Skip to main content Q2 2004 RESULTS – Technip Investor Presentation | Shale Experts
Loading...
Pm

Q2 2004 RESULTS – Technip

Technip · Jul 29, 2004 · 46 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. Q2 2004 RESULTS – Technip – slide 1
    FIRST HALF 2004 RESULTS First Half 2004 Results
  2. Q2 2004 RESULTS – Technip – slide 2
    I. FIRST HALF 2004 MAIN FIGURES II. FIRST HALF 2004 MAIN FEATURES III. MARKET TRENDS IV. OUTLOOK First Half 2004 Results 2
  3. Q2 2004 RESULTS – Technip – slide 3
    I. FIRST HALF 2004 MAIN FIGURES 1. MAIN NUMBERS 2. OFFSHORE ACTIVITIES 3. ONSHORE ACTIVITIES 4. INCOME STATEMENT 5. CASH FLOW STATEMENT 6. NET DEBT AND GEARING RATIO 7. RETURN ON EQUITY 8. PREPARATION FOR IFRS First Half 2004…
  4. Q2 2004 RESULTS – Technip – slide 4
    MAIN NUMBERS in Millions Income from Net Income Revenues Operations (EBITA) (before Non-Op. & Goodwill) + 17% + 25% + 81% 66.9 2,521 120.8 2,163 96.7 36.9 H1 03 H1 04 H1 03 H1 04 H1 03 H1 04 Order Intake Backlog Gearing -…
  5. Q2 2004 RESULTS – Technip – slide 5
    OFFSHORE ACTIVITIES in Millions SURF + Facilities = Offshore Activities Backlog 1,856 -1% 1,021 -13% 2,877 -6% Revenues 716 +25% 509 +22% 1,225 +24% EBITA 63.4 +120% 7.6 nc 71.0 +21% EBITA Margin 8.9% 1.5% 5.8% % = y-o-y…
  6. Q2 2004 RESULTS – Technip – slide 6
    ONSHORE ACTIVITIES Onshore- in Millions Downstream + Industries = Onshore Activities Backlog 3,157 -25% 300 -5% 3,457 -24% Revenues 1,173 +19% 123 -35% 1,296 +10% EBITA 49.3 +42% 0.5 -85% 49.8 +31% EBITA Margin 4.2% 0.4%…
  7. Q2 2004 RESULTS – Technip – slide 7
    GROUP INCOME STATEMENT in Millions H1 2004 H1 2003 Change Revenues 2,521 2,163 + 16.6% EBITA 120.8 96.7 + 24.9% EBITA Margin 4.8% 4.5% Financial Charges (20.4) (22.5) - 9.3% Non-Operating Items (7.1) (0.2) ns Profit Before Tax 93.3…
  8. Q2 2004 RESULTS – Technip – slide 8
    CASH FLOW STATEMENT in Millions SOURCES USES Operating Cash Flow 102 Capex 25 Working Capital 66 Dividend 79 Capital Increase 24 Share Repurchases 31 Debt 462 Cash 530 FETA and Other 11 Total 665 Total 665 New bond…
  9. Q2 2004 RESULTS – Technip – slide 9
    2004 NET DEBT AND GEARING RATIO in Millions Net Debt 921 -26% 679 -72% In two years: 192 Net debt slashed by 80% 6-30-02 6-30-03 6-30-04 Gearing ratio cut Gearing 44.2% 35.3% 10.3% by 34 pts Gearing below 20%…
  10. Q2 2004 RESULTS – Technip – slide 10
    SIGNIFICANT IMPROVEMENT IN RETURN ON EQUITY in Millions H1 2004 H1 2003 Net Income 1.3 (18.5) Tax 32.0 37.3 Goodwill Amortization 58.5 55.2 Minority Interests + 9.4 0.7 Exceptional Items Adjusted Pre-tax Net Earnings 101.2 74.7…
  11. Q2 2004 RESULTS – Technip – slide 11
    INTERNATIONAL FINANCIAL REPORTING STANDARDS Technips opening Shareholders Equity will be restated as of January 1, 2004 to comply with the following IFRS rules : Rule Rule Title IFRS 3 Business Combinations IAS 11 Construction…
  12. Q2 2004 RESULTS – Technip – slide 12
    INTERNATIONAL FINANCIAL REPORTING STANDARDS IFRS main impacts on Technips financial statements : Income Statement: EBITDA, EBITA, EBIT will disappear Depreciation will be split between operations and SG&A Balance Sheet: The…
  13. Q2 2004 RESULTS – Technip – slide 13
    II. FIRST HALF 2004 MAIN FEATURES 1. SLOWDOWN IN NEW AWARDS 2. IMPROVEMENT IN OPERATING MARGINS First Half 2004 Results 13
  14. Q2 2004 RESULTS – Technip – slide 14
    SLOWDOWN IN NEW AWARDS in Billions Project awards to Technip and competition Six Month Outlook ONSHORE- Six Month Outlook OFFSHORE Jan 03 Jul 03 Jan 04 Jul 04 DOWNSTREAM Jan 03 Jul 03 Jan 04 Jul 04 Awards expected 8.1 5.7 7.1…
