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"ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-443": { "value": "56400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-444": { "value": "1951200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-445": { "value": "
Note 1.Accounting principles
1.1.Background
Technip Energies is incorporated as a public limited liability
company (naamloze vennootschap ) operating under the laws
of the Netherlands.
The legal and commercial name of Technip Energies is
Technip\u00a0Energies\u00a0N.V. It is registered with the Dutch
Chamber of Commerce under number 76122654.
Technip\u00a0Energies\u00a0N.V. has its corporate seat (statutaire zetel )
in Amsterdam, the Netherlands and its principal place of
business is at 2126, boulevard de la D\u00e9fense, CS 10266, 92741
Nanterre Cedex, France (RCS Nanterre 879 464 584).
Technip Energies has prepared consolidated financial
statements in accordance with International Financial
Reporting Standards (\u201cIFRS\u201d) as issued by the International
Accounting Standards Board (\u201cIASB \u201d) and adopted by the
European Union (\u201cEU\u201d) pursuant to Regulation (EC)
No\u00a01606/2002 for financial year 2023. These financial
statements include comparative information from Technip
Energies\u2019 consolidated financial statements for 2022.
Information for these periods constitutes the Technip
Energies Group\u2019s consolidated financial statements as of
December\u00a031, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-446": { "value": "
1.2. Business description
As one of the largest engineering and technology (\u201cE&T\u201d)
companies by revenue, the Technip Energies Group offers a
full range of design and project development services to its
customers in the energy industry, from early engagement
technical consulting through final acceptance.
The Group's core purpose is to combine its E&T capabilities
to bring forth new energy solutions and provide applications
for the world's energy transition, helping its client reach their
net zero trajectory.
Technip Energies\u2019 business focuses both on project delivery
and on technology, products and services. Its activities cover
the study, engineering, procurement, construction and
project management of the entire range of onshore and
offshore liquefaction infrastructures as well as low-carbon
natural gas facilities, sustainable fuels and chemicals, blue
and green hydrogen, carbon capture and circular economy.
Technip Energies conducts large-scale, complex, and
challenging projects often in environments with extreme
climatic conditions. The Group relies on early engagement
and front-end design as well as technological know-how for
process design and engineering, either through the
integration of proprietary technologies or through alliances
with partners. Technip Energies seeks to integrate and
develop advanced technologies and reinforce the Group's
project execution capabilities.
The Group's capabilities span from feasibility studies,
consulting services, process technology know-how,
proprietary equipment, and project management to full
engineering and construction. The Group's expertise in
integrating process technologies, either proprietary or from
third-party licensors, fosters early project engagement, with
a significant impact on project economics.
The Group partners with some of the world's best-known
players in technologies, equipment, and construction
worldwide. Additionally, the Group's project management
consulting services leverage its expertise in the management
of complex projects to the benefit of its clients.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-448": { "value": "
1.3.Basis of preparation
The Technip Energies Group\u2019s consolidated financial
statements as of December\u00a031, 2023, are prepared under the
presentation, recognition and measurement rules set out in
the IFRS published by the IASB and approved by the EU for
application as of December\u00a031, 2023.
The Group has not opted for early application of standards
and interpretations that were not yet mandatory in 2023.
The consolidated financial statements are presented
in\u00a0millions of euros, and all values are rounded to the nearest
thousand, unless otherwise specified.
The consolidated financial statements were prepared under
the responsibility of and approved by the Board of Directors
on March\u00a08, 2024.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-447": { "value": "
1.3.Basis of preparation
The Technip Energies Group\u2019s consolidated financial
statements as of December\u00a031, 2023, are prepared under the
presentation, recognition and measurement rules set out in
the IFRS published by the IASB and approved by the EU for
application as of December\u00a031, 2023.
The Group has not opted for early application of standards
and interpretations that were not yet mandatory in 2023.
The consolidated financial statements are presented
in\u00a0millions of euros, and all values are rounded to the nearest
thousand, unless otherwise specified.
The consolidated financial statements were prepared under
the responsibility of and approved by the Board of Directors
on March\u00a08, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-449": { "value": "
The consolidated financial statements were prepared under
the responsibility of and approved by the Board of Directors
on March\u00a08, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-450": { "value": "
1.4.Going concern
As required by IAS\u00a01 \u201cPresentation of Financial Statements\u201d,
in determining the basis of preparation for the consolidated
financial statements, we have considered the Company\u2019s
business activities, together with the factors likely to affect
its future development, performance and position to assess
whether the Company may adopt the going concern basis in
preparing its consolidated financial statements.
Operating activities
Following the signing during the third quarter of 2022 of an
exit framework agreement relating to the Arctic LNG 2
project, Technip Energies completed during the second
quarter of 2023 its orderly exit from the project.
As of December\u00a031, 2023, the award of the North Field South
(\u201cNFS\u201d) project in Qatar is a significant factor in backlog
increasing by 25% year-over-year from \u20ac12.5 billion as of
December\u00a031, 2022, to \u20ac15.7 billion as of December\u00a031, 2023.
The NFS award and continued order momentum for the
Technology, Products & Services (\u201cTPS\u201d) operating segment
has led to the highest level of backlog since the Company\u2019s
inception. The level of backlog provides excellent multiyear
visibility, equivalent to more than 2.6 times our annual
revenues.
Based on the above, the Technip Energies Group\u2019s
management considers that the Company has sufficient
resources (including the unused capacity of the Revolving
Facility and commercial paper program as referred to in Note
2.3.5. Liquidity and capital resources) to continue operational
existence for the foreseeable future and that there are no
material uncertainties about the Company\u2019s ability to
continue as a going concern. For this reason, Technip
Energies continues to adopt the going concern basis in
preparing the consolidated financial statements. Climate-
related matters as well as the evolution of macroeconomic
conditions were considered as part of this assessment and
are discussed in more detail in Note 1.8. Other sources of
estimation uncertainty.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-452": { "value": "
1.5.Changes in accounting policies
and\u00a0disclosures
a.IFRS standards, amendments and
interpretations effective as of January\u00a01,
2023
IFRS\u00a017 Insurance Contracts
In May\u00a02017, the IASB issued IFRS\u00a017 Insurance Contracts, a
comprehensive new accounting standard for insurance
contracts covering recognition and measurement,
presentation and disclosure. IFRS\u00a017 requires insurance
liabilities to be measured at a current fulfillment value and
provides a more uniform measurement and presentation
approach for all insurance contracts.
Definition of Accounting Estimates - Amendments
to\u00a0IAS\u00a08
In February\u00a02021, the Board issued amendments to IAS\u00a08, in
which it introduced a new definition of \u201caccounting
estimates\u201d. The amendments clarify the distinction between
changes in accounting estimates and changes in accounting
policies and the correction of errors. Also, they clarify how
entities use measurement techniques and inputs to develop
accounting estimates.
Deferred Tax related to Assets and Liabilities arising
from a Single Transaction \u2013 Amendments to IAS\u00a012
Since the Technip Energies Group\u2019s consolidated financial
statements as of December\u00a031, 2021, the Group has early
adopted amendments to IAS\u00a012 \u201cDeferred Tax related to
Assets and Liabilities arising from a Single Transaction\u201d,
notably on the accounting of deferred taxes on IFRS\u00a016
\u201cLeases\u201d effects.
Disclosure of Accounting Policies - Amendments
to\u00a0IAS\u00a01 and IFRS\u00a0Practice Statement 2
In February\u00a02021, the Board issued amendments to IAS\u00a01 and
IFRS Practice Statement 2 Making Materiality Judgements
(the PS), in which it provides guidance and examples to help
entities apply materiality judgements to accounting policy
disclosures that are more useful by:
\u25aa Replacing the requirement for entities to disclose their
\u201csignificant\u201d accounting policies with a requirement to
disclose their \u201cmaterial\u201d accounting policies and,
\u25aa Adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy
disclosures.
International Tax Reform \u2013 Pillar Two Model Rules -
Amendments to IAS\u00a012
The amendments introduced a temporary exception to the
requirements to recognize and disclose information about
deferred tax assets and liabilities related to Pillar Two
income taxes and targeted disclosure requirements for
affected entities.
The Group is within the scope of the OECD Pillar Two model
rules. Pillar Two legislation was enacted in France, the
jurisdiction in which Technip Energies is tax resident, and will
come into effect from January\u00a01, 2024. Since the Pillar Two
legislation was not effective on the reporting date, the Group
did not record any related current tax expense. The Group
applies the exception to recognizing and disclosing
information about deferred tax assets and liabilities related
to Pillar Two income taxes, as provided in the amendments
to IAS\u00a012 issued in May\u00a02023.
Under the legislation, the Group is liable to pay a top-up tax
for the difference between their GloBE effective tax rate per
jurisdiction and the 15% minimum rate.
The Group assessed its exposure to the Pillar Two legislation
for when it comes into effect. This assessment indicates that
impacts should not be material.
IFRIC decisions 2023
The IFRS Interpretation committee has reached the following
decisions:
\u25aa Definition of a Lease\u2014Substitution Rights (IFRS\u00a016
Leases),
\u25aa Premiums Receivable from an Intermediary (IFRS\u00a017
Insurance Contracts and IFRS\u00a09 Financial Instruments),
\u25aa Homes and Home Loans Provided to Employees,
\u25aa Guarantee over a Derivative Contract (IFRS\u00a09 Financial
Instruments).
The above-mentioned new interpretations and amendments
effective on January 1, 2023, did not have a significant impact
on the Company\u2019s consolidated financial statements.
b.Published IFRS standards, amendments and\u00a0interpretations not yet effective
or\u00a0early\u00a0adopted\u00a0by the Group
Norm
Effective date
Statement
Classification of Liabilities as
Current or Non-Current \u2013
Amendments to IAS\u00a01
Jan 1, 2024
The amendment clarifies:
\u25a0 what is meant by a right to defer settlement,
\u25a0 that a right to defer must exist at the end of the reporting period,
\u25a0 that classification is unaffected by the likelihood that an entity will
exercise its deferral right,
\u25a0 that only if an embedded derivative in a convertible liability is itself
an equity instrument, would the terms of a liability not impact its
classification.
Non-current Liabilities with
Covenants - Amendments to IAS\u00a01
Jan 1, 2024
The amendments to IAS\u00a01 improved the information an entity provides
when its right to defer settlement of a liability for at least twelve
months is subject to compliance with covenants. The amendments
also responded to stakeholders\u2019 concerns about the classification of
such a liability as current or non-current.
Lease liability in a Sale and
Leaseback - Amendments to
IFRS\u00a016
Jan 1, 2024
The amendment to IFRS\u00a016 specifies the requirements that a seller-
lessee uses in measuring the lease liability arising in a sale and
leaseback transaction, to ensure the seller-lessee does not recognize
any amount of the gain or loss that relates to the right of use it
retains.
Disclosures: Supplier Finance
Arrangements - Amendments to
IAS\u00a07 and IFRS\u00a07
Jan 1, 2024
The amendments specify disclosure requirements to enhance the
current requirements, which are intended to assist users of financial
statements in understanding the effects of supplier finance
arrangements on an entity\u2019s liabilities, cash flows and exposure to
liquidity risk.
Lack of exchangeability \u2013
Amendments to IAS\u00a021
Jan 1, 2025
The amendment to IAS\u00a021 specifies how an entity should assess
whether a currency is exchangeable and how it should determine a
spot exchange rate when exchangeability is lacking.
New standards, interpretations or amendments effective on January\u00a01, 2024, were not early adopted by Technip Energies. The
Group does not currently anticipate any material impact to result from these new amendments and interpretations.
1.7.Key judgments and estimates
The preparation of Technip Energies\u2019 consolidated financial
statements requires the use of key judgments and estimates,
either at the balance sheet date or during the period that
affects reported amounts of assets, liabilities, incomes, and
expenses.
Management exercises its best judgment based upon its
experience and the circumstances prevailing as of reporting
date. Judgments and estimates are reviewed periodically, on
an ongoing basis, and may be reassessed if the
circumstances and assumptions on which they were based
change, if new information becomes available, or because of
greater experience.
Consequently, the actual result from operations may differ
from these estimates. In addition, Technip Energies Group\u2019s
exposure to risks is also discussed in Note 1. Accounting
principles and Note 28. Market-related exposure.
a.Judgments in applying accounting policies
Revenue recognition
Most of the Group\u2019s revenue is derived from long-term
contracts that can span several years. The Group accounts
for revenue in accordance with IFRS\u00a015, as described in
paragraph b. Recognition of revenue from customer contracts
of Note 1.6. Summary of significant accounting policies.
A significant portion of total revenue recognized over time
primarily relates to a large range of onshore facilities and
fixed and floating offshore facilities that involve the design,
engineering, manufacturing, construction, and assembly of
complex, customer-specific systems. Because of control
transferring over time, revenue is recognized based on the
extent of progress towards completion of the performance
obligation. The selection of the method to measure progress
towards completion requires judgment and is based on the
nature of the products or services to be provided. The Group
generally uses the cost-to-cost measure of progress for its
contracts because it best depicts the transfer of control to
the customer that occurs as the Group incurs costs on its
contracts.
Due to the nature of the work required to be performed on
performance obligations, the estimation of total revenue and
costs at completion is complex, subject to many variables,
and requires significant judgment. It is common for long-
term contracts to contain award fees, incentive fees, or other
provisions that can either increase or decrease the
transaction price. The estimated amounts in the transaction
price are included when management believes there is an
enforceable right to the modification, the amount can be
estimated reliably, and its realization is probable. The
estimated amounts are included in the transaction price to
the extent it is probable that a significant reversal of
cumulative revenue recognized will not occur when the
uncertainty associated with the variable consideration
is\u00a0resolved.
The Group executes contracts with its customers that clearly
describe the equipment, systems, and/or services. After
analyzing the drawings and specifications of the contract
requirements, project engineers estimate total contract costs
based on their experience with similar projects and then
adjust these estimates for specific risks associated with each
project, such as technical risks associated with a new design.
Costs associated with specific risks are estimated by
assessing the probability that conditions arising from these
specific risks will affect total cost to complete the project.
After work on a project begins, assumptions that form the
basis for the calculation of total project cost are examined
on a regular basis and estimates are updated to reflect the
most current information and management\u2019s best judgment.
Adjustments to estimates of contract revenue, total contract
cost, or extent of progress towards completion are often
required as work progresses under the contract and
as\u00a0experience is gained, even though the scope of work
required under the contract may not change. The nature of
accounting for long-term contracts is such that refinements
of the estimating process for changing conditions and new
developments are continuous and characteristic of
the\u00a0process.
Consequently, the amount of revenue recognized over time is
sensitive to changes in estimates of total contract costs.
There are many factors, including, but not limited to, the
ability to properly execute the engineering and design phases
consistent with customers\u2019 expectations, the availability and
costs of labor and material resources, productivity, and
weather, all of which can affect the accuracy of cost
estimates, and ultimately, a future profitability.
b.Assumptions and sources of estimation
uncertainty
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date,
which could have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities
within the next financial year relate to:
\u25a0 Impairment of non-financial assets;
\u25a0 Income tax;
\u25a0 Accounting for pension and other post-retirement benefit
plans;
\u25a0 Provisions.
Impairment of non-financial assets
\u25aa Goodwill
Goodwill represents the excess of cost over the fair market
value of net assets acquired in business combinations.
Goodwill is not subject to amortization but is tested for
impairment at the level of CGU or GCGUs the goodwill has
been allocated to, on an annual basis, or more frequently if
impairment indicators arise. Management has established
September\u00a030 as the date of its annual test for impairment
of goodwill. Management identifies a potential impairment by
comparing the recoverable amount of the applicable CGU or
GCGUs to its carrying amount, including goodwill. If the
carrying amount exceeds the recoverable amount of the
applicable CGU or GCGUs, management measures the
impairment by comparing the carrying value of the CGU or
GCGUs to its recoverable amount. CGUs with goodwill are
tested for impairment using a quantitative impairment test.
Determining the recoverable amount of CGUs is judgmental
and involves the use of significant estimates and
assumptions. Management estimates the recoverable amount
of the Group CGUs using a discounted future cash flow
model. Most of the estimates and assumptions used in a
discounted future cash flow model on a post-tax basis
involve unobservable inputs reflecting management\u2019s own
assumptions about the assumptions market participants
would use in estimating the fair value of a business. These
estimates and assumptions include revenue growth rates and
operating margins used to calculate projected future cash
flows, discount rates and future economic and market
conditions. The estimates are based upon assumptions
believed to be reasonable, but which are inherently uncertain
and unpredictable and do not reflect unanticipated events
and circumstances that may\u00a0occur.
A lower recoverable amount estimate in the future for any of
the Group\u2019s CGUs could result in a goodwill impairment.
Factors that could trigger a lower recoverable amount
estimate include sustained price declines of the CGUs\u2019
products and services, cost increases, regulatory or political
environment changes, changes in customer demand, and
other changes in market conditions, which may affect certain
market participant assumptions used in the discounted
future cash flow model based on internal forecasts of
revenues and expenses over a specified period plus a
terminal value (the income approach).
The income approach estimates recoverable amount by
discounting each CGUs estimated future cash flows using a
weighted-average cost of capital that reflects current market
conditions and the risk profile of CGUs. To arrive at future
cash flows, management uses estimates of economic and
market assumptions, including growth rates in revenues,
costs, estimates of future expected changes in operating
margins, tax rates and capital expenditures. Future revenues
are also adjusted to match changes in the Group business
strategy. Management believes this approach is an
appropriate valuation method and utilizes this approach in
determining the CGUs valuations.
For additional information related to goodwill impairment
testing during the periods presented, refer to Note 14.
Goodwill and intangible assets, net.
\u25aa Property, plant and equipment and identifiable
intangible assets
Property, plant and equipment and identifiable intangible
assets being amortized are reviewed for impairment
whenever events or changes in circumstances indicate the
carrying amount of the non-financial assets may not be
recoverable. The carrying amount of a non-financial asset is
not recoverable if it exceeds the recoverable amount
determined as the higher of an asset\u2019s fair value less costs of
disposal and its value in use. If it is determined that an
impairment loss has occurred, the loss is measured as the
amount by which the carrying amount of the non-financial
asset exceeds its recoverable amount. The determination of
future value in use as well as the estimated fair value of
non-financial assets involves significant estimates on the
part of management. Because there is usually a lack of
quoted market prices for non-financial assets, fair value of
impaired assets is typically determined based on the present
values of expected future cash flows using discount rates
believed to be consistent with those used by principal
market participants or based on a multiple of operating cash
flow validated with historical market transactions of similar
assets where possible. The expected future cash flows used
for impairment reviews and related fair value calculations are
based on judgmental assessments of future productivity of
the asset, operating costs and capital decisions and all
available information at the date of review. If future market
conditions deteriorate beyond current expectations and
assumptions, impairments of non-financial assets may be
identified if management concludes that the carrying
amounts are no longer recoverable.
Refer to paragraphs h) Property, plant and equipment and
j)\u00a0Intangible assets for estimates and accounting policies
relevant to those assets.
Income tax
Income tax expense, deferred tax assets and liabilities, and
reserves for uncertain tax positions reflect management\u2019s
best assessment of estimated future taxes to be paid. The
Group is subject to income taxes in France and numerous
other jurisdictions. Judgments and estimates are required in
determining the consolidated income tax expense.
In determining the current income tax provision,
management assesses temporary differences resulting from
differing treatments of items for tax and accounting
purposes. These differences result in deferred tax assets and
liabilities, which are recorded in the consolidated statement
of financial position. When management assesses deductible
temporary differences, including those originating from tax
losses carried forward, management must assess the
probability that these will be recovered through the future
taxable income. To the extent management believes recovery
is not probable, no deferred tax asset is recognized.
Management believes the assessment related to the
availability of future taxable income is a critical accounting
estimate because it is highly susceptible to change from
period to period, requires management to make assumptions
about future income over the period of deductible temporary
differences, and finally, the impact of increasing or
decreasing deferred tax assets is potentially material to the
results of operations.
Forecasting future income requires the use of a significant
amount of judgment. In estimating future income,
management uses internal operating budgets and long-range
planning projections. Management develops its budgets and
long-range projections based on recent results, trends,
economic and industry forecasts influencing the Group\u2019s
performance, its backlog, planned timing of new product
launches and customer sales commitments. Significant
changes in management\u2019s judgment related to the expected
realizability of deductible temporary differences result in an
adjustment to the associated deferred tax asset.
The calculation of income tax expense involves dealing with
uncertainties in the application of complex tax laws and
regulations in numerous jurisdictions in which the Group
operates. Management recognizes tax benefits related to
uncertain tax positions when, in management\u2019s judgment, it
is more likely than not that such positions will be sustained
on examination, including resolutions of any related appeals
or litigation, based on the technical merits. Management
adjusts liabilities for uncertain tax positions when its
judgment changes because of new information previously
unavailable. Due to the complexity of some of these
uncertainties, their ultimate resolution may result in
payments that are materially different from current
estimates. Any such differences will be reflected as
adjustments to income tax expense in the periods in which
they are determined.
IFRIC\u00a023 \u201cUncertainty over Income Tax Treatments\u201d provides
guidance on how to recognize and measure uncertainty over
\u201cincome tax\u201d treatment as defined by paragraph 5 of IAS\u00a012.
The Group analyses all the tax treatments impacting current
tax or deferred tax and reported or planned to be reported in
income tax filings that could be challenged by the tax
authorities. The tax assets and liabilities relating to these
uncertain tax treatments are\u00a0reviewed on a case-by-case
basis assuming a full knowledge of the tax authorities and
measured at the most probable\u00a0amount.
For further information, refer to Note 13. Income tax.
Accounting for pension and other post-retirement
benefit plans
The determination of the projected benefit obligations of
pension and other post-retirement benefit plans are
important to the recorded amounts of such obligations in the
consolidated statement of financial position and to the
amount of pension expense in the consolidated statement of
income. To measure the projected benefit obligations of
pension and other post-retirement benefit plans and the
expense associated with such benefits, management must
make a variety of assumptions and estimates, including
discount rates used to value certain liabilities, rates of
compensation increase, employee turnover rates, retirement
rates, mortality rates and other factors. Management updates
these assumptions and estimates on an annual basis or more
frequently upon the occurrence of significant events. These
accounting assumptions and estimates consider the risk of
change due to the uncertainty and difficulty in estimating
these measures. Different assumptions and estimates used
by management could result in recognition of different
amounts of expense over different periods of time.
The discount rate affects the interest cost component of net
periodic pension cost and the calculation of the projected
benefit obligation. The discount rate is based on rates at
which the pension benefit obligation could be effectively
settled on a present value basis. Discount rates are derived
by identifying a theoretical settlement portfolio of long-term,
high quality (\u201cAA\u201d rated) corporate bonds at determination
date that is sufficient to provide for the projected pension
benefit payments. A single discount rate is determined that
results in a discounted value of the pension benefit
payments that equate to the market value of the selected
bonds. The resulting discount rate is reflective of both the
current interest rate environment and the pension\u2019s distinct
liability characteristics. Significant changes in the discount
rate, such as those caused by changes in the yield curve, the
mix of bonds available in the market, the duration of
selected bonds and the timing of expected benefit payments,
may result in volatility in pension expense and pension
liabilities.
Due to the specialized and statistical nature of these
calculations which attempt to anticipate future events,
management engages third-party specialists to assist in
evaluating assumptions as well as appropriately measuring
the costs and obligations associated with these pension and
other post-retirement benefits.
The actuarial assumptions and estimates made by
management in determining pension and other post-
retirement benefit obligations may materially differ from
actual results because of changing market and economic
conditions and changes in plan participant assumptions.
While management believes the assumptions and estimates
used are appropriate, differences in actual experience or
changes in plan participant assumptions may materially
affect the Technip Energies Group\u2019s financial position or
results of operations.
The Group\u2019s pension and other post-retirement obligations
are described in Note 24. Pensions and other long-term
employee benefits plans.
Provisions
The Group is involved in judicial or administrative litigation.
The process for assessing and measuring the risks related to
these proceedings is based on multiple factors that require
assumptions and estimates, particularly regarding the
assessment of uncertainties. Provisions are estimated based
on the Group best estimate of the expenditure required to
settle the obligations, considering all relevant information
available and different possible outcomes at the reporting
date.
1.8.Other sources of estimation
uncertainty
In the elaboration of its financial statements the Group
considered as other sources of estimation uncertainty the
following:
\u25a0 Climate-related matters.
\u25a0 Macroeconomic conditions.
Climate-related matters
The Group considered climate-related matters in the
preparation of its financial statements and concluded to the
absence of material impacts on assets and liabilities
reported as well as those that may be recognized in the
future for the following reasons:
\u25a0 Technip Energies generally acts as a contractor. As such,
its portfolio and positioning are evolving with the energy
transition unfolding landscape. The profile of projects and
services is directly linked to the Group clients\u2019
investments to transform energy production
infrastructure, meet environmental targets, and address
the need to reduce global warming and greenhouse gas
emissions.
\u25a0 Due to its operating model, the Group does not hold
material tangible or intangible assets that could become
obsolete considering climate-related matters and would
therefore require a revision of estimated residual values or
expected useful lives. This also explains why none of the
Group\u2019s assets is forecasted to bear subsequent major
expenditures to cope with obsolescence or new legal
restrictions.
\u25a0 The Group has strong experience of conducting projects in
extreme weather conditions.
The specific positioning of the Group in the value chain and
the way Technip Energies participates in the energy transition
is described in section 3.4.3. EU Green Taxonomy.
\u25a0 Impairment of non-financial assets
The Group is engaged in activities and markets for which
demand provides a high multiyear visibility. These activities
and markets are not subject to regulations that would
jeopardize Technip Energies\u2019 operations in the short or
medium-term. The business plan underpinning the
impairment test performed reflects Management
expectations in terms of exposure to climate risks, in relation
with regulations, client\u2019s expectations or industry energy
sources shifts per geographic area.
In the continuity of the prior impairment test, management
continued to increase its focus in the quantification of risks
and opportunities related to climate and its impacts on
impairment tests. In addition to the portfolio mix reflected in
the prospective financial information, this is mostly reflected
as follows:
\u2022 Consideration of strategic initiatives: in 2023, the Group
announced the launch of two strategic initiatives to
prepare its future core, namely Rely, in the Green
Hydrogen sector, and Reju, on circular economy and
textile regeneration. In terms of impairment testing
methodology, the Group captured early-stage setup
expenses associated with those initiatives but not the
revenues beyond the last year of the plan.
\u2022 Expenditures associated with climate: the Group business
plan also includes a substantial amount of expenditures,
for a total of \u20ac314\u00a0million. These expenses mostly relate
to the Group roadmap to reduce scope\u00a01 & 2 emissions
and reach net zero by 2030 and cover real estate
initiatives (refurbishments and optimization of owned and
leased assets for offices), as well as increased R&D
allocated to energy transition.
Sensitivity performed on these expenditures, with a change
of -10%/+10%, would not lead to a risk of impairment.
\u25a0 Research and development and sustainable investments
associated with climate
During the year 2023, Technip Energies made several
strategic investments in the energy transition sector.
In May, the Group announced the creation of Rely in
collaboration with John Cockerill. Rely aims to provide
integrated and competitive solutions for the production and
use of green hydrogen and its derivatives, such as power-to-
X. Rely will offer end-to-end services, from feasibility studies
to project execution and operation, as well as innovative
products and technologies. Rely will also secure the supply
chain of electrolyzers, a key component for green hydrogen
production, through a partnership with John Cockerill
Hydrogen.
In July, Technip Energies strengthened its R&D and
technologies portfolio by acquiring Processium, an expert
company in process development, equipped with laboratory
and piloting facilities. Processium is an industrial
development partner designing and developing next-
generation processes to support the energy transition and
enhance manufacturing competitiveness in the field of
sustainable chemicals.
The Group also announced the acquisition of SEED Energy, a
startup that specializes in digital services for innovative,
multi-technology renewable energy systems. This acquisition
reinforces Technip Energies\u2019 digital portfolio and fits with its
energy transition ambition.
In the innovation sector, Technip Energies made an
investment in Evok Innovation\u2019s Fund II, a tier-one cleantech
fund that invests in and supports hard-tech development to
accelerate the path towards net zero with a focus on next-
generation sectors such as low-carbon hydrogen, carbon
capture and removal, electrification, and critical minerals.
In the domain of circularity, building on its technology
partnership with IBM and Under Armour, Technip Energies
announced the launch of Reju, an innovative company
focused on creating new solutions at scale for the vast
amount of plastic fiber in textiles that goes unrecycled and
ends up as waste.
The Group's ambition to achieve the objectives set out in its
ESG roadmap is also reflected in its increased R&D efforts
substantially focused on its energy transition domains,
including low-carbon energy carriers and relevant processes,
sustainable fuels & chemicals, circularity, decarbonization
solutions, and offshore technology.
\u25aa Share-based compensation and remuneration policy
applied to Executive Officer, Executive Committee
members, Senior Managers, and other key employees
The Compensation Committee of the Board of Directors has
granted to the Executive Officer, Executive Committee
members, Senior Managers, and other key employees (e.g.,
technical experts, high potentials) a Long-Term Incentive
plan in the form of Performance Stock Units (PSUs) and
Restricted Stock Units (RSUs). The PSUs vesting is subject to
the satisfactory achievement of performance conditions. As
of 2023, the performance conditions comprise the total
shareholder return (\u201cTSR\u201d), Earnings Per Shares (\u201cEPS\u201d) and a
set of three weighted ESG indicators directly derived from
our ESG Roadmap to support Technip Energies vision in
accelerating energy transition for a \u201cbetter tomorrow\u201d and to
strengthen the alignment with sustainable long-term value
creation. One of these indicators is a climate-friendly
objective: 30% decrease in scope\u00a01 and 2 greenhouse gas
emissions between 2019 and 2025.
In addition, the Compensation Committee reviewed the
Executive Director\u2019s remuneration and notably reinforced the
weighting of the ESG component in the Short-Term Incentive
program with ESG KPIs derived from the Company\u2019s ESG
roadmap. These changes have been introduced in 2022 and
are described in section\u00a06.5.1. Executive Director
remuneration. The ESG business performance indicators
weighting is set to 25% to emphasize ESG performance and
to signal the Company\u2019s commitment to embed sustainable,
socially responsible and ethical business practices.
\u25aa Green financing
The terms and conditions of the Group financing agreements
do not include climate-friendly covenants or objectives,
except for the Revolving Facility for which the applicable
margin is adjusted based on the successful completion by
the Group of the 3 ESG key performance indicators defined
in the facility agreement: reduction of carbon footprint,
supporting of ESG ratings and improvement of gender
diversity. On June\u00a07, 2023, the applicable margin for the
Revolving Facility has been adjusted by -0.025% following the
successful completion of all three ESG KPI\u2019s for the year
2022.
Macroeconomic conditions
2023 was marked by a range of geopolitical and energy
issues, and by an inflationary environment, which have
effects on Technip Energies consolidated financial
statements. The estimates described below have been
reviewed to take into consideration this specific
macroeconomic environment:
\u25a0 Measurement of the present value
of the post-employment benefit obligations
Actuarial assumptions have been revalued (wage and
discount rate increase) to reflect the long-term economic
forecast. Assumptions used to assess post-retirement
valuation as of December\u00a031, 2023 include:
\u25a0 The discount rates set by reference to market yields on
high quality corporate bonds (or government bonds in
countries where the market in such corporate bonds is
not deep).
\u25a0 The expected long-term inflation assumption set by
reference to the European Central Bank target.
\u25a0 The spread above the assumed long-term inflation to
derive the expected yearly salary increase.
Moreover, to consider increased volatility observed on key
assumptions such as discount rate and inflation rate,
sensitivities are disclosed based on +/- 50 bps ranges.
\u25a0 Impairment test of non-financial assets
During the year ended December\u00a031, 2023, the exposure to
inflation and to geopolitical uncertainty increased. Within the
impairment test, these risks and uncertainties have been
directly considered in the business plan with the best
estimates of the income and expenditure of the CGUs
according to industry projections and with Management
experience and future expectations, and indirectly through
the Weighted Average Cost of Capital (\u201cWACC\u201d), which
incorporates the recent rise in risk-free rates and a higher
country risk premium.
The weighted average cost of capital per operating segment is as follows:
December\u00a031,
2023
December\u00a031,
2022
Project Delivery
13.0%
12.0%
Technology, Products & Services
11.0%
11.5%
Long-term growth rates used to estimate cash flow projections beyond the period covered by the budgets slightly increased
from 1.9% last year to 2.7% in 2023 in both operating segments. The exposure to inflation and cost increases (especially as it
relates to headcount or higher commodity prices) was directly considered in the prospective financial information used to
determine the value in use of the Group\u2019s CGUs.
The consideration of the above-mentioned did not lead to the recognition of an impairment, as described in Note 14. Goodwill
and intangible assets, net", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-451": { "value": "
1.5.Changes in accounting policies
and\u00a0disclosures
a.IFRS standards, amendments and
interpretations effective as of January\u00a01,
2023
IFRS\u00a017 Insurance Contracts
In May\u00a02017, the IASB issued IFRS\u00a017 Insurance Contracts, a
comprehensive new accounting standard for insurance
contracts covering recognition and measurement,
presentation and disclosure. IFRS\u00a017 requires insurance
liabilities to be measured at a current fulfillment value and
provides a more uniform measurement and presentation
approach for all insurance contracts.
Definition of Accounting Estimates - Amendments
to\u00a0IAS\u00a08
In February\u00a02021, the Board issued amendments to IAS\u00a08, in
which it introduced a new definition of \u201caccounting
estimates\u201d. The amendments clarify the distinction between
changes in accounting estimates and changes in accounting
policies and the correction of errors. Also, they clarify how
entities use measurement techniques and inputs to develop
accounting estimates.
Deferred Tax related to Assets and Liabilities arising
from a Single Transaction \u2013 Amendments to IAS\u00a012
Since the Technip Energies Group\u2019s consolidated financial
statements as of December\u00a031, 2021, the Group has early
adopted amendments to IAS\u00a012 \u201cDeferred Tax related to
Assets and Liabilities arising from a Single Transaction\u201d,
notably on the accounting of deferred taxes on IFRS\u00a016
\u201cLeases\u201d effects.
Disclosure of Accounting Policies - Amendments
to\u00a0IAS\u00a01 and IFRS\u00a0Practice Statement 2
In February\u00a02021, the Board issued amendments to IAS\u00a01 and
IFRS Practice Statement 2 Making Materiality Judgements
(the PS), in which it provides guidance and examples to help
entities apply materiality judgements to accounting policy
disclosures that are more useful by:
\u25aa Replacing the requirement for entities to disclose their
\u201csignificant\u201d accounting policies with a requirement to
disclose their \u201cmaterial\u201d accounting policies and,
\u25aa Adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy
disclosures.
International Tax Reform \u2013 Pillar Two Model Rules -
Amendments to IAS\u00a012
The amendments introduced a temporary exception to the
requirements to recognize and disclose information about
deferred tax assets and liabilities related to Pillar Two
income taxes and targeted disclosure requirements for
affected entities.
The Group is within the scope of the OECD Pillar Two model
rules. Pillar Two legislation was enacted in France, the
jurisdiction in which Technip Energies is tax resident, and will
come into effect from January\u00a01, 2024. Since the Pillar Two
legislation was not effective on the reporting date, the Group
did not record any related current tax expense. The Group
applies the exception to recognizing and disclosing
information about deferred tax assets and liabilities related
to Pillar Two income taxes, as provided in the amendments
to IAS\u00a012 issued in May\u00a02023.
Under the legislation, the Group is liable to pay a top-up tax
for the difference between their GloBE effective tax rate per
jurisdiction and the 15% minimum rate.
The Group assessed its exposure to the Pillar Two legislation
for when it comes into effect. This assessment indicates that
impacts should not be material.
IFRIC decisions 2023
The IFRS Interpretation committee has reached the following
decisions:
\u25aa Definition of a Lease\u2014Substitution Rights (IFRS\u00a016
Leases),
\u25aa Premiums Receivable from an Intermediary (IFRS\u00a017
Insurance Contracts and IFRS\u00a09 Financial Instruments),
\u25aa Homes and Home Loans Provided to Employees,
\u25aa Guarantee over a Derivative Contract (IFRS\u00a09 Financial
Instruments).
The above-mentioned new interpretations and amendments
effective on January 1, 2023, did not have a significant impact
on the Company\u2019s consolidated financial statements.
b.Published IFRS standards, amendments and\u00a0interpretations not yet effective
or\u00a0early\u00a0adopted\u00a0by the Group
Norm
Effective date
Statement
Classification of Liabilities as
Current or Non-Current \u2013
Amendments to IAS\u00a01
Jan 1, 2024
The amendment clarifies:
\u25a0 what is meant by a right to defer settlement,
\u25a0 that a right to defer must exist at the end of the reporting period,
\u25a0 that classification is unaffected by the likelihood that an entity will
exercise its deferral right,
\u25a0 that only if an embedded derivative in a convertible liability is itself
an equity instrument, would the terms of a liability not impact its
classification.
Non-current Liabilities with
Covenants - Amendments to IAS\u00a01
Jan 1, 2024
The amendments to IAS\u00a01 improved the information an entity provides
when its right to defer settlement of a liability for at least twelve
months is subject to compliance with covenants. The amendments
also responded to stakeholders\u2019 concerns about the classification of
such a liability as current or non-current.
Lease liability in a Sale and
Leaseback - Amendments to
IFRS\u00a016
Jan 1, 2024
The amendment to IFRS\u00a016 specifies the requirements that a seller-
lessee uses in measuring the lease liability arising in a sale and
leaseback transaction, to ensure the seller-lessee does not recognize
any amount of the gain or loss that relates to the right of use it
retains.
Disclosures: Supplier Finance
Arrangements - Amendments to
IAS\u00a07 and IFRS\u00a07
Jan 1, 2024
The amendments specify disclosure requirements to enhance the
current requirements, which are intended to assist users of financial
statements in understanding the effects of supplier finance
arrangements on an entity\u2019s liabilities, cash flows and exposure to
liquidity risk.
Lack of exchangeability \u2013
Amendments to IAS\u00a021
Jan 1, 2025
The amendment to IAS\u00a021 specifies how an entity should assess
whether a currency is exchangeable and how it should determine a
spot exchange rate when exchangeability is lacking.
New standards, interpretations or amendments effective on January\u00a01, 2024, were not early adopted by Technip Energies. The
Group does not currently anticipate any material impact to result from these new amendments and interpretations.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-453": { "value": "
1.6.Summary of significant accounting
policies
a.Consolidation principles
In accordance with IFRS\u00a010 \u201cconsolidated financial
statements\u201d (\u201cIFRS\u00a010\u201d), the Group\u2019s consolidated financial
statements include the financial statements of
Technip\u00a0Energies\u00a0N.V. and subsidiaries controlled by Technip
Energies (including structured entities).
Technip Energies controls an entity where the Group has all
the following:
\u25a0 The power over the company subject to the investment.
\u25a0 An exposure or rights to the company\u2019s variable returns;
and
\u25a0 The ability to use its power over the entity to affect these
returns.
The power to direct the activities of the entity usually exists
when holding more than 50% of voting rights in the entity
and these rights are substantive.
As per IFRS\u00a011 \u201cJoint Arrangements\u201d (\u201cIFRS\u00a011\u201d), joint
arrangements could be classified as joint-ventures or joint
operations. Joint operations should be recognized to the
extent of Technip Energies\u2019 assets and its liabilities, including
its share of any assets held jointly or liabilities incurred
jointly.
The equity method is used for joint-ventures and for
investments over which Technip Energies exercises a
significant influence on operational and financial policies.
Unless otherwise indicated, such influence is deemed to exist
for investments in companies in which the Group\u2019s
ownership is between 20% and 50%.
Companies in which the Group\u2019s ownership is less than 20%
or which do not represent material investments are recorded
under \u201cOther non-current financial assets\u201d.
The list of Technip Energies\u2019 related undertakings as of
December\u00a031, 2023, is provided in Note 31. Companies
included in the scope of the consolidated financial
statements.
The main affiliates of Technip Energies close their accounts
as of December\u00a031 and all consolidated companies apply the
Group\u2019s accounting policies as set in the Group Accounting
Manual.
All intercompany balances and transactions, as well as
internal income and expenses, are fully eliminated.
Subsidiaries are consolidated as of the date of acquisition,
being the date on which Technip Energies obtains control,
and continue to be consolidated until the date control
ceases.
w.Current / non-current distinction
The distinction between current assets and liabilities, and
non-current assets and liabilities is based on the operating
cycle of contracts. If related to contracts, assets and
liabilities are classified as \u201ccurrent\u201d; if not related to
contracts, assets and liabilities are classified as \u201ccurrent\u201d if
their maturity is less than 12 months or \u201cnon-current\u201d if their
maturity exceeds 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-455": { "value": "
b.Recognition of revenue from customer
contracts
Technip Energies accounts for revenue in accordance with
IFRS\u00a015 \u201cRevenues from Contracts with
Customers\u201d (\u201cIFRS\u00a015\u201d). Revenue is measured based on the
consideration specified in a contract with a customer. Most
of our revenue is from long-term contracts associated with
designing and manufacturing products and systems and
providing services to customers involved in exploration and
production of crude oil and natural gas. The Technip Energies
Group recognizes revenue when or as it transfers control
over a good or service to a customer.
Contract modifications \u2013 Contracts are often modified to
account for changes in contract specifications and
requirements. The Group considers contract modifications to
exist when the modification either creates new, or changes
the existing, enforceable rights and obligations. Most of the
Group\u2019s contract modifications are for goods or services that
are not distinct from the existing contract due to the
significant integration service provided in the context of the
contract and are accounted for as if they were part of that
existing contract. The effect of a contract modification on
the transaction price and our measure of progress for the
performance obligation to which it relates is recognized as an
adjustment to revenue (either as an increase in or a
reduction of revenue) on a cumulative catch-up basis.
Variable consideration \u2013 Due to the nature of the work
required to be performed on many existing performance
obligations, the estimation of total revenue and cost at
completion is complex, subject to many variables and
requires significant judgment. It is common for long-term
contracts to contain variable considerations that can either
increase or decrease the transaction price. Variability in the
transaction price arises primarily due to liquidated damages.
The Technip Energies Group considers its experience with
similar transactions and expectations regarding the contract
in estimating the amount of variable consideration to which
it will be entitled and determining whether the estimated
variable consideration should be constrained. We include
estimated amounts in the transaction price to the extent it is
probable that a significant reversal of cumulative revenue
recognized will not occur when the uncertainty associated
with the variable consideration is resolved. The estimates of
variable consideration are based largely on an assessment of
anticipated performance and all information (historical,
current and forecasted) that is available to Technip Energies.
Payment terms \u2013 Progress billings are generally issued upon
completion of certain phases of the work as stipulated in the
contract. Payment terms may either be fixed, lump-sum or
driven by time and materials (i.e., daily or hourly rates, plus
materials). Because typically the customer retains a small
portion of the contract price until completion of the
contract, contracts generally result in revenue recognized in
excess of billings which we present as contract assets on the
statement of financial position. Amounts billed and due from
customers are classified as receivables on the statement of
financial position. The portion of the payments retained by
the customer until final contract settlement is not
considered a significant financing component because the
intent is to protect the customer. For some contracts, the
Technip Energies Group may be entitled to receive an
advance payment. The Technip Energies Group recognizes a
liability for these advance payments in excess of revenue
recognized and presents them as contract liabilities on the
statement of financial position. The advance payment
typically is not considered a significant financing component
because it is used to meet working capital demands that can
be higher in the early stages of a contract and to protect us
from the other party failing to adequately complete some or
all of its obligations under the contract.
Warranty \u2013 Certain contracts include an assurance-type
warranty clause, typically between 18 and 36 months, to
guarantee that the products comply with agreed
specifications. A service-type warranty may also be provided
to the customer; in such a case, management allocates a
portion of the transaction price to the warranty as a separate
performance obligation based on the estimated standalone
selling price of the service-type warranty.
Allocation of transaction price to performance obligations \u2013
A contract\u2019s transaction price is allocated to each distinct
performance obligation and recognized as revenue, when, or
as, the performance obligation is satisfied. To determine the
proper revenue recognition method, the Group evaluates
whether two or more contracts should be combined and
accounted for as one single contract and whether the
combined or single contract should be accounted for as
more than one performance obligation. This evaluation
requires significant judgment; some of the Group\u2019s contracts
have a single performance obligation as the promise to
transfer the individual goods or services is not separately
identifiable from other promises in the contracts and,
therefore, not distinct. For contracts with multiple
performance obligations, Technip Energies allocates the
contract\u2019s transaction price to each performance obligation
using its best estimate of the standalone selling price of
each distinct good or service in the contract.
Cost-to-cost method \u2013 For long-term contracts, because of
control transferring over time, revenue is recognized based
on the extent of progress towards completion of the
performance obligation. The cost-to-cost measure of
progress for contracts is generally used because it best
depicts the transfer of control to the customer which occurs
as costs on the contracts are incurred. Under the cost-to-
cost measure of progress, the extent of progress towards
completion is measured based on the ratio of costs incurred
to date to the total estimated costs at completion of the
performance obligation. Revenues, including estimated fees
or profits, are recorded proportionally as costs are incurred.
Any expected losses on contracts in progress are charged to
earnings, in total, in the period the losses are identified.
Right-to-invoice practical expedient \u2013 The right-to-invoice
practical expedient can be applied to a performance
obligation satisfied over time if we have a right to invoice the
customer for an amount that corresponds directly to the
value transferred to the customer for performance
completed to date. When this practical expedient is used,
variable consideration is not estimated at the inception of
the contract to determine the transaction price or for
disclosure purposes. Certain contracts have payment terms
dictated by daily or hourly rates while other contracts may
have mixed pricing terms that include a fixed fee portion. For
contracts in which the customer is charged a fixed rate
based on the time or materials used during the project that
correspond to the value transferred to the customer, the
Technip Energies Group recognizes revenue in the amount it
has the right to invoice.
Significant financing component \u2013 certain contracts could
include a period between the transfer of the promised goods
or services to the customer and the payment received from
the customer. If this period exceeds one year, the time value
is assessed and the transaction price could be adjusted if the
identified financing component is considered significant.
Contract balances \u2013 The timing of revenue recognition,
billings and cash collections results in billed accounts
receivable, revenues in excess of billings on uncompleted
contracts (contract assets), and billings in excess of revenues
on uncompleted contracts (contract liabilities) on the
consolidated statement of financial position.
Contract assets \u2013 Contract assets include unbilled amounts
typically resulting from sales under long-term contracts
when revenue is recognized over time and revenue
recognized exceeds the amount billed to a customer, and
right to payment is not just subject to the passage of time.
Amounts may not exceed their net realizable value. Contract
assets are generally classified as current.
Contract liabilities \u2013 The Group often receives advances or
deposits from its customers before revenue is recognized,
resulting in contract liabilities. Refund liabilities are
categorized under contract liabilities.
Note 4.Revenue
4.1.Principal revenue generating activities
As one of the largest E&T g roups by revenue, Technip
Energies Group offers what it characterizes as a full range of
design and project development services to its customers
spanning the downstream value chain, from early
engagement technical consulting through final acceptance
testing.
The Group\u2019s offering to its clients consists of Project Delivery
and Technology, Products & Services. Technip Energies Group
business focuses on the study, engineering, procurement,
construction, and project management of the entire range of
onshore and offshore facilities related to gas monetization,
refining, and chemical processing from biofuels and
hydrocarbons.
The majority of the Technip Energies Group revenue is from
long-term contracts associated with designing and
manufacturing products and systems and providing services
to customers involved in the energy sector.
Many of these contracts provide a combination of
engineering, procurement, construction, project management
and installation services, which may last several years.
Management has determined that contracts of this nature
generally have one performance obligation. In these
contracts, the final product is highly customized to the
specifications of the field and the customer\u2019s requirements.
Therefore, the customer obtains control of the asset over
time, and thus revenue is recognized over time.
These customized products do not have an alternative use
for the Technip Energies Group. The Group has an
enforceable right to payment plus reasonable profit for
performance completed to date.
4.2.Disaggregation of revenue
The Technip Energies Group disaggregates revenue from external customers as follows:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Project
Delivery
Technology,
Products &
Services
TOTAL
Project
Delivery
Technology,
Products &
Services
TOTAL
Europe & Russia
617.3
955.2
1,572.5
1,612.7
628.0
2,240.7
Africa & Middle East
2,421.9
270.5
2,692.4
2,157.5
221.4
2,378.9
Asia Pacific
676.0
354.7
1,030.7
723.4
316.3
1,039.7
Americas
368.4
339.6
708.0
390.7
232.3
623.0
TOTAL REVENUE
4,083.6
1,920.0
6,003.6
4,884.3
1,398.0
6,282.3
4.3.Contract balances
The following table provides information about net contract assets and liabilities as of December\u00a031, 2023, and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Change
% change
Contract assets
399.9
343.2
56.7
17%
Contract liabilities
3,014.8
3,154.8
(140.0)
(4%)
NET LIABILITIES
2,614.9
2,811.6
(196.7)
(7%)
To determine revenue recognized in the period from contract
liabilities, the Group allocates revenue to the individual
contract liability balance outstanding at the beginning of the
period until the revenue exceeds that balance. Revenue
recognized for the years ended December\u00a031, 2023, and 2022
that were included in the contract liabilities balance at
December\u00a031, 2022 and 2021 was \u20ac1,927.1\u00a0million and
\u20ac2,524.2\u00a0million, respectively.
Revenue recognized for the years ended December\u00a031, 2023,
and 2022 from the Technip Energies Group's performance
obligations satisfied in previous periods had a favorable
impact of \u20ac337.2\u00a0million and \u20ac133.2\u00a0million, respectively. This
primarily relates to changes in the estimate of the stage of
completion.
4.4.Transaction price allocated to the remaining unsatisfied performance obligations
Remaining unsatisfied performance obligations (\u201cbacklog\u201d)
represent the transaction price for products and services for
which we have an enforceable right but work has not been
performed. Transaction price of the backlog includes the
base transaction price, variable consideration, and changes in
transaction price. The backlog table does not include
contracts for which we recognize revenue at the amount to
which we have the right to invoice for services performed.
The transaction price of backlog related to unfilled,
confirmed customer orders is estimated at each reporting
date. As of December\u00a031, 2023, and 2022, the aggregate
amount of the transaction price allocated to backlog was
\u20ac15,677.3\u00a0million and \u20ac12,494.2\u00a0million, respectively.
The following table details the backlog as of December\u00a031, 2023:
(In millions)
December 31,
2024
December 31,
2025
December 31,
2026+
Total remaining unsatisfied performance obligations
5,079.0
4,061.2
6,537.1
The following table details the backlog as of December\u00a031, 2022:
(In millions)
December 31,
2023
December 31,
2024
December 31,
2025+
Total remaining unsatisfied performance obligations
5,345.7
4,009.9
3,138.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-454": { "value": "
b.Recognition of revenue from customer
contracts
Technip Energies accounts for revenue in accordance with
IFRS\u00a015 \u201cRevenues from Contracts with
Customers\u201d (\u201cIFRS\u00a015\u201d). Revenue is measured based on the
consideration specified in a contract with a customer. Most
of our revenue is from long-term contracts associated with
designing and manufacturing products and systems and
providing services to customers involved in exploration and
production of crude oil and natural gas. The Technip Energies
Group recognizes revenue when or as it transfers control
over a good or service to a customer.
Contract modifications \u2013 Contracts are often modified to
account for changes in contract specifications and
requirements. The Group considers contract modifications to
exist when the modification either creates new, or changes
the existing, enforceable rights and obligations. Most of the
Group\u2019s contract modifications are for goods or services that
are not distinct from the existing contract due to the
significant integration service provided in the context of the
contract and are accounted for as if they were part of that
existing contract. The effect of a contract modification on
the transaction price and our measure of progress for the
performance obligation to which it relates is recognized as an
adjustment to revenue (either as an increase in or a
reduction of revenue) on a cumulative catch-up basis.
Variable consideration \u2013 Due to the nature of the work
required to be performed on many existing performance
obligations, the estimation of total revenue and cost at
completion is complex, subject to many variables and
requires significant judgment. It is common for long-term
contracts to contain variable considerations that can either
increase or decrease the transaction price. Variability in the
transaction price arises primarily due to liquidated damages.
The Technip Energies Group considers its experience with
similar transactions and expectations regarding the contract
in estimating the amount of variable consideration to which
it will be entitled and determining whether the estimated
variable consideration should be constrained. We include
estimated amounts in the transaction price to the extent it is
probable that a significant reversal of cumulative revenue
recognized will not occur when the uncertainty associated
with the variable consideration is resolved. The estimates of
variable consideration are based largely on an assessment of
anticipated performance and all information (historical,
current and forecasted) that is available to Technip Energies.
Payment terms \u2013 Progress billings are generally issued upon
completion of certain phases of the work as stipulated in the
contract. Payment terms may either be fixed, lump-sum or
driven by time and materials (i.e., daily or hourly rates, plus
materials). Because typically the customer retains a small
portion of the contract price until completion of the
contract, contracts generally result in revenue recognized in
excess of billings which we present as contract assets on the
statement of financial position. Amounts billed and due from
customers are classified as receivables on the statement of
financial position. The portion of the payments retained by
the customer until final contract settlement is not
considered a significant financing component because the
intent is to protect the customer. For some contracts, the
Technip Energies Group may be entitled to receive an
advance payment. The Technip Energies Group recognizes a
liability for these advance payments in excess of revenue
recognized and presents them as contract liabilities on the
statement of financial position. The advance payment
typically is not considered a significant financing component
because it is used to meet working capital demands that can
be higher in the early stages of a contract and to protect us
from the other party failing to adequately complete some or
all of its obligations under the contract.
Warranty \u2013 Certain contracts include an assurance-type
warranty clause, typically between 18 and 36 months, to
guarantee that the products comply with agreed
specifications. A service-type warranty may also be provided
to the customer; in such a case, management allocates a
portion of the transaction price to the warranty as a separate
performance obligation based on the estimated standalone
selling price of the service-type warranty.
Allocation of transaction price to performance obligations \u2013
A contract\u2019s transaction price is allocated to each distinct
performance obligation and recognized as revenue, when, or
as, the performance obligation is satisfied. To determine the
proper revenue recognition method, the Group evaluates
whether two or more contracts should be combined and
accounted for as one single contract and whether the
combined or single contract should be accounted for as
more than one performance obligation. This evaluation
requires significant judgment; some of the Group\u2019s contracts
have a single performance obligation as the promise to
transfer the individual goods or services is not separately
identifiable from other promises in the contracts and,
therefore, not distinct. For contracts with multiple
performance obligations, Technip Energies allocates the
contract\u2019s transaction price to each performance obligation
using its best estimate of the standalone selling price of
each distinct good or service in the contract.
Cost-to-cost method \u2013 For long-term contracts, because of
control transferring over time, revenue is recognized based
on the extent of progress towards completion of the
performance obligation. The cost-to-cost measure of
progress for contracts is generally used because it best
depicts the transfer of control to the customer which occurs
as costs on the contracts are incurred. Under the cost-to-
cost measure of progress, the extent of progress towards
completion is measured based on the ratio of costs incurred
to date to the total estimated costs at completion of the
performance obligation. Revenues, including estimated fees
or profits, are recorded proportionally as costs are incurred.
Any expected losses on contracts in progress are charged to
earnings, in total, in the period the losses are identified.
Right-to-invoice practical expedient \u2013 The right-to-invoice
practical expedient can be applied to a performance
obligation satisfied over time if we have a right to invoice the
customer for an amount that corresponds directly to the
value transferred to the customer for performance
completed to date. When this practical expedient is used,
variable consideration is not estimated at the inception of
the contract to determine the transaction price or for
disclosure purposes. Certain contracts have payment terms
dictated by daily or hourly rates while other contracts may
have mixed pricing terms that include a fixed fee portion. For
contracts in which the customer is charged a fixed rate
based on the time or materials used during the project that
correspond to the value transferred to the customer, the
Technip Energies Group recognizes revenue in the amount it
has the right to invoice.
