TechnipFMC Announces Fourth Quarter 2021 Results
-
Subsea orders of in the quarter,$1 billion for the full year$5 billion -
Surface Technologies orders of
in the quarter,$1.1 billion for the full year$1.8 billion -
Cash flow from operations of
in the quarter, free cash flow of$483.5 million $423 million -
Cash and cash equivalents increased to
; net debt reduced to$1.3 billion $677.5 million
NEWCASTLE &
Summary Financial Results from Continuing Operations - Fourth Quarter 2021
Reconciliation of
|
Three Months Ended |
Change |
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(In millions, except per share amounts) |
2021 |
2021 |
2020 |
Sequential |
Year-over-Year |
Revenue |
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( |
( |
Income (loss) |
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|
|
n/m |
n/m |
Diluted earnings (loss) per share |
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n/m |
n/m |
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|
|
|
|
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Adjusted EBITDA |
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|
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( |
|
Adjusted EBITDA margin |
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|
|
(30 bps) |
120 bps |
Adjusted income (loss) |
|
|
|
n/m |
n/m |
Adjusted diluted earnings (loss) per share |
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n/m |
n/m |
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Inbound orders |
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Backlog |
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-
Impairment and other charges of
;$28.2 million -
Restructuring and other charges of
; and$13.6 million -
Loss from equity investment in Technip Energies of
.$29.6 million
Adjusted loss from continuing operations was
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Summary Financial Results from Continuing Operations - Full Year 2021
Reconciliation of
|
Twelve Months Ended |
Change |
|
(In millions, except per share amounts) |
2021 |
2020 |
Year-over-Year |
Revenue |
|
|
( |
Income (loss) |
|
|
n/m |
Diluted earnings (loss) per share |
|
|
n/m |
|
|
|
|
Adjusted EBITDA |
|
|
|
Adjusted EBITDA margin |
|
|
300 bps |
Adjusted income (loss) |
|
|
n/m |
Adjusted diluted earnings (loss) per share |
|
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n/m |
|
|
|
|
Inbound orders |
|
|
|
Backlog |
|
|
|
-
Impairment and other charges of
;$85.8 million -
Restructuring and other charges of
; and$27.3 million -
Income from equity investment in Technip Energies of
.$322.2 million
Adjusted loss from continuing operations was
Adjusted EBITDA, which excludes pre-tax charges and credits, was
“We are confident that we have entered a multi-year upcycle for energy demand.
Pferdehirt continued, “In Surface Technologies, full-year inbound orders increased nearly 70 percent to
“In Subsea, full-year inbound orders of
“Our Subsea Opportunity list has expanded to a record level of more than
Pferdehirt added, “The inflection for the energy market is here. Since 2015, offshore economics have materially improved, and subsea cycle-times have become significantly shorter. This has resulted in new subsea investments coming much earlier in the cycle and more in parallel with
Pferdehirt continued, “While we are confident that oil and gas will remain an important part of the energy mix for an extended period of time, we are also committed to the energy transition. To address these evolving markets, we recently announced the formation of
“Our ability to successfully collaborate with key industry players is evidenced by several new strategic agreements and partnerships formed over the last year, some of which have already resulted in real project opportunities. These include a long-term strategic alliance with
Pferdehirt concluded, “We are confident that the robust outlook combined with changes in our business model will translate into improved operational and financial performance. Our strong project execution and continued industrialization of our operations leave us well positioned to achieve improved profitability across the portfolio, including a near doubling of Subsea EBITDA by 2025. This, along with our emerging role in the energy transition, will allow us to thrive as the energy architect in both present and future energy markets.”
Operational and Financial Highlights
Financial Highlights
Reconciliation of
|
Three Months Ended |
Change |
|||
(In millions) |
2021 |
2021 |
2020 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
( |
( |
Operating profit |
|
|
|
( |
n/m |
Adjusted EBITDA |
|
|
|
( |
|
Adjusted EBITDA margin |
|
|
|
(120 bps) |
130 bps |
|
|
|
|
|
|
Inbound orders |
|
|
|
( |
|
Backlog1,2,3 |
|
|
|
( |
( |
Estimated Consolidated Backlog Scheduling (In millions) |
2021 |
2022 |
|
2023 |
|
2024 and beyond |
|
Total |
|
1 Backlog in the period was increased by a foreign exchange impact of |
|
2 Backlog does not capture all revenue potential for Subsea Services. |
|
3 Backlog does not include total Company non-consolidated backlog of |
-
TechnipFMC awarded long-term contract by Petrobras (Brazil )
Substantial* long-term charter and services contract from Petrobras for the pipelay support vessel Coral do Atlântico. The Brazilian-registered vessel has been secured on a three-year contract, with an option to extend. Operations offshoreBrazil are expected to begin in the second quarter of 2022. Coral do Atlântico is an important component of the Company’s leading flexible pipe ecosystem inBrazil and will mainly be deployed in ultra-deepwater of up to 3,000 meters.
*A “substantial” contract is between and$250 million .$500 million
-
ExxonMobil Yellowtail Project (Guyana )
Large* contract by Exxon Mobil Corporation affiliate,Esso Exploration and Production Guyana Limited , to supply the subsea production system for the Yellowtail development. Subject to government approvals and final project sanction,TechnipFMC will provide project management, engineering, manufacturing and testing capabilities to deliver the overall subsea production system. The scope of the project includes 51 enhanced vertical deepwater trees (EVDT) and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment.
*A “large” contract is between and$500 million ; the full contract award will not be included in inbound orders until the project receives final investment decision and government approvals.$1 billion
-
Petrobras Flexible Pipe Frame Agreements (
Brazil )
Three frame agreements by Petrobras that reaffirm the Company’s leadership position in Brazil’s flexible pipe market – the industry’s largest and most established market. Altogether, the frame agreements form a large* contract forTechnipFMC . The contracts were awarded as part of Petrobras’s drive to increase oil recovery in its brownfield developments, mainly in post-salt fields offshoreBrazil . The frame agreements cover the manufacture of more than 500 kilometers of flexible pipe over the next four years, as well as services. This brings the Company’s total contracted volumes in the current year with Petrobras to around 600 kilometers.
