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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-430": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-431": { "value": "-98800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-432": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-433": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-434": { "value": "-2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-435": { "value": "0.0", "decimals": -5, "dimensions": { "concept": 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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-438": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-439": { "value": "-2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-440": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:724500FLODI49NSCIP70", "period": 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"f-450": { "value": "1341900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-451": { "value": "-107700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-452": { "value": "-56100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-453": { "value": "2080700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-454": { "value": "34200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-455": { "value": "2114800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500FLODI49NSCIP70", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-456": { "value": "
Note 1.Accounting principles
1.1.Background
Technip\u00a0Energies is incorporated as a public limited liability
company (naamloze vennootschap) operating under the laws
of the Netherlands.
The legal and commercial name of Technip\u00a0Energies is
Technip\u00a0Energies\u00a0N.V. It is registered with the Dutch
Chamber of Commerce under number\u00a076122654.
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\u00a010266,
92741\u00a0Nanterre Cedex, France (RCS\u00a0Nanterre\u00a0879\u00a0464\u00a0584).
Technip\u00a0Energies has prepared consolidated financial
statements in accordance with International Financial
Reporting Standards (\u201cIFRS\u201d) as issued by the International
Accounting Standards Board (\u201c IASB\u201d) and adopted by the
European Union (\u201cEU\u201d) pursuant to Regulation (EC)
No\u00a01606/2002 for financial year 2024. These financial
statements include comparative information from
Technip\u00a0Energies\u2019 consolidated financial statements for 2023 .
Information for these periods constitutes the
Technip\u00a0Energies Group\u2019s consolidated financial statements
as of December\u00a031, 2024. The consolidated financial
statements have been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-457": { "value": "The consolidated financial statements have been prepared on a going concern basis", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-458": { "value": "
1.2.Business description
As one of the largest engineering and technology (\u201cE&T\u201d)
companies by revenue, the Technip\u00a0Energies 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\u00a0Energies\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\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-460": { "value": "
1.3.Basis of preparation
The Technip\u00a0Energies Group\u2019s consolidated financial
statements as of December\u00a031, 2024, 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, 2024.
The Group has not opted for early application of standards
and interpretations that were not yet mandatory in 2024.
The consolidated financial statements are presented
in\u00a0millions of euros. As table totals are based on unrounded
figures, there may be discrepancies between these totals and
the sum of their rounded component figures.
The consolidated financial statements were prepared under
the responsibility of and approved by the Board of Directors
on March\u00a010, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-459": { "value": "
1.3.Basis of preparation
The Technip\u00a0Energies Group\u2019s consolidated financial
statements as of December\u00a031, 2024, 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, 2024.
The Group has not opted for early application of standards
and interpretations that were not yet mandatory in 2024.
The consolidated financial statements are presented
in\u00a0millions of euros. As table totals are based on unrounded
figures, there may be discrepancies between these totals and
the sum of their rounded component figures.
The consolidated financial statements were prepared under
the responsibility of and approved by the Board of Directors
on March\u00a010, 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-461": { "value": "
The consolidated financial statements were prepared under
the responsibility of and approved by the Board of Directors
on March\u00a010, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-463": { "value": "
1.4.Changes in accounting policies
and\u00a0disclosures
a.IFRS standards, amendments and
interpretations effective as of January\u00a01,
2024
Classification of Liabilities as Current or Non-current
and Non-current Liabilities with Covenants -
Amendments to IAS\u00a01
In October 2022, the International Accounting Standards
Board (IASB) issued Non-current Liabilities with Covenants,
which amended IAS\u00a01 Presentation of Financial Statements.
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 liability as current or non-
current.
Lease Liability in a Sale and Leaseback \u2013
Amendments to IFRS\u00a016
In September 2022, the International Accounting Standards
Board (IASB) issued Lease Liability in a Sale and Leaseback,
which amends IFRS\u00a016 Leases. 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
In May 2023, the Board issued amendments to IAS\u00a07
Statement of Cash Flows and IFRS\u00a07 Financial Instruments:
Disclosures. 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.
International Tax Reform \u2013 Pillar Two Model Rules -
Amendments to IAS\u00a012
In May 2023, the Board issued amendments to IAS\u00a012 to
provide a temporary exception from accounting for deferred
taxes arising from legislation enacted to implement the OECD
Pillar Two model rules, and introduce additional disclosure
requirements.
The Group applies the IAS\u00a012 exception by not recognizing or
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
For further information required under the new disclosure
requirements please refer to Note\u00a013. Income tax.
IFRIC decisions 2024
The IFRS Interpretation committee has reached the following
decisions:
\u25aa Disclosure of Revenues and Expenses for Reportable
Segments (IFRS\u00a08 Operating segments);
\u25aa Payments Contingent on Continued Employment during
Handover Periods (IFRS\u00a03 Business Combinations);
\u25aa Climate-related Commitments (IAS\u00a037 Provisions,
Contingent Liabilities and Contingent Assets).
The above-mentioned new amendments and interpretations
effective on January\u00a01, 2024, did not have a significant impact
on the Company\u2019s consolidated financial statements, except
the interpretations committee decisions regarding the
disclosure of revenues and expenses for reportable
segments. Following this decision, Technip\u00a0Energies reports
the cost of sales by segment in the Note\u00a03.Segment
information.
b.Published IFRS standards, amendments and\u00a0interpretations not yet effective
or\u00a0early\u00a0adopted\u00a0by the Group
Norm
Effective date
Statement
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.
Classification and Measurement of
Financial Instruments -
Amendments to IFRS\u00a09 and IFRS\u00a07
Jan 1, 2026
The amendments to IFRS\u00a07 and IFRS\u00a09 specify the requirements
related to:
\u25a0 settling financial liabilities using an electronic payment system;
\u25a0 assessing contractual cash flow characteristics of financial assets,
including those with environmental, social and governance (ESG)-
linked features;
\u25a0 disclosure requirements relating to investments in equity
instruments designated at fair value through other comprehensive
income and added disclosure requirements for financial instruments
with contingent features.
Annual improvements to IFRS
standards - Volume\u00a011
Jan 1, 2026
The International Accounting Standards Board (IASB) has published
'Annual Improvements to IFRS\u00a0Accounting Standards \u2014 Volume 11'. It
contains amendments to five standards as result of the IASB's annual
improvements project:
\u25a0 IFRS\u00a01: Hedge accounting by a first-time adopter;
\u25a0 IFRS\u00a07: Gain or loss on derecognition;
\u25a0 IFRS\u00a07: Disclosure of deferred difference between fair value and
transaction price;
\u25a0 IFRS\u00a07: Introduction and credit risk disclosures;
\u25a0 IFRS\u00a09: Lessee derecognition of lease liabilities;
\u25a0 IFRS\u00a09: Transaction price;
\u25a0 IFRS\u00a010: Determination of a \u2018de facto agent\u2019;
\u25a0 IAS\u00a07: Cost method.
Power Purchase Agreements -
Amendments to IFRS\u00a09 and IFRS\u00a07
Jan 1, 2026
The amendments to IFRS\u00a09 and IFRS\u00a07 include:
\u25a0 Clarifying the application of the \u2018own-use\u2019 requirements;
\u25a0 Permitting hedge accounting if these contracts are used as
hedging instruments;
\u25a0 Adding new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s
financial performance and cash flows.
IFRS\u00a018 \u2013 Presentation and
Disclosure in Financial Statements
Jan 1, 2027
In April 2024, the IASB issued IFRS\u00a018 Presentation and Disclosure in
Financial Statements which replaces IAS 1 Presentation in Financial
Statements. IFRS\u00a018 introduces new categories and subtotals in the
statement of profit or loss. It also requires disclosure of management-
defined performance measures (as defined) and includes new
requirements for the location, aggregation and disaggregation of
financial information.
IFRS\u00a019 - Subsidiaries without
Public Accountability: Disclosures
Jan 1, 2027
In May 2024, the IASB issued IFRS\u00a019 Subsidiaries without Public
Accountability: Disclosures, which allows eligible entities to elect to
apply reduced disclosure requirements while still applying the
recognition, measurement and presentation requirements in other
IFRS\u00a0accounting standards.
New standards, interpretations or amendments effective on January\u00a01, 2025, 2026 and 2027 were not early adopted by
Technip\u00a0Energies. The Group is assessing the expected impacts on the presentation and disclosure of our financial statements
related to the implementation of IFRS\u00a018. Regarding other new standards, amendments and interpretations, the Group does not
currently anticipate any material impact.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-462": { "value": "
1.4.Changes in accounting policies
and\u00a0disclosures
a.IFRS standards, amendments and
interpretations effective as of January\u00a01,
2024
Classification of Liabilities as Current or Non-current
and Non-current Liabilities with Covenants -
Amendments to IAS\u00a01
In October 2022, the International Accounting Standards
Board (IASB) issued Non-current Liabilities with Covenants,
which amended IAS\u00a01 Presentation of Financial Statements.
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 liability as current or non-
current.
Lease Liability in a Sale and Leaseback \u2013
Amendments to IFRS\u00a016
In September 2022, the International Accounting Standards
Board (IASB) issued Lease Liability in a Sale and Leaseback,
which amends IFRS\u00a016 Leases. 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
In May 2023, the Board issued amendments to IAS\u00a07
Statement of Cash Flows and IFRS\u00a07 Financial Instruments:
Disclosures. 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.
International Tax Reform \u2013 Pillar Two Model Rules -
Amendments to IAS\u00a012
In May 2023, the Board issued amendments to IAS\u00a012 to
provide a temporary exception from accounting for deferred
taxes arising from legislation enacted to implement the OECD
Pillar Two model rules, and introduce additional disclosure
requirements.
The Group applies the IAS\u00a012 exception by not recognizing or
disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
For further information required under the new disclosure
requirements please refer to Note\u00a013. Income tax.
IFRIC decisions 2024
The IFRS Interpretation committee has reached the following
decisions:
\u25aa Disclosure of Revenues and Expenses for Reportable
Segments (IFRS\u00a08 Operating segments);
\u25aa Payments Contingent on Continued Employment during
Handover Periods (IFRS\u00a03 Business Combinations);
\u25aa Climate-related Commitments (IAS\u00a037 Provisions,
Contingent Liabilities and Contingent Assets).
The above-mentioned new amendments and interpretations
effective on January\u00a01, 2024, did not have a significant impact
on the Company\u2019s consolidated financial statements, except
the interpretations committee decisions regarding the
disclosure of revenues and expenses for reportable
segments. Following this decision, Technip\u00a0Energies reports
the cost of sales by segment in the Note\u00a03.Segment
information.
b.Published IFRS standards, amendments and\u00a0interpretations not yet effective
or\u00a0early\u00a0adopted\u00a0by the Group
Norm
Effective date
Statement
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.
Classification and Measurement of
Financial Instruments -
Amendments to IFRS\u00a09 and IFRS\u00a07
Jan 1, 2026
The amendments to IFRS\u00a07 and IFRS\u00a09 specify the requirements
related to:
\u25a0 settling financial liabilities using an electronic payment system;
\u25a0 assessing contractual cash flow characteristics of financial assets,
including those with environmental, social and governance (ESG)-
linked features;
\u25a0 disclosure requirements relating to investments in equity
instruments designated at fair value through other comprehensive
income and added disclosure requirements for financial instruments
with contingent features.
Annual improvements to IFRS
standards - Volume\u00a011
Jan 1, 2026
The International Accounting Standards Board (IASB) has published
'Annual Improvements to IFRS\u00a0Accounting Standards \u2014 Volume 11'. It
contains amendments to five standards as result of the IASB's annual
improvements project:
\u25a0 IFRS\u00a01: Hedge accounting by a first-time adopter;
\u25a0 IFRS\u00a07: Gain or loss on derecognition;
\u25a0 IFRS\u00a07: Disclosure of deferred difference between fair value and
transaction price;
\u25a0 IFRS\u00a07: Introduction and credit risk disclosures;
\u25a0 IFRS\u00a09: Lessee derecognition of lease liabilities;
\u25a0 IFRS\u00a09: Transaction price;
\u25a0 IFRS\u00a010: Determination of a \u2018de facto agent\u2019;
\u25a0 IAS\u00a07: Cost method.
Power Purchase Agreements -
Amendments to IFRS\u00a09 and IFRS\u00a07
Jan 1, 2026
The amendments to IFRS\u00a09 and IFRS\u00a07 include:
\u25a0 Clarifying the application of the \u2018own-use\u2019 requirements;
\u25a0 Permitting hedge accounting if these contracts are used as
hedging instruments;
\u25a0 Adding new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s
financial performance and cash flows.
IFRS\u00a018 \u2013 Presentation and
Disclosure in Financial Statements
Jan 1, 2027
In April 2024, the IASB issued IFRS\u00a018 Presentation and Disclosure in
Financial Statements which replaces IAS 1 Presentation in Financial
Statements. IFRS\u00a018 introduces new categories and subtotals in the
statement of profit or loss. It also requires disclosure of management-
defined performance measures (as defined) and includes new
requirements for the location, aggregation and disaggregation of
financial information.
IFRS\u00a019 - Subsidiaries without
Public Accountability: Disclosures
Jan 1, 2027
In May 2024, the IASB issued IFRS\u00a019 Subsidiaries without Public
Accountability: Disclosures, which allows eligible entities to elect to
apply reduced disclosure requirements while still applying the
recognition, measurement and presentation requirements in other
IFRS\u00a0accounting standards.
New standards, interpretations or amendments effective on January\u00a01, 2025, 2026 and 2027 were not early adopted by
Technip\u00a0Energies. The Group is assessing the expected impacts on the presentation and disclosure of our financial statements
related to the implementation of IFRS\u00a018. Regarding other new standards, amendments and interpretations, the Group does not
currently anticipate any material impact.
1.6.Key judgments and estimates
The preparation of Technip\u00a0Energies\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\u00a0Energies Group\u2019s
exposure to risks is also discussed in Note\u00a01. Accounting
principles and Note\u00a028. 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\u00a01.5. 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 the 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 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\u00a014.
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 full knowledge of the tax authorities and
measured at the most probable\u00a0amount.
For further information, refer to Note\u00a013. 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\u00a0Energies Group\u2019s financial position or
results of operations.
The Group\u2019s pension and other post-retirement obligations
are described in Note\u00a024. 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.
1.7.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\u00a0Energies 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\u00a0Energies participates in the energy transition
is described in section\u00a03.2.5. EU Green Taxonomy.
\u25a0 Impairment of non-financial assets
The Group is engaged in activities and markets that are
designed to support the energy transition framework with a
business that combines a long-cycle high revenue Project
Delivery and a short-cycle higher margin Technology,
Products and Services.
Technip\u00a0Energies' commercial pipeline is balanced by market
and geography and further supports business expansion and
diversification, with one third of the pipeline dedicated to
decarbonization markets. The International Energy Agency
sees the deployment of low-emissions gases to accelerate
over the medium term and the supply of low-emissions
gases more than doubling by 2027 (IEA (2024), Gas Market
Report, Q3 2024, IEA, Paris https://www.iea.org/reports/gas-
market-report-q3-2024, Licence: CC BY 4.0) which supports
Management view on Technip\u00a0Energies business plan
expansion to drive industry decarbonization.
The business plan underpinning the impairment test
performed reflects Management expectations in terms of
exposure to climate risks, in relation to regulations, client\u2019s
expectations or industry energy sources shifts per geographic
area, and Technip\u00a0Energies development in solutions in
hydrogen, offshore wind farms, ethylene, sustainable
chemistry, carbon-free energy, decarbonization projects and
carbon capture.
In addition to the portfolio mix reflected in the prospective
financial information, the business plan used for the
impairment test is capturing the following elements:
\u2022 Consideration of strategic initiatives: On circular
economy and textile regeneration, namely Reju
initiative, the Group only captured short-term and
early-stage setup costs. For the initiative on the Green
Hydrogen sector, namely Rely, the Group captured the
capital expenditures, the costs and revenues in the
business plan and terminal value.
\u2022 Expenditures associated with climate: the Group
business plan also includes a substantial amount of
expenditure, for a total of \u20ac392\u00a0million. These
expenses mostly relate to the Group roadmap to
reduce Scopes\u00a01 and 2 emissions by 45% in 2025 and
90% in 2030 by optimizing buildings portfolio (such as
the relocation of our teams of Houston, refurbishments
and optimization of owned and leased assets for
offices) as well as increased R&D allocated to energy
transition, and a portion of the remuneration that
includes schemes that embed sustainability-related
performance indicators.
Sensitivity performed on these expenditures, with a change
of -10%/+10%, would not lead to a risk of impairment.
\u25a0 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 2024, 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\u00a0Energies 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: 45% reduction on Scopes\u00a01 and 2 greenhouse gas
emissions by 2026.
In addition, the Executive Director\u2019s remuneration includes
incentive schemes that embed sustainability-related
performance indicators, notably the Short-Term Incentive
program with ESG KPIs derived from the Company\u2019s ESG
roadmap. These changes have been introduced in 2023 and
are described in section\u00a06.5.1. Executive Director
remuneration, the ESG business performance indicators
weighting is set to 25%.
\u25a0 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\u00a020, 2024, 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
2023.
Macroeconomic conditions
2024 was marked by a range of geopolitical and energy
issues, which have effects on Technip\u00a0Energies 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, 2024, include:
\u2022 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).
\u2022 The expected long-term inflation assumption set by
reference to the European Central Bank target.
\u2022 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, 2024, the exposure to
inflation decreased but geopolitical uncertainty remains.
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 decrease in risk-free rates and a
lower country risk premium.
The weighted average cost of capital per operating segment is as follows:
December\u00a031, 2024
December\u00a031, 2023
Project Delivery
10.8%
13.0%
Technology, Products & Services
9.5%
11.0%
Long-term growth rates used to estimate cash flow projections beyond the period covered by the budgets slightly decreased
from 2.7% last year to 2.3% in 2024 in both operating segments mainly driven by lower GDP on countries.
The consideration of the above-mentioned did not lead to the recognition of impairment, as described in Note\u00a014. Goodwill and
intangible assets, net", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-464": { "value": "
1.5.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\u00a0Energies (including structured entities).
Technip\u00a0Energies 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\u00a0Energies\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\u00a0Energies 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\u00a0Energies\u2019 related undertakings as of
December\u00a031, 2024, is provided in Note\u00a031. Companies
included in the scope of the consolidated financial
statements.
The main affiliates of Technip\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-466": { "value": "
b.Recognition of revenue from customer
contracts
Technip\u00a0Energies 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\u00a0Energies
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\u00a0Energies 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\u00a0Energies.
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\u00a0Energies Group may be entitled to receive an
advance payment. The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-465": { "value": "
b.Recognition of revenue from customer
contracts
Technip\u00a0Energies 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\u00a0Energies
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\u00a0Energies 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\u00a0Energies.
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\u00a0Energies Group may be entitled to receive an
advance payment. The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 groups by revenue,
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 customers\u2019 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\u00a0Energies Group. The Group has an
enforceable right to payment plus reasonable profit for
performance completed to date.
4.2.Disaggregation of revenue
The Technip\u00a0Energies Group disaggregates revenue from external customers as follows:
December\u00a031, 2024
December\u00a031, 2023
(In millions of \u20ac)
Project
Delivery
Technology,
Products &
Services
TOTAL
Project
Delivery
Technology,
Products &
Services
TOTAL
Europe & Central Asia
283.0
848.0
1,131.0
617.3
955.2
1,572.5
Africa & Middle East
3,629.4
359.8
3,989.2
2,421.9
270.5
2,692.4
Asia Pacific
371.4
359.5
730.8
676.0
354.7
1,030.7
Americas
457.8
409.9
867.8
368.4
339.6
708.0
TOTAL REVENUE
4,741.6
1,977.3
6,718.9
4,083.6
1,920.0
6,003.6
For more information about concentration risks, please refer to section\u00a04. Risk and Risk management of this Annual Report.
4.3.Contract balances
The following table provides information about net contract assets and liabilities as of December\u00a031, 2024, and 2023:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Change
% change
Contract assets
481.3
399.9
81.4
20%
Contract liabilities
3,358.4
3,014.8
343.6
11%
NET LIABILITIES
2,877.1
2,614.9
262.2
10%
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, 2024, and 2023
that was included in the contract liabilities balance on
December\u00a031, 2023 and 2022 was \u20ac2,049.5\u00a0million and
\u20ac1,927.1\u00a0million, respectively.
Revenue recognized for the years ended December\u00a031, 2024,
and 2023 from the Technip\u00a0Energies Group's performance
obligations satisfied in previous periods had a favorable
impact of \u20ac15.6\u00a0million and \u20ac337.2\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. The 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 the backlog related to unfilled,
confirmed customer orders is estimated at each reporting
date. As of December\u00a031, 2024 , and 2023, the aggregate
amount of the transaction price allocated to backlog was
\u20ac19,708.3\u00a0million and \u20ac15,677.3\u00a0million, respectively.