Significant financing component \u2013 certain contracts could
include a period between the transfer of the promised goods
or services to the customer and the payment received from
the customer. If this period exceeds one year, the time value
is assessed and the transaction price could be adjusted if the
identified financing component is considered significant.
Contract balances \u2013 The timing of revenue recognition,
billings and cash collections results in billed accounts
receivable, revenues in excess of billings on uncompleted
contracts (contract assets), and billings in excess of revenues
on uncompleted contracts (contract liabilities) on the
consolidated statement of financial position.
Contract assets \u2013 Contract assets include unbilled amounts
typically resulting from sales under long-term contracts
when revenue is recognized over time and revenue
recognized exceeds the amount billed to a customer, and
right to payment is not just subject to the passage of time.
Amounts may not exceed their net realizable value. Contract
assets are generally classified as current.
Contract liabilities \u2013 The Group often receives advances or
deposits from its customers before revenue is recognized,
resulting in contract liabilities. Refund liabilities are
categorized under contract liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "
c.Foreign currency transactions
The items of each of the Group's subsidiaries included in
these consolidated financial statements are measured using
the currency of the main economic environment in which the
entity operates, which mainly affects revenue and expenses
(\u2018functional currency\u2019). The consolidated financial statements
are presented in euros, which is Technip\u00a0Energies\u00a0N.V.\u2019s
functional currency.
Foreign currency transactions are translated into the
functional currency at the exchange rate applicable on the
transaction date.
At the closing date, monetary assets and liabilities stated in
foreign currencies are translated into the functional currency
at the exchange rate prevailing on that date. Resulting
exchange gains or losses are directly recorded in the
statement of income (for further details, refer to Note\u00a06.
Other operating income (expense), net, except exchange
gains or losses on cash accounts eligible for future cash flow
hedging and for hedging on net foreign currency investments.
Translation of financial statements of subsidiaries into
foreign currency \u2013 The statements of income of foreign
subsidiaries are translated into euro at the average exchange
rate prevailing during the year. The statements of financial
position are translated at the exchange rate at the closing
date. Differences arising in the translation of financial
statements of foreign subsidiaries are recorded in other
comprehensive income (loss) as foreign currency translation
reserve. Items that are recognized directly in equity
are\u00a0translated using historical rates. The functional currency
of the foreign subsidiaries is most commonly the
local\u00a0currency.
28.2.Foreign currency exchange rate risk
Technip Energies conducts operations around the world in
several different currencies. Many of the Technip Energies
Group\u2019s significant foreign subsidiaries have designated the
local currency as their functional currency. Earnings are
therefore subject to change due to fluctuations in foreign
currency exchange rates when the earnings in foreign
currencies are translated into euro. The Technip Energies
Group does not hedge this translation impact on earnings. A
10% increase or decrease in the average exchange rates of all
foreign currencies as of December\u00a031, 2023 would have
changed the Technip Energies Group\u2019s revenue and profit
(loss) before income taxes attributable to the Technip
Energies Group by approximately \u20ac318.8\u00a0million and
\u20ac16.1\u00a0million, respectively. A 10% increase or decrease in the
average exchange rates of all foreign currencies as of
December\u00a031, 2022, would have changed the Technip
Energies Group\u2019s revenue and profit (loss) before income
taxes attributable to the Technip Energies Group by
approximately \u20ac319.4\u00a0million and \u20ac32.6\u00a0million, respectively.
When transactions are denominated in currencies other than
the respective functional currencies of the applicable
subsidiaries of the Technip Energies Group, the Group
manages these exposures through derivative instruments.
The Group primarily uses foreign currency forward contracts
to hedge the foreign currency fluctuations associated with
firmly committed and forecasted foreign currency
denominated payments and receipts. The derivative
instruments associated with these anticipated transactions
are usually designated and qualify as cash flow hedges, and
as such the gains and losses associated with these
instruments are recorded in other comprehensive income
until such time that the underlying transactions are
recognized. Unless these cash flow contracts are deemed to
be ineffective or are not designated as cash flow hedges at
inception, changes in the derivative fair value will not have an
immediate impact on results of operations since the gains
and losses associated with these instruments are recorded in
other comprehensive income. When the anticipated
transactions occur, these changes in value of derivative
instrument positions will be offset against changes in the
value of the underlying transaction. When an anticipated
transaction in a currency other than the functional currency
of an entity is recognized as an asset or liability on the
statement of financial position, we also hedge the foreign
currency fluctuation of these assets and liabilities with
derivative instruments after netting the Technip Energies
Group\u2019s exposures worldwide. These derivative instruments
do not qualify as cash flow hedges.
Occasionally, the Technip Energies Group enters contracts or
other arrangements containing terms and conditions that
qualify as embedded derivative instruments and are subject
to fluctuations in foreign exchange rates. In those situations,
the Technip Energies Group enters derivative foreign
exchange contracts that hedge the price or cost fluctuations
due to movements in the foreign exchange rates. These
derivative instruments are not designated as cash flow
hedges.
For foreign currency forward contracts hedging anticipated
transactions that are accounted for as cash flow hedges, a
10% increase in the value of the Euro would have resulted in
an additional loss of \u20ac4.5\u00a0million and \u20ac68.3\u00a0million in the net
fair value of cash flow hedges reflected in the consolidated
statement of financial position as of December\u00a031, 2023, and
2022, respectively.
For certain committed and anticipated future cash flows and
recognized assets and liabilities that are denominated in a
foreign currency the Technip Energies Group may choose to
manage risk against changes in the exchange rates, when
compared against the functional currency, through the
economic netting of exposures instead of derivative
instruments. Cash outflows or liabilities in a foreign currency
are matched against cash inflows or assets in the same
currency such that movements in exchange rates will result
in offsetting gains or losses. Due to the inherent
unpredictability of the timing of cash flows, gains and losses
in the current period may be economically offset by gains
and losses in a future period. All gains and losses are
recorded in the consolidated statement of income in the
period in which they are incurred. Gains and losses from the
remeasurement of assets and liabilities are recognized in
other income (expense), net.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-456": { "value": "
c.Foreign currency transactions
The items of each of the Group's subsidiaries included in
these consolidated financial statements are measured using
the currency of the main economic environment in which the
entity operates, which mainly affects revenue and expenses
(\u2018functional currency\u2019). The consolidated financial statements
are presented in euros, which is Technip\u00a0Energies\u00a0N.V.\u2019s
functional currency.
Foreign currency transactions are translated into the
functional currency at the exchange rate applicable on the
transaction date.
At the closing date, monetary assets and liabilities stated in
foreign currencies are translated into the functional currency
at the exchange rate prevailing on that date. Resulting
exchange gains or losses are directly recorded in the
statement of income (for further details, refer to Note\u00a06.
Other operating income (expense), net, except exchange
gains or losses on cash accounts eligible for future cash flow
hedging and for hedging on net foreign currency investments.
Translation of financial statements of subsidiaries into
foreign currency \u2013 The statements of income of foreign
subsidiaries are translated into euro at the average exchange
rate prevailing during the year. The statements of financial
position are translated at the exchange rate at the closing
date. Differences arising in the translation of financial
statements of foreign subsidiaries are recorded in other
comprehensive income (loss) as foreign currency translation
reserve. Items that are recognized directly in equity
are\u00a0translated using historical rates. The functional currency
of the foreign subsidiaries is most commonly the
local\u00a0currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "value": "
The items of each of the Group's subsidiaries included in
these consolidated financial statements are measured using
the currency of the main economic environment in which the
entity operates, which mainly affects revenue and expenses
(\u2018functional currency\u2019). The consolidated financial statements
are presented in euros, which is Technip\u00a0Energies\u00a0N.V.\u2019s
functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-461": { "value": "
d.Business combinations
Business combinations are accounted for using the
acquisition method of accounting. Under the acquisition
method, assets acquired and liabilities assumed are recorded
at their respective fair values as of the acquisition date.
Determining the fair value of assets and liabilities involves
significant judgment regarding methods and assumptions
used to calculate estimated fair values. The purchase price is
allocated to the assets acquired, including identifiable
intangible assets, and liabilities based on their estimated fair
values. Any excess of the purchase price over the estimated
fair value of the net assets acquired is recorded as goodwill.
Identifiable assets are depreciated over their estimated
useful lives.
Acquisition-related costs are expensed as incurred and
included in the statement of income line item \u201cSelling,
general and administrative expenses\u201d.
Adjustments recorded for a business combination on the
provisional values of assets, liabilities and contingent
liabilities are recognized as a retrospective change in goodwill
when occurring within a 12-month period after the
acquisition date and resulting from facts or circumstances
that existed as of the acquisition date. After this
measurement period ends, any change in valuation of assets,
liabilities and contingent liabilities is accounted for in the
statement of income, with no impact on goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-460": { "value": "
d.Business combinations
Business combinations are accounted for using the
acquisition method of accounting. Under the acquisition
method, assets acquired and liabilities assumed are recorded
at their respective fair values as of the acquisition date.
Determining the fair value of assets and liabilities involves
significant judgment regarding methods and assumptions
used to calculate estimated fair values. The purchase price is
allocated to the assets acquired, including identifiable
intangible assets, and liabilities based on their estimated fair
values. Any excess of the purchase price over the estimated
fair value of the net assets acquired is recorded as goodwill.
Identifiable assets are depreciated over their estimated
useful lives.
Acquisition-related costs are expensed as incurred and
included in the statement of income line item \u201cSelling,
general and administrative expenses\u201d.
Adjustments recorded for a business combination on the
provisional values of assets, liabilities and contingent
liabilities are recognized as a retrospective change in goodwill
when occurring within a 12-month period after the
acquisition date and resulting from facts or circumstances
that existed as of the acquisition date. After this
measurement period ends, any change in valuation of assets,
liabilities and contingent liabilities is accounted for in the
statement of income, with no impact on goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-459": { "value": "
d.Business combinations
Business combinations are accounted for using the
acquisition method of accounting. Under the acquisition
method, assets acquired and liabilities assumed are recorded
at their respective fair values as of the acquisition date.
Determining the fair value of assets and liabilities involves
significant judgment regarding methods and assumptions
used to calculate estimated fair values. The purchase price is
allocated to the assets acquired, including identifiable
intangible assets, and liabilities based on their estimated fair
values. Any excess of the purchase price over the estimated
fair value of the net assets acquired is recorded as goodwill.
Identifiable assets are depreciated over their estimated
useful lives.
Acquisition-related costs are expensed as incurred and
included in the statement of income line item \u201cSelling,
general and administrative expenses\u201d.
Adjustments recorded for a business combination on the
provisional values of assets, liabilities and contingent
liabilities are recognized as a retrospective change in goodwill
when occurring within a 12-month period after the
acquisition date and resulting from facts or circumstances
that existed as of the acquisition date. After this
measurement period ends, any change in valuation of assets,
liabilities and contingent liabilities is accounted for in the
statement of income, with no impact on goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-463": { "value": ".Segment information
Information by operating segment
IFRS\u00a08 \u2013 Operating Segments requires operating segments to
be determined based on information which is provided
internally to the Chief Operating Decision Maker (\u201cCODM\u201d).
In the periods presented here, the Chief Executive Officer
reviewed and evaluated the Technip Energies Group
operating performance to make decisions about resources to
be allocated and has been identified as the CODM. The
Technip Energies Group operating segments are designated
as Technology, Products & Services and Project Delivery.
The corresponding definitions are disclosed as follows:
\u25a0 Project Delivery: the Project Delivery segment provides
comprehensive engineering, procurement and construction
delivery capabilities globally. The Company\u2019s key
capabilities leverage its operational and technical
excellence as a global provider of engineering,
procurement and construction (\u201cEPC\u201d) services for
onshore oil and gas; liquid natural gas (\u201cLNG\u201d) and gas to
liquids (\u201cGTL\u201d), oil refining, ethylene, petrochemicals,
chemicals, fertilizers, offshore oil and gas (shallow-water,
deep-water) with floating solutions (floating production
units (\u201cFPUs\u201d), Floating production storage and offloading
(\u201cFPSO\u201d), floating liquefied natural gas (\u201cFLNG\u201d) and
floating storage and regasification unit (\u201cFSRU\u201d). EPC
contracts are undertaken under various contractual
schemes and include fixed lump-sum, reimbursable and
hybrid contracting models based on selectivity and risk
assessment work carried out by Technip Energies\u2019 teams
during the early engagement phases.
\u25a0 Technology, Products & Services: the activities within the
Company\u2019s Technology, Products & Services businesses
are more versatile, combining proprietary technologies
with associated licensing fees and equipment such as LNG
Loading Arms and associated knowledge-based services
into a global business for ethylene, refining,
petrochemicals, inorganic and specialty chemicals as well
as gas monetization. From technology definition, early
engagement through scope definition, advanced
technologies and project life cycle support, Technip
Energies works closely with customers to provide the
optimal approach to maximize their return on investment.
Consulting and services may be provided under the
Company\u2019s specialist consulting brand, Genesis, or
through the Group\u2019s project management consulting or
engineering services businesses.
\u25a0 Corporate / non allocable: corresponds to the unallocated
items in the two segments above.
Disaggregation of revenue
The Technip Energies Group disaggregates its revenue by the
following geographic regions:
\u25a0 Europe & Russia.
\u25a0 Africa & Middle East.
\u25a0 Asia Pacific; and
\u25a0 Americas.
The geographical breakdown is based on the contract
delivery within the specific country. Geographical areas are
defined considering risks associated with activities
performed in a given area, economic framework or monetary
risks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-462": { "value": ".Segment information
Information by operating segment
IFRS\u00a08 \u2013 Operating Segments requires operating segments to
be determined based on information which is provided
internally to the Chief Operating Decision Maker (\u201cCODM\u201d).
In the periods presented here, the Chief Executive Officer
reviewed and evaluated the Technip Energies Group
operating performance to make decisions about resources to
be allocated and has been identified as the CODM. The
Technip Energies Group operating segments are designated
as Technology, Products & Services and Project Delivery.
The corresponding definitions are disclosed as follows:
\u25a0 Project Delivery: the Project Delivery segment provides
comprehensive engineering, procurement and construction
delivery capabilities globally. The Company\u2019s key
capabilities leverage its operational and technical
excellence as a global provider of engineering,
procurement and construction (\u201cEPC\u201d) services for
onshore oil and gas; liquid natural gas (\u201cLNG\u201d) and gas to
liquids (\u201cGTL\u201d), oil refining, ethylene, petrochemicals,
chemicals, fertilizers, offshore oil and gas (shallow-water,
deep-water) with floating solutions (floating production
units (\u201cFPUs\u201d), Floating production storage and offloading
(\u201cFPSO\u201d), floating liquefied natural gas (\u201cFLNG\u201d) and
floating storage and regasification unit (\u201cFSRU\u201d). EPC
contracts are undertaken under various contractual
schemes and include fixed lump-sum, reimbursable and
hybrid contracting models based on selectivity and risk
assessment work carried out by Technip Energies\u2019 teams
during the early engagement phases.
\u25a0 Technology, Products & Services: the activities within the
Company\u2019s Technology, Products & Services businesses
are more versatile, combining proprietary technologies
with associated licensing fees and equipment such as LNG
Loading Arms and associated knowledge-based services
into a global business for ethylene, refining,
petrochemicals, inorganic and specialty chemicals as well
as gas monetization. From technology definition, early
engagement through scope definition, advanced
technologies and project life cycle support, Technip
Energies works closely with customers to provide the
optimal approach to maximize their return on investment.
Consulting and services may be provided under the
Company\u2019s specialist consulting brand, Genesis, or
through the Group\u2019s project management consulting or
engineering services businesses.
\u25a0 Corporate / non allocable: corresponds to the unallocated
items in the two segments above.
Disaggregation of revenue
The Technip Energies Group disaggregates its revenue by the
following geographic regions:
\u25a0 Europe & Russia.
\u25a0 Africa & Middle East.
\u25a0 Asia Pacific; and
\u25a0 Americas.
The geographical breakdown is based on the contract
delivery within the specific country. Geographical areas are
defined considering risks associated with activities
performed in a given area, economic framework or monetary
risks.
Note 3.Segment information
In the periods presented here, the Chief Executive Officer reviewed and evaluated the Technip Energies Group operating
performance to make decisions about resources to be allocated and has been identified as the CODM. The Technip Energies
Group has defined two operating segments designated as Project Delivery and Technology, Products & Services. The
assessment of the operating segment\u2019s performance is based on the Group\u2019s EBIT. Statement of income information by
segment is shown below:
December\u00a031, 2023
(In millions of \u20ac)
Project Delivery
Technology,
Products &
Services
Corporate/non
allocable
Total
Revenue
4,083.6
1,920.0
\u2014
6,003.6
EBIT (PROFIT (LOSS) BEFORE FINANCIAL
EXPENSE, NET AND INCOME TAX)
339.6
184.1
(99.5)
424.2
December\u00a031, 2022
(In millions of \u20ac)
Project Delivery
Technology,
Products &
Services
Corporate/non
allocable
Total
Revenue
4,884.3
1,398.0
\u2014
6,282.3
EBIT (PROFIT (LOSS) BEFORE FINANCIAL
EXPENSE, NET AND INCOME TAX)
527.3
129.2
(74.5)
582.0
During the year ended December\u00a031, 2023, revenue from North Field East (NFE) project exceeded 10% of Technip Energies\u2019
consolidated revenue. During the year ended December\u00a031, 2022, revenue from Arctic LNG 2 and North Field East (NFE) projects
exceeded 10% of Technip Energies\u2019 consolidated revenue.
Statement of financial position information by segment is shown below:
December\u00a031, 2023
(In millions of \u20ac)
Project Delivery
Technology,
Products &
Services
Corporate/non
allocable
Total
TOTAL ASSETS
2,839.3
1,570.3
4,259.9
8,669.5
December\u00a031, 2022
(In millions of \u20ac)
Project Delivery
Technology,
Products &
Services
Corporate/non
allocable
Total
TOTAL ASSETS
2,956.8
1,364.1
4,371.4
8,692.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-465": { "value": ".Earnings per share
As per IAS\u00a033 \u201cEarnings per Share\u201d (\u201cIAS\u00a033\u201d), Earnings Per
Share (\u201cEPS\u201d) are based on the average number of
outstanding shares over the year, after deducting treasury
shares.
Diluted earnings per share amounts are calculated by dividing
the net profit of the year attributable to Technip Energies,
restated if need be for the after-tax financial cost of dilutive
financial instruments, by the sum of the weighted average
number of outstanding shares, the weighted average number
of share subscription options not yet exercised, the weighted
average number of performance shares granted calculated
using the share purchase method, and, if applicable, the
effects of any other dilutive instrument.
In accordance with the share purchase method, only dilutive
instruments are used in calculating EPS. Dilutive instruments
are those for which the option exercise price plus the future
share-based compensation expense not yet recognized
is\u00a0lower than the average share price during the EPS
calculation\u00a0period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-464": { "value": ".Earnings per share
As per IAS\u00a033 \u201cEarnings per Share\u201d (\u201cIAS\u00a033\u201d), Earnings Per
Share (\u201cEPS\u201d) are based on the average number of
outstanding shares over the year, after deducting treasury
shares.
Diluted earnings per share amounts are calculated by dividing
the net profit of the year attributable to Technip Energies,
restated if need be for the after-tax financial cost of dilutive
financial instruments, by the sum of the weighted average
number of outstanding shares, the weighted average number
of share subscription options not yet exercised, the weighted
average number of performance shares granted calculated
using the share purchase method, and, if applicable, the
effects of any other dilutive instrument.
In accordance with the share purchase method, only dilutive
instruments are used in calculating EPS. Dilutive instruments
are those for which the option exercise price plus the future
share-based compensation expense not yet recognized
is\u00a0lower than the average share price during the EPS
calculation\u00a0period.
Note 7.Earnings per share
Diluted earnings per share are determined in accordance with accounting principles described in Note 1. Accounting principles.
Reconciliation between earnings per share before dilution and diluted earnings per share is as follows:
(In millions of \u20ac, except per share data)
December\u00a031,
2023
December\u00a031,
2022
Net profit (loss) attributable to Technip Energies
296.8
300.7
Weighted average number of ordinary shares outstanding
175,629,272
175,111,076
Effect of dilutive instruments
4,848,519
3,729,918
WEIGHTED AVERAGE NUMBER OF DILUTED SHARES OUTSTANDING
180,477,791
178,840,994
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO TECHNIP ENERGIES
Basic earnings (loss) per share attributable to Technip Energies
\u20ac1.69
\u20ac1.72
Diluted earnings (loss) per share attributable to Technip Energies
\u20ac1.64
\u20ac1.68
Diluted earnings (loss) per share is determined by dividing
net profit (loss) attributable to Technip Energies by the
combination of the weighted average number of ordinary
shares outstanding during the period and the dilutive effect
of performance shares. Stock options which are \u201cout of the
money\u201d are not dilutive.
In 2023, the average annual share price amounted to \u20ac 20.17
and the closing price to \u20ac 21.16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-468": { "value": ".Goodwill
Goodwill is measured at the acquisition date as the total of
the fair value of consideration transferred, plus the
proportionate amount of any non-controlling interest, plus
the fair value of any previously held equity interest in the
acquiree, if any, less the net recognized amount (generally at
fair value) of the identifiable assets acquired and liabilities
assumed.
Goodwill is allocated to cash-generating units that are
expected to benefit from the business combination in which
the goodwill arose and in all cases is at the operating
segment level, which represents the lowest level at which
goodwill is monitored for internal management purposes.
Goodwill is not amortized but it is tested for impairment
annually, or more frequently if events or changes in
circumstances indicate that it might be impaired and is
carried at cost less accumulated impairment losses. Gains
and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.
The goodwill and intangible assets\u2019 costs and accumulated amortization are presented in the following table:
(In millions of \u20ac)
Goodwill
Licenses,
patents and
trademarks
Software
Other
Total
Net book value as of December 31, 2021
2,074.4
34.2
17.3
46.3
2,172.2
Costs
2,096.4
115.8
115.9
125.4
2,453.5
Accumulated amortization
\u2014
(71.2)
(93.5)
(83.5)
(248.2)
Accumulated impairment
\u2014
(0.7)
\u2014
\u2014
(0.7)
Net book value as of December 31, 2022
2,096.4
43.9
22.4
41.9
2,204.6
Costs
2,093.3
84.8
128.1
61.6
2,367.8
Accumulated amortization
\u2014
(38.0)
(93.9)
(18.6)
(150.5)
Accumulated impairment
\u2014
(0.7)
\u2014
\u2014
(0.7)
NET BOOK VALUE AS OF DECEMBER 31, 2023
2,093.3
46.1
34.2
43.0
2,216.6
Goodwill includes \u20ac1,453.6\u00a0million that was allocated to the
TechnipFMC Onshore/Offshore operating segment on the
merger date. It was the direct result of the merger between
FMC Technologies and Technip in January\u00a02017. Because
goodwill attributed to the carve-out entity using the parent\u2019s
basis is acquisition-specific, it may include synergistic
goodwill that the parent entity previously assigned to its
other CGUs or GCGUs that were expected to benefit from the
synergies of the business combination. Accordingly, because
the Onshore/Offshore operating segment has been carved-
out and included in the combined financial statements of the
Technip Energies Group, management determined that was
most appropriate to include the associated Onshore/Offshore
operating segment\u2019s goodwill with the Technip Energies
Group.
14.1.Goodwill and intangible assets, net
The changes in goodwill and intangible assets are presented in the following table:
(In millions of \u20ac)
Goodwill
Licenses,
patents and
trademarks
Software
Other
Total
Net book value as of December 31, 2021
2,074.4
34.2
17.3
46.3
2,172.2
Additions \u2013 acquisitions \u2013 internal developments
\u2014
11.4
(2.2)
34.8
44.0
Depreciation expense for the year
\u2014
(3.3)
(12.2)
(20.8)
(36.3)
Net foreign exchange differences
22.0
1.6
0.2
1.5
25.3
Other
\u2014
\u2014
19.3
(19.9)
(0.6)
Net book value as of December 31, 2022
2,096.4
43.9
22.4
41.9
2,204.6
Additions \u2013 acquisitions \u2013 internal developments
9.5
6.2
12.6
10.3
38.6
Depreciation expense for the year
\u2014
(2.9)
(8.5)
(1.6)
(13.0)
Net foreign exchange differences
(12.6)
(1.1)
\u2014
(0.1)
(13.8)
Other
\u2014
\u2014
7.7
(7.5)
0.2
NET BOOK VALUE AS OF DECEMBER 31, 2023
2,093.3
46.1
34.2
43.0
2,216.6
14.2.Goodwill
Goodwill per cash-generating units
For impairment testing purposes, goodwill is tested at the
level it is monitored for internal management purposes,
which corresponds to the Technip Energies operating
segments, Project Delivery or Technologies, Products &
Services (for further information on Technip Energies\u2019
operating segments, refer to Note 3. Segment information).
The goodwill allocated based on those CGUs\u2019 enterprise value
is split as shown below:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Project Delivery
1,557.1
1,546.6
Technology, Products & Services
536.2
549.8
TOTAL
2,093.3
2,096.4
Goodwill impairment testing
As of December\u00a031, 2023, the Group performed its goodwill
impairment test following the methodology discussed in
Note\u00a01. Accounting principles.
The carrying amounts of the CGUs were compared to their
value in use. Cash flow projections used in the determination
of value in use were made using management prospective
financial information on the next 4 years. The valuation of
CGUs for the purpose of goodwill impairment testing was
determined primarily by using the income approach by
estimating the value in use.
The income approach estimates the value in use by
discounting each CGU\u2019s estimated future cash flows using a
weighted average cost of capital that reflects current market
conditions and the risk profile of the CGU. To estimate future
cash flows, Technip Energies used economic and market
assumptions that reflect global economic growth, technology
efficiency, policy measures, cost increases, consideration of
investments (capital expenditures) and cost of development.
The following table presents the key assumptions used by
management in determining the recoverable amount of the
Group CGUs as of December\u00a031, 2023 and\u00a02022:
December\u00a031,
2023
December\u00a031,
2022
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
13.0%
12.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
11.0%
11.5%
Long term growth rate
2.7%
1.9%
As discussed above, when evaluating the 2023 and 2022
quantitative impairment test results, management
considered many factors in determining whether an
impairment of goodwill for CGUs was reasonably likely to
occur in future periods, including future market conditions
and the economic environment. Circumstances such as
market declines, unfavorable economic conditions, loss of a
major customer or other factors could increase the risk of
impairment of goodwill for these CGUs in future periods.
During the years ended December\u00a031, 2023, and 2022 the
Technip Energies Group did not recognize any impairment
expense. Sensitivities applied to weighted average cost of
capital (+0.5%) and to long-term growth rates (-0.5%) further
support this conclusion.
The excess of value in use over carrying amount for Technip
Energies was approximately 139% of the respective carrying
amounts for 2023, and 212% for 2022. The Group excess of
value in use over carrying amount, after allocation of
corporate assets, was respectively 94% for 2023 and 100%
for 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": ".Goodwill
Goodwill is measured at the acquisition date as the total of
the fair value of consideration transferred, plus the
proportionate amount of any non-controlling interest, plus
the fair value of any previously held equity interest in the
acquiree, if any, less the net recognized amount (generally at
fair value) of the identifiable assets acquired and liabilities
assumed.
Goodwill is allocated to cash-generating units that are
expected to benefit from the business combination in which
the goodwill arose and in all cases is at the operating
segment level, which represents the lowest level at which
goodwill is monitored for internal management purposes.
Goodwill is not amortized but it is tested for impairment
annually, or more frequently if events or changes in
circumstances indicate that it might be impaired and is
carried at cost less accumulated impairment losses. Gains
and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-466": { "value": ".Goodwill
Goodwill is measured at the acquisition date as the total of
the fair value of consideration transferred, plus the
proportionate amount of any non-controlling interest, plus
the fair value of any previously held equity interest in the
acquiree, if any, less the net recognized amount (generally at
fair value) of the identifiable assets acquired and liabilities
assumed.
Goodwill is allocated to cash-generating units that are
expected to benefit from the business combination in which
the goodwill arose and in all cases is at the operating
segment level, which represents the lowest level at which
goodwill is monitored for internal management purposes.
Goodwill is not amortized but it is tested for impairment
annually, or more frequently if events or changes in
circumstances indicate that it might be impaired and is
carried at cost less accumulated impairment losses. Gains
and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.
.Intangible assets
Internally generated research and development
costs
Research costs are expensed when incurred. In compliance
with IAS\u00a038 \u201cIntangible assets\u201d (\u201cIAS\u00a038\u201d), development costs
are capitalized if all the following criteria are met:
\u25a0 The projects are clearly identified;
\u25a0 The Technip Energies Group can reliably measure
expenditure incurred for each project during its
development;
\u25a0 The Technip Energies Group can demonstrate the
technical or industrial feasibility of the project;
\u25a0 The Technip Energies Group has the financial and
technical resources available to complete the project;
\u25a0 The Technip Energies Group can demonstrate its intention
to complete, to use or to commercialize products
resulting from the project; and
\u25a0 The Technip Energies Group can demonstrate the
existence of a market for the output of the intangible
asset, or, if it is used internally, the usefulness of the
intangible asset.
All research and development costs not meeting the IAS\u00a038
criteria are expensed as incurred in the consolidated
statement of income. The Technip Energies Group capitalized
costs on certain IT projects developed internally.
Note 14.Goodwill and intangible assets, net
The goodwill and intangible assets\u2019 costs and accumulated amortization are presented in the following table:
(In millions of \u20ac)
Goodwill
Licenses,
patents and
trademarks
Software
Other
Total
Net book value as of December 31, 2021
2,074.4
34.2
17.3
46.3
2,172.2
Costs
2,096.4
115.8
115.9
125.4
2,453.5
Accumulated amortization
\u2014
(71.2)
(93.5)
(83.5)
(248.2)
Accumulated impairment
\u2014
(0.7)
\u2014
\u2014
(0.7)
Net book value as of December 31, 2022
2,096.4
43.9
22.4
41.9
2,204.6
Costs
2,093.3
84.8
128.1
61.6
2,367.8
Accumulated amortization
\u2014
(38.0)
(93.9)
(18.6)
(150.5)
Accumulated impairment
\u2014
(0.7)
\u2014
\u2014
(0.7)
NET BOOK VALUE AS OF DECEMBER 31, 2023
2,093.3
46.1
34.2
43.0
2,216.6
Goodwill includes \u20ac1,453.6\u00a0million that was allocated to the
TechnipFMC Onshore/Offshore operating segment on the
merger date. It was the direct result of the merger between
FMC Technologies and Technip in January\u00a02017. Because
goodwill attributed to the carve-out entity using the parent\u2019s
basis is acquisition-specific, it may include synergistic
goodwill that the parent entity previously assigned to its
other CGUs or GCGUs that were expected to benefit from the
synergies of the business combination. Accordingly, because
the Onshore/Offshore operating segment has been carved-
out and included in the combined financial statements of the
Technip Energies Group, management determined that was
most appropriate to include the associated Onshore/Offshore
operating segment\u2019s goodwill with the Technip Energies
Group.
14.1.Goodwill and intangible assets, net
The changes in goodwill and intangible assets are presented in the following table:
(In millions of \u20ac)
Goodwill
Licenses,
patents and
trademarks
Software
Other
Total
Net book value as of December 31, 2021
2,074.4
34.2
17.3
46.3
2,172.2
Additions \u2013 acquisitions \u2013 internal developments
\u2014
11.4
(2.2)
34.8
44.0
Depreciation expense for the year
\u2014
(3.3)
(12.2)
(20.8)
(36.3)
Net foreign exchange differences
22.0
1.6
0.2
1.5
25.3
Other
\u2014
\u2014
19.3
(19.9)
(0.6)
Net book value as of December 31, 2022
2,096.4
43.9
22.4
41.9
2,204.6
Additions \u2013 acquisitions \u2013 internal developments
9.5
6.2
12.6
10.3
38.6
Depreciation expense for the year
\u2014
(2.9)
(8.5)
(1.6)
(13.0)
Net foreign exchange differences
(12.6)
(1.1)
\u2014
(0.1)
(13.8)
Other
\u2014
\u2014
7.7
(7.5)
0.2
NET BOOK VALUE AS OF DECEMBER 31, 2023
2,093.3
46.1
34.2
43.0
2,216.6
14.2.Goodwill
Goodwill per cash-generating units
For impairment testing purposes, goodwill is tested at the
level it is monitored for internal management purposes,
which corresponds to the Technip Energies operating
segments, Project Delivery or Technologies, Products &
Services (for further information on Technip Energies\u2019
operating segments, refer to Note 3. Segment information).
The goodwill allocated based on those CGUs\u2019 enterprise value
is split as shown below:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Project Delivery
1,557.1
1,546.6
Technology, Products & Services
536.2
549.8
TOTAL
2,093.3
2,096.4
Goodwill impairment testing
As of December\u00a031, 2023, the Group performed its goodwill
impairment test following the methodology discussed in
Note\u00a01. Accounting principles.
The carrying amounts of the CGUs were compared to their
value in use. Cash flow projections used in the determination
of value in use were made using management prospective
financial information on the next 4 years. The valuation of
CGUs for the purpose of goodwill impairment testing was
determined primarily by using the income approach by
estimating the value in use.
The income approach estimates the value in use by
discounting each CGU\u2019s estimated future cash flows using a
weighted average cost of capital that reflects current market
conditions and the risk profile of the CGU. To estimate future
cash flows, Technip Energies used economic and market
assumptions that reflect global economic growth, technology
efficiency, policy measures, cost increases, consideration of
investments (capital expenditures) and cost of development.
The following table presents the key assumptions used by
management in determining the recoverable amount of the
Group CGUs as of December\u00a031, 2023 and\u00a02022:
December\u00a031,
2023
December\u00a031,
2022
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
13.0%
12.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
11.0%
11.5%
Long term growth rate
2.7%
1.9%
As discussed above, when evaluating the 2023 and 2022
quantitative impairment test results, management
considered many factors in determining whether an
impairment of goodwill for CGUs was reasonably likely to
occur in future periods, including future market conditions
and the economic environment. Circumstances such as
market declines, unfavorable economic conditions, loss of a
major customer or other factors could increase the risk of
impairment of goodwill for these CGUs in future periods.
During the years ended December\u00a031, 2023, and 2022 the
Technip Energies Group did not recognize any impairment
expense. Sensitivities applied to weighted average cost of
capital (+0.5%) and to long-term growth rates (-0.5%) further
support this conclusion.
The excess of value in use over carrying amount for Technip
Energies was approximately 139% of the respective carrying
amounts for 2023, and 212% for 2022. The Group excess of
value in use over carrying amount, after allocation of
corporate assets, was respectively 94% for 2023 and 100%
for 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-472": { "value": ".Property, plant and equipment
In compliance with IAS\u00a016 \u201cProperty, plant and
equipment\u201d (\u201cIAS\u00a016\u201d), an asset is recognized only if the cost
can be measured reliably and if future economic benefits are
expected from its use.
Property, plant and equipment could be initially recognized at
cost or at their fair value in case of business combinations.
As per IAS\u00a016, the Technip Energies Group uses different
depreciation periods for each of the significant components
of a single property, plant and equipment asset where the
useful life of the component differs from that of the main
asset. Below are the useful lives most commonly applied by
the Technip Energies Group on a straight-line basis:
\u25a0 Buildings: 10 to 60 years.
\u25a0 IT Equipment: 3 to 5 years.
\u25a0 Machinery and Equipment: 3 to 20 years.
\u25a0 Office Fixtures: 5 to 10 years.
If the residual value of an asset is material and can be
measured, it is taken into account in calculating its
depreciable amount.
On a regular basis, the Technip Energies Group reviews the
useful lives of its assets. That review is based on the
effective use of the assets.
Depreciation costs are recorded in the statement of income
as a function of the fixed assets\u2019 use, split between the
following line items: cost of sales, research and development
expense, selling, general and administrative expenses.
In accordance with IAS\u00a036 \u2013 Impairment of Assets, the
carrying value of property, plant and equipment is reviewed
for impairment whenever internal or external events indicate
that there may be impairment, in which case, an impairment
test is performed.
i.Leases
Technip Energies mainly leases real estate assets such as
office buildings and residential housing.
The standard requires that payments shall be discounted
using the interest rate implicit in the lease, if that rate can
be readily determined. In practice, given the structure of the
Group\u2019s financing all of which is held by
Technip\u00a0Energies\u00a0N.V. or T.EN Eurocash SNC, the discount
rate used to determine the right-of-use asset and the lease
liability for each leased asset is calculated based on the
incremental borrowing rate of the Group at inception of the
lease. Technip Energies calculated the rate applicable to
each lease contract based on the lease duration.
Technip Energies Group determines if an arrangement is a
lease at inception by assessing whether an identified asset
exists and if the Group has the right to control the use of the
identified asset. Leases are included in right-of-use assets,
lease liabilities (non-current and current on the statement of
financial position). Right-of-use assets represent the right to
use an underlying asset for the lease term and lease
liabilities represent Technip Energies obligation to make
lease payments arising from the lease. Right-of-use assets
and lease liabilities are recognized at the commencement
date based on the present value of the remaining lease
payments over the lease term. The right-of-use assets also
include any lease prepayments made and exclude lease
incentives the Group received from the lessor. Depreciation
of right-of-use assets is recognized on a straight-line basis
over the lease term.
The lease term generally used to calculate the liability is the
term of the initially negotiated lease, not considering any
early termination options, except in special circumstances.
When leases contain extension options, the term used for
the calculation of the liability may include these periods,
mainly when the anticipated period of use of the fixed
assets, whether under a new or existing lease, is greater than
the initial contractual lease term.
The Group has variable lease payments, including
adjustments to lease payments based on an index or rate
(such as the Consumer Price Index) and fair value
adjustments to lease payments. Variable lease payments that
depend on an index or a rate (such as the Consumer Price
Index or a market interest rate) are included when measuring
initial lease liability of the lease arrangements using the
payments\u2019 base rate or index. The Group remeasures the
lease liability when there is a change in future lease
payments resulting from a change in such index or rate.
Short-term leases with an initial term of 12 months or less
that do not include a purchase option and leases of low-
value assets (referring mainly to IT equipment e.g., laptops
and mobile phones) are not recorded on the statement of
financial position.
Technip Energies Group adopted the practical expedient
to\u00a0not separate lease and non-lease components for all
asset\u00a0classes.
The Group currently subleases certain of its leased real
estate to third parties. The subleases are classified as
operating or finance leases by the sublessor depending on
the duration of the sublease contract and the end date of
the main lease contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-471": { "value": ".Property, plant and equipment
In compliance with IAS\u00a016 \u201cProperty, plant and
equipment\u201d (\u201cIAS\u00a016\u201d), an asset is recognized only if the cost
can be measured reliably and if future economic benefits are
expected from its use.
Property, plant and equipment could be initially recognized at
cost or at their fair value in case of business combinations.
As per IAS\u00a016, the Technip Energies Group uses different
depreciation periods for each of the significant components
of a single property, plant and equipment asset where the
useful life of the component differs from that of the main
asset. Below are the useful lives most commonly applied by
the Technip Energies Group on a straight-line basis:
\u25a0 Buildings: 10 to 60 years.
\u25a0 IT Equipment: 3 to 5 years.
\u25a0 Machinery and Equipment: 3 to 20 years.
\u25a0 Office Fixtures: 5 to 10 years.
If the residual value of an asset is material and can be
measured, it is taken into account in calculating its
depreciable amount.
On a regular basis, the Technip Energies Group reviews the
useful lives of its assets. That review is based on the
effective use of the assets.
Depreciation costs are recorded in the statement of income
as a function of the fixed assets\u2019 use, split between the
following line items: cost of sales, research and development
expense, selling, general and administrative expenses.
In accordance with IAS\u00a036 \u2013 Impairment of Assets, the
carrying value of property, plant and equipment is reviewed
for impairment whenever internal or external events indicate
that there may be impairment, in which case, an impairment
test is performed.
Note 15.Property, plant and equipment
Location of property, plant and equipment, net by country is the following:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
France
55.1
54.5
Italy
14.4
14.1
India
13.4
13.9
United States
11.8
11.1
All other countries
21.9
9.2
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET
116.6
102.8
The following tables show the property, plant and equipment roll forward per category:
(In millions of \u20ac)
Land and
buildings
IT
equipment
Machinery
and
equipment
Office
fixtures
Other
Total
Net book value as of December 31, 2021
31.4
11.6
12.1
13.8
45.7
114.6
Costs
106.6
67.8
38.0
56.7
56.6
325.7
Accumulated depreciation
(80.0)
(56.1)
(23.2)
(44.2)
(11.9)
(215.4)
Accumulated impairment
(0.5)
(3.6)
(3.4)
\u2014
\u2014
(7.5)
Net book value as of December 31, 2022
26.1
8.1
11.4
12.5
44.7
102.8
Costs(1)
107.4
67.9
43.2
45.3
71.0
334.8
Accumulated depreciation
(85.4)
(54.0)
(26.7)
(32.7)
(11.8)
(210.6)
Accumulated impairment
(0.5)
(3.7)
(3.4)
\u2014
\u2014
(7.6)
NET BOOK VALUE
AS OF DECEMBER 31, 2023
21.5
10.2
13.1
12.6
59.2
116.6
(1) As of December 31, 2023, \u201cOther\u201d is mainly composed of building arrangements on the Group's headquarters.
(In millions of \u20ac)
Land and
buildings
IT
equipment
Machinery
and
equipment
Office
fixtures
Other
Total
Net book value as of December 31, 2021
31.4
11.6
12.1
13.8
45.7
114.6
Additions
0.9
3.0
1.1
0.8
5.9
11.7
Disposals through divestitures
\u2014
(0.4)
\u2014
\u2014
(0.3)
(0.7)
Disposals \u2013 write-off
\u2014
(0.7)
(0.2)
(0.1)
\u2014
(1.0)
Depreciation expense for the year
(8.1)
(5.8)
(2.1)
(2.6)
(3.2)
(21.8)
Impairment
(0.2)
\u2014
\u2014
\u2014
\u2014
(0.2)
Net foreign exchange differences
\u2014
\u2014
0.2
0.1
\u2014
0.3
Other
2.1
0.4
0.3
0.5
(3.4)
(0.1)
Net book value as of December 31, 2022
26.1
8.1
11.4
12.5
44.7
102.8
Additions(1)
1.4
5.3
1.2
1.4
14.9
24.2
Acquisitions through business
combinations
0.4
\u2014
2.5
\u2014
8.3
11.2
Disposals through divestitures
(1.0)
(0.1)
\u2014
(0.1)
\u2014
(1.2)
Disposals \u2013 write-off
\u2014
0.2
(0.2)
(0.1)
(0.2)
(0.3)
Depreciation expense for the year
(6.7)
(4.5)
(2.1)
(2.7)
(3.0)
(19.0)
Net foreign exchange differences
(0.4)
(0.4)
(0.2)
0.1
(0.1)
(1.0)
Other
1.7
1.6
0.5
1.4
(5.4)
(0.2)
NET BOOK VALUE
AS OF DECEMBER 31, 2023
21.5
10.2
13.1
12.6
59.2
116.6
(1) As of December 31, 2023, \u201cOther\u201d is mainly composed of building arrangements on the Group's headquarters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-470": { "value": ".Property, plant and equipment
In compliance with IAS\u00a016 \u201cProperty, plant and
equipment\u201d (\u201cIAS\u00a016\u201d), an asset is recognized only if the cost
can be measured reliably and if future economic benefits are
expected from its use.
Property, plant and equipment could be initially recognized at
cost or at their fair value in case of business combinations.
As per IAS\u00a016, the Technip Energies Group uses different
depreciation periods for each of the significant components
of a single property, plant and equipment asset where the
useful life of the component differs from that of the main
asset. Below are the useful lives most commonly applied by
the Technip Energies Group on a straight-line basis:
\u25a0 Buildings: 10 to 60 years.
\u25a0 IT Equipment: 3 to 5 years.
\u25a0 Machinery and Equipment: 3 to 20 years.
\u25a0 Office Fixtures: 5 to 10 years.
If the residual value of an asset is material and can be
measured, it is taken into account in calculating its
depreciable amount.
On a regular basis, the Technip Energies Group reviews the
useful lives of its assets. That review is based on the
effective use of the assets.
Depreciation costs are recorded in the statement of income
as a function of the fixed assets\u2019 use, split between the
following line items: cost of sales, research and development
expense, selling, general and administrative expenses.
In accordance with IAS\u00a036 \u2013 Impairment of Assets, the
carrying value of property, plant and equipment is reviewed
for impairment whenever internal or external events indicate
that there may be impairment, in which case, an impairment
test is performed.
.Intangible assets
Internally generated research and development
costs
Research costs are expensed when incurred. In compliance
with IAS\u00a038 \u201cIntangible assets\u201d (\u201cIAS\u00a038\u201d), development costs
are capitalized if all the following criteria are met:
\u25a0 The projects are clearly identified;
\u25a0 The Technip Energies Group can reliably measure
expenditure incurred for each project during its
development;
\u25a0 The Technip Energies Group can demonstrate the
technical or industrial feasibility of the project;
\u25a0 The Technip Energies Group has the financial and
technical resources available to complete the project;
\u25a0 The Technip Energies Group can demonstrate its intention
to complete, to use or to commercialize products
resulting from the project; and
\u25a0 The Technip Energies Group can demonstrate the
existence of a market for the output of the intangible
asset, or, if it is used internally, the usefulness of the
intangible asset.
All research and development costs not meeting the IAS\u00a038
criteria are expensed as incurred in the consolidated
statement of income. The Technip Energies Group capitalized
costs on certain IT projects developed internally.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-469": { "value": ".Property, plant and equipment
In compliance with IAS\u00a016 \u201cProperty, plant and
equipment\u201d (\u201cIAS\u00a016\u201d), an asset is recognized only if the cost
can be measured reliably and if future economic benefits are
expected from its use.
Property, plant and equipment could be initially recognized at
cost or at their fair value in case of business combinations.
As per IAS\u00a016, the Technip Energies Group uses different
depreciation periods for each of the significant components
of a single property, plant and equipment asset where the
useful life of the component differs from that of the main
asset. Below are the useful lives most commonly applied by
the Technip Energies Group on a straight-line basis:
\u25a0 Buildings: 10 to 60 years.
\u25a0 IT Equipment: 3 to 5 years.
\u25a0 Machinery and Equipment: 3 to 20 years.
\u25a0 Office Fixtures: 5 to 10 years.
If the residual value of an asset is material and can be
measured, it is taken into account in calculating its
depreciable amount.
On a regular basis, the Technip Energies Group reviews the
useful lives of its assets. That review is based on the
effective use of the assets.
Depreciation costs are recorded in the statement of income
as a function of the fixed assets\u2019 use, split between the
following line items: cost of sales, research and development
expense, selling, general and administrative expenses.
In accordance with IAS\u00a036 \u2013 Impairment of Assets, the
carrying value of property, plant and equipment is reviewed
for impairment whenever internal or external events indicate
that there may be impairment, in which case, an impairment
test is performed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-474": { "value": ".Leases
Technip Energies mainly leases real estate assets such as
office buildings and residential housing.
The standard requires that payments shall be discounted
using the interest rate implicit in the lease, if that rate can
be readily determined. In practice, given the structure of the
Group\u2019s financing all of which is held by
Technip\u00a0Energies\u00a0N.V. or T.EN Eurocash SNC, the discount
rate used to determine the right-of-use asset and the lease
liability for each leased asset is calculated based on the
incremental borrowing rate of the Group at inception of the
lease. Technip Energies calculated the rate applicable to
each lease contract based on the lease duration.
Technip Energies Group determines if an arrangement is a
lease at inception by assessing whether an identified asset
exists and if the Group has the right to control the use of the
identified asset. Leases are included in right-of-use assets,
lease liabilities (non-current and current on the statement of
financial position). Right-of-use assets represent the right to
use an underlying asset for the lease term and lease
liabilities represent Technip Energies obligation to make
lease payments arising from the lease. Right-of-use assets
and lease liabilities are recognized at the commencement
date based on the present value of the remaining lease
payments over the lease term. The right-of-use assets also
include any lease prepayments made and exclude lease
incentives the Group received from the lessor. Depreciation
of right-of-use assets is recognized on a straight-line basis
over the lease term.
The lease term generally used to calculate the liability is the
term of the initially negotiated lease, not considering any
early termination options, except in special circumstances.
When leases contain extension options, the term used for
the calculation of the liability may include these periods,
mainly when the anticipated period of use of the fixed
assets, whether under a new or existing lease, is greater than
the initial contractual lease term.
The Group has variable lease payments, including
adjustments to lease payments based on an index or rate
(such as the Consumer Price Index) and fair value
adjustments to lease payments. Variable lease payments that
depend on an index or a rate (such as the Consumer Price
Index or a market interest rate) are included when measuring
initial lease liability of the lease arrangements using the
payments\u2019 base rate or index. The Group remeasures the
lease liability when there is a change in future lease
payments resulting from a change in such index or rate.
Short-term leases with an initial term of 12 months or less
that do not include a purchase option and leases of low-
value assets (referring mainly to IT equipment e.g., laptops
and mobile phones) are not recorded on the statement of
financial position.
Technip Energies Group adopted the practical expedient
to\u00a0not separate lease and non-lease components for all
asset\u00a0classes.
The Group currently subleases certain of its leased real
estate to third parties. The subleases are classified as
operating or finance leases by the sublessor depending on
the duration of the sublease contract and the end date of
the main lease contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-473": { "value": ".Leases
Technip Energies mainly leases real estate assets such as
office buildings and residential housing.
The standard requires that payments shall be discounted
using the interest rate implicit in the lease, if that rate can
be readily determined. In practice, given the structure of the
Group\u2019s financing all of which is held by
Technip\u00a0Energies\u00a0N.V. or T.EN Eurocash SNC, the discount
rate used to determine the right-of-use asset and the lease
liability for each leased asset is calculated based on the
incremental borrowing rate of the Group at inception of the
lease. Technip Energies calculated the rate applicable to
each lease contract based on the lease duration.
Technip Energies Group determines if an arrangement is a
lease at inception by assessing whether an identified asset
exists and if the Group has the right to control the use of the
identified asset. Leases are included in right-of-use assets,
lease liabilities (non-current and current on the statement of
financial position). Right-of-use assets represent the right to
use an underlying asset for the lease term and lease
liabilities represent Technip Energies obligation to make
lease payments arising from the lease. Right-of-use assets
and lease liabilities are recognized at the commencement
date based on the present value of the remaining lease
payments over the lease term. The right-of-use assets also
include any lease prepayments made and exclude lease
incentives the Group received from the lessor. Depreciation
of right-of-use assets is recognized on a straight-line basis
over the lease term.
The lease term generally used to calculate the liability is the
term of the initially negotiated lease, not considering any
early termination options, except in special circumstances.
When leases contain extension options, the term used for
the calculation of the liability may include these periods,
mainly when the anticipated period of use of the fixed
assets, whether under a new or existing lease, is greater than
the initial contractual lease term.
The Group has variable lease payments, including
adjustments to lease payments based on an index or rate
(such as the Consumer Price Index) and fair value
adjustments to lease payments. Variable lease payments that
depend on an index or a rate (such as the Consumer Price
Index or a market interest rate) are included when measuring
initial lease liability of the lease arrangements using the
payments\u2019 base rate or index. The Group remeasures the
lease liability when there is a change in future lease
payments resulting from a change in such index or rate.
Short-term leases with an initial term of 12 months or less
that do not include a purchase option and leases of low-
value assets (referring mainly to IT equipment e.g., laptops
and mobile phones) are not recorded on the statement of
financial position.
Technip Energies Group adopted the practical expedient
to\u00a0not separate lease and non-lease components for all
asset\u00a0classes.
The Group currently subleases certain of its leased real
estate to third parties. The subleases are classified as
operating or finance leases by the sublessor depending on
the duration of the sublease contract and the end date of
the main lease contract.
Note 16.Leases
The following table is a summary of amounts recognized in the consolidated statements of income for the years ended
December\u00a031, 2023 and 2022 :
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Depreciation of right-of-use assets
(62.9)
(69.5)
Interest expenses on lease liabilities
(4.3)
(4.6)
Short-term lease expenses
(6.0)
(3.9)
Sublease income
2.2
2.1
The table below shows the ending balance and depreciation of right-of-use assets by type of asset:
(In millions of \u20ac)
Real estate
Office furniture
and IT equipment
Machinery and
equipment
Total
Net book value as of December 31, 2021
244.9
5.8
1.2
251.9
Costs
373.2
33.8
1.9
408.9
Accumulated depreciation
(153.0)
(10.4)
(1.0)
(164.4)
Accumulated impairment
(22.8)
\u2014
\u2014
(22.8)
Net book value as of December 31, 2022
197.4
23.4
0.9
221.7
Costs
372.8
37.0
1.8
411.6
Accumulated depreciation
(166.9)
(19.7)
(1.1)
(187.7)
Accumulated impairment
(23.1)
\u2014
\u2014
(23.1)
NET BOOK VALUE AS OF DECEMBER 31, 2023
182.8
17.3
0.7
200.8
The following table shows the right-of-use roll forward per category:
(In millions of \u20ac)
Real estate
Office furniture
and IT equipment
Machinery and
equipment
Total
Net book value as of December 31, 2021
244.9
5.8
1.2
251.9
Additions
23.5
29.2
0.2
52.9
Disposals - write-off
(1.6)
(0.3)
(0.1)
(2.0)
Depreciation expense for the year
(57.5)
(11.3)
(0.4)
(69.2)
Impairment
(12.7)
\u2014
\u2014
(12.7)
Net foreign exchange differences
0.8
\u2014
\u2014
0.8
Net book value as of December 31, 2022
197.4
23.4
0.9
221.7
Additions
49.6
5.1
0.2
54.9
Disposals through divestitures
(1.4)
\u2014
\u2014
(1.4)
Disposals - write-off
(9.1)
(0.1)
\u2014
(9.2)
Depreciation expense for the year
(51.6)
(11.0)
(0.3)
(62.9)
Impairment
(0.3)
\u2014
\u2014
(0.3)
Net foreign exchange differences
(1.8)
(0.1)
(0.1)
(2.0)
NET BOOK VALUE AS OF DECEMBER 31, 2023
182.8
17.3
0.7
200.8
As of December 2022, net book value of right-of-use assets
was \u20ac221.7\u00a0million which compares to \u20ac200.8\u00a0million as of
December\u00a031, 2023.
As of December\u00a031, 2023 , the principal type of assets
composing the net book value is the real estate for
\u20ac182.8\u00a0million, which mainly consists of the Group
headquarters lease. Additions to real estate are mainly
related to the index of the Group headquarters lease and to
the extension of lease contracts on existing buildings.
The table below shows the lease liability recorded as of December\u00a031, 2023, and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Non-current lease liabilities
160.4
195.1
Current lease liabilities
71.9
72.1
TOTAL LEASE LIABILITIES
232.3
267.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-476": { "value": ".Intangible assets
Internally generated research and development
costs
Research costs are expensed when incurred. In compliance
with IAS\u00a038 \u201cIntangible assets\u201d (\u201cIAS\u00a038\u201d), development costs
are capitalized if all the following criteria are met:
\u25a0 The projects are clearly identified;
\u25a0 The Technip Energies Group can reliably measure
expenditure incurred for each project during its
development;
\u25a0 The Technip Energies Group can demonstrate the
technical or industrial feasibility of the project;
\u25a0 The Technip Energies Group has the financial and
technical resources available to complete the project;
\u25a0 The Technip Energies Group can demonstrate its intention
to complete, to use or to commercialize products
resulting from the project; and
\u25a0 The Technip Energies Group can demonstrate the
existence of a market for the output of the intangible
asset, or, if it is used internally, the usefulness of the
intangible asset.
All research and development costs not meeting the IAS\u00a038
criteria are expensed as incurred in the consolidated
statement of income. The Technip Energies Group capitalized
costs on certain IT projects developed internally.
