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Q1 2004 RESULTS – Technip

Technip · May 27, 2004 · 29 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. Q1 2004 RESULTS – Technip – slide 1
    FIRST QUARTER 2004 RESULTS First Quarter 2004 Results
  2. Q1 2004 RESULTS – Technip – slide 2
    I. FIRST QUARTER 2004 MAIN FIGURES II. BUSINESS & OPERATIONS III. FINANCIAL TOPICS IV. MARKET CONDITIONS V. CONCLUSION First Quarter 2004 Results 2
  3. Q1 2004 RESULTS – Technip – slide 3
    I. FIRST QUARTER 2004 MAIN FIGURES 1. MAIN NUMBERS 2. OFFSHORE ACTIVITIES 3. ONSHORE ACTIVITIES 4. SIMPLIFIED INCOME STATEMENT 5. CASH FLOW STATEMENT 6. FINANCIAL DEBT First Quarter 2004 Results 3
  4. Q1 2004 RESULTS – Technip – slide 4
    MAIN NUMBERS in millions Revenues Income from Operations Net Income +13.7% (EBITA) (before Non-Op. & Goodwill) +12.6% +37.8% 1,250 26.6 50.0 1,099 44.4 19.3 Q1 03 Q1 04 Q1 03 Q1 04 Q1 03 Q1 04 Gearing Order Intake Backlog…
  5. Q1 2004 RESULTS – Technip – slide 5
    OFFSHORE ACTIVITIES in millions SURF + Platforms = Offshore Activities Order Intake 379 -10% 227 +112% 606 +15% Backlog 1,826 +52% 949 +132% 2,775 +72% Revenues 355 +26% 262 + 8% 617 +18% EBITA 28.7 +116% -2.2 ns 26.5 +11%…
  6. Q1 2004 RESULTS – Technip – slide 6
    ONSHORE ACTIVITIES Onshore and in millions Downstream + Industries = Onshore Activities Order Intake 227 -76% 43 -31% 270 -73% Backlog 3,362 -19% 314 -12% 3,676 -18% Revenues 575 +20% 58 -39% 633 +10% EBITA 23.2 +31% 0.3 ns…
  7. Q1 2004 RESULTS – Technip – slide 7
    SIMPLIFIED INCOME STATEMENT* in millions Q1 2004 Q1 2003 Change Revenues 1 250 1 099 +13.7% EBITA 50.0 44.4 +12.6% EBITA Margin 4.0% 4.0% Financial Charges -7.9 -10.5 -24.8% Profit Before Tax 39.7 37.3 +6.4% Tax Charges -13.8 -14.5…
  8. Q1 2004 RESULTS – Technip – slide 8
    CASH FLOW STATEMENT in millions SOURCES USES Operating Cash Flow 69 Capex 14 Working Capital 21 Capital Increase 24 Debt Repayment 114 Cash 14 FETA and Other 11 Share Repurchases 11 TOTAL 139 TOTAL 139 During the…
  9. Q1 2004 RESULTS – Technip – slide 9
    FINANCIAL DEBT in millions excluding convertible bond redemption premium Gross Debt 1,672 Cash 1,232 636 1,032 726 861 Net Debt 1,036 -51% 506 -66% 171 03-31-2002 03-31-2003 03-31-2004 Gearing Ratio 46.9% 25.2%…
  10. Q1 2004 RESULTS – Technip – slide 10
    II. BUSINESS & OPERATIONS 1. BUSINESS DEVELOPMENT 2. REVENUES & BACKLOG BY REGION First Quarter 2004 Results 10
  11. Q1 2004 RESULTS – Technip – slide 11
    BUSINESS DEVELOPMENT Backlog +6% 6,451 ( in millions) 6,091 1,200 SURF +52% 1,826 26% 43% 409 Facilities +132% 949 4,126 74% Onshore/Downstream 3,362 19% 57% 356 Industries 12% 314 03-31-2003 03-31-2004 Better…
  12. Q1 2004 RESULTS – Technip – slide 12
    REVENUES & BACKLOG BY REGION Revenues Backlog Q1 2004 As of 03-31-2004 Europe/ Europe/ Asia - Pacific Asia - Pacific Central Central 7% Asia 7% Asia Americas 18% Americas 15% 20% 20% 27% Africa Africa 29% 29% 28% Middle…
  13. Q1 2004 RESULTS – Technip – slide 13
    III. FINANCIAL TOPICS 1. COMPETITIVE POSITION 2. DEBT MANAGEMENT 3. SECURITIES MANAGEMENT First Quarter 2004 Results 13
  14. Q1 2004 RESULTS – Technip – slide 14
    COMPETITIVE POSITION: EQUITY Equity of the main Engineering and Construction companies as of Dec. 31, 2003 (based upon national accounting standards) USD in 3,000 Millions 2,000 1,000 er el t he ot W m er…