  15. Q2 2004 RESULTS – Technip – slide 15
    BACKLOG in Millions 7,572 6,334 5,667 Industries 5,212 Onshore- Downstream Offshore 6-30-01 6-30-02 6-30-03 6-30-04 In months 13.4 15.6 21.0 15.1 of revenues % 38% 34% 40% 45% Offshore Strong backlog with a larger…
  16. Q2 2004 RESULTS – Technip – slide 16
    BACKLOG BY REGION As of June 30, 2003 As of June 30, 2004 Europe/ Europe/ Asia / Pacific Asia / Pacific Central Central 8% 14% Asia 9% Asia Americas 13% Americas 19% 17% 28% Africa 29% Africa 37% 26% Middle Middle East…
  17. Q2 2004 RESULTS – Technip – slide 17
    OPERATING ENVIRONMENT: STEEL PRICES CRUspi Global - Index Values (Base: 100 at Apr. 01, 1994) 160 Raw material price hike increased 140 2004 cost-of-sales by 0.6% 120 It should also impact 2005 by 100 about half as much 80…
  18. Q2 2004 RESULTS – Technip – slide 18
    IMPROVEMENT IN OPERATING MARGINS H1 03 H1 04 8.9% SURF 5.0% The few loss-making contracts which hit the bottom line last year are now over 7.2% Progressive margin recognition policy Offshore Facilities applied as of 2004…
  19. Q2 2004 RESULTS – Technip – slide 19
    III. MARKET TRENDS 1. E&P CAPITAL SPENDING 2. DEEPWATER CAPEX 3. GAS-RELATED CAPEX 4. CURRENT RADAR SCREEN First Half 2004 Results 19
  20. Q2 2004 RESULTS – Technip – slide 20
    E&P CAPITAL SPENDING in Billions 300 GLOBAL E&P CAPITAL SPENDING % 3 = +6.5 250 R 041 CAG 200 % 150 9 003 = +5.6 C AG R 100 50 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004…
  21. Q2 2004 RESULTS – Technip – slide 21
    MAJOR GROWTH IN DEEPWATER PRODUCTION BOE/D in 000s DEEPWATER OIL PRODUCTION 10,000 9,000 8,000 Asia 7,000 6,000 Africa 5,000 4,000 3,000 North America 2,000 (includes 200 m to 400 m) 1,000 C & S America 0 1987 1994…
  22. Q2 2004 RESULTS – Technip – slide 22
    TECHNIP POSITIONNING ON DEEPWATER MARKETS The Number 1 fleet of deep water construction vessels The Leader in the SURF market (40% historical market share) The Leader in flexible pipeline manufacturing (70% market share) The…
  23. Q2 2004 RESULTS – Technip – slide 23
    GAS-RELATED CAPEX GAS DEMAND Trillion Cubic Feet Africa 180 Australasia 160 FSU & Eastern Europe 140 Latin America 120 Middle East North America 100 Western Europe 80 60 40 20 0 1980 1985 1990 1995 2000 2005 2010 2015…
  24. Q2 2004 RESULTS – Technip – slide 24
    GAS-RELATED CAPEX Q-Q Change in N. American Gas Production LNG Imports in the US Bcf/d 2% 4.0 3.5 1% 3.0 0% 2.5 2.0 -1% 1.5 1.0 -2% 0.5 -3% 0.0 99 00 01 02 03E 00 01 02 03 04 05 Source: JP Morgan Source: EIA LNG Imports…
  25. Q2 2004 RESULTS – Technip – slide 25
    TECHNIP POSITIONNING ON GAS-RELATED MARKETS A leader in gas treatment facilities Member of the APCI LNG Club LNG: Contracts under execution in Nigeria and Qatar GTL: Awarded the first large-scale facility in Qatar in 2003…
  26. Q2 2004 RESULTS – Technip – slide 26
    MAJOR AWARDS EXPECTED BY TECHNIP AND COMPETITION IN NEXT 12 MONTHS TECHNIP POTENTIAL SHARE ONSHORE/GAS/LNG/ L: 200 to 500 million GTL/PETCHEM XL: 500 to 1,000 million KASHAGAN XXL: 1,000 million (Kazakhstan) LNG 6 (Nigeria) LNG Rec.…
  27. Q2 2004 RESULTS – Technip – slide 27
    V. OUTLOOK First Half 2004 Results 27
  28. Q2 2004 RESULTS – Technip – slide 28
    2004 TARGETS RECONFIRMED 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 LSTK projects aligned with Onshore-Downstream…
  29. Q2 2004 RESULTS – Technip – slide 29
    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 Half 2004…
  30. Q2 2004 RESULTS – Technip – slide 30
    TRADING TECHNIP ISIN FR0000131708 First Half 2004 Results 30
  31. Q2 2004 RESULTS – Technip – slide 31