Other intangible assets
Intangible assets other than goodwill (including those
acquired in a business combination) are amortized on a
straight-line basis over their expected useful lives, as
follows:
\u25a0 Backlog: as per the timeframe of the outstanding orders
(usually less than 3 years);
\u25a0 Licenses, Patents and Trademarks: less than 20 years;
\u25a0 Software (including software rights, proprietary IT tools,
such as the E-procurement platform, or the Technip
Energies Group\u2019s management applications): 3 to 7 years.
In accordance with IAS\u00a036, the carrying value of intangible
assets is reviewed for impairment whenever internal or
external events indicate that there may be an impairment,
in\u00a0which case an impairment test is performed.
The goodwill and intangible assets\u2019 costs and accumulated amortization are presented in the following table:
(In millions of \u20ac)
Goodwill
Licenses,
patents and
trademarks
Software
Other
Total
Net book value as of December 31, 2021
2,074.4
34.2
17.3
46.3
2,172.2
Costs
2,096.4
115.8
115.9
125.4
2,453.5
Accumulated amortization
\u2014
(71.2)
(93.5)
(83.5)
(248.2)
Accumulated impairment
\u2014
(0.7)
\u2014
\u2014
(0.7)
Net book value as of December 31, 2022
2,096.4
43.9
22.4
41.9
2,204.6
Costs
2,093.3
84.8
128.1
61.6
2,367.8
Accumulated amortization
\u2014
(38.0)
(93.9)
(18.6)
(150.5)
Accumulated impairment
\u2014
(0.7)
\u2014
\u2014
(0.7)
NET BOOK VALUE AS OF DECEMBER 31, 2023
2,093.3
46.1
34.2
43.0
2,216.6
Goodwill includes \u20ac1,453.6\u00a0million that was allocated to the
TechnipFMC Onshore/Offshore operating segment on the
merger date. It was the direct result of the merger between
FMC Technologies and Technip in January\u00a02017. Because
goodwill attributed to the carve-out entity using the parent\u2019s
basis is acquisition-specific, it may include synergistic
goodwill that the parent entity previously assigned to its
other CGUs or GCGUs that were expected to benefit from the
synergies of the business combination. Accordingly, because
the Onshore/Offshore operating segment has been carved-
out and included in the combined financial statements of the
Technip Energies Group, management determined that was
most appropriate to include the associated Onshore/Offshore
operating segment\u2019s goodwill with the Technip Energies
Group.
14.1.Goodwill and intangible assets, net
The changes in goodwill and intangible assets are presented in the following table:
(In millions of \u20ac)
Goodwill
Licenses,
patents and
trademarks
Software
Other
Total
Net book value as of December 31, 2021
2,074.4
34.2
17.3
46.3
2,172.2
Additions \u2013 acquisitions \u2013 internal developments
\u2014
11.4
(2.2)
34.8
44.0
Depreciation expense for the year
\u2014
(3.3)
(12.2)
(20.8)
(36.3)
Net foreign exchange differences
22.0
1.6
0.2
1.5
25.3
Other
\u2014
\u2014
19.3
(19.9)
(0.6)
Net book value as of December 31, 2022
2,096.4
43.9
22.4
41.9
2,204.6
Additions \u2013 acquisitions \u2013 internal developments
9.5
6.2
12.6
10.3
38.6
Depreciation expense for the year
\u2014
(2.9)
(8.5)
(1.6)
(13.0)
Net foreign exchange differences
(12.6)
(1.1)
\u2014
(0.1)
(13.8)
Other
\u2014
\u2014
7.7
(7.5)
0.2
NET BOOK VALUE AS OF DECEMBER 31, 2023
2,093.3
46.1
34.2
43.0
2,216.6
14.2.Goodwill
Goodwill per cash-generating units
For impairment testing purposes, goodwill is tested at the
level it is monitored for internal management purposes,
which corresponds to the Technip Energies operating
segments, Project Delivery or Technologies, Products &
Services (for further information on Technip Energies\u2019
operating segments, refer to Note 3. Segment information).
The goodwill allocated based on those CGUs\u2019 enterprise value
is split as shown below:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Project Delivery
1,557.1
1,546.6
Technology, Products & Services
536.2
549.8
TOTAL
2,093.3
2,096.4
Goodwill impairment testing
As of December\u00a031, 2023, the Group performed its goodwill
impairment test following the methodology discussed in
Note\u00a01. Accounting principles.
The carrying amounts of the CGUs were compared to their
value in use. Cash flow projections used in the determination
of value in use were made using management prospective
financial information on the next 4 years. The valuation of
CGUs for the purpose of goodwill impairment testing was
determined primarily by using the income approach by
estimating the value in use.
The income approach estimates the value in use by
discounting each CGU\u2019s estimated future cash flows using a
weighted average cost of capital that reflects current market
conditions and the risk profile of the CGU. To estimate future
cash flows, Technip Energies used economic and market
assumptions that reflect global economic growth, technology
efficiency, policy measures, cost increases, consideration of
investments (capital expenditures) and cost of development.
The following table presents the key assumptions used by
management in determining the recoverable amount of the
Group CGUs as of December\u00a031, 2023 and\u00a02022:
December\u00a031,
2023
December\u00a031,
2022
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
13.0%
12.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
11.0%
11.5%
Long term growth rate
2.7%
1.9%
As discussed above, when evaluating the 2023 and 2022
quantitative impairment test results, management
considered many factors in determining whether an
impairment of goodwill for CGUs was reasonably likely to
occur in future periods, including future market conditions
and the economic environment. Circumstances such as
market declines, unfavorable economic conditions, loss of a
major customer or other factors could increase the risk of
impairment of goodwill for these CGUs in future periods.
During the years ended December\u00a031, 2023, and 2022 the
Technip Energies Group did not recognize any impairment
expense. Sensitivities applied to weighted average cost of
capital (+0.5%) and to long-term growth rates (-0.5%) further
support this conclusion.
The excess of value in use over carrying amount for Technip
Energies was approximately 139% of the respective carrying
amounts for 2023, and 212% for 2022. The Group excess of
value in use over carrying amount, after allocation of
corporate assets, was respectively 94% for 2023 and 100%
for 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-475": { "value": ".Intangible assets
Internally generated research and development
costs
Research costs are expensed when incurred. In compliance
with IAS\u00a038 \u201cIntangible assets\u201d (\u201cIAS\u00a038\u201d), development costs
are capitalized if all the following criteria are met:
\u25a0 The projects are clearly identified;
\u25a0 The Technip Energies Group can reliably measure
expenditure incurred for each project during its
development;
\u25a0 The Technip Energies Group can demonstrate the
technical or industrial feasibility of the project;
\u25a0 The Technip Energies Group has the financial and
technical resources available to complete the project;
\u25a0 The Technip Energies Group can demonstrate its intention
to complete, to use or to commercialize products
resulting from the project; and
\u25a0 The Technip Energies Group can demonstrate the
existence of a market for the output of the intangible
asset, or, if it is used internally, the usefulness of the
intangible asset.
All research and development costs not meeting the IAS\u00a038
criteria are expensed as incurred in the consolidated
statement of income. The Technip Energies Group capitalized
costs on certain IT projects developed internally.
Other intangible assets
Intangible assets other than goodwill (including those
acquired in a business combination) are amortized on a
straight-line basis over their expected useful lives, as
follows:
\u25a0 Backlog: as per the timeframe of the outstanding orders
(usually less than 3 years);
\u25a0 Licenses, Patents and Trademarks: less than 20 years;
\u25a0 Software (including software rights, proprietary IT tools,
such as the E-procurement platform, or the Technip
Energies Group\u2019s management applications): 3 to 7 years.
In accordance with IAS\u00a036, the carrying value of intangible
assets is reviewed for impairment whenever internal or
external events indicate that there may be an impairment,
in\u00a0which case an impairment test is performed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-479": { "value": ".Impairment of non-financial assets
Non-financial assets, property, plant and equipment, and
identifiable intangible assets being amortized are reviewed
for impairment whenever events or changes in circumstances
indicate the carrying amount of the asset or cash-generating
unit (\u201cCGU\u201d) may not be recoverable. If any indication exists,
or when annual impairment testing for an asset is required,
the Technip Energies Group estimates the asset\u2019s
recoverable amount. The asset\u2019s recoverable amount is the
higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal
and the value in use. The recoverable amount is determined
for an individual asset, unless the asset does not generate
cash inflows that are largely independent of those from other
assets or groups of assets. When the carrying amount of
an\u00a0asset or CGU exceeds its recoverable amount, the asset
is\u00a0considered impaired and is written down to its
recoverable\u00a0amount.
In assessing the value in use, the estimated future cash
flows are discounted to their present value using a post-tax
discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset,
including growth rates in revenues, costs, estimates of future
expected changes in operating margins, tax rates and cash
expenditures. Future revenues are also adjusted to match
changes in the Technip Energies Group\u2019s business strategy.
Factors that could trigger a lower value in use estimate
include sustained price declines of a CGU\u2019s products and
services, cost increases, regulatory or political environment
changes, changes in customer demand, and other changes in
market conditions, which may affect certain market
participant assumptions used in the discounted future cash
flow model.
In determining the fair value less costs of disposal, recent
market transactions are considered. If no such transactions
can be identified, an appropriate valuation model is used.
Goodwill is tested for impairment annually at September\u00a030
and whenever changes in circumstances indicate that its
carrying amount may not be recoverable. Impairment is
determined for goodwill by assessing the recoverable amount
of each CGU (or group of CGUs) to which the goodwill
relates. When the recoverable amount of the CGU is less
than its carrying amount, an impairment loss is recognized.
Impairment losses relating to goodwill cannot be reversed in
future periods.
Impairment of financial assets
An allowance for Expected Credit Losses (ECL) is recognized
for all debt instruments not held at fair value through profit
or loss. As opposed to the incurred loss approach, ECL is
based on the difference between the carrying amount (as per
the contractual cash flows of the instruments) and all the
cash flows that the Technip Energies Group expects to
receive, discounted at the original effective interest rate. The
expected cash flows will include consideration of collaterals
or other credit enhancements that are integral to the
contractual terms.
In case of instruments for which there has not been a
significant increase in credit risk since initial recognition, ECL
is applied for default events that are possible within the next
twelve months (a 12-month ECL). In case there has been a
significant increase in credit risk since initial recognition, an
ECL is applied over the remaining life of the exposure
(lifetime ECL).
For trade receivables and contract assets, the Technip
Energies Group applies a simplified approach permitted by
IFRS\u00a09. Therefore, the Technip Energies Group recognizes
lifetime ECL at initial recognition and at each reporting date.
The Technip Energies Group has considered historical credit
loss experience, adjusted for forward-looking factors specific
to the debtors and the economic environment to determine
lifetime expected losses.
For debt instruments recognized at amortized cost, as
permitted by IFRS\u00a09, the Technip Energies Group applies the
low credit risk simplification. Accordingly, the Technip
Energies Group evaluates whether the debt instrument is
considered to have low credit risk at the reporting date, using
available, reasonable and supportable information. The
Technip Energies Group considers its internal credit rating of
the debt instrument, and considers that there has been a
significant increase in credit risk when contractual payments
are more than 90 days past due. For debt instruments that
continue to have low credit risk after the evaluation, the
Technip Energies Group assumes that there is no significant
increase in the credit risk of the instrument.
ECL on such instruments is measured on a 12-month basis.
However, when there has been a significant increase in credit
risk since origination, the allowance will be based on the
lifetime ECL. The Technip Energies Group uses the ratings
from credit rating agencies both to determine whether the
debt instrument has significantly increased in credit risk and
to estimate ECLs.
The Technip Energies Group considers a financial asset in
default when contractual payments are 90 days past due.
Also, in cases when internal or external information indicates
that it is unlikely to receive the outstanding contractual cash
flows before considering any credit enhancements,
the\u00a0Technip Energies Group considers a financial asset to be
in default. A financial asset is written off when there
is\u00a0no\u00a0reasonable expectation of recovering the contractual
cash\u00a0flows.
.Advances paid to suppliers
Advance payments made to suppliers under long-term
contracts are shown under the \u201cAdvances paid to suppliers\u201d
line item, on the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-478": { "value": ".Impairment of non-financial assets
Non-financial assets, property, plant and equipment, and
identifiable intangible assets being amortized are reviewed
for impairment whenever events or changes in circumstances
indicate the carrying amount of the asset or cash-generating
unit (\u201cCGU\u201d) may not be recoverable. If any indication exists,
or when annual impairment testing for an asset is required,
the Technip Energies Group estimates the asset\u2019s
recoverable amount. The asset\u2019s recoverable amount is the
higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal
and the value in use. The recoverable amount is determined
for an individual asset, unless the asset does not generate
cash inflows that are largely independent of those from other
assets or groups of assets. When the carrying amount of
an\u00a0asset or CGU exceeds its recoverable amount, the asset
is\u00a0considered impaired and is written down to its
recoverable\u00a0amount.
In assessing the value in use, the estimated future cash
flows are discounted to their present value using a post-tax
discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset,
including growth rates in revenues, costs, estimates of future
expected changes in operating margins, tax rates and cash
expenditures. Future revenues are also adjusted to match
changes in the Technip Energies Group\u2019s business strategy.
Factors that could trigger a lower value in use estimate
include sustained price declines of a CGU\u2019s products and
services, cost increases, regulatory or political environment
changes, changes in customer demand, and other changes in
market conditions, which may affect certain market
participant assumptions used in the discounted future cash
flow model.
In determining the fair value less costs of disposal, recent
market transactions are considered. If no such transactions
can be identified, an appropriate valuation model is used.
Goodwill is tested for impairment annually at September\u00a030
and whenever changes in circumstances indicate that its
carrying amount may not be recoverable. Impairment is
determined for goodwill by assessing the recoverable amount
of each CGU (or group of CGUs) to which the goodwill
relates. When the recoverable amount of the CGU is less
than its carrying amount, an impairment loss is recognized.
Impairment losses relating to goodwill cannot be reversed in
future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-477": { "value": ".Impairment of non-financial assets
Non-financial assets, property, plant and equipment, and
identifiable intangible assets being amortized are reviewed
for impairment whenever events or changes in circumstances
indicate the carrying amount of the asset or cash-generating
unit (\u201cCGU\u201d) may not be recoverable. If any indication exists,
or when annual impairment testing for an asset is required,
the Technip Energies Group estimates the asset\u2019s
recoverable amount. The asset\u2019s recoverable amount is the
higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal
and the value in use. The recoverable amount is determined
for an individual asset, unless the asset does not generate
cash inflows that are largely independent of those from other
assets or groups of assets. When the carrying amount of
an\u00a0asset or CGU exceeds its recoverable amount, the asset
is\u00a0considered impaired and is written down to its
recoverable\u00a0amount.
In assessing the value in use, the estimated future cash
flows are discounted to their present value using a post-tax
discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset,
including growth rates in revenues, costs, estimates of future
expected changes in operating margins, tax rates and cash
expenditures. Future revenues are also adjusted to match
changes in the Technip Energies Group\u2019s business strategy.
Factors that could trigger a lower value in use estimate
include sustained price declines of a CGU\u2019s products and
services, cost increases, regulatory or political environment
changes, changes in customer demand, and other changes in
market conditions, which may affect certain market
participant assumptions used in the discounted future cash
flow model.
In determining the fair value less costs of disposal, recent
market transactions are considered. If no such transactions
can be identified, an appropriate valuation model is used.
Goodwill is tested for impairment annually at September\u00a030
and whenever changes in circumstances indicate that its
carrying amount may not be recoverable. Impairment is
determined for goodwill by assessing the recoverable amount
of each CGU (or group of CGUs) to which the goodwill
relates. When the recoverable amount of the CGU is less
than its carrying amount, an impairment loss is recognized.
Impairment losses relating to goodwill cannot be reversed in
future periods.
As of December\u00a031, 2023 , the Group has recognized
impairment losses of \u20ac0.4\u00a0million. The impairment test
conducted on Goodwill is discussed in detail in Note 1.
Accounting principles and presented in Note 14. Goodwill and
intangible assets, net and concluded to the absence of
impairment.
During the year ended December\u00a031, 2022, three buildings
leased and used by the Group for its offices have been
impaired for an aggregate of \u20ac12.7\u00a0million.
Restructuring and non-recurring income (expense)
As o
Goodwill impairment testing
As of December\u00a031, 2023, the Group performed its goodwill
impairment test following the methodology discussed in
Note\u00a01. Accounting principles.
The carrying amounts of the CGUs were compared to their
value in use. Cash flow projections used in the determination
of value in use were made using management prospective
financial information on the next 4 years. The valuation of
CGUs for the purpose of goodwill impairment testing was
determined primarily by using the income approach by
estimating the value in use.
The income approach estimates the value in use by
discounting each CGU\u2019s estimated future cash flows using a
weighted average cost of capital that reflects current market
conditions and the risk profile of the CGU. To estimate future
cash flows, Technip Energies used economic and market
assumptions that reflect global economic growth, technology
efficiency, policy measures, cost increases, consideration of
investments (capital expenditures) and cost of development.
The following table presents the key assumptions used by
management in determining the recoverable amount of the
Group CGUs as of December\u00a031, 2023 and\u00a02022:
December\u00a031,
2023
December\u00a031,
2022
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
13.0%
12.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
11.0%
11.5%
Long term growth rate
2.7%
1.9%
As discussed above, when evaluating the 2023 and 2022
quantitative impairment test results, management
considered many factors in determining whether an
impairment of goodwill for CGUs was reasonably likely to
occur in future periods, including future market conditions
and the economic environment. Circumstances such as
market declines, unfavorable economic conditions, loss of a
major customer or other factors could increase the risk of
impairment of goodwill for these CGUs in future periods.
During the years ended December\u00a031, 2023, and 2022 the
Technip Energies Group did not recognize any impairment
expense. Sensitivities applied to weighted average cost of
capital (+0.5%) and to long-term growth rates (-0.5%) further
support this conclusion.
The excess of value in use over carrying amount for Technip
Energies was approximately 139% of the respective carrying
amounts for 2023, and 212% for 2022. The Group excess of
value in use over carrying amount, after allocation of
corporate assets, was respectively 94% for 2023 and 100%
for 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": ".Fair value measurement
In compliance with IFRS\u00a013 \u201cFair value measurement\u201d, the
Technip Energies Group measures certain financial
instruments (including derivatives) at fair value at each
balance sheet date.
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when
pricing the asset or liability, assuming that market
participants act in their economic best interest.
A fair value measurement of a non-financial asset considers
a market participant\u2019s ability to generate economic benefits
by using the asset in its highest and best use or by selling it
to another market participant that would use the asset in its
highest and best use.
The Technip Energies Group uses valuation techniques that
are appropriate in the circumstances and for which sufficient
data is available to measure fair value, maximizing the use of
relevant observable inputs and minimizing the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or
disclosed in the consolidated financial statements are
categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to
the fair value measurement as a whole:
\u25a0 Level 1: Observable inputs that reflect quoted prices
(unadjusted) for identical assets or liabilities in active
markets;
\u25a0 Level 2: Inputs other than quoted prices included in Level
1 that are observable for the asset or liability either
directly or indirectly;
\u25a0 Level 3: Unobservable inputs (e.g., a reporting entity\u2019s own
data).
For assets and liabilities that are recognized in the
consolidated financial statements at fair value on a recurring
basis, the Technip Energies Group determines whether
transfers have occurred between levels in the hierarchy by
re-assessing categorization (based on the lowest level input
that is significant to the fair value measurement as a whole)
at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-480": { "value": ".Fair value measurement
In compliance with IFRS\u00a013 \u201cFair value measurement\u201d, the
Technip Energies Group measures certain financial
instruments (including derivatives) at fair value at each
balance sheet date.
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when
pricing the asset or liability, assuming that market
participants act in their economic best interest.
A fair value measurement of a non-financial asset considers
a market participant\u2019s ability to generate economic benefits
by using the asset in its highest and best use or by selling it
to another market participant that would use the asset in its
highest and best use.
The Technip Energies Group uses valuation techniques that
are appropriate in the circumstances and for which sufficient
data is available to measure fair value, maximizing the use of
relevant observable inputs and minimizing the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or
disclosed in the consolidated financial statements are
categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to
the fair value measurement as a whole:
\u25a0 Level 1: Observable inputs that reflect quoted prices
(unadjusted) for identical assets or liabilities in active
markets;
\u25a0 Level 2: Inputs other than quoted prices included in Level
1 that are observable for the asset or liability either
directly or indirectly;
\u25a0 Level 3: Unobservable inputs (e.g., a reporting entity\u2019s own
data).
For assets and liabilities that are recognized in the
consolidated financial statements at fair value on a recurring
basis, the Technip Energies Group determines whether
transfers have occurred between levels in the hierarchy by
re-assessing categorization (based on the lowest level input
that is significant to the fair value measurement as a whole)
at the end of each reporting period.
December\u00a031, 2022
Analysis by category of financial instruments
(In millions of \u20ac)
Carrying
amount
At fair value
through profit
or loss
At amortized
cost
At fair value
through OCI
Level
Other non-current financial assets (excl.
derivatives)
93.5
25.1
68.4
\u2014
Level 1
Derivative financial instruments (non-current
and current)
26.1
1.5
\u2014
24.6
Level 2
Trade receivables, net
1,287.4
\u2014
1,287.4
\u2014
N/A
Cash and cash equivalents
3,477.4
3,477.4
\u2014
\u2014
N/A
TOTAL FINANCIAL ASSETS
4,884.4
3,504.0
1,355.8
24.6
Long-term debt, less current portion
595.3
\u2014
595.3
\u2014
N/A
Derivative financial instruments (non-current
and current)
25.6
0.8
\u2014
24.8
Level 2
Short-term debt
123.7
\u2014
123.7
\u2014
N/A
Accounts payable, trade
1,662.7
\u2014
1,662.7
\u2014
N/A
Other current liabilities (excl. derivatives)
98.1
98.1
\u2014
\u2014
Level 3
TOTAL FINANCIAL LIABILITIES
2,505.4
98.9
2,381.7
24.8
During the financial years 2023 and 2022, there were no
transfers between Level 1 and Level 2 fair value
measurements, and no transfers into or out of Level 3 fair
value measurements.
Investments \u2014 The fair value measurement of quoted equity
instruments is based on quoted prices that the Technip
Energies Group has the ability to access in public markets.
Mandatorily redeemable financial liability \u2014 Management
determined the fair value of the mandatorily redeemable
financial liability using a discounted cash flow model. The key
assumptions used in applying the income approach are the
selected discount rates and the expected dividends to be
distributed in the future to the non-controlling interest
holders. Expected dividends to be distributed are based on
the non-controlling interests\u2019 share of the expected
profitability of the underlying contract, the selected discount
rate, and the overall timing of completion of the project. The
fair value measurement is based upon significant inputs not
observable in the market and is consequently classified as a
Level 3 fair value measurement.
Changes in the fair value of Level 3 mandatorily redeemable
financial liability (Note 20. Other liabilities (non-current and
current)) are presented in the below table. Over the periods
presented, the Technip Energies Group consolidated the total
results of the Yamal entities and recorded a mandatorily
redeemable financial liability representing the Group\u2019s
dividend obligation.
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Balance at beginning of the period
98.1
140.8
Add: Expenses recognized in statement of income
12.2
154.2
Less: Settlements
(92.7)
(206.6)
Net foreign exchange differences
(1.6)
9.7
BALANCE AT END OF THE PERIOD
16.0
98.1
Fair value of debt \u2014 The fair values (based on Level 2 inputs) of the Technip Energies Group debt, carried at amortized cost,
are presented in Note 22. Debt (long and short-term).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": ".Financial assets
Financial assets are categorized at initial recognition, as
subsequently measured at either amortized cost, at fair value
through other comprehensive income (\u201cFVOCI\u201d), or at fair
value through profit or loss (\u201cFVTPL\u201d).
For debt instruments this classification depends on the
financial asset\u2019s contractual cash flow characteristics as well
as business model according to which the Technip Energies
Group is managing them. Financial assets are initially
measured at their fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction
costs. Trade receivables that do not contain a significant
financing component are measured at the transaction price
determined under IFRS\u00a015.
A financial asset is classified and measured at amortized
cost or fair value through other comprehensive income
(\u201cFVOCI\u201d) if and only if it gives rise to cash flows that are
\u2018solely payments of principal and interest\u2019 (\u201cSPPI\u201d), i.e., the
asset meets the SPPI test criteria, which are assessed at an
instrument level.
The business model applied by the Technip Energies Group
determines whether the cash flows from the instruments will
be realized through collecting contractual cash flows, selling
the financial assets, or both.
Transactions on financial assets that require delivery of
assets within a time frame legally or contractually (regular
way trades) are recognized on the trade date, being the date
when the Technip Energies Group commits to acquire or sell
the asset.
For purposes of subsequent measurement, financial assets
are classified into three categories:
\u25a0 Financial assets at amortized cost;
\u25a0 Financial assets at fair value through OCI, either with
recycling or no recycling of cumulative gains and losses;
\u25a0 Financial assets at fair value through profit or loss.
Financial assets at amortized cost
A financial asset is measured at amortized cost if both of the
following conditions are met:
\u25a0 The financial asset is held within a business model with
the objective to hold financial assets to collect
contractual cash flows; and
\u25a0 The contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount
outstanding.
Financial assets at amortized cost are subsequently
measured using the effective interest rate and are also
subject to impairment. Gains and losses are recognized in the
Statement of income when the asset is derecognized.
The Technip Energies Group\u2019s financial assets at amortized
cost include trade receivables, loans issued to third or
related parties and debt notes receivable presented under
other non-current assets or other current assets, as
applicable.
Financial assets at fair value through OCI
Financial assets are classified and measured at fair value
through other comprehensive income if they are held in a
business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include:
\u25a0 Financial assets held for trading (i.e., those which are
acquired for the purpose of selling or repurchasing in the
near term).
\u25a0 Financial assets designated upon initial recognition at fair
value through profit or loss (to eliminate, or significantly
reduce, an accounting mismatch); or
\u25a0 Financial assets required to be measured at fair value (i.e.,
assets with cash flows that are not solely payments of
principal and interest, irrespective of the business model).
Derivatives, including separated embedded derivatives, are
also classified as held for trading except for those designated
as effective hedging instruments. Financial assets at fair
value through profit or loss are carried in the statement of
financial position at fair value with net changes in fair value
recognized in the statement of income.
This category includes derivative instruments, listed and non-
quoted equity investments which the Technip Energies Group
had not irrevocably elected to classify at fair value through
OCI, as well as certain liquid, frequently traded debt
instruments such as treasury bills.
Dividends on listed equity investments are also recognized in
the statement of income when the right of payment has
been established.
Impairment of financial assets
An allowance for Expected Credit Losses (ECL) is recognized
for all debt instruments not held at fair value through profit
or loss. As opposed to the incurred loss approach, ECL is
based on the difference between the carrying amount (as per
the contractual cash flows of the instruments) and all the
cash flows that the Technip Energies Group expects to
receive, discounted at the original effective interest rate. The
expected cash flows will include consideration of collaterals
or other credit enhancements that are integral to the
contractual terms.
In case of instruments for which there has not been a
significant increase in credit risk since initial recognition, ECL
is applied for default events that are possible within the next
twelve months (a 12-month ECL). In case there has been a
significant increase in credit risk since initial recognition, an
ECL is applied over the remaining life of the exposure
(lifetime ECL).
For trade receivables and contract assets, the Technip
Energies Group applies a simplified approach permitted by
IFRS\u00a09. Therefore, the Technip Energies Group recognizes
lifetime ECL at initial recognition and at each reporting date.
The Technip Energies Group has considered historical credit
loss experience, adjusted for forward-looking factors specific
to the debtors and the economic environment to determine
lifetime expected losses.
For debt instruments recognized at amortized cost, as
permitted by IFRS\u00a09, the Technip Energies Group applies the
low credit risk simplification. Accordingly, the Technip
Energies Group evaluates whether the debt instrument is
considered to have low credit risk at the reporting date, using
available, reasonable and supportable information. The
Technip Energies Group considers its internal credit rating of
the debt instrument, and considers that there has been a
significant increase in credit risk when contractual payments
are more than 90 days past due. For debt instruments that
continue to have low credit risk after the evaluation, the
Technip Energies Group assumes that there is no significant
increase in the credit risk of the instrument.
ECL on such instruments is measured on a 12-month basis.
However, when there has been a significant increase in credit
risk since origination, the allowance will be based on the
lifetime ECL. The Technip Energies Group uses the ratings
from credit rating agencies both to determine whether the
debt instrument has significantly increased in credit risk and
to estimate ECLs.
The Technip Energies Group considers a financial asset in
default when contractual payments are 90 days past due.
Also, in cases when internal or external information indicates
that it is unlikely to receive the outstanding contractual cash
flows before considering any credit enhancements,
the\u00a0Technip Energies Group considers a financial asset to be
in default. A financial asset is written off when there
is\u00a0no\u00a0reasonable expectation of recovering the contractual
cash\u00a0flows.
Derecognition
A financial asset (or, where applicable, a part of a financial
asset or part of a group of similar financial assets) is
primarily derecognized when:
\u25a0 The rights to receive cash flows from the asset have
expired; or
\u25a0 The Technip Energies Group has transferred its rights to
receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without
material delay to a third party under a \u2018pass-through\u2019
arrangement and either (a) the Technip Energies Group
has transferred substantially all the risks and rewards of
the asset, or (b) the Technip Energies Group has neither
transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the
asset.
When the Technip Energies Group has transferred its rights
to receive cash flows from an asset or has entered a pass-
through arrangement, it evaluates if, and to what extent, it
has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all the risks
and rewards of the asset, nor transferred control of the
asset, the Technip Energies Group continues to recognize the
transferred asset to the extent of its continuing involvement.
In that case, the Technip Energies Group also recognizes an
associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and
obligations that the Technip Energies Group has retained.
Continuing involvement that takes the form of a guarantee
over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum
amount of consideration that the Technip Energies Group
could be required to repay.
Offsetting of financial instruments
Financial assets and financial liabilities are offset, and the
net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right
to offset the recognized amounts and there is an intention to
settle on a net basis, or to realize the assets and settle the
liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-482": { "value": ".Financial assets
Financial assets are categorized at initial recognition, as
subsequently measured at either amortized cost, at fair value
through other comprehensive income (\u201cFVOCI\u201d), or at fair
value through profit or loss (\u201cFVTPL\u201d).
For debt instruments this classification depends on the
financial asset\u2019s contractual cash flow characteristics as well
as business model according to which the Technip Energies
Group is managing them. Financial assets are initially
measured at their fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction
costs. Trade receivables that do not contain a significant
financing component are measured at the transaction price
determined under IFRS\u00a015.
A financial asset is classified and measured at amortized
cost or fair value through other comprehensive income
(\u201cFVOCI\u201d) if and only if it gives rise to cash flows that are
\u2018solely payments of principal and interest\u2019 (\u201cSPPI\u201d), i.e., the
asset meets the SPPI test criteria, which are assessed at an
instrument level.
The business model applied by the Technip Energies Group
determines whether the cash flows from the instruments will
be realized through collecting contractual cash flows, selling
the financial assets, or both.
Transactions on financial assets that require delivery of
assets within a time frame legally or contractually (regular
way trades) are recognized on the trade date, being the date
when the Technip Energies Group commits to acquire or sell
the asset.
For purposes of subsequent measurement, financial assets
are classified into three categories:
\u25a0 Financial assets at amortized cost;
\u25a0 Financial assets at fair value through OCI, either with
recycling or no recycling of cumulative gains and losses;
\u25a0 Financial assets at fair value through profit or loss.
Financial assets at amortized cost
A financial asset is measured at amortized cost if both of the
following conditions are met:
\u25a0 The financial asset is held within a business model with
the objective to hold financial assets to collect
contractual cash flows; and
\u25a0 The contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount
outstanding.
Financial assets at amortized cost are subsequently
measured using the effective interest rate and are also
subject to impairment. Gains and losses are recognized in the
Statement of income when the asset is derecognized.
The Technip Energies Group\u2019s financial assets at amortized
cost include trade receivables, loans issued to third or
related parties and debt notes receivable presented under
other non-current assets or other current assets, as
applicable.
Financial assets at fair value through OCI
Financial assets are classified and measured at fair value
through other comprehensive income if they are held in a
business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include:
\u25a0 Financial assets held for trading (i.e., those which are
acquired for the purpose of selling or repurchasing in the
near term).
\u25a0 Financial assets designated upon initial recognition at fair
value through profit or loss (to eliminate, or significantly
reduce, an accounting mismatch); or
\u25a0 Financial assets required to be measured at fair value (i.e.,
assets with cash flows that are not solely payments of
principal and interest, irrespective of the business model).
Derivatives, including separated embedded derivatives, are
also classified as held for trading except for those designated
as effective hedging instruments. Financial assets at fair
value through profit or loss are carried in the statement of
financial position at fair value with net changes in fair value
recognized in the statement of income.
This category includes derivative instruments, listed and non-
quoted equity investments which the Technip Energies Group
had not irrevocably elected to classify at fair value through
OCI, as well as certain liquid, frequently traded debt
instruments such as treasury bills.
Dividends on listed equity investments are also recognized in
the statement of income when the right of payment has
been established.
Impairment of financial assets
An allowance for Expected Credit Losses (ECL) is recognized
for all debt instruments not held at fair value through profit
or loss. As opposed to the incurred loss approach, ECL is
based on the difference between the carrying amount (as per
the contractual cash flows of the instruments) and all the
cash flows that the Technip Energies Group expects to
receive, discounted at the original effective interest rate. The
expected cash flows will include consideration of collaterals
or other credit enhancements that are integral to the
contractual terms.
In case of instruments for which there has not been a
significant increase in credit risk since initial recognition, ECL
is applied for default events that are possible within the next
twelve months (a 12-month ECL). In case there has been a
significant increase in credit risk since initial recognition, an
ECL is applied over the remaining life of the exposure
(lifetime ECL).
For trade receivables and contract assets, the Technip
Energies Group applies a simplified approach permitted by
IFRS\u00a09. Therefore, the Technip Energies Group recognizes
lifetime ECL at initial recognition and at each reporting date.
The Technip Energies Group has considered historical credit
loss experience, adjusted for forward-looking factors specific
to the debtors and the economic environment to determine
lifetime expected losses.
For debt instruments recognized at amortized cost, as
permitted by IFRS\u00a09, the Technip Energies Group applies the
low credit risk simplification. Accordingly, the Technip
Energies Group evaluates whether the debt instrument is
considered to have low credit risk at the reporting date, using
available, reasonable and supportable information. The
Technip Energies Group considers its internal credit rating of
the debt instrument, and considers that there has been a
significant increase in credit risk when contractual payments
are more than 90 days past due. For debt instruments that
continue to have low credit risk after the evaluation, the
Technip Energies Group assumes that there is no significant
increase in the credit risk of the instrument.
ECL on such instruments is measured on a 12-month basis.
However, when there has been a significant increase in credit
risk since origination, the allowance will be based on the
lifetime ECL. The Technip Energies Group uses the ratings
from credit rating agencies both to determine whether the
debt instrument has significantly increased in credit risk and
to estimate ECLs.
The Technip Energies Group considers a financial asset in
default when contractual payments are 90 days past due.
Also, in cases when internal or external information indicates
that it is unlikely to receive the outstanding contractual cash
flows before considering any credit enhancements,
the\u00a0Technip Energies Group considers a financial asset to be
in default. A financial asset is written off when there
is\u00a0no\u00a0reasonable expectation of recovering the contractual
cash\u00a0flows.
Derecognition
A financial asset (or, where applicable, a part of a financial
asset or part of a group of similar financial assets) is
primarily derecognized when:
\u25a0 The rights to receive cash flows from the asset have
expired; or
\u25a0 The Technip Energies Group has transferred its rights to
receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without
material delay to a third party under a \u2018pass-through\u2019
arrangement and either (a) the Technip Energies Group
has transferred substantially all the risks and rewards of
the asset, or (b) the Technip Energies Group has neither
transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the
asset.
When the Technip Energies Group has transferred its rights
to receive cash flows from an asset or has entered a pass-
through arrangement, it evaluates if, and to what extent, it
has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all the risks
and rewards of the asset, nor transferred control of the
asset, the Technip Energies Group continues to recognize the
transferred asset to the extent of its continuing involvement.
In that case, the Technip Energies Group also recognizes an
associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and
obligations that the Technip Energies Group has retained.
Continuing involvement that takes the form of a guarantee
over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum
amount of consideration that the Technip Energies Group
could be required to repay.
Offsetting of financial instruments
Financial assets and financial liabilities are offset, and the
net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right
to offset the recognized amounts and there is an intention to
settle on a net basis, or to realize the assets and settle the
liabilities simultaneously.
Note 26.Financial instruments
26.1.Financial assets and liabilities by category
The Technip Energies Group holds the following financial assets and liabilities:
December\u00a031, 2023
Analysis by category of financial instruments
(In millions of \u20ac)
Carrying
amount
At fair value
through profit
or loss
At amortized
cost
At fair value
through OCI
Level
Other non-current financial assets (excl.
derivatives)
158.3
15.0
38.6
104.7
Level 1
Derivative financial instruments (non-current
and current)
20.7
0.9
\u2014
19.8
Level 2
Trade receivables, net
1,214.6
\u2014
1,214.6
\u2014
N/A
Cash and cash equivalents
3,371.0
3,371.0
\u2014
\u2014
N/A
TOTAL FINANCIAL ASSETS
4,764.6
3,386.9
1,253.2
124.5
Long-term debt, less current portion
637.4
\u2014
637.4
\u2014
N/A
Derivative financial instruments (non-current
and current)
21.4
14.9
\u2014
6.5
Level 2
Short-term debt
123.9
\u2014
123.9
\u2014
N/A
Accounts payable, trade
1,506.7
\u2014
1,506.7
\u2014
N/A
Other current liabilities (excl. derivatives)
16.0
16.0
\u2014
\u2014
Level 3
TOTAL FINANCIAL LIABILITIES
2,305.4
30.9
2,268.0
6.5
December\u00a031, 2022
Analysis by category of financial instruments
(In millions of \u20ac)
Carrying
amount
At fair value
through profit
or loss
At amortized
cost
At fair value
through OCI
Level
Other non-current financial assets (excl.
derivatives)
93.5
25.1
68.4
\u2014
Level 1
Derivative financial instruments (non-current
and current)
26.1
1.5
\u2014
24.6
Level 2
Trade receivables, net
1,287.4
\u2014
1,287.4
\u2014
N/A
Cash and cash equivalents
3,477.4
3,477.4
\u2014
\u2014
N/A
TOTAL FINANCIAL ASSETS
4,884.4
3,504.0
1,355.8
24.6
Long-term debt, less current portion
595.3
\u2014
595.3
\u2014
N/A
Derivative financial instruments (non-current
and current)
25.6
0.8
\u2014
24.8
Level 2
Short-term debt
123.7
\u2014
123.7
\u2014
N/A
Accounts payable, trade
1,662.7
\u2014
1,662.7
\u2014
N/A
Other current liabilities (excl. derivatives)
98.1
98.1
\u2014
\u2014
Level 3
TOTAL FINANCIAL LIABILITIES
2,505.4
98.9
2,381.7
24.8
During the financial years 2023 and 2022, there were no
transfers between Level 1 and Level 2 fair value
measurements, and no transfers into or out of Level 3 fair
value measurements.
Investments \u2014 The fair value measurement of quoted equity
instruments is based on quoted prices that the Technip
Energies Group has the ability to access in public markets.
Mandatorily redeemable financial liability \u2014 Management
determined the fair value of the mandatorily redeemable
financial liability using a discounted cash flow model. The key
assumptions used in applying the income approach are the
selected discount rates and the expected dividends to be
distributed in the future to the non-controlling interest
holders. Expected dividends to be distributed are based on
the non-controlling interests\u2019 share of the expected
profitability of the underlying contract, the selected discount
rate, and the overall timing of completion of the project. The
fair value measurement is based upon significant inputs not
observable in the market and is consequently classified as a
Level 3 fair value measurement.
Changes in the fair value of Level 3 mandatorily redeemable
financial liability (Note 20. Other liabilities (non-current and
current)) are presented in the below table. Over the periods
presented, the Technip Energies Group consolidated the total
results of the Yamal entities and recorded a mandatorily
redeemable financial liability representing the Group\u2019s
dividend obligation.
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Balance at beginning of the period
98.1
140.8
Add: Expenses recognized in statement of income
12.2
154.2
Less: Settlements
(92.7)
(206.6)
Net foreign exchange differences
(1.6)
9.7
BALANCE AT END OF THE PERIOD
16.0
98.1
Fair value of debt \u2014 The fair values (based on Level 2 inputs) of the Technip Energies Group debt, carried at amortized cost,
are presented in Note 22. Debt (long and short-term).
26.2.Derivative financial instruments
The management of the Technip Energies Group derivatives
and hedge accounting was carried out centrally by Technip
Energies as of December\u00a031, 2023.
For purposes of mitigating the effect of changes in exchange
rates, Technip Energies holds derivative financial instruments
to hedge the risks of certain identifiable and anticipated
transactions and recorded assets and liabilities in the
consolidated statement of financial position. The types of
risks hedged are those relating to the variability of future
earnings and cash flows caused by movements in foreign
currency exchange rates. The Technip Energies Group's policy
is to hold derivatives only for the purpose of hedging risks
associated with anticipated foreign currency purchases and
sales created in the normal course of business and not for
trading purposes where the objective is solely or partially to
generate profit.
Generally, Technip Energies enters hedging relationships so
that changes in the fair values or cash flows of the
transactions being hedged are expected to be offset by
corresponding changes in the fair value of the derivatives. For
derivative instruments that qualify as a cash flow hedge, the
effective portion of the gain or loss of the derivative, which
does not include the time value component of a forward
currency rate, is reported as a component of OCI and
reclassified into earnings in the same period or periods
during which the hedged transaction affects earnings. For
derivative instruments not designated as hedging
instruments, any change in the fair value of those
instruments is reflected in earnings in the period such
change occurs. For further information on foreign currency
risk exposure and management, refer to Note 28. Market-
related exposure.
Technip Energies used the following types of derivative
instruments: foreign exchange rate forward contracts. In
general, embedded derivative instruments are separated
from the host contract if the economic characteristics and
risks of the embedded derivative instrument are not clearly
and closely related to those of the host contract and the
host contract is not marked-to-market at fair value. The
purpose of these instruments is to hedge the risk of changes
in future cash flows of highly probable purchase or sale
commitments denominated in foreign currencies and
recorded assets and liabilities in the consolidated statement
of financial position.
As of December\u00a031, 2023 and 2022, the Group held the following material net positions:
December\u00a031, 2023
December\u00a031, 2022
Net notional amount bought (sold)
Net notional amount bought (sold)
(In millions of currency)
Local currency
Euro equivalent
Local currency
Euro equivalent
Australian dollar (AUD)
(14.0)
(8.6)
3.0
1.9
Canadian dollar (CAD)
\u2014
\u2014
2.0
1.4
Chinese yuan renminbi (CNY)
10.0
1.3
100.0
13.5
Euro (EUR)
42.7
42.7
99.4
99.4
Indian rupee (INR)
693.2
7.5
519.0
5.9
Japanese yen (JPY)
1,548.4
9.9
(1,342.1)
(9.5)
Kuwaiti dinar (KWD)
8.0
23.6
8.5
26.0
Malaysian ringgit (MYR)
10.5
2.1
34.1
7.3
Mexican peso (MXN)
(395.0)
(21.1)
486.4
23.4
Norwegian krone (NOK)
(86.6)
(7.7)
(23.2)
(2.2)
Pound sterling (GBP)
(20.2)
(23.3)
(54.4)
(61.3)
Qatari riyal (QAR)
8.0
2.0
(10.0)
(2.6)
Saudi riyal (SAR)
14.0
3.4
(10.0)
(2.5)
Singapore dollar (SGD)
42.0
28.8
20.0
14.0
U.A.E. dirham (AED)
(2.0)
(0.5)
30.0
7.7
U.S. dollar (USD)
1.6
1.5
(713.9)
(668.9)
Fair value amounts for all outstanding derivative instruments
have been determined using available market information
and commonly accepted valuation methodologies.
Accordingly, the estimates presented may not be indicative
of the amounts that Technip Energies would realize in a
current market exchange and may not be indicative of the
gains or losses Technip Energies may ultimately incur when
these contracts are settled.
The following table presents the location and fair value amounts of derivative instruments reported in the consolidated
statement of financial position:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Assets
Liabilities
Assets
Liabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
14.4
5.7
18.4
19.5
Long-term \u2013 Derivative financial instruments
5.4
0.8
6.2
5.3
Total derivatives designated as hedging
instruments
19.8
6.5
24.6
24.8
Derivatives not designated as hedging
instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
0.9
14.9
1.5
0.8
Total derivatives not designated as hedging
instruments
0.9
14.9
1.5
0.8
TOTAL DERIVATIVES
20.7
21.4
26.1
25.6
Cash flow hedges of forecasted transactions resulted in
accumulated other comprehensive (loss)/income of
\u20ac8.2\u00a0million and \u20ac16.4\u00a0million as of December\u00a031, 2023, and
2022. The Technip Energies Group expects to transfer an
approximately \u20ac20.3\u00a0million loss from accumulated other
comprehensive income to earnings during the next 12 months
when the anticipated transactions occur. All anticipated
transactions currently being hedged are expected to occur by
the last quarter of 2027.
The following table presents the location of gains (losses) in
the consolidated statement of income related to derivative
instruments designated as cash flow hedges:
Gain\u00a0(Loss)\u00a0recognized\u00a0in\u00a0OCI
(Effective\u00a0Portion)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other comprehensive income/(loss)
6.5
31.2
The following table presents the location of cash flow hedge gain (loss) reclassified from accumulated other comprehensive
income into profit (loss):
Gain (Loss)\u00a0reclassified\u00a0from
accumulated OCI
into profit (loss) (Effective portion)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other income (expense), net
1.7
(14.8)
The following table presents the location of cash flow hedge gain (loss) recognized in profit (loss):
Gain\u00a0(Loss)\u00a0recognized\u00a0in\u00a0profit (loss)
(Ineffective\u00a0portion and amount
excluded
from effectiveness testing)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other income (expense), net
2.3
(6.3)
The following table presents the location of gains (losses) in the consolidated statement of income related to derivative
instruments not designated as hedging instruments:
Gain\u00a0(Loss)\u00a0recognized\u00a0in\u00a0profit
(loss)\u00a0on derivatives
(Instruments\u00a0not\u00a0designated as
hedging instruments)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other income (expense), net
(14.7)
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include:
\u25a0 Financial assets held for trading (i.e., those which are
acquired for the purpose of selling or repurchasing in the
near term).
\u25a0 Financial assets designated upon initial recognition at fair
value through profit or loss (to eliminate, or significantly
reduce, an accounting mismatch); or
\u25a0 Financial assets required to be measured at fair value (i.e.,
assets with cash flows that are not solely payments of
principal and interest, irrespective of the business model).
Derivatives, including separated embedded derivatives, are
also classified as held for trading except for those designated
as effective hedging instruments. Financial assets at fair
value through profit or loss are carried in the statement of
financial position at fair value with net changes in fair value
recognized in the statement of income.
This category includes derivative instruments, listed and non-
quoted equity investments which the Technip Energies Group
had not irrevocably elected to classify at fair value through
OCI, as well as certain liquid, frequently traded debt
instruments such as treasury bills.
Dividends on listed equity investments are also recognized in
the statement of income when the right of payment has
been established.
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as held for trading if they
are incurred for the purpose of repurchasing in the near
term.
Gains or losses on liabilities held for trading are recognized in
the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "value": "
Impairment of financial assets
An allowance for Expected Credit Losses (ECL) is recognized
for all debt instruments not held at fair value through profit
or loss. As opposed to the incurred loss approach, ECL is
based on the difference between the carrying amount (as per
the contractual cash flows of the instruments) and all the
cash flows that the Technip Energies Group expects to
receive, discounted at the original effective interest rate. The
expected cash flows will include consideration of collaterals
or other credit enhancements that are integral to the
contractual terms.
In case of instruments for which there has not been a
significant increase in credit risk since initial recognition, ECL
is applied for default events that are possible within the next
twelve months (a 12-month ECL). In case there has been a
significant increase in credit risk since initial recognition, an
ECL is applied over the remaining life of the exposure
(lifetime ECL).
For trade receivables and contract assets, the Technip
Energies Group applies a simplified approach permitted by
IFRS\u00a09. Therefore, the Technip Energies Group recognizes
lifetime ECL at initial recognition and at each reporting date.
The Technip Energies Group has considered historical credit
loss experience, adjusted for forward-looking factors specific
to the debtors and the economic environment to determine
lifetime expected losses.
For debt instruments recognized at amortized cost, as
permitted by IFRS\u00a09, the Technip Energies Group applies the
low credit risk simplification. Accordingly, the Technip
Energies Group evaluates whether the debt instrument is
considered to have low credit risk at the reporting date, using
available, reasonable and supportable information. The
Technip Energies Group considers its internal credit rating of
the debt instrument, and considers that there has been a
significant increase in credit risk when contractual payments
are more than 90 days past due. For debt instruments that
continue to have low credit risk after the evaluation, the
Technip Energies Group assumes that there is no significant
increase in the credit risk of the instrument.
ECL on such instruments is measured on a 12-month basis.
However, when there has been a significant increase in credit
risk since origination, the allowance will be based on the
lifetime ECL. The Technip Energies Group uses the ratings
from credit rating agencies both to determine whether the
debt instrument has significantly increased in credit risk and
to estimate ECLs.
The Technip Energies Group considers a financial asset in
default when contractual payments are 90 days past due.
Also, in cases when internal or external information indicates
that it is unlikely to receive the outstanding contractual cash
flows before considering any credit enhancements,
the\u00a0Technip Energies Group considers a financial asset to be
in default. A financial asset is written off when there
is\u00a0no\u00a0reasonable expectation of recovering the contractual
cash\u00a0flows.
Impairment of trade receivables
Technip Energies Group applies IFRS\u00a09 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and
contract assets. The Technip Energies Group\u2019s trade
receivables and contracts assets constitute a homogeneous
portfolio, therefore, to measure the expected credit losses,
trade receivables and contract assets have been grouped
based on a selection of the members of the Technip Energies
Group that cover a representative part of the Technip
Energies Group\u2019s trade receivables and contract assets at
each period end. Contract assets relate to unbilled work in
progress and have substantially the same risk characteristics
as the trade receivables for the same types of contracts. The
Technip Energies Group has therefore concluded that the
expected loss rates for trade receivables are a reasonable
approximation of the loss rates for contract assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "value": "
Derecognition
A financial asset (or, where applicable, a part of a financial
asset or part of a group of similar financial assets) is
primarily derecognized when:
\u25a0 The rights to receive cash flows from the asset have
expired; or
\u25a0 The Technip Energies Group has transferred its rights to
receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without
material delay to a third party under a \u2018pass-through\u2019
arrangement and either (a) the Technip Energies Group
has transferred substantially all the risks and rewards of
the asset, or (b) the Technip Energies Group has neither
transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the
asset.
When the Technip Energies Group has transferred its rights
to receive cash flows from an asset or has entered a pass-
through arrangement, it evaluates if, and to what extent, it
has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all the risks
and rewards of the asset, nor transferred control of the
asset, the Technip Energies Group continues to recognize the
transferred asset to the extent of its continuing involvement.
In that case, the Technip Energies Group also recognizes an
associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and
obligations that the Technip Energies Group has retained.
Continuing involvement that takes the form of a guarantee
over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum
amount of consideration that the Technip Energies Group
could be required to repay.
Derecognition
A financial liability is derecognized when the obligation under
the liability is discharged or canceled or expires. When an
existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability.
The\u00a0difference in the respective carrying amounts is
recognized in the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "value": "
Offsetting of financial instruments
Financial assets and financial liabilities are offset, and the
net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right
to offset the recognized amounts and there is an intention to
settle on a net basis, or to realize the assets and settle the
liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "value": ".Derivative financial instruments and hedging
Initial recognition and subsequent measurement
The Technip Energies Group uses derivative financial
instruments, such as forward contracts, swaps and options
to hedge its risks, in particular foreign exchange risks. Such
derivative financial instruments are initially recognized at fair
value on the date on which a derivative contract is entered
into and are subsequently remeasured at fair value.
Derivatives are carried as financial assets when the fair value
is positive and as financial liabilities when the fair value
is\u00a0negative.
Currently, every derivative financial instrument held by the
Technip Energies Group is aimed at hedging future cash
inflows or outflows against exchange rate fluctuations during
the period of contract performance. Derivative instruments
and in particular forward exchange transactions are aimed at
hedging future cash inflows or outflows against exchange
rate fluctuations in relation to awarded commercial
contracts.
To hedge its exposure to exchange rate fluctuations during
the bid period of construction contracts, the Technip
Energies Group occasionally enters insurance contracts
under which foreign currencies are exchanged at a specified
rate and at a specified future date only if the new contract is
awarded. The premium that the Technip Energies Group pays
to enter such an insurance contract is charged to the
statement of income when paid. If the commercial bid is not
successful, the insurance contract is automatically
terminated without any additional cash settlements or
penalties.
In some cases, the Technip Energies Group may enter\u00a0
foreign currency options for some proposals during the bid
period. These options cannot be eligible for hedging.
For the purpose of hedge accounting, instruments qualifying
as hedges are classified as:
\u25a0 Fair value hedges when hedging the exposure to changes
in the fair value of a recognized asset or liability or an
unrecognized firm commitment.
\u25a0 Cash flow hedges when hedging the exposure to variability
in cash flows that is either attributable to a particular risk
associated with a recognized asset or liability or a highly
probable forecasted transaction or the foreign currency
risk in an unrecognized firm commitment.
\u25a0 Hedges of a net investment in a foreign operation (the
Technip Energies Group currently has no financial
instruments designated for such a hedging relationship).
Foreign currency treasury accounts designated for a contract
and used to finance its future expenses in foreign currencies
may qualify as a foreign currency cash flow hedge. Cash as a
hedging instrument is determined as cash less accounts
payable (including debts contracted on projects) plus
accounts receivable (including loans contracted on projects)
on reimbursable, services and completed contracts at closing
date.
An economic hedging may occasionally be obtained by
offsetting cash inflows and outflows on a single contract
(\u201cnatural hedging\u201d).
When implementing hedging transactions, each applicable
member of the Technip Energies Group enters forward
exchange contracts with banks or with the member of the
Technip Energies Group that performs centralized treasury
management for the Technip Energies Group. However, only
instruments that involve a third party outside of Technip
Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip Energies
Group formally designates and documents the hedge
relationship to which it intends to apply hedge accounting
and the risk management objective and strategy for
undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how Technip Energies Group will
assess the effectiveness of changes in the hedging
instrument\u2019s fair value in offsetting the exposure to changes
in the hedged item\u2019s fair value or cash flows attributable to
the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash
flows and are assessed on an ongoing basis to determine
that they have been highly effective throughout the financial
reporting periods for which they were designated.
Hedges that meet all the qualifying criteria for hedge
accounting are accounted for as described below. The fair
value of derivative financial instruments is estimated based
on valuations provided by bank counterparties or financial
models commonly used in financial markets, using market
data as of the statement of financial position date.
A derivative instrument qualifies for hedge accounting (fair
value hedge or cash flow hedge) when there is a formal
designation and documentation of the hedging relationship,
and of the effectiveness of the hedge throughout the life of
the contract. A fair value hedge aims at reducing risks
incurred by changes in the market value of some assets,
liabilities or firm commitments. A cash flow hedge aims at
reducing risks incurred by variations in the value of future
cash flows that may impact net profit (loss).
For a currency derivative to be eligible for hedge accounting
treatment, the following conditions have to be met:
\u25a0 Its hedging role must be clearly defined and documented
at the date of inception; and
\u25a0 Its effectiveness should be proved at the date of inception
and/or as long as it remains effective. If the effectiveness
test results in a score between 80% and 125%, changes in
fair value or in cash flows of the covered element must be
almost entirely offset by the changes in fair value or in
cash flows of the derivative instrument.
All derivative instruments are recorded and disclosed in the
statement of financial position at fair value:
\u25a0 Derivative instruments considered as hedging are
classified as non-current and current assets and liabilities,
as they follow the operating cycle; and
\u25a0 Derivative instruments not considered as hedging are also
classified as non-current and current assets and liabilities.