*A “large” contract is between and$500 million ; a portion of this award will be inbound in future periods.$1 billion
Subsequent to the period, the following awards were announced and will be included in first quarter 2022 results:
-
Equinor Smørbukk Nord iEPCI™ Project (
Norway )
An integrated Engineering, Procurement, Construction and Installation (iEPCI™) contract for Equinor’s Smørbukk Nord development. The contract covers a high-pressure, high-temperature subsea production system and associated equipment for a brownfield tieback in the Åsgard field in the Norwegian Continental Shelf, whereTechnipFMC has a large installed base. The award follows front end engineering and design work on the project in 2021. The installation campaign will use TechnipFMC’s battery hybrid vessel, which will reduce greenhouse gas emissions through reduced fuel consumption.
-
Petrobras Búzios 6
Field Project (Brazil )
Large* subsea Engineering, Procurement, Construction and Installation (EPCI) contract by Petrobras for its Búzios 6 field (module 7), a greenfield development in the pre-salt area. The contract covers flexible and rigid pipe, umbilicals, pipeline end terminals, rigid jumpers, umbilical termination assemblies and a mooring system. The flexible pipe, umbilicals and subsea structures, as well as some of the rigid pipe, will be manufactured inBrazil using skills and competencies the Company has developed in-country, while minimizing thecarbon footprint associated with transportation and installation. The project will also utilize our established and qualified Brazilian supply chain.
*A “large” contract is between and$500 million .$1 billion
Partnership and Alliance Highlights
-
Acquisition of Magma Global to
Accelerate Development of Breakthrough Composite Pipe Technologies for Conventional Energy and CO2 ApplicationsTechnipFMC completed the acquisition of the outstanding shares of Magma Global (Magma), the leading provider of composite pipe technology to support the Energy Transition.TechnipFMC originally acquired an interest in Magma in 2018, combining its strong history in flexible pipe technology with Magma’s advanced composite capabilities to develop a disruptive composite pipe solution for the traditional and new energy industries.
Magma’s technology enables the manufacture of Thermoplastic Composite Pipe (TCP) using Polyether Ether Ketone (PEEK) polymer, which is highly resistive to corrosive compounds, such as CO2. When combined with TechnipFMC’s flexible pipe technology, this forms a Hybrid Flexible Pipe (HFP) that will be deployed in the Brazilian pre-salt fields. Manufactured by a fully automated robotic system, PEEK TCP will also be a critical enabler for both thecarbon and hydrogen transportation and storage markets, and particularly offshore applications.
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TechnipFMC and Saipem Announce SURF Commercial AgreementTechnipFMC and Saipem announced the two companies have entered into a global commercial agreement that will allow them to identify projects worldwide that could be jointly executed for the benefit of clients. The commercial agreement will pursue specific Subsea Umbilicals, Risers and Flowlines (SURF) projects where the combination of the companies’ complementary world-class assets, technologies, products and competencies improves project economics and de-risks the overall project development for the benefit of all stakeholders. The collaboration will have access to a broad range of SURF products and installation methods, providing greater operational flexibility and optimized execution strategies under EPCI (Engineering, Procurement, Construction and Installation) and iEPCI™ (integrated Engineering, Procurement, Construction and Installation) project execution models.
Energy Transition Highlights
-
Strategic Alliance withTalos Energy to ProvideCarbon Capture and Storage
Subsequent to the third quarter,TechnipFMC andTalos Energy entered into a long-term strategic alliance to develop and deliver technical and commercial solutions toCarbon Capture and Storage (CCS) projects along theUnited States Gulf Coast . The alliance combines Talos’s offshore operational strength and sub-surface expertise with TechnipFMC’s extended history in subsea engineering, system integration and automation and control.
Cultivated through a shared vision to responsibly deliver CCS solutions that will help to reduce the globalcarbon footprint, this innovative partnership will accelerate offshore CCS adoption with reliable, specialized systems. Under the alliance, the companies will collaborate to progress CCS opportunities through the full lifecycle of storage site characterization, front-end engineering and design (FEED), and first injection through life of field operations. This further advances the companies’ leadership in the emerging Gulf Coast CCS market, building on Talos’s recent successful award as the operator of the only major offshorecarbon sequestration hub inthe United States .
-
Strategic Investment and Collaboration withOrbital Marine Power to Accelerate Tidal EnergyTechnipFMC signed a Memorandum of Understanding withOrbital Marine Power (Orbital), a pioneer of tidal energy technology, to jointly collaborate in tidal energy to accelerate the global commercialization of Orbital’s technology and deliver the first commercial scale floating tidal field. Orbital’s unique floating turbine, the most powerful in the world to date, can harness underwater currents generated by tides, which can then be converted into electricity and exported to shore. Because of its predictability, tidal energy offers a reliable and consistent form of renewable energy. Tidal energy has the ability to make a cost-effective contribution to net zero transitions around the world at a utility scale. When combined with TechnipFMC’s integrated approach, industrialization capabilities and project management expertise, Orbital’s technology can be scaled-up to meet the increasing demand for renewable energy and significantly lower the cost of delivering tidal energy.
-
Magnora Offshore Wind Successful in ScotWind Leasing Round Application
TechnipFMC and Magnora ASA (Magnora) announced that their partnership, Magnora Offshore Wind AS, has been offered the opportunity to enter into an Option Agreement for the N3 area by the Crown Estate Scotland in the ScotWind leasing round. The planned development will have a total capacity of approximately 500 megawatts (MW), which could power more than 600,000 homes in theUnited Kingdom . The N3 area is situated in the north-western part ofScotland , 40 kilometers offshore Western Isles. The planned wind farm will cover an area of approximately 100 square kilometers in water depths of 106 to 125 meters, and the concept base for the application is 33 semi-submersible floating wind turbines of 15 MW capacity. The ambition is to achieve Consent in 2026, Final Investment Decision in 2028, and start production in 2030, contributing to achieving Scotland’s Net Zero targets, Pathway to 2030.
