Technip Energies' FY 2021 revenue surges 11pc to $7.4bn
PARIS, March 3, 2022
Technip Energies, a leading engineering and technology company for energy transition, has registered a 11 per cent growth in its revenue for FY 2021 which soared to €6.6 billion ($7.38 billion) compared to the previous year's figures of €6.1 billion ($6.7 billion).
A major global player in the energy sector, it has leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management.
Announcing its unaudited financial results for FY 2021, Technip Energies said its net profit rose to €251.4 million for the 12-year period from €206.7 million in 2020. The FY 2020 net profit benefited from favourable litigation settlement of €102.9 million.
Its adjusted revenue increased year-over-year by 8% to €5.4 billion. This growth was achieved
despite the challenging external environment related to the pandemic, which included restrictions in
some areas of operation, as well as constraints around logistics.
Revenues benefited from significant activity on Arctic LNG 2, and the ramp-up of recently awarded LNG and downstream projects.
Technip Energies pointed out that 2021 represented a pivotal year for T.EN, marked by a host of operational, commercial and strategic accomplishments.
It had delivered an ambitious ESG roadmap around four pillars, backed by a scorecard with 23 measurable targets, including net zero by 2030 for scope 1 & 2 emissions.
Tackling the world’s energy challenge requires technology, innovation, and talents - all things the company has to offer - enabling it to capitalize on the energy independence and transformation needs of the global market.
On the 2021 performance, CEO Arnaud Pieton said: "A robust fourth quarter confirms a strong performance in our first full year as Technip Energies. Thanks to the adaptability and determination of our teams, we delivered double-digit revenue growth and profitability well above original guidance, despite a challenging external environment."
"We also propose our maiden dividend, which is supported by excellent cash generation in 2021," he stated.
Technip Energies said it is closely monitoring the situation in Russia and Ukraine.
"As a leading and responsible engineering and technology company, we have a long experience of
managing contracts in difficult and complex environments. We understand the contractual mechanisms
and protections which are crucial to mitigate risk and to sustain the performance of the company, and
our contracting discipline ensures positive cash flows through the project lifecycle," stated Pieton.
Technip Energies is a global and diversified player with operations carried out in many countries,
including Russia. As of December 31, 2021, approximately €3.8 billion or 23% of the company’s backlog relates to Russian projects in execution, which will be impacted by the current crisis, he noted.
This backlog is scheduled to be executed over the five-year period from 2022 to 2026, he added.
Pieton said Technip Energies had a strong balance sheet, positive project cash flows and relevant contractual protections, which together would limit its exposure to this ongoing situation.
"The company is therefore confident in its ability to successfully continue delivering the projects in its
diversified backlog and implementing its growth strategy in the Energy Transition. Our strategy is
centered on helping our clients address the new energy challenges – and this is more relevant than
ever as the current crisis will likely accelerate the energy transition and energy independence agenda," he stated.
"Our selectivity-driven commercial strategy delivered nearly €10 billion of orders, of which 94% was
from outside Russia, strengthening our backlog and providing clear multi-year visibility. This reinforces
our positioning in LNG and ethylene – core Technip Energies markets that are improving and also
decarbonizing. Energy Transition markets are accelerating and maturing, with notable momentum in
carbon capture, sustainable fuels, plastics circularity and low-to-zero carbon hydrogen and ammonia," he added.
"We are deeply concerned by the war in Ukraine, and express solidarity with all those suffering. We are
closely monitoring the evolving situation, taking appropriate measures and constantly assessing its
impact on people and operations," remarked Pieton.
"The potential financial impact the crisis is having on our company is contained. We have ceased to work on future business opportunities in Russia and are confident in the robustness of Technip Energies’ global and diversified business, balance sheet, and our ability to invest and deliver on our strategy," he added.-TradeArabia News Service