Changes in fair value are recognized as follows:
\u25a0 Regarding cash flow hedges, the portion of the gain or loss
corresponding to the effectiveness of the hedging
instrument is recorded directly in other comprehensive
income, and the ineffective portion of the gain or loss on
the hedging instrument is recorded in the statement of
income. The exchange gain or loss on derivative cash flow
hedging instruments, which is deferred in equity, is
reclassified in the net profit (loss) of the year(s) in which
the specified hedged transaction affects the statement of
income.
\u25a0 The changes in fair value of derivative financial
instruments that qualify as fair value hedges are recorded
in the Other operating income (expense), net of the
statement of income. The ineffective portion of the gain or
loss is immediately recorded in the statement of income.
The\u00a0carrying amount of a hedged item is adjusted by the
gain or loss on this hedged item which may be allocated
to the hedged risk and is recorded in the statement of
income;\u00a0and
\u25a0 The changes in fair value of derivative financial
instruments that do not qualify as hedging in accounting
standards are directly recorded in the statement
of\u00a0income.
26.2.Derivative financial instruments
The management of the Technip Energies Group derivatives
and hedge accounting was carried out centrally by Technip
Energies as of December\u00a031, 2023.
For purposes of mitigating the effect of changes in exchange
rates, Technip Energies holds derivative financial instruments
to hedge the risks of certain identifiable and anticipated
transactions and recorded assets and liabilities in the
consolidated statement of financial position. The types of
risks hedged are those relating to the variability of future
earnings and cash flows caused by movements in foreign
currency exchange rates. The Technip Energies Group's policy
is to hold derivatives only for the purpose of hedging risks
associated with anticipated foreign currency purchases and
sales created in the normal course of business and not for
trading purposes where the objective is solely or partially to
generate profit.
Generally, Technip Energies enters hedging relationships so
that changes in the fair values or cash flows of the
transactions being hedged are expected to be offset by
corresponding changes in the fair value of the derivatives. For
derivative instruments that qualify as a cash flow hedge, the
effective portion of the gain or loss of the derivative, which
does not include the time value component of a forward
currency rate, is reported as a component of OCI and
reclassified into earnings in the same period or periods
during which the hedged transaction affects earnings. For
derivative instruments not designated as hedging
instruments, any change in the fair value of those
instruments is reflected in earnings in the period such
change occurs. For further information on foreign currency
risk exposure and management, refer to Note 28. Market-
related exposure.
Technip Energies used the following types of derivative
instruments: foreign exchange rate forward contracts. In
general, embedded derivative instruments are separated
from the host contract if the economic characteristics and
risks of the embedded derivative instrument are not clearly
and closely related to those of the host contract and the
host contract is not marked-to-market at fair value. The
purpose of these instruments is to hedge the risk of changes
in future cash flows of highly probable purchase or sale
commitments denominated in foreign currencies and
recorded assets and liabilities in the consolidated statement
of financial position.
As of December\u00a031, 2023 and 2022, the Group held the following material net positions:
December\u00a031, 2023
December\u00a031, 2022
Net notional amount bought (sold)
Net notional amount bought (sold)
(In millions of currency)
Local currency
Euro equivalent
Local currency
Euro equivalent
Australian dollar (AUD)
(14.0)
(8.6)
3.0
1.9
Canadian dollar (CAD)
\u2014
\u2014
2.0
1.4
Chinese yuan renminbi (CNY)
10.0
1.3
100.0
13.5
Euro (EUR)
42.7
42.7
99.4
99.4
Indian rupee (INR)
693.2
7.5
519.0
5.9
Japanese yen (JPY)
1,548.4
9.9
(1,342.1)
(9.5)
Kuwaiti dinar (KWD)
8.0
23.6
8.5
26.0
Malaysian ringgit (MYR)
10.5
2.1
34.1
7.3
Mexican peso (MXN)
(395.0)
(21.1)
486.4
23.4
Norwegian krone (NOK)
(86.6)
(7.7)
(23.2)
(2.2)
Pound sterling (GBP)
(20.2)
(23.3)
(54.4)
(61.3)
Qatari riyal (QAR)
8.0
2.0
(10.0)
(2.6)
Saudi riyal (SAR)
14.0
3.4
(10.0)
(2.5)
Singapore dollar (SGD)
42.0
28.8
20.0
14.0
U.A.E. dirham (AED)
(2.0)
(0.5)
30.0
7.7
U.S. dollar (USD)
1.6
1.5
(713.9)
(668.9)
Fair value amounts for all outstanding derivative instruments
have been determined using available market information
and commonly accepted valuation methodologies.
Accordingly, the estimates presented may not be indicative
of the amounts that Technip Energies would realize in a
current market exchange and may not be indicative of the
gains or losses Technip Energies may ultimately incur when
these contracts are settled.
The following table presents the location and fair value amounts of derivative instruments reported in the consolidated
statement of financial position:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Assets
Liabilities
Assets
Liabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
14.4
5.7
18.4
19.5
Long-term \u2013 Derivative financial instruments
5.4
0.8
6.2
5.3
Total derivatives designated as hedging
instruments
19.8
6.5
24.6
24.8
Derivatives not designated as hedging
instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
0.9
14.9
1.5
0.8
Total derivatives not designated as hedging
instruments
0.9
14.9
1.5
0.8
TOTAL DERIVATIVES
20.7
21.4
26.1
25.6
Cash flow hedges of forecasted transactions resulted in
accumulated other comprehensive (loss)/income of
\u20ac8.2\u00a0million and \u20ac16.4\u00a0million as of December\u00a031, 2023, and
2022. The Technip Energies Group expects to transfer an
approximately \u20ac20.3\u00a0million loss from accumulated other
comprehensive income to earnings during the next 12 months
when the anticipated transactions occur. All anticipated
transactions currently being hedged are expected to occur by
the last quarter of 2027.
The following table presents the location of gains (losses) in
the consolidated statement of income related to derivative
instruments designated as cash flow hedges:
Gain\u00a0(Loss)\u00a0recognized\u00a0in\u00a0OCI
(Effective\u00a0Portion)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other comprehensive income/(loss)
6.5
31.2
The following table presents the location of cash flow hedge gain (loss) reclassified from accumulated other comprehensive
income into profit (loss):
Gain (Loss)\u00a0reclassified\u00a0from
accumulated OCI
into profit (loss) (Effective portion)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other income (expense), net
1.7
(14.8)
The following table presents the location of cash flow hedge gain (loss) recognized in profit (loss):
Gain\u00a0(Loss)\u00a0recognized\u00a0in\u00a0profit (loss)
(Ineffective\u00a0portion and amount
excluded
from effectiveness testing)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other income (expense), net
2.3
(6.3)
The following table presents the location of gains (losses) in the consolidated statement of income related to derivative
instruments not designated as hedging instruments:
Gain\u00a0(Loss)\u00a0recognized\u00a0in\u00a0profit
(loss)\u00a0on derivatives
(Instruments\u00a0not\u00a0designated as
hedging instruments)
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign exchange contracts
Other income (expense), net
(14.7)
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "value": ".Derivative financial instruments and hedging
Initial recognition and subsequent measurement
The Technip Energies Group uses derivative financial
instruments, such as forward contracts, swaps and options
to hedge its risks, in particular foreign exchange risks. Such
derivative financial instruments are initially recognized at fair
value on the date on which a derivative contract is entered
into and are subsequently remeasured at fair value.
Derivatives are carried as financial assets when the fair value
is positive and as financial liabilities when the fair value
is\u00a0negative.
Currently, every derivative financial instrument held by the
Technip Energies Group is aimed at hedging future cash
inflows or outflows against exchange rate fluctuations during
the period of contract performance. Derivative instruments
and in particular forward exchange transactions are aimed at
hedging future cash inflows or outflows against exchange
rate fluctuations in relation to awarded commercial
contracts.
To hedge its exposure to exchange rate fluctuations during
the bid period of construction contracts, the Technip
Energies Group occasionally enters insurance contracts
under which foreign currencies are exchanged at a specified
rate and at a specified future date only if the new contract is
awarded. The premium that the Technip Energies Group pays
to enter such an insurance contract is charged to the
statement of income when paid. If the commercial bid is not
successful, the insurance contract is automatically
terminated without any additional cash settlements or
penalties.
In some cases, the Technip Energies Group may enter\u00a0
foreign currency options for some proposals during the bid
period. These options cannot be eligible for hedging.
For the purpose of hedge accounting, instruments qualifying
as hedges are classified as:
\u25a0 Fair value hedges when hedging the exposure to changes
in the fair value of a recognized asset or liability or an
unrecognized firm commitment.
\u25a0 Cash flow hedges when hedging the exposure to variability
in cash flows that is either attributable to a particular risk
associated with a recognized asset or liability or a highly
probable forecasted transaction or the foreign currency
risk in an unrecognized firm commitment.
\u25a0 Hedges of a net investment in a foreign operation (the
Technip Energies Group currently has no financial
instruments designated for such a hedging relationship).
Foreign currency treasury accounts designated for a contract
and used to finance its future expenses in foreign currencies
may qualify as a foreign currency cash flow hedge. Cash as a
hedging instrument is determined as cash less accounts
payable (including debts contracted on projects) plus
accounts receivable (including loans contracted on projects)
on reimbursable, services and completed contracts at closing
date.
An economic hedging may occasionally be obtained by
offsetting cash inflows and outflows on a single contract
(\u201cnatural hedging\u201d).
When implementing hedging transactions, each applicable
member of the Technip Energies Group enters forward
exchange contracts with banks or with the member of the
Technip Energies Group that performs centralized treasury
management for the Technip Energies Group. However, only
instruments that involve a third party outside of Technip
Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip Energies
Group formally designates and documents the hedge
relationship to which it intends to apply hedge accounting
and the risk management objective and strategy for
undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how Technip Energies Group will
assess the effectiveness of changes in the hedging
instrument\u2019s fair value in offsetting the exposure to changes
in the hedged item\u2019s fair value or cash flows attributable to
the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash
flows and are assessed on an ongoing basis to determine
that they have been highly effective throughout the financial
reporting periods for which they were designated.
Hedges that meet all the qualifying criteria for hedge
accounting are accounted for as described below. The fair
value of derivative financial instruments is estimated based
on valuations provided by bank counterparties or financial
models commonly used in financial markets, using market
data as of the statement of financial position date.
A derivative instrument qualifies for hedge accounting (fair
value hedge or cash flow hedge) when there is a formal
designation and documentation of the hedging relationship,
and of the effectiveness of the hedge throughout the life of
the contract. A fair value hedge aims at reducing risks
incurred by changes in the market value of some assets,
liabilities or firm commitments. A cash flow hedge aims at
reducing risks incurred by variations in the value of future
cash flows that may impact net profit (loss).
For a currency derivative to be eligible for hedge accounting
treatment, the following conditions have to be met:
\u25a0 Its hedging role must be clearly defined and documented
at the date of inception; and
\u25a0 Its effectiveness should be proved at the date of inception
and/or as long as it remains effective. If the effectiveness
test results in a score between 80% and 125%, changes in
fair value or in cash flows of the covered element must be
almost entirely offset by the changes in fair value or in
cash flows of the derivative instrument.
All derivative instruments are recorded and disclosed in the
statement of financial position at fair value:
\u25a0 Derivative instruments considered as hedging are
classified as non-current and current assets and liabilities,
as they follow the operating cycle; and
\u25a0 Derivative instruments not considered as hedging are also
classified as non-current and current assets and liabilities.
Changes in fair value are recognized as follows:
\u25a0 Regarding cash flow hedges, the portion of the gain or loss
corresponding to the effectiveness of the hedging
instrument is recorded directly in other comprehensive
income, and the ineffective portion of the gain or loss on
the hedging instrument is recorded in the statement of
income. The exchange gain or loss on derivative cash flow
hedging instruments, which is deferred in equity, is
reclassified in the net profit (loss) of the year(s) in which
the specified hedged transaction affects the statement of
income.
\u25a0 The changes in fair value of derivative financial
instruments that qualify as fair value hedges are recorded
in the Other operating income (expense), net of the
statement of income. The ineffective portion of the gain or
loss is immediately recorded in the statement of income.
The\u00a0carrying amount of a hedged item is adjusted by the
gain or loss on this hedged item which may be allocated
to the hedged risk and is recorded in the statement of
income;\u00a0and
\u25a0 The changes in fair value of derivative financial
instruments that do not qualify as hedging in accounting
standards are directly recorded in the statement
of\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "value": ".Derivative financial instruments and hedging
Initial recognition and subsequent measurement
The Technip Energies Group uses derivative financial
instruments, such as forward contracts, swaps and options
to hedge its risks, in particular foreign exchange risks. Such
derivative financial instruments are initially recognized at fair
value on the date on which a derivative contract is entered
into and are subsequently remeasured at fair value.
Derivatives are carried as financial assets when the fair value
is positive and as financial liabilities when the fair value
is\u00a0negative.
Currently, every derivative financial instrument held by the
Technip Energies Group is aimed at hedging future cash
inflows or outflows against exchange rate fluctuations during
the period of contract performance. Derivative instruments
and in particular forward exchange transactions are aimed at
hedging future cash inflows or outflows against exchange
rate fluctuations in relation to awarded commercial
contracts.
To hedge its exposure to exchange rate fluctuations during
the bid period of construction contracts, the Technip
Energies Group occasionally enters insurance contracts
under which foreign currencies are exchanged at a specified
rate and at a specified future date only if the new contract is
awarded. The premium that the Technip Energies Group pays
to enter such an insurance contract is charged to the
statement of income when paid. If the commercial bid is not
successful, the insurance contract is automatically
terminated without any additional cash settlements or
penalties.
In some cases, the Technip Energies Group may enter\u00a0
foreign currency options for some proposals during the bid
period. These options cannot be eligible for hedging.
For the purpose of hedge accounting, instruments qualifying
as hedges are classified as:
\u25a0 Fair value hedges when hedging the exposure to changes
in the fair value of a recognized asset or liability or an
unrecognized firm commitment.
\u25a0 Cash flow hedges when hedging the exposure to variability
in cash flows that is either attributable to a particular risk
associated with a recognized asset or liability or a highly
probable forecasted transaction or the foreign currency
risk in an unrecognized firm commitment.
\u25a0 Hedges of a net investment in a foreign operation (the
Technip Energies Group currently has no financial
instruments designated for such a hedging relationship).
Foreign currency treasury accounts designated for a contract
and used to finance its future expenses in foreign currencies
may qualify as a foreign currency cash flow hedge. Cash as a
hedging instrument is determined as cash less accounts
payable (including debts contracted on projects) plus
accounts receivable (including loans contracted on projects)
on reimbursable, services and completed contracts at closing
date.
An economic hedging may occasionally be obtained by
offsetting cash inflows and outflows on a single contract
(\u201cnatural hedging\u201d).
When implementing hedging transactions, each applicable
member of the Technip Energies Group enters forward
exchange contracts with banks or with the member of the
Technip Energies Group that performs centralized treasury
management for the Technip Energies Group. However, only
instruments that involve a third party outside of Technip
Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip Energies
Group formally designates and documents the hedge
relationship to which it intends to apply hedge accounting
and the risk management objective and strategy for
undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how Technip Energies Group will
assess the effectiveness of changes in the hedging
instrument\u2019s fair value in offsetting the exposure to changes
in the hedged item\u2019s fair value or cash flows attributable to
the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash
flows and are assessed on an ongoing basis to determine
that they have been highly effective throughout the financial
reporting periods for which they were designated.
Hedges that meet all the qualifying criteria for hedge
accounting are accounted for as described below. The fair
value of derivative financial instruments is estimated based
on valuations provided by bank counterparties or financial
models commonly used in financial markets, using market
data as of the statement of financial position date.
A derivative instrument qualifies for hedge accounting (fair
value hedge or cash flow hedge) when there is a formal
designation and documentation of the hedging relationship,
and of the effectiveness of the hedge throughout the life of
the contract. A fair value hedge aims at reducing risks
incurred by changes in the market value of some assets,
liabilities or firm commitments. A cash flow hedge aims at
reducing risks incurred by variations in the value of future
cash flows that may impact net profit (loss).
For a currency derivative to be eligible for hedge accounting
treatment, the following conditions have to be met:
\u25a0 Its hedging role must be clearly defined and documented
at the date of inception; and
\u25a0 Its effectiveness should be proved at the date of inception
and/or as long as it remains effective. If the effectiveness
test results in a score between 80% and 125%, changes in
fair value or in cash flows of the covered element must be
almost entirely offset by the changes in fair value or in
cash flows of the derivative instrument.
All derivative instruments are recorded and disclosed in the
statement of financial position at fair value:
\u25a0 Derivative instruments considered as hedging are
classified as non-current and current assets and liabilities,
as they follow the operating cycle; and
\u25a0 Derivative instruments not considered as hedging are also
classified as non-current and current assets and liabilities.
Changes in fair value are recognized as follows:
\u25a0 Regarding cash flow hedges, the portion of the gain or loss
corresponding to the effectiveness of the hedging
instrument is recorded directly in other comprehensive
income, and the ineffective portion of the gain or loss on
the hedging instrument is recorded in the statement of
income. The exchange gain or loss on derivative cash flow
hedging instruments, which is deferred in equity, is
reclassified in the net profit (loss) of the year(s) in which
the specified hedged transaction affects the statement of
income.
\u25a0 The changes in fair value of derivative financial
instruments that qualify as fair value hedges are recorded
in the Other operating income (expense), net of the
statement of income. The ineffective portion of the gain or
loss is immediately recorded in the statement of income.
The\u00a0carrying amount of a hedged item is adjusted by the
gain or loss on this hedged item which may be allocated
to the hedged risk and is recorded in the statement of
income;\u00a0and
\u25a0 The changes in fair value of derivative financial
instruments that do not qualify as hedging in accounting
standards are directly recorded in the statement
of\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "value": "
The Technip Energies Group uses derivative financial
instruments, such as forward contracts, swaps and options
to hedge its risks, in particular foreign exchange risks. Such
derivative financial instruments are initially recognized at fair
value on the date on which a derivative contract is entered
into and are subsequently remeasured at fair value.
Derivatives are carried as financial assets when the fair value
is positive and as financial liabilities when the fair value
is\u00a0negative.
All derivative instruments are recorded and disclosed in the
statement of financial position at fair value:
\u25a0 Derivative instruments considered as hedging are
classified as non-current and current assets and liabilities,
as they follow the operating cycle; and
\u25a0 Derivative instruments not considered as hedging are also
classified as non-current and current assets and liabilities.
Changes in fair value are recognized as follows:
\u25a0 Regarding cash flow hedges, the portion of the gain or loss
corresponding to the effectiveness of the hedging
instrument is recorded directly in other comprehensive
income, and the ineffective portion of the gain or loss on
the hedging instrument is recorded in the statement of
income. The exchange gain or loss on derivative cash flow
hedging instruments, which is deferred in equity, is
reclassified in the net profit (loss) of the year(s) in which
the specified hedged transaction affects the statement of
income.
\u25a0 The changes in fair value of derivative financial
instruments that qualify as fair value hedges are recorded
in the Other operating income (expense), net of the
statement of income. The ineffective portion of the gain or
loss is immediately recorded in the statement of income.
The\u00a0carrying amount of a hedged item is adjusted by the
gain or loss on this hedged item which may be allocated
to the hedged risk and is recorded in the statement of
income;\u00a0and
\u25a0 The changes in fair value of derivative financial
instruments that do not qualify as hedging in accounting
standards are directly recorded in the statement
of\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "value": "
Currently, every derivative financial instrument held by the
Technip Energies Group is aimed at hedging future cash
inflows or outflows against exchange rate fluctuations during
the period of contract performance. Derivative instruments
and in particular forward exchange transactions are aimed at
hedging future cash inflows or outflows against exchange
rate fluctuations in relation to awarded commercial
contracts.
To hedge its exposure to exchange rate fluctuations during
the bid period of construction contracts, the Technip
Energies Group occasionally enters insurance contracts
under which foreign currencies are exchanged at a specified
rate and at a specified future date only if the new contract is
awarded. The premium that the Technip Energies Group pays
to enter such an insurance contract is charged to the
statement of income when paid. If the commercial bid is not
successful, the insurance contract is automatically
terminated without any additional cash settlements or
penalties.
In some cases, the Technip Energies Group may enter\u00a0
foreign currency options for some proposals during the bid
period. These options cannot be eligible for hedging.
For the purpose of hedge accounting, instruments qualifying
as hedges are classified as:
\u25a0 Fair value hedges when hedging the exposure to changes
in the fair value of a recognized asset or liability or an
unrecognized firm commitment.
\u25a0 Cash flow hedges when hedging the exposure to variability
in cash flows that is either attributable to a particular risk
associated with a recognized asset or liability or a highly
probable forecasted transaction or the foreign currency
risk in an unrecognized firm commitment.
\u25a0 Hedges of a net investment in a foreign operation (the
Technip Energies Group currently has no financial
instruments designated for such a hedging relationship).
Foreign currency treasury accounts designated for a contract
and used to finance its future expenses in foreign currencies
may qualify as a foreign currency cash flow hedge. Cash as a
hedging instrument is determined as cash less accounts
payable (including debts contracted on projects) plus
accounts receivable (including loans contracted on projects)
on reimbursable, services and completed contracts at closing
date.
An economic hedging may occasionally be obtained by
offsetting cash inflows and outflows on a single contract
(\u201cnatural hedging\u201d).
When implementing hedging transactions, each applicable
member of the Technip Energies Group enters forward
exchange contracts with banks or with the member of the
Technip Energies Group that performs centralized treasury
management for the Technip Energies Group. However, only
instruments that involve a third party outside of Technip
Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip Energies
Group formally designates and documents the hedge
relationship to which it intends to apply hedge accounting
and the risk management objective and strategy for
undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how Technip Energies Group will
assess the effectiveness of changes in the hedging
instrument\u2019s fair value in offsetting the exposure to changes
in the hedged item\u2019s fair value or cash flows attributable to
the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash
flows and are assessed on an ongoing basis to determine
that they have been highly effective throughout the financial
reporting periods for which they were designated.
Hedges that meet all the qualifying criteria for hedge
accounting are accounted for as described below. The fair
value of derivative financial instruments is estimated based
on valuations provided by bank counterparties or financial
models commonly used in financial markets, using market
data as of the statement of financial position date.
A derivative instrument qualifies for hedge accounting (fair
value hedge or cash flow hedge) when there is a formal
designation and documentation of the hedging relationship,
and of the effectiveness of the hedge throughout the life of
the contract. A fair value hedge aims at reducing risks
incurred by changes in the market value of some assets,
liabilities or firm commitments. A cash flow hedge aims at
reducing risks incurred by variations in the value of future
cash flows that may impact net profit (loss).
For a currency derivative to be eligible for hedge accounting
treatment, the following conditions have to be met:
\u25a0 Its hedging role must be clearly defined and documented
at the date of inception; and
\u25a0 Its effectiveness should be proved at the date of inception
and/or as long as it remains effective. If the effectiveness
test results in a score between 80% and 125%, changes in
fair value or in cash flows of the covered element must be
almost entirely offset by the changes in fair value or in
cash flows of the derivative instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-494": { "value": ".Trade receivables
Trade receivables are amounts due from customers for goods
sold or services performed in the ordinary course of
business. Trade receivables are recognized initially at the
amount of consideration that is unconditional unless they
contain significant financing components, when they are
recognized at fair value. The Technip Energies Group holds
trade receivables with the objective of collecting the
contractual cash flows and therefore measures them
subsequently at amortized cost using the effective interest
method.
Impairment of trade receivables
Technip Energies Group applies IFRS\u00a09 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and
contract assets. The Technip Energies Group\u2019s trade
receivables and contracts assets constitute a homogeneous
portfolio, therefore, to measure the expected credit losses,
trade receivables and contract assets have been grouped
based on a selection of the members of the Technip Energies
Group that cover a representative part of the Technip
Energies Group\u2019s trade receivables and contract assets at
each period end. Contract assets relate to unbilled work in
progress and have substantially the same risk characteristics
as the trade receivables for the same types of contracts. The
Technip Energies Group has therefore concluded that the
expected loss rates for trade receivables are a reasonable
approximation of the loss rates for contract assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "value": ".Trade receivables
Trade receivables are amounts due from customers for goods
sold or services performed in the ordinary course of
business. Trade receivables are recognized initially at the
amount of consideration that is unconditional unless they
contain significant financing components, when they are
recognized at fair value. The Technip Energies Group holds
trade receivables with the objective of collecting the
contractual cash flows and therefore measures them
subsequently at amortized cost using the effective interest
method.
Impairment of trade receivables
Technip Energies Group applies IFRS\u00a09 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and
contract assets. The Technip Energies Group\u2019s trade
receivables and contracts assets constitute a homogeneous
portfolio, therefore, to measure the expected credit losses,
trade receivables and contract assets have been grouped
based on a selection of the members of the Technip Energies
Group that cover a representative part of the Technip
Energies Group\u2019s trade receivables and contract assets at
each period end. Contract assets relate to unbilled work in
progress and have substantially the same risk characteristics
as the trade receivables for the same types of contracts. The
Technip Energies Group has therefore concluded that the
expected loss rates for trade receivables are a reasonable
approximation of the loss rates for contract assets.
Note 18.Trade receivables, net and contract assets
These line items represent trade receivables from contracts, contract assets and other miscellaneous invoices (e.g., trading,
procurement services).
Given the nature of the Technip Energies Group\u2019s operations, its clients are mainly companies operating in the energy sector.
Valuation allowances for trade receivables and contract assets have changed as shown in the following table:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Trade receivables
Contract assets
Trade receivables
Contract assets
Gross amount
1,356.7
400.6
1,428.8
343.6
Opening loss allowance
(141.4)
(0.4)
(150.8)
(0.3)
Change in expected credit loss
(0.4)
(0.3)
(0.7)
(0.1)
Increase in loss allowance
(21.3)
\u2014
(12.0)
\u2014
Used allowance reversals
1.1
\u2014
18.7
\u2014
Unused allowance reversals
1.9
\u2014
15.0
\u2014
Effects of foreign exchange and other
7.5
\u2014
(1.1)
\u2014
Other
10.5
\u2014
(10.5)
\u2014
Closing loss allowance
(142.1)
(0.7)
(141.4)
(0.4)
TOTAL, NET
1,214.6
399.9
1,287.4
343.2
Credit risk details and risk management objectives are discussed in Note 28. Market-related exposure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": ".Cash and cash equivalents
Cash and cash equivalents consist of cash in bank and in
hand, as well as short-term investments that are readily
convertible into a known amount of cash and where the risk
of a change in their value is deemed to be negligible based
on the criteria set out in IAS\u00a07. Securities are measured at
their market value at year-end. Any change in fair value is
recorded in the statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "value": ".Cash and cash equivalents
Cash and cash equivalents consist of cash in bank and in
hand, as well as short-term investments that are readily
convertible into a known amount of cash and where the risk
of a change in their value is deemed to be negligible based
on the criteria set out in IAS\u00a07. Securities are measured at
their market value at year-end. Any change in fair value is
recorded in the statement of income.
Note 19.Cash and cash equivalents
Cash and cash equivalents were as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Cash at bank and in hand
1,092.8
816.6
Cash equivalents
2,278.2
2,660.8
Total cash and cash equivalents
3,371.0
3,477.4
Euro (EUR)
1,816.0
1,517.0
U.S. dollar (USD)
1,304.8
1,461.4
Chinese yuan renminbi (CNY)
42.4
280.3
Japanese yen (JPY)
27.0
49.2
Pound sterling (GBP)
20.5
12.3
Colombian peso (COP)
18.5
11.1
Malaysian ringgit (MYR)
17.0
27.4
Australian dollar (AUD)
16.1
3.8
Other (less than \u20ac15 million individually)
108.7
114.9
TOTAL CASH AND CASH EQUIVALENTS BY CURRENCY
3,371.0
3,477.4
A substantial portion of cash and securities are recorded or
invested in either euro or U.S. dollar, which are frequently
used by the Group within the framework of its commercial
relationships. Cash and securities in other currencies
correspond either to deposits retained by subsidiaries
located in countries where such currencies are the national
currencies to ensure their own liquidity, or to amounts
received from customers prior to the payment of expenses in
these same currencies or the payment of dividends. Short-
term deposits are classified as cash equivalents along with
other securities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": ".Share-based compensation
The Group grants performance shares to Executive Officers
and some employees. These plans are subject to a continued
service condition and performance conditions. The share-
based plans are accounted for in accordance with IFRS\u00a02
\u201cShare-based payments\u201d (\u201cIFRS\u00a02\u201d).
Within the Company there are three types of share-based
payment plans that qualify as equity-settled:
\u25a0 Restricted Share Unit (RSU);
\u25a0 Performance Share Unit (PSU);
\u25a0 Stock Options.
The measurement of share-based compensation expense on
restricted share awards is based on the market price at the
grant date and the number of shares awarded. The fair value
of performance shares is estimated using a combination of
the closing stock price on the grant date and the Monte Carlo
simulation model.
Technip Energies uses the Black-Scholes options pricing
model to measure the fair value of share options granted,
excluding from such valuation the service and non-market
performance conditions (which are considered in the
expected number of awards that will ultimately vest) but
including market conditions (Note 8. Share-based
compensation).
The share-based compensation expense for each award is
recognized during the vesting period (i.e., the period in which
the service and, where applicable, the performance
conditions are fulfilled). The cumulative expense recognized
for share-based employee compensation at each reporting
date reflects the already expired portion of the vesting period
and the Technip Energies Group\u2019s best estimate of the
number of awards that will ultimately vest. The expense or
credit in the statement of income for a period represents the
movement in cumulative expense recognized as at the
beginning and end of that period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": ".Share-based compensation
The Group grants performance shares to Executive Officers
and some employees. These plans are subject to a continued
service condition and performance conditions. The share-
based plans are accounted for in accordance with IFRS\u00a02
\u201cShare-based payments\u201d (\u201cIFRS\u00a02\u201d).
Within the Company there are three types of share-based
payment plans that qualify as equity-settled:
\u25a0 Restricted Share Unit (RSU);
\u25a0 Performance Share Unit (PSU);
\u25a0 Stock Options.
The measurement of share-based compensation expense on
restricted share awards is based on the market price at the
grant date and the number of shares awarded. The fair value
of performance shares is estimated using a combination of
the closing stock price on the grant date and the Monte Carlo
simulation model.
Technip Energies uses the Black-Scholes options pricing
model to measure the fair value of share options granted,
excluding from such valuation the service and non-market
performance conditions (which are considered in the
expected number of awards that will ultimately vest) but
including market conditions (Note 8. Share-based
compensation).
The share-based compensation expense for each award is
recognized during the vesting period (i.e., the period in which
the service and, where applicable, the performance
conditions are fulfilled). The cumulative expense recognized
for share-based employee compensation at each reporting
date reflects the already expired portion of the vesting period
and the Technip Energies Group\u2019s best estimate of the
number of awards that will ultimately vest. The expense or
credit in the statement of income for a period represents the
movement in cumulative expense recognized as at the
beginning and end of that period.
Note 8.Share-based compensation
The expense related to compensation based on performance
shares (\u201cPerformance Shares \u201d) and stock options granted to
employees and board members was recorded in the
consolidated statement of income for \u20ac20.1\u00a0million and
\u20ac16.7\u00a0million as of December\u00a031, 2023 and 2022, respectively.
8.1.Performance and restricted shares
a.2023 Performance shares program under the
Technip\u00a0Energies\u00a0N.V. Incentive Award Plan
The Compensation Committee of the Board of Directors, at
its meeting of February\u00a027, 2023, approved the terms of the
2023 Long-Term Incentive Program, and the LTI performance
metrics. Under this program, certain Employees, Senior
Executives, Executive Committee members or Officers
benefit from performance stock units (\u201cPSUs\u201d) that vest
subject to achieving satisfactory performance indicators and/
or from restricted stock units (\u201cRSUs\u201d) that vest subject to
continuous presence within the Group.
The performance indicators that rule performance criteria of
the PSUs are similar to the ones ruling the 2022 program:
\u25a0 The Total Shareholder Return (\u201cTSR\u201d) represents 37.5% of
performance conditions mix. The TSR peer group to
assess Technip Energies is composed of 10 reference
companies.
\u25a0 Earnings Per Share (\u201cEPS\u201d) has been set as a second
financial indicator for 37.5% of performance conditions
mix.
\u25a0 An ESG performance metric, representing 25.0% of PSUs
performance conditions, combines 3 Performance
Indicators. They are evenly weighted and described below:
\u2022 E: reduce 30% on scope\u00a01 & 2 GHG emissions by 2025
compared to 2019,
\u2022 S: 25% of women in leadership positions including
ExCom by 2025,
\u2022 G: reduce non-mandatory commercial intermediaries by
100% by 2025.
The fair value of such PSUs is estimated using both a Monte
Carlo simulation model and closing stock price at the grant
date whereas RSUs fair value is based on the closing stock
price at the grant date.
Under the 2023 Program, \u20ac17.5\u00a0million was authorized for
awards. A first grant of 804,980 shares (477,233 PSUs and
327,747 RSUs), representing \u20ac16.6\u00a0million at \u20ac20.68 (closing
stock price at the grant date) was made on March\u00a023, 2023. A
second grant of 36,140 shares (18,070 PSUs and 18,070 RSUs),
representing \u20ac0.84\u00a0million at \u20ac23.28 (closing stock price at
the grant date), was made on September\u00a022, 2023.
Performance Shares generally vest after three years of
service.
Share-based compensation expense is recognized ratably
over the vesting period. Exceptions to the service period are
the death or disability of the employee upon which vesting
accelerates.
b.Vesting of March\u00a09, 2020, September\u00a015,
2021 and April\u00a015, 2021 Long-Term Incentive
programs
March\u00a09, 2020 program
In connection with the separation of Technip Energies from
TechnipFMC, the outstanding rights to receive ordinary
shares of TechnipFMC pursuant to Restricted Stock Units
and Performance Stock Units awarded on March\u00a09, 2020
were converted as RSUs on the same terms and conditions
under Technip Energies\u2019 Long-Term Incentive programs.
Out of the 1,036,268 Performance Shares granted to certain
Employees, Senior Executives, Executive Committee
members or Officers:
\u25a0 961,239 shares were vested on March\u00a09, 2023, at an
acquisition price of \u20ac20.84 per share (Technip Energies\u2019
stock price on the vesting date, i.e., the opening of the
Paris stock exchange market on March\u00a09, 2023), for
grantees having fulfilled the presence condition for PSUs
and RSUs (3 years of service) and with the performance
indicators of PSUs achieved at 100%.
\u25a0 74,677 shares were forfeited due to the unfulfillment of
presence condition from grantees, according to the
requirement of program terms and conditions.
\u25a0 352 shares were vested on February\u00a016, 2022 at an
acquisition price of \u20ac14.08 per share due to a beneficiary's
death.
September\u00a015, 2021 program - Executive Committee
(1st Tranche Vesting)
The Compensation Committee awarded a special grant of
shares to an Executive Committee member at the time such
Executive Committee member joined the Company. The grant
had been made under the \u201cRules of the 2021 Performance
Shares Program\u201d constituted under the Incentive Award Plan
adopted on February\u00a015, 2021.
The Compensation Committee by written resolution on
February\u00a027, 2023 approved the financial performance of the
TSR (Total Shareholder Return) at 100% for the period
concerning the first vesting tranche of PSU\u2019s, in accordance
with the terms of the \u201c2021 - Technip\u00a0Energies\u00a0N.V. Incentive
Award Plan / Special Grant\u201d.
Out of the 8,971 Performance Shares granted to Executive
Committee members:
\u25a0 8,971 shares were vested on March\u00a015, 2023, at an
acquisition price of \u20ac19.88 per share (Technip Energies\u2019
stock price on the vesting date, i.e., the opening of the
Paris stock exchange market on March\u00a015, 2023).
\u25a0 No shares were forfeited.
April 15, 2021 program - Executive Committee
(2nd\u00a0Tranche Vesting)
The Compensation Committee awarded a special grant of
shares to the Executive Committee of the Company as of
April\u00a015, 2021 including the Executive Director. The value of
the special grant was set at 50% of annual base salary at the
date of the grant and constitutes an entitlement to receive
shares in the form of PSUs at the end of two vesting periods
as follows: 50% of PSUs are to vest after 18 months from the
grant date, and 50% of PSUs are to vest after 30 months
from the grant date.
The Compensation Committee by written resolution on
October\u00a011, 2022 approved the financial performance of the
TSR (Total Shareholder Return) at 100% for the period
concerning the first vesting tranche of PSU\u2019s, in accordance
with the terms of the \u201c2021 - Technip\u00a0Energies\u00a0N.V. Incentive
Award Plan / Special Grant\u201d. Refer to Note 8. Share-based
compensation of Technip Energies Group consolidated
financial statements for the year ended December\u00a031, 2022.
The Compensation Committee by written resolution on
October\u00a011, 2023 approved the financial performance of the
TSR (Total Shareholder Return) at 100% for the period
concerning the second vesting tranche of PSU\u2019s, in
accordance with the terms of the \u201c2021 -
Technip\u00a0Energies\u00a0N.V. Incentive Award Plan / Special Grant\u201d.
Out of the 73,871 Performance Shares granted to Executive
Committee members:
\u25a0 66,785 shares were vested on October\u00a015, 2023, at an
acquisition price of \u20ac22.77 per share (Technip Energies\u2019
stock price at the opening of the Paris stock exchange
market on October\u00a016, 2023).
\u25a0 7,086 shares have been forfeited due to the unfulfillment
of presence condition or the lack of formal acceptance
from grantees, according to the requirement of program
terms and conditions.
c.Employee share offering ESOP 2023
On April\u00a018, 2023, Technip Energies launched ESOP 2023, an
employee share offering proposed to circa 12,000 eligible
employees in 19 countries.
The offer was proposed as part of Technip Energies' Group
Savings Plan (PEG) and International Group Savings Plan
(PEGI).
1,756,434 shares were created, increasing the share capital by
\u20ac30.0\u00a0million. The IFRS\u00a02 expense related to this operation
has been recorded in the consolidated statement of income
for \u20ac7.0\u00a0million.
8.2.Stock options
During the years ended December\u00a031, 2023 and 2022, there
were no movements regarding stock options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-501": { "value": ".Provisions
Provisions are recognized if and only if the following criteria
are simultaneously met:
\u25a0 The Technip Energies Group has an ongoing obligation
(legal or constructive) as a result of a past event;
\u25a0 The settlement of the obligation will likely require an
outflow of resources embodying economic benefits
without expected counterpart; and
\u25a0 The amount of the obligation can be reliably estimated:
provisions are measured according to the risk assessment
or the exposed charge, based upon best-known elements.
Contingencies related to contracts
These provisions relate to claims and litigation on contracts.
Restructuring
Once a restructuring plan has been decided and the
interested parties have been informed, the plan is scheduled
and valued. Restructuring provisions are recognized in
accordance with IAS\u00a037 \u2013 Provisions, Contingent Liabilities
and Contingent Assets and presented within Impairment,
Restructuring and Other Expense in the consolidated
statement of income.
24.3.Defined benefit asset (liability) recognized in the consolidated statement
of financial position
The liability recorded in the statement of financial position is as follows:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Defined
benefit
obligation
Fair value
of plan
assets
Net
defined
benefit
obligation
Defined
benefit
obligation
Fair value
of plan
assets
Net
defined
benefit
obligation
Defined benefit obligation as of the prior period end
date
207.9
(98.2)
109.7
276.9
(139.3)
137.6
Acquisition/divestiture/business combination
\u2014
\u2014
\u2014
(5.2)
\u2014
(5.2)
Expense as recorded in the statement of income
21.4
(4.2)
17.2
14.5
(2.3)
12.2
Total current service cost
12.3
\u2014
12.3
12.2
\u2014
12.2
Net financial costs
8.4
(4.2)
4.2
3.8
(2.3)
1.5
Actuarial gains of the year
0.7
\u2014
0.7
(1.5)
\u2014
(1.5)
Actuarial gain/loss recognized in other comprehensive
income
15.6
(4.7)
10.9
(63.8)
38.3
(25.5)
Actuarial gain/loss on defined benefit obligation
15.6
(4.7)
10.9
(63.8)
38.3
(25.5)
\u25a0 Experience
2.3
\u2014
2.3
2.0
\u2014
2.0
\u25a0 Financial assumptions
12.8
\u2014
12.8
(68.5)
\u2014
(68.5)
\u25a0 Demographic assumptions
0.5
\u2014
0.5
2.7
\u2014
2.7
Actuarial gain (loss) on plan assets
\u2014
(4.7)
(4.7)
\u2014
38.3
38.3
Contributions and benefits paid
(15.3)
3.1
(12.2)
(15.3)
4.3
(11.0)
Contributions by employer
\u2014
(2.6)
(2.6)
\u2014
(2.0)
(2.0)
Benefits paid by employer
(9.6)
\u2014
(9.6)
(9.0)
\u2014
(9.0)
Benefits paid from plan assets
(5.7)
5.7
\u2014
(6.3)
6.3
\u2014
Exchange difference and other settlements
(1.5)
0.6
(0.9)
0.8
0.8
1.6
DEFINED BENEFIT OBLIGATION AS OF THE PERIOD END
DATE
228.1
(103.4)
124.7
207.9
(98.2)
109.7
As of December\u00a031, 2023, the discounted defined benefit obligation included \u20ac112.9\u00a0million for funded plans (compared to
\u20ac107.8\u00a0million in 2022) and \u20ac115.2\u00a0million for unfunded plans (compared to \u20ac100.2\u00a0million in 2022).
The breakdown of the net defined-benefit liability by type of benefit plans is as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Pension plans
82.7
74.3
End of service benefits
35.8
32.2
Other long-term benefits
6.2
3.2
NET DEFINED BENEFIT OBLIGATION
124.7
109.7
The table below presents the liabilities per country:
December\u00a031, 2023
(In millions of \u20ac)
Defined benefit
obligation
Assets
Liabilities
France
73.7
\u2014
73.7
The Netherlands
93.0
(85.5)
7.5
Other
61.4
(17.9)
43.5
TOTAL
228.1
(103.4)
124.7
Note 25.Provisions (non-current and current)
The principles used to evaluate the amounts and types of provisions for liabilities and charges are described in Note 1.
Accounting principles.
Movements in provisions as of December\u00a031, 2023 , were as follows:
(In millions of \u20ac)
December\u00a031,
2022
Increase
Used
reversal
Unused
reversal
Other
December\u00a031,
2023
Contingencies related
to\u00a0contracts(1)
\u2014
41.0
\u2014
\u2014
\u2014
41.0
Litigation
26.5
3.0
(2.5)
\u2014
(11.8)
15.2
Restructuring obligations
10.7
0.7
(0.4)
(3.5)
3.8
11.3
Provisions for claims
8.2
0.1
\u2014
\u2014
\u2014
8.3
Other non-current provisions
10.6
0.8
(0.2)
(4.3)
(2.6)
4.3
Total non-current provisions
56.0
45.6
(3.1)
(7.8)
(10.6)
80.1
Contingencies related
to\u00a0contracts(1)
46.0
104.9
(1.9)
(18.6)
\u2014
130.4
Litigation
39.9
0.5
(25.9)
\u2014
(10.7)
3.8
Restructuring obligations
13.8
5.7
(10.3)
(0.5)
(3.5)
5.2
Provisions for claims
0.2
1.9
(1.3)
(0.1)
\u2014
0.7
Other current provisions
26.4
5.7
(1.2)
(24.2)
1.9
8.6
Total current provisions
126.3
118.7
(40.6)
(43.4)
(12.3)
148.7
TOTAL PROVISIONS
182.3
164.3
(43.7)
(51.2)
(22.9)
228.8
(1) Provisions for project close-out including Arctic LNG 2
Movements in provisions as of December\u00a031, 2022, were as follows:
(In millions of \u20ac)
December\u00a031,
2021
Increase
Used
reversal
Unused
reversal
Other
December\u00a031,
2022
Litigation
24.0
2.5
\u2014
\u2014
\u2014
26.5
Restructuring obligations
16.2
5.7
(2.5)
(16.5)
7.8
10.7
Provisions for claims
7.9
0.2
\u2014
\u2014
0.1
8.2
Other non-current provisions
12.6
6.2
(0.1)
\u2014
(8.1)
10.6
Total non-current provisions
60.7
14.6
(2.6)
(16.5)
(0.2)
56.0
Contingencies related to
contracts
43.2
6.8
(1.3)
(18.9)
16.2
46.0
Litigation
28.5
15.6
(3.5)
(4.2)
3.5
39.9
Restructuring obligations
12.8
8.6
(3.8)
(5.4)
1.6
13.8
Provisions for claims
0.3
\u2014
\u2014
(0.1)
\u2014
0.2
Other current provisions
5.7
25.4
(1.1)
(0.6)
(3.0)
26.4
Total current provisions
90.5
56.4
(9.7)
(29.2)
18.3
126.3
TOTAL PROVISIONS
151.2
71.0
(12.3)
(45.7)
18.1
182.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "value": ".Provisions
Provisions are recognized if and only if the following criteria
are simultaneously met:
\u25a0 The Technip Energies Group has an ongoing obligation
(legal or constructive) as a result of a past event;
\u25a0 The settlement of the obligation will likely require an
outflow of resources embodying economic benefits
without expected counterpart; and
\u25a0 The amount of the obligation can be reliably estimated:
provisions are measured according to the risk assessment
or the exposed charge, based upon best-known elements.
Contingencies related to contracts
These provisions relate to claims and litigation on contracts.
Restructuring
Once a restructuring plan has been decided and the
interested parties have been informed, the plan is scheduled
and valued. Restructuring provisions are recognized in
accordance with IAS\u00a037 \u2013 Provisions, Contingent Liabilities
and Contingent Assets and presented within Impairment,
Restructuring and Other Expense in the consolidated
statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "value": ".Provisions
Provisions are recognized if and only if the following criteria
are simultaneously met:
\u25a0 The Technip Energies Group has an ongoing obligation
(legal or constructive) as a result of a past event;
\u25a0 The settlement of the obligation will likely require an
outflow of resources embodying economic benefits
without expected counterpart; and
\u25a0 The amount of the obligation can be reliably estimated:
provisions are measured according to the risk assessment
or the exposed charge, based upon best-known elements.
Contingencies related to contracts
These provisions relate to claims and litigation on contracts.
Restructuring
Once a restructuring plan has been decided and the
interested parties have been informed, the plan is scheduled
and valued. Restructuring provisions are recognized in
accordance with IAS\u00a037 \u2013 Provisions, Contingent Liabilities
and Contingent Assets and presented within Impairment,
Restructuring and Other Expense in the consolidated
statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": ".Pensions and other long-term benefits
The Technip Energies Group sponsors various end-of-service
and retirement employee benefit plans. Payments under such
employee benefit plans are made either at the date of the
employee\u2019s termination of service with the Technip Energies
Group or at a subsequent date or dates in accordance with
the laws and practices of each country in which a participant
resides. Depending on the employing entity the main defined
benefit plans can be:
\u25a0 End of service benefits, to be paid at the termination of
service;
\u25a0 Retirement benefits;
\u25a0 Jubilee benefits;
\u25a0 Post-retirement medical benefits (health care and life
insurance).
The Technip Energies Group assesses its obligations in
respect of employee pension plans and other long-term
benefits such as \u201cjubilee benefits\u201d, post-retirement medical
benefits, special termination benefits and cash incentive
plans. The plan assets are recorded at fair value based on
recognized and uniform actuarial methods performed by an
independent actuary.
The obligations of providing benefits under defined benefit
plans are determined by independent actuaries using the
projected unit credit actuarial valuation method as per IAS\u00a019
\u201cEmployee Benefits\u201d (\u201cIAS\u00a019\u201d).
The actuarial assumptions used to determine the obligations
may vary depending on the country. The actuarial estimation
is based on usual parameters such as future wage,
salary\u00a0increase rate, life expectancy, staff turnover and
inflation rate.
The defined benefit liability equals the present value of the
defined benefit obligation after deducting the plan assets.
Present value of the defined benefit obligation is determined
using present value of future cash disbursements based on
interest rates of corporate bonds, in the currency used for
benefit payment, and whose term is equal to the average
expected life of the defined benefit plan.
According to amended IAS\u00a019, the actuarial gains and losses
resulting from adjustments related to experience and
changes in actuarial assumptions are recorded in other
comprehensive income (see Note\u00a024. Pensions and other
long-term employee benefits plans).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": ".Deferred income tax
Deferred tax assets and liabilities are recognized in
accordance with IAS\u00a012 \u201cIncome Taxes\u201d (\u201cIAS\u00a012\u201d) and are
based on all temporary book-tax basis differences as of the
closing date measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability
is settled, based on tax rates (and tax laws) that have
been\u00a0enacted or substantively enacted by the end of the
reporting\u00a0period.
Deferred tax assets and liabilities are reviewed at each
closing date to consider the effect of any changes in tax laws
and on the prospects of recovery.
Deferred income tax assets are recognized for all deductible
temporary differences, unused tax credit carryforwards and
unused tax loss carry-forwards, to the extent that it is
probable that taxable profit will be available against which
the temporary differences can be utilized.
Deferred income tax liabilities are recognized for all taxable
temporary differences, except in certain specific
circumstances, in accordance with the provisions of IAS\u00a012.
Tax assets and liabilities are not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": ".Financial liabilities
Financial liabilities are classified, at initial recognition, as:
\u25a0 financial liabilities at fair value through profit or loss
(i.e.,\u00a0instruments held for trading including derivatives not
designated as hedging instruments and instruments
designated upon initial recognition at fair value through
profit or loss);
\u25a0 financial debt;
\u25a0 trade and other payables; or
\u25a0 derivatives designated as hedging instruments in an
effective hedge.
Financial liabilities are recognized initially at fair value and, in
the case of loans and borrowings and payables, net of
directly attributable transaction costs.
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as held for trading if they
are incurred for the purpose of repurchasing in the near
term.
Gains or losses on liabilities held for trading are recognized in
the consolidated statement of income.
Financial debts (current and non-current)
Current and non-current financial debts include borrowings
and commercial paper programs. After initial recognition,
borrowings are measured at amortized cost using the
effective interest rate method. Transaction costs are
included in the cost of debt on the liability side of the
statement of financial position, as an adjustment to the
nominal amount of the debt. The difference between
the\u00a0initial debt and redemption at maturity is amortized at
the effective interest rate.
Derecognition
A financial liability is derecognized when the obligation under
the liability is discharged or canceled or expires. When an
existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability.
The\u00a0difference in the respective carrying amounts is
recognized in the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-505": { "value": "
Financial debts (current and non-current)
Current and non-current financial debts include borrowings
and commercial paper programs. After initial recognition,
borrowings are measured at amortized cost using the
effective interest rate method. Transaction costs are
included in the cost of debt on the liability side of the
statement of financial position, as an adjustment to the
nominal amount of the debt. The difference between
the\u00a0initial debt and redemption at maturity is amortized at
the effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-506": { "value": "
1.7.Key judgments and estimates
The preparation of Technip Energies\u2019 consolidated financial
statements requires the use of key judgments and estimates,
either at the balance sheet date or during the period that
affects reported amounts of assets, liabilities, incomes, and
expenses.
Management exercises its best judgment based upon its
experience and the circumstances prevailing as of reporting
date. Judgments and estimates are reviewed periodically, on
an ongoing basis, and may be reassessed if the
circumstances and assumptions on which they were based
change, if new information becomes available, or because of
greater experience.
Consequently, the actual result from operations may differ
from these estimates. In addition, Technip Energies Group\u2019s
exposure to risks is also discussed in Note 1. Accounting
principles and Note 28. Market-related exposure.
a.Judgments in applying accounting policies
Revenue recognition
Most of the Group\u2019s revenue is derived from long-term
contracts that can span several years. The Group accounts
for revenue in accordance with IFRS\u00a015, as described in
paragraph b. Recognition of revenue from customer contracts
of Note 1.6. Summary of significant accounting policies.
A significant portion of total revenue recognized over time
primarily relates to a large range of onshore facilities and
fixed and floating offshore facilities that involve the design,
engineering, manufacturing, construction, and assembly of
complex, customer-specific systems. Because of control
transferring over time, revenue is recognized based on the
extent of progress towards completion of the performance
obligation. The selection of the method to measure progress
towards completion requires judgment and is based on the
nature of the products or services to be provided. The Group
generally uses the cost-to-cost measure of progress for its
contracts because it best depicts the transfer of control to
the customer that occurs as the Group incurs costs on its
contracts.
Due to the nature of the work required to be performed on
performance obligations, the estimation of total revenue and
costs at completion is complex, subject to many variables,
and requires significant judgment. It is common for long-
term contracts to contain award fees, incentive fees, or other
provisions that can either increase or decrease the
transaction price. The estimated amounts in the transaction
price are included when management believes there is an
enforceable right to the modification, the amount can be
estimated reliably, and its realization is probable. The
estimated amounts are included in the transaction price to
the extent it is probable that a significant reversal of
cumulative revenue recognized will not occur when the
uncertainty associated with the variable consideration
is\u00a0resolved.
The Group executes contracts with its customers that clearly
describe the equipment, systems, and/or services. After
analyzing the drawings and specifications of the contract
requirements, project engineers estimate total contract costs
based on their experience with similar projects and then
adjust these estimates for specific risks associated with each
project, such as technical risks associated with a new design.
Costs associated with specific risks are estimated by
assessing the probability that conditions arising from these
specific risks will affect total cost to complete the project.
After work on a project begins, assumptions that form the
basis for the calculation of total project cost are examined
on a regular basis and estimates are updated to reflect the
most current information and management\u2019s best judgment.
Adjustments to estimates of contract revenue, total contract
cost, or extent of progress towards completion are often
required as work progresses under the contract and
as\u00a0experience is gained, even though the scope of work
required under the contract may not change. The nature of
accounting for long-term contracts is such that refinements
of the estimating process for changing conditions and new
developments are continuous and characteristic of
the\u00a0process.
Consequently, the amount of revenue recognized over time is
sensitive to changes in estimates of total contract costs.
There are many factors, including, but not limited to, the
ability to properly execute the engineering and design phases
consistent with customers\u2019 expectations, the availability and
costs of labor and material resources, productivity, and
weather, all of which can affect the accuracy of cost
estimates, and ultimately, a future profitability.
b.Assumptions and sources of estimation
uncertainty
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date,
which could have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities
within the next financial year relate to:
\u25a0 Impairment of non-financial assets;
\u25a0 Income tax;
\u25a0 Accounting for pension and other post-retirement benefit
plans;
\u25a0 Provisions.
Impairment of non-financial assets
\u25aa Goodwill
Goodwill represents the excess of cost over the fair market
value of net assets acquired in business combinations.
Goodwill is not subject to amortization but is tested for
impairment at the level of CGU or GCGUs the goodwill has
been allocated to, on an annual basis, or more frequently if
impairment indicators arise. Management has established
September\u00a030 as the date of its annual test for impairment
of goodwill. Management identifies a potential impairment by
comparing the recoverable amount of the applicable CGU or
GCGUs to its carrying amount, including goodwill. If the
carrying amount exceeds the recoverable amount of the
applicable CGU or GCGUs, management measures the
impairment by comparing the carrying value of the CGU or
GCGUs to its recoverable amount. CGUs with goodwill are
tested for impairment using a quantitative impairment test.
Determining the recoverable amount of CGUs is judgmental
and involves the use of significant estimates and
assumptions. Management estimates the recoverable amount
of the Group CGUs using a discounted future cash flow
model. Most of the estimates and assumptions used in a
discounted future cash flow model on a post-tax basis
involve unobservable inputs reflecting management\u2019s own
assumptions about the assumptions market participants
would use in estimating the fair value of a business. These
estimates and assumptions include revenue growth rates and
operating margins used to calculate projected future cash
flows, discount rates and future economic and market
conditions. The estimates are based upon assumptions
believed to be reasonable, but which are inherently uncertain
and unpredictable and do not reflect unanticipated events
and circumstances that may\u00a0occur.