The following table details the backlog as of December\u00a031, 2024:
(In millions)
December 31,
2025
December 31,
2026
December 31,
2027+
Total remaining unsatisfied performance obligations
6,349.9
5,652.6
7,705.7
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-468": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-467": { "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\u00a0Energies conducts operations around the world in
several different currencies. Many of the Technip\u00a0Energies
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\u00a0Energies
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, 2024, would have
changed the Technip\u00a0Energies Group\u2019s revenue and profit
(loss) before income taxes attributable to the
Technip\u00a0Energies Group by approximately \u20ac294.1\u00a0million and
\u20ac2.5\u00a0million , respectively. A 10% increase or decrease in the
average exchange rates of all foreign currencies as of
December\u00a031, 2023, would have changed the
Technip\u00a0Energies Group\u2019s revenue and profit (loss) before
income taxes attributable to the Technip\u00a0Energies Group by
approximately \u20ac318.8\u00a0million and \u20ac16.1\u00a0million, respectively.
When transactions are denominated in currencies other than
the respective functional currencies of the applicable
subsidiaries of the Technip\u00a0Energies 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 the 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\u00a0Energies Group\u2019s exposures worldwide. These
derivative instruments do not qualify as cash flow hedges.
Occasionally, the Technip\u00a0Energies 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\u00a0Energies 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, a 10% increase in the value of the Euro on
December\u00a031, 2024, would have changed positively the net
fair value reflected in the consolidated statement of financial
position by \u20ac28.8\u00a0million.
For certain committed and anticipated future cash flows and
recognized assets and liabilities that are denominated in a
foreign currency the Technip\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-469": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-472": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-471": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-470": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-474": { "value": ".Segment information
Information by operating segments
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\u00a0Energies Group
operating performance to make decisions about resources to
be allocated and has been identified as the CODM. The
Technip\u00a0Energies 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\u00a0Energies\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\u00a0Energies 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\u00a0Energies Group disaggregates its revenue by the
following geographic regions:
\u25a0 Europe & Central Asia.
\u25a0 Africa & Middle East.
\u25a0 Asia Pacific; and
\u25a0 Americas.
The geographical breakdown is based on the contract
delivery within a 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\u00a0Energies Group operating
performance to make decisions about resources to be allocated and has been identified as the Chief Operating Decision Maker.
The Technip\u00a0Energies 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.
The statement of income information by segment is shown below:
December\u00a031, 2024
(In millions of \u20ac)
Project Delivery
Technology,
Products &
Services
Corporate/non
allocable
Total
Revenue
4,741.6
1,977.3
\u2014
6,718.9
Cost of Sales
(4,224.4)
(1,575.5)
(0.9)
(5,800.8)
EBIT (Profit before financial result and tax)
350.0
178.4
(60.3)
468.1
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
Cost of Sales
(3,551.2)
(1,530.6)
1.4
(5,080.4)
EBIT (Profit before financial result and tax)
339.6
184.1
(99.5)
424.2
During the year ended December\u00a031, 2024, revenue from
North Field East (NFE) and North Field South (NFS) project
exceeded 10% of Technip\u00a0Energies\u2019 consolidated revenue.
These two projects are contributing to the Project Delivery
operating segment. During the year ended December\u00a031,
2023, revenue from North Field East (NFE) project exceeded
10% of Technip\u00a0Energies\u2019 consolidated revenue.
The statement of financial position information by segment is shown below:
December\u00a031, 2024
(In millions of \u20ac)
Project Delivery
Technology,
Products &
Services
Corporate/non
allocable
Total
TOTAL ASSETS
3,115.7
1,834.5
4,290.6
9,240.8
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-473": { "value": ".Segment information
Information by operating segments
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\u00a0Energies Group
operating performance to make decisions about resources to
be allocated and has been identified as the CODM. The
Technip\u00a0Energies 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\u00a0Energies\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\u00a0Energies 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\u00a0Energies Group disaggregates its revenue by the
following geographic regions:
\u25a0 Europe & Central Asia.
\u25a0 Africa & Middle East.
\u25a0 Asia Pacific; and
\u25a0 Americas.
The geographical breakdown is based on the contract
delivery within a 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-476": { "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\u00a0Energies,
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-475": { "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\u00a0Energies,
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 the accounting principles described in Note\u00a0 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,
2024
December\u00a031,
2023
Net profit (loss) attributable to Technip Energies
390.7
296.8
Weighted average number of ordinary shares outstanding
176,539,283
175,629,272
Effect of dilutive instruments
3,900,831
4,848,519
WEIGHTED AVERAGE NUMBER OF DILUTED SHARES OUTSTANDING
180,440,114
180,477,791
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO TECHNIP ENERGIES
Basic earnings (loss) per share attributable to Technip Energies
\u20ac2.21
\u20ac1.69
Diluted earnings (loss) per share attributable to Technip Energies
\u20ac2.17
\u20ac1.64
Diluted earnings (loss) per share is determined by dividing
net profit (loss) attributable to Technip\u00a0Energies 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 2024, the average annual share price amounted to \u20ac 21.99
and the closing price to \u20ac 25.70.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-479": { "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\u00a0Energies Group can reliably measure
expenditure incurred for each project during its development;
\u25a0 The Technip\u00a0Energies Group can demonstrate the technical
or industrial feasibility of the project;
\u25a0 The Technip\u00a0Energies Group has financial and technical
resources available to complete the project;
\u25a0 The Technip\u00a0Energies Group can demonstrate its intention to
complete, to use or to commercialize products resulting from
the project; and
\u25a0 The Technip\u00a0Energies 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\u00a0Energies 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, 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
Costs
2,118.0
87.6
140.8
98.9
2,445.3
Accumulated amortization
\u2014
(42.6)
(106.0)
(24.6)
(173.2)
Accumulated impairment
\u2014
(1.3)
(7.5)
\u2014
(8.8)
NET BOOK VALUE AS OF DECEMBER 31, 2024
2,118.0
43.7
27.3
74.3
2,263.3
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\u00a0Energies Group, management determined that was
most appropriate to include the associated Onshore/Offshore
operating segment\u2019s goodwill with the Technip\u00a0Energies
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, 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
Additions \u2013 acquisitions \u2013 internal developments
\u2014
\u2014
0.2
36.5
36.7
Depreciation expense for the year
\u2014
(3.2)
(14.5)
(2.4)
(20.1)
Impairment expense for the year
\u2014
(1.3)
(3.6)
\u2014
(4.9)
Net foreign exchange differences
24.7
2.1
0.1
0.1
27.0
Other
\u2014
\u2014
11.0
(3.0)
8.0
NET BOOK VALUE AS OF DECEMBER 31, 2024
2,118.0
43.7
27.3
74.3
2,263.3
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\u00a0Energies operating
segments, Project Delivery or Technologies, Products &
Services (for further information on Technip\u00a0Energies\u2019
operating segments, refer to Note\u00a03 . Segment information).
The goodwill allocated based on those CGUs\u2019 enterprise value
is split as shown below:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Project Delivery
1,559.7
1,557.1
Technology, Products & Services
558.3
536.2
TOTAL
2,118.0
2,093.3
Goodwill impairment testing
A s of December\u00a031, 2024, 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 for 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\u00a0Energies 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, 2024, and\u00a02023:
December\u00a031,
2024
December\u00a031,
2023
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
10.8%
13.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
9.5%
11.0%
Long term growth rate
2.3%
2.7%
As discussed above, when evaluating the 2024 and 2023
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, 2024, and 2023 the
Technip\u00a0Energies Group did not recognize any impairment
expense. Sensitivities applied to the 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\u00a0Energies was approximately 161% of the respective
carrying amounts for 2024, and 139% for 2023. The Group
excess value in use over carrying amount, after allocation of
corporate assets, was respectively 128% for 2024 and 94%
for 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-478": { "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, 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
Costs
2,118.0
87.6
140.8
98.9
2,445.3
Accumulated amortization
\u2014
(42.6)
(106.0)
(24.6)
(173.2)
Accumulated impairment
\u2014
(1.3)
(7.5)
\u2014
(8.8)
NET BOOK VALUE AS OF DECEMBER 31, 2024
2,118.0
43.7
27.3
74.3
2,263.3
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\u00a0Energies Group, management determined that was
most appropriate to include the associated Onshore/Offshore
operating segment\u2019s goodwill with the Technip\u00a0Energies
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, 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
Additions \u2013 acquisitions \u2013 internal developments
\u2014
\u2014
0.2
36.5
36.7
Depreciation expense for the year
\u2014
(3.2)
(14.5)
(2.4)
(20.1)
Impairment expense for the year
\u2014
(1.3)
(3.6)
\u2014
(4.9)
Net foreign exchange differences
24.7
2.1
0.1
0.1
27.0
Other
\u2014
\u2014
11.0
(3.0)
8.0
NET BOOK VALUE AS OF DECEMBER 31, 2024
2,118.0
43.7
27.3
74.3
2,263.3
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\u00a0Energies operating
segments, Project Delivery or Technologies, Products &
Services (for further information on Technip\u00a0Energies\u2019
operating segments, refer to Note\u00a03 . Segment information).
The goodwill allocated based on those CGUs\u2019 enterprise value
is split as shown below:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Project Delivery
1,559.7
1,557.1
Technology, Products & Services
558.3
536.2
TOTAL
2,118.0
2,093.3
Goodwill impairment testing
A s of December\u00a031, 2024, 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 for 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\u00a0Energies 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, 2024, and\u00a02023:
December\u00a031,
2024
December\u00a031,
2023
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
10.8%
13.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
9.5%
11.0%
Long term growth rate
2.3%
2.7%
As discussed above, when evaluating the 2024 and 2023
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, 2024, and 2023 the
Technip\u00a0Energies Group did not recognize any impairment
expense. Sensitivities applied to the 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\u00a0Energies was approximately 161% of the respective
carrying amounts for 2024, and 139% for 2023. The Group
excess value in use over carrying amount, after allocation of
corporate assets, was respectively 128% for 2024 and 94%
for 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-477": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-483": { "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 the case of business
combinations.
As per IAS\u00a016, the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group can reliably measure
expenditure incurred for each project during its development;
\u25a0 The Technip\u00a0Energies Group can demonstrate the technical
or industrial feasibility of the project;
\u25a0 The Technip\u00a0Energies Group has financial and technical
resources available to complete the project;
\u25a0 The Technip\u00a0Energies Group can demonstrate its intention to
complete, to use or to commercialize products resulting from
the project; and
\u25a0 The Technip\u00a0Energies 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\u00a0Energies Group capitalized
costs on certain IT projects developed internally.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-482": { "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 the case of business
combinations.
As per IAS\u00a016, the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 by country is the following:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
France
64.2
55.1
United States
50.9
11.8
India
16.7
13.4
Italy
14.5
14.4
Spain
7.1
4.7
All other countries
12.5
17.2
TOTAL PROPERTY, PLANT AND EQUIPMENT
165.9
116.6
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 and
fittings
Assets
under
construction
Other
Total
Net book value as of
December 31, 2022
26.1
8.1
11.4
12.5
\u2014
44.7
102.8
Costs
107.4
67.9
43.2
45.3
\u2014
71.0
334.8
Accumulated depreciation
(85.4)
(54.0)
(26.7)
(32.7)
\u2014
(11.8)
(210.6)
Accumulated impairment
(0.5)
(3.7)
(3.4)
\u2014
\u2014
\u2014
(7.6)
Net book value as of
December 31, 2023
21.5
10.2
13.1
12.6
\u2014
59.2
116.6
Costs
131.0
80.6
47.5
92.3
7.3
17.2
375.8
Accumulated depreciation
(75.3)
(57.5)
(28.4)
(40.6)
\u2014
(4.3)
(206.0)
Accumulated impairment
(0.6)
\u2014
(3.4)
\u2014
\u2014
\u2014
(3.9)
NET BOOK VALUE
AS OF DECEMBER 31, 2024
55.2
23.1
15.7
51.7
7.3
12.9
165.9
Property, plant and equipment amounted to \u20ac165.9m (\u20ac116.6m as of December 31, 2023) and consisted of the following:
(In millions of \u20ac)
Land and
Buildings
IT
equipment
Machinery
and
equipment
Office
fixtures
and fittings
Assets under
construction
Other
Total
Net book value as of
December 31, 2022
26.1
8.1
11.4
12.5
\u2014
44.7
102.8
Additions
1.4
5.3
1.2
1.4
\u2014
14.9
24.2
Acquisitions through
business combinations
0.4
\u2014
2.5
\u2014
\u2014
8.3
11.2
Disposals through
divestitures
(1.0)
(0.1)
\u2014
(0.1)
\u2014
\u2014
(1.2)
Disposals \u2013 write-off
\u2014
0.2
(0.2)
(0.1)
\u2014
(0.2)
(0.3)
Depreciation expense for the
year
(6.7)
(4.5)
(2.1)
(2.7)
\u2014
(3.0)
(19.0)
Net foreign exchange
differences
(0.4)
(0.4)
(0.2)
0.1
\u2014
(0.1)
(1.0)
Other
1.7
1.6
0.5
1.4
\u2014
(5.4)
(0.2)
Net book value as of
December 31, 2023
21.5
10.2
13.1
12.6
\u2014
59.2
116.6
Additions
2.1
14.7
3.5
2.6
46.2
7.8
76.9
Disposals \u2013 write-off
(0.1)
(0.1)
\u2014
(0.1)
\u2014
\u2014
(0.3)
Depreciation expense for the
year
(7.8)
(6.2)
(2.7)
(5.3)
\u2014
(0.7)
(22.7)
Net foreign exchange
differences
2.1
0.4
0.3
0.6
0.1
\u2014
3.5
Transfer (1)
37.4
4.0
1.5
41.3
(39.0)
(53.5)
(8.3)
NET BOOK VALUE
AS OF DECEMBER 31, 2024
55.2
23.1
15.7
51.7
7.3
12.9
165.9
(1)\u00a0 As of December 31, 2024, the main variation is related to activations of Asset under construction to Land and Buildings for the new offices in USA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-481": { "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 the case of business
combinations.
As per IAS\u00a016, the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-480": { "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 the case of business
combinations.
As per IAS\u00a016, the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies calculated the rate applicable to
each lease contract based on the lease duration.
Technip\u00a0Energies 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\u00a0Energies\u2019 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 an 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-485": { "value": ".Leases
Technip\u00a0Energies 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\u00a0Energies calculated the rate applicable to
each lease contract based on the lease duration.
Technip\u00a0Energies 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\u00a0Energies\u2019 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 an 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\u00a0Energies 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, 2024, and 2023 :
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Depreciation of right-of-use assets
(68.2)
(62.9)
Interest expenses on lease liabilities
(4.3)
(4.3)
Short-term lease expenses
(7.9)
(6.0)
Sublease income
2.1
2.2
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, 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
Costs
356.4
21.1
1.6
379.1
Accumulated depreciation
(152.3)
(9.6)
(1.2)
(163.1)
Accumulated impairment
(14.9)
\u2014
\u2014
(14.9)
NET BOOK VALUE AS OF DECEMBER 31, 2024
189.2
11.5
0.4
201.1
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, 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
Additions
61.8
6.7
\u2014
68.5
Disposals - write-off
(2.0)
(0.1)
\u2014
(2.1)
Depreciation expense for the year
(55.4)
(12.5)
(0.3)
(68.2)
Net foreign exchange differences
2.0
0.1
\u2014
2.1
NET BOOK VALUE AS OF DECEMBER 31, 2024
189.2
11.5
0.4
201.1
As of December 2023, net book value of right-of-use assets
was \u20ac200.8\u00a0million which compares to \u20ac201.1\u00a0million as of
December\u00a031, 2024.
As of December\u00a031, 2024 , the principal type of assets
composing the net book value is the real estate for
\u20ac189.2 \u00a0million, which mainly consists of the Group
headquarters lease. Additions to real estate are mainly
related to the index of the Group headquarters lease, new
leases on buildings and to the extension of lease contracts
on existing buildings.
The table below shows the lease liability recorded as of December\u00a031, 2024, and 2023 :
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Non-current lease liabilities
192.4
160.4
Current lease liabilities
56.9
71.9
TOTAL LEASE LIABILITIES
249.3
232.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-484": { "value": ".Leases
Technip\u00a0Energies 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\u00a0Energies calculated the rate applicable to
each lease contract based on the lease duration.
Technip\u00a0Energies 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\u00a0Energies\u2019 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 an 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-487": { "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\u00a0Energies Group can reliably measure
expenditure incurred for each project during its development;
\u25a0 The Technip\u00a0Energies Group can demonstrate the technical
or industrial feasibility of the project;
\u25a0 The Technip\u00a0Energies Group has financial and technical
resources available to complete the project;
\u25a0 The Technip\u00a0Energies Group can demonstrate its intention to
complete, to use or to commercialize products resulting from
the project; and
\u25a0 The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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, 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
Costs
2,118.0
87.6
140.8
98.9
2,445.3
Accumulated amortization
\u2014
(42.6)
(106.0)
(24.6)
(173.2)
Accumulated impairment
\u2014
(1.3)
(7.5)
\u2014
(8.8)
NET BOOK VALUE AS OF DECEMBER 31, 2024
2,118.0
43.7
27.3
74.3
2,263.3
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\u00a0Energies Group, management determined that was
most appropriate to include the associated Onshore/Offshore
operating segment\u2019s goodwill with the Technip\u00a0Energies
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, 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
Additions \u2013 acquisitions \u2013 internal developments
\u2014
\u2014
0.2
36.5
36.7
Depreciation expense for the year
\u2014
(3.2)
(14.5)
(2.4)
(20.1)
Impairment expense for the year
\u2014
(1.3)
(3.6)
\u2014
(4.9)
Net foreign exchange differences
24.7
2.1
0.1
0.1
27.0
Other
\u2014
\u2014
11.0
(3.0)
8.0
NET BOOK VALUE AS OF DECEMBER 31, 2024
2,118.0
43.7
27.3
74.3
2,263.3
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\u00a0Energies operating
segments, Project Delivery or Technologies, Products &
Services (for further information on Technip\u00a0Energies\u2019
operating segments, refer to Note\u00a03 . Segment information).
The goodwill allocated based on those CGUs\u2019 enterprise value
is split as shown below:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Project Delivery
1,559.7
1,557.1
Technology, Products & Services
558.3
536.2
TOTAL
2,118.0
2,093.3
Goodwill impairment testing
A s of December\u00a031, 2024, 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 for 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\u00a0Energies 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, 2024, and\u00a02023:
December\u00a031,
2024
December\u00a031,
2023
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
10.8%
13.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
9.5%
11.0%
Long term growth rate
2.3%
2.7%
As discussed above, when evaluating the 2024 and 2023
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, 2024, and 2023 the
Technip\u00a0Energies Group did not recognize any impairment
expense. Sensitivities applied to the 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\u00a0Energies was approximately 161% of the respective
carrying amounts for 2024, and 139% for 2023. The Group
excess value in use over carrying amount, after allocation of
corporate assets, was respectively 128% for 2024 and 94%
for 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-486": { "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\u00a0Energies Group can reliably measure
expenditure incurred for each project during its development;
\u25a0 The Technip\u00a0Energies Group can demonstrate the technical
or industrial feasibility of the project;
\u25a0 The Technip\u00a0Energies Group has financial and technical
resources available to complete the project;
\u25a0 The Technip\u00a0Energies Group can demonstrate its intention to
complete, to use or to commercialize products resulting from
the project; and
\u25a0 The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-490": { "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\u00a0Energies 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\u00a0Energies 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 on 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-489": { "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\u00a0Energies 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\u00a0Energies 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 on 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, 2024 , the Group has recognized
impairment losses of \u20ac 5.0\u00a0million on intangible assets.
In relation to Goodwill, the impairment test conducted is
discussed in detail in Note 1 . Accounting principles and
presented in Note\u00a0 14 . Goodwill and intangible assets, net and
concluded to the absence of impairment.
During the year ended December\u00a031, 2023, the Group
recognized impairment losses of \u20ac0.4\u00a0million.