Surface Technologies
Financial Highlights
Reconciliation of
|
Three Months Ended |
Change |
|||
(In millions) |
2021 |
2021 |
2020 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
|
|
Operating profit |
|
|
|
( |
( |
Adjusted EBITDA |
|
|
|
|
( |
Adjusted EBITDA margin |
|
|
|
(50 bps) |
(170 bps) |
|
|
|
|
|
|
Inbound orders |
|
|
|
|
|
Backlog |
|
|
|
|
|
Surface Technologies reported fourth quarter revenue of
Surface Technologies reported operating profit of
Surface Technologies reported adjusted EBITDA of
Inbound orders for the quarter were
The following award was included in the period:
-
Abu Dhabi National Oil Company Multi-Year Framework Agreement (Abu Dhabi)
TechnipFMC , throughGulf Automation Services and Oilfield Supplies LLC , has been awarded a major* 10-year framework agreement for wellheads, trees and associated services by theAbu Dhabi National Oil Company (ADNOC) . Under the framework agreement,TechnipFMC will further grow in-country talent and expand existing manufacturing, assembly and test capabilities in Abu Dhabi in order to deliver the Company’s complete portfolio of surface wellheads and trees locally.
*A “major” contract is over ; a portion of this award will be inbound in future periods.$1 billion
Energy Transition Highlights
-
TechnipFMC andPETRONAS to Commercialize Gas Processing TechnologyTechnipFMC andPETRONAS Technology Ventures Sdn Bhd (PTVSB), a subsidiary ofPETRONAS , entered into an agreement to commercialize a unique natural gas processing membrane which reduces greenhouse gas (GHG) emissions. Through the technology commercialization agreement,TechnipFMC will utilize and integrate the membrane technology licensed fromPETRONAS as part of its production portfolio in projects worldwide, outsideChina . The technology, which removescarbon dioxide and hydrogen sulfide by using wetted membranes, is 30 percent more efficient than existing gas treatment processes and can reduce GHG emissions by significant amounts. The membrane has potential applications in both offshore and onshore hydrocarbon production environments.
-
TechnipFMC and Storengy Sign Memorandum of Understanding to Develop Hydrogen Storage and Utilization SystemTechnipFMC and Storengy, an ENGIE subsidiary, have signed a Memorandum of Understanding for the development of a ready-to-scale-up solution for the storage and utilization of hydrogen as part of theHyPSTER Project .The HyPSTER Project is a flagship development of renewable hydrogen underground storage inEurope . The project will test industrial-scale green hydrogen production and storage in salt caverns, as well as the ability to technically and economically duplicate this approach in sites acrossEurope . The project comprises a 1 megawatt electrolyser proton exchange membrane, a compressor for the production platform and dispensing solutions for the surface facility.TechnipFMC will provide surface wellheads and expertise in system integration for the project.
Corporate and Other Items (three months ended,
Corporate expense was
Foreign exchange gain was
Net interest expense was
The provision for income taxes was
Total depreciation and amortization was
Cash provided by operating activities from continuing operations was
The Company ended the period with cash and cash equivalents of
Gross debt in the period decreased sequentially by
Net debt decreased by
Investment in Technip Energies
The Company completed the partial spin-off of Technip Energies on
Following the distribution of the majority stake, the Company retained ownership of
In
Additional item
On
The Company’s shares remain listed on the
2022 Full-Year Financial Guidance1
The Company’s full-year guidance for 2022 can be found in the table below.
All segment guidance assumes no further material degradation from COVID-19-related impacts.
2022 Guidance (As of |
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Surface Technologies |
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Revenue in a range of |
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Revenue in a range of |
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EBITDA margin in a range of 11 - |
|
EBITDA margin in a range of 11 - |
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Corporate expense, net |
||||
(includes depreciation and amortization of |
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Net interest expense |
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||||
Tax provision, as reported |
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Capital expenditures approximately |
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Free cash flow |
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1Our guidance measures adjusted of EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results. |
Teleconference
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An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.
About
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing
Organized in two business segments —
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and its impact on the demand for our products and services; our inability to develop, implement and protect new technologies and services; the cumulative loss of major contracts, customers or alliances; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC and
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Exhibit 1 |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except per share data) |
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(Unaudited) |
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|
Three Months Ended |
|
Year Ended |