A lower recoverable amount estimate in the future for any of
the Group\u2019s CGUs could result in a goodwill impairment.
Factors that could trigger a lower recoverable amount
estimate include sustained price declines of the CGUs\u2019
products and services, cost increases, regulatory or political
environment changes, changes in customer demand, and
other changes in market conditions, which may affect certain
market participant assumptions used in the discounted
future cash flow model based on internal forecasts of
revenues and expenses over a specified period plus a
terminal value (the income approach).
The income approach estimates recoverable amount by
discounting each CGUs estimated future cash flows using a
weighted-average cost of capital that reflects current market
conditions and the risk profile of CGUs. To arrive at future
cash flows, management uses estimates of economic and
market assumptions, including growth rates in revenues,
costs, estimates of future expected changes in operating
margins, tax rates and capital expenditures. Future revenues
are also adjusted to match changes in the Group business
strategy. Management believes this approach is an
appropriate valuation method and utilizes this approach in
determining the CGUs valuations.
For additional information related to goodwill impairment
testing during the periods presented, refer to Note 14.
Goodwill and intangible assets, net.
\u25aa Property, plant and equipment and identifiable
intangible assets
Property, plant and equipment and identifiable intangible
assets being amortized are reviewed for impairment
whenever events or changes in circumstances indicate the
carrying amount of the non-financial assets may not be
recoverable. The carrying amount of a non-financial asset is
not recoverable if it exceeds the recoverable amount
determined as the higher of an asset\u2019s fair value less costs of
disposal and its value in use. If it is determined that an
impairment loss has occurred, the loss is measured as the
amount by which the carrying amount of the non-financial
asset exceeds its recoverable amount. The determination of
future value in use as well as the estimated fair value of
non-financial assets involves significant estimates on the
part of management. Because there is usually a lack of
quoted market prices for non-financial assets, fair value of
impaired assets is typically determined based on the present
values of expected future cash flows using discount rates
believed to be consistent with those used by principal
market participants or based on a multiple of operating cash
flow validated with historical market transactions of similar
assets where possible. The expected future cash flows used
for impairment reviews and related fair value calculations are
based on judgmental assessments of future productivity of
the asset, operating costs and capital decisions and all
available information at the date of review. If future market
conditions deteriorate beyond current expectations and
assumptions, impairments of non-financial assets may be
identified if management concludes that the carrying
amounts are no longer recoverable.
Refer to paragraphs h) Property, plant and equipment and
j)\u00a0Intangible assets for estimates and accounting policies
relevant to those assets.
Income tax
Income tax expense, deferred tax assets and liabilities, and
reserves for uncertain tax positions reflect management\u2019s
best assessment of estimated future taxes to be paid. The
Group is subject to income taxes in France and numerous
other jurisdictions. Judgments and estimates are required in
determining the consolidated income tax expense.
In determining the current income tax provision,
management assesses temporary differences resulting from
differing treatments of items for tax and accounting
purposes. These differences result in deferred tax assets and
liabilities, which are recorded in the consolidated statement
of financial position. When management assesses deductible
temporary differences, including those originating from tax
losses carried forward, management must assess the
probability that these will be recovered through the future
taxable income. To the extent management believes recovery
is not probable, no deferred tax asset is recognized.
Management believes the assessment related to the
availability of future taxable income is a critical accounting
estimate because it is highly susceptible to change from
period to period, requires management to make assumptions
about future income over the period of deductible temporary
differences, and finally, the impact of increasing or
decreasing deferred tax assets is potentially material to the
results of operations.
Forecasting future income requires the use of a significant
amount of judgment. In estimating future income,
management uses internal operating budgets and long-range
planning projections. Management develops its budgets and
long-range projections based on recent results, trends,
economic and industry forecasts influencing the Group\u2019s
performance, its backlog, planned timing of new product
launches and customer sales commitments. Significant
changes in management\u2019s judgment related to the expected
realizability of deductible temporary differences result in an
adjustment to the associated deferred tax asset.
The calculation of income tax expense involves dealing with
uncertainties in the application of complex tax laws and
regulations in numerous jurisdictions in which the Group
operates. Management recognizes tax benefits related to
uncertain tax positions when, in management\u2019s judgment, it
is more likely than not that such positions will be sustained
on examination, including resolutions of any related appeals
or litigation, based on the technical merits. Management
adjusts liabilities for uncertain tax positions when its
judgment changes because of new information previously
unavailable. Due to the complexity of some of these
uncertainties, their ultimate resolution may result in
payments that are materially different from current
estimates. Any such differences will be reflected as
adjustments to income tax expense in the periods in which
they are determined.
IFRIC\u00a023 \u201cUncertainty over Income Tax Treatments\u201d provides
guidance on how to recognize and measure uncertainty over
\u201cincome tax\u201d treatment as defined by paragraph 5 of IAS\u00a012.
The Group analyses all the tax treatments impacting current
tax or deferred tax and reported or planned to be reported in
income tax filings that could be challenged by the tax
authorities. The tax assets and liabilities relating to these
uncertain tax treatments are\u00a0reviewed on a case-by-case
basis assuming a full knowledge of the tax authorities and
measured at the most probable\u00a0amount.
For further information, refer to Note 13. Income tax.
Accounting for pension and other post-retirement
benefit plans
The determination of the projected benefit obligations of
pension and other post-retirement benefit plans are
important to the recorded amounts of such obligations in the
consolidated statement of financial position and to the
amount of pension expense in the consolidated statement of
income. To measure the projected benefit obligations of
pension and other post-retirement benefit plans and the
expense associated with such benefits, management must
make a variety of assumptions and estimates, including
discount rates used to value certain liabilities, rates of
compensation increase, employee turnover rates, retirement
rates, mortality rates and other factors. Management updates
these assumptions and estimates on an annual basis or more
frequently upon the occurrence of significant events. These
accounting assumptions and estimates consider the risk of
change due to the uncertainty and difficulty in estimating
these measures. Different assumptions and estimates used
by management could result in recognition of different
amounts of expense over different periods of time.
The discount rate affects the interest cost component of net
periodic pension cost and the calculation of the projected
benefit obligation. The discount rate is based on rates at
which the pension benefit obligation could be effectively
settled on a present value basis. Discount rates are derived
by identifying a theoretical settlement portfolio of long-term,
high quality (\u201cAA\u201d rated) corporate bonds at determination
date that is sufficient to provide for the projected pension
benefit payments. A single discount rate is determined that
results in a discounted value of the pension benefit
payments that equate to the market value of the selected
bonds. The resulting discount rate is reflective of both the
current interest rate environment and the pension\u2019s distinct
liability characteristics. Significant changes in the discount
rate, such as those caused by changes in the yield curve, the
mix of bonds available in the market, the duration of
selected bonds and the timing of expected benefit payments,
may result in volatility in pension expense and pension
liabilities.
Due to the specialized and statistical nature of these
calculations which attempt to anticipate future events,
management engages third-party specialists to assist in
evaluating assumptions as well as appropriately measuring
the costs and obligations associated with these pension and
other post-retirement benefits.
The actuarial assumptions and estimates made by
management in determining pension and other post-
retirement benefit obligations may materially differ from
actual results because of changing market and economic
conditions and changes in plan participant assumptions.
While management believes the assumptions and estimates
used are appropriate, differences in actual experience or
changes in plan participant assumptions may materially
affect the Technip Energies Group\u2019s financial position or
results of operations.
The Group\u2019s pension and other post-retirement obligations
are described in Note 24. Pensions and other long-term
employee benefits plans.
Provisions
The Group is involved in judicial or administrative litigation.
The process for assessing and measuring the risks related to
these proceedings is based on multiple factors that require
assumptions and estimates, particularly regarding the
assessment of uncertainties. Provisions are estimated based
on the Group best estimate of the expenditure required to
settle the obligations, considering all relevant information
available and different possible outcomes at the reporting
date.
1.8.Other sources of estimation
uncertainty
In the elaboration of its financial statements the Group
considered as other sources of estimation uncertainty the
following:
\u25a0 Climate-related matters.
\u25a0 Macroeconomic conditions.
Climate-related matters
The Group considered climate-related matters in the
preparation of its financial statements and concluded to the
absence of material impacts on assets and liabilities
reported as well as those that may be recognized in the
future for the following reasons:
\u25a0 Technip Energies generally acts as a contractor. As such,
its portfolio and positioning are evolving with the energy
transition unfolding landscape. The profile of projects and
services is directly linked to the Group clients\u2019
investments to transform energy production
infrastructure, meet environmental targets, and address
the need to reduce global warming and greenhouse gas
emissions.
\u25a0 Due to its operating model, the Group does not hold
material tangible or intangible assets that could become
obsolete considering climate-related matters and would
therefore require a revision of estimated residual values or
expected useful lives. This also explains why none of the
Group\u2019s assets is forecasted to bear subsequent major
expenditures to cope with obsolescence or new legal
restrictions.
\u25a0 The Group has strong experience of conducting projects in
extreme weather conditions.
The specific positioning of the Group in the value chain and
the way Technip Energies participates in the energy transition
is described in section 3.4.3. EU Green Taxonomy.
\u25a0 Impairment of non-financial assets
The Group is engaged in activities and markets for which
demand provides a high multiyear visibility. These activities
and markets are not subject to regulations that would
jeopardize Technip Energies\u2019 operations in the short or
medium-term. The business plan underpinning the
impairment test performed reflects Management
expectations in terms of exposure to climate risks, in relation
with regulations, client\u2019s expectations or industry energy
sources shifts per geographic area.
In the continuity of the prior impairment test, management
continued to increase its focus in the quantification of risks
and opportunities related to climate and its impacts on
impairment tests. In addition to the portfolio mix reflected in
the prospective financial information, this is mostly reflected
as follows:
\u2022 Consideration of strategic initiatives: in 2023, the Group
announced the launch of two strategic initiatives to
prepare its future core, namely Rely, in the Green
Hydrogen sector, and Reju, on circular economy and
textile regeneration. In terms of impairment testing
methodology, the Group captured early-stage setup
expenses associated with those initiatives but not the
revenues beyond the last year of the plan.
\u2022 Expenditures associated with climate: the Group business
plan also includes a substantial amount of expenditures,
for a total of \u20ac314\u00a0million. These expenses mostly relate
to the Group roadmap to reduce scope\u00a01 & 2 emissions
and reach net zero by 2030 and cover real estate
initiatives (refurbishments and optimization of owned and
leased assets for offices), as well as increased R&D
allocated to energy transition.
Sensitivity performed on these expenditures, with a change
of -10%/+10%, would not lead to a risk of impairment.
\u25a0 Research and development and sustainable investments
associated with climate
During the year 2023, Technip Energies made several
strategic investments in the energy transition sector.
In May, the Group announced the creation of Rely in
collaboration with John Cockerill. Rely aims to provide
integrated and competitive solutions for the production and
use of green hydrogen and its derivatives, such as power-to-
X. Rely will offer end-to-end services, from feasibility studies
to project execution and operation, as well as innovative
products and technologies. Rely will also secure the supply
chain of electrolyzers, a key component for green hydrogen
production, through a partnership with John Cockerill
Hydrogen.
In July, Technip Energies strengthened its R&D and
technologies portfolio by acquiring Processium, an expert
company in process development, equipped with laboratory
and piloting facilities. Processium is an industrial
development partner designing and developing next-
generation processes to support the energy transition and
enhance manufacturing competitiveness in the field of
sustainable chemicals.
The Group also announced the acquisition of SEED Energy, a
startup that specializes in digital services for innovative,
multi-technology renewable energy systems. This acquisition
reinforces Technip Energies\u2019 digital portfolio and fits with its
energy transition ambition.
In the innovation sector, Technip Energies made an
investment in Evok Innovation\u2019s Fund II, a tier-one cleantech
fund that invests in and supports hard-tech development to
accelerate the path towards net zero with a focus on next-
generation sectors such as low-carbon hydrogen, carbon
capture and removal, electrification, and critical minerals.
In the domain of circularity, building on its technology
partnership with IBM and Under Armour, Technip Energies
announced the launch of Reju, an innovative company
focused on creating new solutions at scale for the vast
amount of plastic fiber in textiles that goes unrecycled and
ends up as waste.
The Group's ambition to achieve the objectives set out in its
ESG roadmap is also reflected in its increased R&D efforts
substantially focused on its energy transition domains,
including low-carbon energy carriers and relevant processes,
sustainable fuels & chemicals, circularity, decarbonization
solutions, and offshore technology.
\u25aa Share-based compensation and remuneration policy
applied to Executive Officer, Executive Committee
members, Senior Managers, and other key employees
The Compensation Committee of the Board of Directors has
granted to the Executive Officer, Executive Committee
members, Senior Managers, and other key employees (e.g.,
technical experts, high potentials) a Long-Term Incentive
plan in the form of Performance Stock Units (PSUs) and
Restricted Stock Units (RSUs). The PSUs vesting is subject to
the satisfactory achievement of performance conditions. As
of 2023, the performance conditions comprise the total
shareholder return (\u201cTSR\u201d), Earnings Per Shares (\u201cEPS\u201d) and a
set of three weighted ESG indicators directly derived from
our ESG Roadmap to support Technip Energies vision in
accelerating energy transition for a \u201cbetter tomorrow\u201d and to
strengthen the alignment with sustainable long-term value
creation. One of these indicators is a climate-friendly
objective: 30% decrease in scope\u00a01 and 2 greenhouse gas
emissions between 2019 and 2025.
In addition, the Compensation Committee reviewed the
Executive Director\u2019s remuneration and notably reinforced the
weighting of the ESG component in the Short-Term Incentive
program with ESG KPIs derived from the Company\u2019s ESG
roadmap. These changes have been introduced in 2022 and
are described in section\u00a06.5.1. Executive Director
remuneration. The ESG business performance indicators
weighting is set to 25% to emphasize ESG performance and
to signal the Company\u2019s commitment to embed sustainable,
socially responsible and ethical business practices.
\u25aa Green financing
The terms and conditions of the Group financing agreements
do not include climate-friendly covenants or objectives,
except for the Revolving Facility for which the applicable
margin is adjusted based on the successful completion by
the Group of the 3 ESG key performance indicators defined
in the facility agreement: reduction of carbon footprint,
supporting of ESG ratings and improvement of gender
diversity. On June\u00a07, 2023, the applicable margin for the
Revolving Facility has been adjusted by -0.025% following the
successful completion of all three ESG KPI\u2019s for the year
2022.
Macroeconomic conditions
2023 was marked by a range of geopolitical and energy
issues, and by an inflationary environment, which have
effects on Technip Energies consolidated financial
statements. The estimates described below have been
reviewed to take into consideration this specific
macroeconomic environment:
\u25a0 Measurement of the present value
of the post-employment benefit obligations
Actuarial assumptions have been revalued (wage and
discount rate increase) to reflect the long-term economic
forecast. Assumptions used to assess post-retirement
valuation as of December\u00a031, 2023 include:
\u25a0 The discount rates set by reference to market yields on
high quality corporate bonds (or government bonds in
countries where the market in such corporate bonds is
not deep).
\u25a0 The expected long-term inflation assumption set by
reference to the European Central Bank target.
\u25a0 The spread above the assumed long-term inflation to
derive the expected yearly salary increase.
Moreover, to consider increased volatility observed on key
assumptions such as discount rate and inflation rate,
sensitivities are disclosed based on +/- 50 bps ranges.
\u25a0 Impairment test of non-financial assets
During the year ended December\u00a031, 2023, the exposure to
inflation and to geopolitical uncertainty increased. Within the
impairment test, these risks and uncertainties have been
directly considered in the business plan with the best
estimates of the income and expenditure of the CGUs
according to industry projections and with Management
experience and future expectations, and indirectly through
the Weighted Average Cost of Capital (\u201cWACC\u201d), which
incorporates the recent rise in risk-free rates and a higher
country risk premium.
The weighted average cost of capital per operating segment is as follows:
December\u00a031,
2023
December\u00a031,
2022
Project Delivery
13.0%
12.0%
Technology, Products & Services
11.0%
11.5%
Long-term growth rates used to estimate cash flow projections beyond the period covered by the budgets slightly increased
from 1.9% last year to 2.7% in 2023 in both operating segments. The exposure to inflation and cost increases (especially as it
relates to headcount or higher commodity prices) was directly considered in the prospective financial information used to
determine the value in use of the Group\u2019s CGUs.
The consideration of the above-mentioned did not lead to the recognition of an impairment, as described in Note 14. Goodwill
and intangible assets, net", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "value": "
b.Assumptions and sources of estimation
uncertainty
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date,
which could have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities
within the next financial year relate to:
\u25a0 Impairment of non-financial assets;
\u25a0 Income tax;
\u25a0 Accounting for pension and other post-retirement benefit
plans;
\u25a0 Provisions.
Impairment of non-financial assets
\u25aa Goodwill
Goodwill represents the excess of cost over the fair market
value of net assets acquired in business combinations.
Goodwill is not subject to amortization but is tested for
impairment at the level of CGU or GCGUs the goodwill has
been allocated to, on an annual basis, or more frequently if
impairment indicators arise. Management has established
September\u00a030 as the date of its annual test for impairment
of goodwill. Management identifies a potential impairment by
comparing the recoverable amount of the applicable CGU or
GCGUs to its carrying amount, including goodwill. If the
carrying amount exceeds the recoverable amount of the
applicable CGU or GCGUs, management measures the
impairment by comparing the carrying value of the CGU or
GCGUs to its recoverable amount. CGUs with goodwill are
tested for impairment using a quantitative impairment test.
Determining the recoverable amount of CGUs is judgmental
and involves the use of significant estimates and
assumptions. Management estimates the recoverable amount
of the Group CGUs using a discounted future cash flow
model. Most of the estimates and assumptions used in a
discounted future cash flow model on a post-tax basis
involve unobservable inputs reflecting management\u2019s own
assumptions about the assumptions market participants
would use in estimating the fair value of a business. These
estimates and assumptions include revenue growth rates and
operating margins used to calculate projected future cash
flows, discount rates and future economic and market
conditions. The estimates are based upon assumptions
believed to be reasonable, but which are inherently uncertain
and unpredictable and do not reflect unanticipated events
and circumstances that may\u00a0occur.
A lower recoverable amount estimate in the future for any of
the Group\u2019s CGUs could result in a goodwill impairment.
Factors that could trigger a lower recoverable amount
estimate include sustained price declines of the CGUs\u2019
products and services, cost increases, regulatory or political
environment changes, changes in customer demand, and
other changes in market conditions, which may affect certain
market participant assumptions used in the discounted
future cash flow model based on internal forecasts of
revenues and expenses over a specified period plus a
terminal value (the income approach).
The income approach estimates recoverable amount by
discounting each CGUs estimated future cash flows using a
weighted-average cost of capital that reflects current market
conditions and the risk profile of CGUs. To arrive at future
cash flows, management uses estimates of economic and
market assumptions, including growth rates in revenues,
costs, estimates of future expected changes in operating
margins, tax rates and capital expenditures. Future revenues
are also adjusted to match changes in the Group business
strategy. Management believes this approach is an
appropriate valuation method and utilizes this approach in
determining the CGUs valuations.
For additional information related to goodwill impairment
testing during the periods presented, refer to Note 14.
Goodwill and intangible assets, net.
\u25aa Property, plant and equipment and identifiable
intangible assets
Property, plant and equipment and identifiable intangible
assets being amortized are reviewed for impairment
whenever events or changes in circumstances indicate the
carrying amount of the non-financial assets may not be
recoverable. The carrying amount of a non-financial asset is
not recoverable if it exceeds the recoverable amount
determined as the higher of an asset\u2019s fair value less costs of
disposal and its value in use. If it is determined that an
impairment loss has occurred, the loss is measured as the
amount by which the carrying amount of the non-financial
asset exceeds its recoverable amount. The determination of
future value in use as well as the estimated fair value of
non-financial assets involves significant estimates on the
part of management. Because there is usually a lack of
quoted market prices for non-financial assets, fair value of
impaired assets is typically determined based on the present
values of expected future cash flows using discount rates
believed to be consistent with those used by principal
market participants or based on a multiple of operating cash
flow validated with historical market transactions of similar
assets where possible. The expected future cash flows used
for impairment reviews and related fair value calculations are
based on judgmental assessments of future productivity of
the asset, operating costs and capital decisions and all
available information at the date of review. If future market
conditions deteriorate beyond current expectations and
assumptions, impairments of non-financial assets may be
identified if management concludes that the carrying
amounts are no longer recoverable.
Refer to paragraphs h) Property, plant and equipment and
j)\u00a0Intangible assets for estimates and accounting policies
relevant to those assets.
Income tax
Income tax expense, deferred tax assets and liabilities, and
reserves for uncertain tax positions reflect management\u2019s
best assessment of estimated future taxes to be paid. The
Group is subject to income taxes in France and numerous
other jurisdictions. Judgments and estimates are required in
determining the consolidated income tax expense.
In determining the current income tax provision,
management assesses temporary differences resulting from
differing treatments of items for tax and accounting
purposes. These differences result in deferred tax assets and
liabilities, which are recorded in the consolidated statement
of financial position. When management assesses deductible
temporary differences, including those originating from tax
losses carried forward, management must assess the
probability that these will be recovered through the future
taxable income. To the extent management believes recovery
is not probable, no deferred tax asset is recognized.
Management believes the assessment related to the
availability of future taxable income is a critical accounting
estimate because it is highly susceptible to change from
period to period, requires management to make assumptions
about future income over the period of deductible temporary
differences, and finally, the impact of increasing or
decreasing deferred tax assets is potentially material to the
results of operations.
Forecasting future income requires the use of a significant
amount of judgment. In estimating future income,
management uses internal operating budgets and long-range
planning projections. Management develops its budgets and
long-range projections based on recent results, trends,
economic and industry forecasts influencing the Group\u2019s
performance, its backlog, planned timing of new product
launches and customer sales commitments. Significant
changes in management\u2019s judgment related to the expected
realizability of deductible temporary differences result in an
adjustment to the associated deferred tax asset.
The calculation of income tax expense involves dealing with
uncertainties in the application of complex tax laws and
regulations in numerous jurisdictions in which the Group
operates. Management recognizes tax benefits related to
uncertain tax positions when, in management\u2019s judgment, it
is more likely than not that such positions will be sustained
on examination, including resolutions of any related appeals
or litigation, based on the technical merits. Management
adjusts liabilities for uncertain tax positions when its
judgment changes because of new information previously
unavailable. Due to the complexity of some of these
uncertainties, their ultimate resolution may result in
payments that are materially different from current
estimates. Any such differences will be reflected as
adjustments to income tax expense in the periods in which
they are determined.
IFRIC\u00a023 \u201cUncertainty over Income Tax Treatments\u201d provides
guidance on how to recognize and measure uncertainty over
\u201cincome tax\u201d treatment as defined by paragraph 5 of IAS\u00a012.
The Group analyses all the tax treatments impacting current
tax or deferred tax and reported or planned to be reported in
income tax filings that could be challenged by the tax
authorities. The tax assets and liabilities relating to these
uncertain tax treatments are\u00a0reviewed on a case-by-case
basis assuming a full knowledge of the tax authorities and
measured at the most probable\u00a0amount.
For further information, refer to Note 13. Income tax.
Accounting for pension and other post-retirement
benefit plans
The determination of the projected benefit obligations of
pension and other post-retirement benefit plans are
important to the recorded amounts of such obligations in the
consolidated statement of financial position and to the
amount of pension expense in the consolidated statement of
income. To measure the projected benefit obligations of
pension and other post-retirement benefit plans and the
expense associated with such benefits, management must
make a variety of assumptions and estimates, including
discount rates used to value certain liabilities, rates of
compensation increase, employee turnover rates, retirement
rates, mortality rates and other factors. Management updates
these assumptions and estimates on an annual basis or more
frequently upon the occurrence of significant events. These
accounting assumptions and estimates consider the risk of
change due to the uncertainty and difficulty in estimating
these measures. Different assumptions and estimates used
by management could result in recognition of different
amounts of expense over different periods of time.
The discount rate affects the interest cost component of net
periodic pension cost and the calculation of the projected
benefit obligation. The discount rate is based on rates at
which the pension benefit obligation could be effectively
settled on a present value basis. Discount rates are derived
by identifying a theoretical settlement portfolio of long-term,
high quality (\u201cAA\u201d rated) corporate bonds at determination
date that is sufficient to provide for the projected pension
benefit payments. A single discount rate is determined that
results in a discounted value of the pension benefit
payments that equate to the market value of the selected
bonds. The resulting discount rate is reflective of both the
current interest rate environment and the pension\u2019s distinct
liability characteristics. Significant changes in the discount
rate, such as those caused by changes in the yield curve, the
mix of bonds available in the market, the duration of
selected bonds and the timing of expected benefit payments,
may result in volatility in pension expense and pension
liabilities.
Due to the specialized and statistical nature of these
calculations which attempt to anticipate future events,
management engages third-party specialists to assist in
evaluating assumptions as well as appropriately measuring
the costs and obligations associated with these pension and
other post-retirement benefits.
The actuarial assumptions and estimates made by
management in determining pension and other post-
retirement benefit obligations may materially differ from
actual results because of changing market and economic
conditions and changes in plan participant assumptions.
While management believes the assumptions and estimates
used are appropriate, differences in actual experience or
changes in plan participant assumptions may materially
affect the Technip Energies Group\u2019s financial position or
results of operations.
The Group\u2019s pension and other post-retirement obligations
are described in Note 24. Pensions and other long-term
employee benefits plans.
Provisions
The Group is involved in judicial or administrative litigation.
The process for assessing and measuring the risks related to
these proceedings is based on multiple factors that require
assumptions and estimates, particularly regarding the
assessment of uncertainties. Provisions are estimated based
on the Group best estimate of the expenditure required to
settle the obligations, considering all relevant information
available and different possible outcomes at the reporting
date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-508": { "value": "b.Assumptions and sources of estimation uncertaintyThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which could have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year relate to:\u25a0 Impairment of non-financial assets;\u25a0 Income tax;\u25a0 Accounting for pension and other post-retirement benefit plans;\u25a0 Provisions.Impairment of non-financial assets\u25aa GoodwillGoodwill represents the excess of cost over the fair market value of net assets acquired in business combinations. Goodwill is not subject to amortization but is tested for impairment at the level of CGU or GCGUs the goodwill has been allocated to, on an annual basis, or more frequently if impairment indicators arise. Management has established September\u00a030 as the date of its annual test for impairment of goodwill. Management identifies a potential impairment by comparing the recoverable amount of the applicable CGU or GCGUs to its carrying amount, including goodwill. If the carrying amount exceeds the recoverable amount of the applicable CGU or GCGUs, management measures the impairment by comparing the carrying value of the CGU or GCGUs to its recoverable amount. CGUs with goodwill are tested for impairment using a quantitative impairment test.Determining the recoverable amount of CGUs is judgmental and involves the use of significant estimates and assumptions. Management estimates the recoverable amount of the Group CGUs using a discounted future cash flow model. Most of the estimates and assumptions used in a discounted future cash flow model on a post-tax basis involve unobservable inputs reflecting management\u2019s own assumptions about the assumptions market participants would use in estimating the fair value of a business. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, discount rates and future economic and market conditions. The estimates are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and do not reflect unanticipated events and circumstances that may\u00a0occur.A lower recoverable amount estimate in the future for any of the Group\u2019s CGUs could result in a goodwill impairment. Factors that could trigger a lower recoverable amount estimate include sustained price declines of the CGUs\u2019 products and services, cost increases, regulatory or political environment changes, changes in customer demand, and other changes in market conditions, which may affect certain market participant assumptions used in the discounted future cash flow model based on internal forecasts of revenues and expenses over a specified period plus a terminal value (the income approach).The income approach estimates recoverable amount by discounting each CGUs estimated future cash flows using a weighted-average cost of capital that reflects current market conditions and the risk profile of CGUs. To arrive at future cash flows, management uses estimates of economic and market assumptions, including growth rates in revenues, costs, estimates of future expected changes in operating margins, tax rates and capital expenditures. Future revenues are also adjusted to match changes in the Group business strategy. Management believes this approach is an appropriate valuation method and utilizes this approach in determining the CGUs valuations.For additional information related to goodwill impairment testing during the periods presented, refer to Note 14. Goodwill and intangible assets, net.\u25aa Property, plant and equipment and identifiable intangible assetsProperty, plant and equipment and identifiable intangible assets being amortized are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the non-financial assets may not be recoverable. The carrying amount of a non-financial asset is not recoverable if it exceeds the recoverable amount determined as the higher of an asset\u2019s fair value less costs of disposal and its value in use. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the non-financial asset exceeds its recoverable amount. The determination of future value in use as well as the estimated fair value of non-financial assets involves significant estimates on the part of management. Because there is usually a lack of quoted market prices for non-financial assets, fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on judgmental assessments of future productivity of the asset, operating costs and capital decisions and all available information at the date of review. If future market conditions deteriorate beyond current expectations and assumptions, impairments of non-financial assets may be identified if management concludes that the carrying amounts are no longer recoverable.Refer to paragraphs h) Property, plant and equipment and j)\u00a0Intangible assets for estimates and accounting policies relevant to those assets.Income taxIncome tax expense, deferred tax assets and liabilities, and reserves for uncertain tax positions reflect management\u2019s best assessment of estimated future taxes to be paid. The Group is subject to income taxes in France and numerous other jurisdictions. Judgments and estimates are required in determining the consolidated income tax expense.In determining the current income tax provision, management assesses temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are recorded in the consolidated statement of financial position. When management assesses deductible temporary differences, including those originating from tax losses carried forward, management must assess the probability that these will be recovered through the future taxable income. To the extent management believes recovery is not probable, no deferred tax asset is recognized. Management believes the assessment related to the availability of future taxable income is a critical accounting estimate because it is highly susceptible to change from period to period, requires management to make assumptions about future income over the period of deductible temporary differences, and finally, the impact of increasing or decreasing deferred tax assets is potentially material to the results of operations.Forecasting future income requires the use of a significant amount of judgment. In estimating future income, management uses internal operating budgets and long-range planning projections. Management develops its budgets and long-range projections based on recent results, trends, economic and industry forecasts influencing the Group\u2019s performance, its backlog, planned timing of new product launches and customer sales commitments. Significant changes in management\u2019s judgment related to the expected realizability of deductible temporary differences result in an adjustment to the associated deferred tax asset.The calculation of income tax expense involves dealing with uncertainties in the application of complex tax laws and regulations in numerous jurisdictions in which the Group operates. Management recognizes tax benefits related to uncertain tax positions when, in management\u2019s judgment, it is more likely than not that such positions will be sustained on examination, including resolutions of any related appeals or litigation, based on the technical merits. Management adjusts liabilities for uncertain tax positions when its judgment changes because of new information previously unavailable. Due to the complexity of some of these uncertainties, their ultimate resolution may result in payments that are materially different from current estimates. Any such differences will be reflected as adjustments to income tax expense in the periods in which they are determined.IFRIC\u00a023 \u201cUncertainty over Income Tax Treatments\u201d provides guidance on how to recognize and measure uncertainty over \u201cincome tax\u201d treatment as defined by paragraph 5 of IAS\u00a012. The Group analyses all the tax treatments impacting current tax or deferred tax and reported or planned to be reported in income tax filings that could be challenged by the tax authorities. The tax assets and liabilities relating to these uncertain tax treatments are\u00a0reviewed on a case-by-case basis assuming a full knowledge of the tax authorities and measured at the most probable\u00a0amount.For further information, refer to Note 13. Income tax.Accounting for pension and other post-retirement benefit plansThe determination of the projected benefit obligations of pension and other post-retirement benefit plans are important to the recorded amounts of such obligations in the consolidated statement of financial position and to the amount of pension expense in the consolidated statement of income. To measure the projected benefit obligations of pension and other post-retirement benefit plans and the expense associated with such benefits, management must make a variety of assumptions and estimates, including discount rates used to value certain liabilities, rates of compensation increase, employee turnover rates, retirement rates, mortality rates and other factors. Management updates these assumptions and estimates on an annual basis or more frequently upon the occurrence of significant events. These accounting assumptions and estimates consider the risk of change due to the uncertainty and difficulty in estimating these measures. Different assumptions and estimates used by management could result in recognition of different amounts of expense over different periods of time.The discount rate affects the interest cost component of net periodic pension cost and the calculation of the projected benefit obligation. The discount rate is based on rates at which the pension benefit obligation could be effectively settled on a present value basis. Discount rates are derived by identifying a theoretical settlement portfolio of long-term, high quality (\u201cAA\u201d rated) corporate bonds at determination date that is sufficient to provide for the projected pension benefit payments. A single discount rate is determined that results in a discounted value of the pension benefit payments that equate to the market value of the selected bonds. The resulting discount rate is reflective of both the current interest rate environment and the pension\u2019s distinct liability characteristics. Significant changes in the discount rate, such as those caused by changes in the yield curve, the mix of bonds available in the market, the duration of selected bonds and the timing of expected benefit payments, may result in volatility in pension expense and pension liabilities.Due to the specialized and statistical nature of these calculations which attempt to anticipate future events, management engages third-party specialists to assist in evaluating assumptions as well as appropriately measuring the costs and obligations associated with these pension and other post-retirement benefits.The actuarial assumptions and estimates made by management in determining pension and other post-retirement benefit obligations may materially differ from actual results because of changing market and economic conditions and changes in plan participant assumptions. While management believes the assumptions and estimates used are appropriate, differences in actual experience or changes in plan participant assumptions may materially affect the Technip Energies Group\u2019s financial position or results of operations.The Group\u2019s pension and other post-retirement obligations are described in Note 24. Pensions and other long-term employee benefits plans.ProvisionsThe Group is involved in judicial or administrative litigation. The process for assessing and measuring the risks related to these proceedings is based on multiple factors that require assumptions and estimates, particularly regarding the assessment of uncertainties. Provisions are estimated based on the Group best estimate of the expenditure required to settle the obligations, considering all relevant information available and different possible outcomes at the reporting date.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-509": { "value": "
Note 2.Changes in the scope of consolidation
Year ended December\u00a031, 2023
As part of the Exit Framework Agreement signed in relation
to the Arctic LNG 2 project in the third quarter of 2022, the
Group has disposed of its interest held in the entities Gydan
LNG SARL and Novarctic SARL on May\u00a04, 2023. Gydan LNG
SARL was held at 84.0% and fully consolidated, Novarctic
SARL was accounted for as equity method affiliate and held
at 33.33%. The sale result accounted for in the Group
consolidated financial statements as of December\u00a031, 2023, is
\u20ac1.7\u00a0million and presented under \u201cImpairment, restructuring
and other expense\u201d.
In addition, the Group also sold its main Russian operating
entity, JSC Technip Energies Rus, during the first quarter of
2023. The entity was held at 100% and fully consolidated. The
sale result mostly relating to the non-cash impact of the
cumulative translation adjustment (\u201cCTA\u201d) amounted to
\u20ac(10.9)\u00a0million, and is presented under \u201cImpairment,
restructuring and other expense\u201d. These transactions are
reflected on the consolidated statement of cash flows under
\u201cProceeds from disposals of subsidiaries, net of cash sold\u201d.
Year ended December\u00a031, 2022
The Group did not make any significant acquisitions and
divestitures during the year ended December\u00a031, 2022 .
Note 31.Companies included in the scope of the consolidated financial
statements
The principal subsidiaries, associates and joint-ventures included in Technip Energies\u2019 scope of consolidation as of
December\u00a031, 2023 , are listed below:
31.1.Principal subsidiaries
Company Name
Address
Interest held in %
as of December\u00a031,
2023
AUSTRALIA
Genesis Energies Consultants Pty Ltd
Ground Floor, 1 William Street
Perth WA 6000
100
T.EN Australia and New Zealand Pty Ltd
Ground Floor, 1 William Street
Perth WA 6000
100
BELGIUM
Rely SA
Rue Joseph Stevens 7, 1000 Bruxelles
60
BRAZIL
Genesis Oil & Gas Brasil Engenharia Ltda.
Rua Paulo Em\u00eddio Barbosa, 485, quadra 4 (parte)
Cidade Universit\u00e1ria
21941-615, Rio de Janeiro
100
Processium do Brasil Pesquisa e
Desenvolvimento em Ci\u00eancias F\u00edsicas e
Naturais Ltda.
Rua Paulo Em\u00eddio Barbosa, 485, quadra 4 (parte)
Cidade Universit\u00e1ria
21941-615, Rio de Janeiro
99.84
CHINA
Shanghai T.EN Trading Co. Ltd.
Room 1904, 19th Floor, Xuhui Vanke Center
55\u00a0Ding\u2019An\u00a0Road
200030,\u00a0Shanghai
100
T.EN Chemical Engineering (Tianjin) Co.
Ltd.
521 Jing Jin Road
300400, Tianjin
100
T.EN Engineering Consultant (Shanghai)
Co. Ltd.
Room 1902, 19th Floor, Xuhui Vanke Center
55 Ding\u2019An Road
200030, Shanghai
100
FRANCE
Clecel SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Cybernetix SAS
Technop\u00f4le de Ch\u00e2teau Gombert
306 Rue Albert Einstein
BP 94
13382 Marseille Cedex 13
100
Cyxplus SAS
Technop\u00f4le de Ch\u00e2teau Gombert
306 Rue Albert Einstein
BP 94
13382 Marseille Cedex 13
100
Gygaz SNC
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
92.5
Middle East Projects International (T.EN
MEPI) SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Processium SA
30 rue Marguerite
Immeuble \u201cle 380\u201d
69100 Villeurbanne
99.84
Procintech SARL
30 rue Marguerite
Immeuble \u201cle 380\u201d
69100 Villeurbanne
99.84
Company Name
Address
Interest held in %
as of December\u00a031,
2023
Reju SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Safrel SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
South Tambey LNG SNC(1)
5 place de la Pyramide, Tour Ariane
Paris La D\u00e9fense
92800 Puteaux
50
T.EN Corporate Services SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Eurocash SNC
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Technip Energies France SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Engineering SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Net SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Ing\u00e9nierie R\u00e9gionale pour
Industries SAS
14 rue Linus Carl Pauling
PAT La Vatine
76130 Mont-Saint-Aignan
100
Yamgaz SNC(1)
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
T.EN Loading Systems SAS
Route des Cl\u00e9rimois
89100 Sens
100
GERMANY
Taclov GmbH
Friesstrasse 20
60388 Frankfurt am Main
100
T.EN Zimmer GmbH
Friesstrasse 20
60388 Frankfurt am Main
100
INDIA
T.EN Global Business Services Private
Limited
B-22 Okhla Industrial Area, Phase-1
110020 New Delhi
100
Technip Energies India Limited
B-22 Okhla Industrial Area, Phase-1
110020 New Delhi
100
ITALY
Consorzio Technip Italy Procurement
Services - TIPS
68, Viale Castello della Magliana 00148 Rome
100
T.EN Italy Solutions S.p.A.
68, Viale Castello della Magliana 00148 Rome
100
Technip Energies Italy S.p.A.
68, Viale Castello della Magliana 00148 Rome
100
TPL - Tecnologie Progetti Lavori S.p.A.
68, Viale Castello della Magliana 00148 Rome
100
Consorzio Technip Italy Worley Parsons
68, Viale Castello della Magliana 00148 Rome
90
(1) Technip Energies has an ownership interest in both Yamgaz SNC and South Tambey LNG of 200,002 shares (of total outstanding shares), or
50.0005%, and obtained a majority interest and voting control over Yamgaz SNC and South Tambey and consolidated both entities effective
December 31, 2016.
Company Name
Address
Interest held in %
as of December\u00a031,
2023
JAPAN
Technip Energies Japan GK
Level 10, Hulic Minatomirai
1-1-7, Sakuragi-cho, Naka-ku
Yokohama-shi, Kanagawa
100
MALAYSIA
Genesis Energies Malaysia Sdn. Bhd.
Suite 13.03, 13th Floor, Menara Tan & Tan
207 Jalan Tun Razak
50400 Kuala Lumpur
100
T.EN Far East Sdn. Bhd.
Suite 13.03, 13th Floor, Menara Tan & Tan
207 Jalan Tun Razak
50400 Kuala Lumpur
100
Technip Energies (M) Sdn. Bhd.
Suite 13.03, 13th Floor, Menara Tan & Tan
207 Jalan Tun Razak
50400 Kuala Lumpur
30
MEXICO
Technip De Mexico S. De R.L. De C.V.
Blvd. Manuel \u00c1vila Camacho 36, Piso 10, Oficina 1058 Lomas De
Chapultepec I Secci\u00f3n. C. P. 11000, Alcald\u00eda Miguel Hidalgo
Ciudad de M\u00e9xico
100
TP Oil & Gas Mexico, S. de R.L. de C.V.
Calle Novena 357 Lote 8 Y 7 FRACC. De La Manzana 74,Seccion
Primera Baja California, 22800, Ensenada, Mexico
100
MOZAMBIQUE
T.EN Mo\u00e7ambique, Limitada
Zedequias Manganhela Avenue, no. 257, fifth floor, Maputo City
100
NETHERLANDS
T.EN Netherlands B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
T.EN Power B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
Technip Energies International B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
NORWAY
Genesis Energies Norway AS
Genesis Energies Norway AS v/ Kjell Haver Regnskapsservice
Welhavens vei 5
4319 Sandnes, Norway
100
Inocean AS
Bryggegata 9, NO-0250, Oslo
100
Inocean Marotec AS
Bryggegata 9, NO-0250, Oslo
100
Kanfa AS
Philip Pedersens Road 7, 1366 Lysaker
100
POLAND
Inocean Poland Sp. Z.o.o.
Ul. Dubois, 20, 71-610, Szczecin
100
T.EN Polska Sp. Z.o.o.
UI. Promyka 13/4, No. 13, suite 4, 01-604 Warsaw, Poland
100
SAUDI ARABIA
Technip Saudi Arabia Limited
P.O. Box 30893
Al-Khobar - 31592
100
TPL Arabia Limited
P.O. Box 30893
Al-Khobar - 31592
100
SENEGAL
T.EN Senegal SAS
Almadies Immeuble SCIA 2, Route du M\u00e9ridien Pr\u00e9sident, Dakar
100
SINGAPORE
Technip Energies Singapore Pte. Ltd.
8 Cross Street #21-05 Manulife Tower, Singapore 048424
100
SPAIN
Technip Energies Iberia, S.A.
Building n\u00b08 \u2013 Floor 4th Pla\u00e7a de la Pau s/n, World Trade
Center \u2013 Almeda Park \u2013 Cornell\u00e0 de Llobregat, 08940
Barcelona
100
SWEDEN
Inocean AB
Gardatorget 1, Goteborg
100
SWITZERLAND
Engineering Re AG
Vulkanstrasse 106,
8048 Z\u00fcrich
100
Company Name
Address
Interest held in %
as of December\u00a031,
2023
THAILAND
Technip Energies (Thailand) Ltd
20th Floor, Suntower, Building A
123 Vibhavadee-Rangsit Road, Jomphon
Jatujak, Bangkok 10900
74
Technip Energies Holding (Thailand) Ltd
20th Floor, Suntower, Building A
123 Vibhavadee-Rangsit Road, Jomphon
Jatujak, Bangkok 10900
49
UNITED ARAB EMIRATES
TEN MIDDLE EAST FZE
Office No. LB14414
P.O. Box 262274
Jebel Ali Free Zone, Dubai
100
UNITED KINGDOM
T.EN International UK Ltd
One St Paul\u2019s Churchyard London EC4M 8AP
100
Cybernetix S.R.I.S. Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
Genesis Oil & Gas Consultants Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
Genesis Energies Consultants Ltd
One St Paul\u2019s Churchyard London EC4M 8AP
100
T.EN E&C Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
T.EN PMC Services Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
T.EN UK Holdings Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
UNITED STATES
Badger Licensing LLC
c/o Corporation Service Company
251, Little Falls Drive
Wilmington, Delaware 19808
100
Technip E&C, Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN Energy & Chemicals International,
Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN Process Technology, Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN S&W Abu Dhabi, Inc.
c/o Corporation Trust Center
1209 Orange St.
Wilmington, Delaware 19801
100
T.EN S&W International, Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN Stone & Webster Process
Technology, Inc.
c/o Corporation Trust Center
1209 Orange St.
Wilmington, Delaware 19801
100
Technip Energies USA, Inc.
c/o Corporation Trust Center
1209 Orange St.
Wilmington, Delaware 19801
100
Taclov LLC
Almaden Research Center
CA 95120-6099, 650 Harry Road
San Jose
52.6
VENEZUELA
Inversiones Dinsa, C.A
Avenida Principal de la Urbina, Calle 1 con Calle 2, Centro
Empresarial INECOM, Piso 1, La Urbina, Minicipio Sucre, 1070
Caracas
100
T.EN Velam, S.A.
Avenida Principal con Calle 1 y Calle 2, Centro Empresarial
INECOM, Piso 1, La Urbina, 1060Calle 1 con Calle 2, Centro
Empresarial INECOM, Piso 1, La Urbina
Caracas
100
VIETNAM
T.EN Vietnam Co., Ltd.
207A Nguyen Van Thu, Da Kao Ward, District 1
Ho Chi Minh City
100
31.2.Associates and joint-ventures
Company Name
Address
Interest held in %
as of December\u00a031,
2023
BAHRAIN
TTSJV W.L.L.
Block 215, Rd 1531, Bldg 1130, Flt.12
P.O.Box 28110
Muharraq
36
BOSNIA AND HERZEGOVINA
Petrolinvest, D.D. Sarajevo
Tvornicka 3, 71000 Sarajevo
33
BRAZIL
FSTP Brasil Ltda.
Rua Visconde de Inha\u00fama,
N.\u00ba 83 - 17\u00ba e 18\u00ba andares
Centro, Rio de Janeiro
25
FRANCE
CTEP France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
TP JGC Coral France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
T.EN JGC Coral Norte France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
JAPAN
CTEP Japan
Level 10, Hulic Minatomirai
1-1-7, Sakuragi-cho, Naka-ku
Yokohama-shi, Kanagawa
50
KAZAKHSTAN
TKJV LLP
Av. Abdirova, bld. 3, 100009, Karaganda city, Kazybek bi district
49.5
MEXICO
Ethylene XXI Contractors S.A.P.I. de C.V.
Blvd Manuel \u00c1vila Camacho N\u00famero 32, piso 6, oficina 677,
Col.\u00a0Lomas de Chapultepec, C.P. 11000, Ciudad de M\u00e9xico
40
Desarrolladora de Etileno, S. de R.L. de
C.V.
Blvd Manuel \u00c1vila Camacho N\u00famero 32, piso 6, oficina 677,
Col.\u00a0Lomas de Chapultepec, C.P. 11000, Ciudad de M\u00e9xico
40
MOZAMBIQUE
ENHL- TechnipFMC Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
51
JGC Fluor TechnipFMC Mozambique,
LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
33.33
TP JGC Coral Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
50
NETHERLANDS
Etileno XXI Holding B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
50
Etileno XXI Services B.V.
Beursplein 37, Office 869, 3011 AA Rotterdam
40
NORWAY
Marine Offshore AS
Vollsveien 17A , 1366, Lysaker
51
SAUDI ARABIA
Technip Italy S.p.A. & Dar Al Riyadh for
Engineering Consulting
P.O. Box 3596, Al-Khobar 34423
60
SINGAPORE
FSTP Pte Ltd
50 Gul Road, 629351 Singapore
25
Company Name
Address
Interest held in %
as of December\u00a031,
2023
UNITED ARAB EMIRATES
NT Energies LLC
Al Muroor Road, Guardian Office Tower
P.O. Box 7657
Abu Dhabi
49
Yemgas FZCO
Office no. LB03031
P.O. Box 17891
Jebel Ali Free Zone, Dubai
33.33
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-510": { "value": "
Note 4.Revenue
4.1.Principal revenue generating activities
As one of the largest E&T g roups by revenue, Technip
Energies Group offers what it characterizes as a full range of
design and project development services to its customers
spanning the downstream value chain, from early
engagement technical consulting through final acceptance
testing.
The Group\u2019s offering to its clients consists of Project Delivery
and Technology, Products & Services. Technip Energies Group
business focuses on the study, engineering, procurement,
construction, and project management of the entire range of
onshore and offshore facilities related to gas monetization,
refining, and chemical processing from biofuels and
hydrocarbons.
The majority of the Technip Energies Group revenue is from
long-term contracts associated with designing and
manufacturing products and systems and providing services
to customers involved in the energy sector.
Many of these contracts provide a combination of
engineering, procurement, construction, project management
and installation services, which may last several years.
Management has determined that contracts of this nature
generally have one performance obligation. In these
contracts, the final product is highly customized to the
specifications of the field and the customer\u2019s requirements.
Therefore, the customer obtains control of the asset over
time, and thus revenue is recognized over time.
These customized products do not have an alternative use
for the Technip Energies Group. The Group has an
enforceable right to payment plus reasonable profit for
performance completed to date.
4.2.Disaggregation of revenue
The Technip Energies Group disaggregates revenue from external customers as follows:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Project
Delivery
Technology,
Products &
Services
TOTAL
Project
Delivery
Technology,
Products &
Services
TOTAL
Europe & Russia
617.3
955.2
1,572.5
1,612.7
628.0
2,240.7
Africa & Middle East
2,421.9
270.5
2,692.4
2,157.5
221.4
2,378.9
Asia Pacific
676.0
354.7
1,030.7
723.4
316.3
1,039.7
Americas
368.4
339.6
708.0
390.7
232.3
623.0
TOTAL REVENUE
4,083.6
1,920.0
6,003.6
4,884.3
1,398.0
6,282.3
4.3.Contract balances
The following table provides information about net contract assets and liabilities as of December\u00a031, 2023, and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Change
% change
Contract assets
399.9
343.2
56.7
17%
Contract liabilities
3,014.8
3,154.8
(140.0)
(4%)
NET LIABILITIES
2,614.9
2,811.6
(196.7)
(7%)
To determine revenue recognized in the period from contract
liabilities, the Group allocates revenue to the individual
contract liability balance outstanding at the beginning of the
period until the revenue exceeds that balance. Revenue
recognized for the years ended December\u00a031, 2023, and 2022
that were included in the contract liabilities balance at
December\u00a031, 2022 and 2021 was \u20ac1,927.1\u00a0million and
\u20ac2,524.2\u00a0million, respectively.
Revenue recognized for the years ended December\u00a031, 2023,
and 2022 from the Technip Energies Group's performance
obligations satisfied in previous periods had a favorable
impact of \u20ac337.2\u00a0million and \u20ac133.2\u00a0million, respectively. This
primarily relates to changes in the estimate of the stage of
completion.
4.4.Transaction price allocated to the remaining unsatisfied performance obligations
Remaining unsatisfied performance obligations (\u201cbacklog\u201d)
represent the transaction price for products and services for
which we have an enforceable right but work has not been
performed. Transaction price of the backlog includes the
base transaction price, variable consideration, and changes in
transaction price. The backlog table does not include
contracts for which we recognize revenue at the amount to
which we have the right to invoice for services performed.
The transaction price of backlog related to unfilled,
confirmed customer orders is estimated at each reporting
date. As of December\u00a031, 2023, and 2022, the aggregate
amount of the transaction price allocated to backlog was
\u20ac15,677.3\u00a0million and \u20ac12,494.2\u00a0million, respectively.
The following table details the backlog as of December\u00a031, 2023:
(In millions)
December 31,
2024
December 31,
2025
December 31,
2026+
Total remaining unsatisfied performance obligations
5,079.0
4,061.2
6,537.1
The following table details the backlog as of December\u00a031, 2022:
(In millions)
December 31,
2023
December 31,
2024
December 31,
2025+
Total remaining unsatisfied performance obligations
5,345.7
4,009.9
3,138.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "value": "
Note 5.Impairment, restructuring and other expense
Impairment, restructuring and other expense is detailed as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Impairment costs
(0.4)
(12.7)
Restructuring and non-recurring income (expense)
(18.6)
11.1
Legal matters settlement
(16.2)
\u2014
Other
(9.8)
0.2
TOTAL IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSE
(45.0)
(1.4)
Impairment costs
As of December\u00a031, 2023 , the Group has recognized
impairment losses of \u20ac0.4\u00a0million. The impairment test
conducted on Goodwill is discussed in detail in Note 1.
Accounting principles and presented in Note 14. Goodwill and
intangible assets, net and concluded to the absence of
impairment.
During the year ended December\u00a031, 2022, three buildings
leased and used by the Group for its offices have been
impaired for an aggregate of \u20ac12.7\u00a0million.
Restructuring and non-recurring income (expense)
As of December\u00a031, 2023 , Restructuring and non-recurring
income (expense) included the loss recorded by the Group
relating to the disposal of its main Russian operating entity
and the exit of Arctic LNG 2 for \u20ac(9.2) million (for further
detail, please refer to Note 2. Changes in the scope of
consolidation), as well as severance costs. During the year
ended December\u00a031, 2022, restructuring and non-recurring
income (expense) were made of releases of provisions for
which risks expired, partially offset by severance costs.
Legal matters settlement
As of December\u00a031, 2023, legal matters settlement mostly
relates to the resolution of the Group\u2019s outstanding matters
with the French Parquet National Financier further detailed in
Note 29. Commitments and contingent liabilities. This is
partially offset by release of provisions for which risks
expired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "value": "
Note 6.Other operating income (expense), net
Total other income and expense, net is as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Foreign currency gain (loss)
7.4
(9.3)
Reinsurance income (expense)
6.5
7.6
Net gain (loss) from disposal of property, plant and equipment and intangible assets
0.5
(0.7)
Other
1.2
0.3
TOTAL OTHER OPERATING INCOME (EXPENSE), NET
15.6
(2.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "value": "
Note 9.Investment in equity affiliates
The carrying amounts of the Technip Energies Group's joint-ventures and associates accounted for under the equity method
amounted to \u20ac100.1\u00a0million and \u20ac106.3\u00a0million as of December\u00a031, 2023 and December\u00a031, 2022, respectively.
Summarized movements during the year:
(In millions of \u20ac)
December\u00a031,
2022
Share of
Income (Loss)
of equity
affiliates
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2023
Joint-ventures
86.2
0.4
(57.9)
(2.1)
(1.8)
59.8
84.6
Associates
20.1
(28.3)
\u2014
\u2014
0.4
23.3
15.5
TOTAL
106.3
(27.9)
(57.9)
(2.1)
(1.4)
83.1
100.1
(1) Other movements include reclassification of negative investment to liabilities.
(In millions of \u20ac)
December\u00a031,
2021
Share of
Income
(Loss) of
equity
affiliates
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2022
Joint-ventures
57.0
78.2
(52.8)
1.0
(1.1)
3.9
86.2
Associates
18.4
(0.1)
\u2014
\u2014
1.8
\u2014
20.1
TOTAL
75.4
78.1
(52.8)
1.0
0.7
3.9
106.3
(1) Other movements include reclassification of negative investment to liabilities.
The main equity investments were as follows as of December\u00a031, 2023, and December\u00a031, 2022:
December 31, 2023
December 31, 2022
(In\u00a0millions of \u20ac, except %)
Place of business/incorporation
Percentage
owned
Carrying
value
Percentage
owned
Carrying
value
ENI Coral FLNG
Mozambique, France
50.0%
42.9
50.0%
48.2
NFE
France, Japan
50.0%
32.4
50.0%
19.2
Novarctic
France, Russian Federation
\u2014%
\u2014
33.3%
9.0
BAPCO Sitra Refinery
Bahrain
36.0%
\u2014
36.0%
\u2014
Others
N/A
24.8
N/A
29.9
TOTAL
100.1
106.3
ENI Coral FLNG is an affiliated company in the form of a
joint-venture between Technip Energies, JGC Corporation,
Samsung Heavy Industries and TechnipFMC, all partners in
the TJS Consortium. ENI Coral FLNG was formed in 2017
when awarded a contract for the Engineering, Procurement,
Construction, Installation, Commissioning and Startup of the
Coral South FLNG facility.