Restructuring and non-recurring income (expense)
As o
Goodwill impairment testing
A s of December\u00a031, 2024, 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 for 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\u00a0Energies 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, 2024, and\u00a02023:
December\u00a031,
2024
December\u00a031,
2023
Year of cash flows before terminal value
4
4
Risk-adjusted post-tax discount rate - Project Delivery
10.8%
13.0%
Risk-adjusted post-tax discount rate - Technology, Products & Services
9.5%
11.0%
Long term growth rate
2.3%
2.7%
As discussed above, when evaluating the 2024 and 2023
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, 2024, and 2023 the
Technip\u00a0Energies Group did not recognize any impairment
expense. Sensitivities applied to the 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\u00a0Energies was approximately 161% of the respective
carrying amounts for 2024, and 139% for 2023. The Group
excess value in use over carrying amount, after allocation of
corporate assets, was respectively 128% for 2024 and 94%
for 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-488": { "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\u00a0Energies 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\u00a0Energies 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 on 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\u00a0Energies 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 the 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\u00a0Energies Group applies a simplified approach
permitted by IFRS\u00a09. Therefore, the Technip\u00a0Energies Group
recognizes lifetime ECL at initial recognition and at each
reporting date. The Technip\u00a0Energies 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\u00a0Energies Group applies the
low credit risk simplification. Accordingly, the
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 its origination, the allowance will be based on the
lifetime ECL. The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-492": { "value": ".Fair value measurement
In compliance with IFRS\u00a013 \u201cFair value measurement\u201d, the
Technip\u00a0Energies 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 at 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\u00a0Energies 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., 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-491": { "value": ".Fair value measurement
In compliance with IFRS\u00a013 \u201cFair value measurement\u201d, the
Technip\u00a0Energies 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 at 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\u00a0Energies 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., 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\u00a0Energies 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, 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
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
During the financial years 2024 and 2023, 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\u00a0Energies 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\u00a020. Other liabilities (non-current and
current)) are presented in the below table. Over the periods
presented, the Technip\u00a0Energies 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,
2024
December\u00a031,
2023
Balance at beginning of the period
16.0
98.1
Add: Expenses recognized in statement of income
0.1
12.2
Less: Settlements
(16.0)
(92.7)
Net foreign exchange differences
0.4
(1.6)
BALANCE AT END OF THE PERIOD
0.5
16.0
Fair value of debt \u2014 The fair values (based on Level 2 inputs) of the Technip\u00a0Energies Group debt, carried at amortized cost,
are presented in Note\u00a022. Debt (long- and short-term).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-494": { "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 the business model according to which the
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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
the 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 the 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\u00a0Energies Group applies a simplified approach
permitted by IFRS\u00a09. Therefore, the Technip\u00a0Energies Group
recognizes lifetime ECL at initial recognition and at each
reporting date. The Technip\u00a0Energies 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\u00a0Energies Group applies the
low credit risk simplification. Accordingly, the
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 its origination, the allowance will be based on the
lifetime ECL. The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group
has transferred substantially all the risks and rewards of
the asset, or (b) the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group continues to recognize the
transferred asset to the extent of its continuing involvement.
In that case, the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-493": { "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 the business model according to which the
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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
the 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 the 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\u00a0Energies Group applies a simplified approach
permitted by IFRS\u00a09. Therefore, the Technip\u00a0Energies Group
recognizes lifetime ECL at initial recognition and at each
reporting date. The Technip\u00a0Energies 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\u00a0Energies Group applies the
low credit risk simplification. Accordingly, the
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 its origination, the allowance will be based on the
lifetime ECL. The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group
has transferred substantially all the risks and rewards of
the asset, or (b) the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group continues to recognize the
transferred asset to the extent of its continuing involvement.
In that case, the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group holds the following financial assets and liabilities:
December\u00a031, 2024
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)
175.8
12.0
50.7
113.1
Level 1
Derivative financial instruments (non-current
and current)
19.8
8.2
\u2014
11.6
Level 2
Trade receivables
1,096.8
\u2014
1,096.8
\u2014
N/A
Cash and cash equivalents
3,846.7
3,846.7
\u2014
\u2014
N/A
TOTAL FINANCIAL ASSETS
5,139.1
3,866.9
1,147.5
124.7
Long-term debt, less current portion
637.6
\u2014
637.6
\u2014
N/A
Derivative financial instruments (non-current
and current)
59.5
0.6
\u2014
58.9
Level 2
Short-term debt
93.8
\u2014
93.8
\u2014
N/A
Accounts payable, trade
1,517.2
\u2014
1,517.2
\u2014
N/A
Other current liabilities (excl. derivatives)
0.5
0.5
\u2014
\u2014
Level 3
TOTAL FINANCIAL LIABILITIES
2,308.6
1.1
2,248.6
58.9
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
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
During the financial years 2024 and 2023, 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\u00a0Energies 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\u00a020. Other liabilities (non-current and
current)) are presented in the below table. Over the periods
presented, the Technip\u00a0Energies 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,
2024
December\u00a031,
2023
Balance at beginning of the period
16.0
98.1
Add: Expenses recognized in statement of income
0.1
12.2
Less: Settlements
(16.0)
(92.7)
Net foreign exchange differences
0.4
(1.6)
BALANCE AT END OF THE PERIOD
0.5
16.0
Fair value of debt \u2014 The fair values (based on Level 2 inputs) of the Technip\u00a0Energies Group debt, carried at amortized cost,
are presented in Note\u00a022. Debt (long- and short-term).
26.2.Derivative financial instruments
The management of the Technip\u00a0Energies Group derivatives
and hedge accounting was carried out centrally by
Technip\u00a0Energies as of December\u00a031, 2024.
For purposes of mitigating the effect of changes in exchange
rates, Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a028. Market-
related exposure.
Technip\u00a0Energies 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, 2024, and 2023, the Group held the following material net positions:
December\u00a031, 2024
December\u00a031, 2023
Net notional amount bought (sold)
Net notional amount bought (sold)
(In millions of currencies)
Local currency
Euro equivalent
Local currency
Euro equivalent
Australian dollar (AUD)
11.1
6.6
(14.0)
(8.6)
Baht (THB)
32.6
0.9
\u2014
\u2014
Chinese yuan renminbi (CNY)
1,552.6
205.4
10.0
1.3
Euro (EUR)
126.0
126.0
42.7
42.7
Indian rupee (INR)
610.4
6.9
693.2
7.5
Japanese yen (JPY)
2,035.4
12.5
1,548.4
9.9
Kuwaiti dinar (KWD)
2.1
6.7
8.0
23.6
Malaysian ringgit (MYR)
68.9
14.9
10.5
2.1
Mexican peso (MXN)
57.3
2.7
(395.0)
(21.1)
Norwegian krone (NOK)
(55.3)
(4.7)
(86.6)
(7.7)
Pound sterling (GBP)
56.6
68.5
(20.2)
(23.3)
Qatari riyal (QAR)
20.0
5.3
8.0
2.0
Saudi riyal (SAR)
\u2014
\u2014
14.0
3.4
Singapore dollar (SGD)
38.0
26.9
42.0
28.8
South Korean Won (KRW)
12,842.6
8.4
\u2014
\u2014
Swiss franc (CHF)
0.9
1.0
\u2014
\u2014
U.A.E. dirham (AED)
(5.0)
(1.3)
(2.0)
(0.5)
U.S. dollar (USD)
(497.2)
(480.1)
1.6
1.5
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\u00a0Energies would realize in a
current market exchange and may not be indicative of the
gains or losses Technip\u00a0Energies 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, 2024
December\u00a031, 2023
(In millions of \u20ac)
Assets
Liabilities
Assets
Liabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
7.4
35.5
14.4
5.7
Long-term \u2013 Derivative financial instruments
4.3
23.3
5.4
0.8
Total derivatives designated as hedging
instruments
11.7
58.8
19.8
6.5
Derivatives not designated as hedging
instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
8.2
0.6
0.9
14.9
Total derivatives not designated as hedging
instruments
8.2
0.6
0.9
14.9
TOTAL DERIVATIVES
19.9
59.4
20.7
21.4
Cash flow hedges of forecasted transactions resulted in
accumulated other comprehensive (loss)/income of
\u20ac(77.9)\u00a0million and \u20ac8.2\u00a0million as of December\u00a031, 2024, and
2023. The Technip\u00a0Energies Group expects to transfer an
approximately \u20ac(28.1)\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 third quarter of 2029.
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,
2024
December\u00a031,
2023
Foreign exchange contracts
Other comprehensive income/(loss)
(89.0)
6.5
The following table presents the location of cash flow hedge gain (loss) reclassified from accumulated other comprehensive
income into profit (loss):
Gain (Loss)\u00a0reclassified
from\u00a0accumulated OCI
into profit (loss) (Effective portion)
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Foreign exchange contracts
Other income (expense), net
11.2
1.7
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\u00a0from effectiveness testing)
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Foreign exchange contracts
Other income (expense), net
2.6
2.3
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\u00a0hedging instruments)
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Foreign exchange contracts
Other income (expense), net
21.5
(14.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-495": { "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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-496": { "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\u00a0Energies 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 the 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\u00a0Energies Group applies a simplified approach
permitted by IFRS\u00a09. Therefore, the Technip\u00a0Energies Group
recognizes lifetime ECL at initial recognition and at each
reporting date. The Technip\u00a0Energies 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\u00a0Energies Group applies the
low credit risk simplification. Accordingly, the
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 its origination, the allowance will be based on the
lifetime ECL. The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies
Group that cover a representative part of the
Technip\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-497": { "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\u00a0Energies 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\u00a0Energies Group
has transferred substantially all the risks and rewards of
the asset, or (b) the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group continues to recognize the
transferred asset to the extent of its continuing involvement.
In that case, the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group
could be required to repay.
Derecognition
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-498": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-501": { "value": ".Derivative financial instruments and hedging
Initial recognition and subsequent measurement
The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies
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\u00a0Energies Group may enter 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\u00a0Energies 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\u00a0Energies Group enters forward
exchange contracts with banks or with the member of the
Technip\u00a0Energies Group that performs centralized treasury
management for the Technip\u00a0Energies Group. However, only
instruments that involve a third party outside of
Technip\u00a0Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip\u00a0Energies
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\u00a0Energies 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 hedge is
effective, 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. The ineffectiveness is recorded in the
consolidated statement of income.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-500": { "value": ".Derivative financial instruments and hedging
Initial recognition and subsequent measurement
The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies
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\u00a0Energies Group may enter 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\u00a0Energies 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\u00a0Energies Group enters forward
exchange contracts with banks or with the member of the
Technip\u00a0Energies Group that performs centralized treasury
management for the Technip\u00a0Energies Group. However, only
instruments that involve a third party outside of
Technip\u00a0Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip\u00a0Energies
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\u00a0Energies 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 hedge is
effective, 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. The ineffectiveness is recorded in the
consolidated statement of income.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-499": { "value": ".Derivative financial instruments and hedging
Initial recognition and subsequent measurement
The Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies
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\u00a0Energies Group may enter 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\u00a0Energies 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\u00a0Energies Group enters forward
exchange contracts with banks or with the member of the
Technip\u00a0Energies Group that performs centralized treasury
management for the Technip\u00a0Energies Group. However, only
instruments that involve a third party outside of
Technip\u00a0Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip\u00a0Energies
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\u00a0Energies 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 hedge is
effective, 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. The ineffectiveness is recorded in the
consolidated statement of income.
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\u00a0Energies Group derivatives
and hedge accounting was carried out centrally by
Technip\u00a0Energies as of December\u00a031, 2024.
For purposes of mitigating the effect of changes in exchange
rates, Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a028. Market-
related exposure.
Technip\u00a0Energies 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, 2024, and 2023, the Group held the following material net positions:
December\u00a031, 2024
December\u00a031, 2023
Net notional amount bought (sold)
Net notional amount bought (sold)
(In millions of currencies)
Local currency
Euro equivalent
Local currency
Euro equivalent
Australian dollar (AUD)
11.1
6.6
(14.0)
(8.6)
Baht (THB)
32.6
0.9
\u2014
\u2014
Chinese yuan renminbi (CNY)
1,552.6
205.4
10.0
1.3
Euro (EUR)
126.0
126.0
42.7
42.7
Indian rupee (INR)
610.4
6.9
693.2
7.5
Japanese yen (JPY)
2,035.4
12.5
1,548.4
9.9
Kuwaiti dinar (KWD)
2.1
6.7
8.0
23.6
Malaysian ringgit (MYR)
68.9
14.9
10.5
2.1
Mexican peso (MXN)
57.3
2.7
(395.0)
(21.1)
Norwegian krone (NOK)
(55.3)
(4.7)
(86.6)
(7.7)
Pound sterling (GBP)
56.6
68.5
(20.2)
(23.3)
Qatari riyal (QAR)
20.0
5.3
8.0
2.0
Saudi riyal (SAR)
\u2014
\u2014
14.0
3.4
Singapore dollar (SGD)
38.0
26.9
42.0
28.8
South Korean Won (KRW)
12,842.6
8.4
\u2014
\u2014
Swiss franc (CHF)
0.9
1.0
\u2014
\u2014
U.A.E. dirham (AED)
(5.0)
(1.3)
(2.0)
(0.5)
U.S. dollar (USD)
(497.2)
(480.1)
1.6
1.5
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\u00a0Energies would realize in a
current market exchange and may not be indicative of the
gains or losses Technip\u00a0Energies 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, 2024
December\u00a031, 2023
(In millions of \u20ac)
Assets
Liabilities
Assets
Liabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
7.4
35.5
14.4
5.7
Long-term \u2013 Derivative financial instruments
4.3
23.3
5.4
0.8
Total derivatives designated as hedging
instruments
11.7
58.8
19.8
6.5
Derivatives not designated as hedging
instruments
Foreign exchange contracts
Current \u2013 Derivative financial instruments
8.2
0.6
0.9
14.9
Total derivatives not designated as hedging
instruments
8.2
0.6
0.9
14.9
TOTAL DERIVATIVES
19.9
59.4
20.7
21.4
Cash flow hedges of forecasted transactions resulted in
accumulated other comprehensive (loss)/income of
\u20ac(77.9)\u00a0million and \u20ac8.2\u00a0million as of December\u00a031, 2024, and
2023. The Technip\u00a0Energies Group expects to transfer an
approximately \u20ac(28.1)\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 third quarter of 2029.
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,
2024
December\u00a031,
2023
Foreign exchange contracts
Other comprehensive income/(loss)
(89.0)
6.5
The following table presents the location of cash flow hedge gain (loss) reclassified from accumulated other comprehensive
income into profit (loss):
Gain (Loss)\u00a0reclassified
from\u00a0accumulated OCI
into profit (loss) (Effective portion)
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Foreign exchange contracts
Other income (expense), net
11.2
1.7
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\u00a0from effectiveness testing)
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Foreign exchange contracts
Other income (expense), net
2.6
2.3
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\u00a0hedging instruments)
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Foreign exchange contracts
Other income (expense), net
21.5
(14.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-502": { "value": "
The Technip\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-503": { "value": "
Currently, every derivative financial instrument held by the
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies
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\u00a0Energies Group may enter 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\u00a0Energies 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\u00a0Energies Group enters forward
exchange contracts with banks or with the member of the
Technip\u00a0Energies Group that performs centralized treasury
management for the Technip\u00a0Energies Group. However, only
instruments that involve a third party outside of
Technip\u00a0Energies are designated as hedging instruments.
At the inception of a hedge relationship, the Technip\u00a0Energies
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\u00a0Energies 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 hedge is
effective, 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. The ineffectiveness is recorded in the
consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-505": { "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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies
Group that cover a representative part of the
Technip\u00a0Energies 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-504": { "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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies
Group that cover a representative part of the
Technip\u00a0Energies 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\u00a0Energies 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 and contract assets
These line items represent trade receivables from contracts and contract assets.
Given the nature of Technip\u00a0Energies\u2019 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, 2024
December\u00a031, 2023
(In millions of \u20ac)
Trade receivables
Contract assets
Trade receivables
Contract assets
Gross amount
1,173.8
482.3
1,356.7
400.6
Opening loss allowance
(142.1)
(0.7)
(141.4)
(0.4)
Change in expected credit loss
(0.4)
(0.4)
(0.4)
(0.3)
Increase in loss allowance
(9.3)
\u2014
(21.3)
\u2014
Used allowance reversals
12.7
\u2014
1.1
\u2014
Unused allowance reversals
21.9
\u2014
1.9
\u2014
Effects of foreign exchange
(2.3)
\u2014
7.5
\u2014
Other
42.5
\u2014
10.5
\u2014
Closing loss allowance
(77.0)
(1.1)
(142.1)
(0.7)
TOTAL, NET
1,096.8
481.3
1,214.6
399.9
Credit risk details and risk management objectives are discussed in Note\u00a028. Market-related exposure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-507": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-506": { "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,
2024
December\u00a031,
2023
Cash at bank and in hand
854.4
1,092.8
Cash equivalents
2,992.2
2,278.2
Total cash and cash equivalents
3,846.7
3,371.0
Euro (EUR)
1,805.3
1,816.0
U.S. dollar (USD)
1,733.9
1,304.8
Pound sterling (GBP)
45.0
20.5
Chinese yuan renminbi (CNY)
44.7
42.4
Japanese yen (JPY)
37.1
27.0
Indian rupee (INR)
31.2
4.7
Qatari riyal (QAR)
16.7
3.9
Azerbaijani manat (AZN)
16.3
8.8
Other (less than \u20ac15 million individually)
116.5
108.7
TOTAL CASH AND CASH EQUIVALENTS BY CURRENCY
3,846.7
3,371.0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-509": { "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\u00a0Energies 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\u00a08. 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\u00a0Energies 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 \u20ac 18.4\u00a0million and
\u20ac20.1 \u00a0million as of December\u00a031, 2024, and 2023, respectively.
8.1.Performance and restricted shares
a.2024 Performance shares program under the
Technip\u00a0Energies N.V. Incentive Award Plan
The Compensation Committee of the Board of Directors, at
its meeting of February\u00a026, 2024, has approved the terms of
the 2024 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 consistent with the ones ruling the 2023
program:
\u25a0 The Total Shareholder Return (\u201cTSR\u201d) represents 37.5% of
performance conditions mix. The TSR peer group to
assess Technip\u00a0Energies 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 2 Performance
Indicators. They are evenly weighted and described below:
\u2022 45% reduction on Scopes\u00a01 and 2 GHG emissions by
2026 (against the base year 2021),
\u2022 33% of women in total workforce by 2026.
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 2024 Program, \u20ac17.5\u00a0million was authorized for
awards. A first grant of 693,487 shares (414,357 PSUs and
279,130 RSUs), representing \u20ac16.4\u00a0million at \u20ac23.71 (closing
stock price at the grant date) was made on March\u00a022, 2024.
Following this grant and prior to any other attribution, 10,108
rights granted on March\u00a022, 2024 (5,054 PSUs and 5,054
RSUs), representing \u20ac0.2\u00a0million, were forfeited due to the
unfulfillment of presence condition, according to the
requirement of program terms and conditions. Then, a
second grant of 55,757 shares (27,883 PSUs and 27,874
RSUs), representing \u20ac1.3\u00a0million at \u20ac22.62 (closing stock price
at the grant date) was made on September\u00a023, 2024.
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 April 15, 2021, and September\u00a015,
2021 Long-Term Incentive programs
April\u00a015, 2021, program
On February\u00a022, 2021, the Compensation Committee awarded
a grant of shares to certain Employees, Senior Executives,
Executive Committee members and the CEO. 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\u00a026, 2024, approved the financial performance of the
TSR (Total Shareholder Return) at 200% for the period
concerning the PSU\u2019s, in accordance with the terms of the
\u201c2021 - Technip\u00a0Energies N.V. Incentive Award Plan\u201d.
Out of the 1,366,148 rights (739,506 PSU\u2019s and 626,642 RSU\u2019s)
granted to certain Employees, Senior Executives, Executive
Committee members and the CEO:
\u25a0 1,909,926 shares (1,348,554 PSUs and 561,372 RSUs) were
vested on March\u00a01, 2024, at an acquisition price of \u20ac20.00
per share (Technip\u00a0Energies\u2019 stock price on the vesting
date, i.e.: the opening of the Paris stock exchange market
on March\u00a01, 2024), for the grantee having fulfilled the
presence conditions for PSUs and RSUs (3 years of
service) and after having applied 200% performance
conditions for PSUs;
\u25a0 130,499 rights (65,229 PSUs and 65,270 RSUs) were
forfeited due to the unfulfillment of presence condition
from the grantees, according to the requirement of
program terms and conditions.
September\u00a015, 2021, program - Executive Committee
(2nd Tranche Vesting)
On February\u00a022, 2021, 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
March\u00a012, 2024, 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
N.V. Incentive Award Plan / Special Grant\u201d.
Out of the 8,972 Performance Shares granted to Executive
Committee member:
\u25a0 8,972 shares were vested on March\u00a015, 2024, at an
acquisition price of \u20ac22.80 per share (Technip\u00a0Energies\u2019
stock price on the vesting date, i.e.: the opening of the
Paris stock exchange market on March\u00a015, 2024), the
grantee having fulfilled the presence conditions for PSUs
and after having applied 100% performance conditions;
\u25a0 No shares were forfeited due to the unfulfillment of
presence condition from the grantee, according to the
requirement of program terms and conditions.
September\u00a015, 2021, program - Executive Committee
(Main grant)
On February\u00a022, 2021, 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
July\u00a029, 2024, approved the financial performance of the TSR
(Total Shareholder Return) at 200% for the period concerning
the main grant tranche of PSU\u2019s, in accordance with the
terms of the \u201c2021 - Technip\u00a0Energies N.V. Incentive Award
Plan / Special Grant\u201d.
Out of the 35,886 Performance Shares granted to Executive
Committee members:
\u25a0 61,006 shares were vested on August\u00a01, 2024, at an
acquisition price of \u20ac23.54 per share (Technip\u00a0Energies\u2019
stock price on the vesting date, i.e.: the opening of the
Paris stock exchange market on August\u00a01, 2024), the
grantee having fulfilled the presence conditions for PSUs
and after having applied 200% performance conditions;
\u25a0 No shares were forfeited due to the unfulfillment of
presence condition from the grantee, according to the
requirement of program terms and conditions.