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|
|
|
|
|
|
|
|
||||||||||||
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
1,523.3 |
|
|
$ |
1,579.4 |
|
|
$ |
1,600.3 |
|
|
$ |
6,403.5 |
|
|
$ |
6,530.6 |
|
Costs and expenses |
|
1,559.1 |
|
|
|
1,543.4 |
|
|
|
1,701.2 |
|
|
|
6,369.6 |
|
|
|
10,037.2 |
|
|
|
(35.8 |
) |
|
|
36.0 |
|
|
|
(100.9 |
) |
|
|
33.9 |
|
|
|
(3,506.6 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expense), net |
|
28.0 |
|
|
|
(35.9 |
) |
|
|
60.3 |
|
|
|
47.2 |
|
|
|
89.7 |
|
Income (loss) from investment in Technip Energies |
|
(29.6 |
) |
|
|
28.5 |
|
|
|
— |
|
|
|
322.2 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before net interest expense and income taxes |
|
(37.4 |
) |
|
|
28.6 |
|
|
|
(40.6 |
) |
|
|
403.3 |
|
|
|
(3,416.9 |
) |
Net interest expense |
|
(34.3 |
) |
|
|
(39.3 |
) |
|
|
(9.1 |
) |
|
|
(143.3 |
) |
|
|
(81.8 |
) |
Loss on early extinguishment of debt |
|
(22.4 |
) |
|
|
(16.0 |
) |
|
|
— |
|
|
|
(61.9 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes |
|
(94.1 |
) |
|
|
(26.7 |
) |
|
|
(49.7 |
) |
|
|
198.1 |
|
|
|
(3,498.7 |
) |
Provision for income taxes |
|
39.4 |
|
|
|
12.3 |
|
|
|
5.9 |
|
|
|
111.1 |
|
|
|
19.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations |
|
(133.5 |
) |
|
|
(39.0 |
) |
|
|
(55.6 |
) |
|
|
87.0 |
|
|
|
(3,518.1 |
) |
(Income) loss from continuing operations attributable to non-controlling interests |
|
6.3 |
|
|
|
(1.6 |
) |
|
|
(19.9 |
) |
|
|
0.8 |
|
|
|
(34.5 |
) |
Income (loss) from continuing operations attributable to |
|
(127.2 |
) |
|
|
(40.6 |
) |
|
|
(75.5 |
) |
|
|
87.8 |
|
|
|
(3,552.6 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from discontinued operations |
|
(28.5 |
) |
|
|
8.4 |
|
|
|
41.7 |
|
|
|
(72.6 |
) |
|
|
280.2 |
|
Income from discontinued operations attributable to non-controlling interests |
|
— |
|
|
|
— |
|
|
|
(5.5 |
) |
|
|
(1.9 |
) |
|
|
(15.2 |
) |
Net income (loss) attributable to |
$ |
(155.7 |
) |
|
$ |
(32.2 |
) |
|
$ |
(39.3 |
) |
|
$ |
13.3 |
|
|
$ |
(3,287.6 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share from continuing operations |
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted |
$ |
(0.28 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.19 |
|
|
$ |
(7.92 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share from discontinued operations |
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted |
$ |
(0.06 |
) |
|
$ |
0.02 |
|
|
$ |
0.08 |
|
|
$ |
(0.17 |
) |
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share attributable to |
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted |
$ |
(0.35 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.03 |
|
|
$ |
(7.33 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
450.5 |
|
|
|
450.7 |
|
|
|
448.7 |
|
|
|
450.5 |
|
|
|
448.7 |
|
Diluted |
|
454.6 |
|
|
|
450.7 |
|
|
|
448.7 |
|
|
|
454.6 |
|
|
|
448.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per share |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.13 |
|
Exhibit 2 |
|||||||||||||||||||
|
|||||||||||||||||||
BUSINESS SEGMENT DATA |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$ |
1,236.2 |
|
|
$ |
1,312.1 |
|
|
$ |
1,338.0 |
|
|
$ |
5,329.1 |
|
|
$ |
5,471.4 |
|
Surface Technologies |
|
287.1 |
|
|
|
267.3 |
|
|
|
262.3 |
|
|
|
1,074.4 |
|
|
|
1,059.2 |
|
|
$ |
1,523.3 |
|
|
$ |
1,579.4 |
|
|
$ |
1,600.3 |
|
|
$ |
6,403.5 |
|
|
$ |
6,530.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment operating profit (loss) |
|
|
|
|
|
|
|
|
|
||||||||||
|
$ |
8.5 |
|
|
$ |
23.5 |
|
|
$ |
(9.5 |
) |
|
$ |
141.4 |
|
|
$ |
(2,815.5 |
) |
Surface Technologies |
|
8.8 |
|
|
|
12.1 |
|
|
|
15.1 |
|
|
|
42.0 |
|
|
|
(429.3 |
) |
Total segment operating profit (loss) |
|
17.3 |
|
|
|
35.6 |
|
|
|
5.6 |
|
|
|
183.4 |
|
|
|
(3,244.8 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate items |
|
|
|
|
|
|
|
|
|
||||||||||
Corporate expense (1) |
$ |
(29.7 |
) |
|
$ |
(29.3 |
) |
|
$ |
(59.8 |
) |
|
$ |
(118.1 |
) |
|
$ |
(131.9 |
) |
Net interest expense and loss on early extinguishment of debt |
|
(56.7 |
) |
|
|
(55.3 |
) |
|
|
(9.1 |
) |
|
|
(205.2 |
) |
|
|
(81.8 |
) |
Income (loss) from investment in Technip Energies |
|
(29.6 |
) |
|
|
28.5 |
|
|
|
— |
|
|
|
322.2 |
|
|
|
— |
|
Foreign exchange gains (losses) |
|
4.6 |
|
|
|
(6.2 |
) |
|
|
13.6 |
|
|
|
15.8 |
|
|
|
(40.2 |
) |
Total corporate items |
|
(111.4 |
) |
|
|
(62.3 |
) |
|
|
(55.3 |
) |
|
|
14.7 |
|
|
|
(253.9 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes (2) |
$ |
(94.1 |
) |
|
$ |
(26.7 |
) |
|
$ |
(49.7 |
) |
|
$ |
198.1 |
|
|
$ |
(3,498.7 |
) |
(1) Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits.
(2) Includes amounts attributable to non-controlling interests.
Exhibit 3 |
||||||||||||||
|
||||||||||||||
BUSINESS SEGMENT DATA |
||||||||||||||
(In millions, unaudited) |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
Inbound Orders (1) |
|
|
|
|
|
|
|
|||||||
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
$ |
1,034.8 |
|
$ |
1,116.0 |
|
$ |
712.1 |
|
$ |
4,960.9 |
|
$ |
4,003.0 |
Surface Technologies |
|
1,071.9 |
|
$ |
249.9 |
|
|
300.3 |
|
|
1,793.3 |
|
|
1,061.2 |
Total inbound orders |
$ |
2,106.7 |
|
$ |
1,365.9 |
|
$ |
1,012.4 |
|
$ |
6,754.2 |
|
$ |
5,064.2 |
Order Backlog (2) |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
$ |
6,533.0 |
|
$ |
6,661.4 |
|
$ |
6,876.0 |
Surface Technologies |
|
1,124.7 |
|
|
341.0 |
|
|
413.5 |
Total order backlog |
$ |
7,657.7 |
|
$ |
7,002.4 |
|
$ |
7,289.5 |
(1) Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period.
(2) Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date.