With our partner Chiyoda Corporation, Technip Energies was
awarded a contract from Qatar Petroleum for the onshore
facilities of the North Field East Project for four liquefied
natural gas (LNG) trains and associated utility facilities (NFE
Project). To carry out our performance obligation under the
contract, various legal companies and arrangements have
been established, some of which qualify as joint operations
according to IFRS\u00a011 and are accounted at our proportionate
share of such operations and others are joint-ventures which
are accounted for using the equity method.
BAPCO Sitra Refinery is an affiliated company in the form of
a joint-venture between Technip Energies and Samsung
Engineering and T\u00e9cnicas Reunidas. BAPCO Sitra Refinery was
formed in 2018 when awarded a contract from Bahrain
Petroleum Company for the BAPCO Modernization Program
(BMP) for the expansion of the capacity of the existing Sitra
oil refinery in Bahrain's Eastern coast.
Novarctic was an affiliated company in the form of a joint-
venture between Technip Energies, Saipem and Nipigas. The
entity was formed in 2019 when awarded a contract from
Novatek for three liquefied natural gas (LNG) trains to
manage the construction located in the Gydan peninsula in
West Siberia, Russia. The 33.3% investment has been
accounted for using the equity method until its disposal by
the Group on May\u00a04, 2023 (please refer to Note 2. Changes in
the scope of consolidation).
The Technip Energies Group's total net profit from equity
affiliates and joint-ventures was \u20ac(27.9)\u00a0million and
\u20ac 78.1\u00a0million as of December\u00a031, 2023 and 2022, respectively.
The Technip Energies Group\u2019s dividends received from equity
affiliates and joint-ventures were \u20ac57.9\u00a0million and
\u20ac52.8\u00a0million as of December\u00a031, 2023, and 2022,
respectively.
The summarized financial information (at 100%) of investments in joint-ventures and associates is presented below for all
entities as well as separately for the main equity investments of the Group:
Summarized statement of financial position:
Total for all joint-ventures
and\u00a0associates
Coral, NFE, Novarctic(1)
and Bapco only
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
December\u00a031,
2023
December\u00a031,
2022
DATA AT 100%
Non-current assets
40.1
38.4
7.0
6.8
Other current assets
502.1
684.4
462.0
650.6
Cash and cash equivalents
642.8
1,204.2
483.6
1,041.4
Total current assets
1,144.9
1,888.6
945.6
1,692.0
Total non-current liabilities
31.2
34.8
6.4
11.3
Total current liabilities
1,189.2
1,640.2
972.8
1,539.4
Net assets at 100%
(35.4)
252.0
(26.6)
148.1
Net assets attributable to Technip Energies
Group
0.1
86.4
12.6
71.4
Negative investments reclassification
100.0
19.9
62.7
5.0
Investments in equity affiliates
100.1
106.3
75.3
76.4
(1) For Novarctic, for the year ended December 31, 2022 only.
Summarized statement of total comprehensive income:
Total for all joint-ventures
and\u00a0associates
Coral, NFE, Novarctic(1)
and Bapco only
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
December\u00a031,
2023
December\u00a031,
2022
DATA AT 100%
Revenue
1,894.1
2,534.6
1,840.1
2,496.2
Depreciation and amortization
(3.4)
(3.8)
(1.3)
(2.4)
Financial income
33.7
68.5
25.5
59.1
Financial expense
(1.1)
(54.8)
\u2014
(49.9)
Income tax (expense)/profit
(2.2)
(35.1)
0.9
(32.9)
Net profit (loss)
(161.4)
163.4
(49.0)
168.5
Other comprehensive income
(2.9)
5.8
(2.4)
(1.2)
TOTAL COMPREHENSIVE INCOME (LOSS)
(164.3)
169.2
(51.4)
167.3
(1) For Novarctic, until its disposal by the Group on May 4, 2023 (please refer to Note 2. Changes in the scope of consolidation).
2.Associates and joint-ventures
Company Name
Address
Interest held in %
as of December\u00a031,
2023
BAHRAIN
TTSJV W.L.L.
Block 215, Rd 1531, Bldg 1130, Flt.12
P.O.Box 28110
Muharraq
36
BOSNIA AND HERZEGOVINA
Petrolinvest, D.D. Sarajevo
Tvornicka 3, 71000 Sarajevo
33
BRAZIL
FSTP Brasil Ltda.
Rua Visconde de Inha\u00fama,
N.\u00ba 83 - 17\u00ba e 18\u00ba andares
Centro, Rio de Janeiro
25
FRANCE
CTEP France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
TP JGC Coral France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
T.EN JGC Coral Norte France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
JAPAN
CTEP Japan
Level 10, Hulic Minatomirai
1-1-7, Sakuragi-cho, Naka-ku
Yokohama-shi, Kanagawa
50
KAZAKHSTAN
TKJV LLP
Av. Abdirova, bld. 3, 100009, Karaganda city, Kazybek bi district
49.5
MEXICO
Ethylene XXI Contractors S.A.P.I. de C.V.
Blvd Manuel \u00c1vila Camacho N\u00famero 32, piso 6, oficina 677,
Col.\u00a0Lomas de Chapultepec, C.P. 11000, Ciudad de M\u00e9xico
40
Desarrolladora de Etileno, S. de R.L. de
C.V.
Blvd Manuel \u00c1vila Camacho N\u00famero 32, piso 6, oficina 677,
Col.\u00a0Lomas de Chapultepec, C.P. 11000, Ciudad de M\u00e9xico
40
MOZAMBIQUE
ENHL- TechnipFMC Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
51
JGC Fluor TechnipFMC Mozambique,
LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
33.33
TP JGC Coral Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
50
NETHERLANDS
Etileno XXI Holding B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
50
Etileno XXI Services B.V.
Beursplein 37, Office 869, 3011 AA Rotterdam
40
NORWAY
Marine Offshore AS
Vollsveien 17A , 1366, Lysaker
51
SAUDI ARABIA
Technip Italy S.p.A. & Dar Al Riyadh for
Engineering Consulting
P.O. Box 3596, Al-Khobar 34423
60
SINGAPORE
FSTP Pte Ltd
50 Gul Road, 629351 Singapore
25
Company Name
Address
Interest held in %
as of December\u00a031,
2023
UNITED ARAB EMIRATES
NT Energies LLC
Al Muroor Road, Guardian Office Tower
P.O. Box 7657
Abu Dhabi
49
Yemgas FZCO
Office no. LB03031
P.O. Box 17891
Jebel Ali Free Zone, Dubai
33.33
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "value": "
The carrying amounts of the Technip Energies Group's joint-ventures and associates accounted for under the equity method
amounted to \u20ac100.1\u00a0million and \u20ac106.3\u00a0million as of December\u00a031, 2023 and December\u00a031, 2022, respectively.
Summarized movements during the year:
(In millions of \u20ac)
December\u00a031,
2022
Share of
Income (Loss)
of equity
affiliates
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2023
Joint-ventures
86.2
0.4
(57.9)
(2.1)
(1.8)
59.8
84.6
Associates
20.1
(28.3)
\u2014
\u2014
0.4
23.3
15.5
TOTAL
106.3
(27.9)
(57.9)
(2.1)
(1.4)
83.1
100.1
(1) Other movements include reclassification of negative investment to liabilities.
(In millions of \u20ac)
December\u00a031,
2021
Share of
Income
(Loss) of
equity
affiliates
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2022
Joint-ventures
57.0
78.2
(52.8)
1.0
(1.1)
3.9
86.2
Associates
18.4
(0.1)
\u2014
\u2014
1.8
\u2014
20.1
TOTAL
75.4
78.1
(52.8)
1.0
0.7
3.9
106.3
(1) Other movements include reclassification of negative investment to liabilities.
The main equity investments were as follows as of December\u00a031, 2023, and December\u00a031, 2022:
December 31, 2023
December 31, 2022
(In\u00a0millions of \u20ac, except %)
Place of business/incorporation
Percentage
owned
Carrying
value
Percentage
owned
Carrying
value
ENI Coral FLNG
Mozambique, France
50.0%
42.9
50.0%
48.2
NFE
France, Japan
50.0%
32.4
50.0%
19.2
Novarctic
France, Russian Federation
\u2014%
\u2014
33.3%
9.0
BAPCO Sitra Refinery
Bahrain
36.0%
\u2014
36.0%
\u2014
Others
N/A
24.8
N/A
29.9
TOTAL
100.1
106.3
ENI Coral FLNG is an affiliated company in the form of a
joint-venture between Technip Energies, JGC Corporation,
Samsung Heavy Industries and TechnipFMC, all partners in
the TJS Consortium. ENI Coral FLNG was formed in 2017
when awarded a contract for the Engineering, Procurement,
Construction, Installation, Commissioning and Startup of the
Coral South FLNG facility.
With our partner Chiyoda Corporation, Technip Energies was
awarded a contract from Qatar Petroleum for the onshore
facilities of the North Field East Project for four liquefied
natural gas (LNG) trains and associated utility facilities (NFE
Project). To carry out our performance obligation under the
contract, various legal companies and arrangements have
been established, some of which qualify as joint operations
according to IFRS\u00a011 and are accounted at our proportionate
share of such operations and others are joint-ventures which
are accounted for using the equity method.
BAPCO Sitra Refinery is an affiliated company in the form of
a joint-venture between Technip Energies and Samsung
Engineering and T\u00e9cnicas Reunidas. BAPCO Sitra Refinery was
formed in 2018 when awarded a contract from Bahrain
Petroleum Company for the BAPCO Modernization Program
(BMP) for the expansion of the capacity of the existing Sitra
oil refinery in Bahrain's Eastern coast.
Novarctic was an affiliated company in the form of a joint-
venture between Technip Energies, Saipem and Nipigas. The
entity was formed in 2019 when awarded a contract from
Novatek for three liquefied natural gas (LNG) trains to
manage the construction located in the Gydan peninsula in
West Siberia, Russia. The 33.3% investment has been
accounted for using the equity method until its disposal by
the Group on May\u00a04, 2023 (please refer to Note 2. Changes in
the scope of consolidation).
The Technip Energies Group's total net profit from equity
affiliates and joint-ventures was \u20ac(27.9)\u00a0million and
\u20ac 78.1\u00a0million as of December\u00a031, 2023 and 2022, respectively.
The Technip Energies Group\u2019s dividends received from equity
affiliates and joint-ventures were \u20ac57.9\u00a0million and
\u20ac52.8\u00a0million as of December\u00a031, 2023, and 2022,
respectively.
The summarized financial information (at 100%) of investments in joint-ventures and associates is presented below for all
entities as well as separately for the main equity investments of the Group:
Summarized statement of financial position:
Total for all joint-ventures
and\u00a0associates
Coral, NFE, Novarctic(1)
and Bapco only
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
December\u00a031,
2023
December\u00a031,
2022
DATA AT 100%
Non-current assets
40.1
38.4
7.0
6.8
Other current assets
502.1
684.4
462.0
650.6
Cash and cash equivalents
642.8
1,204.2
483.6
1,041.4
Total current assets
1,144.9
1,888.6
945.6
1,692.0
Total non-current liabilities
31.2
34.8
6.4
11.3
Total current liabilities
1,189.2
1,640.2
972.8
1,539.4
Net assets at 100%
(35.4)
252.0
(26.6)
148.1
Net assets attributable to Technip Energies
Group
0.1
86.4
12.6
71.4
Negative investments reclassification
100.0
19.9
62.7
5.0
Investments in equity affiliates
100.1
106.3
75.3
76.4
(1) For Novarctic, for the year ended December 31, 2022 only.
Summarized statement of total comprehensive income:
Total for all joint-ventures
and\u00a0associates
Coral, NFE, Novarctic(1)
and Bapco only
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
December\u00a031,
2023
December\u00a031,
2022
DATA AT 100%
Revenue
1,894.1
2,534.6
1,840.1
2,496.2
Depreciation and amortization
(3.4)
(3.8)
(1.3)
(2.4)
Financial income
33.7
68.5
25.5
59.1
Financial expense
(1.1)
(54.8)
\u2014
(49.9)
Income tax (expense)/profit
(2.2)
(35.1)
0.9
(32.9)
Net profit (loss)
(161.4)
163.4
(49.0)
168.5
Other comprehensive income
(2.9)
5.8
(2.4)
(1.2)
TOTAL COMPREHENSIVE INCOME (LOSS)
(164.3)
169.2
(51.4)
167.3
(1) For Novarctic, until its disposal by the Group on May 4, 2023 (please refer to Note 2. Changes in the scope of consolidation).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "value": "
The carrying amounts of the Technip Energies Group's joint-ventures and associates accounted for under the equity method
amounted to \u20ac100.1\u00a0million and \u20ac106.3\u00a0million as of December\u00a031, 2023 and December\u00a031, 2022, respectively.
Summarized movements during the year:
(In millions of \u20ac)
December\u00a031,
2022
Share of
Income (Loss)
of equity
affiliates
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2023
Joint-ventures
86.2
0.4
(57.9)
(2.1)
(1.8)
59.8
84.6
Associates
20.1
(28.3)
\u2014
\u2014
0.4
23.3
15.5
TOTAL
106.3
(27.9)
(57.9)
(2.1)
(1.4)
83.1
100.1
(1) Other movements include reclassification of negative investment to liabilities.
(In millions of \u20ac)
December\u00a031,
2021
Share of
Income
(Loss) of
equity
affiliates
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2022
Joint-ventures
57.0
78.2
(52.8)
1.0
(1.1)
3.9
86.2
Associates
18.4
(0.1)
\u2014
\u2014
1.8
\u2014
20.1
TOTAL
75.4
78.1
(52.8)
1.0
0.7
3.9
106.3
(1) Other movements include reclassification of negative investment to liabilities.
The main equity investments were as follows as of December\u00a031, 2023, and December\u00a031, 2022:
December 31, 2023
December 31, 2022
(In\u00a0millions of \u20ac, except %)
Place of business/incorporation
Percentage
owned
Carrying
value
Percentage
owned
Carrying
value
ENI Coral FLNG
Mozambique, France
50.0%
42.9
50.0%
48.2
NFE
France, Japan
50.0%
32.4
50.0%
19.2
Novarctic
France, Russian Federation
\u2014%
\u2014
33.3%
9.0
BAPCO Sitra Refinery
Bahrain
36.0%
\u2014
36.0%
\u2014
Others
N/A
24.8
N/A
29.9
TOTAL
100.1
106.3
ENI Coral FLNG is an affiliated company in the form of a
joint-venture between Technip Energies, JGC Corporation,
Samsung Heavy Industries and TechnipFMC, all partners in
the TJS Consortium. ENI Coral FLNG was formed in 2017
when awarded a contract for the Engineering, Procurement,
Construction, Installation, Commissioning and Startup of the
Coral South FLNG facility.
With our partner Chiyoda Corporation, Technip Energies was
awarded a contract from Qatar Petroleum for the onshore
facilities of the North Field East Project for four liquefied
natural gas (LNG) trains and associated utility facilities (NFE
Project). To carry out our performance obligation under the
contract, various legal companies and arrangements have
been established, some of which qualify as joint operations
according to IFRS\u00a011 and are accounted at our proportionate
share of such operations and others are joint-ventures which
are accounted for using the equity method.
BAPCO Sitra Refinery is an affiliated company in the form of
a joint-venture between Technip Energies and Samsung
Engineering and T\u00e9cnicas Reunidas. BAPCO Sitra Refinery was
formed in 2018 when awarded a contract from Bahrain
Petroleum Company for the BAPCO Modernization Program
(BMP) for the expansion of the capacity of the existing Sitra
oil refinery in Bahrain's Eastern coast.
Novarctic was an affiliated company in the form of a joint-
venture between Technip Energies, Saipem and Nipigas. The
entity was formed in 2019 when awarded a contract from
Novatek for three liquefied natural gas (LNG) trains to
manage the construction located in the Gydan peninsula in
West Siberia, Russia. The 33.3% investment has been
accounted for using the equity method until its disposal by
the Group on May\u00a04, 2023 (please refer to Note 2. Changes in
the scope of consolidation).
The Technip Energies Group's total net profit from equity
affiliates and joint-ventures was \u20ac(27.9)\u00a0million and
\u20ac 78.1\u00a0million as of December\u00a031, 2023 and 2022, respectively.
The Technip Energies Group\u2019s dividends received from equity
affiliates and joint-ventures were \u20ac57.9\u00a0million and
\u20ac52.8\u00a0million as of December\u00a031, 2023, and 2022,
respectively.
The summarized financial information (at 100%) of investments in joint-ventures and associates is presented below for all
entities as well as separately for the main equity investments of the Group:
Summarized statement of financial position:
Total for all joint-ventures
and\u00a0associates
Coral, NFE, Novarctic(1)
and Bapco only
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
December\u00a031,
2023
December\u00a031,
2022
DATA AT 100%
Non-current assets
40.1
38.4
7.0
6.8
Other current assets
502.1
684.4
462.0
650.6
Cash and cash equivalents
642.8
1,204.2
483.6
1,041.4
Total current assets
1,144.9
1,888.6
945.6
1,692.0
Total non-current liabilities
31.2
34.8
6.4
11.3
Total current liabilities
1,189.2
1,640.2
972.8
1,539.4
Net assets at 100%
(35.4)
252.0
(26.6)
148.1
Net assets attributable to Technip Energies
Group
0.1
86.4
12.6
71.4
Negative investments reclassification
100.0
19.9
62.7
5.0
Investments in equity affiliates
100.1
106.3
75.3
76.4
(1) For Novarctic, for the year ended December 31, 2022 only.
Summarized statement of total comprehensive income:
Total for all joint-ventures
and\u00a0associates
Coral, NFE, Novarctic(1)
and Bapco only
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
December\u00a031,
2023
December\u00a031,
2022
DATA AT 100%
Revenue
1,894.1
2,534.6
1,840.1
2,496.2
Depreciation and amortization
(3.4)
(3.8)
(1.3)
(2.4)
Financial income
33.7
68.5
25.5
59.1
Financial expense
(1.1)
(54.8)
\u2014
(49.9)
Income tax (expense)/profit
(2.2)
(35.1)
0.9
(32.9)
Net profit (loss)
(161.4)
163.4
(49.0)
168.5
Other comprehensive income
(2.9)
5.8
(2.4)
(1.2)
TOTAL COMPREHENSIVE INCOME (LOSS)
(164.3)
169.2
(51.4)
167.3
(1) For Novarctic, until its disposal by the Group on May 4, 2023 (please refer to Note 2. Changes in the scope of consolidation).
2.Associates and joint-ventures
Company Name
Address
Interest held in %
as of December\u00a031,
2023
BAHRAIN
TTSJV W.L.L.
Block 215, Rd 1531, Bldg 1130, Flt.12
P.O.Box 28110
Muharraq
36
BOSNIA AND HERZEGOVINA
Petrolinvest, D.D. Sarajevo
Tvornicka 3, 71000 Sarajevo
33
BRAZIL
FSTP Brasil Ltda.
Rua Visconde de Inha\u00fama,
N.\u00ba 83 - 17\u00ba e 18\u00ba andares
Centro, Rio de Janeiro
25
FRANCE
CTEP France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
TP JGC Coral France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
T.EN JGC Coral Norte France SNC
2126 boulevard de la D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
JAPAN
CTEP Japan
Level 10, Hulic Minatomirai
1-1-7, Sakuragi-cho, Naka-ku
Yokohama-shi, Kanagawa
50
KAZAKHSTAN
TKJV LLP
Av. Abdirova, bld. 3, 100009, Karaganda city, Kazybek bi district
49.5
MEXICO
Ethylene XXI Contractors S.A.P.I. de C.V.
Blvd Manuel \u00c1vila Camacho N\u00famero 32, piso 6, oficina 677,
Col.\u00a0Lomas de Chapultepec, C.P. 11000, Ciudad de M\u00e9xico
40
Desarrolladora de Etileno, S. de R.L. de
C.V.
Blvd Manuel \u00c1vila Camacho N\u00famero 32, piso 6, oficina 677,
Col.\u00a0Lomas de Chapultepec, C.P. 11000, Ciudad de M\u00e9xico
40
MOZAMBIQUE
ENHL- TechnipFMC Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
51
JGC Fluor TechnipFMC Mozambique,
LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
33.33
TP JGC Coral Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
50
NETHERLANDS
Etileno XXI Holding B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
50
Etileno XXI Services B.V.
Beursplein 37, Office 869, 3011 AA Rotterdam
40
NORWAY
Marine Offshore AS
Vollsveien 17A , 1366, Lysaker
51
SAUDI ARABIA
Technip Italy S.p.A. & Dar Al Riyadh for
Engineering Consulting
P.O. Box 3596, Al-Khobar 34423
60
SINGAPORE
FSTP Pte Ltd
50 Gul Road, 629351 Singapore
25
Company Name
Address
Interest held in %
as of December\u00a031,
2023
UNITED ARAB EMIRATES
NT Energies LLC
Al Muroor Road, Guardian Office Tower
P.O. Box 7657
Abu Dhabi
49
Yemgas FZCO
Office no. LB03031
P.O. Box 17891
Jebel Ali Free Zone, Dubai
33.33
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-516": { "value": "78100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500FLODI49NSCIP70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-517": { "value": "
Note 10.Financial income (expense)
Total financial income was as follows for the years ended December\u00a031, 2023 , and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Interest income
116.2
41.1
Dividends from non-consolidated investments
0.6
0.4
Other financial income
2.0
6.5
TOTAL FINANCIAL INCOME
118.8
48.0
Interest income reached \u20ac116.2\u00a0million and \u20ac41.1 \u00a0million as of December\u00a031, 2023, and 2022 , respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates during 2023.
Total financial expense was as follows for the years ended December\u00a031, 2023 , and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Interest expense
(18.3)
(22.5)
Employee benefit interest expense
(4.1)
(1.4)
Redeemable financial liability fair value
(12.2)
(154.1)
Other financial expense
(19.3)
(10.2)
TOTAL FINANCIAL EXPENSE
(53.9)
(188.2)
Total financial expense was mainly composed of \u20ac12.2 million
and \u20ac154.1\u00a0million as of December\u00a031, 2023, and 2022,
respectively, related to the Yamal redeemable financial
liability fair value (Note. 26).
Interest expense included lease interest for \u20ac4.3\u00a0million and
\u20ac4.6\u00a0million as of December\u00a031, 2023 , and 2022, respectively.
Other financial expense included fair value of quoted equity
instruments for \u20ac10.1\u00a0million and \u20ac6.0\u00a0million as of
December\u00a031, 2023 , and 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "value": "
Total financial income was as follows for the years ended December\u00a031, 2023 , and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Interest income
116.2
41.1
Dividends from non-consolidated investments
0.6
0.4
Other financial income
2.0
6.5
TOTAL FINANCIAL INCOME
118.8
48.0
Interest income reached \u20ac116.2\u00a0million and \u20ac41.1 \u00a0million as of December\u00a031, 2023, and 2022 , respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates during 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-520": { "value": "
Interest income reached \u20ac116.2\u00a0million and \u20ac41.1 \u00a0million as of December\u00a031, 2023, and 2022 , respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates during 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-519": { "value": "
Interest income reached \u20ac116.2\u00a0million and \u20ac41.1 \u00a0million as of December\u00a031, 2023, and 2022 , respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates during 2023.
Interest expense included lease interest for \u20ac4.3\u00a0million and
\u20ac4.6\u00a0million as of December\u00a031, 2023 , and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "value": "
Total financial expense was as follows for the years ended December\u00a031, 2023 , and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Interest expense
(18.3)
(22.5)
Employee benefit interest expense
(4.1)
(1.4)
Redeemable financial liability fair value
(12.2)
(154.1)
Other financial expense
(19.3)
(10.2)
TOTAL FINANCIAL EXPENSE
(53.9)
(188.2)
Total financial expense was mainly composed of \u20ac12.2 million
and \u20ac154.1\u00a0million as of December\u00a031, 2023, and 2022,
respectively, related to the Yamal redeemable financial
liability fair value (Note. 26).
Interest expense included lease interest for \u20ac4.3\u00a0million and
\u20ac4.6\u00a0million as of December\u00a031, 2023 , and 2022, respectively.
Other financial expense included fair value of quoted equity
instruments for \u20ac10.1\u00a0million and \u20ac6.0\u00a0million as of
December\u00a031, 2023 , and 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "value": "
Interest expense included lease interest for \u20ac4.3\u00a0million and
\u20ac4.6\u00a0million as of December\u00a031, 2023 , and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-523": { "value": "
Note 11.Expenses by nature
Operating expenses by nature
Total operating expenses by nature were as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Wages, salaries and other pension costs
(1,343.8)
(1,334.1)
Depreciation and amortization
(94.7)
(127.3)
Purchases, external charges and other expenses
(4,113.0)
(4,317.0)
TOTAL COSTS AND EXPENSES
(5,551.5)
(5,778.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-524": { "value": "
Note 12.Payroll staff
As of December\u00a031, 2023 , and 2022 , the Technip Energies Group employed 15,498 and 14,515 full-time employees, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-525": { "value": "
Note 13.Income tax
13.1.Income tax expense
Technip\u00a0Energies\u00a0N.V. is incorporated in the Netherlands.
However, for income tax purposes Technip\u00a0Energies\u00a0N.V. is
resident in France where its effective place of management
is located and where some of its main entities operate.
Therefore, Technip\u00a0Energies\u00a0N.V. earnings are subject to tax
at the French statutory tax rate of 25.83%.
The following table provides details of current and deferred income taxes recognized for 2023 and 2022:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Current income tax (expense)/profit
(151.9)
(91.6)
Deferred income tax (expense)/profit
6.4
(36.0)
INCOME TAX (EXPENSE)/PROFIT AS RECOGNIZED
IN THE CONSOLIDATED STATEMENT OF INCOME
(145.5)
(127.6)
Income tax (expense)/profit as recognized in consolidated statement of other
comprehensive income at opening
(5.7)
5.6
Deferred income tax recognized in other comprehensive income during the year
2.5
(11.3)
INCOME TAX (EXPENSE)/PROFIT AS RECOGNIZED
IN CONSOLIDATED STATEMENT OF\u00a0OTHER COMPREHENSIVE INCOME
(3.2)
(5.7)
Current income tax includes mainly corporate income tax due in the jurisdictions where the Group operates, but also local
state taxes and other contributions assimilated to income tax such as the Italian IRAP or the French CVAE. It also includes
taxes withheld on foreign source income when they are not creditable against income tax.
13.2.Income tax reconciliation
The reconciliation between taxes calculated using the statutory tax rate applicable to Technip\u00a0Energies\u00a0N.V. and the amount of
tax effectively recognized in the statement of income is as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Net profit (loss)
343.6
314.2
Income tax (expense)/profit
(145.5)
(127.6)
Profit (loss) before income tax
489.1
441.8
Tax at the Technip Energies' tax rate of 25.83%
(126.3)
(114.1)
Difference between Technip Energies N.V. and affiliates tax rates
23.0
9.2
Non creditable foreign taxes
(11.8)
(2.5)
Lump sum taxes classified as income taxes
(5.9)
(7.2)
Non-deductible expenses for tax purposes
(9.0)
(1.6)
Net change in tax contingencies
3.9
(4.0)
Adjustments on prior year taxes
(2.8)
2.3
Net change in deferred tax assets recognized
(17.3)
(13.1)
Share of profit (loss) of equity-accounted investees
1.3
11.2
IFRS adjustments with no tax impact
(3.2)
(8.4)
Deferred tax impact related to change in tax rate
2.3
(0.1)
Other
0.3
0.7
Effective income tax (expense)/profit
(145.5)
(127.6)
Effective tax rate
29.7%
28.9%
INCOME TAX (EXPENSE)/PROFIT AS RECOGNIZED
IN THE CONSOLIDATED STATEMENT OF INCOME
(145.5)
(127.6)
13.3.Deferred income tax
Significant components of deferred tax assets and liabilities are shown in the following table:
(In millions of \u20ac)
December\u00a031,
2022
Recognized in
Statement of
Income
Recognized in
Statement
of OCI
Net foreign
exchange
difference
Other
December\u00a031,
2023
Tax losses and tax credits
26.1
7.1
\u2014
(0.8)
(1.2)
31.2
Foreign exchange derivatives
5.1
0.2
0.7
0.4
2.0
8.4
Defined benefit pension obligation
30.2
2.1
1.9
(0.2)
0.8
34.8
Contingencies
22.0
(4.9)
\u2014
(0.3)
(2.7)
14.1
Revenue recognition
57.0
26.2
\u2014
(0.9)
1.4
83.7
Intangible and other assets
6.1
9.4
\u2014
(0.2)
0.8
16.1
Lease liabilities
60.1
(6.1)
\u2014
\u2014
\u2014
54.0
Other
2.9
1.0
\u2014
(0.2)
(1.8)
1.9
Offsetting
(68.9)
6.0
(0.5)
\u2014
(44.2)
(107.6)
Total deferred income tax assets
140.6
41.0
2.1
(2.2)
(44.9)
136.6
Foreign exchange derivatives
(13.8)
5.7
(1.2)
\u2014
(1.7)
(11.0)
Defined benefit pension obligation
(1.2)
(0.4)
0.1
\u2014
(1.1)
(2.6)
Contingencies
(0.1)
(1.9)
\u2014
\u2014
1.4
(0.6)
Revenue recognition
(2.8)
(31.5)
\u2014
0.5
(2.1)
(35.9)
Intangible and other assets
(14.9)
(6.1)
\u2014
0.7
(0.4)
(20.7)
Right-of-use assets
(56.7)
5.9
\u2014
\u2014
\u2014
(50.8)
Other
(2.1)
(0.3)
\u2014
\u2014
1.9
(0.5)
Offsetting
68.9
(6.0)
0.5
\u2014
44.2
107.6
Total deferred income tax
liabilities
(22.7)
(34.6)
(0.6)
1.2
42.2
(14.5)
DEFERRED INCOME TAX ASSETS
(LIABILITIES), NET
117.9
6.4
1.5
(1.0)
(2.7)
122.1
(In millions of \u20ac)
December\u00a031,
2021
Recognized in
statement of
Income
Recognized in
Statement
of OCI
Net foreign
exchange
difference
Other
December\u00a031,
2022
Tax losses and tax credits
35.9
(9.7)
\u2014
(0.1)
\u2014
26.1
Foreign exchange derivatives
5.4
3.2
(10.7)
0.1
7.1
5.1
Defined benefit pension obligation
30.6
1.5
(1.2)
0.5
(1.2)
30.2
Contingencies
40.9
(15.0)
\u2014
0.4
(4.3)
22.0
Revenue recognition
57.4
(13.3)
\u2014
1.0
11.9
57.0
Intangible and other assets
\u2014
3.6
\u2014
0.2
6.0
9.8
Other
\u2014
1.2
\u2014
0.8
0.9
2.9
Offsetting
\u2014
\u2014
\u2014
\u2014
(12.5)
(12.5)
Total deferred income tax assets
170.2
(28.5)
(11.9)
2.9
7.9
140.6
Foreign exchange derivatives
\u2014
(5.0)
1.0
(0.5)
(9.3)
(13.8)
Defined benefit pension obligation
\u2014
(1.7)
(0.4)
(0.1)
1.0
(1.2)
Contingencies
\u2014
(4.1)
\u2014
(0.4)
4.4
(0.1)
Revenue recognition
\u2014
5.1
\u2014
1.1
(9.0)
(2.8)
Intangible and other assets
(6.9)
\u2014
\u2014
(1.3)
(7.0)
(15.2)
Other
1.7
(1.8)
\u2014
(0.2)
(1.8)
(2.1)
Offsetting
\u2014
\u2014
\u2014
\u2014
12.5
12.5
Total deferred income tax
liabilities
(5.2)
(7.5)
0.6
(1.4)
(9.2)
(22.7)
DEFERRED INCOME TAX ASSETS
(LIABILITIES), NET
165.0
(36.0)
(11.3)
1.5
(1.3)
117.9
13.4.Tax losses and tax credits
Deferred tax assets are recognized for tax losses and tax
credits to the extent that the realization of the related tax
benefit through offset against future taxable profit is
probable.
As of December\u00a031, 2023, and 2022, deferred tax assets
excluded certain tax benefits related to net operating loss
carry-forwards, notably in Saudi Arabia and Germany.
Management believes it is more likely than not that we will
not be able to utilize certain of these operating loss carry-
forwards.
These unrecognized deferred tax assets amounted to
\u20ac90.2\u00a0million and \u20ac83.3\u00a0million as of December\u00a031, 2023, and
2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-526": { "value": "
13.3.Deferred income tax
Significant components of deferred tax assets and liabilities are shown in the following table:
(In millions of \u20ac)
December\u00a031,
2022
Recognized in
Statement of
Income
Recognized in
Statement
of OCI
Net foreign
exchange
difference
Other
December\u00a031,
2023
Tax losses and tax credits
26.1
7.1
\u2014
(0.8)
(1.2)
31.2
Foreign exchange derivatives
5.1
0.2
0.7
0.4
2.0
8.4
Defined benefit pension obligation
30.2
2.1
1.9
(0.2)
0.8
34.8
Contingencies
22.0
(4.9)
\u2014
(0.3)
(2.7)
14.1
Revenue recognition
57.0
26.2
\u2014
(0.9)
1.4
83.7
Intangible and other assets
6.1
9.4
\u2014
(0.2)
0.8
16.1
Lease liabilities
60.1
(6.1)
\u2014
\u2014
\u2014
54.0
Other
2.9
1.0
\u2014
(0.2)
(1.8)
1.9
Offsetting
(68.9)
6.0
(0.5)
\u2014
(44.2)
(107.6)
Total deferred income tax assets
140.6
41.0
2.1
(2.2)
(44.9)
136.6
Foreign exchange derivatives
(13.8)
5.7
(1.2)
\u2014
(1.7)
(11.0)
Defined benefit pension obligation
(1.2)
(0.4)
0.1
\u2014
(1.1)
(2.6)
Contingencies
(0.1)
(1.9)
\u2014
\u2014
1.4
(0.6)
Revenue recognition
(2.8)
(31.5)
\u2014
0.5
(2.1)
(35.9)
Intangible and other assets
(14.9)
(6.1)
\u2014
0.7
(0.4)
(20.7)
Right-of-use assets
(56.7)
5.9
\u2014
\u2014
\u2014
(50.8)
Other
(2.1)
(0.3)
\u2014
\u2014
1.9
(0.5)
Offsetting
68.9
(6.0)
0.5
\u2014
44.2
107.6
Total deferred income tax
liabilities
(22.7)
(34.6)
(0.6)
1.2
42.2
(14.5)
DEFERRED INCOME TAX ASSETS
(LIABILITIES), NET
117.9
6.4
1.5
(1.0)
(2.7)
122.1
(In millions of \u20ac)
December\u00a031,
2021
Recognized in
statement of
Income
Recognized in
Statement
of OCI
Net foreign
exchange
difference
Other
December\u00a031,
2022
Tax losses and tax credits
35.9
(9.7)
\u2014
(0.1)
\u2014
26.1
Foreign exchange derivatives
5.4
3.2
(10.7)
0.1
7.1
5.1
Defined benefit pension obligation
30.6
1.5
(1.2)
0.5
(1.2)
30.2
Contingencies
40.9
(15.0)
\u2014
0.4
(4.3)
22.0
Revenue recognition
57.4
(13.3)
\u2014
1.0
11.9
57.0
Intangible and other assets
\u2014
3.6
\u2014
0.2
6.0
9.8
Other
\u2014
1.2
\u2014
0.8
0.9
2.9
Offsetting
\u2014
\u2014
\u2014
\u2014
(12.5)
(12.5)
Total deferred income tax assets
170.2
(28.5)
(11.9)
2.9
7.9
140.6
Foreign exchange derivatives
\u2014
(5.0)
1.0
(0.5)
(9.3)
(13.8)
Defined benefit pension obligation
\u2014
(1.7)
(0.4)
(0.1)
1.0
(1.2)
Contingencies
\u2014
(4.1)
\u2014
(0.4)
4.4
(0.1)
Revenue recognition
\u2014
5.1
\u2014
1.1
(9.0)
(2.8)
Intangible and other assets
(6.9)
\u2014
\u2014
(1.3)
(7.0)
(15.2)
Other
1.7
(1.8)
\u2014
(0.2)
(1.8)
(2.1)
Offsetting
\u2014
\u2014
\u2014
\u2014
12.5
12.5
Total deferred income tax
liabilities
(5.2)
(7.5)
0.6
(1.4)
(9.2)
(22.7)
DEFERRED INCOME TAX ASSETS
(LIABILITIES), NET
165.0
(36.0)
(11.3)
1.5
(1.3)
117.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-527": { "value": "
Note 17.Other assets (non-current and current)
Other non-current assets are as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Financial assets at amortized cost, gross
42.0
54.9
Impairment allowance of financial assets at amortized cost
(3.4)
(1.5)
Non-current financial assets at amortized cost, net
38.6
53.4
Financial assets at fair value through OCI, gross
104.7
15.0
Non-current financial assets at fair value through OCI, net
104.7
15.0
Quoted equity instruments at FVTPL
24.4
24.4
Fair value adjustment
(9.4)
0.7
Non-current financial assets at FVTPL, net
15.0
25.1
Derivative assets
5.4
6.2
Other lease receivable
2.0
1.9
Other non-current assets, total
7.4
8.1
TOTAL OTHER NON-CURRENT ASSETS
165.7
101.6
Other current assets are as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Value added and other tax receivables
224.4
158.7
Other receivables
51.8
88.5
Prepaid expenses
54.9
44.1
Derivative assets
15.3
19.9
Other
32.6
26.4
TOTAL OTHER CURRENT ASSETS
379.0
337.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "value": "on-current assets are as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Financial assets at amortized cost, gross
42.0
54.9
Impairment allowance of financial assets at amortized cost
(3.4)
(1.5)
Non-current financial assets at amortized cost, net
38.6
53.4
Financial assets at fair value through OCI, gross
104.7
15.0
Non-current financial assets at fair value through OCI, net
104.7
15.0
Quoted equity instruments at FVTPL
24.4
24.4
Fair value adjustment
(9.4)
0.7
Non-current financial assets at FVTPL, net
15.0
25.1
Derivative assets
5.4
6.2
Other lease receivable
2.0
1.9
Other non-current assets, total
7.4
8.1
TOTAL OTHER NON-CURRENT ASSETS
165.7
101.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-529": { "value": "urrent assets are as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Value added and other tax receivables
224.4
158.7
Other receivables
51.8
88.5
Prepaid expenses
54.9
44.1
Derivative assets
15.3
19.9
Other
32.6
26.4
TOTAL OTHER CURRENT ASSETS
379.0
337.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-530": { "value": "
Valuation allowances for trade receivables and contract assets have changed as shown in the following table:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Trade receivables
Contract assets
Trade receivables
Contract assets
Gross amount
1,356.7
400.6
1,428.8
343.6
Opening loss allowance
(141.4)
(0.4)
(150.8)
(0.3)
Change in expected credit loss
(0.4)
(0.3)
(0.7)
(0.1)
Increase in loss allowance
(21.3)
\u2014
(12.0)
\u2014
Used allowance reversals
1.1
\u2014
18.7
\u2014
Unused allowance reversals
1.9
\u2014
15.0
\u2014
Effects of foreign exchange and other
7.5
\u2014
(1.1)
\u2014
Other
10.5
\u2014
(10.5)
\u2014
Closing loss allowance
(142.1)
(0.7)
(141.4)
(0.4)
TOTAL, NET
1,214.6
399.9
1,287.4
343.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-531": { "value": "
Note 20.Other liabilities (non-current and current)
The following table provides a breakdown of other non-current liabilities:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Subsidies
3.1
7.0
Derivative liabilities
0.8
5.3
Others(1)
133.6
38.0
TOTAL OTHER NON-CURRENT LIABILITIES
137.5
50.3
(1) Including reclassification of negative investments, for further details please refer to Note 9. Investments in equity affiliates
The following table provides a breakdown of other current liabilities:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Redeemable financial liability
16.0
98.1
Current financial liability at FVTPL, total
16.0
98.1
Accruals on completed contracts
52.7
83.4
Other taxes payable
116.4
110.1
Social security liabilities
42.8
43.1
Derivative liabilities
20.6
20.3
Others(1)
114.7
111.6
Other current liabilities, total
347.2
368.5
TOTAL OTHER CURRENT LIABILITIES
363.2
466.6
(1) As of December 31, 2023, \u201cOthers\u201d included government grants for \u20ac23.2 million, a \u20ac22.8 million liability incurred by Technip Energies N.V. in relation
to the Spin-off, \u20ac59.0 million of deferred income and other current liabilities as well as the short-term portion of provisions for pensions and other
employee benefits for \u20ac10.0 million. As of December 31, 2022, \u201cOthers\u201d included government grants for \u20ac27.4 million, a \u20ac23.7 million liability incurred
by Technip Energies N.V. in relation to the Spin-off, \u20ac24.6 million of payables on investments and other current liabilities as well as the short-term
portion of provisions for pensions and other employee benefits for \u20ac8.8 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-532": { "value": "
The following table provides a breakdown of other non-current liabilities:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Subsidies
3.1
7.0
Derivative liabilities
0.8
5.3
Others(1)
133.6
38.0
TOTAL OTHER NON-CURRENT LIABILITIES
137.5
50.3
(1) Including reclassification of negative investments, for further details please refer to Note 9. Investments in equity affiliates
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-533": { "value": "
(1) As of December 31, 2023, \u201cOthers\u201d included government grants for \u20ac23.2 million, a \u20ac22.8 million liability incurred by Technip Energies N.V. in relation
to the Spin-off, \u20ac59.0 million of deferred income and other current liabilities as well as the short-term portion of provisions for pensions and other
employee benefits for \u20ac10.0 million. As of December 31, 2022, \u201cOthers\u201d included government grants for \u20ac27.4 million, a \u20ac23.7 million liability incurred
by Technip Energies N.V. in relation to the Spin-off, \u20ac24.6 million of payables on investments and other current liabilities as well as the short-term
portion of provisions for pensions and other employee benefits for \u20ac8.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-534": { "value": "
Note 21.Accounts payable, trade
Accounts payable, trade amounted to \u20ac1,506.7 \u00a0million, and \u20ac1,662.7\u00a0million as of December\u00a031, 2023 and 2022, respectively.
Accounts payable, trade maturities are linked to the operating cycle of contracts and mature within 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-535": { "value": "1506700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-536": { "value": "1662700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-537": { "value": "
Note 22.Debt (long and short-term)
Long- and short-term debt consisted of the following:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Carrying amount
Fair value
Carrying amount
Fair value
Bonds
600.2
543.5
599.3
486.7
Commercial papers
79.8
80.0
79.9
80.0
Bank borrowings and other
81.2
81.2
39.8
39.8
Financial debts
761.2
704.7
719.0
606.5
Lease liability
232.3
232.3
267.2
267.2
FINANCIAL DEBTS & LEASE LIABILITY
993.5
937.0
986.2
873.7
The split by maturity as of December\u00a031, 2023 , was as follows:
(In millions of \u20ac)
Maturity
<\u00a01 year
Within 2 years
Within 3 years
Thereafter
Bonds
600.2
4.0
\u2014
\u2014
596.2
Commercial papers
79.8
79.8
\u2014
\u2014
\u2014
Bank borrowings and other
81.2
40.0
0.5
0.3
40.4
Financial debts
761.2
123.8
0.5
0.3
636.6
Lease liability
232.3
71.9
34.9
36.0
89.5
FINANCIAL DEBTS & LEASE LIABILITY
993.5
195.7
35.4
36.3
726.1
The split by maturity as of December\u00a031, 2022, was as follows:
(In millions of \u20ac)
Maturity
<\u00a01 year
Within 2 years
Within 3 years
Thereafter
Bonds
599.3
4.0
\u2014
\u2014
595.3
Commercial papers
79.9
79.9
\u2014
\u2014
\u2014
Bank borrowings and other
39.8
39.8
\u2014
\u2014
\u2014
Financial debts
719.0
123.7
\u2014
\u2014
595.3
Lease liability
267.2
72.1
61.2
27.4
106.5
FINANCIAL DEBTS & LEASE LIABILITY
986.2
195.8
61.2
27.4
701.8
The movements over the period December\u00a031, 2022 , to December\u00a031, 2023 were as follows:
(In millions of \u20ac)
Bonds(1)
Commercial
papers
Bank
borrowings
and other
Lease
liability
Total
Value as of December\u00a031, 2022
599.3
79.9
39.8
267.2
986.2
Increase \u2013 issuance
7.6
100.0
405.7
58.5
571.8
Decrease \u2013 reimbursement
(6.8)
(100.0)
(364.8)
(89.6)
(561.2)
Change in scope of consolidation
\u2014
\u2014
1.7
(1.5)
0.2
Foreign exchange
\u2014
\u2014
(1.2)
(2.4)
(3.6)
Others
0.1
(0.1)
\u2014
0.1
0.1
VALUE AS OF DECEMBER\u00a031, 2023
600.2
79.8
81.2
232.3
993.5
(1) As of December 31, 2023, the increase of \u20ac7.6\u00a0million mainly includes accrued interests on bonds.
The movements over the period December\u00a031, 2021, to December\u00a031, 2022, were as follows:
(In millions of \u20ac)
Bonds(1)
Commercial
papers
Bank
borrowings
and other
Lease
liability
Total
Value as of December\u00a031, 2021
598.5
80.0
4.8
305.8
989.1
Increase \u2013 issuance
7.6
190.0
78.4
44.3
320.3
Decrease \u2013 reimbursement
(6.8)
(190.1)
(41.5)
(84.8)
(323.2)
Foreign exchange
\u2014
\u2014
(1.9)
1.9
\u2014
VALUE AS OF DECEMBER\u00a031, 2022
599.3
79.9
39.8
267.2
986.2
(1) As of December 31, 2022, the increase of \u20ac7.6\u00a0million mainly includes accrued interests on bonds
Commercial paper
Under the commercial paper program, the Technip Energies
Group through its treasury center company T.EN Eurocash
SNC has the ability to access up to \u20ac750\u00a0million of short-
term financing through commercial paper dealers. The
program is rated \u2018A-2\u2019 by S&P Global as of December\u00a031,
2023. The Technip Energies Group\u2019s Euro-based commercial
paper borrowings had a weighted average interest rate of
4.09%.
Revolving Facility and Senior unsecured notes
On February\u00a010, 2021, Technip\u00a0Energies\u00a0N.V. and T.EN
Eurocash SNC entered into a senior unsecured Revolving
Facility with Cr\u00e9dit Agricole Corporate and Investment Bank,
as agent, and the lenders party thereto. Total commitments
under the Revolving Facility are \u20ac750\u00a0million. Subject to
certain conditions, the Company may request the aggregate
commitments to be increased by up to \u20ac250\u00a0million to reach
\u20ac1.0 billion. For further information on the Revolving Facility,
refer to Note 28. Market-related exposure.
The Revolving Facility provided for an initial three-year tenor
as from the Initial Availability Date (February\u00a015, 2021) and
could be extended twice by one year each time. The first and
the second extensions of the Revolving Facility were
successfully completed on December 6, 2021 and December
16, 2022, respectively. Consequently, the termination date of
the Revolving Facility is February\u00a013, 2026.
The Revolving Facility is available in euro only. The available
capacity under the Revolving Facility is reduced by any
outstanding commercial paper borrowings of T.EN Eurocash
SNC.
The Revolving Facility contains usual and customary
covenants, representations and warranties, mandatory
prepayments and events of default for investment-grade
credit facilities of this type. It also contains covenants
restricting Technip\u00a0Energies\u00a0N.V.\u2019s and certain of its
subsidiaries\u2019 ability to provide additional securities and incur
additional indebtedness, enter into asset sales, or make
certain investments. It does not include any financial
covenant.
On May\u00a028, 2021, the Company issued its inaugural
\u20ac600\u00a0million of 1.125% senior unsecured notes due in 2028
(the \u201cNotes\u201d), the proceeds of which were for general
corporate purpose, including the refinancing (which occurred
on May\u00a031, 2021) of \u20ac620\u00a0million drawings under a bridge
facility made available to the Company in connection with
the Spin-off from TechnipFMC. The interest on the Notes is
paid annually on May\u00a028 of each year, beginning on May\u00a028,
2022. The Notes were admitted to trading on the regulated
market of Euronext Paris and rated \u2018BBB\u2019 by S&P Global as of
December\u00a031, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-538": { "value": "
Note 23.Shareholder\u2019s equity
23.1.Shareholder\u2019s equity activity
As of December\u00a031, 2023 , Technip\u00a0Energies\u00a0N.V. had 181,583,893 common shares issued with a nominal value of \u20ac0.01 per share.
After deduction of 4,502,859 treasury shares, the number of shares outstanding is 177,081,034 .
Changes in shares outstanding are as follows:
(In number of shares)
Shares issued as of December 31, 2022
179,827,459
Issuance of shares following Employee Share Offering Plan
1,756,434
Shares issued as of December 31, 2023
181,583,893
Treasury shares
(4,502,859)
SHARES OUTSTANDING AS OF DECEMBER\u00a031, 2023
177,081,034
Refer to Note 7 for more information about number of shares considered for the calculation of earnings per share.
23.2.Dividends
(In millions of \u20ac)
2023
Final dividend for the year ended 31 December, 2022 of \u20ac0.52 per outstanding common share
91.2
Interim dividend for the year ended 31 December, 2023
N/A
TOTAL DIVIDENDS PROVIDED FOR OR PAID
91.2
Dividends paid in cash or satisfied by the issue of shares during the year ended December 31, 2023
Paid in cash
91.2
Satisfied by issue of shares
N/A
TOTAL DIVIDENDS PAID IN CASH OR SATISFIED BY ISSUE OF SHARES
FOR THE YEAR ENDED DECEMBER 31, 2023
91.2
Dividends not recognized at the end of the reporting period
In addition to the above dividends, a dividend of \u20ac0.57 per share amounting to \u20ac100.7 million will be
proposed to the Group\u2019s Annual Shareholder Meeting of May 7, 2024, in respect of the financial year ended
December 31, 2023. The aggregate amount of the proposed dividend expected to be paid but not
recognized as a liability as of December 31, 2023 is:
100.7
23.3.Share repurchase
On July\u00a031, 2023, Technip Energies resumed the liquidity
agreement entered into with Kepler Cheuvreux dated July\u00a09,
2021. The liquidity contract had been suspended as of
November\u00a022, 2022, pending renewal of the resolution of the
General Meeting of Shareholders authorizing share
repurchases.
During the year ended December\u00a031, 2023, the Group
acquired a net number of 52,935 shares for a total net value
of \u20ac1.1\u00a0million. On December\u00a031, 2023, the Group held 61,835
own shares. The amount allocated to its Shares Liquidity
Program as of December 31, 2023, was \u20ac9.0\u00a0million. These
shares are deducted from consolidated equity for a total
value of \u20ac0.3\u00a0million.
As of December\u00a031, 2023, treasury shares have been used by
the Group to serve respectively March\u00a02020, April\u00a02021 and
September\u00a02021 plans following the end of the vesting
period. For a detailed description, refer to Note 8. Share-
based compensation.
As of December\u00a031, 2023, treasury shares represent 4,502,859
shares. These treasury shares are deducted from
consolidated equity for a total value of \u20ac53.6\u00a0million. Refer to
Note 23. Shareholder's equity of Technip Energies Group
consolidated financial statements for the year ended
December\u00a031, 2022.
23.4.Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss) is as follows:
(In millions of \u20ac)
Cash flow
hedges
Gains (losses)
on defined
benefit pension
plans
Foreign
currency
translation
Accumulated
other
comprehensive
income/(loss)
attributable to
Technip Energies
Accumulated
other
comprehensive
income/(loss) \u2013
non-controlling
interests
Total
accumulated
other
comprehensive
income/(loss)
Balance as of December 31, 2021
(4.2)
(20.4)
(75.2)
(99.8)
0.7
(99.1)
Gross effect before
reclassification to profit or loss
31.2
25.5
10.3
67.0
(1.7)
65.3
Deferred tax
(6.7)
(4.9)
\u2014
(11.6)
0.3
(11.3)
Reclassification to profit or loss
(14.8)
\u2014
0.6
(14.2)
\u2014
(14.2)
Balance as of December 31, 2022
5.5
0.2
(64.3)
(58.6)
(0.7)
(59.3)
Gross effect before
reclassification to profit or loss
6.5
(10.9)
(35.6)
(40.0)
0.4
(39.6)
Deferred tax
0.5
2.0
\u2014
2.5
\u2014
2.5
Reclassification to profit or loss
1.7
\u2014
6.7
8.4
\u2014
8.4
BALANCE
AS OF DECEMBER 31, 2023
14.2
(8.7)
(93.2)
(87.7)
(0.3)
(88.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-539": { "value": "
23.1.Shareholder\u2019s equity activity
As of December\u00a031, 2023 , Technip\u00a0Energies\u00a0N.V. had 181,583,893 common shares issued with a nominal value of \u20ac0.01 per share.
After deduction of 4,502,859 treasury shares, the number of shares outstanding is 177,081,034 .
Changes in shares outstanding are as follows:
(In number of shares)
Shares issued as of December 31, 2022
179,827,459
Issuance of shares following Employee Share Offering Plan
1,756,434
Shares issued as of December 31, 2023
181,583,893
Treasury shares
(4,502,859)
SHARES OUTSTANDING AS OF DECEMBER\u00a031, 2023
177,081,034
Refer to Note 7 for more information about number of shares considered for the calculation of earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-540": { "value": "
23.2.Dividends
(In millions of \u20ac)
2023
Final dividend for the year ended 31 December, 2022 of \u20ac0.52 per outstanding common share
91.2
Interim dividend for the year ended 31 December, 2023
N/A
TOTAL DIVIDENDS PROVIDED FOR OR PAID
91.2
Dividends paid in cash or satisfied by the issue of shares during the year ended December 31, 2023
Paid in cash
91.2
Satisfied by issue of shares
N/A
TOTAL DIVIDENDS PAID IN CASH OR SATISFIED BY ISSUE OF SHARES
FOR THE YEAR ENDED DECEMBER 31, 2023
91.2
Dividends not recognized at the end of the reporting period
In addition to the above dividends, a dividend of \u20ac0.57 per share amounting to \u20ac100.7 million will be
proposed to the Group\u2019s Annual Shareholder Meeting of May 7, 2024, in respect of the financial year ended
December 31, 2023. The aggregate amount of the proposed dividend expected to be paid but not
recognized as a liability as of December 31, 2023 is:
100.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-541": { "value": "100700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-543": { "value": "
23.3.Share repurchase
On July\u00a031, 2023, Technip Energies resumed the liquidity
agreement entered into with Kepler Cheuvreux dated July\u00a09,
2021. The liquidity contract had been suspended as of
November\u00a022, 2022, pending renewal of the resolution of the
General Meeting of Shareholders authorizing share
repurchases.
During the year ended December\u00a031, 2023, the Group
acquired a net number of 52,935 shares for a total net value
of \u20ac1.1\u00a0million. On December\u00a031, 2023, the Group held 61,835
own shares. The amount allocated to its Shares Liquidity
Program as of December 31, 2023, was \u20ac9.0\u00a0million. These
shares are deducted from consolidated equity for a total
value of \u20ac0.3\u00a0million.
As of December\u00a031, 2023, treasury shares have been used by
the Group to serve respectively March\u00a02020, April\u00a02021 and
September\u00a02021 plans following the end of the vesting
period. For a detailed description, refer to Note 8. Share-
based compensation.
As of December\u00a031, 2023, treasury shares represent 4,502,859
shares. These treasury shares are deducted from
consolidated equity for a total value of \u20ac53.6\u00a0million. Refer to
Note 23. Shareholder's equity of Technip Energies Group
consolidated financial statements for the year ended
December\u00a031, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-542": { "value": "
23.3.Share repurchase
On July\u00a031, 2023, Technip Energies resumed the liquidity
agreement entered into with Kepler Cheuvreux dated July\u00a09,
2021. The liquidity contract had been suspended as of
November\u00a022, 2022, pending renewal of the resolution of the
General Meeting of Shareholders authorizing share
repurchases.