September\u00a015, 2021, program - Main grant
On February\u00a022, 2021, 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
July\u00a029, 2024, approved the financial performance of the TSR
(Total Shareholder Return) at 200% for the period concerning
the PSU\u2019s, in accordance with the terms of the \u201c2021 -
Technip\u00a0Energies N.V. Incentive Award Plan\u201d.
Out of the 131,916 Performance Shares granted to certain
employees:
\u25a0 109,297 shares were vested on September\u00a01, 2024, at an
acquisition price of \u20ac21.42 per share (Technip\u00a0Energies\u2019
stock price on the vesting date, i.e.: the opening of the
Paris stock exchange market on September\u00a02, 2024), the
grantee having fulfilled the presence conditions for PSUs
and after having applied 200% performance conditions;
\u25a0 22,619 rights (11,307 PSUs and 11,312 RSUs) were forfeited
due to the unfulfillment of presence condition from the
grantees, according to the requirement of program terms
and conditions.
8.2.Stock options
During the years ended December\u00a031, 2024, and 2023, there
were no movements regarding stock options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-508": { "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\u00a0Energies 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\u00a08. 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\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-512": { "value": ".Provisions
Provisions are recognized if and only if the following criteria
are simultaneously met:
\u25a0 The Technip\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-511": { "value": ".Provisions
Provisions are recognized if and only if the following criteria
are simultaneously met:
\u25a0 The Technip\u00a0Energies 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, 2024
December\u00a031, 2023
(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
228.1
(103.4)
124.7
207.9
(98.2)
109.7
Acquisition/divestiture/business combination
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expense as recorded in the statement of income
22.1
(4.0)
18.1
21.4
(4.2)
17.2
Total current service cost
13.1
\u2014
13.1
12.3
\u2014
12.3
Net financial costs
8.1
(4.0)
4.1
8.4
(4.2)
4.2
Actuarial gains of the year
0.5
\u2014
0.5
0.7
\u2014
0.7
Actuarial (gain) loss recognized in other
comprehensive income
(3.0)
2.2
(0.8)
15.6
(4.7)
10.9
Actuarial (gain) loss on defined benefit obligation
(3.0)
2.2
(0.8)
15.6
(4.7)
10.9
\u2022 Experience
3.1
\u2014
3.1
2.3
\u2014
2.3
\u2022 Financial assumptions
(5.2)
\u2014
(5.2)
12.8
\u2014
12.8
\u2022 Demographic assumptions
(0.9)
\u2014
(0.9)
0.5
\u2014
0.5
Actuarial (gain) loss on plan assets
\u2014
2.2
2.2
\u2014
(4.7)
(4.7)
Contributions and benefits paid
(14.6)
2.8
(11.8)
(15.3)
3.1
(12.2)
Contributions by employer
(2.8)
(2.8)
\u2014
(2.6)
(2.6)
Benefits paid by employer
(9.0)
\u2014
(9.0)
(9.6)
\u2014
(9.6)
Benefits paid from plan assets
(5.6)
5.6
\u2014
(5.7)
5.7
\u2014
Exchange difference and other settlements
2.8
(0.7)
2.1
(1.5)
0.6
(0.9)
DEFINED BENEFIT OBLIGATION
AS OF THE PERIOD END DATE
235.4
(103.1)
132.3
228.1
(103.4)
124.7
As of December\u00a031, 2024, the defined benefit obligation included \u20ac113.2\u00a0million for funded plans (compared to \u20ac112.9\u00a0million in
2023) and \u20ac122.2\u00a0million for unfunded plans (compared to \u20ac115.2\u00a0million in 2023).
The breakdown of the net defined-benefit liability by type of benefit plans is as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Pension plans
81.7
82.7
End of service benefits
42.4
35.8
Other long-term benefits
8.2
6.2
NET DEFINED BENEFIT OBLIGATION
132.3
124.7
The table below presents the liabilities per country:
December\u00a031, 2024
(In millions of \u20ac)
Defined benefit
obligation
Assets
Liabilities
France
74.0
\u2014
74.0
The Netherlands
89.0
(82.7)
6.3
Other
72.4
(20.4)
52.0
TOTAL
235.4
(103.1)
132.3
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\u00a0 1.
Accounting principles .
Movements in provisions in the year ended December\u00a031, 2024 , were as follows:
(In millions of \u20ac)
December\u00a031,
2023
Increase
Used
reversal
Unused
reversal
Other
December\u00a031,
2024
Contingencies related
to\u00a0contracts (1)
41.0
37.2
\u2014
\u2014
(10.6)
67.6
Litigation
15.2
\u2014
\u2014
(2.3)
(1.4)
11.5
Restructuring obligations
11.3
1.1
(0.8)
\u2014
(1.5)
10.1
Provisions for claims
8.3
0.6
\u2014
\u2014
\u2014
8.9
Other non-current provisions
4.3
0.5
\u2014
(0.6)
(1.4)
2.8
Total non-current provisions
80.1
39.3
(0.8)
(2.9)
(14.9)
100.8
Contingencies related
to\u00a0contracts (1)
130.4
41.9
(0.5)
(101.5)
15.4
85.7
Litigation
3.8
0.8
(1.2)
\u2014
\u2014
3.4
Restructuring obligations
5.2
3.5
(6.5)
\u2014
1.9
4.1
Provisions for claims
0.7
2.6
(0.1)
(0.1)
0.2
3.3
Other current provisions
8.6
2.2
(3.3)
(1.7)
6.8
12.6
Total current provisions
148.7
51.0
(11.6)
(103.3)
24.3
109.1
TOTAL PROVISIONS
228.8
90.3
(12.4)
(106.2)
9.4
209.9
(1) Provisions for project close-out including Arctic LNG 2.
Movements in provisions in the year ended 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-510": { "value": ".Provisions
Provisions are recognized if and only if the following criteria
are simultaneously met:
\u25a0 The Technip\u00a0Energies 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-513": { "value": ".Pensions and other long-term benefits
The Technip\u00a0Energies Group sponsors various end-of-service
and retirement employee benefit plans. Payments under such
employee benefit plans are made either on the date of the
employee\u2019s termination of service with the Technip\u00a0Energies
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\u00a0Energies 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 wages,
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.
The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-514": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-515": { "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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-516": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-517": { "value": "
1.6.Key judgments and estimates
The preparation of Technip\u00a0Energies\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\u00a0Energies Group\u2019s
exposure to risks is also discussed in Note\u00a01. Accounting
principles and Note\u00a028. 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\u00a01.5. 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 the 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 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\u00a014.
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 full knowledge of the tax authorities and
measured at the most probable\u00a0amount.
For further information, refer to Note\u00a013. 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\u00a0Energies Group\u2019s financial position or
results of operations.
The Group\u2019s pension and other post-retirement obligations
are described in Note\u00a024. 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.
1.7.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\u00a0Energies 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\u00a0Energies participates in the energy transition
is described in section\u00a03.2.5. EU Green Taxonomy.
\u25a0 Impairment of non-financial assets
The Group is engaged in activities and markets that are
designed to support the energy transition framework with a
business that combines a long-cycle high revenue Project
Delivery and a short-cycle higher margin Technology,
Products and Services.
Technip\u00a0Energies' commercial pipeline is balanced by market
and geography and further supports business expansion and
diversification, with one third of the pipeline dedicated to
decarbonization markets. The International Energy Agency
sees the deployment of low-emissions gases to accelerate
over the medium term and the supply of low-emissions
gases more than doubling by 2027 (IEA (2024), Gas Market
Report, Q3 2024, IEA, Paris https://www.iea.org/reports/gas-
market-report-q3-2024, Licence: CC BY 4.0) which supports
Management view on Technip\u00a0Energies business plan
expansion to drive industry decarbonization.
The business plan underpinning the impairment test
performed reflects Management expectations in terms of
exposure to climate risks, in relation to regulations, client\u2019s
expectations or industry energy sources shifts per geographic
area, and Technip\u00a0Energies development in solutions in
hydrogen, offshore wind farms, ethylene, sustainable
chemistry, carbon-free energy, decarbonization projects and
carbon capture.
In addition to the portfolio mix reflected in the prospective
financial information, the business plan used for the
impairment test is capturing the following elements:
\u2022 Consideration of strategic initiatives: On circular
economy and textile regeneration, namely Reju
initiative, the Group only captured short-term and
early-stage setup costs. For the initiative on the Green
Hydrogen sector, namely Rely, the Group captured the
capital expenditures, the costs and revenues in the
business plan and terminal value.
\u2022 Expenditures associated with climate: the Group
business plan also includes a substantial amount of
expenditure, for a total of \u20ac392\u00a0million. These
expenses mostly relate to the Group roadmap to
reduce Scopes\u00a01 and 2 emissions by 45% in 2025 and
90% in 2030 by optimizing buildings portfolio (such as
the relocation of our teams of Houston, refurbishments
and optimization of owned and leased assets for
offices) as well as increased R&D allocated to energy
transition, and a portion of the remuneration that
includes schemes that embed sustainability-related
performance indicators.
Sensitivity performed on these expenditures, with a change
of -10%/+10%, would not lead to a risk of impairment.
\u25a0 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 2024, 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\u00a0Energies 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: 45% reduction on Scopes\u00a01 and 2 greenhouse gas
emissions by 2026.
In addition, the Executive Director\u2019s remuneration includes
incentive schemes that embed sustainability-related
performance indicators, notably the Short-Term Incentive
program with ESG KPIs derived from the Company\u2019s ESG
roadmap. These changes have been introduced in 2023 and
are described in section\u00a06.5.1. Executive Director
remuneration, the ESG business performance indicators
weighting is set to 25%.
\u25a0 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\u00a020, 2024, 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
2023.
Macroeconomic conditions
2024 was marked by a range of geopolitical and energy
issues, which have effects on Technip\u00a0Energies 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, 2024, include:
\u2022 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).
\u2022 The expected long-term inflation assumption set by
reference to the European Central Bank target.
\u2022 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, 2024, the exposure to
inflation decreased but geopolitical uncertainty remains.
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 decrease in risk-free rates and a
lower country risk premium.
The weighted average cost of capital per operating segment is as follows:
December\u00a031, 2024
December\u00a031, 2023
Project Delivery
10.8%
13.0%
Technology, Products & Services
9.5%
11.0%
Long-term growth rates used to estimate cash flow projections beyond the period covered by the budgets slightly decreased
from 2.7% last year to 2.3% in 2024 in both operating segments mainly driven by lower GDP on countries.
The consideration of the above-mentioned did not lead to the recognition of impairment, as described in Note\u00a014. Goodwill and
intangible assets, net", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-519": { "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 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\u00a014.
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 full knowledge of the tax authorities and
measured at the most probable\u00a0amount.
For further information, refer to Note\u00a013. 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\u00a0Energies Group\u2019s financial position or
results of operations.
The Group\u2019s pension and other post-retirement obligations
are described in Note\u00a024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-518": { "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 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\u00a014. 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 full knowledge of the tax authorities and measured at the most probable\u00a0amount.For further information, refer to Note\u00a013. 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\u00a0Energies Group\u2019s financial position or results of operations.The Group\u2019s pension and other post-retirement obligations are described in Note\u00a024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-520": { "value": "
Note 2.Changes in the scope of consolidation
Year ended December\u00a031, 2024
The Group did not make any significant acquisitions and
divestitures during the year ended December\u00a031, 2024.
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\u00a0Energies 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.
Note 31.Companies included in the scope of the consolidated financial
statements
The principal subsidiaries, associates and joint-ventures included in Technip\u00a0Energies\u2019 scope of consolidation as of
December\u00a031, 2024 , are listed below:
31.1.Principal subsidiaries
Company Name
Address
Interest held in %
as of December\u00a031,
2024
AUSTRALIA
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
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
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
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
4 rue Pierre Gilles de Gennes - 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
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
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
(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,
2024
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
OMAN
TEN Engineering Muscat SPC
Office G21, REGUS BUSINESS CENTRE LLC
Ground Floor, Office 3, Bait Mahmiyat Al Qurum
Shatti AlQurum, Muscat, Oman
P.O. Box 395, PC 118
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
THAILAND
Technip Energies (Thailand) Ltd
20th Floor, Suntower, Building A
123 Vibhavadee-Rangsit Road, Jomphon
Jatujak, Bangkok 10900
74
Company Name
Address
Interest held in %
as of December\u00a031,
2024
UNITED ARAB EMIRATES
T.EN 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
52.59
31.2.Associates and joint-ventures
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
Ekwil SAS
60 Avenue Charles de Gaulle
92200 Neuilly-sur-Seine
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 - T.EN MOZAMBIQUE, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
51
JGC FLUOR T.EN MO\u00c7AMBIQUE, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
33.33
T.EN CORAL NORTE MOZAMBIQUE
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
Maputo
50
TP JGC Coral Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
50
NETHERLANDS
STS 58 BV
Evert van de Beekstraat 1, 1118CL Schiphol
The Netherlands
48
Etileno XXI Holding B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
50
Etileno XXI Services B.V.
Beursplein 37, Office 869, 3011 AA Rotterdam
40
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
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
UNITED STATES
KTJV
601 Jefferson Street
Houston, TX 77002
USA
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-521": { "value": "
Note 4.Revenue
4.1.Principal revenue generating activities
As one of the largest E&T groups by revenue,
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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 customers\u2019 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\u00a0Energies Group. The Group has an
enforceable right to payment plus reasonable profit for
performance completed to date.
4.2.Disaggregation of revenue
The Technip\u00a0Energies Group disaggregates revenue from external customers as follows:
December\u00a031, 2024
December\u00a031, 2023
(In millions of \u20ac)
Project
Delivery
Technology,
Products &
Services
TOTAL
Project
Delivery
Technology,
Products &
Services
TOTAL
Europe & Central Asia
283.0
848.0
1,131.0
617.3
955.2
1,572.5
Africa & Middle East
3,629.4
359.8
3,989.2
2,421.9
270.5
2,692.4
Asia Pacific
371.4
359.5
730.8
676.0
354.7
1,030.7
Americas
457.8
409.9
867.8
368.4
339.6
708.0
TOTAL REVENUE
4,741.6
1,977.3
6,718.9
4,083.6
1,920.0
6,003.6
For more information about concentration risks, please refer to section\u00a04. Risk and Risk management of this Annual Report.
4.3.Contract balances
The following table provides information about net contract assets and liabilities as of December\u00a031, 2024, and 2023:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Change
% change
Contract assets
481.3
399.9
81.4
20%
Contract liabilities
3,358.4
3,014.8
343.6
11%
NET LIABILITIES
2,877.1
2,614.9
262.2
10%
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, 2024, and 2023
that was included in the contract liabilities balance on
December\u00a031, 2023 and 2022 was \u20ac2,049.5\u00a0million and
\u20ac1,927.1\u00a0million, respectively.
Revenue recognized for the years ended December\u00a031, 2024,
and 2023 from the Technip\u00a0Energies Group's performance
obligations satisfied in previous periods had a favorable
impact of \u20ac15.6\u00a0million and \u20ac337.2\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. The 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 the backlog related to unfilled,
confirmed customer orders is estimated at each reporting
date. As of December\u00a031, 2024 , and 2023, the aggregate
amount of the transaction price allocated to backlog was
\u20ac19,708.3\u00a0million and \u20ac15,677.3\u00a0million, respectively.
The following table details the backlog as of December\u00a031, 2024:
(In millions)
December 31,
2025
December 31,
2026
December 31,
2027+
Total remaining unsatisfied performance obligations
6,349.9
5,652.6
7,705.7
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-522": { "value": "
Note 5.Impairment, restructuring and other expense
Impairment, restructuring and other expense is detailed as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Impairment costs
(5.0)
(0.4)
Restructuring and non-recurring income (expense)
(9.0)
(18.6)
Legal matters settlement
3.5
(16.2)
Other (1)
(19.5)
(9.8)
TOTAL IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSE
(30.0)
(45.0)
(1) Other included adjacent business model investment costs incurred by the Group.
Impairment costs
As of December\u00a031, 2024 , the Group has recognized
impairment losses of \u20ac 5.0\u00a0million on intangible assets.
In relation to Goodwill, the impairment test conducted is
discussed in detail in Note 1 . Accounting principles and
presented in Note\u00a0 14 . Goodwill and intangible assets, net and
concluded to the absence of impairment.
During the year ended December\u00a031, 2023, the Group
recognized impairment losses of \u20ac0.4\u00a0million.
Restructuring and non-recurring income (expense)
As of December\u00a031, 2024, Restructuring and non-recurring
income (expense) included losses associated with
deconsolidation as well as the impacts of severance costs.
During the year ended December\u00a031, 2023, this mostly included
the sale result recorded by the Group for the disposal of its
main Russian operating entity and the exit of Arctic LNG 2 (for
further detail, please refer to Note\u00a02. Changes in the scope of
consolidation), as well as severance costs.
Legal matters settlement
This relates to the release of provisions for which risks have
expired. As of December\u00a031, 2023, this was mostly related 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 was partially
offset by the release of provisions on expired risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-523": { "value": "
Note 6.Other operating income (expense), net
Total other income and expense, net is as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Foreign currency gain (loss)
23.4
7.4
Reinsurance income (expense)
6.5
6.5
Net gain (loss) from disposal of property, plant and equipment and intangible assets
(0.1)
0.5
Other
(3.4)
1.2
TOTAL OTHER OPERATING INCOME (EXPENSE), NET
26.4
15.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-524": { "value": "
Note 9.Investment in equity affiliates
The carrying amounts of the Technip\u00a0Energies Group's joint-ventures and associates accounted for under the equity method
amounted to \u20ac98.2\u00a0million and \u20ac100.1 \u00a0million as of December\u00a031, 2024, and December\u00a031, 2023 , respectively.
Summarized movements during the year:
(In millions of \u20ac)
December\u00a031,
2023
Share of
profit (loss)
of equity-
accounted
investees
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2024
Joint-ventures
84.6
20.2
(46.3)
3.5
(1.2)
31.9
92.7
Associates
15.5
(1.6)
(9.9)
\u2014
(0.8)
2.3
5.5
TOTAL
100.1
18.6
(56.2)
3.5
(2.0)
34.2
98.2
(1) Other movements include the reclassification of negative investments to liabilities.
(In millions of \u20ac)
December\u00a031,
2022
Share of
profit (loss)
of equity-
accounted
investees
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 the reclassification of negative investments to liabilities.
The main equity investments were as follows as of December\u00a031, 2024, and December\u00a031, 2023:
December\u00a031, 2024
December\u00a031, 2023
(In\u00a0millions of \u20ac, except %)
Place of business/incorporation
Percentage
owned
Carrying
value
Percentage
owned
Carrying
value
ENI Coral FLNG
Mozambique, France
50.0%
34.8
50.0%
42.9
NFE
France, Japan
50.0%
41.7
50.0%
32.4
BAPCO Sitra Refinery
Bahrain
36.0%
\u2014
36.0%
\u2014
Others
N/A
21.7
N/A
24.8
TOTAL
98.2
100.1
ENI Coral FLNG is an affiliated company in the form of a
joint-venture between Technip\u00a0Energies, 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\u00a0Energies 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\u00a0Energies 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.
The Technip\u00a0Energies Group's total net profit from equity
affiliates and joint-ventures was \u20ac18.6\u00a0million and
\u20ac(27.9)\u00a0million as of December\u00a031, 2024 and 2023,
respectively.
The Technip\u00a0Energies Group\u2019s dividends received from equity
affiliates and joint-ventures were \u20ac56.2\u00a0million and
\u20ac57.9\u00a0million as of December\u00a031, 2024, and 2023,
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
and Bapco only
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
December\u00a031,
2024
December\u00a031,
2023
DATA AT 100%
Non-current assets
42.7
40.1
6.8
7.0
Other current assets
429.6
502.1
250.1
462.0
Cash and cash equivalents
559.2
642.8
331.2
483.6
Total current assets
988.7
1,144.9
581.3
945.6
Total non-current liabilities
33.6
31.2
2.8
6.4
Total current liabilities
1,036.5
1,189.2
695.1
972.8
Net assets at 100%
(38.6)
(35.4)
(109.8)
(26.6)
Net assets attributable to Technip Energies
Group
(6.3)
0.1
(18.1)
12.6
Negative investments reclassification
104.5
100.0
94.6
62.7
Investments in equity affiliates
98.2
100.1
76.5
75.3
Summarized statement of total comprehensive income:
Total for all joint-ventures
and\u00a0associates
Coral, NFE
and Bapco only
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
December\u00a031,
2024
December\u00a031,
2023
DATA AT 100%
Revenue
2,055.1
1,895.5
1,627.3
1,841.5
Depreciation and amortization
(2.4)
(3.3)
(0.2)
(1.3)
Financial income
21.7
32.1
14.8
23.9
Financial expense
(1.0)
(1.1)
\u2014
\u2014
Income tax (expense) profit
(14.7)
(4.9)
(8.2)
(1.8)
Net profit (loss)
(10.4)
(161.2)
7.9
(48.8)
Other comprehensive income
(6.8)
(2.9)
(6.5)
(2.4)
TOTAL COMPREHENSIVE INCOME (LOSS)
(17.2)
(164.1)
1.5
(51.2)
2.Associates and joint-ventures
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
Ekwil SAS
60 Avenue Charles de Gaulle
92200 Neuilly-sur-Seine
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 - T.EN MOZAMBIQUE, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
51
JGC FLUOR T.EN MO\u00c7AMBIQUE, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
33.33
T.EN CORAL NORTE MOZAMBIQUE
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
Maputo
50
TP JGC Coral Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
50
NETHERLANDS
STS 58 BV
Evert van de Beekstraat 1, 1118CL Schiphol
The Netherlands
48
Etileno XXI Holding B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
50
Etileno XXI Services B.V.