Exhibit 4 |
|||||
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(In millions) |
|||||
|
(Unaudited) |
||||
|
|
|
|
||
|
|
|
|
||
Cash and cash equivalents |
$ |
1,327.4 |
|
$ |
1,269.2 |
Trade receivables, net |
|
911.9 |
|
|
987.7 |
Contract assets |
|
966.0 |
|
|
886.8 |
Inventories, net |
|
1,031.9 |
|
|
1,252.8 |
Other current assets |
|
787.0 |
|
|
1,323.1 |
Investment in Technip Energies |
|
317.3 |
|
|
— |
Current assets of discontinued operations |
|
— |
|
|
5,725.1 |
Total current assets |
|
5,341.5 |
|
|
11,444.7 |
|
|
|
|
||
Property, plant and equipment, net |
|
2,597.2 |
|
|
2,756.2 |
Intangible assets, net |
|
813.7 |
|
|
851.3 |
Other assets |
|
1,267.7 |
|
|
1,356.9 |
Non-current assets of discontinued operations |
|
— |
|
|
3,283.5 |
Total assets |
$ |
10,020.1 |
|
$ |
19,692.6 |
|
|
|
|
||
Short-term debt and current portion of long-term debt |
$ |
277.6 |
|
$ |
624.7 |
Accounts payable, trade |
|
1,294.3 |
|
|
1,201.0 |
Contract liabilities |
|
1,012.9 |
|
|
1,046.8 |
Other current liabilities |
|
1,267.0 |
|
|
1,446.2 |
Current liabilities of discontinued operations |
|
— |
|
|
6,096.5 |
Total current liabilities |
|
3,851.8 |
|
|
10,415.2 |
|
|
|
|
||
Long-term debt, less current portion |
|
1,727.3 |
|
|
2,835.5 |
Other liabilities |
|
1,022.6 |
|
|
1,102.6 |
Non-current liabilities of discontinued operations |
|
— |
|
|
1,081.3 |
Redeemable non-controlling interest |
|
— |
|
|
43.7 |
|
|
3,402.7 |
|
|
4,154.2 |
Non-controlling interests |
|
15.7 |
|
|
40.4 |
Non-controlling interests of discontinued operations |
|
— |
|
|
19.7 |
Total liabilities and equity |
$ |
10,020.1 |
|
$ |
19,692.6 |
Exhibit 5 |
|||||||||||
|
|||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
(In millions, unaudited) |
|||||||||||
(In millions) |
Three Months Ended
|
|
Year Ended |
||||||||
2021 |
|
2021 |
|
2020 |
|||||||
Cash provided (required) by operating activities |
|
|
|
|
|
||||||
Net income (loss) |
|
(162.0 |
) |
|
|
14.4 |
|
|
|
(3,237.9 |
) |
Net (income) loss from discontinued operations |
$ |
28.5 |
|
|
$ |
72.6 |
|
|
$ |
(280.2 |
) |
Adjustments to reconcile net income (loss) to cash provided (required) by operating activities |
|
|
|
|
|
||||||
Depreciation |
|
72.3 |
|
|
|
291.3 |
|
|
|
308.7 |
|
Amortization |
|
23.4 |
|
|
|
94.1 |
|
|
|
103.4 |
|
Impairments |
|
28.2 |
|
|
|
49.1 |
|
|
|
3,273.8 |
|
Employee benefit plan and share-based compensation costs |
|
11.8 |
|
|
|
34.3 |
|
|
|
36.4 |
|
Deferred income tax provision, net |
|
(56.1 |
) |
|
|
(95.1 |
) |
|
|
(31.8 |
) |
Income (loss) from investment in Technip Energies |
|
29.6 |
|
|
|
(322.2 |
) |
|
|
— |
|
Unrealized loss (gain) on derivative instruments and foreign exchange |
|
50.1 |
|
|
|
30.8 |
|
|
|
(13.3 |
) |
Loss from equity affiliates, net of dividends received |
|
(10.0 |
) |
|
|
(0.6 |
) |
|
|
(58.2 |
) |
Loss on early extinguishment of debt |
|
22.4 |
|
|
|
61.9 |
|
|
|
— |
|
Other |
|
13.5 |
|
|
|
(5.5 |
) |
|
|
(32.7 |
) |
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
|
|
|
||||||
Trade receivables, net and contract assets |
|
246.9 |
|
|
|
(73.1 |
) |
|
|
433.4 |
|
Inventories, net |
|
31.8 |
|
|
|
197.7 |
|
|
|
87.4 |
|
Accounts payable, trade |
|
15.8 |
|
|
|
93.8 |
|
|
|
(236.4 |
) |
Contract liabilities |
|
105.7 |
|
|
|
0.9 |
|
|
|
(61.8 |
) |
Income taxes payable (receivable), net |
|
35.8 |
|
|
|
214.7 |
|
|
|
(56.1 |
) |
Other current assets and liabilities, net |
|
6.1 |
|
|
|
63.5 |
|
|
|
551.2 |
|
Other non-current assets and liabilities, net |
|
(10.3 |
) |
|
|
(7.6 |
) |
|
|
(13.5 |
) |
Cash provided by operating activities from continuing operations |
|
483.5 |
|
|
|
715.0 |
|
|
|
772.4 |
|
Cash provided (required) by operating activities from discontinued operations |
|
— |
|
|
|
66.3 |
|
|
|
(115.5 |
) |
Cash provided by operating activities |
|
483.5 |
|
|
|
781.3 |
|
|
|
656.9 |
|
|
|
|
|
|
|
||||||
Cash provided (required) by investing activities |
|
|
|
|
|
||||||
Capital expenditures |
|
(60.5 |
) |
|
|
(191.7 |
) |
|
|
(256.1 |
) |
Payment to acquire debt securities |
|
— |
|
|
|
(29.1 |
) |
|
|
(3.9 |
) |
Proceeds from sale of debt securities |
|
— |
|
|
|
27.4 |
|
|
|
51.5 |
|
Acquisition, net of cash acquired |
|
(15.3 |
) |
|
|
(15.3 |
) |
|
|
— |
|
Proceeds from sale of assets |
|
8.9 |
|
|
|
104.6 |
|
|
|
45.5 |
|
Proceeds from sales of investment in Technip Energies |
|
116.4 |
|
|
|
900.9 |
|
|
|
— |
|
Proceeds from repayment of advance to joint venture |
|
12.5 |
|
|
|
25.0 |
|
|
|
26.7 |
|
Other |
|
— |
|
|
|
— |
|
|
|
15.5 |
|
Cash provided (required) by investing activities from continuing operations |
|
62.0 |
|
|
|
821.8 |
|
|
|
(120.8 |
) |
Cash required by investing activities from discontinued operations |
|
— |
|
|
|
(4.5 |
) |
|
|
(59.8 |
) |
Cash provided (required) by investing activities |
|
62.0 |
|
|
|
817.3 |
|
|
|
(180.6 |
) |
|
|
|
|
|
|
||||||
Cash required by financing activities |
|
|
|
|
|
||||||
Net decrease in short-term debt |
|
(30.7 |
) |
|
|
(62.0 |
) |
|
|
(31.9 |
) |
Net decrease in commercial paper |
|
— |
|
|
|
(974.3 |
) |
|
|
(340.9 |
) |
Proceeds from issuance of long-term debt |
|
— |
|
|
|
1,164.4 |
|
|
|
223.2 |
|
Repayments of long-term debt |
|
(220.0 |
) |
|
|
(1,462.2 |
) |
|
|
(423.9 |
) |
Acquisition of non-controlling interest |
|
— |
|
|
|
(48.6 |
) |
|
|
— |
|
Payments for debt issuance cost |
|
(6.9 |
) |
|
|
(60.4 |