  15. Q1 2004 RESULTS – Technip – slide 15
    COMPETITIVE POSITION: NET GEARING RATIO Net Debt / Equity as of Dec. 31, 2003 (based upon national accounting standards) -54% JGC -21% Fluor -13% Jacobs Technips gearing ratio among the lowest in the industry 12% Halliburton…
  16. Q1 2004 RESULTS – Technip – slide 16
    DEBT MANAGEMENT: NEW EUROBOND ISSUE Amount: EUR 650 MM Fixed Rate: 4.625% Maturity: 7 Years General corporate purposes Purpose Increased financial flexibility Diversification of funding sources Listing Luxemburg Stock Exchange…
  17. Q1 2004 RESULTS – Technip – slide 17
    DEBT MANAGEMENT: NEW CREDIT LINE Prior to April 2004 Current Position Number of Two One Facilities Initial Amount 800 million 850 million Terms and Spread: 37.5 and 42.5bp Spread: 37.5bp Conditions Financial covenants No…
  18. Q1 2004 RESULTS – Technip – slide 18
    MANAGEMENT OF SECURITIES SHARES Net repurchased through May 13, 2004: 161,462 Shares issued in March 2004: 331,614 (ESPP) CONVERTIBLES Repurchased as of March 31, 2004: 419,742 Outstanding nominal value reduced to 644m…
  19. Q1 2004 RESULTS – Technip – slide 19
    IV. MARKET CONDITIONS 1. OIL & GAS PRICES 2. PROCUREMENT OF RAW MATERIAL 3. EUR / USD EVOLUTION First Quarter 2004 Results 19
  20. Q1 2004 RESULTS – Technip – slide 20
    OIL AND GAS PRICES 45 40 35 30 25 WTI (/b) 20 15 10 Gaz 5 H.Hub (/mbtu) 0 May-04 Jan-02 Jan-03 Jan-04 Very favourable market conditions for our customers First Quarter 2004 Results 20
  21. Q1 2004 RESULTS – Technip – slide 21
    PROCUREMENT OF RAW MATERIAL Bloomberg Base Metal Index (Base: 100 at Jan. 01, 1996) 120 110 100 90 80 70 60 May-04 Jan-02 Jan-03 Jan-04 A new challenge for the industry, which is addressed by Technip through its Global…
  22. Q1 2004 RESULTS – Technip – slide 22
    EUR / USD EVOLUTION 1.4 1.3 1.2 1.1 1.0 0.9 0.8 May-04 Jan-02 Jan-03 Jan-04 Recent weakening of the euro provides some relief to European contractors First Quarter 2004 Results 22
  23. Q1 2004 RESULTS – Technip – slide 23
    V. CONCLUSION 2004 TARGETS First Quarter 2004 Results 23
  24. Q1 2004 RESULTS – Technip – slide 24
    2004 TARGETS REAFFIRMED Based on current scope of consolidation, budgetary currency exchange rates (1=1.20), French GAAP and a 37% group tax rate Accounting methods for Offshore facilities projects aligned with Onshore / Downstream…
  25. Q1 2004 RESULTS – Technip – slide 25
    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 First Quarter 2004…
  26. Q1 2004 RESULTS – Technip – slide 26
    TRADING TECHNIP ISIN FR0000131708 First Quarter 2004 Results 26
  27. Q1 2004 RESULTS – Technip – slide 27
    ANNEX First Quarter 2004 Results 28
  28. Q1 2004 RESULTS – Technip – slide 28
    BALANCE SHEET (FRENCH GAAP) Mar. 31, Dec. 31, in millions 2004* 2003 1. Cash 861 892 2. Other Current Assets 1,661 1,428 3. Work in Progress 6,639 6,442 4. Fixed Assets 3,215 3,246 5. Total Assets 12,376 12,008 6. Premium for…
  29. Q1 2004 RESULTS – Technip – slide 29
    Q1 2004 U.S. GAAP NET INCOME in millions (unaudited) Q1 2004 Q1 2003 French GAAP Net Income -3.3 -3.5 Goodwill 29.2 26.3 Foreign Exchange and Other 3.7 -8.7 U.S. GAAP Net Income 29.6 14.1 First Quarter 2004 Results 30

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