    SAFE HARBOR T his presentation contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, or statements of future…
  32. Q2 2004 RESULTS – Technip – slide 32
    IV. ANNEXES 1. BALANCE SHEET & US GAAP 2. 2nd QUARTER 2004 ACCOUNTS 3. CONTRACTS 4. STOCK EXCHANGE PERFORMANCE First Half 2004 Results 32
  33. Q2 2004 RESULTS – Technip – slide 33
    ANNEX 1 1. BALANCE SHEET 2. US GAAP NET INCOME First Half 2004 Results 33
  34. Q2 2004 RESULTS – Technip – slide 34
    BALANCE SHEET (FRENCH GAAP) Jun. 30, Dec. 31, in Millions 2004 2003 1. Cash 1,406 892 2. Other Current Assets 1,688 1,428 3. Work in Progress 6,177 6,442 4. Fixed Assets 3,179 3,246 5. Total Assets 12,450 12,008 6. Premium for…
  35. Q2 2004 RESULTS – Technip – slide 35
    H1 2004 U.S. GAAP NET INCOME H1 2004 H1 2003 in Millions French GAAP Net Income 1.3 (18.5) Goodwill 58.5 55.2 Foreign Exchange and Other 0.3 (27.6)* U.S. GAAP Net Income 60.1 9.1 *: Financial instruments First Half 2004…
  36. Q2 2004 RESULTS – Technip – slide 36
    ANNEX 2: QUARTERLY DATA 1. MAIN NUMBERS 2. OFFSHORE ACTIVITIES 3. ONSHORE ACTIVITIES 4. INCOME STATEMENT 5. CASH FLOW STATEMENT First Half 2004 Results 36
  37. Q2 2004 RESULTS – Technip – slide 37
    Q2 2004 KEY FIGURES in Millions Net Income (before Non-Op. & Goodwill) +129% Income from 40.3 Revenues Operations (EBITA) Order Intake +20% +35% -59% 70.8 2,650 1,271 1,064 52.3 17.6 1,092 Q2 03 Q2 04 Q2 03 Q2 04 Q2…
  38. Q2 2004 RESULTS – Technip – slide 38
    Q2 OFFSHORE ACTIVITIES in Millions SURF + Facilities = Offshore Activities Backlog 1,856 -1% 1,021 -13% 2,877 -6% Revenues 361 +24% 247 +40% 608 +30% EBITA 34.8 +125% 9.7 nc 44.5 +28% EBITA Margin 9.6% 3.9% 7.3% % = y-o-y…
  39. Q2 2004 RESULTS – Technip – slide 39
    Q2 ONSHORE ACTIVITIES Onshore- in Millions Downstream + Industries = Onshore Activities Backlog 3,157 -25% 300 -5% 3,457 -24% Revenues 598 +19% 65 -31% 663 +11% EBITA 26.1 +54% 0.2 -67% 26.3 +49% EBITA Margin 4.4% 0.3%…
  40. Q2 2004 RESULTS – Technip – slide 40
    Q2 INCOME STATEMENT in Millions Q2 2004 Q2 2003 Change Revenues 1,271 1,064 + 19.5% EBITA 70.8 52.3 + 35.4% EBITA Margin 5.6% 4.9% Financial Charges (12.5) (12.0) + 4.2% Non-Operating Items (6.4) (3.7) + 73.0% Profit Before Tax 51.9…
  41. Q2 2004 RESULTS – Technip – slide 41
    Q2 CASH FLOW STATEMENT in Millions SOURCES USES Operating Cash Flow 33 Capex 11 Working Capital 45 Dividend 79 Debt 575 Share Repurchases 20 FETA and Other 2 Cash 545 Total 655 Total 655 First Half 2004 Results 41
  42. Q2 2004 RESULTS – Technip – slide 42
    ANNEX 3 1. CONTRACT EXECUTION SCHEDULE 2. ESTIMATED BACKLOG SCHEDULING First Half 2004 Results 42
  43. Q2 2004 RESULTS – Technip – slide 43
    CONTRACT EXECUTION SCHEDULE 2004 2005 2006 MAD DOG SPAR - 155M - 100% HOLSTEIN SPAR 290M 100% FUJEIRAH - 240M - 50% RED HAWK SPAR 100% - 100M DEVILS TOWER SURF 150M - 100% 9th COMPLEX - 201 M - 100% WHITE ROSE SURF 170M - 100% 10th…
  44. Q2 2004 RESULTS – Technip – slide 44
    ESTIMATED BACKLOG SCHEDULING in Millions Onshore- Offshore Industries Total Downstream 2004 1,000 850 100 1,950 2005 1,250 1,657 160 3,067 2006 and Beyond 627 650 40 1,317 Total 2,877 3,157 300 6,334 First Half 2004…
  45. Q2 2004 RESULTS – Technip – slide 45
    ANNEX 4 STOCK EXCHANGE PERFORMANCE First Half 2004 Results 45
  46. Q2 2004 RESULTS – Technip – slide 46
    STOCK EXCHANGE PERFORMANCE At June 30, 2004 +30% +27% +14% +5% +5% +0% CAC 40 SBF120 Dow OSX Jones PARIS NEW YORK Technip has outperformed the financial markets since Jan. 1st 2004 First Half 2004 Results 46

From the store

Browse maps, data & reports in the Shale Experts store