) |
|
|
— |
|
Dividends paid |
|
— |
|
|
|
— |
|
|
|
(59.2 |
) |
Other |
|
(0.4 |
) |
|
|
(4.2 |
) |
|
|
(19.2 |
) |
Cash required by financing activities from continuing operations |
|
(258.0 |
) |
|
|
(1,447.3 |
) |
|
|
(651.9 |
) |
Cash required by financing activities from discontinued operations |
|
— |
|
|
|
(3,617.7 |
) |
|
|
(430.3 |
) |
Cash required by financing activities |
|
(258.0 |
) |
|
|
(5,065.0 |
) |
|
|
(1,082.2 |
) |
Effect of changes in foreign exchange rates on cash and cash equivalents |
|
5.9 |
|
|
|
(14.0 |
) |
|
|
223.5 |
|
Change in cash and cash equivalents |
|
293.4 |
|
|
|
(3,480.4 |
) |
|
|
(382.4 |
) |
Cash and cash equivalents in the statement of cash flows, beginning of period |
|
1,034.0 |
|
|
|
4,807.8 |
|
|
|
5,190.2 |
|
Cash and cash equivalents in the statement of cash flows, end of period |
$ |
1,327.4 |
|
|
$ |
1,327.4 |
|
|
$ |
4,807.8 |
|
Less: Cash and cash equivalents of discontinued operations |
$ |
— |
|
|
$ |
— |
|
|
$ |
3,538.6 |
|
Cash and cash equivalents of continuing operations at end of period |
$ |
1,327.4 |
|
|
$ |
1,327.4 |
|
|
$ |
1,269.2 |
|
Exhibit 6
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
Charges and Credits
In addition to financial results determined in accordance with
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Loss from continuing operations attributable to |
|
Loss attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense and loss on early extinguishment of debt |
|
Income (loss) before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||||
|
$ |
(127.2 |
) |
|
$ |
(6.3 |
) |
|
$ |
39.4 |
|
$ |
56.7 |
|
$ |
(37.4 |
) |
|
$ |
95.7 |
|
$ |
58.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
|
28.2 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
28.2 |
|
|
|
— |
|
|
28.2 |
Restructuring and other charges |
|
13.6 |
|
|
|
— |
|
|
|
0.6 |
|
|
— |
|
|
14.2 |
|
|
|
— |
|
|
14.2 |
Loss from investment in Technip Energies |
|
29.6 |
|
|
|
— |
|
|
|
— |
|
— |
|
|
29.6 |
|
|
|
— |
|
|
29.6 |
|
Adjusted financial measures |
$ |
(55.8 |
) |
|
$ |
(6.3 |
) |
|
$ |
40.0 |
|
$ |
56.7 |
|
$ |
34.6 |
|
|
$ |
95.7 |
|
$ |
130.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted loss per share from continuing operations attributable to |
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Loss from continuing operations attributable to |
|
Income attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense and loss on early extinguishment of debt |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
|||||||||||
|
$ |
(40.6 |
) |
|
$ |
1.6 |
|
$ |
12.3 |
|
|
$ |
55.3 |
|
$ |
28.6 |
|
|
$ |
96.5 |
|
$ |
125.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impairment and other charges |
|
38.0 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
38.0 |
|
|
|
— |
|
|
38.0 |
|
Restructuring and other charges |
|
6.1 |
|
|
|
— |
|
|
(0.1 |
) |
|
|
— |
|
|
6.0 |
|
|
|
— |
|
|
6.0 |
|
Income from investment in Technip Energies |
|
(28.5 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(28.5 |
) |
|
|
— |
|
|
(28.5 |
) |
Adjusted financial measures |
$ |
(25.0 |
) |
|
$ |
1.6 |
|
$ |
12.2 |
|
|
$ |
55.3 |
|
$ |
44.1 |
|
|
$ |
96.5 |
|
$ |
140.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Diluted loss per share from continuing operations attributable to |
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 6
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Three Months Ended |
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Loss from continuing operations attributable to |
|
Income attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense |
|
Income (loss) before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||||
|
$ |
(75.5 |
) |
|
$ |
19.9 |
|
$ |
5.9 |
|
|
$ |
9.1 |
|
$ |
(40.6 |
) |
|
$ |
113.8 |
|
$ |
73.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
|
27.7 |
|
|
|
— |
|
|
1.4 |
|
|
|
— |
|
|
29.1 |
|
|
|
— |
|
|
29.1 |
Restructuring and other charges |
|
16.5 |
|
|
|
— |
|
|
0.2 |
|
|
|
— |
|
|
16.7 |
|
|
|
— |
|
|
16.7 |
Direct Covid 19 expenses |
|
0.7 |
|
|
|
— |
|
|
(0.7 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
Purchase price accounting adjustment |
|
0.1 |
|
|
|
— |
|
|
(0.1 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
Valuation allowance |
|
3.1 |
|
|
|
— |
|
|
(3.1 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
Adjusted financial measures |
$ |
(27.4 |
) |
|
$ |
19.9 |
|
$ |
3.6 |
|
|
$ |
9.1 |
|
$ |
5.2 |
|
|
$ |
113.8 |
|
$ |
119.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted loss per share from continuing operations attributable to |
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 7
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Year Ended |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Income (loss) from continuing operations attributable to |
|
Loss attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense and loss on early extinguishment of debt |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
|||||||||||
|
$ |
87.8 |
|
|
$ |
(0.8 |
) |
|
$ |
111.1 |
|
$ |
205.2 |
|
$ |
403.3 |
|
|
$ |
385.4 |
|
$ |
788.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impairment and other charges* |
|
85.8 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
85.8 |
|
|
|
— |
|
|
85.8 |
|
Restructuring and other charges |
|
27.3 |
|
|
|
— |
|
|
|
0.8 |
|
|
— |
|
|
28.1 |
|
|
|
— |
|
|
28.1 |
|
