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FULL YEAR 2003 RESULTS – Technip

Technip · Feb 26, 2004 · 44 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. FULL YEAR 2003 RESULTS – Technip – slide 1
    FULL YEAR 2003 RESULTS 1
  2. FULL YEAR 2003 RESULTS – Technip – slide 2
    I. 2003: A SOLID YEAR FOR TECHNIP II. MAIN FIGURES III. PROJECT MANAGEMENT: THE TECHNIP WAY IV. MARKETS AND STRATEGY V. 2004 TARGETS 2
  3. FULL YEAR 2003 RESULTS – Technip – slide 3
    I. 2003: A SOLID YEAR FOR TECHNIP 1. ACHIEVEMENTS 2. BUSINESS DEVELOPMENT 3. FINANCIAL STRUCTURE 4. SHAREHOLDER VALUE 3
  4. FULL YEAR 2003 RESULTS – Technip – slide 4
    ACHIEVEMENTS ORDER INTAKE 6,582 M + 19 % BACKLOG AT YEAR END 7,180 M + 24 % REVENUES 4,711 M + 6 % INCOME* FROM OPERATIONS (EBITA) 228 M + 11 % PROFIT* BEFORE TAX 176 M + 31 % PRE-TAX RETURN* ON EQUITY 9.5 % + 7 %…
  5. FULL YEAR 2003 RESULTS – Technip – slide 5
    BUSINESS DEVELOPMENT 7,180 Backlog +24% ( in millions) 1,840 5,776 SURF +53% 40.3% 1,201 30.5% 1,055 Offshore Facilities +88% 560 3,907 3,625 Onshore/Downstream +8% 69.5% 59.7% 390 Industries -3% 378 31-12-2002…
  6. FULL YEAR 2003 RESULTS – Technip – slide 6
    FINANCIAL STRUCTURE in millions Financial Debt excluding convertible bond redemption premium Gross Debt 1,639 1,247 Cash 763 1,130 741 892 Net Debt 876 -42% 506 -53% 237 12-31-2001 12-31-2002 12-31-2003 Gearing Ratio…
  7. FULL YEAR 2003 RESULTS – Technip – slide 7
    SHAREHOLDER VALUE TECHNIP POLICIES Stable dividend policy: current yield 3.1% New employee shareholder plan completed (331,614 new shares to be issued in March 2004) Buy back of securities (since early 2003): 107,000 shares…
  8. FULL YEAR 2003 RESULTS – Technip – slide 8
    II. MAIN FIGURES 1. OFFSHORE ACTIVITIES 2. ONSHORE ACTIVITIES 3. SIMPLIFIED P/L 4. BALANCE SHEET 5. CASH FLOW STATEMENT 6. BOTTOM LINE LEVERAGE 8
  9. FULL YEAR 2003 RESULTS – Technip – slide 9
    2003 OFFSHORE ACTIVITIES in millions SURF + Facilities = Offshore activities Order Intake 2,104 +59% 1,427+272% 3,531 +107% Backlog 1,840 +53% 1,055 +88% 2,895 +64% Revenues 1,315 +2% 895 +8% 2,210 +4% EBITA 97 -15% 45 +232%…
  10. FULL YEAR 2003 RESULTS – Technip – slide 10
    2003 ONSHORE ACTIVITIES Onshore and in millions Downstream + Industries = Onshore activities Order Intake 2,666 -20% 385 -27% 3,051 -21% Backlog 3,907 +8% 378 -3% 4,285 +7% Revenues 2,119 +9% 382 -2% 2,501 +7% EBITA 86 +25%…
  11. FULL YEAR 2003 RESULTS – Technip – slide 11
    SIMPLIFIED P/L in millions 2003 2002 Change Revenues 4,711 4,452 +6% EBITA 227.6 204.6 +11% EBITA Margin 4.8% 4.6% Financial Charges -44.3 -66.9 Profit Before Tax 176.0 134.7 +31% Tax Charges -82.0 -46.3 Net Income Pre-Goodwill…
  12. FULL YEAR 2003 RESULTS – Technip – slide 12
    BALANCE SHEET Dec. 31, Dec. 31, in millions 2003 2002 1. Cash 892 741 2. Other Current Assets 1,428 1,370 3. Work in Progress 6,442 4,977 4. Fixed Assets 3,246 3,518 5. Total Assets 12,008 10,606 6. Financial Debt 1,129 1,247 7.…
  13. FULL YEAR 2003 RESULTS – Technip – slide 13
    2003 CASH FLOW STATEMENT in millions SOURCES USES Operating Cash Flow 229 Capex 122 Debt Repayment 86 Working Capital 119 Dividend 77 Asset Disposals 105 Share Buybacks 7 FETA and Others 49 Aker Repayment 38 Cash 151…
  14. FULL YEAR 2003 RESULTS – Technip – slide 14
    BOTTOM LINE LEVERAGE in millions 2002 2002 2003 2003 Variation Variation Depreciation 143 Disp. of non-core assets 118 -17% Strict capex monitoring Weaker and GW Amortization 118 Aker repayment 114 -3% Fin. Charges 67 Net…
  15. FULL YEAR 2003 RESULTS – Technip – slide 15