Beursplein 37, Office 869, 3011 AA Rotterdam
40
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
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
UNITED STATES
KTJV
601 Jefferson Street
Houston, TX 77002
USA
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-526": { "value": "
The carrying amounts of the Technip\u00a0Energies Group's joint-ventures and associates accounted for under the equity method
amounted to \u20ac98.2\u00a0million and \u20ac100.1 \u00a0million as of December\u00a031, 2024, and December\u00a031, 2023 , respectively.
Summarized movements during the year:
(In millions of \u20ac)
December\u00a031,
2023
Share of
profit (loss)
of equity-
accounted
investees
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2024
Joint-ventures
84.6
20.2
(46.3)
3.5
(1.2)
31.9
92.7
Associates
15.5
(1.6)
(9.9)
\u2014
(0.8)
2.3
5.5
TOTAL
100.1
18.6
(56.2)
3.5
(2.0)
34.2
98.2
(1) Other movements include the reclassification of negative investments to liabilities.
(In millions of \u20ac)
December\u00a031,
2022
Share of
profit (loss)
of equity-
accounted
investees
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 the reclassification of negative investments to liabilities.
The main equity investments were as follows as of December\u00a031, 2024, and December\u00a031, 2023:
December\u00a031, 2024
December\u00a031, 2023
(In\u00a0millions of \u20ac, except %)
Place of business/incorporation
Percentage
owned
Carrying
value
Percentage
owned
Carrying
value
ENI Coral FLNG
Mozambique, France
50.0%
34.8
50.0%
42.9
NFE
France, Japan
50.0%
41.7
50.0%
32.4
BAPCO Sitra Refinery
Bahrain
36.0%
\u2014
36.0%
\u2014
Others
N/A
21.7
N/A
24.8
TOTAL
98.2
100.1
ENI Coral FLNG is an affiliated company in the form of a
joint-venture between Technip\u00a0Energies, 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\u00a0Energies 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\u00a0Energies 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.
The Technip\u00a0Energies Group's total net profit from equity
affiliates and joint-ventures was \u20ac18.6\u00a0million and
\u20ac(27.9)\u00a0million as of December\u00a031, 2024 and 2023,
respectively.
The Technip\u00a0Energies Group\u2019s dividends received from equity
affiliates and joint-ventures were \u20ac56.2\u00a0million and
\u20ac57.9\u00a0million as of December\u00a031, 2024, and 2023,
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
and Bapco only
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
December\u00a031,
2024
December\u00a031,
2023
DATA AT 100%
Non-current assets
42.7
40.1
6.8
7.0
Other current assets
429.6
502.1
250.1
462.0
Cash and cash equivalents
559.2
642.8
331.2
483.6
Total current assets
988.7
1,144.9
581.3
945.6
Total non-current liabilities
33.6
31.2
2.8
6.4
Total current liabilities
1,036.5
1,189.2
695.1
972.8
Net assets at 100%
(38.6)
(35.4)
(109.8)
(26.6)
Net assets attributable to Technip Energies
Group
(6.3)
0.1
(18.1)
12.6
Negative investments reclassification
104.5
100.0
94.6
62.7
Investments in equity affiliates
98.2
100.1
76.5
75.3
Summarized statement of total comprehensive income:
Total for all joint-ventures
and\u00a0associates
Coral, NFE
and Bapco only
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
December\u00a031,
2024
December\u00a031,
2023
DATA AT 100%
Revenue
2,055.1
1,895.5
1,627.3
1,841.5
Depreciation and amortization
(2.4)
(3.3)
(0.2)
(1.3)
Financial income
21.7
32.1
14.8
23.9
Financial expense
(1.0)
(1.1)
\u2014
\u2014
Income tax (expense) profit
(14.7)
(4.9)
(8.2)
(1.8)
Net profit (loss)
(10.4)
(161.2)
7.9
(48.8)
Other comprehensive income
(6.8)
(2.9)
(6.5)
(2.4)
TOTAL COMPREHENSIVE INCOME (LOSS)
(17.2)
(164.1)
1.5
(51.2)
2.Associates and joint-ventures
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
Ekwil SAS
60 Avenue Charles de Gaulle
92200 Neuilly-sur-Seine
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 - T.EN MOZAMBIQUE, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
51
JGC FLUOR T.EN MO\u00c7AMBIQUE, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
33.33
T.EN CORAL NORTE MOZAMBIQUE
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
Maputo
50
TP JGC Coral Mozambique, LDA
Av. Vladimir Lenine, 1123,
7\u00ba andar Edif\u00edcio Topazio
Maputo
50
NETHERLANDS
STS 58 BV
Evert van de Beekstraat 1, 1118CL Schiphol
The Netherlands
48
Etileno XXI Holding B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
50
Etileno XXI Services B.V.
Beursplein 37, Office 869, 3011 AA Rotterdam
40
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
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
UNITED STATES
KTJV
601 Jefferson Street
Houston, TX 77002
USA
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-525": { "value": "
The carrying amounts of the Technip\u00a0Energies Group's joint-ventures and associates accounted for under the equity method
amounted to \u20ac98.2\u00a0million and \u20ac100.1 \u00a0million as of December\u00a031, 2024, and December\u00a031, 2023 , respectively.
Summarized movements during the year:
(In millions of \u20ac)
December\u00a031,
2023
Share of
profit (loss)
of equity-
accounted
investees
Dividends
Other
comprehensive
income (loss)
Foreign
exchange
differences
Other
movements(1)
December\u00a031,
2024
Joint-ventures
84.6
20.2
(46.3)
3.5
(1.2)
31.9
92.7
Associates
15.5
(1.6)
(9.9)
\u2014
(0.8)
2.3
5.5
TOTAL
100.1
18.6
(56.2)
3.5
(2.0)
34.2
98.2
(1) Other movements include the reclassification of negative investments to liabilities.
(In millions of \u20ac)
December\u00a031,
2022
Share of
profit (loss)
of equity-
accounted
investees
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 the reclassification of negative investments to liabilities.
The main equity investments were as follows as of December\u00a031, 2024, and December\u00a031, 2023:
December\u00a031, 2024
December\u00a031, 2023
(In\u00a0millions of \u20ac, except %)
Place of business/incorporation
Percentage
owned
Carrying
value
Percentage
owned
Carrying
value
ENI Coral FLNG
Mozambique, France
50.0%
34.8
50.0%
42.9
NFE
France, Japan
50.0%
41.7
50.0%
32.4
BAPCO Sitra Refinery
Bahrain
36.0%
\u2014
36.0%
\u2014
Others
N/A
21.7
N/A
24.8
TOTAL
98.2
100.1
ENI Coral FLNG is an affiliated company in the form of a
joint-venture between Technip\u00a0Energies, 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\u00a0Energies 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\u00a0Energies 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.
The Technip\u00a0Energies Group's total net profit from equity
affiliates and joint-ventures was \u20ac18.6\u00a0million and
\u20ac(27.9)\u00a0million as of December\u00a031, 2024 and 2023,
respectively.
The Technip\u00a0Energies Group\u2019s dividends received from equity
affiliates and joint-ventures were \u20ac56.2\u00a0million and
\u20ac57.9\u00a0million as of December\u00a031, 2024, and 2023,
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
and Bapco only
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
December\u00a031,
2024
December\u00a031,
2023
DATA AT 100%
Non-current assets
42.7
40.1
6.8
7.0
Other current assets
429.6
502.1
250.1
462.0
Cash and cash equivalents
559.2
642.8
331.2
483.6
Total current assets
988.7
1,144.9
581.3
945.6
Total non-current liabilities
33.6
31.2
2.8
6.4
Total current liabilities
1,036.5
1,189.2
695.1
972.8
Net assets at 100%
(38.6)
(35.4)
(109.8)
(26.6)
Net assets attributable to Technip Energies
Group
(6.3)
0.1
(18.1)
12.6
Negative investments reclassification
104.5
100.0
94.6
62.7
Investments in equity affiliates
98.2
100.1
76.5
75.3
Summarized statement of total comprehensive income:
Total for all joint-ventures
and\u00a0associates
Coral, NFE
and Bapco only
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
December\u00a031,
2024
December\u00a031,
2023
DATA AT 100%
Revenue
2,055.1
1,895.5
1,627.3
1,841.5
Depreciation and amortization
(2.4)
(3.3)
(0.2)
(1.3)
Financial income
21.7
32.1
14.8
23.9
Financial expense
(1.0)
(1.1)
\u2014
\u2014
Income tax (expense) profit
(14.7)
(4.9)
(8.2)
(1.8)
Net profit (loss)
(10.4)
(161.2)
7.9
(48.8)
Other comprehensive income
(6.8)
(2.9)
(6.5)
(2.4)
TOTAL COMPREHENSIVE INCOME (LOSS)
(17.2)
(164.1)
1.5
(51.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-527": { "value": "-27900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500FLODI49NSCIP70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-528": { "value": "
Note 10.Financial income (expense)
Total financial income was as follows for the years ended December\u00a031, 2024, and 2023 :
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Interest income
145.9
116.2
Dividends from non-consolidated investments
\u2014
0.6
Other financial income
3.3
2.0
TOTAL FINANCIAL INCOME
149.2
118.8
Interest income reached \u20ac145.9\u00a0million and \u20ac116.2\u00a0million as of December\u00a031, 2024 , and 2023, respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates on USD during 2024 .
Total financial expense was as follows for the years ended December\u00a031, 2024, and 2023 :
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Interest expense
(21.1)
(18.3)
Employee benefit interest expense
(4.1)
(4.1)
Redeemable financial liability fair value
(0.2)
(12.2)
Other financial expense
(10.2)
(19.3)
TOTAL FINANCIAL EXPENSE
(35.6)
(53.9)
Total financial expense mainly composed of interest on loans
for \u20ac5.4\u00a0million and \u20ac3.8\u00a0million as of December\u00a031, 2024, and
2023 respectively, as well as lease interest for \u20ac4.3\u00a0million and
\u20ac4.3\u00a0million as of December\u00a031, 2024, and 2023, respectively.
Total financial expense included \u20ac0.2 million and \u20ac12.2\u00a0million
as of December\u00a031, 2024, and 2023 , respectively, related to the
Yamal redeemable financial liability fair value (Note. 26 ).
Other financial expense included fair value of quoted equity
instruments for \u20ac3.0\u00a0million and \u20ac10.1\u00a0million as of
December\u00a031, 2024, and 2023, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-529": { "value": "
Total financial income was as follows for the years ended December\u00a031, 2024, and 2023 :
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Interest income
145.9
116.2
Dividends from non-consolidated investments
\u2014
0.6
Other financial income
3.3
2.0
TOTAL FINANCIAL INCOME
149.2
118.8
Interest income reached \u20ac145.9\u00a0million and \u20ac116.2\u00a0million as of December\u00a031, 2024 , and 2023, respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates on USD during 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-531": { "value": "
Interest income reached \u20ac145.9\u00a0million and \u20ac116.2\u00a0million as of December\u00a031, 2024 , and 2023, respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates on USD during 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-530": { "value": "
Interest income reached \u20ac145.9\u00a0million and \u20ac116.2\u00a0million as of December\u00a031, 2024 , and 2023, respectively. The variation was
mainly caused by the increase of the average deposit amount and the rise in interest rates on USD during 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-532": { "value": "
Total financial expense was as follows for the years ended December\u00a031, 2024, and 2023 :
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Interest expense
(21.1)
(18.3)
Employee benefit interest expense
(4.1)
(4.1)
Redeemable financial liability fair value
(0.2)
(12.2)
Other financial expense
(10.2)
(19.3)
TOTAL FINANCIAL EXPENSE
(35.6)
(53.9)
Total financial expense mainly composed of interest on loans
for \u20ac5.4\u00a0million and \u20ac3.8\u00a0million as of December\u00a031, 2024, and
2023 respectively, as well as lease interest for \u20ac4.3\u00a0million and
\u20ac4.3\u00a0million as of December\u00a031, 2024, and 2023, respectively.
Total financial expense included \u20ac0.2 million and \u20ac12.2\u00a0million
as of December\u00a031, 2024, and 2023 , respectively, related to the
Yamal redeemable financial liability fair value (Note. 26 ).
Other financial expense included fair value of quoted equity
instruments for \u20ac3.0\u00a0million and \u20ac10.1\u00a0million as of
December\u00a031, 2024, and 2023, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-533": { "value": "
Note 11.Expenses by nature
Operating expenses by nature
Total operating expenses by nature were as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Employee benefits expenses
(1,539.6)
(1,343.8)
Depreciation and amortization
(110.9)
(94.7)
Purchases, external charges and other expenses
(4,618.8)
(4,113.0)
TOTAL COSTS AND EXPENSES
(6,269.3)
(5,551.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-534": { "value": "
Note 12.Payroll staff
As of December\u00a031, 2024, and 2023, the Technip\u00a0Energies Group employed 17,228 and 15,498 full-time employees, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-535": { "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%.
Pillar Two legislation in France, the jurisdiction in which
Technip\u00a0Energies is tax resident, came into effect since
January\u00a01, 2024, and Technip\u00a0Energies falls within the scope
of this legislation.
As such, on December\u00a031, 2024, the Group assessed the
current tax expense related to Pillar Two income taxes. The
main jurisdictions where the Group operates that give rise to
additional taxation are those of the Middle East area where
local standard rates are below 15%. Based on our
assessment, the tax related to the application of the Pillar
Two legislation is not material and represents approximately
2.5% of the current tax expense of the Group.
The following table provides details of current and deferred income taxes recognized for 2024 and 2023:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Current income tax (expense) profit
(184.4)
(151.9)
Deferred income tax (expense) profit
12.1
6.4
INCOME TAX (EXPENSE) PROFIT AS RECOGNIZED
IN THE CONSOLIDATED STATEMENT OF INCOME
(172.3)
(145.5)
Deferred income tax (expense) profit as recognized in other comprehensive income at
opening
(3.2)
(5.7)
Deferred income tax (expense) profit recognized in other comprehensive income during
the year
12.1
2.5
DEFERRED INCOME TAX (EXPENSE) PROFIT AS RECOGNIZED
IN OTHER COMPREHENSIVE INCOME
8.9
(3.2)
Current income tax is mainly composed of 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,
2024
December\u00a031,
2023
Net profit (loss)
409.4
343.6
Income tax (expense) profit
(172.3)
(145.5)
Profit (loss) before income tax
581.8
489.1
Tax at Technip Energies' tax rate of 25.83%
(150.3)
(126.3)
Difference between Technip Energies N.V. and affiliates tax rates
24.8
23.0
Non creditable foreign taxes
(11.6)
(11.8)
Other taxes classified as income taxes
(11.0)
(5.9)
Non-deductible expenses for tax purposes
0.2
(9.0)
Net change in tax contingencies
(3.4)
3.9
Adjustments on prior year taxes
2.6
(2.8)
Variation of deferred tax assets not recognized
(29.3)
(17.3)
Share of profit (loss) of equity-accounted investees
3.1
1.3
IFRS adjustments with no tax impact
1.3
(3.2)
Deferred tax impact related to change in tax rate
0.6
2.3
Other
0.7
0.3
Effective income tax (expense) profit
(172.3)
(145.5)
Effective tax rate
29.6%
29.7%
INCOME TAX (EXPENSE) PROFIT AS RECOGNIZED
IN THE CONSOLIDATED STATEMENT OF INCOME
(172.3)
(145.5)
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,
2023
Recognized in
Statement of
Income
Recognized in
Statement
of OCI
Net foreign
exchange
difference
Other
December\u00a031,
2024
Tax losses and tax credits
31.2
0.6
\u2014
1.6
8.1
41.5
Foreign exchange derivatives
8.4
\u2014
11.1
0.1
\u2014
19.6
Defined benefit pension obligation
34.8
1.9
(0.4)
0.4
\u2014
36.7
Contingencies
14.1
6.5
\u2014
0.7
\u2014
21.3
Revenue recognition
83.7
29.0
\u2014
2.8
(8.6)
106.9
Intangible and other assets
16.1
(0.4)
\u2014
0.4
0.2
16.3
Lease liabilities
54.0
(5.0)
\u2014
(0.6)
0.3
48.7
Other
1.9
(1.0)
\u2014
\u2014
0.2
1.1
Offsetting
(107.6)
(11.4)
\u2014
\u2014
(19.0)
(138.0)
Total deferred tax assets
136.6
20.2
10.7
5.4
(18.8)
154.1
Foreign exchange derivatives
(11.0)
(4.5)
2.9
\u2014
0.3
(12.3)
Defined benefit pension obligation
(2.6)
(2.1)
0.1
(0.1)
\u2014
(4.7)
Contingencies
(0.6)
0.5
\u2014
\u2014
\u2014
(0.1)
Revenue recognition
(35.9)
(6.4)
\u2014
(1.8)
0.1
(44.0)
Intangible and other assets
(20.7)
0.2
\u2014
(1.3)
(0.1)
(21.9)
Right-of-use assets
(50.8)
4.0
\u2014
\u2014
\u2014
(46.8)
Other
(0.5)
(11.2)
\u2014
\u2014
(0.8)
(12.5)
Offsetting
107.6
11.4
\u2014
\u2014
19.0
138.0
Total deferred tax liabilities
(14.5)
(8.1)
3.0
(3.2)
18.5
(4.3)
DEFERRED TAX ASSETS
(LIABILITIES), NET
122.1
12.1
13.7
2.2
(0.3)
149.8
(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 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 tax liabilities
(22.7)
(34.6)
(0.6)
1.2
42.2
(14.5)
DEFERRED TAX ASSETS
(LIABILITIES), NET
117.9
6.4
1.5
(1.0)
(2.7)
122.1
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, 2024, and 2023, deferred tax assets
excluded certain tax benefits related to net operating loss
carry-forwards, notably in Saudi Arabia and Mexico.
