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First Half 2005 Results

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First Half 2005 Results FIRST HALF 2005 RESULTS JULY 28, 2005 Highlights Order Intake: € 4.2 billion Backlog at June 30: € 8.2 billion EPS: up 15.6% y-o-y First Half 2005 Results 2 I. FIRST HALF 2005 GROUP FIGURES II. PROJECT EXECUTION III. STRATEGY IV. OUTLOOK First Half 2005 Results 3 I. FIRST HALF 2005 GROUP FIGURES 1. Main Numbers 2. Business Segment Performance 3. Order Intake 4. Backlog 5. Cash Flow 6. Net Financial Debt First Half 2005 Results 4 1. First Half 2005 Main Figures IFRS € in Millions Order Intake Revenues Operating Income Earnings per Share (€) +111.6% +0.3% +13.2% +15.6% 4,166 2,524 2,532 116.4 1,969 102.8 0.60 0.52 H1 04 H1 05 H1 04 H1 05 H1 04 H1 05 H1 04 H1 05 First Half 2005 Results 5 2. Business Segment Performance IFRS Offshore Onshore SURF Industries € in Millions Facilities Downstream Backlog 1,939 1,243 4,887 141 +4.5% +21.7% +54.7% -52.3% Revenues 873.6 415.4 1,111.2 132.0 +22.0% -18.2% -5.2% +3.3% Op. Income 68.6 10.1 40.3 2.2 +3.8% +98.0% -2.4% nm Op. Margin 7.9% 2.4% 3.6% 1.7% At 4.6%, Group operating margin is up 53 basis points y-o-y % = y-o-y change nm = not meaningful First Half 2005 Results 6 3.1 First Half 2005 Order Intake 4,166 1.3% Industries +112% 57.4% Onshore Downstream 1,969 4.9% 29.5% 17.6% Offshore Facilities ORDER INTAKE 27.0% € in millions 23.7% SURF 38.6% H1 2004 H1 2005 BOOK-TO-BILL 78% 165% RATIO An all-time high in Technip’s history First Half 2005 Results 7 3.2 Main Additions to Backlog during 1st Half 2005 Project Country Market Yanbu Ethylene Saudi Arabia Petrochemicals Horizon Oil Sands Canada Heavy Oil Dung Quat Refinery Vietnam Refining Akpo FPSO Nigeria Deepwater P-52 SURF Brazil Deepwater Kikeh Spar Malaysia Deepwater Fram / Vilje SURF Norway Shallow Water Hovensa HDT US Virgin Island Refining Kikeh SURF Malaysia Deepwater Total aggregate value: more than € 3.5 billion First Half 2005 Results 8 4.1 Backlog 8,210 7,184 +14% 6,778 +6% 5,804 +17% Backlog € in Millions 09-30-04 12-31-04 03-31-05 06-30-05 In months of 13.6 15.8 16.9 19.1 revenues Record backlog at June 30, 2005 First Half 2005 Results 9 4.2 Backlog: Market Split As of June 30, 2004: As of June 30, 2005: € 6,331 M € 8,210 M Other Other Refining 3% 9% Deepwater Refining Deepwater Heavy Oil 24% Heavy Oil 29% 20% 18% 15% 17% 16% Shallow 22% Shallow Gas Water Gas Water 11% 16% Petrochems Petrochems Backlog growth mainly driven by LNG, refining, heavy oil and petrochemicals First Half 2005 Results 10 5. First Half 2005 Cash Flow IFRS € in Millions SOURCES USES Operating Cash Flow 161 Capex 31 Capital Increase 2 Dividend 32 FETA and Other 22 Working Capital 53 Cash 69 TOTAL 185 TOTAL 185 First Half 2005 Results 11 6. Net Financial Debt IFRS 167 -50% Net Debt 83 € in Millions 12-31-2004 06-30-2005 Gearing 9.0% 4.3% De-leveraged balance sheet is a key success factor for winning large lump-sum turnkey contracts. First Half 2005 Results 12 II. PROJECT EXECUTION 1. Project Management 2. Technip People 3. The Workforce Leverage 4. Flexibility 5. Fixed Assets: Vessels 6. Asset Management First Half 2005 Results 13 1. Project Management Main Challenges Project Management Policies At bidding stage During project execution Currency Multi-currency