    III. PROJECT MANAGEMENT: THE TECHNIP WAY 1. BIDDING DISCIPLINE 2. CONTROL OF PROJECT EXECUTION 3. DEALING WITH CURRENCY FLUCTUATIONS 4. GLOBAL NETWORK OF ENGINEERING CENTERS 5. GLOBAL PROCUREMENT NETWORK 15
  16. FULL YEAR 2003 RESULTS – Technip – slide 16
    BIDDING DISCIPLINE Ensure Appropriate Risk/Reward Achieved on Each Contract Cost Cost, Management Management Estimation, Legal Authorization Authorization TENDER Legal & BID & AWARD to Tender to Commit Financial Financial…
  17. FULL YEAR 2003 RESULTS – Technip – slide 17
    CONTROL OF PROJECT EXECUTION Monitoring (Monthly Project Reviews) Senior Management Reporting Project Director SVP Project Support Management Full SVP Global Reporting Authority Procurement SVP Cost and Cost Construction…
  18. FULL YEAR 2003 RESULTS – Technip – slide 18
    DEALING WITH CURRENCY FLUCTUATIONS Typical Cost Structure of Contracts 10 % Engineering: Done by Technip workforce 15 % (36% in Euroland, 64% outside) 30 % Procurement: Done on a global basis, using 50 % Technips global…
  19. FULL YEAR 2003 RESULTS – Technip – slide 19
    GLOBAL NETWORK OF ENGINEERING CENTERS A powerful tool to: manage fluctuating workloads, Aberdeen mitigate currency exposure Rome + Oslo 1,900 2,050 Amsterdam +Dusseldorf 715 Houston 4,000 Kuala- Lumpur PARIS 1,020 3,500…
  20. FULL YEAR 2003 RESULTS – Technip – slide 20
    GLOBAL PROCUREMENT NETWORK Worldwide Network Increases Flexibility and Competitiveness Global Global Procurement Procurement Officer Officer Aberdeen Dusseldorf Paris Regional Regional Rome Los Angeles Procurement…
  21. FULL YEAR 2003 RESULTS – Technip – slide 21
    IV. MARKETS AND STRATEGY 1. MARKET POSITIONING 2. 2004 MARKET TRENDS SURF Offshore Facilities Onshore-Downstream Industries 21
  22. FULL YEAR 2003 RESULTS – Technip – slide 22
    MARKET POSITIONNING: BUSINESS LINES Key Success Capital Main Market Distribution / Marketing Factor Intensitivity Drivers Downstream Petrochemicals z Economic & demographic GTL SKILLS growth (downstream) LNG Refining z…
  23. FULL YEAR 2003 RESULTS – Technip – slide 23
    MARKET POSITIONING: REGIONAL FOCUS Where Does the Action Take Place Oil Frontier Areas: Siberia, Caspian Sea Athabasca China: Exploding Middle-East: Demand for Oil, Gas Refining and GOM Petrochems, Petrochems LNG, GTL Deep…
  24. FULL YEAR 2003 RESULTS – Technip – slide 24
    2004 MARKET TRENDS: SURF in billions Actual Awards 2004 Trends (12 months) 4.0 +14% 3.5 West Africa: Largest market with opportunities in 2004 Others Brazil & GoM: Expected recovery 52.2% North Sea: Sustained level of…
  25. FULL YEAR 2003 RESULTS – Technip – slide 25
    2004 MARKET TRENDS: OFFSHORE FACILITIES in billions (Floaters and Fixed Production Platforms) Actual Awards 2004 Trends (12 months) 9.4 -6% 8.8 W. Africa and Caspian: Limited slowdown expected Others Brazil & GoM: Semi-subs…
  26. FULL YEAR 2003 RESULTS – Technip – slide 26
    2004 MARKET TRENDS: ONSHORE/DOWNSTREAM in billions Expected Awards in Next 12 Months By Regions By Business Lines 15 15 13 15% 13 Americas 26% 8% 19% Petrochem 12% 14% Far East Refining 24% 28% 56% Middle East / 56% Africa…
  27. FULL YEAR 2003 RESULTS – Technip – slide 27
    ONSHORE MAIN DRIVER: INTERNATIONAL GAS DEVELOPMENTS LNG production GTL production MARKET TRENDS (Next 10 yrs) bcm/y kb/d Natural gas demand: Source EIA Source Cedigaz 350 450 + 2.4% / year, 2 times 300 400 faster than oil…
  28. FULL YEAR 2003 RESULTS – Technip – slide 28
    2004 TRENDS: THE INDUSTRIES BRANCH Actual financial performance below standards due to : Sub-critical size Losses on a few legacy contracts Restructuring costs Strategy: increase the business and return to profit by focusing on…
