLOOK Annual General Meeting April 28, 2006 23
  24. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 24
    1. The Entire Oil and Gas Chain Is Overheating Which Is Having Both Positive and Negative Impacts Positive Impacts Negative Impacts Historically high activity level Raw material and equipment price increases Improvement in…
  25. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 25
    2. Technip Backlog: An Historically High Level As of December 31, 2004: As of December 31, 2005: 6,779 M 11,170 M Petrochems Deepwater Petrochems 19% Deepwater 25% Refining / 9% Heavy Oil 23% 11% Refining / Heavy Oil 14% 9%…
  26. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 26
    3. Such a Large Increase in Activity Leads to Timing Differences Considering the specifics of our profession and accounting methods, a large increase in order intake in Year 1 translates into large increases in: Year 1: cash Year…
  27. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 27
    4. The Current Overheated Situation Is Occurring at a Time When Raw Material Prices Are Rising % Evolution of Certain Metal Prices 400 +264% 350 300 250 +113% 200 +85% 150 +52% 100 50 Jan-03 May-03 Sep-03 Jan-04…
  28. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 28
    5. Longer Delivery Lead Times Are a Reflection of Stretched Equipment Manufacturing Capacities Average Delivery Times (in weeks) 15 30 45 60 75 Large Pressure Vessels Medium Pressure Vessels Air Coolers Standard Exchangers…
  29. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 29
    6. Given This Context, 2006 Could Be a Difficult Year The expected significant increase of Technip revenues should weigh on the Groups annual operating margin ratio as the Groups cautious margin recognition policy translates into…
  30. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 30
    7. 1st Quarter 2006: Preliminary Indications Revenues up by about 30%. Lower operating income due to the Onshore Downstream segment. Order intake of approx. EUR 1.6 billion (due primarily to the Qatargas III and IV contract) and…
  31. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 31
    III. MARKETS Annual General Meeting April 28, 2006 31
  32. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 32
    1. Between Now and 2030, Almost All Oil Production Will Come From Investments That Have Yet to Be Made Mb/j Development of new 125 discoveries 100 Non-conventional Existing Production oil 75 Enhanced oil recovery 50…
  33. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 33
    2. Strong Pressure On Production Capacity Oil Production Spare Capacity Mb/d 12 10 8 6 4 2 0 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 Not enough spare capacity to ensure market stability Source: Lehman…
  34. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 34
    3. Pressure on Refining and Petrochemical Capacities Also Apparent Global Refining Throughput Global Ethylene Operating % Rates % Rates 90 94 88 92 86 90 84 88 82 86 80 84 92 - 01 2002 2003 2004 2005* 92 - 01 2002…
  35. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 35
    4. Strong Growth Expected on the Liquefied Natural Gas (LNG) Market 2001 2020 3 12…
  36. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 36
    5. Towards a Longer Investment Cycle: Top 12 International Oil Companies Capex bn 200 180 Share 160 Repurchase 140 Dividends 120 100 Capex 80 60 40 20 0 1989 1991 1993 1995 1997 1999 2001 2003 2005e 2007e 2009e Future…
  37. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 37
    6. Technip Adapting to Meet Rising Demand Human Resources Naval and industrial assets Financial capacity Annual General Meeting April 28, 2006 37
  38. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 38
    The Group Is Adapting Its Staff to Meet Growth Technip Employees Increase in 2005 : (Worldwide) + 1,800 (+ 9.4%) 20,900 Turnover ratio in 2005 remained unchanged despite pressure on resources in our industry 2005 18,300 High…
  39. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 39
    Technip Is Strengthening Its Naval Assets A new state-of-the-art diving support and medium construction vessel Length: 132 m Width : 28 m Draft: 7.5 m On-board staff: 130 Delivery scheduled for 2008 Annual General…
  40. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 40
    Technip Is Strengthening Its Industrial Assets Capacity expansions of Technip flexible pipe manufacturing facilities: Vitria (Brazil) : + 50 % Le Trait (France) : + 20 % Vitoria Plant Budgeted 2006 capex up 45% at EUR 240…
  41. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 41
    Technip Is Strengthening Its Financial Structure: Convertible Bond Softcall 3.57 million convertible bonds (99.94% of total) were converted into shares in March 2006. This resulted in: an increase in the number of shares outstanding…
  42. COMBINED ANNUAL GENERAL MEETING OF SHAREHOLDERS – Technip – slide 42
    Conclusion 1 Market conditions in our business remain positive, with high growth expected in business segments where Technip is well positioned: deep offshore, LNG, GTL, heavy oils, refining and petrochemicals. 2 Paradoxically,…

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