bids Strict monitoring and fluctuations Shorter validity of offers hedging of forex exposure Hedging agreements Volatility of raw Shorter validity of offers Global procurement network material & Pre-commitments from equipment costs suppliers Escalation provisions Execution risks Higher level of contingencies Strong construction Better contractual terms supervision mgmt teams Focus on contract management and cost control Strict and proven management policies and tools are in place. First Half 2005 Results 14 2. Technip People: Our No. 1 Asset Number of Group Project Directors & Managers 307 Number of Group Process Engineers 850 Turnover in main centers (Paris and Rome) 1.8% Years with the Group 14.8 Highly competent, loyal and dedicated teams First Half 2005 Results 15 3.1 The Workforce Leverage TYPICAL LSTK CONTRACT On lump-sum turnkey (LSTK) Revenues contracts, in-house workforce costs account for 10% to 15% of the total contract value In-house workforce mobilization is sustained during a relatively short period of time during In-house project execution Manhours Y1 Y2 Y3 With more than 85% of revenues coming from LSTK contracts, manhour backlog is 2 to 3 times shorter than revenue backlog. First Half 2005 Results 16 3.2 Workforce Leverage and Economies of Scale Estimated In-house Staff Needed to Generate $ 1 Billion Revenue from: 50 service contracts worth $ 20 million each: ~2,500 10 LSTK contracts worth $ 100 million each: ~850 1 LSTK contract worth $ 1,000 million: ~550 Built-in flexibility to adapt capacities as the focus moves towards more and larger LSTK contracts First Half 2005 Results 17 4.1 Flexibility: The Workforce Structure Technip Headcount (June 2005): 20,000 Current Structure Net Additions (since June 2004) Payroll 74.2% 590 people Contracted 25.8% 410 people Structure of the workforce allows smooth adaptation to the ever-changing volume of the workload. First Half 2005 Results 18 4.2 Flexibility: RussiaRussia ShanghaiShanghai The Network 100 485 BangkokBangkok NENE 200 EuropeEurope 4,4004,400 ** Kuala-Kuala- JakartaJakarta Lumpur Lumpur 260 1,0151,015 USAUSA 2,0702,070 BogotaBogota ChennaiChennai FranFrancece 180 3,7753,775 405 RomeRome 1,1701,170 BrazilBrazil CaracasCaracas 1,9401,940 NewNew DelhiDelhi 365 325 NigeriaNigeria OthersOthers 1,950 120 AngolaAngola AbuAbu DhabiDhabi 115 1,125 - Lower costs: global engineering, procurement and manufacturing - Lower Euro exposure: 2/3 of workforce outside of Euroland - Greater flexibility to cope with workload fluctuations * NE Europe = UK, Norway, Finland, Germany & The Netherlands First Half 2005 Results 19 4.3 Flexibility: The Network How It Works at Technip Example: Ras Laffan Ethylene (815,000 Manhours) PARISPARIS 520,000520,000 ManhoursManhours QATQATAARR ConstructionConstruction SiteSite CLAREMONTCLAREMONT USAUSA NEWNEW DELHIDELHI 75,00075,000 220,000220,000 ManhoursManhours ManhoursManhours First Half 2005 Results 20 5. Fixed Assets: Vessels Utilization Rates of Technip Fleet 100% 95% Construction Vessels 87% 88% 90% 80% 71% 70% Diving Support 70% 68% Vessels 61% 62% 60% 50% 2002 2003 2004 H1 2005 - Availability of third-party vessels is dwindling - Market trends require further adaptation of our fleet First Half 2005 Results 21 6. Further Adaptation of Our Assets to Our Business Needs DISPOSALS INVESTMENTS One DSV (Marianos) sold to a One new vessel will replace the third-party in South East Asia DSV Orelia to serve the Statoil Effective: End August 2005 multi-year contract Availability: 2007 Disposal of other non-strategic A major extension of the Vitoria assets is under review plant is being undertaken to cope with the rising demand in Brazil for flexible pipelines Additional capital spending is expected in 2006 & 2007. Modernization of the construction fleet is under review. First Half 2005 Results 22 III. STRATEGY 1. Oil Market: The Capacity Squeeze 2. Overall Business Strategy 3. Strategic Initiatives Bearing Fruit First Half 2005 Results 23 1. Oil Market: The Capacity Squeeze Upstream 2004 / 2003 Oil demand +3.4% Highest growth in 20 years World oil reserves 0% No growth OPEC spare capacity 2% Lowest level in 30 years (% of world demand) Downstream 2004 / 2003 Refinery throughput +3.4% To cope with growing demand Refining capacities +0.8% No significant additions Utilization ratio 87.1% An all-time high World exploration & production spending is expected to grow by 13% in 2005 versus 2004. Sources: Lehman, BP Statistical Review First Half 2005 Results 24 2. Overall Business Strategy Drivers Key Business Technip’s Strategy Segments Maintain Create Near Term Long Term Leadership Leadership Growth Areas Growth Areas Deep Offshore Depletion of Extra-Heavy Oil conventional oil Gas-to-Liquids and gas LNG Petrochems Demographic Refining/Hydrogen and economic Infrastructures growth Metal & Mining Desulfurization Ethanol Plants Environmental Nuclear Plants constraints New Technologies (Renewables, Hydrogen, …) First Half 2005 Results 25 3. Strategic Initiatives Bearing Fruit INITIATIVE RESULT Offshore Acquisition of Aker FPSO’s, Semi-Subs, Deepwater and Coflexip large SURF contracts (2001) (from 2003) LNG Alliance with Chiyoda Qatargas II (2004) (2002) Well positioned to get other mega-projects (2005) th th Ethylene Acquisition of KTI 9 and 10 complexes (2001) (1999) Ras Laffan, Yanbu, Kuwait (2005) 2-3 year time-lag minimum between a strategic initiative & materialization of actual business First Half 2005 Results 26 IV. OUTLOOK 1. Additional Awards 2. Radar Screen 3. 2005 Financial Targets First Half 2005 Results 27 1. Additional Awards Project Country Market AGBAMI SURF (contract) Nigeria Deepwater SUBSEA SERVICES Norway Shallow Water (2 contracts) RAS LAFFAN (LOI) Qatar Petrochemicals DOW PIC (MOU) Kuwait Petrochemicals KHURSANIYAH (contract) Saudi Arabia Gas Treatment Total aggregate value (more than € 2.9 billion) is not in backlog as of June 30, 2005 First Half 2005 Results 28 2. Major Awards Expected by Technip and Competition in Next 12 Months OFFSHORE GAS/LNG REF./PETROCHEM. RASGAS III Offshore ECOPETROL HDT L RASGAS III (Qatar) (Qatar) XXL (Colombia) L ATC Aromatics MOHO BILONDO L (Congo) L YEMEN LNG XL (Thailand) CAMAU Fertilizer BOSI EPS (Nigeria) L (Vietnam) L HARWEEL (Oman) XL TAHITI SPAR (GoM) L QAFAC (Qatar) XL EKOFISK (Decom.) ENOC Refinery (UAE) L XL CCO (Venezuela) XL (Norway) PETRONAS Lube Oil (Malaysia) L PETRONAS KHARG NGL (Iran) XL INCITEC Fertilizer (Turkmenistan) L (Brunei) XL SABINE PASS LNG L Polyethylene TERANG/SIRASUN 2 Terminal (USA) L (Indonesia) L (Thailand) QATARGAS III & IV XXL SABIC Petrochem.
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