Income from investment in Technip Energies |
|
(322.2 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(322.2 |
) |
|
|
— |
|
|
(322.2 |
) |
Adjusted financial measures |
$ |
(121.3 |
) |
|
$ |
(0.8 |
) |
|
$ |
111.9 |
|
$ |
205.2 |
|
$ |
195.0 |
|
|
$ |
385.4 |
|
$ |
580.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Diluted earnings per share from continuing operations attributable to |
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
*Includes
|
Year Ended |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Loss from continuing operations attributable to |
|
Income attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense |
|
Loss before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
|||||||||||
|
$ |
(3,552.6 |
) |
|
$ |
34.5 |
|
$ |
19.4 |
|
$ |
81.8 |
|
$ |
(3,416.9 |
) |
|
$ |
412.1 |
|
|
$ |
(3,004.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impairment and other charges |
|
3,260.4 |
|
|
|
— |
|
|
13.4 |
|
|
— |
|
|
3,273.8 |
|
|
|
— |
|
|
|
3,273.8 |
|
Restructuring and other charges |
|
65.4 |
|
|
|
— |
|
|
5.0 |
|
|
— |
|
|
70.4 |
|
|
|
— |
|
|
|
70.4 |
|
Direct Covid-19 expenses |
|
51.6 |
|
|
|
— |
|
|
6.2 |
|
|
— |
|
|
57.8 |
|
|
|
— |
|
|
|
57.8 |
|
Purchase price accounting adjustment |
|
6.6 |
|
|
|
— |
|
|
1.9 |
|
|
— |
|
|
8.5 |
|
|
|
(8.5 |
) |
|
|
— |
|
Adjusted financial measures |
$ |
(168.6 |
) |
|
$ |
34.5 |
|
$ |
45.9 |
|
$ |
81.8 |
|
$ |
(6.4 |
) |
|
$ |
403.6 |
|
|
$ |
397.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Diluted loss per share from continuing operations attributable to |
$ |
(7.92 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 8
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Three Months Ended |
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net and Other |
|
Total |
||||||||||
Revenue |
$ |
1,236.2 |
|
|
$ |
287.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,523.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
8.5 |
|
|
$ |
8.8 |
|
|
$ |
(29.7 |
) |
|
$ |
(25.0 |
) |
|
$ |
(37.4 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
|
26.6 |
|
|
|
1.6 |
|
|
|
— |
|
|
|
— |
|
|
|
28.2 |
|
Restructuring and other charges |
|
9.8 |
|
|
|
2.2 |
|
|
|
2.2 |
|
|
|
— |
|
|
|
14.2 |
|
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29.6 |
|
|
|
29.6 |
|
Subtotal |
|
36.4 |
|
|
|
3.8 |
|
|
|
2.2 |
|
|
|
29.6 |
|
|
|
72.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
44.9 |
|
|
|
12.6 |
|
|
|
(27.5 |
) |
|
|
4.6 |
|
|
|
34.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
78.7 |
|
|
|
16.3 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
95.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
123.6 |
|
|
$ |
28.9 |
|
|
$ |
(26.8 |
) |
|
$ |
4.6 |
|
|
$ |
130.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
0.7 |
% |
|
|
3.1 |
% |
|
|
|
|
|
|
-2.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
3.6 |
% |
|
|
4.4 |
% |
|
|
|
|
|
|
2.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
10.0 |
% |
|
|
10.1 |
% |
|
|
|
|
|
|
8.6 |
% |
|
Three Months Ended |
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net and Other |
|
Total |
||||||||||
Revenue |
$ |
1,312.1 |
|
|
$ |
267.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,579.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
23.5 |
|
|
$ |
12.1 |
|
|
$ |
(29.3 |
) |
|
$ |
22.3 |
|
|
$ |
28.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges* |
|
38.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38.0 |
|
Restructuring and other charges |
|
5.6 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
6.0 |
|
Income from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28.5 |
) |
|
|
(28.5 |
) |
Subtotal |
|
43.6 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
(28.5 |
) |
|
|
15.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
67.1 |
|
|
|
12.1 |
|
|
|
(28.9 |
) |
|
|
(6.2 |
) |
|
|
44.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
79.4 |
|
|
|
16.3 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
96.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
146.5 |
|
|
$ |
28.4 |
|
|
$ |
(28.1 |
) |
|
$ |
(6.2 |
) |
|
$ |
140.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
1.8 |
% |
|
|
4.5 |
% |
|
|
|
|
|
|
1.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
5.1 |
% |
|
|
4.5 |
% |
|
|
|
|
|
|
2.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
11.2 |
% |
|
|
10.6 |
% |
|
|
|
|
|
|
8.9 |
% |
*Includes
Exhibit 8
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Three Months Ended |
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
|||||||||
Revenue |
$ |
1,338.0 |
|
|
$ |
262.3 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
1,600.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating profit (loss), as reported (pre-tax) |
|
(9.5 |
) |
|
|
15.1 |
|
|
|
(59.8 |
) |
|
|
13.6 |
|
$ |
(40.6 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|||||||||
Impairment and other charges |
|
27.9 |
|
|
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
29.1 |
|
Restructuring and other charges |
|
16.8 |
|
|
|
(0.8 |
) |
|
|
0.7 |
|
|
|
— |
|
|
16.7 |
|
Subtotal |
|
44.7 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
|
— |
|
|
45.8 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Operating profit (loss) |
|
35.2 |
|
|
|
15.5 |
|
|
|
(59.1 |
) |
|
|
13.6 |
|
|
5.2 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization |
|
81.3 |
|
|
|
15.4 |
|
|
|
17.1 |