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
\u20ac87.8\u00a0million and \u20ac90.2\u00a0million as of December\u00a031, 2024, and
2023, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-536": { "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,
2023
Recognized in
Statement of
Income
Recognized in
Statement
of OCI
Net foreign
exchange
difference
Other
December\u00a031,
2024
Tax losses and tax credits
31.2
0.6
\u2014
1.6
8.1
41.5
Foreign exchange derivatives
8.4
\u2014
11.1
0.1
\u2014
19.6
Defined benefit pension obligation
34.8
1.9
(0.4)
0.4
\u2014
36.7
Contingencies
14.1
6.5
\u2014
0.7
\u2014
21.3
Revenue recognition
83.7
29.0
\u2014
2.8
(8.6)
106.9
Intangible and other assets
16.1
(0.4)
\u2014
0.4
0.2
16.3
Lease liabilities
54.0
(5.0)
\u2014
(0.6)
0.3
48.7
Other
1.9
(1.0)
\u2014
\u2014
0.2
1.1
Offsetting
(107.6)
(11.4)
\u2014
\u2014
(19.0)
(138.0)
Total deferred tax assets
136.6
20.2
10.7
5.4
(18.8)
154.1
Foreign exchange derivatives
(11.0)
(4.5)
2.9
\u2014
0.3
(12.3)
Defined benefit pension obligation
(2.6)
(2.1)
0.1
(0.1)
\u2014
(4.7)
Contingencies
(0.6)
0.5
\u2014
\u2014
\u2014
(0.1)
Revenue recognition
(35.9)
(6.4)
\u2014
(1.8)
0.1
(44.0)
Intangible and other assets
(20.7)
0.2
\u2014
(1.3)
(0.1)
(21.9)
Right-of-use assets
(50.8)
4.0
\u2014
\u2014
\u2014
(46.8)
Other
(0.5)
(11.2)
\u2014
\u2014
(0.8)
(12.5)
Offsetting
107.6
11.4
\u2014
\u2014
19.0
138.0
Total deferred tax liabilities
(14.5)
(8.1)
3.0
(3.2)
18.5
(4.3)
DEFERRED TAX ASSETS
(LIABILITIES), NET
122.1
12.1
13.7
2.2
(0.3)
149.8
(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 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 tax liabilities
(22.7)
(34.6)
(0.6)
1.2
42.2
(14.5)
DEFERRED TAX ASSETS
(LIABILITIES), NET
117.9
6.4
1.5
(1.0)
(2.7)
122.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-537": { "value": "
Note 17.Other assets (non-current and current)
Other n on-current assets are as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Financial assets at amortized cost, gross
54.9
42.0
Impairment allowance of financial assets at amortized cost
(4.2)
(3.4)
Non-current financial assets at amortized cost, net
50.7
38.6
Financial assets at fair value through OCI, gross
110.6
104.7
Fair value adjustment
2.4
\u2014
Non-current financial assets at fair value through OCI, net
113.0
104.7
Quoted equity instruments at FVTPL
24.4
24.4
Fair value adjustment
(12.4)
(9.4)
Non-current financial assets at FVTPL, net
12.0
15.0
Derivative assets
4.3
5.4
Other lease receivable
1.0
2.0
Other non-current assets, total
5.3
7.4
TOTAL OTHER NON-CURRENT ASSETS
181.0
165.7
Other c urrent assets are as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Value added and other tax receivables
213.0
224.4
Other receivables
71.8
51.8
Prepaid expenses
53.3
54.9
Derivative assets
15.6
15.3
Other
39.1
32.6
TOTAL OTHER CURRENT ASSETS
392.8
379.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-538": { "value": "on-current assets are as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Financial assets at amortized cost, gross
54.9
42.0
Impairment allowance of financial assets at amortized cost
(4.2)
(3.4)
Non-current financial assets at amortized cost, net
50.7
38.6
Financial assets at fair value through OCI, gross
110.6
104.7
Fair value adjustment
2.4
\u2014
Non-current financial assets at fair value through OCI, net
113.0
104.7
Quoted equity instruments at FVTPL
24.4
24.4
Fair value adjustment
(12.4)
(9.4)
Non-current financial assets at FVTPL, net
12.0
15.0
Derivative assets
4.3
5.4
Other lease receivable
1.0
2.0
Other non-current assets, total
5.3
7.4
TOTAL OTHER NON-CURRENT ASSETS
181.0
165.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-539": { "value": "urrent assets are as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Value added and other tax receivables
213.0
224.4
Other receivables
71.8
51.8
Prepaid expenses
53.3
54.9
Derivative assets
15.6
15.3
Other
39.1
32.6
TOTAL OTHER CURRENT ASSETS
392.8
379.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-540": { "value": "
Valuation allowances for trade receivables and contract assets have changed as shown in the following table:
December\u00a031, 2024
December\u00a031, 2023
(In millions of \u20ac)
Trade receivables
Contract assets
Trade receivables
Contract assets
Gross amount
1,173.8
482.3
1,356.7
400.6
Opening loss allowance
(142.1)
(0.7)
(141.4)
(0.4)
Change in expected credit loss
(0.4)
(0.4)
(0.4)
(0.3)
Increase in loss allowance
(9.3)
\u2014
(21.3)
\u2014
Used allowance reversals
12.7
\u2014
1.1
\u2014
Unused allowance reversals
21.9
\u2014
1.9
\u2014
Effects of foreign exchange
(2.3)
\u2014
7.5
\u2014
Other
42.5
\u2014
10.5
\u2014
Closing loss allowance
(77.0)
(1.1)
(142.1)
(0.7)
TOTAL, NET
1,096.8
481.3
1,214.6
399.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-541": { "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,
2024
December\u00a031,
2023
Subsidies
3.6
3.1
Derivative liabilities
23.3
0.8
Other(1)
132.2
133.6
TOTAL OTHER NON-CURRENT LIABILITIES
159.1
137.5
(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,
2024
December\u00a031,
2023
Redeemable financial liability
0.5
16.0
Total current financial liability at FVTPL
0.5
16.0
Accruals on completed contracts
42.1
52.7
Other tax payable
125.2
116.4
Social security liabilities
57.8
42.8
Derivative liabilities
36.2
20.6
Other(1)
116.2
114.7
Total other current liabilities
377.5
347.2
TOTAL OTHER CURRENT LIABILITIES
377.9
363.2
(1) As of December 31, 2024, \u201cOther\u201d notably included \u20ac26.1m of payables on tangible, intangible and investments, \u20ac15.4m of deferred income,
government grants for \u20ac12.0 million, a \u20ac11.9 million liability incurred by Technip Energies N.V. in relation to the Spin-off, the short-term portion of
provisions for pensions and other employee benefits for \u20ac7.0 million and \u20ac5.7m of reclassification of negative investments (for further details please
refer to Note 10. Investments in equity affiliates). As of December 31, 2023, \u201cOther\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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-542": { "value": "
The following table provides a breakdown of other non-current liabilities:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Subsidies
3.6
3.1
Derivative liabilities
23.3
0.8
Other(1)
132.2
133.6
TOTAL OTHER NON-CURRENT LIABILITIES
159.1
137.5
(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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-543": { "value": "
(1) As of December 31, 2024, \u201cOther\u201d notably included \u20ac26.1m of payables on tangible, intangible and investments, \u20ac15.4m of deferred income,
government grants for \u20ac12.0 million, a \u20ac11.9 million liability incurred by Technip Energies N.V. in relation to the Spin-off, the short-term portion of
provisions for pensions and other employee benefits for \u20ac7.0 million and \u20ac5.7m of reclassification of negative investments (for further details please
refer to Note 10. Investments in equity affiliates). As of December 31, 2023, \u201cOther\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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-544": { "value": "
Note 21.Accounts payable, trade
Accounts payable, trade amounted to \u20ac 1,517.2 \u00a0million, and \u20ac 1,506.7\u00a0million as of December\u00a031, 2024, and 2023 , 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-545": { "value": "1517200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:724500FLODI49NSCIP70", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-546": { "value": "1506700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-547": { "value": "
Note 22.Debt (long- and short-term)
Long- and short-term debt consisted of the following:
December\u00a031, 2024
December\u00a031, 2023
(In millions of \u20ac)
Carrying amount
Fair value
Carrying amount
Fair value
Bonds
601.0
560.7
600.2
543.5
Commercial papers
79.9
80.0
79.8
80.0
Bank borrowings and other
50.5
50.5
81.2
81.2
Financial debts
731.4
691.2
761.2
704.7
Lease liability
249.3
249.3
232.3
232.3
FINANCIAL DEBTS & LEASE LIABILITY
980.7
940.5
993.5
937.0
The split by maturity as of December\u00a031, 2024 , was as follows:
(In millions of \u20ac)
Maturity
<\u00a01 year
Within 2 years
Within 3 years
Thereafter
Bonds
601.0
4.0
\u2014
\u2014
597.0
Commercial papers
79.9
79.9
\u2014
\u2014
\u2014
Bank borrowings and other
50.5
9.9
0.2
0.2
40.2
Financial debts
731.4
93.8
0.2
0.2
637.2
Lease liability
249.3
56.9
43.5
30.6
118.3
FINANCIAL DEBTS & LEASE LIABILITY
980.7
150.7
43.7
30.8
755.5
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 movements over the period December\u00a031, 2023, to December\u00a031, 2024, were as follows:
(In millions of \u20ac)
Bonds(1)
Commercial
papers
Bank
borrowings
and other
Lease
liability
Total
Value as of December\u00a031, 2023
600.2
79.8
81.2
232.3
993.5
Increase \u2013 issuance
7.6
85.0
327.5
90.2
510.3
Decrease \u2013 reimbursement
(6.8)
(84.9)
(358.0)
(77.2)
(526.9)
Change in scope of consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange
\u2014
\u2014
(0.2)
4.2
4.0
Others
\u2014
\u2014
\u2014
(0.2)
(0.2)
VALUE AS OF DECEMBER\u00a031, 2024
601.0
79.9
50.5
249.3
980.7
(1) Increase of \u20ac7.6\u00a0million mainly includes accrued interests on bonds.
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) Increase of \u20ac7.6\u00a0million mainly includes accrued interests on bonds.
Commercial paper
Under the commercial paper program, the Technip\u00a0Energies
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,
2024. The Technip\u00a0Energies Group\u2019s Euro-based commercial
paper borrowings had a weighted average interest rate of
3.31%.
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\u00a0billion. For further information on the Revolving Facility,
refer to Note\u00a028. 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\u00a016, 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 Company does not intend to draw upon the
Revolving Facility in the ordinary course.
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, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-548": { "value": "
Note 23.Shareholder\u2019s equity
23.1.Shareholder\u2019s equity activity
As of December\u00a031, 2024, Technip\u00a0Energies\u00a0N.V. had 178,378,708 common shares issued with a nominal value of \u20ac0.01 per
share. After deduction of 3,757,029 treasury shares, the number of shares outstanding is 174,621,679.
Changes in shares outstanding are as follows:
(In number of shares)
Shares issued as of December 31, 2023
181,583,893
Shares cancellation
(3,205,185)
Shares issued as of December 31, 2024
178,378,708
Treasury shares
(3,757,029)
SHARES OUTSTANDING AS OF DECEMBER\u00a031, 2024
174,621,679
Refer to Note 7 for more information about the number of shares considered for the calculation of earnings per share.
23.2.Dividends
(In millions of \u20ac)
2024
Final dividend for the year ended 31 December, 2023 of \u20ac0.57 per outstanding common share
101.5
Interim dividend for the year ended 31 December, 2024
N/A
TOTAL DIVIDENDS PROVIDED FOR OR PAID
101.5
Dividends paid in cash or satisfied by the issue of shares during the year ended December 31, 2024
Paid in cash
101.5
Satisfied by issue of shares
N/A
TOTAL DIVIDENDS PAID IN CASH OR SATISFIED BY ISSUE OF SHARES
FOR THE YEAR ENDED DECEMBER 31, 2024
101.5
Dividends not recognized at the end of the reporting period
In addition to the above dividends, a dividend of \u20ac0.85 per share amounting to \u20ac150.4 million will be
proposed to the Group\u2019s Annual Shareholder Meeting of May 6, 2025, in respect of the financial year
ended December 31, 2024. The aggregate amount of the proposed dividend expected to be paid but not
recognized as a liability as of December 31, 2024, is:
150.4
23.3.Share repurchase
As of December\u00a031, 2024, treasury shares represent a total of
3,757,029 shares and are deducted from the Group\u2019s
consolidated equity for a total value of \u20ac56.1\u00a0million.
Liquidity contract
During the year ended December\u00a031, 2024, the Group
disposed of a net number of 32,084 shares for a total net
value of \u20ac1.2\u00a0million. On December\u00a031, 2024, the Group held
29,751 own shares deducted from consolidated equity for a
total value of \u20ac0.9\u00a0million. The amount allocated to its
Shares Liquidity Program as of December 31, 2024, was
\u20ac10.6 \u00a0million.
Share buy-back program
On February\u00a029, 2024, Technip\u00a0Energies Group launched a
share buy-back program of up to \u20ac100.0\u00a0million, with up to
\u20ac70\u00a0million to be used to purchase common shares for
cancellation and up to \u20ac30\u00a0million to be used to fulfill the
Company's obligations under equity compensation plans.
The program provided for the repurchase of up to 5.0 million
shares and was carried out until September 27, 2024.
The share buy-back program was decided by the Board of
Directors. It is executed in accordance with the
authorizations to repurchase shares granted by the Annual
General Meetings of May\u00a010, 2023, and May\u00a07, 2024.
As of December\u00a031, 2024, 4,580,640 shares have been
purchased, of which 3,205,185 shares for cancellation. These
treasury shares are deducted from consolidated equity for a
total value of \u20ac30.0\u00a0million.
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
Equity
investments
at FVOCI
Foreign
currency
translation
Accumulated
other
comprehensive
income (loss)
attributable to
Technip
Energies
Accumulated
other
comprehensi
ve income/
(loss) \u2013 non-
controlling
interests
Total
accumulated
other
comprehensi
ve income/
(loss)
Balance as of December 31, 2022
5.5
0.2
\u2014
(64.3)
(58.6)
(0.7)
(59.3)
Gross effect before
reclassification to profit or loss
6.5
(10.9)
\u2014
(35.6)
(40.0)
0.4
(39.6)
Deferred tax
0.5
2.0
\u2014
\u2014
2.5
2.5
Reclassification to profit or loss
1.7
\u2014
\u2014
6.7
8.4
\u2014
8.4
Balance as of December 31, 2023
14.2
(8.7)
\u2014
(93.2)
(87.7)
(0.3)
(88.0)
Gross effect before
reclassification to profit or loss
(89.1)
0.5
2.4
42.7
(43.5)
(0.1)
(43.6)
Deferred tax
12.7
(0.1)
(0.5)
\u2014
12.1
\u2014
12.1
Reclassification to profit or loss
11.2
\u2014
\u2014
0.2
11.4
\u2014
11.4
BALANCE
AS OF DECEMBER 31, 2024
(51.0)
(8.3)
1.9
(50.3)
(107.7)
(0.4)
(108.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-549": { "value": "
23.1.Shareholder\u2019s equity activity
As of December\u00a031, 2024, Technip\u00a0Energies\u00a0N.V. had 178,378,708 common shares issued with a nominal value of \u20ac0.01 per
share. After deduction of 3,757,029 treasury shares, the number of shares outstanding is 174,621,679.
Changes in shares outstanding are as follows:
(In number of shares)
Shares issued as of December 31, 2023
181,583,893
Shares cancellation
(3,205,185)
Shares issued as of December 31, 2024
178,378,708
Treasury shares
(3,757,029)
SHARES OUTSTANDING AS OF DECEMBER\u00a031, 2024
174,621,679
Refer to Note 7 for more information about the number of shares considered for the calculation of earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-550": { "value": "
23.2.Dividends
(In millions of \u20ac)
2024
Final dividend for the year ended 31 December, 2023 of \u20ac0.57 per outstanding common share
101.5
Interim dividend for the year ended 31 December, 2024
N/A
TOTAL DIVIDENDS PROVIDED FOR OR PAID
101.5
Dividends paid in cash or satisfied by the issue of shares during the year ended December 31, 2024
Paid in cash
101.5
Satisfied by issue of shares
N/A
TOTAL DIVIDENDS PAID IN CASH OR SATISFIED BY ISSUE OF SHARES
FOR THE YEAR ENDED DECEMBER 31, 2024
101.5
Dividends not recognized at the end of the reporting period
In addition to the above dividends, a dividend of \u20ac0.85 per share amounting to \u20ac150.4 million will be
proposed to the Group\u2019s Annual Shareholder Meeting of May 6, 2025, in respect of the financial year
ended December 31, 2024. The aggregate amount of the proposed dividend expected to be paid but not
recognized as a liability as of December 31, 2024, is:
150.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-551": { "value": "150400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-553": { "value": "
23.3.Share repurchase
As of December\u00a031, 2024, treasury shares represent a total of
3,757,029 shares and are deducted from the Group\u2019s
consolidated equity for a total value of \u20ac56.1\u00a0million.
Liquidity contract
During the year ended December\u00a031, 2024, the Group
disposed of a net number of 32,084 shares for a total net
value of \u20ac1.2\u00a0million. On December\u00a031, 2024, the Group held
29,751 own shares deducted from consolidated equity for a
total value of \u20ac0.9\u00a0million. The amount allocated to its
Shares Liquidity Program as of December 31, 2024, was
\u20ac10.6 \u00a0million.
Share buy-back program
On February\u00a029, 2024, Technip\u00a0Energies Group launched a
share buy-back program of up to \u20ac100.0\u00a0million, with up to
\u20ac70\u00a0million to be used to purchase common shares for
cancellation and up to \u20ac30\u00a0million to be used to fulfill the
Company's obligations under equity compensation plans.
The program provided for the repurchase of up to 5.0 million
shares and was carried out until September 27, 2024.
The share buy-back program was decided by the Board of
Directors. It is executed in accordance with the
authorizations to repurchase shares granted by the Annual
General Meetings of May\u00a010, 2023, and May\u00a07, 2024.
As of December\u00a031, 2024, 4,580,640 shares have been
purchased, of which 3,205,185 shares for cancellation. These
treasury shares are deducted from consolidated equity for a
total value of \u20ac30.0\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-552": { "value": "
23.3.Share repurchase
As of December\u00a031, 2024, treasury shares represent a total of
3,757,029 shares and are deducted from the Group\u2019s
consolidated equity for a total value of \u20ac56.1\u00a0million.
Liquidity contract
During the year ended December\u00a031, 2024, the Group
disposed of a net number of 32,084 shares for a total net
value of \u20ac1.2\u00a0million. On December\u00a031, 2024, the Group held
29,751 own shares deducted from consolidated equity for a
total value of \u20ac0.9\u00a0million. The amount allocated to its
Shares Liquidity Program as of December 31, 2024, was
\u20ac10.6 \u00a0million.
Share buy-back program
On February\u00a029, 2024, Technip\u00a0Energies Group launched a
share buy-back program of up to \u20ac100.0\u00a0million, with up to
\u20ac70\u00a0million to be used to purchase common shares for
cancellation and up to \u20ac30\u00a0million to be used to fulfill the
Company's obligations under equity compensation plans.
The program provided for the repurchase of up to 5.0 million
shares and was carried out until September 27, 2024.
The share buy-back program was decided by the Board of
Directors. It is executed in accordance with the
authorizations to repurchase shares granted by the Annual
General Meetings of May\u00a010, 2023, and May\u00a07, 2024.
As of December\u00a031, 2024, 4,580,640 shares have been
purchased, of which 3,205,185 shares for cancellation. These
treasury shares are deducted from consolidated equity for a
total value of \u20ac30.0\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-554": { "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
Equity
investments
at FVOCI
Foreign
currency
translation
Accumulated
other
comprehensive
income (loss)
attributable to
Technip
Energies
Accumulated
other
comprehensi
ve income/
(loss) \u2013 non-
controlling
interests
Total
accumulated
other
comprehensi
ve income/
(loss)
Balance as of December 31, 2022
5.5
0.2
\u2014
(64.3)
(58.6)
(0.7)
(59.3)
Gross effect before
reclassification to profit or loss
6.5
(10.9)
\u2014
(35.6)
(40.0)
0.4
(39.6)
Deferred tax
0.5
2.0
\u2014
\u2014
2.5
2.5
Reclassification to profit or loss
1.7
\u2014
\u2014
6.7
8.4
\u2014
8.4
Balance as of December 31, 2023
14.2
(8.7)
\u2014
(93.2)
(87.7)
(0.3)
(88.0)
Gross effect before
reclassification to profit or loss
(89.1)
0.5
2.4
42.7
(43.5)
(0.1)
(43.6)
Deferred tax
12.7
(0.1)
(0.5)
\u2014
12.1
\u2014
12.1
Reclassification to profit or loss
11.2
\u2014
\u2014
0.2
11.4
\u2014
11.4
BALANCE
AS OF DECEMBER 31, 2024
(51.0)
(8.3)
1.9
(50.3)
(107.7)
(0.4)
(108.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-555": { "value": "
Note 24.Pensions and other long-term employee benefits plans
24.1.Description of the Technip\u00a0Energies Group\u2019s benefit plans
Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group measured its plan\u2019s assets at fair
value as of the date of the consolidated financial statements.
The Technip\u00a0Energies Group has applied this guidance to its
pension and other employee defined benefit plans which are
primarily located in the Netherlands (38% of Group total
obligations), France (31%), India (11%), the United Arab
Emirates (8%), Italy (3%), 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, 2024, represents the
net present value of the remaining 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\u00a0Energies 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 2025 to the Dutch fund.
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
2025
17.0
2.1
5.1
9.8
2026
15.4
1.6
5.2
8.6
2027
15.9
2.3
5.2
8.4
2028
15.2
2.2
5.1
7.9
2029
13.7
1.6
5.1
7.0
2030-2034
84.7
26.3
24.7
33.7
TOTAL
161.9
36.1
50.4
75.4
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,
2024
December\u00a031,
2023
Service cost
13.1
12.3
Interest on DBO
8.1
8.4
Interest on plan asset
(4.0)
(4.2)
Remeasurements of other long-term benefits
0.5
0.7
Special events (curtailment/settlement)
0.4
\u2014
DEFINED BENEFIT COST INCLUDED IN THE STATEMENT OF INCOME
18.1
17.2
As of December\u00a031, 2024, the Group recognized \u20ac0.8\u00a0million
of actuarial gains in OCI, amongst which \u20ac3.0\u00a0million
generated on the defined benefit obligation offset by
\u20ac2.2\u00a0million actuarial losses on plan assets.