During the year ended December\u00a031, 2023, the Group
acquired a net number of 52,935 shares for a total net value
of \u20ac1.1\u00a0million. On December\u00a031, 2023, the Group held 61,835
own shares. The amount allocated to its Shares Liquidity
Program as of December 31, 2023, was \u20ac9.0\u00a0million. These
shares are deducted from consolidated equity for a total
value of \u20ac0.3\u00a0million.
As of December\u00a031, 2023, treasury shares have been used by
the Group to serve respectively March\u00a02020, April\u00a02021 and
September\u00a02021 plans following the end of the vesting
period. For a detailed description, refer to Note 8. Share-
based compensation.
As of December\u00a031, 2023, treasury shares represent 4,502,859
shares. These treasury shares are deducted from
consolidated equity for a total value of \u20ac53.6\u00a0million. Refer to
Note 23. Shareholder's equity of Technip Energies Group
consolidated financial statements for the year ended
December\u00a031, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-544": { "value": "
23.4.Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss) is as follows:
(In millions of \u20ac)
Cash flow
hedges
Gains (losses)
on defined
benefit pension
plans
Foreign
currency
translation
Accumulated
other
comprehensive
income/(loss)
attributable to
Technip Energies
Accumulated
other
comprehensive
income/(loss) \u2013
non-controlling
interests
Total
accumulated
other
comprehensive
income/(loss)
Balance as of December 31, 2021
(4.2)
(20.4)
(75.2)
(99.8)
0.7
(99.1)
Gross effect before
reclassification to profit or loss
31.2
25.5
10.3
67.0
(1.7)
65.3
Deferred tax
(6.7)
(4.9)
\u2014
(11.6)
0.3
(11.3)
Reclassification to profit or loss
(14.8)
\u2014
0.6
(14.2)
\u2014
(14.2)
Balance as of December 31, 2022
5.5
0.2
(64.3)
(58.6)
(0.7)
(59.3)
Gross effect before
reclassification to profit or loss
6.5
(10.9)
(35.6)
(40.0)
0.4
(39.6)
Deferred tax
0.5
2.0
\u2014
2.5
\u2014
2.5
Reclassification to profit or loss
1.7
\u2014
6.7
8.4
\u2014
8.4
BALANCE
AS OF DECEMBER 31, 2023
14.2
(8.7)
(93.2)
(87.7)
(0.3)
(88.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-545": { "value": "
Note 24.Pensions and other long-term employee benefits plans
24.1.Description of the Technip Energies Group\u2019s benefit plans
Technip Energies has two types of retirement plans: defined
benefit plans and defined contribution plans. Depending on
the employing entity, our pension provision encompasses
various defined benefit plans, such as:
\u25a0 End-of-service benefits, to be paid at the termination of
service.
\u25a0 Retirement benefits.
\u25a0 Jubilee benefits.
\u25a0 Post-retirement medical benefits (health care and life
insurance).
The defined benefits obligations are estimated by
independent actuaries using the projected unit credit
actuarial valuation method as per IAS\u00a019 \u201cEmployee
Benefits\u201d. The actuarial assumptions used to determine the
obligations may vary depending on the country, plan duration
and type of plans. The actuarial estimation is based on usual
parameters such as wage, seniority, age and assumptions
including discount rate, retirement age, salary increase rate,
life expectancy, staff turnover, and inflation rate.
Plan assets are managed by separate legal entities and
measured at their fair value.
A review of benefit plans is performed for all Technip
Energies entities on a yearly basis. Depending on the
collected information, materiality of the plans, or if
significant changes occurred, a full valuation may be
performed. The most material plans are fully evaluated every
year while a roll forward is applied for immaterial plans
which are fully evaluated every 3 years.
According to IAS\u00a019, Technip Energies Group recognized the
funded status of defined benefit plans as an asset or liability
in the consolidated statements. The Group recognized in
Other Comprehensive Income the changes related to
actuarial gains and losses resulting either from actuarial
assumptions changes or from experience adjustments. The
Technip Energies Group measured its plan\u2019s assets at fair
value as of the date of the consolidated financial statements.
The Technip Energies Group has applied this guidance to its
pension and other employee defined benefit plans which are
primarily located in the Netherlands (41% of Group total
obligations), France (32%), India (10%), the United Arab
Emirates (7%), Italy (4%), and Germany (2%).
In the Netherlands, these obligations are generated by a
legacy-defined benefit plan which has been closed for new
participants since December\u00a031, 2014. It was agreed that the
entitlement is fixed and that the Company will contribute a
fixed annual amount to the plan assets to finance an
increase of the defined benefit plan pension rights that were
accrued up to December\u00a031, 2014, for a period of 14 years
subsequent to the curtailment of the defined benefit plan.
The Company does not pay any other funding contributions
other than these fixed annual contribution amounts. The
pension provision as of December\u00a031, 2023, represents the
net present value of the remaining five annual contribution
payments. The current assets are entirely invested in a Dutch
pension insurance policy.
In France, these obligations are mostly generated by legal or
collectively bargained end-of-career benefit plans and jubilee
plans. The indemnities paid by the French entities when the
employees leave for retirement are calculated based on their
Group seniority and their salary at the time of departure. In
April\u00a02023, the French government passed the Revised 2023
Social Security Financing Act, which has increased the
Normal Retirement Age from 62 to 64. The impact on the
IAS\u00a019 liabilities of the French Technip Energies entities is
less than \u20ac0.4\u00a0million.
The Group obligations with respect to post-employment
healthcare benefits are not significant.
The Group is expected to pay \u20ac1.4\u00a0million of employer
contribution in 2024 to the Dutch fund.
The Group is also expected to pay \u20ac8.8\u00a0million of pension
and end-of-service benefits directly to Technip Energies
employees in 2024.
The expected benefits payments (paid by the employer and by the plan assets) for the next 10 years are as follows:
(In millions of \u20ac)
Total expected
benefit payments
France
The Netherlands
Others
2024
14.8
2.3
4.8
7.7
2025
13.4
1.2
4.9
7.3
2026
14.0
2.5
5.0
6.5
2027
14.5
3.3
5.0
6.2
2028
13.7
2.8
4.9
6.0
2029-2033
75.0
22.4
24.3
28.3
TOTAL
145.4
34.5
48.9
62.0
24.2.Net benefit expense recognized in the consolidated statement of income
The net benefit expense recognized in the statement of income is as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Service cost
12.3
12.2
Interest on DBO
8.4
3.8
Interest on plan asset
(4.2)
(2.4)
Remeasurements of other long-term benefits
0.7
(1.5)
Special events (curtailment/settlement)
\u2014
0.1
DEFINED BENEFIT COST INCLUDED IN THE STATEMENT OF INCOME
17.2
12.2
As of December\u00a031, 2023, the Group recognized \u20ac10.9\u00a0million
of actuarial losses in OCI, amongst which \u20ac15.6\u00a0million
generated on the defined benefit obligation offset by
\u20ac4.7\u00a0million actuarial gains on plan assets.
The actuarial losses of \u20ac15.6\u00a0million are explained by the
effect of changes in financial assumptions in 2023 of
\u20ac12.8\u00a0million, the experience actuarial losses of \u20ac2.3\u00a0million
and the effect of the changes in demographic assumptions in
2023 of \u20ac0.5\u00a0million for all entities of the Group. The gains
on the actuarial return on plan asset of \u20ac4.7\u00a0million are
mainly related to the Netherlands asset plans, in which the
fair value is determined as the present value of accrued
benefits, using the year-end 2023 discount rate.
24.3.Defined benefit asset (liability) recognized in the consolidated statement
of financial position
The liability recorded in the statement of financial position is as follows:
December\u00a031, 2023
December\u00a031, 2022
(In millions of \u20ac)
Defined
benefit
obligation
Fair value
of plan
assets
Net
defined
benefit
obligation
Defined
benefit
obligation
Fair value
of plan
assets
Net
defined
benefit
obligation
Defined benefit obligation as of the prior period end
date
207.9
(98.2)
109.7
276.9
(139.3)
137.6
Acquisition/divestiture/business combination
\u2014
\u2014
\u2014
(5.2)
\u2014
(5.2)
Expense as recorded in the statement of income
21.4
(4.2)
17.2
14.5
(2.3)
12.2
Total current service cost
12.3
\u2014
12.3
12.2
\u2014
12.2
Net financial costs
8.4
(4.2)
4.2
3.8
(2.3)
1.5
Actuarial gains of the year
0.7
\u2014
0.7
(1.5)
\u2014
(1.5)
Actuarial gain/loss recognized in other comprehensive
income
15.6
(4.7)
10.9
(63.8)
38.3
(25.5)
Actuarial gain/loss on defined benefit obligation
15.6
(4.7)
10.9
(63.8)
38.3
(25.5)
\u25a0 Experience
2.3
\u2014
2.3
2.0
\u2014
2.0
\u25a0 Financial assumptions
12.8
\u2014
12.8
(68.5)
\u2014
(68.5)
\u25a0 Demographic assumptions
0.5
\u2014
0.5
2.7
\u2014
2.7
Actuarial gain (loss) on plan assets
\u2014
(4.7)
(4.7)
\u2014
38.3
38.3
Contributions and benefits paid
(15.3)
3.1
(12.2)
(15.3)
4.3
(11.0)
Contributions by employer
\u2014
(2.6)
(2.6)
\u2014
(2.0)
(2.0)
Benefits paid by employer
(9.6)
\u2014
(9.6)
(9.0)
\u2014
(9.0)
Benefits paid from plan assets
(5.7)
5.7
\u2014
(6.3)
6.3
\u2014
Exchange difference and other settlements
(1.5)
0.6
(0.9)
0.8
0.8
1.6
DEFINED BENEFIT OBLIGATION AS OF THE PERIOD END
DATE
228.1
(103.4)
124.7
207.9
(98.2)
109.7
As of December\u00a031, 2023, the discounted defined benefit obligation included \u20ac112.9\u00a0million for funded plans (compared to
\u20ac107.8\u00a0million in 2022) and \u20ac115.2\u00a0million for unfunded plans (compared to \u20ac100.2\u00a0million in 2022).
The breakdown of the net defined-benefit liability by type of benefit plans is as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Pension plans
82.7
74.3
End of service benefits
35.8
32.2
Other long-term benefits
6.2
3.2
NET DEFINED BENEFIT OBLIGATION
124.7
109.7
The table below presents the liabilities per country:
December\u00a031, 2023
(In millions of \u20ac)
Defined benefit
obligation
Assets
Liabilities
France
73.7
\u2014
73.7
The Netherlands
93.0
(85.5)
7.5
Other
61.4
(17.9)
43.5
TOTAL
228.1
(103.4)
124.7
24.4.Actuarial assumptions
In 2023, the average duration of the Group's liability is 11.3
years. The average duration is 13.8 years in France and 12
years in the Netherlands.
In the Eurozone, the rates used to discount obligations are
fixed by reference to the yields of bonds issued by
companies within the main iBoxx Corporate AA index
considering the duration of each plan.
In the Eurozone, the inflation rate used to calculate the
obligations is fixed by reference to the long-term inflation
target of 2.1% set by the European Central Bank with an
adjustment to reflect long-term economic forecast.
The following assumptions have been used:
As of December 31, 2023
France
The Netherlands
Weighted-
average rate
Discount rate
3.25%
3.25%
3.79%
Inflation rate
2.10%
2.10%
2.13%
Salary increases
3.60%
2.70%
4.73%
As of December 31, 2022
France
The Netherlands
Weighted-
average rate
Discount rate
3.75%
3.75%
4.25%
Inflation rate
2.10%
2.10%
2.12%
Salary increases
3.60%
2.70%
4.31%
The sensitivity analyses performed and associated variation in the defined benefit obligation are the following ones:
As of December 31, 2023
France
The Netherlands
Weighted-
average rate
Impact of a 50-bps increase or decrease in the discount rate
6.94%
5.73%
5.32%
Impact of a 50-bps increase or decrease in the inflation rate
6.98%
\u2014%
2.44%
Impact of a 50-bps increase or decrease in the salary increase
6.80%
0.05%
2.69%
Asset plan breakdown:
December\u00a031,
2023
December\u00a031,
2022
Equity instruments (shares)
\u2014%
\u2014%
Debt instruments (bonds)
\u2014%
\u2014%
Others
\u2014%
\u2014%
Insured assets
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-546": { "value": "-10900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-547": { "value": "
Note 25.Provisions (non-current and current)
The principles used to evaluate the amounts and types of provisions for liabilities and charges are described in Note 1.
Accounting principles.
Movements in provisions as of December\u00a031, 2023 , were as follows:
(In millions of \u20ac)
December\u00a031,
2022
Increase
Used
reversal
Unused
reversal
Other
December\u00a031,
2023
Contingencies related
to\u00a0contracts(1)
\u2014
41.0
\u2014
\u2014
\u2014
41.0
Litigation
26.5
3.0
(2.5)
\u2014
(11.8)
15.2
Restructuring obligations
10.7
0.7
(0.4)
(3.5)
3.8
11.3
Provisions for claims
8.2
0.1
\u2014
\u2014
\u2014
8.3
Other non-current provisions
10.6
0.8
(0.2)
(4.3)
(2.6)
4.3
Total non-current provisions
56.0
45.6
(3.1)
(7.8)
(10.6)
80.1
Contingencies related
to\u00a0contracts(1)
46.0
104.9
(1.9)
(18.6)
\u2014
130.4
Litigation
39.9
0.5
(25.9)
\u2014
(10.7)
3.8
Restructuring obligations
13.8
5.7
(10.3)
(0.5)
(3.5)
5.2
Provisions for claims
0.2
1.9
(1.3)
(0.1)
\u2014
0.7
Other current provisions
26.4
5.7
(1.2)
(24.2)
1.9
8.6
Total current provisions
126.3
118.7
(40.6)
(43.4)
(12.3)
148.7
TOTAL PROVISIONS
182.3
164.3
(43.7)
(51.2)
(22.9)
228.8
(1) Provisions for project close-out including Arctic LNG 2
Movements in provisions as of December\u00a031, 2022, were as follows:
(In millions of \u20ac)
December\u00a031,
2021
Increase
Used
reversal
Unused
reversal
Other
December\u00a031,
2022
Litigation
24.0
2.5
\u2014
\u2014
\u2014
26.5
Restructuring obligations
16.2
5.7
(2.5)
(16.5)
7.8
10.7
Provisions for claims
7.9
0.2
\u2014
\u2014
0.1
8.2
Other non-current provisions
12.6
6.2
(0.1)
\u2014
(8.1)
10.6
Total non-current provisions
60.7
14.6
(2.6)
(16.5)
(0.2)
56.0
Contingencies related to
contracts
43.2
6.8
(1.3)
(18.9)
16.2
46.0
Litigation
28.5
15.6
(3.5)
(4.2)
3.5
39.9
Restructuring obligations
12.8
8.6
(3.8)
(5.4)
1.6
13.8
Provisions for claims
0.3
\u2014
\u2014
(0.1)
\u2014
0.2
Other current provisions
5.7
25.4
(1.1)
(0.6)
(3.0)
26.4
Total current provisions
90.5
56.4
(9.7)
(29.2)
18.3
126.3
TOTAL PROVISIONS
151.2
71.0
(12.3)
(45.7)
18.1
182.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-548": { "value": "
December\u00a031, 2022
Analysis by category of financial instruments
(In millions of \u20ac)
Carrying
amount
At fair value
through profit
or loss
At amortized
cost
At fair value
through OCI
Level
Other non-current financial assets (excl.
derivatives)
93.5
25.1
68.4
\u2014
Level 1
Derivative financial instruments (non-current
and current)
26.1
1.5
\u2014
24.6
Level 2
Trade receivables, net
1,287.4
\u2014
1,287.4
\u2014
N/A
Cash and cash equivalents
3,477.4
3,477.4
\u2014
\u2014
N/A
TOTAL FINANCIAL ASSETS
4,884.4
3,504.0
1,355.8
24.6
Long-term debt, less current portion
595.3
\u2014
595.3
\u2014
N/A
Derivative financial instruments (non-current
and current)
25.6
0.8
\u2014
24.8
Level 2
Short-term debt
123.7
\u2014
123.7
\u2014
N/A
Accounts payable, trade
1,662.7
\u2014
1,662.7
\u2014
N/A
Other current liabilities (excl. derivatives)
98.1
98.1
\u2014
\u2014
Level 3
TOTAL FINANCIAL LIABILITIES
2,505.4
98.9
2,381.7
24.8
During the financial years 2023 and 2022, there were no
transfers between Level 1 and Level 2 fair value
measurements, and no transfers into or out of Level 3 fair
value measurements.
Investments \u2014 The fair value measurement of quoted equity
instruments is based on quoted prices that the Technip
Energies Group has the ability to access in public markets.
Mandatorily redeemable financial liability \u2014 Management
determined the fair value of the mandatorily redeemable
financial liability using a discounted cash flow model. The key
assumptions used in applying the income approach are the
selected discount rates and the expected dividends to be
distributed in the future to the non-controlling interest
holders. Expected dividends to be distributed are based on
the non-controlling interests\u2019 share of the expected
profitability of the underlying contract, the selected discount
rate, and the overall timing of completion of the project. The
fair value measurement is based upon significant inputs not
observable in the market and is consequently classified as a
Level 3 fair value measurement.
Changes in the fair value of Level 3 mandatorily redeemable
financial liability (Note 20. Other liabilities (non-current and
current)) are presented in the below table. Over the periods
presented, the Technip Energies Group consolidated the total
results of the Yamal entities and recorded a mandatorily
redeemable financial liability representing the Group\u2019s
dividend obligation.
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Balance at beginning of the period
98.1
140.8
Add: Expenses recognized in statement of income
12.2
154.2
Less: Settlements
(92.7)
(206.6)
Net foreign exchange differences
(1.6)
9.7
BALANCE AT END OF THE PERIOD
16.0
98.1
Fair value of debt \u2014 The fair values (based on Level 2 inputs) of the Technip Energies Group debt, carried at amortized cost,
are presented in Note 22. Debt (long and short-term).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-549": { "value": "
Note 27.Related party transactions
Receivables, payables, revenues, and expenses which are included in the consolidated financial statements as transactions
with related parties, defined as entities related to Technip Energies' directors and Technip Energies' main shareholders as well
as direct and indirect affiliates of Technip Energies and the partners of the Technip Energies Group's joint-ventures, were as
follows:
27.1.Transactions with related parties and equity affiliates
Trade receivables consisted of receivables due from the following related parties:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
JGC Corporation
59.9
63.0
CTEP France
43.0
63.6
Chevron Technology Ventures
14.2
\u2014
TPIT Dar & Engineering
12.0
5.3
TKJV LLP
5.2
5.7
TTSJV W.L.L.
4.4
7.5
Novarctic
\u2014
0.7
Others
8.7
11.4
TOTAL TRADE RECEIVABLES
147.4
157.2
Trade payables consisted of payables due to the following related parties:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
CTEP Japan
97.9
89.2
JGC Corporation
86.8
0.8
CTEP France
32.3
35.5
TPIT Dar & Engineering
12.8
2.3
Chiyoda
8.0
8.4
TTSJV W.L.L.
2.4
2.5
Others
8.7
1.6
TOTAL TRADE PAYABLES
248.9
140.3
Transactions with related parties also included loans to
equity affiliates for an amount of \u20ac12.9\u00a0million as of
December\u00a031, 2023, and \u20ac12.2\u00a0million as of December\u00a031,
2022.
Chiyoda and JGC Corporation are joint-venture partners on
Yamal and Qatar NFE projects. CTEP France and CTEP Japan
are joint-ventures established to carry out our performance
obligation under the Qatar NFE project and are accounted for
using the equity method.
Revenue consisted of amounts with the following related parties:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
CTEP France
149.4
164.0
Chevron Technology Ventures
133.2
\u2014
JGC Corporation
106.9
66.5
Samsung Engineering Co Ltd
52.7
\u2014
TTSJV W.L.L.
17.9
19.1
Worley Parsons International Inc
8.9
\u2014
TPIT & DAR Engineering Consulting
8.2
1.6
CTEP Japan
7.6
1.4
Arkema S.A.
4.1
0.2
TKJV LLP
2.8
8.0
Novarctic
\u2014
43.8
Storengy
\u2014
12.1
Chiyoda
\u2014
5.5
Others
4.9
1.6
TOTAL REVENUES
496.6
323.8
Expenses consisted of amounts with the following related parties:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
CTEP Japan
(442.8)
(341.4)
CTEP France
(203.3)
(181.7)
JGC Corporation
(72.5)
\u2014
TPIT Dar & Engineering
(20.1)
(1.6)
Chiyoda
(18.3)
(15.6)
Arkema S.A.
(9.2)
(5.5)
TTSJV W.L.L.
(3.8)
(3.9)
Sofresid
(1.2)
(4.1)
Saipem
\u2014
(2.0)
Others
(2.6)
(4.3)
TOTAL EXPENSES
(773.8)
(560.1)
27.2.Key management remuneration
Technip Energies Executive Committee remuneration was as follows for December\u00a031, 2023 and 2022, respectively:
(In\u00a0millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Salaries and fringe benefits
6.2
6.0
Annual incentives
4.0
5.1
Long-term incentive awards
5.9
4.3
Pension related benefits
0.4
0.3
TOTAL
16.5
15.7
The Board of Directors remuneration was \u20ac0.9\u00a0million and \u20ac1.4\u00a0million as of December\u00a031, 2023, and 2022, respectively. Non-
Executive Directors remuneration was modified on March 1, 2022 by eliminating the award of Restricted Stock.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-550": { "value": "
27.2.Key management remuneration
Technip Energies Executive Committee remuneration was as follows for December\u00a031, 2023 and 2022, respectively:
(In\u00a0millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Salaries and fringe benefits
6.2
6.0
Annual incentives
4.0
5.1
Long-term incentive awards
5.9
4.3
Pension related benefits
0.4
0.3
TOTAL
16.5
15.7
The Board of Directors remuneration was \u20ac0.9\u00a0million and \u20ac1.4\u00a0million as of December\u00a031, 2023, and 2022, respectively. Non-
Executive Directors remuneration was modified on March 1, 2022 by eliminating the award of Restricted Stock.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-551": { "value": "
Note 28.Market-related exposure
28.1.Liquidity risk
The primary objectives of liquidity management consist of
meeting the continuing funding requirements of Technip
Energies\u2019 global operations with cash generated by such
operations and Technip Energies existing commercial paper
program.
Cash pooling and external financing are largely centralized at
T.EN Eurocash SNC. Funds are provided to Technip Energies
companies based on an \u201cin-house banking\u201d solution.
The financing requirements of Technip Energies companies
are determined based on short and medium-term liquidity
planning. The financing is controlled and implemented
centrally on a forward-looking basis in accordance with the
planned liquidity requirements or surplus. Relevant planning
factors taken into consideration include operating cash flow,
capital expenditures, divestments, margin payments and the
maturities of financial liabilities.
Commercial paper program and credit facility
Under the commercial paper program, Technip Energies,
through its treasury center T.EN Eurocash SNC, has the
ability to access up to \u20ac750.0\u00a0million of financing through its
commercial paper dealers. Technip Energies had respectively
\u20ac79.8\u00a0million and \u20ac79.9\u00a0million of commercial paper issued
under the facility as of December\u00a031, 2023 and 2022. Refer to
Note 22. Debt (long and short-term) for more details.
The following is a summary of the credit facility as of December\u00a031, 2023:
(In millions of \u20ac)
Amount
Debt outstanding
Commercial
paper
outstanding
Unused capacity
Revolving credit facility
750.0
\u2014
79.8
670.2
Technip Energies\u2019 available capacity under the Revolving Facility is reduced by any outstanding commercial paper. As of
December\u00a031, 2023 , all restrictive covenants were complying under the Revolving Facility agreement.
Undiscounted financial liabilities
The contractual undiscounted repayment schedule of financial liabilities as of December\u00a031, 2023, was as follows:
(In millions of \u20ac)
2024
2025
2026
2027
2028
2029 and
beyond
Total
Financial Debts
123.8
0.5
0.3
\u2014
596.2
40.4
761.2
Accounts payable, trade
1,506.7
\u2014
\u2014
\u2014
\u2014
\u2014
1,506.7
Derivative financial instruments
20.6
0.7
0.1
\u2014
\u2014
\u2014
21.4
Redeemable financial liability
16.0
\u2014
\u2014
\u2014
\u2014
\u2014
16.0
TOTAL FINANCIAL LIABILITIES
AS\u00a0OF DECEMBER\u00a031, 2023
1,667.1
1.2
0.4
\u2014
596.2
40.4
2,305.3
The contractual undiscounted repayment schedule of financial liabilities as of December\u00a031, 2022, was as follows:
(In millions of \u20ac)
2023
2024
2025
2026
2027
2028 and
beyond
Total
Financial Debts
123.7
\u2014
\u2014
\u2014
\u2014
595.3
719.0
Accounts payable, trade
1,662.7
\u2014
\u2014
\u2014
\u2014
\u2014
1,662.7
Derivative financial instruments
20.3
5.2
0.1
\u2014
\u2014
\u2014
25.6
Redeemable financial liability
98.1
\u2014
\u2014
\u2014
\u2014
\u2014
98.1
TOTAL FINANCIAL LIABILITIES
AS\u00a0OF DECEMBER\u00a031, 2022
1,904.8
5.2
0.1
\u2014
\u2014
595.3
2,505.4
28.2.Foreign currency exchange rate risk
Technip Energies conducts operations around the world in
several different currencies. Many of the Technip Energies
Group\u2019s significant foreign subsidiaries have designated the
local currency as their functional currency. Earnings are
therefore subject to change due to fluctuations in foreign
currency exchange rates when the earnings in foreign
currencies are translated into euro. The Technip Energies
Group does not hedge this translation impact on earnings. A
10% increase or decrease in the average exchange rates of all
foreign currencies as of December\u00a031, 2023 would have
changed the Technip Energies Group\u2019s revenue and profit
(loss) before income taxes attributable to the Technip
Energies Group by approximately \u20ac318.8\u00a0million and
\u20ac16.1\u00a0million, respectively. A 10% increase or decrease in the
average exchange rates of all foreign currencies as of
December\u00a031, 2022, would have changed the Technip
Energies Group\u2019s revenue and profit (loss) before income
taxes attributable to the Technip Energies Group by
approximately \u20ac319.4\u00a0million and \u20ac32.6\u00a0million, respectively.
When transactions are denominated in currencies other than
the respective functional currencies of the applicable
subsidiaries of the Technip Energies Group, the Group
manages these exposures through derivative instruments.
The Group primarily uses foreign currency forward contracts
to hedge the foreign currency fluctuations associated with
firmly committed and forecasted foreign currency
denominated payments and receipts. The derivative
instruments associated with these anticipated transactions
are usually designated and qualify as cash flow hedges, and
as such the gains and losses associated with these
instruments are recorded in other comprehensive income
until such time that the underlying transactions are
recognized. Unless these cash flow contracts are deemed to
be ineffective or are not designated as cash flow hedges at
inception, changes in the derivative fair value will not have an
immediate impact on results of operations since the gains
and losses associated with these instruments are recorded in
other comprehensive income. When the anticipated
transactions occur, these changes in value of derivative
instrument positions will be offset against changes in the
value of the underlying transaction. When an anticipated
transaction in a currency other than the functional currency
of an entity is recognized as an asset or liability on the
statement of financial position, we also hedge the foreign
currency fluctuation of these assets and liabilities with
derivative instruments after netting the Technip Energies
Group\u2019s exposures worldwide. These derivative instruments
do not qualify as cash flow hedges.
Occasionally, the Technip Energies Group enters contracts or
other arrangements containing terms and conditions that
qualify as embedded derivative instruments and are subject
to fluctuations in foreign exchange rates. In those situations,
the Technip Energies Group enters derivative foreign
exchange contracts that hedge the price or cost fluctuations
due to movements in the foreign exchange rates. These
derivative instruments are not designated as cash flow
hedges.
For foreign currency forward contracts hedging anticipated
transactions that are accounted for as cash flow hedges, a
10% increase in the value of the Euro would have resulted in
an additional loss of \u20ac4.5\u00a0million and \u20ac68.3\u00a0million in the net
fair value of cash flow hedges reflected in the consolidated
statement of financial position as of December\u00a031, 2023, and
2022, respectively.
For certain committed and anticipated future cash flows and
recognized assets and liabilities that are denominated in a
foreign currency the Technip Energies Group may choose to
manage risk against changes in the exchange rates, when
compared against the functional currency, through the
economic netting of exposures instead of derivative
instruments. Cash outflows or liabilities in a foreign currency
are matched against cash inflows or assets in the same
currency such that movements in exchange rates will result
in offsetting gains or losses. Due to the inherent
unpredictability of the timing of cash flows, gains and losses
in the current period may be economically offset by gains
and losses in a future period. All gains and losses are
recorded in the consolidated statement of income in the
period in which they are incurred. Gains and losses from the
remeasurement of assets and liabilities are recognized in
other income (expense), net.
28.3.Interest rate risk
The Technip Energies Group is generally financed using the
internal cash pooling system. Cash pooling balances earn and
bear interest on normal market terms and conditions (rates
of interest for specific maturities and currencies). Individual
members of the Technip Energies Group that are not
included in the internal cash pool due to legal restrictions
arrange financing independently or with discrete
intercompany loans at arm\u2019s length terms and conditions or
deposit their excess liquidity with leading local banks.
The Technip Energies Group assesses the effectiveness of
forward foreign currency contracts designated as cash flow
hedges based on changes in fair value attributable to
changes in spot rates. The Technip Energies Group excludes
the impact attributable to changes in the difference between
the spot rate and the forward rate for the assessment of
hedge effectiveness and recognizes the change in fair value
of this component immediately in earnings. Considering that
the difference between the spot rate and the forward rate is
proportional to the differences in the interest rates of the
countries of the currencies being traded, the Technip
Energies Group has exposure in the unrealized valuation of
its forward foreign currency contracts to relative changes in
interest rates between countries in its results of operations.
Based on the Technip Energies Group\u2019s portfolio as of
December\u00a031, 2023, the Technip Energies Group has material
positions with exposure to interest rates in the United States
of America and the European Union.
The Technip Energies Group\u2019s fixed-rate borrowings include
commercial paper. There are no floating rate borrowings.
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Bonds (note 22)
600.2
599.3
Commercial paper (note 22)
79.8
79.9
Bank borrowings and other (note 22)
81.2
39.8
TOTAL DEBT
761.2
719.0
Sensitivity analysis as of December\u00a031, 2023
As of December\u00a031, 2023, the net cash position of the
Technip Energies Group (cash and cash equivalents, less
financial debts) amounted to \u20ac2,609.8\u00a0million. A 1% (100
basis points) increase in interest rates would have generated
an additional profit of \u20ac26.1\u00a0million before tax in the net cash
position. A 1% (100\u00a0basis points) decrease in interest rates
would have generated a loss of the same amount.
Sensitivity analysis as of December\u00a031, 2022
As of December\u00a031, 2022, the net short-term cash position of
the Technip Energies Group (cash and cash equivalents, less
short-term financial debt) amounted to \u20ac2,758.4\u00a0million.
A\u00a01% (100 basis points) increase in interest rates would have
generated an additional profit of \u20ac27.6\u00a0million before tax in
the net cash position. A 1% (100 basis points) decrease in
interest rates would have generated a loss of the same
amount.
28.4.Credit risk
Valuations of derivative assets and liabilities reflect the value
of the instruments, including the values associated with
counterparty risk. These values must also consider the
Technip Energies Group\u2019s credit standing, thus including in
the valuation of the derivative instrument the value of the
net credit differential between the counterparties to the
derivative contract. The methodology includes the impact of
both counterparties and such entity\u2019s own credit standing.
Adjustments to derivative assets and liabilities related to
credit risk were not material for any period presented.
By their nature, financial instruments involve risk, including
credit risk, for non-performance by counterparties. Financial
instruments that potentially subject the Technip Energies
Group to credit risk primarily consist of trade receivables,
contract assets, contractual cash flows from debt
instruments (primarily loans), cash equivalents and deposits
with banks, as well as derivative contracts.
The Technip Energies Group manages the credit risk on
financial instruments by transacting only with what
management believes are financially secure counterparties,
requiring credit approvals and credit limits, and monitoring
counterparties\u2019 financial condition. The maximum exposure
to credit loss in the event of non-performance by the
counterparty is limited to the amount drawn and outstanding
on the financial instrument.
The Group has applied the IFRS\u00a09 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and
contract assets.
Credit risk exposure on trade receivables and contract assets using a provision matrix are set out as follows:
December\u00a031, 2023
Days past due
Total
trade
receivables
Contract
assets
(In millions of \u20ac)
Current
Less than
3 months
3 to
12 months
Over
1 year
Net carrying amount
964.6
143.9
61.4
44.7
1,214.6
399.9
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.17%
0.17%
December\u00a031, 2022
Days past due
Total
trade
receivables
Contract
assets
(In millions of \u20ac)
Current
Less than 3
months
3 to 12 months
Over 1 year
Net carrying amount
884.5
262.5
64.4
76.0
1,287.4
343.2
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.13%
0.13%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-552": { "value": "
28.1.Liquidity risk
The primary objectives of liquidity management consist of
meeting the continuing funding requirements of Technip
Energies\u2019 global operations with cash generated by such
operations and Technip Energies existing commercial paper
program.
Cash pooling and external financing are largely centralized at
T.EN Eurocash SNC. Funds are provided to Technip Energies
companies based on an \u201cin-house banking\u201d solution.
The financing requirements of Technip Energies companies
are determined based on short and medium-term liquidity
planning. The financing is controlled and implemented
centrally on a forward-looking basis in accordance with the
planned liquidity requirements or surplus. Relevant planning
factors taken into consideration include operating cash flow,
capital expenditures, divestments, margin payments and the
maturities of financial liabilities.
Commercial paper program and credit facility
Under the commercial paper program, Technip Energies,
through its treasury center T.EN Eurocash SNC, has the
ability to access up to \u20ac750.0\u00a0million of financing through its
commercial paper dealers. Technip Energies had respectively
\u20ac79.8\u00a0million and \u20ac79.9\u00a0million of commercial paper issued
under the facility as of December\u00a031, 2023 and 2022. Refer to
Note 22. Debt (long and short-term) for more details.
The following is a summary of the credit facility as of December\u00a031, 2023:
(In millions of \u20ac)
Amount
Debt outstanding
Commercial
paper
outstanding
Unused capacity
Revolving credit facility
750.0
\u2014
79.8
670.2
Technip Energies\u2019 available capacity under the Revolving Facility is reduced by any outstanding commercial paper. As of
December\u00a031, 2023 , all restrictive covenants were complying under the Revolving Facility agreement.
Undiscounted financial liabilities
The contractual undiscounted repayment schedule of financial liabilities as of December\u00a031, 2023, was as follows:
(In millions of \u20ac)
2024
2025
2026
2027
2028
2029 and
beyond
Total
Financial Debts
123.8
0.5
0.3
\u2014
596.2
40.4
761.2
Accounts payable, trade
1,506.7
\u2014
\u2014
\u2014
\u2014
\u2014
1,506.7
Derivative financial instruments
20.6
0.7
0.1
\u2014
\u2014
\u2014
21.4
Redeemable financial liability
16.0
\u2014
\u2014
\u2014
\u2014
\u2014
16.0
TOTAL FINANCIAL LIABILITIES
AS\u00a0OF DECEMBER\u00a031, 2023
1,667.1
1.2
0.4
\u2014
596.2
40.4
2,305.3
The contractual undiscounted repayment schedule of financial liabilities as of December\u00a031, 2022, was as follows:
(In millions of \u20ac)
2023
2024
2025
2026
2027
2028 and
beyond
Total
Financial Debts
123.7
\u2014
\u2014
\u2014
\u2014
595.3
719.0
Accounts payable, trade
1,662.7
\u2014
\u2014
\u2014
\u2014
\u2014
1,662.7
Derivative financial instruments
20.3
5.2
0.1
\u2014
\u2014
\u2014
25.6
Redeemable financial liability
98.1
\u2014
\u2014
\u2014
\u2014
\u2014
98.1
TOTAL FINANCIAL LIABILITIES
AS\u00a0OF DECEMBER\u00a031, 2022
1,904.8
5.2
0.1
\u2014
\u2014
595.3
2,505.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-553": { "value": "
28.2.Foreign currency exchange rate risk
Technip Energies conducts operations around the world in
several different currencies. Many of the Technip Energies
Group\u2019s significant foreign subsidiaries have designated the
local currency as their functional currency. Earnings are
therefore subject to change due to fluctuations in foreign
currency exchange rates when the earnings in foreign
currencies are translated into euro. The Technip Energies
Group does not hedge this translation impact on earnings. A
10% increase or decrease in the average exchange rates of all
foreign currencies as of December\u00a031, 2023 would have
changed the Technip Energies Group\u2019s revenue and profit
(loss) before income taxes attributable to the Technip
Energies Group by approximately \u20ac318.8\u00a0million and
\u20ac16.1\u00a0million, respectively. A 10% increase or decrease in the
average exchange rates of all foreign currencies as of
December\u00a031, 2022, would have changed the Technip
Energies Group\u2019s revenue and profit (loss) before income
taxes attributable to the Technip Energies Group by
approximately \u20ac319.4\u00a0million and \u20ac32.6\u00a0million, respectively.
When transactions are denominated in currencies other than
the respective functional currencies of the applicable
subsidiaries of the Technip Energies Group, the Group
manages these exposures through derivative instruments.
The Group primarily uses foreign currency forward contracts
to hedge the foreign currency fluctuations associated with
firmly committed and forecasted foreign currency
denominated payments and receipts. The derivative
instruments associated with these anticipated transactions
are usually designated and qualify as cash flow hedges, and
as such the gains and losses associated with these
instruments are recorded in other comprehensive income
until such time that the underlying transactions are
recognized. Unless these cash flow contracts are deemed to
be ineffective or are not designated as cash flow hedges at
inception, changes in the derivative fair value will not have an
immediate impact on results of operations since the gains
and losses associated with these instruments are recorded in
other comprehensive income. When the anticipated
transactions occur, these changes in value of derivative
instrument positions will be offset against changes in the
value of the underlying transaction. When an anticipated
transaction in a currency other than the functional currency
of an entity is recognized as an asset or liability on the
statement of financial position, we also hedge the foreign
currency fluctuation of these assets and liabilities with
derivative instruments after netting the Technip Energies
Group\u2019s exposures worldwide. These derivative instruments
do not qualify as cash flow hedges.
Occasionally, the Technip Energies Group enters contracts or
other arrangements containing terms and conditions that
qualify as embedded derivative instruments and are subject
to fluctuations in foreign exchange rates. In those situations,
the Technip Energies Group enters derivative foreign
exchange contracts that hedge the price or cost fluctuations
due to movements in the foreign exchange rates. These
derivative instruments are not designated as cash flow
hedges.
For foreign currency forward contracts hedging anticipated
transactions that are accounted for as cash flow hedges, a
10% increase in the value of the Euro would have resulted in
an additional loss of \u20ac4.5\u00a0million and \u20ac68.3\u00a0million in the net
fair value of cash flow hedges reflected in the consolidated
statement of financial position as of December\u00a031, 2023, and
2022, respectively.
For certain committed and anticipated future cash flows and
recognized assets and liabilities that are denominated in a
foreign currency the Technip Energies Group may choose to
manage risk against changes in the exchange rates, when
compared against the functional currency, through the
economic netting of exposures instead of derivative
instruments. Cash outflows or liabilities in a foreign currency
are matched against cash inflows or assets in the same
currency such that movements in exchange rates will result
in offsetting gains or losses. Due to the inherent
unpredictability of the timing of cash flows, gains and losses
in the current period may be economically offset by gains
and losses in a future period. All gains and losses are
recorded in the consolidated statement of income in the
period in which they are incurred. Gains and losses from the
remeasurement of assets and liabilities are recognized in
other income (expense), net.
28.3.Interest rate risk
The Technip Energies Group is generally financed using the
internal cash pooling system. Cash pooling balances earn and
bear interest on normal market terms and conditions (rates
of interest for specific maturities and currencies). Individual
members of the Technip Energies Group that are not
included in the internal cash pool due to legal restrictions
arrange financing independently or with discrete
intercompany loans at arm\u2019s length terms and conditions or
deposit their excess liquidity with leading local banks.
The Technip Energies Group assesses the effectiveness of
forward foreign currency contracts designated as cash flow
hedges based on changes in fair value attributable to
changes in spot rates. The Technip Energies Group excludes
the impact attributable to changes in the difference between
the spot rate and the forward rate for the assessment of
hedge effectiveness and recognizes the change in fair value
of this component immediately in earnings. Considering that
the difference between the spot rate and the forward rate is
proportional to the differences in the interest rates of the
countries of the currencies being traded, the Technip
Energies Group has exposure in the unrealized valuation of
its forward foreign currency contracts to relative changes in
interest rates between countries in its results of operations.
Based on the Technip Energies Group\u2019s portfolio as of
December\u00a031, 2023, the Technip Energies Group has material
positions with exposure to interest rates in the United States
of America and the European Union.
The Technip Energies Group\u2019s fixed-rate borrowings include
commercial paper. There are no floating rate borrowings.
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Bonds (note 22)
600.2
599.3
Commercial paper (note 22)
79.8
79.9
Bank borrowings and other (note 22)
81.2
39.8
TOTAL DEBT
761.2
719.0
Sensitivity analysis as of December\u00a031, 2023
As of December\u00a031, 2023, the net cash position of the
Technip Energies Group (cash and cash equivalents, less
financial debts) amounted to \u20ac2,609.8\u00a0million. A 1% (100
basis points) increase in interest rates would have generated
an additional profit of \u20ac26.1\u00a0million before tax in the net cash
position. A 1% (100\u00a0basis points) decrease in interest rates
would have generated a loss of the same amount.
Sensitivity analysis as of December\u00a031, 2022
As of December\u00a031, 2022, the net short-term cash position of
the Technip Energies Group (cash and cash equivalents, less
short-term financial debt) amounted to \u20ac2,758.4\u00a0million.
A\u00a01% (100 basis points) increase in interest rates would have
generated an additional profit of \u20ac27.6\u00a0million before tax in
the net cash position. A 1% (100 basis points) decrease in
interest rates would have generated a loss of the same
amount.
28.4.Credit risk
Valuations of derivative assets and liabilities reflect the value
of the instruments, including the values associated with
counterparty risk. These values must also consider the
Technip Energies Group\u2019s credit standing, thus including in
the valuation of the derivative instrument the value of the
net credit differential between the counterparties to the
derivative contract. The methodology includes the impact of
both counterparties and such entity\u2019s own credit standing.
Adjustments to derivative assets and liabilities related to
credit risk were not material for any period presented.
By their nature, financial instruments involve risk, including
credit risk, for non-performance by counterparties. Financial
instruments that potentially subject the Technip Energies
Group to credit risk primarily consist of trade receivables,
contract assets, contractual cash flows from debt
instruments (primarily loans), cash equivalents and deposits
with banks, as well as derivative contracts.
The Technip Energies Group manages the credit risk on
financial instruments by transacting only with what
management believes are financially secure counterparties,
requiring credit approvals and credit limits, and monitoring
counterparties\u2019 financial condition. The maximum exposure
to credit loss in the event of non-performance by the
counterparty is limited to the amount drawn and outstanding
on the financial instrument.
The Group has applied the IFRS\u00a09 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and
contract assets.
Credit risk exposure on trade receivables and contract assets using a provision matrix are set out as follows:
December\u00a031, 2023
Days past due
Total
trade
receivables
Contract
assets
(In millions of \u20ac)
Current
Less than
3 months
3 to
12 months
Over
1 year
Net carrying amount
964.6
143.9
61.4
44.7
1,214.6
399.9
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.17%
0.17%
December\u00a031, 2022
Days past due
Total
trade
receivables
Contract
assets
(In millions of \u20ac)
Current
Less than 3
months
3 to 12 months
Over 1 year
Net carrying amount
884.5
262.5
64.4
76.0
1,287.4
343.2
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.13%
0.13%
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "
28.4.Credit risk
Valuations of derivative assets and liabilities reflect the value
of the instruments, including the values associated with
counterparty risk. These values must also consider the
Technip Energies Group\u2019s credit standing, thus including in
the valuation of the derivative instrument the value of the
net credit differential between the counterparties to the
derivative contract. The methodology includes the impact of
both counterparties and such entity\u2019s own credit standing.
Adjustments to derivative assets and liabilities related to
credit risk were not material for any period presented.
By their nature, financial instruments involve risk, including
credit risk, for non-performance by counterparties. Financial
instruments that potentially subject the Technip Energies
Group to credit risk primarily consist of trade receivables,
contract assets, contractual cash flows from debt
instruments (primarily loans), cash equivalents and deposits
with banks, as well as derivative contracts.
The Technip Energies Group manages the credit risk on
financial instruments by transacting only with what
management believes are financially secure counterparties,
requiring credit approvals and credit limits, and monitoring
counterparties\u2019 financial condition. The maximum exposure
to credit loss in the event of non-performance by the
counterparty is limited to the amount drawn and outstanding
on the financial instrument.
The Group has applied the IFRS\u00a09 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and
contract assets.
Credit risk exposure on trade receivables and contract assets using a provision matrix are set out as follows:
December\u00a031, 2023
Days past due
Total
trade
receivables
Contract
assets
(In millions of \u20ac)
Current
Less than
3 months
3 to
12 months
Over
1 year
Net carrying amount
964.6
143.9
61.4
44.7
1,214.6
399.9
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.17%
0.17%
December\u00a031, 2022
Days past due
Total
trade
receivables
Contract
assets
(In millions of \u20ac)
Current
Less than 3
months
3 to 12 months
Over 1 year
Net carrying amount
884.5
262.5
64.4
76.0
1,287.4
343.2
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.13%
0.13%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-556": { "value": "
Note 29. Commitments and contingent liabilities
29.1.Contingent liabilities associated with guarantees
In the ordinary course of business, the Technip Energies
Group enters into standby letters of credit, performance
bonds, surety bonds and other guarantees with financial
institutions for the benefit of its customers, vendors and
other parties.
Most of these financial instruments expire within five years.
Management does not expect any of these financial
instruments to result in losses that, if incurred, would have a
material adverse effect on the Technip Energies Group's
consolidated financial position, results of operations or cash
flows.
Guarantees consisted of the following:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Financial guarantees(1)
251.2
202.4
Performance guarantees(2)
2,686.6
3,074.0
MAXIMUM POTENTIAL UNDISCOUNTED PAYMENTS
2,937.8
3,276.4
(1) Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an
underlying agreement that is related to an asset, a liability, or an equity security of the guaranteed party as primary obligor. These would be drawn
down only if there is a failure to fulfill financial obligations by the primary obligor.
(2) Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another
entity's failure to perform under a non-financial agreement. Events that trigger payment are performance-related, such as failure to ship a product
or provide a service.
29.2.Contingent liabilities associated with legal matters
The Group is involved in various pending or potential legal
actions, disputes and proceedings, whether initiated by the
Company or by third parties (including governmental
authorities) any of which could result in sanctions of a
financial, administrative or criminal nature. Management is
unable to predict the ultimate outcome of these actions
because of their inherent uncertainty. However, management
believes that the most probable, ultimate resolution of these
matters will not have a material adverse effect on the
Technip Energies Group's financial position or profitability.
On June\u00a027, 2023, Technip Energies announced that Technip
Energies France, a subsidiary of Technip\u00a0Energies\u00a0N.V. had
agreed to resolve its outstanding matters with the Parquet
national financier arising out of historical conduct that
related to subsea projects undertaken by the former Technip
S.A. group between 2008 and 2012.
This settlement, in the form of a Convention Judiciaire
d'Int\u00e9r\u00eat Public (\u201cCJIP\u201d), was signed on June\u00a022, 2023, and
approved by the President of the Tribunal Judiciaire de Paris
on June\u00a028, 2023. Under the terms of the CJIP, Technip
Energies France agreed to pay by October\u00a023, 2023, a fine of
\u20ac54.1\u00a0million. \u20ac24.7\u00a0million of this amount has been
indemnified by TechnipFMC under the terms of the
Separation and Distribution Agreement between TechnipFMC
and Technip Energies, dated January\u00a07, 2021.
The CJIP does not involve any admission of liability or guilt
and Technip Energies France has fully satisfied its
commitments under the CJIP.
In 2003, Petrobras B.V. (\u201cPNBV\u201d) and FSTP, a Joint Venture
between Seatrium (formerly known as Keppel) (75%) and
Technip Brasil Engenharia (25%), signed a contract for
construction of the P-52 offshore platform (the \u201cProject\u201d). In
2007 the Brazilian Tribunal de Contas da Uni\u00e3o (\u201cTCU\u201d)
contested the validity of an amendment to the contract
which compensated FSTP for additional costs incurred in
relation to the Project (the \u201cContested Payments\u201d). To ensure
completion of the Project and avoid suspension of payments
pending the outcome of proceedings initiated by the TCU to
recover the Contested Payments, FSTP issued a $126million
letter of credit in favor of PNBV, with the Company being
responsible for 25%. Proceedings relating to the Contested
Payments have been ongoing since 2007. TCU issued their
final decision on November 22, 2023. Technip Energies and
Seatrium continue to contest TCU\u2019s decision to have PNBV
recover the Contested Payments and encash the letter of
credit, with FSTP initiating UNCITRAL arbitration in London in
December 2023. The Company constituted a provision of
$31.5 million, corresponding to Technip Energies\u2019 portion of
the letter of credit.
Contingent liabilities associated with liquidated
damages
Some of the Technip Energies Group's contracts contain
provisions that require the relevant Technip Energies Group
company to pay liquidated damages if the relevant company
is responsible for the failure to meet specified contractual
milestone dates and the applicable customer asserts a
conforming claim under these provisions. These contracts
define the conditions under which the customers of Technip
Energies may make claims against it for liquidated damages.
Based upon the evaluation of Technip Energies Group's
performance and other commercial and legal analysis,
management believes that the Group has appropriately
recognized probable liquidated damages as of December\u00a031,
2023 and 2022, and that the ultimate resolution of such
matters will not materially affect its consolidated financial
position, consolidated results of operations, or consolidated
cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-555": { "value": "
Note 29. Commitments and contingent liabilities
29.1.Contingent liabilities associated with guarantees
In the ordinary course of business, the Technip Energies
Group enters into standby letters of credit, performance
bonds, surety bonds and other guarantees with financial
institutions for the benefit of its customers, vendors and
other parties.
Most of these financial instruments expire within five years.
Management does not expect any of these financial
instruments to result in losses that, if incurred, would have a
material adverse effect on the Technip Energies Group's
consolidated financial position, results of operations or cash
flows.
Guarantees consisted of the following:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Financial guarantees(1)
251.2
202.4
Performance guarantees(2)
2,686.6
3,074.0
MAXIMUM POTENTIAL UNDISCOUNTED PAYMENTS
2,937.8
3,276.4
(1) Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an
underlying agreement that is related to an asset, a liability, or an equity security of the guaranteed party as primary obligor. These would be drawn
down only if there is a failure to fulfill financial obligations by the primary obligor.
(2) Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another
entity's failure to perform under a non-financial agreement. Events that trigger payment are performance-related, such as failure to ship a product
or provide a service.
29.2.Contingent liabilities associated with legal matters
The Group is involved in various pending or potential legal
actions, disputes and proceedings, whether initiated by the
Company or by third parties (including governmental
authorities) any of which could result in sanctions of a
financial, administrative or criminal nature. Management is
unable to predict the ultimate outcome of these actions
because of their inherent uncertainty. However, management
believes that the most probable, ultimate resolution of these
matters will not have a material adverse effect on the
Technip Energies Group's financial position or profitability.
On June\u00a027, 2023, Technip Energies announced that Technip
Energies France, a subsidiary of Technip\u00a0Energies\u00a0N.V. had
agreed to resolve its outstanding matters with the Parquet
national financier arising out of historical conduct that
related to subsea projects undertaken by the former Technip
S.A. group between 2008 and 2012.
This settlement, in the form of a Convention Judiciaire
d'Int\u00e9r\u00eat Public (\u201cCJIP\u201d), was signed on June\u00a022, 2023, and
approved by the President of the Tribunal Judiciaire de Paris
on June\u00a028, 2023. Under the terms of the CJIP, Technip
Energies France agreed to pay by October\u00a023, 2023, a fine of
\u20ac54.1\u00a0million. \u20ac24.7\u00a0million of this amount has been
indemnified by TechnipFMC under the terms of the
Separation and Distribution Agreement between TechnipFMC
and Technip Energies, dated January\u00a07, 2021.
The CJIP does not involve any admission of liability or guilt
and Technip Energies France has fully satisfied its
commitments under the CJIP.
In 2003, Petrobras B.V. (\u201cPNBV\u201d) and FSTP, a Joint Venture
between Seatrium (formerly known as Keppel) (75%) and
Technip Brasil Engenharia (25%), signed a contract for
construction of the P-52 offshore platform (the \u201cProject\u201d). In
2007 the Brazilian Tribunal de Contas da Uni\u00e3o (\u201cTCU\u201d)
contested the validity of an amendment to the contract
which compensated FSTP for additional costs incurred in
relation to the Project (the \u201cContested Payments\u201d). To ensure
completion of the Project and avoid suspension of payments
pending the outcome of proceedings initiated by the TCU to
recover the Contested Payments, FSTP issued a $126million
letter of credit in favor of PNBV, with the Company being
responsible for 25%. Proceedings relating to the Contested
Payments have been ongoing since 2007. TCU issued their
final decision on November 22, 2023. Technip Energies and
Seatrium continue to contest TCU\u2019s decision to have PNBV
recover the Contested Payments and encash the letter of
credit, with FSTP initiating UNCITRAL arbitration in London in
December 2023. The Company constituted a provision of
$31.5 million, corresponding to Technip Energies\u2019 portion of
the letter of credit.
Contingent liabilities associated with liquidated
damages
Some of the Technip Energies Group's contracts contain
provisions that require the relevant Technip Energies Group
company to pay liquidated damages if the relevant company
is responsible for the failure to meet specified contractual
milestone dates and the applicable customer asserts a
conforming claim under these provisions. These contracts
define the conditions under which the customers of Technip
Energies may make claims against it for liquidated damages.
Based upon the evaluation of Technip Energies Group's
performance and other commercial and legal analysis,
management believes that the Group has appropriately
recognized probable liquidated damages as of December\u00a031,
2023 and 2022, and that the ultimate resolution of such
matters will not materially affect its consolidated financial
position, consolidated results of operations, or consolidated
cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-557": { "value": "
29.1.Contingent liabilities associated with guarantees
In the ordinary course of business, the Technip Energies
Group enters into standby letters of credit, performance
bonds, surety bonds and other guarantees with financial
institutions for the benefit of its customers, vendors and
other parties.
Most of these financial instruments expire within five years.
Management does not expect any of these financial
instruments to result in losses that, if incurred, would have a
material adverse effect on the Technip Energies Group's
consolidated financial position, results of operations or cash
flows.
Guarantees consisted of the following:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Financial guarantees(1)
251.2
202.4
Performance guarantees(2)
2,686.6
3,074.0
MAXIMUM POTENTIAL UNDISCOUNTED PAYMENTS
2,937.8
3,276.4
(1) Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an
underlying agreement that is related to an asset, a liability, or an equity security of the guaranteed party as primary obligor. These would be drawn
down only if there is a failure to fulfill financial obligations by the primary obligor.
(2) Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another
entity's failure to perform under a non-financial agreement. Events that trigger payment are performance-related, such as failure to ship a product
or provide a service.
29.2.Contingent liabilities associated with legal matters
The Group is involved in various pending or potential legal
actions, disputes and proceedings, whether initiated by the
Company or by third parties (including governmental
authorities) any of which could result in sanctions of a
financial, administrative or criminal nature. Management is
unable to predict the ultimate outcome of these actions
because of their inherent uncertainty. However, management
believes that the most probable, ultimate resolution of these
matters will not have a material adverse effect on the
Technip Energies Group's financial position or profitability.
On June\u00a027, 2023, Technip Energies announced that Technip
Energies France, a subsidiary of Technip\u00a0Energies\u00a0N.V. had
agreed to resolve its outstanding matters with the Parquet
national financier arising out of historical conduct that
related to subsea projects undertaken by the former Technip
S.A. group between 2008 and 2012.