  29. FULL YEAR 2003 RESULTS – Technip – slide 29
    2004 TARGETS 29
  30. FULL YEAR 2003 RESULTS – Technip – slide 30
    2004 TARGETS Based on unchanged scope of consolidation, budgetary currency exchange rates (1=1.20) and a 37% tax rate Accounting methods for E&C offshore projects aligned with Onshore / Downstream Comp. to Comp. to 2003 2002…
  31. FULL YEAR 2003 RESULTS – Technip – slide 31
    For more information, please contact: INVESTOR RELATIONS G. Christopher Welton Tel. +33 (0) 1 47 48 66 74 e-mail: cweltontechnip.com David-Alexandre Guez Tel. +33 (0) 1 47 78 27 85 e-mail: dagueztechnip.com ISIN FR0000131708…
  32. FULL YEAR 2003 RESULTS – Technip – slide 32
    TRADING TECHNIP ISIN FR0000131708 32
  33. FULL YEAR 2003 RESULTS – Technip – slide 33
    ANNEX 34
  34. FULL YEAR 2003 RESULTS – Technip – slide 34
    BUSINESS DEVELOPMENT: MAIN CONTRACTS AWARDED IN 2003 in millions KRISTIN + SNHVIT 115 GONFREVILLE 260 SHAH DENIZ MOH 300 SECCO 160 FREEPORT LNG FEED GTL QATAR 675 SIMIAN / SAPPHIRE 550 HDT Riyad ADCO NEB 373 BAOBAB…
  35. FULL YEAR 2003 RESULTS – Technip – slide 35
    2003 STOCK EXCHANGE PERFORMANCE +48% +82% At Feb.15.04 +19% +21% At Dec.31.03 +16% +17% +26% +27% CAC 40 SBF120 +22% PARIS +25% +8% +51% Dow OSX Technip has outperformed Jones ADS the financial markets since Jan. 1st…
  36. FULL YEAR 2003 RESULTS – Technip – slide 36
    CONTRACT SCHEDULE 37
  37. FULL YEAR 2003 RESULTS – Technip – slide 37
    CONTRACT SCHEDULE 2004 2005 2006 MAD DOG SPAR - 155M - 100% FUJEIRAH - 240M - 50% HOLSTEIN SPAR 290M 100% RED HAWK SPAR 100% - 100M DEVILS TOWER SURF 150M - 100% 9th COMPLEX - 201 M-EUR - 100% WHITE ROSE SURF 170M - 100% 10th COMPLEX -…
  38. FULL YEAR 2003 RESULTS – Technip – slide 38
    Q4 2003 ACCOUNTS 39
  39. FULL YEAR 2003 RESULTS – Technip – slide 39
    Q4 2003 KEY FIGURES ( in million) Order Intake Backlog Gearing 7,180 1,115 5,776 25% 920 12% Q4 02 Q4 03 Q4 02 Q4 03 Q4 02 Q4 03 Revenues Income from Operations* Net Income (pre-Goodwill) +13% +1% +27% 1,291 25.7 1,145…
  40. FULL YEAR 2003 RESULTS – Technip – slide 40
    Q4 OFFSHORE ACTIVITIES ( in million) SURF + Facilities = Offshore activities Order Intake 97 -52% 286 +82% 383 +7% Backlog 1,840 +53% 1,055 +88% 2,895 +64% Revenues 371 +18% 246 +13% 617 +16% EBITA 33 +4% -1 -109% 32 -18%…
  41. FULL YEAR 2003 RESULTS – Technip – slide 41
    Q4 ONSHORE ACTIVITIES Onshore and ( in million) Downstream + Industries = Onshore activities Order Intake 379 -31% 158 -25% 537 -29% Backlog 3,907 +8% 378 -3% 4,285 +7% Revenues 575 +10% 99 +11% 674 +10% EBITA 32 +85% -6 ns…
  42. FULL YEAR 2003 RESULTS – Technip – slide 42
    SIMPLIFIED P/L Q4 2003 Q4 2002 in million Revenue 1,291 1,145 Income from operations 58.2 57.9 % EBITA 4.5% 5.1% Financials -7.5 -23.3 Profit Before Tax 49.3 31.9 Tax Charges -23.6 -11.7 Net Income Pre-Goodwill 25.7 20.2 Goodwill…
  43. FULL YEAR 2003 RESULTS – Technip – slide 43
    Q4 CASH FLOW STATEMENT SOURCES USES Operating Cash Flow 51 Capital Expenditures 43 Change in Working 191 Debt Repayment 81 Capital Share Buybacks 7 Asset Disposals 94 FETA and Others 17 Aker Repayment 7 Cash 195 TOTAL 343 TOTAL…
  44. FULL YEAR 2003 RESULTS – Technip – slide 44
    INTERNATIONAL FINANCIAL REPORTING STANDARDS ROADMAP July 2003 Initial Application Studies December 2003 Preliminary Findings Presented to Board of Directors Jan/Mar 2004 IFRS Policy Choices / Impact Assessment Mar/Dec 2004…

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