The actuarial gains of \u20ac3.0\u00a0million are explained by the effect
of changes in financial assumptions in 2024 of \u20ac5.2\u00a0million,
the experience actuarial losses of \u20ac3.1\u00a0million and the effect
of the changes in demographic assumptions in 2024 of
\u20ac0.9\u00a0million for all entities of the Group. The losses on the
actuarial return on plan asset of \u20ac2.2\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 2024 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, 2024
December\u00a031, 2023
(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
228.1
(103.4)
124.7
207.9
(98.2)
109.7
Acquisition/divestiture/business combination
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expense as recorded in the statement of income
22.1
(4.0)
18.1
21.4
(4.2)
17.2
Total current service cost
13.1
\u2014
13.1
12.3
\u2014
12.3
Net financial costs
8.1
(4.0)
4.1
8.4
(4.2)
4.2
Actuarial gains of the year
0.5
\u2014
0.5
0.7
\u2014
0.7
Actuarial (gain) loss recognized in other
comprehensive income
(3.0)
2.2
(0.8)
15.6
(4.7)
10.9
Actuarial (gain) loss on defined benefit obligation
(3.0)
2.2
(0.8)
15.6
(4.7)
10.9
\u2022 Experience
3.1
\u2014
3.1
2.3
\u2014
2.3
\u2022 Financial assumptions
(5.2)
\u2014
(5.2)
12.8
\u2014
12.8
\u2022 Demographic assumptions
(0.9)
\u2014
(0.9)
0.5
\u2014
0.5
Actuarial (gain) loss on plan assets
\u2014
2.2
2.2
\u2014
(4.7)
(4.7)
Contributions and benefits paid
(14.6)
2.8
(11.8)
(15.3)
3.1
(12.2)
Contributions by employer
(2.8)
(2.8)
\u2014
(2.6)
(2.6)
Benefits paid by employer
(9.0)
\u2014
(9.0)
(9.6)
\u2014
(9.6)
Benefits paid from plan assets
(5.6)
5.6
\u2014
(5.7)
5.7
\u2014
Exchange difference and other settlements
2.8
(0.7)
2.1
(1.5)
0.6
(0.9)
DEFINED BENEFIT OBLIGATION
AS OF THE PERIOD END DATE
235.4
(103.1)
132.3
228.1
(103.4)
124.7
As of December\u00a031, 2024, the defined benefit obligation included \u20ac113.2\u00a0million for funded plans (compared to \u20ac112.9\u00a0million in
2023) and \u20ac122.2\u00a0million for unfunded plans (compared to \u20ac115.2\u00a0million in 2023).
The breakdown of the net defined-benefit liability by type of benefit plans is as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Pension plans
81.7
82.7
End of service benefits
42.4
35.8
Other long-term benefits
8.2
6.2
NET DEFINED BENEFIT OBLIGATION
132.3
124.7
The table below presents the liabilities per country:
December\u00a031, 2024
(In millions of \u20ac)
Defined benefit
obligation
Assets
Liabilities
France
74.0
\u2014
74.0
The Netherlands
89.0
(82.7)
6.3
Other
72.4
(20.4)
52.0
TOTAL
235.4
(103.1)
132.3
24.4.Actuarial assumptions
In 2024, the average duration of the Group's liability is 10.97
years. The average duration is 14.64 years in France and 11.41
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 2.0% 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, 2024
France
The Netherlands
Weighted-
average rate
Discount rate
3.50%
3.50%
4.05%
Inflation rate
2.00%
2.00%
2.04%
Salary increases
Table 2024
2.70%
6.42%
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%
The sensitivity analyses performed and associated variation in the defined benefit obligation are the following ones:
As of December 31, 2024
France
The Netherlands
Weighted-
average rate
Impact of a 50-bps increase or decrease in the discount rate
7.09%
5.53%
5.05%
Impact of a 50-bps increase or decrease in the inflation rate
0.14%
\u2014%
0.18%
Impact of a 50-bps increase or decrease in the salary increase
6.93%
0.06%
2.46%
Asset plan breakdown:
December\u00a031,
2024
December\u00a031,
2023
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-556": { "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\u00a0 1.
Accounting principles .
Movements in provisions in the year ended December\u00a031, 2024 , were as follows:
(In millions of \u20ac)
December\u00a031,
2023
Increase
Used
reversal
Unused
reversal
Other
December\u00a031,
2024
Contingencies related
to\u00a0contracts (1)
41.0
37.2
\u2014
\u2014
(10.6)
67.6
Litigation
15.2
\u2014
\u2014
(2.3)
(1.4)
11.5
Restructuring obligations
11.3
1.1
(0.8)
\u2014
(1.5)
10.1
Provisions for claims
8.3
0.6
\u2014
\u2014
\u2014
8.9
Other non-current provisions
4.3
0.5
\u2014
(0.6)
(1.4)
2.8
Total non-current provisions
80.1
39.3
(0.8)
(2.9)
(14.9)
100.8
Contingencies related
to\u00a0contracts (1)
130.4
41.9
(0.5)
(101.5)
15.4
85.7
Litigation
3.8
0.8
(1.2)
\u2014
\u2014
3.4
Restructuring obligations
5.2
3.5
(6.5)
\u2014
1.9
4.1
Provisions for claims
0.7
2.6
(0.1)
(0.1)
0.2
3.3
Other current provisions
8.6
2.2
(3.3)
(1.7)
6.8
12.6
Total current provisions
148.7
51.0
(11.6)
(103.3)
24.3
109.1
TOTAL PROVISIONS
228.8
90.3
(12.4)
(106.2)
9.4
209.9
(1) Provisions for project close-out including Arctic LNG 2.
Movements in provisions in the year ended 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-557": { "value": "
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
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
During the financial years 2024 and 2023, 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\u00a0Energies 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\u00a020. Other liabilities (non-current and
current)) are presented in the below table. Over the periods
presented, the Technip\u00a0Energies 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,
2024
December\u00a031,
2023
Balance at beginning of the period
16.0
98.1
Add: Expenses recognized in statement of income
0.1
12.2
Less: Settlements
(16.0)
(92.7)
Net foreign exchange differences
0.4
(1.6)
BALANCE AT END OF THE PERIOD
0.5
16.0
Fair value of debt \u2014 The fair values (based on Level 2 inputs) of the Technip\u00a0Energies Group debt, carried at amortized cost,
are presented in Note\u00a022. Debt (long- and short-term).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-558": { "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
Technip\u00a0Energies' key management personnel (including
Directors) as well as persons and entities related thereto,
Technip Energies\u2019 main shareholders and direct and indirect
affiliates, joint-ventures, and associates, were as follows:
27.1.Transactions with related parties
Trade receivables consisted of receivables due from the following related parties:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
CTEP France
31.6
43.0
TPIT Dar & Engineering
19.3
12.0
TTSJV WLL
15.3
4.3
Others
18.2
19.7
Total trade receivables
84.5
79.1
Trade payables consisted of payables due to the following related parties:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
CTEP Japan
60.7
97.9
CTEP France
38.3
32.3
TPIT & DAR Engineering Consulting
21.8
12.8
TTSJV WLL
3.2
2.4
Others
7.7
7.5
Total trade payables
131.7
152.9
Transactions with related parties also included loans to
equity affiliates for an amount of \u20ac13.8\u00a0million as of
December\u00a031, 2024, and \u20ac12.9\u00a0million as of December\u00a031,
2023.
CTEP France and CTEP Japan are joint-ventures established
to carry out our performance obligation under the 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,
2024
December\u00a031,
2023
CTEP France
83.5
149.4
JGC Coral France
28.3
46.1
TTSJV W.L.L.
16.1
17.9
TPIT & DAR Engineering Consulting
14.1
8.2
JGC Coral Mozambique
13.0
18.6
CTEP Japan
10.0
7.6
Others
27.0
9.1
TOTAL REVENUES
192.1
256.8
Expenses consisted of amounts with the following related parties:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
CTEP Japan
(358.6)
(442.8)
CTEP France
(192.2)
(203.3)
TPIT & DAR Engineering Consulting
(24.9)
(20.1)
Others
(15.9)
(15.5)
TOTAL EXPENSES
(591.6)
(681.7)
27.2.Key management personnel remuneration
Technip\u00a0Energies Executive Committee remuneration was as follows for December\u00a031, 2024, and 2023, respectively:
(In\u00a0millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Salaries and Fringe benefits
6.7
6.2
Annual incentives
4.1
4.0
Long-term incentive awards (1)
7.7
5.9
Pension related benefits
0.5
0.5
TOTAL
18.9
16.5
(1) Includes 20% social contribution on Long-Term Incentive plans that vested in 2024
The Board of Directors remuneration was \u20ac1.1\u00a0million as of December\u00a031, 2024 , and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-559": { "value": "
27.2.Key management personnel remuneration
Technip\u00a0Energies Executive Committee remuneration was as follows for December\u00a031, 2024, and 2023, respectively:
(In\u00a0millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Salaries and Fringe benefits
6.7
6.2
Annual incentives
4.1
4.0
Long-term incentive awards (1)
7.7
5.9
Pension related benefits
0.5
0.5
TOTAL
18.9
16.5
(1) Includes 20% social contribution on Long-Term Incentive plans that vested in 2024
The Board of Directors remuneration was \u20ac1.1\u00a0million as of December\u00a031, 2024 , and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-560": { "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\u00a0Energies\u2019 global operations with cash generated by
such operations and Technip\u00a0Energies existing commercial
paper program.
Cash pooling and external financing are largely centralized at
T.EN Eurocash SNC. Funds are provided to Technip\u00a0Energies
companies based on an \u201cin-house banking\u201d solution.
The financing requirements of Technip\u00a0Energies 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 calls for
derivatives and the maturities of financial liabilities.
Commercial paper program and credit facility
Under the commercial paper program, Technip\u00a0Energies,
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\u00a0Energies had respectively
\u20ac79.9 \u00a0million and \u20ac79.8\u00a0million of commercial papers issued
under the facility as of December\u00a031, 2024 and 2023. Refer to
Note\u00a022. Debt (long- and short-term) for more details.
The following is a summary of the credit facility as of December\u00a031, 2024:
(In millions of \u20ac)
Amount
Debt outstanding
Commercial
paper
outstanding
Unused capacity
Revolving credit facility
750.0
\u2014
79.9
670.1
Technip\u00a0Energies\u2019 available capacity under the Revolving Facility is reduced by any outstanding commercial paper. As of
December\u00a031, 2024, 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, 2024, was as follows:
(In millions of \u20ac)
2025
2026
2027
2028
2029
2030 and
beyond
Total
Financial Debts
93.8
0.2
0.2
597.2
\u2014
40.0
731.4
Accounts payable, trade
1,517.2
\u2014
\u2014
\u2014
\u2014
\u2014
1,517.2
Derivative financial instruments
36.1
17.1
4.8
1.3
0.1
\u2014
59.4
Redeemable financial liability
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
0.5
TOTAL FINANCIAL LIABILITIES
AS\u00a0OF DECEMBER\u00a031, 2024
1,647.6
17.3
5.0
598.5
0.1
40.0
2,308.5
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
28.2.Foreign currency exchange rate risk
Technip\u00a0Energies conducts operations around the world in
several different currencies. Many of the Technip\u00a0Energies
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\u00a0Energies
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, 2024, would have
changed the Technip\u00a0Energies Group\u2019s revenue and profit
(loss) before income taxes attributable to the
Technip\u00a0Energies Group by approximately \u20ac294.1\u00a0million and
\u20ac2.5\u00a0million , respectively. A 10% increase or decrease in the
average exchange rates of all foreign currencies as of
December\u00a031, 2023, would have changed the
Technip\u00a0Energies Group\u2019s revenue and profit (loss) before
income taxes attributable to the Technip\u00a0Energies Group by
approximately \u20ac318.8\u00a0million and \u20ac16.1\u00a0million, respectively.
When transactions are denominated in currencies other than
the respective functional currencies of the applicable
subsidiaries of the Technip\u00a0Energies 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 the 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\u00a0Energies Group\u2019s exposures worldwide. These
derivative instruments do not qualify as cash flow hedges.
Occasionally, the Technip\u00a0Energies 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\u00a0Energies 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, a 10% increase in the value of the Euro on
December\u00a031, 2024, would have changed positively the net
fair value reflected in the consolidated statement of financial
position by \u20ac28.8\u00a0million.
For certain committed and anticipated future cash flows and
recognized assets and liabilities that are denominated in a
foreign currency the Technip\u00a0Energies 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\u00a0Energies Group is generally financed using the
internal cash pooling system. Cash pooling balances earn and
bear interest in normal market terms and conditions (rates of
interest for specific maturities and currencies). Individual
members of the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group\u2019s portfolio as of
December\u00a031, 2024, the Technip\u00a0Energies Group has material
positions with exposure to interest rates in the United States
of America and the European Union.
The Technip\u00a0Energies Group\u2019s fixed-rate borrowings include
commercial paper.
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Bonds (note 22)
601.0
600.2
Commercial paper (note 22)
79.9
79.8
Bank borrowings and other (note 22)
50.5
81.2
TOTAL DEBT
731.4
761.2
Sensitivity analysis as of December\u00a031, 2024
As of December\u00a031, 2024, the net cash position of the
Technip\u00a0Energies Group (cash and cash equivalents, less
financial debts) amounted to \u20ac3,115.3\u00a0million. A 1% (100 basis
points) increase in interest rates would have generated an
additional profit of \u20ac31.2\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, 2023
As of December\u00a031, 2023, the net short-term cash position of
the Technip\u00a0Energies Group (cash and cash equivalents, less
short-term financial debt) amounted to \u20ac2,609.8\u00a0million.
A\u00a01% (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 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\u00a0Energies 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\u00a0Energies
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\u00a0Energies 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, 2024
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
820.7
131.0
64.0
81.1
1,096.8
481.3
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.22%
0.22%
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%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-561": { "value": "
28.1.Liquidity risk
The primary objectives of liquidity management consist of
meeting the continuing funding requirements of
Technip\u00a0Energies\u2019 global operations with cash generated by
such operations and Technip\u00a0Energies existing commercial
paper program.
Cash pooling and external financing are largely centralized at
T.EN Eurocash SNC. Funds are provided to Technip\u00a0Energies
companies based on an \u201cin-house banking\u201d solution.
The financing requirements of Technip\u00a0Energies 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 calls for
derivatives and the maturities of financial liabilities.
Commercial paper program and credit facility
Under the commercial paper program, Technip\u00a0Energies,
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\u00a0Energies had respectively
\u20ac79.9 \u00a0million and \u20ac79.8\u00a0million of commercial papers issued
under the facility as of December\u00a031, 2024 and 2023. Refer to
Note\u00a022. Debt (long- and short-term) for more details.
The following is a summary of the credit facility as of December\u00a031, 2024:
(In millions of \u20ac)
Amount
Debt outstanding
Commercial
paper
outstanding
Unused capacity
Revolving credit facility
750.0
\u2014
79.9
670.1
Technip\u00a0Energies\u2019 available capacity under the Revolving Facility is reduced by any outstanding commercial paper. As of
December\u00a031, 2024, 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, 2024, was as follows:
(In millions of \u20ac)
2025
2026
2027
2028
2029
2030 and
beyond
Total
Financial Debts
93.8
0.2
0.2
597.2
\u2014
40.0
731.4
Accounts payable, trade
1,517.2
\u2014
\u2014
\u2014
\u2014
\u2014
1,517.2
Derivative financial instruments
36.1
17.1
4.8
1.3
0.1
\u2014
59.4
Redeemable financial liability
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
0.5
TOTAL FINANCIAL LIABILITIES
AS\u00a0OF DECEMBER\u00a031, 2024
1,647.6
17.3
5.0
598.5
0.1
40.0
2,308.5
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-562": { "value": "
28.2.Foreign currency exchange rate risk
Technip\u00a0Energies conducts operations around the world in
several different currencies. Many of the Technip\u00a0Energies
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\u00a0Energies
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, 2024, would have
changed the Technip\u00a0Energies Group\u2019s revenue and profit
(loss) before income taxes attributable to the
Technip\u00a0Energies Group by approximately \u20ac294.1\u00a0million and
\u20ac2.5\u00a0million , respectively. A 10% increase or decrease in the
average exchange rates of all foreign currencies as of
December\u00a031, 2023, would have changed the
Technip\u00a0Energies Group\u2019s revenue and profit (loss) before
income taxes attributable to the Technip\u00a0Energies Group by
approximately \u20ac318.8\u00a0million and \u20ac16.1\u00a0million, respectively.
When transactions are denominated in currencies other than
the respective functional currencies of the applicable
subsidiaries of the Technip\u00a0Energies 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 the 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\u00a0Energies Group\u2019s exposures worldwide. These
derivative instruments do not qualify as cash flow hedges.
Occasionally, the Technip\u00a0Energies 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\u00a0Energies 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, a 10% increase in the value of the Euro on
December\u00a031, 2024, would have changed positively the net
fair value reflected in the consolidated statement of financial
position by \u20ac28.8\u00a0million.
For certain committed and anticipated future cash flows and
recognized assets and liabilities that are denominated in a
foreign currency the Technip\u00a0Energies 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\u00a0Energies Group is generally financed using the
internal cash pooling system. Cash pooling balances earn and
bear interest in normal market terms and conditions (rates of
interest for specific maturities and currencies). Individual
members of the Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies 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\u00a0Energies Group\u2019s portfolio as of
December\u00a031, 2024, the Technip\u00a0Energies Group has material
positions with exposure to interest rates in the United States
of America and the European Union.
The Technip\u00a0Energies Group\u2019s fixed-rate borrowings include
commercial paper.
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Bonds (note 22)
601.0
600.2
Commercial paper (note 22)
79.9
79.8
Bank borrowings and other (note 22)
50.5
81.2
TOTAL DEBT
731.4
761.2
Sensitivity analysis as of December\u00a031, 2024
As of December\u00a031, 2024, the net cash position of the
Technip\u00a0Energies Group (cash and cash equivalents, less
financial debts) amounted to \u20ac3,115.3\u00a0million. A 1% (100 basis
points) increase in interest rates would have generated an
additional profit of \u20ac31.2\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, 2023
As of December\u00a031, 2023, the net short-term cash position of
the Technip\u00a0Energies Group (cash and cash equivalents, less
short-term financial debt) amounted to \u20ac2,609.8\u00a0million.
A\u00a01% (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 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\u00a0Energies 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\u00a0Energies
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\u00a0Energies 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, 2024
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
820.7
131.0
64.0
81.1
1,096.8
481.3
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.22%
0.22%
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%
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-563": { "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\u00a0Energies 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\u00a0Energies
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\u00a0Energies 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, 2024
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
820.7
131.0
64.0
81.1
1,096.8
481.3
Weighted average expected
credit loss rate
N/A
N/A
N/A
N/A
0.22%
0.22%
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%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-565": { "value": "
Note 29. Commitments and contingent liabilities
29.1.Contingent liabilities associated with guarantees
In the ordinary course of business, the Technip\u00a0Energies
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\u00a0Energies Group's
consolidated financial position, results of operations or cash
flows.
Guarantees consisted of the following:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Financial guarantees(1)
211.7
251.2
Performance guarantees(2)
2,868.5
2,686.6
MAXIMUM POTENTIAL UNDISCOUNTED PAYMENTS
3,080.2
2,937.8
(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, 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\u00a0Energies Group's financial position or
profitability.
Contingent liabilities associated with liquidated
damages
Some of the Technip\u00a0Energies Group's contracts contain
provisions that require the relevant Technip\u00a0Energies 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\u00a0Energies may claim for liquidated damages. Based
upon the evaluation of Technip\u00a0Energies Group's
performance and other commercial and legal analysis,
management believes that the Group has appropriately
recognized probable liquidated damages as of December\u00a031,
2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-564": { "value": "
Note 29. Commitments and contingent liabilities
29.1.Contingent liabilities associated with guarantees
In the ordinary course of business, the Technip\u00a0Energies
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\u00a0Energies Group's
consolidated financial position, results of operations or cash
flows.
Guarantees consisted of the following:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Financial guarantees(1)
211.7
251.2
Performance guarantees(2)
2,868.5
2,686.6
MAXIMUM POTENTIAL UNDISCOUNTED PAYMENTS
3,080.2
2,937.8
(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, 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\u00a0Energies Group's financial position or
profitability.
Contingent liabilities associated with liquidated
damages
Some of the Technip\u00a0Energies Group's contracts contain
provisions that require the relevant Technip\u00a0Energies 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\u00a0Energies may claim for liquidated damages. Based
upon the evaluation of Technip\u00a0Energies Group's
performance and other commercial and legal analysis,
management believes that the Group has appropriately
recognized probable liquidated damages as of December\u00a031,
2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-566": { "value": "
29.1.Contingent liabilities associated with guarantees
In the ordinary course of business, the Technip\u00a0Energies
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\u00a0Energies Group's
consolidated financial position, results of operations or cash
flows.
Guarantees consisted of the following:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Financial guarantees(1)
211.7
251.2
Performance guarantees(2)
2,868.5
2,686.6
MAXIMUM POTENTIAL UNDISCOUNTED PAYMENTS
3,080.2
2,937.8
(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, 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\u00a0Energies Group's financial position or
profitability.