This settlement, in the form of a Convention Judiciaire
d'Int\u00e9r\u00eat Public (\u201cCJIP\u201d), was signed on June\u00a022, 2023, and
approved by the President of the Tribunal Judiciaire de Paris
on June\u00a028, 2023. Under the terms of the CJIP, Technip
Energies France agreed to pay by October\u00a023, 2023, a fine of
\u20ac54.1\u00a0million. \u20ac24.7\u00a0million of this amount has been
indemnified by TechnipFMC under the terms of the
Separation and Distribution Agreement between TechnipFMC
and Technip Energies, dated January\u00a07, 2021.
The CJIP does not involve any admission of liability or guilt
and Technip Energies France has fully satisfied its
commitments under the CJIP.
In 2003, Petrobras B.V. (\u201cPNBV\u201d) and FSTP, a Joint Venture
between Seatrium (formerly known as Keppel) (75%) and
Technip Brasil Engenharia (25%), signed a contract for
construction of the P-52 offshore platform (the \u201cProject\u201d). In
2007 the Brazilian Tribunal de Contas da Uni\u00e3o (\u201cTCU\u201d)
contested the validity of an amendment to the contract
which compensated FSTP for additional costs incurred in
relation to the Project (the \u201cContested Payments\u201d). To ensure
completion of the Project and avoid suspension of payments
pending the outcome of proceedings initiated by the TCU to
recover the Contested Payments, FSTP issued a $126million
letter of credit in favor of PNBV, with the Company being
responsible for 25%. Proceedings relating to the Contested
Payments have been ongoing since 2007. TCU issued their
final decision on November 22, 2023. Technip Energies and
Seatrium continue to contest TCU\u2019s decision to have PNBV
recover the Contested Payments and encash the letter of
credit, with FSTP initiating UNCITRAL arbitration in London in
December 2023. The Company constituted a provision of
$31.5 million, corresponding to Technip Energies\u2019 portion of
the letter of credit.
Contingent liabilities associated with liquidated
damages
Some of the Technip Energies Group's contracts contain
provisions that require the relevant Technip Energies Group
company to pay liquidated damages if the relevant company
is responsible for the failure to meet specified contractual
milestone dates and the applicable customer asserts a
conforming claim under these provisions. These contracts
define the conditions under which the customers of Technip
Energies may make claims against it for liquidated damages.
Based upon the evaluation of Technip Energies Group's
performance and other commercial and legal analysis,
management believes that the Group has appropriately
recognized probable liquidated damages as of December\u00a031,
2023 and 2022, and that the ultimate resolution of such
matters will not materially affect its consolidated financial
position, consolidated results of operations, or consolidated
cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-558": { "value": "
Note 30.Auditor\u2019s remuneration
Auditor\u2019s remuneration as of December 31, 2023 and 2022 is as follows:
(In millions of \u20ac)
December\u00a031,
2023
December\u00a031,
2022
Fees payable to Technip Energies\u2019 auditors for the audit of the consolidated and
company financial statements
(1.8)
(2.1)
Fees payable to Technip Energies\u2019 auditors for the audit of\u00a0its\u00a0subsidiaries
(3.3)
(3.9)
TOTAL FEES PAYABLE FOR AUDIT SERVICES
(5.1)
(6.0)
Audit related
(0.2)
(0.1)
All other fees
(0.4)
(0.2)
TOTAL FEES PAYABLE FOR OTHER SERVICES
(0.6)
(0.3)
Of the total fees billed, an amount of \u20ac0.2\u00a0million relates to PricewaterhouseCoopers Accountants NV for audit services. The
remainder relates to other firms within the PwC network. Other services are mainly comprised of special purpose audits or
agreed upon procedures, IT systems implementation review and sustainability assurance services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-559": { "value": "
Note 31.Companies included in the scope of the consolidated financial
statements
The principal subsidiaries, associates and joint-ventures included in Technip Energies\u2019 scope of consolidation as of
December\u00a031, 2023 , are listed below:
31.1.Principal subsidiaries
Company Name
Address
Interest held in %
as of December\u00a031,
2023
AUSTRALIA
Genesis Energies Consultants Pty Ltd
Ground Floor, 1 William Street
Perth WA 6000
100
T.EN Australia and New Zealand Pty Ltd
Ground Floor, 1 William Street
Perth WA 6000
100
BELGIUM
Rely SA
Rue Joseph Stevens 7, 1000 Bruxelles
60
BRAZIL
Genesis Oil & Gas Brasil Engenharia Ltda.
Rua Paulo Em\u00eddio Barbosa, 485, quadra 4 (parte)
Cidade Universit\u00e1ria
21941-615, Rio de Janeiro
100
Processium do Brasil Pesquisa e
Desenvolvimento em Ci\u00eancias F\u00edsicas e
Naturais Ltda.
Rua Paulo Em\u00eddio Barbosa, 485, quadra 4 (parte)
Cidade Universit\u00e1ria
21941-615, Rio de Janeiro
99.84
CHINA
Shanghai T.EN Trading Co. Ltd.
Room 1904, 19th Floor, Xuhui Vanke Center
55\u00a0Ding\u2019An\u00a0Road
200030,\u00a0Shanghai
100
T.EN Chemical Engineering (Tianjin) Co.
Ltd.
521 Jing Jin Road
300400, Tianjin
100
T.EN Engineering Consultant (Shanghai)
Co. Ltd.
Room 1902, 19th Floor, Xuhui Vanke Center
55 Ding\u2019An Road
200030, Shanghai
100
FRANCE
Clecel SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Cybernetix SAS
Technop\u00f4le de Ch\u00e2teau Gombert
306 Rue Albert Einstein
BP 94
13382 Marseille Cedex 13
100
Cyxplus SAS
Technop\u00f4le de Ch\u00e2teau Gombert
306 Rue Albert Einstein
BP 94
13382 Marseille Cedex 13
100
Gygaz SNC
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
92.5
Middle East Projects International (T.EN
MEPI) SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Processium SA
30 rue Marguerite
Immeuble \u201cle 380\u201d
69100 Villeurbanne
99.84
Procintech SARL
30 rue Marguerite
Immeuble \u201cle 380\u201d
69100 Villeurbanne
99.84
Company Name
Address
Interest held in %
as of December\u00a031,
2023
Reju SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Safrel SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
South Tambey LNG SNC(1)
5 place de la Pyramide, Tour Ariane
Paris La D\u00e9fense
92800 Puteaux
50
T.EN Corporate Services SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Eurocash SNC
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
Technip Energies France SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Engineering SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Net SAS
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
100
T.EN Ing\u00e9nierie R\u00e9gionale pour
Industries SAS
14 rue Linus Carl Pauling
PAT La Vatine
76130 Mont-Saint-Aignan
100
Yamgaz SNC(1)
2126 boulevard de La D\u00e9fense
Immeuble Origine
CS 10266
92741 Nanterre Cedex
50
T.EN Loading Systems SAS
Route des Cl\u00e9rimois
89100 Sens
100
GERMANY
Taclov GmbH
Friesstrasse 20
60388 Frankfurt am Main
100
T.EN Zimmer GmbH
Friesstrasse 20
60388 Frankfurt am Main
100
INDIA
T.EN Global Business Services Private
Limited
B-22 Okhla Industrial Area, Phase-1
110020 New Delhi
100
Technip Energies India Limited
B-22 Okhla Industrial Area, Phase-1
110020 New Delhi
100
ITALY
Consorzio Technip Italy Procurement
Services - TIPS
68, Viale Castello della Magliana 00148 Rome
100
T.EN Italy Solutions S.p.A.
68, Viale Castello della Magliana 00148 Rome
100
Technip Energies Italy S.p.A.
68, Viale Castello della Magliana 00148 Rome
100
TPL - Tecnologie Progetti Lavori S.p.A.
68, Viale Castello della Magliana 00148 Rome
100
Consorzio Technip Italy Worley Parsons
68, Viale Castello della Magliana 00148 Rome
90
(1) Technip Energies has an ownership interest in both Yamgaz SNC and South Tambey LNG of 200,002 shares (of total outstanding shares), or
50.0005%, and obtained a majority interest and voting control over Yamgaz SNC and South Tambey and consolidated both entities effective
December 31, 2016.
Company Name
Address
Interest held in %
as of December\u00a031,
2023
JAPAN
Technip Energies Japan GK
Level 10, Hulic Minatomirai
1-1-7, Sakuragi-cho, Naka-ku
Yokohama-shi, Kanagawa
100
MALAYSIA
Genesis Energies Malaysia Sdn. Bhd.
Suite 13.03, 13th Floor, Menara Tan & Tan
207 Jalan Tun Razak
50400 Kuala Lumpur
100
T.EN Far East Sdn. Bhd.
Suite 13.03, 13th Floor, Menara Tan & Tan
207 Jalan Tun Razak
50400 Kuala Lumpur
100
Technip Energies (M) Sdn. Bhd.
Suite 13.03, 13th Floor, Menara Tan & Tan
207 Jalan Tun Razak
50400 Kuala Lumpur
30
MEXICO
Technip De Mexico S. De R.L. De C.V.
Blvd. Manuel \u00c1vila Camacho 36, Piso 10, Oficina 1058 Lomas De
Chapultepec I Secci\u00f3n. C. P. 11000, Alcald\u00eda Miguel Hidalgo
Ciudad de M\u00e9xico
100
TP Oil & Gas Mexico, S. de R.L. de C.V.
Calle Novena 357 Lote 8 Y 7 FRACC. De La Manzana 74,Seccion
Primera Baja California, 22800, Ensenada, Mexico
100
MOZAMBIQUE
T.EN Mo\u00e7ambique, Limitada
Zedequias Manganhela Avenue, no. 257, fifth floor, Maputo City
100
NETHERLANDS
T.EN Netherlands B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
T.EN Power B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
Technip Energies International B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
NORWAY
Genesis Energies Norway AS
Genesis Energies Norway AS v/ Kjell Haver Regnskapsservice
Welhavens vei 5
4319 Sandnes, Norway
100
Inocean AS
Bryggegata 9, NO-0250, Oslo
100
Inocean Marotec AS
Bryggegata 9, NO-0250, Oslo
100
Kanfa AS
Philip Pedersens Road 7, 1366 Lysaker
100
POLAND
Inocean Poland Sp. Z.o.o.
Ul. Dubois, 20, 71-610, Szczecin
100
T.EN Polska Sp. Z.o.o.
UI. Promyka 13/4, No. 13, suite 4, 01-604 Warsaw, Poland
100
SAUDI ARABIA
Technip Saudi Arabia Limited
P.O. Box 30893
Al-Khobar - 31592
100
TPL Arabia Limited
P.O. Box 30893
Al-Khobar - 31592
100
SENEGAL
T.EN Senegal SAS
Almadies Immeuble SCIA 2, Route du M\u00e9ridien Pr\u00e9sident, Dakar
100
SINGAPORE
Technip Energies Singapore Pte. Ltd.
8 Cross Street #21-05 Manulife Tower, Singapore 048424
100
SPAIN
Technip Energies Iberia, S.A.
Building n\u00b08 \u2013 Floor 4th Pla\u00e7a de la Pau s/n, World Trade
Center \u2013 Almeda Park \u2013 Cornell\u00e0 de Llobregat, 08940
Barcelona
100
SWEDEN
Inocean AB
Gardatorget 1, Goteborg
100
SWITZERLAND
Engineering Re AG
Vulkanstrasse 106,
8048 Z\u00fcrich
100
Company Name
Address
Interest held in %
as of December\u00a031,
2023
THAILAND
Technip Energies (Thailand) Ltd
20th Floor, Suntower, Building A
123 Vibhavadee-Rangsit Road, Jomphon
Jatujak, Bangkok 10900
74
Technip Energies Holding (Thailand) Ltd
20th Floor, Suntower, Building A
123 Vibhavadee-Rangsit Road, Jomphon
Jatujak, Bangkok 10900
49
UNITED ARAB EMIRATES
TEN MIDDLE EAST FZE
Office No. LB14414
P.O. Box 262274
Jebel Ali Free Zone, Dubai
100
UNITED KINGDOM
T.EN International UK Ltd
One St Paul\u2019s Churchyard London EC4M 8AP
100
Cybernetix S.R.I.S. Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
Genesis Oil & Gas Consultants Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
Genesis Energies Consultants Ltd
One St Paul\u2019s Churchyard London EC4M 8AP
100
T.EN E&C Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
T.EN PMC Services Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
T.EN UK Holdings Limited
One St Paul\u2019s Churchyard London EC4M 8AP
100
UNITED STATES
Badger Licensing LLC
c/o Corporation Service Company
251, Little Falls Drive
Wilmington, Delaware 19808
100
Technip E&C, Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN Energy & Chemicals International,
Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN Process Technology, Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN S&W Abu Dhabi, Inc.
c/o Corporation Trust Center
1209 Orange St.
Wilmington, Delaware 19801
100
T.EN S&W International, Inc.
c/o CT Corporation System
3867 Plaza Tower Dr
Baton Rouge, Louisiana 70816
100
T.EN Stone & Webster Process
Technology, Inc.
c/o Corporation Trust Center
1209 Orange St.
Wilmington, Delaware 19801
100
Technip Energies USA, Inc.
c/o Corporation Trust Center
1209 Orange St.
Wilmington, Delaware 19801
100
Taclov LLC
Almaden Research Center
CA 95120-6099, 650 Harry Road
San Jose
52.6
VENEZUELA
Inversiones Dinsa, C.A
Avenida Principal de la Urbina, Calle 1 con Calle 2, Centro
Empresarial INECOM, Piso 1, La Urbina, Minicipio Sucre, 1070
Caracas
100
T.EN Velam, S.A.
Avenida Principal con Calle 1 y Calle 2, Centro Empresarial
INECOM, Piso 1, La Urbina, 1060Calle 1 con Calle 2, Centro
Empresarial INECOM, Piso 1, La Urbina
Caracas
100
VIETNAM
T.EN Vietnam Co., Ltd.
207A Nguyen Van Thu, Da Kao Ward, District 1
Ho Chi Minh City
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-560": { "value": "
Note 32.Subsequent events
The Board of Directors has decided to propose at the Annual
General Meeting of Shareholders of May\u00a07, 2024, the payment
of a dividend of \u20ac0.57 per share which represents
\u20ac 100.7\u00a0million for the 2023 financial year based on the
number of shares outstanding less the expected number of
treasury shares held at the dividend record date.
In addition, Technip Energies announced on February 29,
2024, the launch of a share buyback program of up to \u20ac100
million, with up to \u20ac70 million to be used to purchase
common shares for cancellation and up to \u20ac30 million to be
used to fulfill the Company's obligations under equity
compensation plans. The maximum number of shares that
can be acquired under the share buyback program is 5
million shares. The share buyback program will be carried out
until December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-561": { "value": "0.57", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-562": { "value": "100700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-563": { "value": "
8.2.1.COMPANY BALANCE SHEET
Company balance sheet
(In\u00a0millions of \u20ac)
Before appropriation of profit
Notes
December 31,
2023
December 31,
2022
ASSETS
Tangible fixed assets
\u2014
0.1
Financial fixed assets
8.2.4.1
3,180.9
3,130.8
Deferred tax assets
8.2.4.2
0.4
2.7
Total non current assets
3,181.3
3,133.6
Other receivables
8.2.4.3
186.6
181.1
Cash and cash equivalent
8.2.4.4
\u2014
\u2014
Total current assets
186.6
181.1
TOTAL ASSETS
3,367.9
3,314.7
EQUITY AND LIABILITIES
Shareholder's equity
Issued share capital
1.8
1.8
Share premium reserve
970.6
941.6
Treasury shares
(53.6)
(64.2)
Legal reserves
(10.8)
7.7
Retained earnings
616.9
473.3
Share-Based Compensation
73.0
45.8
Profit of the period
296.8
300.7
Total equity
8.2.4.5
1,894.8
1,706.7
Provisions
8.2.4.6
11.9
22.4
Non current liabilities
8.2.4.7
596.2
595.3
Loans and borrowings
8.2.4.7
722.9
859.5
Other current liabilities
8.2.4.8
142.1
130.8
Total current liabilities
865.0
990.3
TOTAL EQUITY AND LIABILITIES
3,367.9
3,314.7
8.2.2.COMPANY INCOME STATEMENT
Company income statement
(In\u00a0millions of \u20ac)
Notes
2023
2022
Revenue
8.2.4.9
178.1
148.2
General and administrative expenses
8.2.4.10
(245.5)
(177.5)
Operating profit/(loss)
(67.4)
(29.3)
Financial income
8.2.4.11
8.8
7.0
Financial expense
8.2.4.11
(88.3)
(23.1)
Profit/(Loss) before tax
(146.9)
(45.4)
Income tax (expense)/income
8.2.4.12
29.2
17.3
Result of Group companies
414.6
328.8
PROFIT/(LOSS)
296.8
300.7
8.2.3.GENERAL
The Company financial statements are part of the 2023
financial statements of Technip\u00a0Energies\u00a0N.V.
The Company was a private limited liability company
( besloten vennootschap met beperkte aansprakelijkheid )
incorporated under the laws of The Netherlands on
October\u00a016, 2019, with a share capital of \u20ac0,01 at this date.
Following the signature of the contribution agreement with
TechnipFMC plc on January\u00a031, 2021, TechnipFMC\u2019s Onshore/
Offshore business was contributed to Technip\u00a0Energies\u00a0N.V.
in exchange for 4,499,999 ordinary shares of \u20ac0.01 issuance
in the share capital of Technip Energies. At that date,
Technip\u00a0Energies\u00a0N.V. was converted into a public limited
liability company (Naamloze Vennootschap ) incorporated and
operating under the laws of the Netherlands. On February\u00a06,
2021, new shares were created by reserve allocation, with the
new number of shares amounting to 175,313,880 with a
nominal value of \u20ac0.01 each.
Listing and first admission to trading on Euronext in Paris of
ordinary shares in the share capital of Technip\u00a0Energies\u00a0N.V.
took place on February\u00a016, 2021.
Technip\u00a0Energies\u00a0N.V. is registered at the Chamber of
Commerce with registration number 76122654 and it has its
statutory seat in Amsterdam, the Netherlands.
The Company has no establishment in the Netherlands. The
Company\u2019s address is: 2126, boulevard de La D\u00e9fense
CS10266 92741 Nanterre, France.
Technip\u00a0Energies\u00a0N.V. costs are mainly comprised of
management activities and costs of the headquarters office
in Nanterre (France) parts of which are recharged to Group
companies.
Management fees and other corporate recharges are
recognized in the financial year in which services are
rendered to the entities and the costs are incurred.
Principles for the measurement of assets and
liabilities and the determination of the result
The standalone financial statements were prepared in
accordance with the statutory provisions of Part 9, Volume\u00a02
of the Dutch Civil Code and the firm pronouncements of the
\u201c Raad voor de Jaarverslaggeving\u201d. Technip\u00a0Energies\u00a0N.V. uses
the option provided in section\u00a02:362 (8) of the Dutch Civil
Code in that the principles for the recognition and
measurement of assets and liabilities and determination of
result (hereinafter referred to as principles for recognition
and measurement) of the separate financial statements of
Technip\u00a0Energies\u00a0N.V. are the same as those applied for the
consolidated financial statements. These principles also
include the classification and presentation of financial
instruments, being equity instruments or financial liabilities.
The consolidated financial statements are prepared
according to the standards set by the International
Accounting Standards Board and adopted by the European
Union (referred to as EU-IFRS). Reference is made to the
notes to the consolidated financial statements (8.1.6.,
Note\u00a01.\u00a0Accounting principles) for a description of these
principles.
In case no other policies are mentioned, refer to the
accounting policies as described in the accounting policies in
the consolidated financial statements of this Annual Report.
For an appropriate interpretation, the Company financial
statements should be read in conjunction with the
consolidated financial statements.
Investments in consolidated subsidiaries
Consolidated subsidiaries are all entities (including
intermediate subsidiaries) over which the Company has
control. The Company controls an entity when it is exposed,
or has rights, to variable returns from its involvement with
the subsidiary and has the ability to affect those returns
through its power over the subsidiary. Subsidiaries are
recognized from the date on which control is transferred to
the Company or its intermediate holding entities.
They are derecognized from the date that control ceases.
Investments in consolidated subsidiaries are measured at net
asset value, inclusive of the carrying value of the group's
value of goodwill. Net asset value and its associated goodwill
is based on the measurement of assets, provisions and
liabilities and determination of profit based on the principles
applied in the consolidated financial statements.
Investments with significant influence
(associates) and joint-ventures
The equity method is used for joint-ventures and for
investments over which Technip Energies N.V. exercises a
significant influence on operational and financial policies.
The Company determines at each reporting date whether
there is any objective evidence that investments in the
associates are impaired. If this is the case, the Company
calculates the amount of impairment as the difference
between the recoverable amount of the associate and its
carrying value and recognizes the amount adjacent to \u2018share
of profit/ (loss) of associates\u2019 in the income statement. As
goodwill is included in the carrying amount of the
investments in associates, it is not separately tested for
impairment.
Results on transactions, involving the transfer of assets and
liabilities between Technip Energies N.V. and its participating
interests or between participating interests themselves, are
not incorporated insofar as they are deemed to be
unrealized.
Taxation
Corporate tax is payable on taxable profits at amounts
expected to be paid, or recovered, under the tax rates and
laws that have been enacted or substantively enacted at the
balance sheet date. Reference is made to notes
8.2.4.2.\u00a0Deferred tax asset and 8.2.4.12. Income tax of
Technip Energies company financial statements.
The accompanying notes are an integral part of the company financial statements.
\u25cf Contents of notes
8.2.4.1.
Financial fixed assets
8.2.4.2.
Deferred tax asset
8.2.4.3.
Other receivables
8.2.4.4.
Cash and cash equivalents
8.2.4.5.
Shareholders\u2019 equity
8.2.4.6.
Provisions
8.2.4.7.
Loans and borrowing
8.2.4.8.
Other current liabilities
8.2.4.9.
Revenue
8.2.4.10.
General and administrative expenses
8.4.2.11.
Financial income and expenses
8.2.4.12.
Income tax
8.2.4.13.
Commitments and contingencies
8.2.4.14.
Board of Directors remuneration
8.2.4.15.
Number of employees
8.2.4.16.
Independent audit fees
8.2.4.17.
Events after end of reporting
8.2.4.1.Financial fixed assets
The movements in the financial fixed assets are as follows:
(In millions of \u20ac)
Investments
in
subsidiaries
Investments
in
associates
and joint-
ventures
Quoted
equity
instruments
at FVTPL
Other
investments
Loans
Deposits
Total
Balance at January 1, 2022
2,879.9
44.9
25.3
0
20.6
6.7
2977.2
Result of Group companies(1)
250.7
78.1
328.8
Acquisitions
\u2014
15.0
15.0
Capital increase
14.9
14.9
Divestments and capital repayments
(0.1)
(0.1)
Purchase of deposits through liquidity
contract
3.2
3.2
Share in other comprehensive income
19.2
1.0
20.2
Change in quoted equity instruments
at FVTPL
(0.1)
(0.1)
Interest accrued/ paid
(0.6)
(0.6)
Foreign currency variations
20.6
0.7
21.3
Dividends received
(176.8)
(52.8)
(229.6)
Loan refund
(20.0)
(20.0)
Other
0.7
(0.3)
0.4
Movements
129.3
26.6
(0.1)
15.0
(20.6)
3.2
153.4
BALANCE AT DECEMBER 31, 2022
3,009.2
71.5
25.2
15.0
\u2014
9.9
3,130.8
(1)2022 result of Group companies comparative information has been updated from \u20ac334.4 million (previously reported) to \u20ac328.8 million (restated), due
to a clerical error.
The loan to Engineering Re of \u20ac20.6\u00a0million was fully reimbursed in 2022.
\u00a0\u00a0
(In millions of \u20ac)
Investme
nts in
subsidiari
es
Investments
in associates
and joint-
ventures
Quoted
equity
instruments
at FVTPL
Other
investments
Loans
Deposits
Total
Balance at January 1, 2023
3,009.2
71.5
25.2
15.0
\u2014
9.9
3,130.8
Result of Group companies
357.8
56.8
414.6
Acquisitions
11.4
2.6
3.7
17.8
Capital increase
10.0
10.0
Divestments and capital repayments
(33.2)
(33.2)
Purchase of deposits through liquidity
contract
(0.7)
(0.7)
Share in other comprehensive income
(6.5)
(2.1)
(8.6)
Change in quoted equity instruments
at FVTPL
(10.2)
(10.2)
Interest accrued/ paid
\u2014
Foreign currency variations
(19.2)
(1.3)
(20.5)
Dividends received
(220.3)
(57.9)
(278.2)
Loans
2.7
2.7
Other transactions with
non\u2011controlling interests
(42.7)
(42.7)
Other
(1.3)
0.4
(0.9)
Movements
56.0
(1.4)
(10.2)
3.7
2.7
(0.7)
50.1
BALANCE AT DECEMBER 31, 2023
3,065.2
70.1
15.0
18.7
2.7
9.2
3,180.9
All receivables included under the financial assets fall due in more than one year.
An overview of the Company\u2019s direct investments required under Articles 2:379 of the Dutch Civil Code is given below:
Subsidiaries
Company Name
Address
Interest held in %\u00a0as
of\u00a0December 31, 2023
AUSTRALIA
T.EN Australia and New-Zealand Pty Ltd
1120 Hay St, West Perth WA 6005
100
BRAZIL
Genesis Brasil Oil & Gas Engenharia
Ltda (1)
Av. Presidente Vargas 3131, 20210 Rio de Janeiro
0.01
CHINA
T.EN Chemical Engineering (Tianjin) Co.,
Ltd.
10th Floor \u2013 Yunhai Mansion 200031 Shanghai
100
COLOMBIA
T.EN Colombia, S.A.(2)
Calle 38 # 8-62 Piso 3 Santafe de Bogota D.C.
7.2
FRANCE
Clecel SAS
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
Cybernetix SAS
Technop\u00f4le de Ch\u00e2teau-Gombert 13382 Marseille Cedex 13
100
Middle East Projects International SAS
(T.EN Mepi)
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
Reju SAS
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
Safrel
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
T.EN Catering Services SAS
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
T.EN Corporate Services SAS
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
T.EN Eurocash SNC
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
96
Technip Energies France SAS
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
T.EN Engineering SAS
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
T.EN NET SAS
2126 Boulevard de La D\u00e9fense Immeuble Origine-CS 10266
92741 Nanterre Cedex
100
Cyxplus(3)
Technop\u00f4le de Ch\u00e2teau-Gombert 13382 Marseille Cedex 13
0.01
SCI les Bessons(4)
Technop\u00f4le de Ch\u00e2teau-Gombert 13382 Marseille Cedex 13
0.03
ITALY
Technip Energies Italy S.P.A.
Viale Castello Della Magliana 68, 00148 Roma
100
Technologie Progetti Lavori S.P.A.
Viale Castello Della Magliana 68, 00148 Roma
100
MALAYSIA
T.EN Far East Sdn Bhd
Suite 13.03, 13th Floor 207 Jalan Tun Razak Kuala Lumpur
50400
100
T.EN Consultant (M) Sdn. Bhd
Suite 13.03, 13th Floor 207 Jalan Tun Razak 50400 Kuala
Lumpur
27.18
Technip Energies (M) Sdn. Bhd.
Suite 13.03, 13th Floor 207 Jalan Tun Razak 50400 Kuala
Lumpur
30
MEXICO
T.EN de Mexico S. de R.L. de C.V.
Blvd. Manuel \u00c1vila Camacho 36, Piso 10, Torre Esmeralda II,
Col. Lomas de Chapultepec, Miguel Hidalgo, 11000, Ciudad
de M\u00e9xico, Mexico
50
NETHERLANDS
Technip Energies International B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
Subsidiaries
Company Name
Address
Interest held in %\u00a0as
of\u00a0December 31, 2023
NEW-CALEDONIA - FRENCH OVERSEAS TERRITORY
T.EN Nouvelle-Cal\u00e9donie SAS
27 bis Avenue du Mar\u00e9chal Foch - Galerie Center Foch -
Centre-Ville B.P. 4460 98847 Noum\u00e9a
100
NORWAY
Inocean AS
B Ryggegata 3 0250 Oslo
100
Kanfa AS
Nye Vakas vei 80 1395 Hvalstad
100
PANAMA
T.EN Overseas S.A.
East 53rd Street Marbella, Humboldt Tower 2nd Floor
Panama
100
SAUDI ARABIA
Technip Saudi Arabia Ltd.
Dhahran Center Building Suite 501 Dhahran Road Al-Khobar,
31952 Saudi Arabia.
100
SINGAPORE
Technip Energies Singapore Pte. Ltd.
149 Gul Circle - 629605 Singapore
100
SPAIN
Technip Energies Iberia, S.A.
Building n\u00b0 8 - Floor 4th Pla\u00e7a de la Pau s/n World Trade
Center - Almeda Park - Cornell\u00e0 de Llobregat 08940
Barcelona
100
SWITZERLAND
Engineering Re AG
Vulkanstrasse 106 8048 Zurich
100
VENEZUELA
Inversiones Dinsa CA
Avenida Principal de La Urbina, calle 1 con calle 2, Centro
Empresarial INECOM, piso 1, oficina 1-1 La Urbina, Minicipio
Sucre, 1070, Caracas, Venezuela
100
VIETNAM
T.EN Vietnam Co., Ltd.
7F, Centec Tower Building 72-74 Nguyen Thi Minh Khai Street
and 143-145B Hai Ba Trung Street, Ward 6, District 3, Ho Chi
Minh City
100
(1) Technip Energies N.V.\u00a0 controls Genesis Oil & Gas Brasil Engenharia Ltda through Technip Energies International B.V.
(2) Technip Energies N.V. controls T.EN Colombia, S.A. through Technip Energies Italy S.p.A.
(3) Technip Energies N.V. controls Cyxplus S.A. through Cybernetix SAS
(4) Technip Energies N.V.\u00a0 controls SCI Les Bessons through Cybernetix SAS
Associates and joint-ventures
Company Name
Address
Interest held in
% as of December 31,
2023
BOSNIA AND HERZEGOVINA
Petrolinvest, D.D. Sarajevo
Tvornicka 3 71000 Sarajevo
33.01
NORWAY
Marine Offshore AS
Vollsveien 17A 1327 Lysaker
51
PORTUGAL
TSKJ Servicos de Engenharia Lda
Avenida Arriaga, numero trinta, terceiro andar - H, Freguesia
da S\u00e9, Concelho do Funchal, 9000-064, Funchal, Portugal
25
Quoted equity instruments
Company Name
Address
Interest held in
% as of December 31,
2023
FRANCE
Mc Phy Energy SA
1115, route de Saint Thomas 26190 La Motte Fanjas
2.45
MALAYSIA
Malaysia Marine & Heavy Engineering
Holdings Bhd
PLO 3, Jalan Pekeliling Pasir Gudang, 81700 Malaysia
8.5
Other investments
Company Name
Address
Interest held in
% as of December 31,
2023
CANADA
EVOK Fund II
1410 - 1130 West Pender Street
Vancouver, BC Canada
31.61
FRANCE
Oceanide
Zone industrielle Bregaillon, BP 63, 83500 La Seyne sur Mer
23.1
GERMANY
HY2GEN AG
Klingholzstra\u00dfe , 65189 Wiesbaden
8.33
SPAIN
Exponential Renewables S.L (X1 winds)
Avenida Pedralbes, 18 - 20 esc. B P. 3 PTA. 1 08034,
Barcelona
16.31
8.2.4.2.Deferred tax asset
Deferred tax income
The tax rate utilized to compute deferred taxes depends on
the location of the underlying transaction. Although
registered in the Netherlands, Technip\u00a0Energies\u00a0N.V. is tax
resident in France, so that the transactions are tax effected
using the French tax rate.
Technip\u00a0Energies\u00a0N.V. earnings are subject to the French
statutory rate which is 25.83% starting 2021 and onwards.
Technip\u00a0Energies\u00a0N.V. is the head of the French tax
consolidated group.
A deferred tax asset is recognized on the tax losses of the
French tax consolidated group which can be carried forward
and are expected to be recovered based on anticipated
future taxable profits within the French tax consolidated
group. The tax losses recognized for the years until 2021 can
be carried forward for an unlimited period of time.
As of December\u00a031, 2022, the balance of deferred tax assets
amounts to \u20ac2.7\u00a0million, including \u20ac2.4\u00a0million of deferred
tax asset on losses carried forward and deferred tax asset on
pension for \u20ac0.3\u00a0million.
In 2023, the amount of \u20ac2.4\u00a0million of this tax asset on
losses carried forward has been used to offset taxable
incomes of the French Tax consolidated group.
As of December 31, 2023, the balance of deferred tax assets
amounts to \u20ac0.4\u00a0million consisting of deferred tax asset on
pension
8.2.4.3.Other receivables
(In millions of \u20ac)
December 31,
2023
December 31,
2022
Amounts owed by Group Companies
129.7
93.5
Current income tax receivables(1)
21.1
60.2
Other debtors
21.8
13.0
Prepaid expenses
14.0
14.4
TOTAL
186.6
181.1
(1) Income tax installments paid in 2023 exceed the final tax due. This balance will be refunded to Technip\u00a0Energies\u00a0N.V. by the French tax authority in
September\u00a02024.
Other receivables fall due in less than one year. The fair value of the receivables reasonably approximates the book value, due
to their short-term character.
8.2.4.4.Cash and cash equivalents
Cash and cash equivalents are at Technip\u00a0Energies\u00a0N.V.\u2019s free disposal.
8.2.4.5.Shareholders\u2019 equity
Share capital
As of December\u00a031, 2023, Technip\u00a0Energies\u00a0N.V. had 181,583,893 common shares issued with a nominal value of \u20ac0.01 per share.
In September\u00a02023, Technip\u00a0Energies\u00a0N.V. issued 1,756,434 shares in the framework of employee stock ownership plan for the
total net amount of 29.0\u00a0million.
Changes in outstanding shares are as follows:
(In number of shares)
Ordinary Shares
Treasury Shares
Number of shares at January 1, 2022
179,827,459
2,012,136
Purchase of shares - Share-based payment
4,418,945
Delivery of shares - Share-based payment
(742,269.0)
Net Purchase of shares through liquidity contract
(201,434.0)
Number of shares at December 31, 2022
179,827,459
5,487,378
Issuance of shares - ESOP
1,756,434
Delivery of shares - Share-based payment
(1,037,454.0)
Net Purchase of shares through liquidity contract
52,935.0
NUMBER OF SHARES AT DECEMBER 31, 2023
181,583,893
4,502,859
On January\u00a014, 2022, the Company acquired 1,800,000 shares
in the share capital of the Company from TechnipFMC at
\u20ac13.15 per share for a total value of \u20ac23.7\u00a0million.
Between March and September\u00a02022, the Company acquired
a total of 2,618,945 shares through the implementation of a
share purchase program. Treasury shares are held in order to
serve performance share plans that are granted to Group
employees. In 2022, a total of 742,269 shares were delivered
to Group employees and Board members subsequent to the
vesting of share incentive plans.
In 2023, a total of 1,037,454 shares were delivered to Group
employees subsequent to the vesting of share incentive
plans.
In 2022 and 2023, Kepler Chevreux on behalf of
Technip\u00a0Energies\u00a0N.V. carried out sale purchase and sale
transactions pursuant to a liquidity agreement to enhance
the liquidity of Technip Energies\u2019 shares admitted to trading
on Euronext Paris by maintaining a reasonable average daily
turnover reducing bid-ask spread and monitoring volatility.
The cash resources initially
allocated to the liquidity agreement was \u20ac9.0\u00a0million. On
December 31, 2023, the Group held 61,835 shares in the
capital of the Company as well as a cash amount of
\u20ac8.9\u00a0million.
As of December 31, 2023, the Group held 4,502,859 Technip
Energies shares representing a total value of \u20ac53.6\u00a0million.
The movements in shareholders\u2019 equity are as follows:
(In millions of \u20ac)
Issued
share
capital
Share
premium
Treasury
shares
Legal
reserve
Retained
earnings
Share based
compensation
Profit of
the period
Total
Balance at January 1, 2022
1.8
941.6
(22.5)
(38.1)
319.8
29.1
244.6
1,476.2
Appropriation of the result
of\u00a0preceding year
244.6
(244.6)
\u2014
Capital increase
\u2014
Net profit of the year(1)
300.7
300.7
Translation reserve change
of\u00a0the year
10.9
10.9
Cash flow hedges change
of\u00a0the year
9.7
9.7
Dividends
(79.0)
(79.0)
Other comprehensive income
change of\u00a0the year
20.5
20.5
Value of employee services
16.7
16.7
Treasury shares
(41.7)
(8.5)
(50.2)
Non distributable share
in\u00a0profit and other gains
regarding associates and
joint-ventures
25.2
(25.2)
\u2014
Other
1.2
1.2
Movements
\u2014
\u2014
(41.7)
45.8
153.6
16.7
56.1
230.5
BALANCE AT DECEMBER 31,
2022
1.8
941.6
(64.2)
7.7
473.3
45.8
300.7
1706.7
(1)2022 profit of the year comparative information has been updated from \u20ac306.3\u00a0million (previously reported) to \u20ac300.7\u00a0million (restated), due to a
clerical error.
(In millions of \u20ac)
Issued
share
capital
Share
premium
Treasury
shares
Legal
reserve
Retained
earnings
Share based
compensation
Profit of
the period
Total
Balance at January 1, 2023
1.8
941.6
(64.2)
7.7
473.3
45.8
300.7
1,706.7
Appropriation of the result
of\u00a0preceding year
300.7
(300.7)
\u2014
Capital increase
\u2014
29.0
29.0
Net profit of the year
296.8
296.8
Translation reserve change
of\u00a0the year
(29.0)
(29.0)
Cash flow hedges change
of\u00a0the year
8.5
8.5
Other OCI change of\u00a0the year
(8.6)
(8.6)
Dividends
(91.2)
(91.2)
Value of Employee services
27.1
27.1
Treasury shares
10.6
(11.7)
(1.1)
Non distributable share
in\u00a0profit and other gains
regarding associates and
joint-ventures
2.0
(2.0)
\u2014
Other transactions with
non\u2011controlling interests
(42.7)
(42.7)
Other
(0.9)
(0.9)
Movements
\u2014
29.0
10.6
(18.5)
143.6
27.1
(3.9)
188.1
BALANCE AT DECEMBER 31,
2023
1.8
970.6
(53.6)
(10.8)
616.9
72.9
296.8
1,894.8
Difference in equity and profit/loss between the company and consolidated financial statements
As of December\u00a031, 2023 and 2022, there is no difference between the consolidated equity and Company equity.
Legal reserves
The legal reserves can be broken down as follows:
(In millions of \u20ac)
December 31,
2023
December 31,
2022
Translation reserve
(93.3)
(64.3)
Cash flow hedges
14.0
5.5
Non distributable share in profit and other gains regarding associates
and\u00a0joint-ventures
68.5
66.5
TOTAL
(10.8)
7.7
The reserve for translation differences concerns all exchange
rate differences arising from the translation of the net
investment in foreign entities.
Proposed appropriation of result
Article 10 of the Articles of Association stipulates, among
other things, that the Board of Directors shall annually
decide which part of the profit shall be allocated to the
reserves. The remaining part of the profit shall be at the
disposal of the Annual General Meeting. The profit
attributable to the equity holders of the Company for fiscal
year 2023 amounts to \u20ac296.8\u00a0million. The Board of Directors
proposes to add an amount of \u20ac196.1\u00a0million to retained
earnings and to present for approval to the Annual General
Meeting of the Company its proposal to distribute in cash a
dividend amount of \u20ac0.57 per share, which represents
\u20ac100.7\u00a0million.
8.2.4.6.Provisions
(In millions of \u20ac)
December 31,
2023
December 31,
2022
Provisions for pensions and other employee benefits
1.5
1.4
Provisions for lawsuit contingency(1)
10.4
21.0
TOTAL PROVISIONS
11.9
22.4
(1)In connection with the Spin-off, Technip\u00a0Energies\u00a0N.V. and TechnipFMC entered into a Separation and Distribution Agreement on January\u00a07, 2021.
Pursuant to this agreement, certain lawsuits and provisions were transferred to Technip\u00a0Energies\u00a0N.V.
All provisions can be classified as non-current (longer than one year). For more information on provisions for lawsuit
contingency, please refer to Note 25. Provisions (non-current and current) of the consolidated financial statements.
8.2.4.7.Loans and borrowing
(In millions of \u20ac)
December 31,
2023
December 31,
2022
Bonds
594.0
594.0
Accrued interests - Bonds (non-current)
2.2
1.3
TOTAL NON CURRENT LIABILITIES
596.2
595.3
Accrued interests - Bonds (current)
4.0
4.0
Accrued interests - Bank borrowing
0.1
0.2
Financial debts and liabilities with Group companies(1)
718.8
855.3
TOTAL LOANS AND BORROWING (CURRENT)
722.9
859.5
(1) Current account with Group cash pooling entity bearing interests at Libor +0.40%.
Refer to Note 22. Debt (long and short-term) for more details and notes of the consolidated financial statements.
8.2.4.8.Other current liabilities
(In millions of \u20ac)
December 31,
2023
December 31,
2022
Trade payables
34.7
5.1
Amounts owed to Group companies
56.3
54.0
Payroll costs and social security charges
5.7
5.2
Current income tax payable
\u2014
2.3
Tax consolidation payable
13.7
24.5
Other creditors(1)
31.6
39.7
TOTAL CURRENT LIABILITIES
142.1
130.8
(1) Including \u20ac26.7 million liability in relation to the Spin-off. Technip Energies N.V. and TechnipFMC entered into a Separation and Distribution Agreement
on January 7, 2021. Pursuant to this agreement, certain liabilities were transferred to Technip Energies N.V.
The other current liabilities fall due in less than one year. The fair value of other current liabilities approximates the book
value, due to their short-term character.
8.2.4.9.Revenue
Revenue comprises of management fees and other corporate costs recharged to Group companies.
8.2.4.10. General and administrative expenses
(In millions of \u20ac)
2023
2022
Employee Benefits
(36.7)
(24.9)
Services rendered by subsidiaries
(157.3)
(129.3)
External fees and other
(46.9)
(32.1)
Restructuring costs
(4.6)
8.8
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES
(245.5)
(177.5)
Wages and salaries
(In millions of \u20ac)
2023
2022
Wages and salaries
(6.7)
(6.1)
Social security charges
(2.8)
(1.9)
Costs with respect to Long-Term incentive Awards(1)
(20.1)
(16.7)
Costs with respect to ESOP(2)
(7.0)
\u2014
Pension contributions
(0.1)
(0.1)
Other employee costs
\u2014
(0.1)
TOTAL EMPLOYEE BENEFITS
(36.7)
(24.9)
(1) The cost with respect to Long-Term incentive Awards is related to all group employees.
(2) On April 18, 2023, Technip Energies launched ESOP 2023, an employee share offering proposed to circa 12,000 eligible employees in 19 countries. This
offer allowed notably Group employees to subscribe Technip Energies shares at a 20% discount share price. The IFRS 2 expense related to this
benefit has been recorded in the statement of income for \u20ac7.0\u00a0million.
8.4.2.11.Financial income and expenses
(In millions of \u20ac)
2023
2022
Interest Income/(charges)(1)
(36.0)
(12.8)
Foreign exchange gain/(loss)
(1.1)
(3.1)
Revaluation of quoted equity instruments
(10.1)
(0.1)
Other Financial Income/(expenses)(2)
(32.0)
\u2014
TOTAL FINANCIAL INCOME AND EXPENSES
(79.5)
(16.0)
(1) Including \u20ac(27.4)\u00a0million in 2023 and \u20ac(3.9)\u00a0million in 2022 relating to group entities.
(2) Including the impact of the disposal of Technip Energies Rus LLC for \u20ac(31.9)\u00a0million
8.2.4.12.Income tax
Income tax is calculated based on the income before taxes,
taking into account temporary and permanent differences.
Technip\u00a0Energies\u00a0N.V. net income is subject to the French
statutory rate, which is 25.83% in 2022 and onwards.
The French companies of the group form a tax consolidated
group headed by Technip Energies N.V. According to the
French tax law, Technip Energies N.V. is solely liable towards
French tax authorities for the corporate income tax due for
the entire tax consolidated group. However, every French
affiliate member of the French tax consolidated group is
liable towards Technip Energies N.V. for the corporate
income tax resulting from the taxation of its share in the
consolidated group taxable income. Therefore, every French
affiliate member of the French tax consolidated group
recognizes a corporate income tax liability based on their
taxable profit.
Income tax reconciliation
The reconciliation between taxes calculated using the statutory tax rate applicable to Technip Energies and the amount of tax
effectively recognized in the income statement is as follows:
(In millions of \u20ac)
Notes
2023
2022
Profit/(Loss) before taxation
8.2.2.
(146.9)
(45.4)
French standard rate
25.8%
25.8%
Theoretical income tax expense
38.0
11.7
Effects of:
Benefit of the tax consolidation
4.2
7.2
Change in quoted equity instruments at FVTPL
(2.6)
(0.1)
Gains/Losses on purchase/disposal of financial assets
(8.3)
(0.2)
Equity compensation
0.4
\u2014
Share of expense allocated to dividends received
(0.7)
(0.8)
Others
(1.7)
(0.5)
TAX (EXPENSE)/INCOME
8.2.2.
29.2
17.3
EFFECTIVE TAX RATE
19.9%
38.1%
8.2.4.13.Commitments and contingencies
Company and bank guarantees
Technip\u00a0Energies\u00a0N.V. has issued guarantees for contractual
obligations to complete and deliver projects for the account
of several Group companies, and fulfillment of other
obligations. Guarantees given by Technip\u00a0Energies\u00a0N.V.
consist of bank guarantees for a total amount of
\u20ac891.2\u00a0million and parental company guarantee for a total
amount of \u20ac27,828.1\u00a0million as of December 31, 2023. In
2022, bank and parental company guarantees amounted to
\u20ac1,186 million and \u20ac29,968 million respectively.
Contingent liabilities
Technip\u00a0Energies\u00a0N.V. committed to provide all the requisite
financial support to ensure that the subsidiaries listed below
can continue as a going concern and meet all liabilities and
obligations as they fall due. This support is provided for at
least the next twelve months from the date that the
Directors approved and signed the most recent financial
statements:
Cybernetix S.R.I.S Limited
Cybernetix SAS
CyXplus SAS
Genesis Energies Consultants Ltd
Genesis Energies Malaysia Sdn. Bhd.
Genesis Oil & Gas Consultants Ltd
Genesis Oil & Gas Consultants Malaysia Sdn. Bhd.
Middle East Projects International (T.EN Mepi)
T.EN E&C Ltd
T.EN Engineering SAS
T.EN International UK Ltd
T.EN PMC Services Ltd
T.EN UK Holdings Limited
T.EN Vietnam Co., Ltd.
T.EN. NET SAS
8.2.4.14.Board of Directors remuneration
Remuneration cost of Executive Director
The total remuneration cost of the Executive Director amounted respectively to \u20ac5,068.2 thousands in 2022 and 5,542.5 in
2023.
(In thousands of \u20ac)
Arnaud Pieton
2023
2022
Wages and fringe benefits
916.6
900.0
Annual Incentives
1,001.0
1,131.9
Social security charges
546.8
914.3
Costs with respect to Long-Term incentive Awards
2,839.0
2,122.0
Pension contributions
239.1
\u2014
TOTAL REMUNERATION COST
5,542.5
5,068.2
The annual incentive 2022 was paid in 2023. The annual Incentive for 2023 will be paid in 2024.
Remuneration cost of Non-Executive Directors
(In thousands of \u20ac)
2022 NON-EXECUTIVE DIRECTORS
Directors
Salaries and
fringe benefits
Annual
Incentives
Long-Term
incentive
Awards
Pension related
benefits
Total 2022
Arnaud Caudoux (Audit)(1)
\u2014
\u2014
\u2014
\u2014
\u2014
Colette Cohen (Compensation, ESG)
86.2
\u2014
\u2014
\u2014
86.2
Pascal Colombani (ESG Chair)
39.1
\u2014
48.3
\u2014
87.4
Marie-Ange Debon (Audit Chair)
122.0
\u2014
48.3
\u2014
170.3
Simon Eyers (Audit)
104.0
\u2014
48.3
\u2014
152.3
Alison Goligher (Compensation
Chair, ESG)
130.5
\u2014
48.3
\u2014
178.8
Didier Houssin (ESG Chair)
112.2
\u2014
48.3
\u2014
160.5
Joseph Rinaldi (Non-Executive
Chair, Audit, Compensation)
260.0
\u2014
48.3
\u2014
308.3
Nello Uccelletti (Compensation)
104.0
\u2014
48.3
\u2014
152.3
Francesco Venturini (Audit)
68.1
\u2014
\u2014
\u2014
68.1
TOTAL
1,026.1
\u2014
338.1
\u2014
1,364.2
(1) Mr.\u00a0Arnaud Caudoux waived his cash and equity remuneration because of the policies of his employer, Bpifrance.
Effective March\u00a01, 2022, the total remuneration for the Non-Executive Directors was modified in structure by eliminating the
award of Restricted Stock.
(In thousands of \u20ac)
2023 NON-EXECUTIVE DIRECTORS
Directors
Salaries and
fringe benefits
Annual
Incentives
Long-Term
incentive
Awards
Pension related
benefits
Total 2023
Arnaud Caudoux(1)
\u2014
\u2014
\u2014
\u2014
\u2014
St\u00e9phanie Cox
66.8
\u2014
\u2014
\u2014
66.8
Marie-Ange Debon (Audit Chair)
123.0
\u2014
\u2014
\u2014
123.0
Simon Eyers (Audit)
111.0
\u2014
\u2014
\u2014
111.0
Alison Goligher (Compensation
Chair, ESG)
138.5
\u2014
\u2014
\u2014
138.5
Didier Houssin (ESG Chair)
42.7
\u2014
\u2014
\u2014
42.7
Joseph Rinaldi (Non-Executive
Chair, Audit, Compensation)
250.0
\u2014
\u2014
\u2014
250.0
Nello Uccelletti (Compensation)
105.0
\u2014
\u2014
\u2014
105.0
Francesco Venturini
105.0
\u2014
\u2014
\u2014
105.0
TOTAL
1,070.0
\u2014
\u2014
\u2014
1,070.0
(1) Mr.\u00a0Arnaud Caudoux waived his remuneration because of the policies of his employer, Bpifrance.
No payments for termination were made either in 2022 or in 2023 to any Board members. For an explanation of the
Remuneration Policy, see the Remuneration report in chapter 6.
8.2.4.15.Number of employees
There were respectively 9 and 8 employees in Technip Energies N.V as of December 31, 2023, and December 31, 2022, All of
them were members of the Executive Committee or Business Line leaders as of December 31, 2023. These employees are
located outside of the Netherlands.
8.2.4.16.Independent audit fees
For the audit fees relating to the procedures applied to Technip\u00a0Energies\u00a0N.V. and its consolidated group entities by accounting
firms and external independent auditors, reference is made to Note 30. Auditor\u2019s remuneration of the consolidated financial
statements.
8.2.4.17.Events after end of reporting
A dividend of \u20ac 0.57 per share, which represents \u20ac100.7\u00a0million based on the number of shares outstanding less the expected
number of treasury shares held at the dividend record date, will be proposed at the Annual General Meeting on May\u00a07, 2024.
In addition, Technip Energies announced on February 29, 2024, the launch of a share buyback program of up to \u20ac100 million,
with up to \u20ac70 million to be used to purchase common shares for cancellation and up to \u20ac30 million to be used to fulfill the
Company's obligations under equity compensation plans. The maximum number of shares that can be acquired under the share
buyback program is 5 million shares. The share buyback program will be carried out until December 31, 2024.
Nanterre, France
March\u00a08, 2024
Executive Committee
\u25a0 Arnaud Pieton, Chief Executive Officer
\u25a0 Christophe B\u00e9lorgeot, Senior Vice President
of\u00a0Communications and Public Affairs
\u25a0 Wei Cai, Chief Technology Officer
\u25a0 Magali Castano, Chief People Officer
\u25a0 Lo\u00efc Chapuis, Chief Operating Officer(1)
\u25a0 Na\u00efla Giovanni, Chief Digital and Information Officer(2)
\u25a0 Michael McGuinty, Chief Legal Officer
\u25a0 Alain Poincheval, Chief Operating Officer of Reju
\u25a0 Bruno Vibert, Chief Financial Officer
\u25a0 Marco Villa, Chief Business Officer(3)
Board of Directors
\u25a0 Joseph Rinaldi, Chair of the Board
\u25a0 Arnaud Pieton, Chief Executive Officer
\u25a0 Arnaud Caudoux
\u25a0 Colette Cohen
\u25a0 Stephanie Cox
\u25a0 Marie-Ange Debon
\u25a0 Simon Eyers
\u25a0 Alison Goligher
\u25a0 Nello Uccelletti
\u25a0 Francesco Venturini
8.2.5.APPROPRIATION OF RESULT
Articles of association governing profit appropriation
With regard to the appropriation of results, Article 10 of the
Articles of Association provides as follows:
\u25a0 10.1 Profit and loss. Distributions on Shares:
\u2022 10.1.1 Distribution of dividends pursuant to this Article
10.1 will take place after the adoption of the Annual
Accounts which show that the distribution is allowed.
\u2022 10.1.2 The Company may make distributions on Shares
only to the extent that its Shareholders\u2019 equity exceeds
the sum of the paid-up and called-up part of the
capital and the reserves which must be maintained by
Dutch law or the articles of association.
\u2022 10.1.3 The Board may determine that any amount out of
the profit will be added to the reserves.
\u2022 10.1.4 The profit remaining after application of Article
10.1.3 will be at the disposal of the General Meeting.
\u2022 10.1.5 The General Meeting may only resolve to make a
distribution on Shares in kind or in the form of Shares
at the proposal of the Board.
\u2022 10.1.6 Subject to the other provisions of this Article 10.1,
the General Meeting may, at the proposal of the Board,
resolve to make distributions on Shares to the debit of
one or several reserves which the Company is not
prohibited from distributing by virtue of Dutch law or
the articles of association.
\u2022 10.1.7 For the purpose of calculating the amount of any
distribution, Shares held by the Company shall not be
taken into account. No distribution shall be made on
Shares held by the Company, unless those Shares are
encumbered with a right of usufruct or a right of
pledge.
\u25a0 10.2 Interim distributions:
\u2022 10.2.1 The Board may resolve to make interim
distributions on Shares if an interim statement of
assets and liabilities shows that the requirement of
Article 10.1.2 has been met.
\u2022 10.2.2 The interim statement of assets and liabilities
referred to in Article 10.2.1 relates to the condition of
the assets and liabilities on a date no earlier than the
first day of the third month preceding the month in
which the resolution to distribute is published. This
interim statement must be prepared on the basis of
generally acceptable valuation methods. The amounts
to be reserved under Dutch law and the articles of
association must be included in the statement of
assets and liabilities. This statement must be signed by
the Directors. If one or more of their signatures are
missing, this absence and the reason for this absence
must be stated.
\u25a0 10.3 Notices and payments:
\u2022 10.3.1 Any proposal for a distribution on Shares must
immediately be published by the Board in accordance
with the regulations of the stock exchange where the
Shares are officially listed at the Company's request.
The notification must specify the date when and the
manner in which the distribution will be payable or \u2013 in
the case of a proposal for distribution \u2013 is expected to
be made payable.
\u2022 10.3.2 Distributions will be payable on the day
determined by the Board.
\u2022 10.3.3 The persons entitled to a distribution shall be
the relevant Shareholders, holders of a right of
usufruct on Shares and holders of a right of pledge on
Shares, at a date to be determined by the Board for
that purpose. This date shall not be earlier than the
date on which the distribution was announced.
\u2022 10.3.4 Distributions which have not been claimed upon
the expiry of five years and one day after the date
when they became payable will be forfeited to the
Company and will be carried to the reserves.
\u2022 10.3.5 The Board may determine that distributions will
be made payable in euros or in another currency.
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