|
|
|
— |
|
|
113.8 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA |
$ |
116.5 |
|
|
$ |
30.9 |
|
|
$ |
(42.0 |
) |
|
$ |
13.6 |
|
$ |
119.0 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating profit margin, as reported |
|
-0.7 |
% |
|
|
5.8 |
% |
|
|
|
|
|
|
-2.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Operating profit margin |
|
2.6 |
% |
|
|
5.9 |
% |
|
|
|
|
|
|
0.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA margin |
|
8.7 |
% |
|
|
11.8 |
% |
|
|
|
|
|
|
7.4 |
% |
|||
Exhibit 9
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Year Ended |
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net and Other |
|
Total |
||||||||||
Revenue |
$ |
5,329.1 |
|
|
$ |
1,074.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,403.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
141.4 |
|
|
$ |
42.0 |
|
|
$ |
(118.1 |
) |
|
$ |
338.0 |
|
|
$ |
403.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges* |
|
80.9 |
|
|
|
1.9 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
85.8 |
|
Restructuring and other charges |
|
19.8 |
|
|
|
5.7 |
|
|
|
2.6 |
|
|
|
— |
|
|
|
28.1 |
|
Income from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(322.2 |
) |
|
|
(322.2 |
) |
Subtotal |
|
100.7 |
|
|
|
7.6 |
|
|
|
5.6 |
|
|
|
(322.2 |
) |
|
|
(208.3 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
242.1 |
|
|
|
49.6 |
|
|
|
(112.5 |
) |
|
|
15.8 |
|
|
|
195.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
317.2 |
|
|
|
64.8 |
|
|
|
3.4 |
|
|
|
— |
|
|
|
385.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
559.3 |
|
|
$ |
114.4 |
|
|
$ |
(109.1 |
) |
|
$ |
15.8 |
|
|
$ |
580.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
2.7 |
% |
|
|
3.9 |
% |
|
|
|
|
|
|
6.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
4.5 |
% |
|
|
4.6 |
% |
|
|
|
|
|
|
3.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
10.5 |
% |
|
|
10.6 |
% |
|
|
|
|
|
|
9.1 |
% |
*Includes
|
Year Ended |
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||
Revenue |
$ |
5,471.4 |
|
|
$ |
1,059.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,530.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss, as reported (pre-tax) |
$ |
(2,815.5 |
) |
|
$ |
(429.3 |
) |
|
$ |
(131.9 |
) |
|
$ |
(40.2 |
) |
|
$ |
(3,416.9 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
|
2,854.5 |
|
|
|
419.3 |
|
|
|
— |
|
|
|
— |
|
|
|
3,273.8 |
|
Restructuring and other charges |
|
52.9 |
|
|
|
13.2 |
|
|
|
4.3 |
|
|
|
— |
|
|
|
70.4 |
|
Direct COVID - 19 expenses |
|
50.1 |
|
|
|
7.7 |
|
|
|
— |
|
|
|
— |
|
|
|
57.8 |
|
Purchase price accounting adjustments |
|
8.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.5 |
|
Subtotal |
|
2,966.0 |
|
|
|
440.2 |
|
|
|
4.3 |
|
|
|
— |
|
|
|
3,410.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
150.5 |
|
|
|
10.9 |
|
|
|
(127.6 |
) |
|
|
(40.2 |
) |
|
|
(6.4 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization |
|
316.4 |
|
|
|
70.1 |
|
|
|
17.1 |
|
|
|
— |
|
|
|
403.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
466.9 |
|
|
$ |
81.0 |
|
|
$ |
(110.5 |
) |
|
$ |
(40.2 |
) |
|
$ |
397.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
-51.5 |
% |
|
|
-40.5 |
% |
|
|
|
|
|
|
-52.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
2.8 |
% |
|
|
1.0 |
% |
|
|
|
|
|
|
-0.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
8.5 |
% |
|
|
7.6 |
% |
|
|
|
|
|
|
6.1 |
% |
||||
Exhibit 10
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
1,327.4 |
|
|
$ |
1,034.0 |
|
|
$ |
1,269.2 |
|
Short-term debt and current portion of long-term debt |
|
(277.6 |
) |
|
|
(282.2 |
) |
|
|
(624.7 |
) |
Long-term debt, less current portion |
|
(1,727.3 |
) |
|
|
(1,973.6 |
) |
|
|
(2,835.5 |
) |
Net debt |
$ |
(677.5 |
) |
|
$ |
(1,221.8 |
) |
|
$ |
(2,191.0 |
) |
Net (debt) cash, is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt. Management uses this non-GAAP financial measure to evaluate our capital structure and financial leverage. We believe net debt, or net cash, is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. Net (debt) cash should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with
Exhibit 11
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Three Months Ended
|
|
Year Ended |
||||||||
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Cash provided by operating activities from continuing operations |
$ |
483.5 |
|
|
|
715.0 |
|
|
|
772.4 |
|
Capital expenditures |
|
(60.5 |
) |
|
|
(191.7 |
) |
|
|
(256.1 |
) |
Free cash flow from continuing operations |
$ |
423.0 |
|
|
$ |
523.3 |
|
|
$ |
516.3 |
|
Free cash flow (deficit) from continuing operations, is a non-GAAP financial measure and is defined as cash provided by operating activities less capital expenditures. Management uses this non-GAAP financial measure to evaluate our financial condition. We believe from continuing operations, free cash flow (deficit) from continuing operations is a meaningful financial measure that may assist investors in understanding our financial condition and results of operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006204/en/
Investor relations
Vice President, Investor Relations
Tel: +1 281 260 3665
Email:
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email:
Media relations
Vice President, Corporate Communications
Tel: +44 383 742 297
Email:
Director, Public Relations
Tel: +1 281 591 5405
Email:
Source: