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TEC:CA is the top Canadian ETF for broad-based, liquid U.S. tech and AI exposure, tracking the Solactive Global Technology Leaders Index. TEC:CA offers strong liquidity, low fees (0.39% expense ratio), and effective benchmark tracking, outperforming less liquid Canadian tech ETFs. Entering Q2 earnings, robust ad spend, resilient consumer demand, and flexible big tech CapEx position TEC:CA for continued strength despite macro/geopolitical risks.
During the first quarter, the Harbor Transformative Technologies ETF returned -8.80% (NAV), underperforming its benchmark, the Nasdaq-100 Total Return Index, which returned -5.82%. Keysight Technologies advanced amid record orders, margin expansion, and accelerating demand tied to AI data center and semiconductor testing. The ETF initiated a position in Palantir Technologies, a leading provider of AI and data platforms that help organizations integrate information and operationalize decisions.
During the fourth quarter, the Harbor Transformative Technologies ETF returned 1.88% (NAV), underperforming its benchmark, the Nasdaq 100 Total Return Index, which returned 2.47%. Harbor Transformative Technologies ETF holdings in Information Technology and Communication Services underperformed, while holdings in the Consumer Discretionary sector and the electronic equipment industry added value. Taiwan Semiconductor shares rose on record profitability as AI demand continues to exceed expectations.
TD Global Technology Leaders Index ETF is the top broad-based, low-fee Canadian tech ETF for U.S. tech and AI exposure. TEC:CA offers strong liquidity, a reasonable 0.39% expense ratio, and closely tracks its benchmark with leading holdings in NVDA, MSFT, and AAPL. TEC:CA outperforms peers like FHQ:CA and XQQ:CA, benefiting from its unhedged structure and global large-cap tech focus.
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PARIS--(BUSINESS WIRE)--Regulatory News: Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY): On February 17, 2015, Technip’s Board of Directors approved the full year 2014 consolidated financial statements. Note: In 2014, Technip applied for the first time inter alia IFRS 11 – Joint Arrangements. In its full year financial statements, Technip has incorporated the most recent interpretation of the guidelines concerning this standard issued by IFRIC in which all single project joint arrangements structured through incorporated entities can be only accounted as joint ventures. Technip will continue to report and provide forward looking information on an adjusted basis corresponding to its previous framework in order to ensure consistency and comparability between periods and projects, and to share with all market participants the financial reporting framework used for management purposes. The full year adjusted financial statements (those generally referred to in this press release) can be found in Annex I to III. The IFRS consolidated financial statements and a reconciliation to the adjusted basis can be found in annex V. 1 Recommendation of Technip’s Board of Directors to be approved during the Annual General Shareholders’ Meeting (AGM) on April 23, 2015.2 Adjusted operating income from recurring activities after Income/(Loss) of Equity Affiliates.3 Adjusted Net Income of the Parent Company before Non-Current Items.4 Adjusted operating income from recurring activities after Income/(Loss) of Equity Affiliates before depreciation and amortization.5 Adjusted operating income from recurring activities after Income/(Loss) of Equity Affiliates, divided by adjusted revenue. Thierry Pilenko, Chairman and CEO, commented: “Technip starts 2015 in a strong position. During 2014, Technip won a record amount of new work with order intake of €15.3 billion resulting in a €21 billion backlog of high quality and diversified projects. Our adjusted revenue grew 16% and adjusted operating profit reached €825 million with particularly strong performance in the technology, services and equipment parts of our business. All our employees focused hard on our quality and our safety programs in 2014, with clear improvements in both areas. Subsea delivered ahead of expectations. Operational performance was strong across all regions and we showed flexibility to adapt to client demands. With an adjusted operating margin of 15.3% in the fourth quarter we delivered 13% for the full year 2014, well ahead of the 12% floor set over a year ago. Onshore/Offshore delivered adjusted revenue higher than expected – up 12% year-on-year. Operationally, as we indicated it would be in July, conditions were challenging in a number of respects, reflected in a fall in full year adjusted OIFRA to €276 million. In our market commentary in July 2014 we identified significant headwinds in the oil and gas services business – client capex discipline and increasing aggressiveness in negotiating value changes and claims on projects as well as irrational bidding behaviour from some competitors. Since then the oil price fall has added to these concerns and our clients are putting increasing pressure on their supply chains. This implies a prolonged, harsh slowdown in many parts of our industry. Our reaction has been strong and rapid on the elements under our control. We brought down our SG&A expenses by €69 million in 2014, including €27 million in the fourth quarter. Our total headcount has fallen from close to 40,000 at its peak in the second quarter 2014 to 38,200 at year end. We have exited four non-core activities over the year. Our fleet has been substantially reduced to a total of 27 high-performance vessels, setting a strong basis to improve utilization and operational performance. Our cost reduction and efficiency plans are in place to sustain our performance in 2015. Our record level of backlog enabled us to reinforce our bidding discipline, focusing on projects where our particular value-added for our clients enables us to earn an appropriate return at acceptable risk: despite the difficult markets, we see continued order intake opportunities in many of our businesses. We invested and recruited in 2014 selectively. In technology, we acquired the Zimmer polymer business at year-end. In equipment, we launched an upgrade of FlexiFrance manufacturing plant following the completion of investments in umbilicals in the UK and flexibles at Açu in Brazil whose performance was excellent in the second half of the year. We will continue our capex discipline: our net capex was €314 million in 2014, and is expected to fall in 2015 and 2016. Regarding our talent, we continued to develop them and add specific skills in our engineering teams and to view the current market as an opportunity to hire additional exceptional people into Technip. Regardless of the oil price level, our clients have stressed their need to improve the design and running costs of their facilities. Technip has the conceptual engineering skills and innovative technology which can enable them to improve substantially the returns on their projects, including in deep offshore or frontier areas. Where we have had early engagement with our clients, they have seen our ability to deliver substantial optimization. We will continue to add expertise to broaden our position as a valued partner for our client base, in particular by working more closely with partners in adjacent areas of Subsea. For 2015, based on our record €21 billion backlog, we are able to give clear guidance for revenue and profit growth and our main focus will again be on delivering our projects in line with our clients’ expectations. We are not only managing our own costs but our clients increasingly see our range of technologies, services, products and project experience as compelling in managing their project costs too. With all of this in mind, combined with Technip’s robust balance sheet, we maintain our progressive dividend policy and propose an 8% increase with a scrip alternative, reflecting our confidence in our ability to create value in the coming years for all our stakeholders.” I. ORDER INTAKE AND BACKLOG 1. Fourth Quarter 2014 Order Intake During fourth quarter 2014, Technip’s order intake was €3.2 billion. The breakdown by business segment was as follows: Subsea order intake comprised a contract for pre-salt developments in Brazil to supply flexible pipes totaling 114 kilometers for the Iracema North field to be produced in our Vitoria and Açu manufacturing plants. In the US Gulf of Mexico, a contract was awarded for the K2 field that includes the design, fabrication and installation of subsea equipment and flowlines using the Deep Blue. In the North Sea, Technip was awarded an important contract for the Gullfaks Rimfaksdalen (GRD) project that comprises the fabrication and installation of subsea equipments such as approximately 9.5 kilometers of pipe-in-pipe flowline, to be welded at our spoolbase in Orkanger, Norway, and installed by the Apache II. Technip also signed a substantial contract for the development of the Glenlivet field covering the fabrication and installation of production pipeline and steel tube umbilicals, to be fabricated respectively at our umbilicals facility in Newcastle, UK, and at our spoolbase in Evanton, UK. Onshore/Offshore order intake included in particular a contract to provide engineering, procurement, and construction management (EP&Cm) for a world-scale ethane cracker and derivative complex near Lake Charles, Louisiana, in the USA. This award follows Technip’s selection to provide engineering and procurement for eight proprietary Ultra Selective Conversion (USC ®) furnaces. In Slovakia, a substantial contract was awarded to develop the engineering, procurement and construction of a new ammonia production unit in an existing fertilizer complex in Sal’a. In India, a contract was awarded to build a 6 million standard cubic meters-per-day (MMSCMD) onshore oil and gas terminal, which will be a critical component of the existing facilities of the Integrated Development of Vashishta (VA) & S1 fields. Technip was awarded two contracts for its Stone & Webster Process Technology activities: one in China, to provide the Badger technology, engineering, and selected critical equipment and technical services for an ethylbenzene styrene monomer plant in Qingdao; and a second one in Louisiana, to provide detailed engineering and procurement services to expand the recovery section of an ethylene plant. In Abu Dhabi, Technip also won a contract for Project Management Consultancy (PMC) services for the Nasr Phase II Full Field Development project. Listed in annex IV (b) are the main contracts announced since October 2014 and their approximate value if publicly disclosed. 2. Backlog by Geographic Area At the end of fourth quarter 2014, Technip’s backlog was €20.9 billion, compared with €19.3 billion at the end of third quarter 2014 and €15.5 billion at the end of fourth quarter 2013. The increase reflects the strong order intake as well as currency movements. The geographic split of the backlog is set out in the table below: 1 Backlog and order intake include all projects whose revenues are consolidated in our adjusted financial statements. 3. Backlog Scheduling An estimated 50% of the backlog is scheduled for execution in 2015. Estimated Scheduling as of December 31, 2014 (€ million) II. FOURTH QUARTER 2014 OPERATIONAL & FINANCIAL HIGHLIGHTS – ADJUSTED BASIS 1. Subsea Subsea had a substantial improvement year-on-year in activity, leading to sharply higher adjusted revenue and profit. Main operations for the quarter were as follows: In the Americas: In the US Gulf of Mexico, the Deep Blue was mobilized on the Delta House project for its third and fourth installation trips. Welding activities on the Stones and Julia projects moved forward at our Mobile spoolbase, while engineering and procurement activities ramped up on Kodiak. In Brazil, production continued for the flexible pipes dedicated to the Iracema Sul, Sapinhoá & Lula Nordeste and Sapinhoá Norte pre-salt fields at our manufacturing plants at Vitoria and Açu. In the US Gulf of Mexico, the Deep Blue was mobilized on the Delta House project for its third and fourth installation trips. Welding activities on the Stones and Julia projects moved forward at our Mobile spoolbase, while engineering and procurement activities ramped up on Kodiak. In Brazil, production continued for the flexible pipes dedicated to the Iracema Sul, Sapinhoá & Lula Nordeste and Sapinhoá Norte pre-salt fields at our manufacturing plants at Vitoria and Açu. In the North Sea, the Deep Energy completed its installation of production flowlines on Quad 204 in Scotland, before being mobilized for the Alder pipelay campaign, while the North Sea Giant successfully completed its installation of the last eight rigid spools on the Åsgard Subsea Compression project in Norway. The Skandi Arctic was mobilized on Bøyla in Norway. In West Africa, the Deep Pioneer finished the installation of flexible pipes for the Block 15/06 development in Angola and was then mobilized on GirRi Phase 2. Engineering and procurement phases moved forward on other large projects, including Moho Nord in Congo, T.E.N. in Ghana, and Kaombo in Angola. In Asia Pacific, engineering and procurement activities moved forward for the subsea scopes of the Malikai and Prelude projects, in Malaysia and Australia respectively. Manufacturing of flexible pipes at our Asiaflex plant included work for the Jangkrik and Bangka projects in Indonesia. In the Middle East, the Jalilah B project progressed towards completion in the United Arab Emirates. Overall, the Group vessel utilization rate for the fourth quarter of 2014 was 74%, compared with 69% for the fourth quarter 2013, and 86% for the third quarter of 2014. Subsea financial performance is set out in the following table: 2. Onshore/Offshore Onshore/Offshore performance was impacted by a number of operational factors, including client behaviour and lower activity on later-stage projects compared to higher activity on early stage projects. The sales were flat and profit down year-on-year. Main operations for the quarter were as follows: In the Middle East, construction continued on the Halobutyl elastomer facility in Saudi Arabia. In Abu Dhabi, engineering and procurement phases progressed on the Umm Lulu complex. Fabrication of the FMB platform for Qatar continued. In Asia Pacific, construction of the Petronas FLNG 1 and Prelude FLNG continued in Korea, while construction of the SK316 platforms progressed in Malaysia. Engineering and procurement activities moved forward on the Maharaja Lela & Jamalulalam South gas development in Brunei, and on the Mangalore purified terephthalic acid (PTA) plant in India. In the Americas, engineering and procurement activities progressed for the CPChem polyethylene plants in Texas, while construction continued on the Ethylene XXI petrochemical complex in Mexico. The Heidelberg Spar hull has been handed over to the client in the US Gulf of Mexico. Meanwhile, engineering and procurement ramped-up on the Juniper project in Trinidad and Tobago. Elsewhere, engineering and procurement phases continued to ramp up on the Yamal LNG project and construction of the modules began at all of the yards. Preparation and piling resumed at the Sabetta site in Russia. Onshore/Offshore financial performance is set out in the following table: 3. Group The Group’s adjusted Operating Income From Recurring Activities after Income/(Loss) of Equity Affiliates, including Corporate charges of €23 million, is set out in the following table: In the fourth quarter of 2014, compared to a year ago, the estimated translation impact from foreign exchange was positive €80 million on adjusted revenue and positive €5 million on adjusted operating income from recurring activities after income/(loss) of equity affiliates. 4. Adjusted Non-Current Items and Group Net Income Adjusted non-current operating items of €(33.3) million were booked in the quarter, reflecting mainly the closure of Technip Offshore Wind and restructuring costs. Adjusted Operating income including non-current items was €190 million in the fourth quarter 2014, versus €204 million a year ago. Adjusted financial result in the fourth quarter of 2014 included €17.7 million of interest expense on long-term debt and a €22.1 million positive impact from changes in foreign exchange rates and fair market value of hedging instruments (compared with a €26.1 million negative impact in the fourth quarter of 2013). In addition, a non-current charge of €68.0 million was taken in the quarter against our investment in MHB. The variation in Diluted Number of Shares is mainly due to performance shares granted to Technip employees, offset by share repurchases. 1As per IFRS, diluted earnings per share are calculated by dividing profit or loss attributable to the Parent Company’s Shareholders, restated for financial interest related to dilutive potential ordinary shares, by the weighted average number of outstanding shares during the period, plus the effect of dilutive potential ordinary shares related to the convertible bonds, dilutive stock options and performance shares calculated according to the “Share Purchase Method” (IFRS 2), less treasury shares. In conformity with this method, anti-dilutive stock options are ignored in calculating EPS. Dilutive options are taken into account if the subscription price of the stock options plus the future IFRS 2 charge (i.e. the sum of annual charge to be recorded until the end of the stock option plan) is lower than the average market share price during the period. 5. Adjusted Cash Flow and Statement of Consolidated Financial Position As of December 31, 2014 the adjusted net cash position2 was €1,125 million compared with €747 million as of September 30, 2014. 2 The IFRS consolidated financial statements and a reconciliation to the adjusted basis can be found in Annex V.3 Cash and cash equivalents, including bank overdrafts. Adjusted capital expenditures for the fourth quarter 2014 were €113 million, compared to €150 million one year ago. Adjusted shareholders’ equity of the parent company as of December 31, 2014, was €4,363 million, compared with €4,157 million as of December 31, 2013. III. FULL YEAR 2014 FINANCIAL RESULTS – ADJUSTED BASIS 1. Subsea Subsea adjusted revenue in 2014 reflected the growth of our backlog, which has a balanced range of contract sizes from small to major projects and a mix of deep and shallow water projects across all regions, in particular in West Africa, Brazil and the North Sea. Subsea adjusted EBITDA margin was 18.1% in 2014, compared to 18.6% in 2013, and adjusted operating margin was 13.0% in 2014, compared to 14.1% in 2013, reflecting progress on large projects in their early phases and a high fleet utilization rate of 80%. Subsea financial performance is set out in the following table: 2. Onshore/Offshore Onshore/Offshore adjusted revenue in 2014 reflected the growth of our backlog, progress on diversified projects in all the regions, including onshore downstream projects in the USA and offshore production facility projects in the Middle East, in the North Sea and in Asia Pacific a higher amount of revenue from early stage projects including Yamal and in general a challenging market environment. Onshore/Offshore adjusted operating margin accordingly fell to 4.7% in 2014, compared to 6.7% in 2013. Onshore/Offshore financial performance is set out in the following table: 3. Group The Group’s adjusted Operating Income From Recurring Activities after Income/(Loss) of Equity Affiliates, including Corporate charges as detailed in annex I (c), is set out in the following table: In 2014, the estimated translation impact from foreign exchange was negative €147 million on adjusted revenue and negative €12 million on adjusted operating income from recurring activities after income/(loss) of equity affiliates. 4. Adjusted Non-Current Items and Group Net Income Adjusted Operating income including non-current items was €751 million in 2014, versus €835 million a year ago. Adjusted non-current items of €(73.6) million reflect the sales of the India diving business and of engineering services for buildings and infrastructures (TPS), the closure of Technip Offshore Wind, and restructuring costs. Adjusted Financial result in 2014 included €70.5 million of interest expenses on long-term debt and a €24.3 million positive impact from changes in foreign exchange rates and fair market value of hedging instruments (compared with a €33.8 million negative impact in 2013). We also took a non-current charge of €68.0 million against our investment in MHB. The variation in Diluted Number of Shares is mainly due to performance shares granted to Technip employees, offset by share repurchases. 5. Adjusted Cash Flow and Statement of Consolidated Financial Position As of December 31, 2014 our adjusted net cash position1 was €1,125 million compared with €832 million at the end of 2013. 1 The IFRS consolidated financial statements and a reconciliation to the adjusted basis can be found in Annex V.2 Cash and cash equivalents, including bank overdrafts Adjusted capital expenditures in 2014 were €376 million, compared to €575 million one year ago, showing our effort to optimize our differentiating assets. We sold older and less versatile vessels to sustain high-end vessels. IV. FULL YEAR 2015 OUTLOOK ALIGNED WITH PREVIOUS GUIDANCE Adjusted Subsea revenue between €5.2 billion and €5.5 billion, adjusted operating income from recurring activities3 between €810 million and €840 million Adjusted Onshore/Offshore revenue around €6 billion, adjusted operating income from recurring activities3 between €250 million and €290 million 3 Adjusted operating income from recurring activities after Income/(Loss) of Equity Affiliates. °° ° The information package on Fourth Quarter 2014 and Full Year 2014 results includes this press release and the annexes which follow, as well as the presentation published on Technip’s website: www.technip.com Audit procedures on the consolidated financial statements are complete. The audit opinion will be issued once all audit procedures required for the filing of the Reference Document are finalized. NOTICE Today, Wednesday, February 18, 2015, Chairman and CEO Thierry Pilenko, along with CFO Julian Waldron, will comment on Technip’s results and answer questions from the financial community during a conference call in English starting at 9:30 a.m. CET. To participate in the conference call, you may call any of the following telephone numbers approximately 5 - 10 minutes prior to the scheduled start time: The conference call will also be available via a simultaneous, listen-only audio-cast on Technip’s website. A replay of this conference call will be available approximately two hours following the conference call for 90 days on Technip’s website and for two weeks at the following telephone numbers: Telephone Numbers Confirmation Code Cautionary note regarding forward-looking statements This press release contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events, and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one or more of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability of our subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading to significant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure in some countries where we are performing projects. Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward-looking information set forth in this release to reflect subsequent events or circumstances. **** This press release does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities. This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions. **** °° ° Technip is a world leader in project management, engineering and construction for the energy industry. From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, more than 38,000 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges. Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction. Technip shares are listed on the Euronext Paris exchange, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY). TECLISTEDEURONEXTISIN: FR0000131708 OTCQXOTC ADR ISIN: US8785462099OTCQX: TKPPY ANNEX I (a) ADJUSTED CONSOLIDATED STATEMENT OF INCOME Fourth Quarter Not audited Audited 2013As published 2013As published1 1 The adjustment elements refer to the proportionate consolidation of incorporated entities linked to construction projects in partnership.The joint arrangements, in which the Group is involved can be mainly divided in two categories: those concluded for the construction of a specific project and those concluded for the construction and the operation of vessels, notably the pipelay support vessels in Brazil (PLSVs). Project execution in partnership is one of the key elements of Technip business and as a consequence, Technip decided, for management purposes, to continue to report construction projects in proportionate consolidation, whatever the legal structuring of the joint arrangement and whether the legal arrangement includes incorporated entities containing part or all of the arrangement, and to share this reporting with all market participants. The pipelay support vessel entities remain consolidated under equity method, their management and operation mode answering clearly to the definition of a joint venture according to IFRS 11. ANNEX I (b) FOREIGN CURRENCY CONVERSION RATES Dec. 31, 2013 ANNEX I (c) ADJUSTED ADDITIONAL INFORMATION BY BUSINESS SEGMENT Not audited Audited SUBSEA ONSHORE/OFFSHORE CORPORATE SUBSEA ONSHORE/OFFSHORE CORPORATE ANNEX I (d) ADJUSTED REVENUE BY GEOGRAPHICAL AREA Not audited Audited ANNEX II ADJUSTED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Audited Audited As published ANNEX III (a) ADJUSTED CONSOLIDATED STATEMENT OF CASH FLOWS Audited ANNEX III (b) ADJUSTED CASH & FINANCIAL DEBTS Audited Audited As published ANNEX IV (a) BACKLOG BY BUSINESS SEGMENT Dec. 31, 2013 Audited Dec. 31, 2014 Audited Dec. 31, 2013 As published ANNEX IV (b)CONTRACT AWARDSNot audited The main contracts we announced during fourth quarter 2014 were the following: Subsea Segment: Large Engineering, Procurement, Construction and Installation (EPCI) contract for the Kraken development covering various project management engineering and installation works, including the fabrication and pipelay of approximately 50 kilometers of rigid pipe and the installation of 3 umbilicals totalling 14 kilometers: EnQuest Britain Limited, Scotland, Substantial contract for the Bangka development located approximately 70 kilometers offshore the province of East Kalimantan covering engineering, procurement, construction, installation, commissioning and pre-commissioning of flexibles, umbilical and subsea structures: Chevron, Rapak PSC area, Indonesia, 5-year frame agreement for the supply and installation of flexible pipes for EPCI or supply-only projects: Petronas Carigali, Malaysia, Contract for the K2 Riser Base Gas Lift project including project management and engineering; design, fabrication, installation of pipeline end manifolds and pipeline end termination; and installation of flowline, jumpers at a water depth of approximately 1,300 meters: Anadarko Petroleum Corporation, Green Canyon 608, Gulf of Mexico, Contract for the ongoing development of the Iracema North field, which covers the supply of 114 kilometers of flexible pipes, including gas lift, gas injection and gas export lines: Petrobras, Santos Basin pre-salt area, Brazil, Important contract for the Gullfaks Rimfaksdalen Marine Operations Pipelay and Subsea Installation project. The scope consists of a subsea tie-back to a new Wye piece on an existing pipeline close to the Gullfaks A platform: Statoil ASA, Northwest of Bergen, Norway. Onshore/Offshore Segment: Substantial services contract for engineering, procurement and construction management of the Utility, Interconnecting and Offsite (UIO) of the Refinery and Petrochemical Integrated Development (RAPID) project: Petronas, State of Johor, Malaysia, Contract to provide engineering, procurement, and construction management (EP&Cm) for a world scale ethane cracker and derivatives complex: Sasol, Lake Charles, Louisiana, USA, Contract to provide engineering and procurement (EP) for eight proprietary Ultra Selective Conversion (USC®) furnaces for a world-scale ethane cracker and derivatives complex: Sasol, Lake Charles, Louisiana, USA, Contract to supply its proprietary ethylene technology for a world-class grassroots ethane cracker for the proposed ASCENT (Appalachian Shale Cracker Enterprise) petrochemical complex: Odebrecht and Braskem, West Virginia, USA, Contract for Project Management Consultancy services for the Nasr Phase II Full Field Development project. The scope of work covers the overall management of the EPC phases under execution in United Arab Emirates, Singapore and South Korea: Abu Dhabi Marine Operating Company, United Arab Emirates, Contract to provide detailed engineering and procurement services to expand the recovery section of Westlake’s Petro 1 ethylene plant at its complex in Sulphur: Westlake Chemical Corporation, Louisiana, USA, Contract of approximately €100 million for Engineering, Procurement, Construction and Commissioning (EPCC) to build a 6 million standard cubic meters-per-day onshore terminal at Odalarevu in Andhra Pradesh, as part of the Integrated Development of the Vashishta & S1 fields: Oil and Natural Gas Corporation Limited, India. Since December 31, 2014, Technip has also announced the award of the following contracts, which were included in the backlog as of December 31, 2014: Subsea Segment: Substantial contract for the Glenlivet project. This award is an additional scope of the parallel Edradour Subsea Development located nearby: Total E&P UK, approximately 75 km North West of Shetlands, United Kingdom. Onshore/Offshore Segment: Contract to provide the technology, engineering, selected critical equipment and technical services for a 500 KTA ethylbenzene styrene monomer plant to be located in Dongjiakou Port Industrial Zone Park: Qingdao Soda Ash Industrial New Material & Technology Company, Shandong Province, People’s Republic of China, Substantial contract to develop the engineering, procurement and construction of a new ammonia production unit in the existing fertilizer complex located in Sal’a. The new unit will have a capacity of 1,600 tons per day of ammonia. It will incorporate the most advanced engineering and technological solutions for minimum energy consumption and reduction of pollutants emissions: Duslo a.s, Slovakia. Since December 31, 2014, Technip has also announced the award of the following contracts, which were not included in the backlog as of December 31, 2014: Subsea Segment: Two contracts for the Amethyst field. The first includes the detailed engineering, procurement, fabrication, assembly and testing of a 5-inch production static riser. The second covers the installation of the pipe as a tieback to the Pompano fixed platform located on Mississippi Canyon 26, in approximately 395 meters of water depth: Stone Energy Corporation, Gulf of Mexico. **** The annex V presents the full year IFRS consolidated financial statements and a reconciliation to the adjusted basis. **** ANNEX V (a)CONSOLIDATED STATEMENT OF INCOMEAudited IFRS IFRS Adjusted ANNEX V (b) CONSOLIDATED STATEMENT OF FINANCIAL POSITION Audited ANNEX V (c) CONSOLIDATED STATEMENT OF CASH FLOWS Audited
PARIS--(BUSINESS WIRE)--Regulatory News: On November 10, 2014 Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) approached CGG's Board of Directors with a view to making an offer on CGG and sought to engage in a constructive dialogue with CGG to review this project. Further to press leaks, Technip set out the main elements of its industrial project in a press release on November 20, 2014. Following CGG’s reaction to this approach, Technip put forward a number of alternative options to a tender offer, taking care as always to consider the social, strategic and financial aspects in each case. However, the discussions of these options did not result in any form of agreement. Under these circumstances, Technip informs the market that it does not intend to file a tender offer for CGG. ° ° ° Thierry Pilenko, Chairman and CEO, as well as Julian Waldron, CFO, will host a conference call, in English, on Monday, December 15th starting at 11:00 a.m. CET. To participate in the conference call, you may call any of the following telephone numbers approximately 5 - 10 minutes prior to the scheduled start time: The conference call will also be available via a simultaneous, listen-only audio-cast via Technip’s website: http://edge.media-server.com/m/p/dgx7hcs9 A replay of this conference call will be available approximately two hours following the conference call for 90 days on the Technip’s website and for two weeks at the following telephone numbers: Telephone Numbers Confirmation Code Technip is a world leader in project management, engineering and construction for the energy industry. From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 40,000 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges. Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction. Technip shares are listed on the NYSE Euronext Paris exchange and traded in the USA on the OTCQX marketplace (OTCQX: TKPPY).
PARIS--(BUSINESS WIRE)--Regulatory News: Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY): On October 28, 2014, Technip’s Board of Directors approved the third quarter 2014 consolidated financial statements. * restated for retrospective application of IFRS 10, 11 & 121 Operating income from recurring activities after Income/(Loss) of Equity Affiliates.2 Operating income from recurring activities after Income/(Loss) of Equity Affiliates before depreciation and amortization.3 Operating income from recurring activities after Income/(Loss) of Equity Affiliates, divided by revenue.4 As per IFRS, diluted earnings per share are calculated by dividing profit or loss attributable to the Parent Company’s Shareholders, restated for financial interest related to dilutive potential ordinary shares, by the weighted average number of outstanding shares during the period, plus the effect of dilutive potential ordinary shares related to the convertible bonds, dilutive stock options and performance shares calculated according to the “Share Purchase Method” (IFRS 2), less treasury shares. In conformity with this method, anti-dilutive stock options are ignored in calculating EPS. Dilutive options are taken into account if the subscription price of the stock options plus the future IFRS 2 charge (i.e. the sum of annual charge to be recorded until the end of the stock option plan) is lower than the average market share price during the period. Thierry Pilenko, Chairman and CEO, commented: “The third quarter showed solid delivery against our objectives, with business won across our segments and geographies. We can report a quarter of sales and profit growth, strong order intake, momentum in our cost reduction and good cash generation. Third quarter performance Subsea delivered revenue growth of 24%, with profitability at 14.3%. Project activity was good across our regions, in line with normal seasonality. The Deep Blue completed its planned maintenance and returned to new projects in the US Gulf of Mexico. The summer offshore campaign in the North Sea moved forward satisfactorily and in Angola installation progressed well on Block 15/06. Fleet optimization actions taken over the last 18 months resulted in a high level of utilization – 86% compared to 75% a year ago. The Açu flexible pipe plant in Brazil ramped up well this quarter. Subsea order intake in the third quarter was robust and diversified, including Kodiak in the US Gulf of Mexico, Edradour and Kraken in the North Sea, and Bangka in Indonesia. We continue to see a busy bidding pipeline. For the Onshore/Offshore segment we delivered revenue growth of 13% and €70 million of operating profit. We continued to mobilize well on the Yamal project in Russia, and first steel was cut on modules in China. Construction was nearly complete for the Burgas refinery in Bulgaria, while the Heidelberg Spar sailed away for the US Gulf of Mexico. We grew our Project Management Consultancy (PMC) business winning the RAPID PMC contract in Malaysia. PMC gives us long-term visibility with a good risk/reward profile. We continue to win projects, notably in the flourishing North American market, based around our technology footprint. Our net cash position improved compared to end-June, to €747 million, reflecting both project progress and our solid order intake. We maintained our focus on costs. SG&A was €21 million lower in the quarter and €43 million lower year-to-date, reflecting restructuring and reorganisation initiatives, lower start-up costs and the divestment of non-core activities. In the third quarter, we completed the divestment of our Indian diving business. Capex fell to €77 million compared to €157 million a year ago, as the investment in Açu was almost completed. We continue to invest modestly in key areas such as flexible pipes in Le Trait, France. Outlook and strategy Our full year guidance is unchanged compared to what we said in July. Looking further ahead, although there remain reasons to be cautious (such as the lower oil price and the factors we highlighted in the second quarter), we expect to build on the opportunities that we see for Technip to expand its leadership: The ability to work early with our clients across our activities to devise a project approach that meets their needs to reduce cost and complexity in their projects, as evidenced by the Juniper award, The continued attraction of North America as a region of upstream (LNG) and downstream growth (refining and petrochemical), as evidenced by our technology awards such as ASCENT and Sasol, The success of the PMC service capabilities acquired with Stone & Webster, as highlighted by our involvement for the RAPID project in Malaysia, and The strong demand in Brazil for high-end flexible pipes driven by the planned arrival of FPSOs for the pre-salt fields. To conclude, our solid backlog of €19.3 billion to which a growing number of reimbursable and long-term service and charter contracts can be added, gives us good visibility. We will maintain our focus on excellence in project execution, on our capital and cost discipline, on cash flow and return on capital. This will enable us to pursue our strategy of providing sustainable growth and predictable dividends for our shareholders, whilst broadening Technip’s industry leadership in oil services to better serve our clients.” I. PORTFOLIO OF PROJECTS 1. Third Quarter 2014 Order Intake During third quarter 2014, Technip’s order intake was €2.2 billion. The breakdown by business segment was as follows: * restated for retrospective application of IFRS 10, 11 & 12 Subsea order intake comprised a substantial contract for the Juniper field located offshore Trinidad, including the provision of flexible flowlines to be manufactured at our Flexi France facility in Le Trait, rigid pipelines to be installed by the G1200, subsea equipment, and an extensive diving campaign. This award also has an offshore scope (see below) and illustrates Technip’s ability to deploy expertise across a broad range to assist clients. In the North Sea, Technip was awarded two large contracts, one for the development of the Edradour field and the other for the Kraken field. For both projects, pipelines will be fabricated at our spoolbase in Evanton, UK, and installed by vessels including the Deep Energy, while umbilicals will be manufactured in our recently upgraded facility in Newcastle, UK. In the US Gulf of Mexico, a contract was awarded for the development of the Kodiak field, including fabrication and installation of a reeled bi-metallic flowline, capable of withstanding demanding operating conditions at a water depth of up to 1,710 meters. Technip also won a substantial contract in the Bangka development, our second project won this year in Indonesia, for which flexible pipes will be fabricated in our Asiaflex plant in Malaysia and installed by the Deep Orient. Onshore/Offshore order intake included the offshore scope of the Juniper field development which consists of the design, detailed engineering, procurement, construction and load out of a topside and a jacket, to be fabricated, as per client requests, in Trinidad to deliver high local content. In Bahrain, Technip was awarded a significant contract to develop the Front-End Engineering Design (FEED) of new units aimed at enhancing the refinery configuration. In the USA, Technip was awarded a contract to supply its proprietary ethylene technology for a world-class grassroots ethane cracker to be located in West Virginia. In India, a contract was awarded to provide engineering, procurement and construction management for a new industrial gas complex in Kochi. In Malaysia, Technip also won a substantial services contract for engineering, procurement and construction of the Utility, Interconnecting and Offsite (UIO) of the Refinery and Petrochemical Integrated Development (RAPID). Listed in annex IV (b) are the main contracts announced since July 2014 and their approximate value if publicly disclosed. 2. Backlog by Geographic Area At the end of third quarter 2014, Technip’s backlog was €19.3 billion, compared with €19.9 billion at the end of second quarter 2014 and €14.7 billion at the end of third quarter 2013, restated for retrospective application of IFRS 10, 11 & 12. The geographic split of the backlog is set out in the table below: 3. Backlog Scheduling Approximately 13% of the backlog is estimated to be scheduled for execution in 2014. as of September 30, 2014 (€ million) 1Long-term charters not included, reflects the new application of IFRS 10, 11 & 12 II. THIRD QUARTER 2014 OPERATIONAL & FINANCIAL HIGHLIGHTS 1. Subsea Subsea main operations for the quarter were as follows: In the Americas: In the US Gulf of Mexico, the Deep Blue completed offshore works on Hadrian South. On the Delta House project the G1200 completed its work, while the Deep Blue finished its first installation trip in July, before going into planned maintenance. The G1200 was then mobilized on Starfish to install rigid pipelines. At the same time, engineering and procurement continued on Stones and Julia projects. In Brazil, production continued for the flexible pipes dedicated to the Iracema Sul, Sapinhoá & Lula Nordeste and Sapinhoá Norte pre-salt fields in our manufacturing plants at Vitoria and Açu, for which ramp-up continues. Coral do Atlantico, one of our two new 550-ton pipelay vessels, has now arrived in Brazil and has just started operations. In Canada, the Apache II and the Wellservicer successfully completed flexible installation on the South White Rose Extension project. In the US Gulf of Mexico, the Deep Blue completed offshore works on Hadrian South. On the Delta House project the G1200 completed its work, while the Deep Blue finished its first installation trip in July, before going into planned maintenance. The G1200 was then mobilized on Starfish to install rigid pipelines. At the same time, engineering and procurement continued on Stones and Julia projects. In Brazil, production continued for the flexible pipes dedicated to the Iracema Sul, Sapinhoá & Lula Nordeste and Sapinhoá Norte pre-salt fields in our manufacturing plants at Vitoria and Açu, for which ramp-up continues. Coral do Atlantico, one of our two new 550-ton pipelay vessels, has now arrived in Brazil and has just started operations. In Canada, the Apache II and the Wellservicer successfully completed flexible installation on the South White Rose Extension project. In the North Sea, our pipelay vessel the Deep Energy completed the pipeline installation on Bøyla in Norway and installed production flowlines on Quad 204 in Scotland. At the same time, offshore phases continued on the Åsgard Subsea Compression project in Norway, mobilizing the North Sea Atlantic, recently delivered to Technip by North Sea Shipping. In West Africa, the Deep Pioneer continued the installation of flexible pipes for the Block 15/06 development. Engineering and procurement phases moved forward on other large projects, including Moho Nord in Congo, T.E.N. in Ghana, and Kaombo in Angola. Engineering continued on the steel tube umbilicals for the Egina project in Nigeria. In Asia Pacific, the Deep Orient has completed offshore works on Laila and D12, in Malaysia. In China, the Panyu project was completed. Meanwhile, engineering and procurement continued on the Malikai and Prelude projects, in Malaysia and Australia respectively. Early manufacturing work started at our Asiaflex plant for the Jangkrik project in Indonesia. In Middle East, the installation campaign of the Jalilah B pipelines by the G1201 was finalized in the United Arab Emirates. Overall, the Group vessel utilization rate for the third quarter of 2014 was 86%, compared with 75% for the third quarter 2013, and 88% in the second quarter of 2014. The Deep Blue is now back to work after planned maintenance. Subsea financial performance is set out in the following table: * restated for retrospective application of IFRS 10, 11 & 12 2. Onshore/Offshore Onshore/Offshore main operations for the quarter were as follows: In the Middle East, construction progressed on the Halobutyl elastomer facility in Saudi Arabia. The first steel cutting ceremony was held in China for the FMB platform to be fabricated for Qatar, while the PMP project was ready for start-up. In Abu Dhabi, engineering and procurement activities moved forward on the Umm Lulu complex and construction works progressed on the Upper Zakum 750 EPC1. In Bahrain, construction continued on the Sulfur Recovery Unit modification project. In Asia Pacific, construction of the Petronas FLNG 1 and Prelude FLNG progressed, with the first topsides module lifted for both. Engineering and procurement activities progressed on the Maharaja Lela & Jamalulalam South gas development in Brunei, while construction of the platform started on the block SK316 in Malaysia. Engineering and procurement activities progressed on the JBF Mangalore PTA plant in India. In the Americas, engineering and procurement activities continued for the CPChem polyethylene plants in Texas, while FEED work progressed on a GTL plant in Lake Charles, Louisiana. In Mexico, construction works continued on the Ethylene XXI petrochemical complex. At the same time, engineering and procurement activities progressed on the P-76 FPSO topsides in Brazil. Elsewhere, construction was nearly complete for the Burgas refinery in Bulgaria. First steel was cut in South Korea for the Martin Linge platform to be installed offshore in Norway, while the sail away ceremony for the Heidelberg Spar took place in Finland. Engineering and procurement activities ramped up on the Yamal LNG project and the first steel was cut on modules in China. Onshore/Offshore financial performance is set out in the following table: * restated for retrospective application of IFRS 10, 11 & 12 3. Group The Group’s Operating Income From Recurring Activities after Income/(Loss) of Equity Affiliates, including Corporate charges of €21 million, is set out in the following table: * restated for retrospective application of IFRS 10, 11 & 12 In the third quarter of 2014, compared to a year ago, the estimated translation impact from foreign exchange was negative €17 million on revenue and positive €4 million on operating income from recurring activities after income/(loss) of equity affiliates. 4. Non-Current Items and Group Net Income Operating income including non-current items was €208 million in the third quarter 2014, versus €220 million a year ago, restated*. Non-current items of €33.8 million reflect mainly the sale of India diving business and, upon completion of current commitments expected to be before the end of 2014, the closure of the Offshore Wind business. Financial result in the third quarter of 2014 included €17.8 million of interest expense on long-term debt and a €4.8 million positive impact from changes in foreign exchange rates and fair market value of hedging instruments (compared with a €11.4 million negative impact in the third quarter of 2013, restated*). The variation in Diluted Number of Shares is mainly due to performance shares granted to Technip employees, more than offset by share repurchases. € million (except Diluted Earnings per Share and DilutedNumber of Shares) * restated for retrospective application of IFRS 10, 11 & 12 5. Cash Flow and Statement of Consolidated Financial Position As of September 30, 2014 the net cash position of €747 million includes the application of IFRS 10, 11 & 12 and compares with €611 million as of June 30, 2014. ** cash and cash equivalents, including bank overdrafts Capital expenditures for the third quarter 2014 were €77 million, compared to €157 million one year ago, restated*. Shareholders’ equity of the parent company as of September 30, 2014, was €4,393 million, compared with €4,157 million as of December 31, 2013, restated*. III. OBJECTIVES UNCHANGED FOR 2014 AND 2015 Subsea 2014: Revenue between €4.6 and €4.9 billion, operating margin of at least 12% Subsea 2015: Revenue well above €5 billion, operating margin between 15% and 17% Onshore/Offshore 20141: Revenue between €5.55 and €5.80 billion, base case operating margin 5% to 6% Onshore/Offshore 2015: Revenue around €6 billion with stable operating margin versus 2014 1 Our base case outlook implies a 5% to 6% margin for the full year 2014. There are three factors impacting our margin outlook – the continued impact of the mobilization on Yamal LNG, the expected impacts of the behavior of our customers and the risks to our business of interruptions caused by geopolitics including sanctions. If our assumptions on these issues were to prove insufficiently cautious, we estimate our margin to be about a percentage point less this year. °° ° The information package on Third Quarter 2014 results includes this press release and the annexes which follow, as well as the presentation published on Technip’s website: www.technip.com NOTICE Today, Thursday, October 30, 2014, Chairman and CEO Thierry Pilenko, along with CFO Julian Waldron, will comment on Technip’s results and answer questions from the financial community during a conference call in English starting at 10:00 a.m. CET. To participate in the conference call, you may call any of the following telephone numbers approximately 5 - 10 minutes prior to the scheduled start time: The conference call will also be available via a simultaneous, listen-only audio-cast on Technip’s website. A replay of this conference call will be available approximately two hours following the conference call for 90 days on Technip’s website and for two weeks at the following telephone numbers: Cautionary note regarding forward-looking statements This presentation contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events, and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one or more of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability of our subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading to significant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure in some countries where we are performing projects. Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward-looking information set forth in this release to reflect subsequent events or circumstances. **** This presentation does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities. This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions. **** °° ° Technip is a world leader in project management, engineering and construction for the energy industry. From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 40,000 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges. Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction. Technip shares are listed on the NYSE Euronext Paris exchange, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY). Euronext OTCQX NYSE Euronext OTC ADR ISIN: US8785462099 ISIN: FR0000131708 OTCQX: TKPPY ANNEX I (a) CONSOLIDATED STATEMENT OF INCOME IFRS, not audited € million (except Diluted Earningsper Share and Diluted Number ofShares) 2013* * restated for retrospective application of IFRS 10, 11 & 12 € million (except Diluted Earnings per Share and Diluted Number of Shares) Third Quarter 2013As published 2013As published ANNEX I (b) FOREIGN CURRENCY CONVERSION RATES IFRS, not audited Dec. 31,2013 Sept. 30,2014 ANNEX I (c) ADDITIONAL INFORMATION BY BUSINESS SEGMENT IFRS, not audited SUBSEA ONSHORE/OFFSHORE CORPORATE * restated for retrospective application of IFRS 10, 11 & 12 SUBSEA ONSHORE/OFFSHORE CORPORATE ANNEX I (d) REVENUE BY GEOGRAPHICAL AREA IFRS, not audited * restated for retrospective application of IFRS 10, 11 & 12 ANNEX II CONSOLIDATED STATEMENT OF FINANCIAL POSITION IFRS (not audited) (not audited) As published * restated for retrospective application of IFRS 10, 11 & 12 * restated for retrospective application of IFRS 10, 11 & 12 ANNEX III (a) CONSOLIDATED STATEMENT OF CASH FLOWS IFRS, not audited * restated for retrospective application of IFRS 10, 11 & 12 ANNEX III (b) CASH & FINANCIAL DEBTS IFRS (not audited) (not audited) As published * restated for retrospective application of IFRS 10, 11 & 12 ANNEX IV (a) BACKLOG by Business Segment not audited Sept. 30, 2013* Sept. 30, 2014 As published * restated for retrospective application of IFRS 10, 11 & 12 ANNEX IV (b)CONTRACT AWARDSnot audited The main contracts we announced during third quarter 2014 were the following: Subsea Segment: Large contract for the fabrication and installation of production pipelines destined for the Edradour Subsea Development located approximately 75 kilometers North West of the Shetland Islands, in approximately 300 meters of water: Total E&P, Scotland, Framework agreement for subsea services, including diving and remote operations using the Group’s dedicated diving support vessels (DSVs) and/or construction vessels: Statoil, Exxon Mobil & Gassco, Contract for the development of the Kodiak field located in Mississippi Canyon Block 727 and 771 at water depths ranging from 1,472 meters to 1,710 meters: Deep Gulf Energy II LLC, US Gulf of Mexico. Onshore/Offshore Segment: Contract in a consortium with PT Wijaya Karya (Persero) Tbk (WIKA) including the engineering, procurement, construction and installation of gas well pads, flowlines, pipelines, a central processing plant and related infrastructure for the Matindok Gas Development project: PT Pertamina EP, Central Sulawesi, Indonesia, Contract through the global hydrogen alliance between Technip and Air Products to provide project management, engineering, procurement and construction management services for a new industrial gas complex located in the state of Kerala: Bharat Petroleum Corporation Ltd – Kochi Refinery, India, Substantial contract for engineering, procurement, installation and construction dedicated to the development of the Juniper project. The scope covers notably the topside and the jacket of the platform for the Offshore part as well as flexible flowlines for the Subsea part: BP Trinidad and Tobago LLC, off South East coast of Trinidad, Significant contract to develop Front-End Engineering Design (FEED) for new units in order to increase throughput from 267,000 to 360,000 barrels per day, and to improve product slate and profitability: The Bahrain Petroleum Company, Kingdom of Bahrain. Since September 30, 2014, Technip has also announced the award of the following contracts, which were included in the backlog as of September 30, 2014: Subsea Segment: Large contract for the Kraken development, which covers various project management engineering and installation works, including the fabrication and pipelay of approximately 50 kilometers of rigid pipe and the installation of 14 kilometers of umbilicals: EnQuest Britain Limited, Scotland, Substantial contract for the Bangka development located approximately 70 kilometers offshore the province of East Kalimantan, which covers engineering, procurement, construction, installation, commissioning and pre-commissioning of flexibles, umbilical and subsea structures: Chevron, Rapak PSC area, Indonesia. Onshore/Offshore Segment: Substantial services contract for engineering, procurement and construction management of the Utility, Interconnecting and Offsite (UIO) of the Refinery and Petrochemical Integrated Development (RAPID) project: Petronas, State of Johor, Malaysia, Contract to supply its proprietary ethylene technology for a world-class grassroots ethane cracker for the proposed ASCENT (Appalachian Shale Cracker Enterprise) petrochemical complex: Odebrecht and Braskem, West Virginia, USA, Contract to provide engineering and procurement (EP) for eight proprietary Ultra Selective Conversion (USC) furnaces for a world-scale ethane cracker and derivatives complex: Sasol, Lake Charles, Louisiana, USA. Since September 30, 2014, Technip has also announced the award of the following contracts, which were not included in the backlog as of September 30, 2014: Subsea Segment: Contract for the ongoing development of the Iracema North field, which covers the supply of 114 kilometers of flexible pipes, including gas lift, gas injection and gas export lines: Petrobras, Santos Basin pre-salt area, Brazil, 5-year frame agreement for the supply and installation of flexible pipes for EPCI or supply-only projects: Petronas Carigali, Malaysia, Onshore/Offshore Segment: Contract to provide engineering, procurement, and construction management (EP&CM) for a world scale ethane cracker and derivatives complex: Sasol, Lake Charles, Louisiana, USA.
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