Contingent liabilities associated with liquidated
damages
Some of the Technip\u00a0Energies Group's contracts contain
provisions that require the relevant Technip\u00a0Energies 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\u00a0Energies may claim for liquidated damages. Based
upon the evaluation of Technip\u00a0Energies Group's
performance and other commercial and legal analysis,
management believes that the Group has appropriately
recognized probable liquidated damages as of December\u00a031,
2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-567": { "value": "
Note 30.Auditor\u2019s remuneration
Auditor \u2019s remuneration as of December\u00a031, 2024, and 2023 is as follows:
(In millions of \u20ac)
December\u00a031,
2024
December\u00a031,
2023
Fees payable to Technip Energies\u2019 auditors for the audit of the consolidated and
company financial statements
(1.7)
(1.5)
Fees payable to Technip Energies\u2019 auditors for the audit of\u00a0its\u00a0subsidiaries
(3.7)
(3.4)
TOTAL FEES PAYABLE FOR AUDIT SERVICES
(5.4)
(4.9)
Audit related
\u2014
(0.1)
Tax fees
(0.1)
\u2014
All other fees
(0.8)
(0.4)
TOTAL FEES PAYABLE FOR OTHER SERVICES
(0.9)
(0.5)
Of the total fees billed, an amount of \u20ac0.3\u00a0million relates to
PricewaterhouseCoopers Accountants NV for audit services
and sustainability assurance services. The remainder relates
to other firms within the PwC network. Other services are
mainly comprised of sustainability assurance services.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-568": { "value": "
Note 31.Companies included in the scope of the consolidated financial
statements
The principal subsidiaries, associates and joint-ventures included in Technip\u00a0Energies\u2019 scope of consolidation as of
December\u00a031, 2024 , are listed below:
31.1.Principal subsidiaries
Company Name
Address
Interest held in %
as of December\u00a031,
2024
AUSTRALIA
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
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
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
Company Name
Address
Interest held in %
as of December\u00a031,
2024
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
4 rue Pierre Gilles de Gennes - 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
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
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
(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,
2024
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
OMAN
TEN Engineering Muscat SPC
Office G21, REGUS BUSINESS CENTRE LLC
Ground Floor, Office 3, Bait Mahmiyat Al Qurum
Shatti AlQurum, Muscat, Oman
P.O. Box 395, PC 118
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
THAILAND
Technip Energies (Thailand) Ltd
20th Floor, Suntower, Building A
123 Vibhavadee-Rangsit Road, Jomphon
Jatujak, Bangkok 10900
74
Company Name
Address
Interest held in %
as of December\u00a031,
2024
UNITED ARAB EMIRATES
T.EN 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
52.59
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-569": { "value": "
Note 32.Subsequent events
The Board of Directors has decided to propose at the Annual General Meeting of Shareholders of May\u00a06, 2025, the payment of a
dividend of \u20ac 0.85 per share which represents \u20ac150.4\u00a0million for the 2024 financial year based on the number of shares
outstanding less the expected number of treasury shares held at the dividend record date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-570": { "value": "0.85", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-571": { "value": "150400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500FLODI49NSCIP70", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-572": { "value": "
8.2.1.COMPANY BALANCE SHEET
Company balance sheet
(In\u00a0millions of \u20ac)
Before appropriation of profit
Notes
December 31,
2024
December 31,
2023
ASSETS
Tangible fixed assets
\u2014
\u2014
Financial fixed assets
8.2.4.1
3,385.3
3,180.9
Deferred tax assets
8.2.4.2
0.4
0.4
Total non current assets
3,385.7
3,181.3
Other receivables
8.2.4.3
167.8
186.6
Total current assets
167.8
186.6
TOTAL ASSETS
3,553.5
3,367.9
EQUITY AND LIABILITIES
Shareholder's equity
Issued share capital
1.8
1.8
Share premium reserve
900.7
970.6
Other reserves
(56.1)
(53.6)
Legal reserves
(101.4)
(10.8)
Retained earnings
853.6
616.9
Share Based Compensation
91.4
73.0
Profit of the period
390.7
296.8
Total equity
8.2.4.4
2,080.7
1,894.8
Provisions
8.2.4.5
10.1
11.9
Non current liabilities
8.2.4.6
597.0
596.2
Loans and borrowings
8.2.4.6
720.9
722.9
Other current liabilities
8.2.4.7
144.9
142.1
Total current liabilities
865.8
865.0
TOTAL EQUITY AND LIABILITIES
3,553.5
3,367.9
8.2.2.COMPANY INCOME STATEMENT
Company income statement
(In\u00a0millions of \u20ac)
Notes
2024
2023
Revenue
8.2.4.8
189.8
178.1
General and administrative expenses
8.2.4.9
(263.7)
(245.5)
Operating profit/(loss)
(73.9)
(67.4)
Financial income
8.2.4.10
4.1
8.8
Financial expense
8.2.4.10
(39.6)
(88.3)
Profit/(Loss) before tax
(109.4)
(146.9)
Income tax (expense)/income
8.2.4.11
34.0
29.2
Result of Group companies
466.1
414.6
PROFIT/(LOSS)
390.7
296.8
8.2.3.GENERAL
The Company financial statements are part of the 2024
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\u00a0Energies. 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
\u201cRaad 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\u00a0 1.\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\u00a0Energies 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\u00a0Energies 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 8.2.4.11. Income tax of
Technip\u00a0Energies company financial statements.
The accompanying notes are an integral part of the company financial statements.
\"contents
8.2.4.1.
Financial fixed assets
8.2.4.2.
Deferred tax asset
8.2.4.3.
Other receivables
8.2.4.4.
Shareholders\u2019 equity
8.2.4.5.
Provisions
8.2.4.6.
Loans and borrowing
8.2.4.7.
Other current liabilities
8.2.4.8.
Revenue
8.2.4.9.
General and administrative expenses
8.2.4.10.
Financial income and expenses
8.2.4.11.
Income tax
8.2.4.12.
Commitments and contingencies
8.2.4.13.
Board of Directors remuneration
8.2.4.14.
Number of employees
8.2.4.15.
Independent audit fees
8.2.4.16.
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, 2023
3,009.2
71.5
25.2
15.0
\u2014
9.9
3,130.8
Result of Group companies
357.8
56.8
\u2014
\u2014
\u2014
\u2014
414.6
Acquisitions
11.4
2.6
\u2014
3.7
\u2014
\u2014
17.8
Capital increase
10.0
\u2014
\u2014
\u2014
\u2014
\u2014
10.0
Divestments and capital repayments
(33.2)
\u2014
\u2014
\u2014
\u2014
\u2014
(33.2)
Purchase of deposits through
liquidity contract
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
(0.7)
Share in other comprehensive
income
(6.5)
(2.1)
\u2014
\u2014
\u2014
\u2014
(8.6)
Change in quoted equity instruments
at FVTPL
\u2014
\u2014
(10.2)
\u2014
\u2014
\u2014
(10.2)
Interest accrued/ paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency variations
(19.2)
(1.3)
\u2014
\u2014
\u2014
\u2014
(20.5)
Dividends received
(220.3)
(57.9)
\u2014
\u2014
\u2014
\u2014
(278.2)
Loans
\u2014
\u2014
\u2014
\u2014
2.7
\u2014
2.7
Other transactions with
non\u2011controlling interests
(42.7)
\u2014
\u2014
\u2014
\u2014
\u2014
(42.7)
Other
(1.3)
0.4
\u2014
\u2014
\u2014
\u2014
(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
(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, 2024
3,065.2
70.1
15.0
18.7
2.7
9.2
3,180.9
Result of Group companies
477.9
(11.8)
\u2014
\u2014
\u2014
\u2014
466.1
Acquisitions
\u2014
\u2014
\u2014
1.5
\u2014
\u2014
1.5
Capital increase
70.5
\u2014
\u2014
\u2014
\u2014
\u2014
70.5
Divestments and capital repayments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Purchase of deposits through liquidity
contract
\u2014
\u2014
\u2014
\u2014
\u2014
1.4
1.4
Share in other comprehensive
income
(1.3)
3.5
\u2014
\u2014
\u2014
\u2014
2.2
Change in quoted equity instruments
at FVTPL
\u2014
\u2014
(3.0)
\u2014
\u2014
\u2014
(3.0)
Interest accrued/ paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency variations
(20.0)
(2.2)
\u2014
\u2014
\u2014
\u2014
(22.2)
Dividends received
(293.0)
(56.1)
\u2014
\u2014
\u2014
\u2014
(349.1)
Loans
\u2014
\u2014
\u2014
\u2014
40.0
\u2014
40.0
Other transactions with
non\u2011controlling interests
(2.0)
(0.5)
\u2014
\u2014
\u2014
\u2014
(2.5)
Other
(0.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.6)
Movements
231.5
(67.1)
(3.0)
1.5
40.0
1.4
204.3
BALANCE AT DECEMBER 31, 2024
3,296.7
3.0
12.0
20.3
42.7
10.6
3,385.3
All receivables included under the financial assets fall due in more than one year.
An overview of the Company\u2019s direct investments is given below:
Subsidiaries
Company Name
Address
Interest held in %\u00a0as
of\u00a0December 31, 2024
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
99.99
NETHERLANDS
Technip Energies International B.V.
Afrikaweg 30, 2713 AW, Zoetermeer
100
Subsidiaries
Company Name
Address
Interest held in %\u00a0as
of\u00a0December 31, 2024
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. 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,
2024
BOSNIA AND HERZEGOVINA
Petrolinvest, D.D. Sarajevo
Tvornicka 3 71000 Sarajevo
33.01
NORWAY
Marine Offshore AS(1)
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
(1) The entity was deconsolidated in December 2024, its liquidation will be completed in 2025.
Quoted equity instruments
Company Name
Address
Interest held in
% as of December 31,
2024
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,
2024
CANADA
EVOK Fund II
1410 - 1130 West Pender Street
Vancouver, BC Canada
27.3
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
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% from 2021. Technip\u00a0Energies\u00a0N.V.
is the head of the French tax consolidated group.
As of December 31, 2024, the balance of deferred tax assets
amounts to \u20ac0.4\u00a0million consisting of deferred tax asset on
pension.
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,
2024
December 31,
2023
Amounts owed by Group Companies
123.2
129.7
Current income tax receivables(1)
2.3
21.1
Other debtors
29.8
21.8
Prepaid expenses
12.5
14.0
TOTAL
167.8
186.6
(1) Income tax installments paid in 2024 exceed the final tax due. This balance will be refunded to Technip\u00a0Energies\u00a0N.V. by the French tax authority in
September\u00a02025.
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.Shareholders\u2019 equity
Changes in outstanding shares are as follows:
(In number of shares)
Ordinary Shares
Treasury Shares
Number of shares at January 1, 2023
179,827,459
5,487,378
Issuance of shares - ESOP
1,756,434
\u2014
Delivery of shares - Share-based payment
\u2014
(1,037,454.0)
Net Purchase of shares through liquidity contract
\u2014
52,935.0
Number of shares at December 31, 2023
181,583,893
4,502,859
Purchase of shares - Share-based payment
\u2014
1,375,455.0
Purchase of shares - Share buy-back
\u2014
3,205,185.0
Delivery of shares - Share-based payment
\u2014
(2,089,201.0)
Cancellation of shares
(3,205,185.0)
(3,205,185.0)
Net Purchase of shares through liquidity contract
\u2014
(32,084.0)
NUMBER OF SHARES AT DECEMBER 31, 2024
178,378,708
3,757,029
Share capital
In September\u00a02023, Technip\u00a0Energies\u00a0N.V. issued 1,756,434\u00a0shares
in the framework of employee stock ownership plan for the total
net amount of 29.0\u00a0million.
As a result, as of December 31, 2023, Technip\u00a0Energies N.V. had
181,583,893 common shares issued with a nominal value of
\u20ac0.01 per share. As of December\u00a031, 2024, Technip\u00a0Energies N.V.
had 178,378,708 common shares issued, as a result of the
cancellation of 3,205,185 shares following Share buy-back
program completion in December 2024.
Treasury shares
In 2024 and 2023, a total of respectively 2,089,201 and
1,037,454 shares were delivered to Group employees
subsequent to the vesting of share incentive plans.
In 2024 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\u00a0Energies\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\u00a031, 2024, the
Group held 29,751 shares in the capital of the Company as
well as a cash amount of \u20ac10.6\u00a0million.
As of December 31, 2023, the Group held 4,502,859
Technip\u00a0Energies shares representing a total value of
\u20ac53.6\u00a0million.
On February\u00a029, 2024, Technip\u00a0Energies Group launched a
share buy-back program of up to \u20ac100.0\u00a0million, with up to
\u20ac70\u00a0million to be used to purchase common shares for
cancellation and up to \u20ac30\u00a0million to be used to fulfill the
Company's obligations under equity compensation plans.
As of December\u00a031, 2024, 4,580,640 shares have been
purchased, of which 3,205,185 shares were cancelled.
At the end of the year, the Group held 3,757,029
Technip\u00a0Energies shares representing a total value of
\u20ac56.1\u00a0million.
The movements in shareholders\u2019 equity are as follows:
(In millions of \u20ac)
Issued
share
capital
Share
premium
Other
reserves
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
\u2014
\u2014
\u2014
\u2014
300.7
\u2014
(300.7)
\u2014
Capital increase
\u2014
29.0
\u2014
\u2014
\u2014
\u2014
\u2014
29.0
Net profit of the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
296.8
296.8
Translation reserve change
of\u00a0the year
\u2014
\u2014
\u2014
(29.0)
\u2014
\u2014
\u2014
(29.0)
Cash flow hedges change
of\u00a0the year
\u2014
\u2014
\u2014
8.5
\u2014
\u2014
\u2014
8.5
Other OCI change of\u00a0the
year
\u2014
\u2014
\u2014
\u2014
(8.6)
\u2014
\u2014
(8.6)
Dividends
\u2014
\u2014
\u2014
\u2014
(91.2)
\u2014
\u2014
(91.2)
Value of Employee services
\u2014
\u2014
\u2014
\u2014
\u2014
27.1
\u2014
27.1
Treasury shares
\u2014
\u2014
10.6
\u2014
(11.7)
\u2014
\u2014
(1.1)
Non distributable share
in\u00a0profit and other gains
regarding associates and
joint-ventures
\u2014
\u2014
\u2014
2.0
(2.0)
\u2014
\u2014
\u2014
Other transactions with
non\u2011controlling interests
\u2014
\u2014
\u2014
\u2014
(42.7)
\u2014
\u2014
(42.7)
Other
\u2014
\u2014
\u2014
\u2014
(0.9)
\u2014
\u2014
(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
(In millions of \u20ac)
Issued
share
capital
Share
premium
Other
reserves
Legal
reserve
Retained
earnings
Share based
compensation
Profit of
the period
Total
Balance at January 1, 2024
1.8
970.6
(53.6)
(10.8)
616.9
72.9
296.8
1,894.8
Appropriation of the result
of\u00a0preceding year
\u2014
\u2014
\u2014
\u2014
296.8
\u2014
(296.8)
\u2014
Capital decrease
\u2014
(69.9)
\u2014
\u2014
\u2014
\u2014
\u2014
(69.9)
Net profit of the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
390.7
390.7
Translation reserve change
of\u00a0the year
\u2014
\u2014
\u2014
43.0
\u2014
\u2014
\u2014
43.0
Cash flow hedges change
of\u00a0the year
\u2014
\u2014
\u2014
(65.1)
\u2014
\u2014
\u2014
(65.1)
Other OCI change of\u00a0the
year
\u2014
\u2014
\u2014
\u2014
2.2
\u2014
\u2014
2.2
Dividends
\u2014
\u2014
\u2014
\u2014
(101.5)
\u2014
\u2014
(101.5)
Value of Employee services
\u2014
\u2014
\u2014
\u2014
\u2014
18.4
\u2014
18.4
Treasury shares
\u2014
\u2014
(2.5)
\u2014
(26.4)
\u2014
\u2014
(28.9)
Non distributable share
in\u00a0profit and other gains
regarding associates and
joint-ventures
\u2014
\u2014
\u2014
(68.5)
68.5
\u2014
\u2014
\u2014
Other transactions with
non\u2011controlling interests
\u2014
\u2014
\u2014
\u2014
(2.5)
\u2014
\u2014
(2.5)
Other
\u2014
\u2014
\u2014
\u2014
(0.5)
\u2014
\u2014
(0.5)
Movements
\u2014
(69.9)
(2.5)
(90.6)
236.6
18.4
93.9
185.9
BALANCE AT DECEMBER 31,
2024
1.8
900.7
(56.1)
(101.4)
853.6
91.4
390.7
2,080.7
Difference in equity and profit/loss between the company and consolidated financial statements
As of December\u00a031, 2024 and 2023, 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,
2024
December 31,
2023
Translation reserve
(50.3)
(93.3)
Cash flow hedges
(51.1)
14.0
Non distributable share in profit and other gains regarding associates
and\u00a0joint-ventures
\u2014
68.5
TOTAL
(101.4)
(10.8)
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\u00a010 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 2024 amounts to \u20ac390.7\u00a0million. The Board of Directors
proposes to add an amount of \u20ac240.3\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 \u20ac0.85 per share, which represents
\u20ac150.4\u00a0million.
8.2.4.5.Provisions
(In millions of \u20ac)
December 31,
2024
December 31,
2023
Provisions for pensions and other employee benefits
1.7
1.5
Provisions for lawsuit contingency(1)
8.4
10.4
TOTAL PROVISIONS
10.1
11.9
(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\u00a025. Provisions (non-current and current) of the consolidated financial statements.
8.2.4.6.Loans and borrowing
(In millions of \u20ac)
December 31,
2024
December 31,
2023
Bonds
594.0
594.0
Accrued interests - Bonds (non-current)
3.0
2.2
TOTAL NON CURRENT LIABILITIES
597.0
596.2
Accrued interests - Bonds (current)
4.0
4.0
Accrued interests - Bank borrowing
0.1
0.1
Financial debts and liabilities with Group companies(1)
716.7
718.8
TOTAL LOANS AND BORROWING (CURRENT)
720.9
722.9
(1) Current account with Group cash pooling entity bearing interests at Libor +0.40%.
Refer to Note\u00a022. Debt (long- and short-term) for more details and notes of the consolidated financial statements.
8.2.4.7.Other current liabilities
(In millions of \u20ac)
December 31,
2024
December 31,
2023
Trade payables
16.6
34.7
Amounts owed to Group companies(1)
64.9
56.3
Payroll costs and social security charges
6.9
5.7
Tax consolidation payable
5.8
13.7
Other creditors(2)
50.7
31.6
TOTAL CURRENT LIABILITIES
144.9
142.1
(1) The balance consists of T.EN group trade payables.
(2) Including liability in relation to the Spin-off amounting respectively to \u20ac11.9 million in 2024 and\u00a0 \u20ac26.7 million in 2023.\u00a0 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.
8.2.4.8.Revenue
Revenue comprises of management fees and other corporate costs recharged to Group companies.
8.2.4.9. General and administrative expenses
(In millions of \u20ac)
2024
2023
Employee Benefits
(32.9)
(36.7)
Services rendered by subsidiaries
(170.0)
(157.3)
External fees and other
(59.5)
(46.9)
Restructuring costs
(1.3)
(4.6)
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES
(263.7)
(245.5)
Wages and salaries
(In millions of \u20ac)
2024
2023
Wages and salaries
(9.1)
(6.7)
Social security charges
(5.1)
(2.8)
Costs with respect to Long-Term incentive Awards(1)
(18.4)
(20.1)
Costs with respect to ESOP(2)
\u2014
(7.0)
Pension contributions
(0.3)
(0.1)
TOTAL EMPLOYEE BENEFITS
(32.9)
(36.7)
(1) The cost with respect to Long-Term incentive Awards is related to all group employees.
(2) On April\u00a018, 2023, Technip\u00a0Energies 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\u00a0Energies shares at a 20% discount share price. The IFRS\u00a02 expense related to this
benefit has been recorded in the statement of income for \u20ac7.0\u00a0million.
8.2.4.10.Financial income and expenses
(In millions of \u20ac)
2024
2023
Interest Income/(charges)(1)
(35.8)
(36.0)
Foreign exchange gain/(loss)
2.9
(1.1)
Revaluation of quoted equity instruments
(2.9)
(10.1)
Other Financial Income/(expenses)(2)
0.3
(32.0)
TOTAL FINANCIAL INCOME AND EXPENSES
(35.5)
(79.5)
(1) Including \u20ac(27.3)\u00a0million in 2024 and \u20ac(27.4)\u00a0million in 2023 relating to group entities.
(2) Including the impact of the disposal of Technip\u00a0Energies Rus LLC for \u20ac(31.9)\u00a0million in 2023.
8.2.4.11.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% from 2021.
The French companies of the group form a tax consolidated
group headed by Technip\u00a0Energies N.V. According to the
French tax law, Technip\u00a0Energies 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\u00a0Energies 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\u00a0Energies and the amount of tax
effectively recognized in the income statement is as follows:
(In millions of \u20ac)
Notes
2024
2023
Profit/(Loss) before taxation
8.2.2.
(109.4)
(146.9)
French standard rate
25.8%
25.8%
Theoretical income tax expense
28.2
38.0
Effects of:
Benefit of the tax consolidation
8.8
4.2
Change in quoted equity instruments at FVTPL
2.9
(2.6)
Gains/Losses on purchase/disposal of financial assets
\u2014
(8.3)
Equity compensation
(0.6)
0.4
Share of expense allocated to dividends received
(0.9)
(0.7)
Other taxes classified as income taxes
(4.5)
\u2014
Others
0.1
(1.7)
TAX (EXPENSE)/INCOME
8.2.2.
34.0
29.2
EFFECTIVE TAX RATE
31.1%
19.9%
8.2.4.12.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
\u20ac1,012.3\u00a0million and parental company guarantee for a total
amount of 37,714.5\u00a0million as of December\u00a031, 2024. In 2023,
bank and parental company guarantees amounted to
\u20ac891.2\u00a0million and \u20ac27,828.1\u00a0million 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 International UK Ltd
Reju SAS
T.EN PMC Services Ltd
T.EN UK Holdings Limited
T.EN Vietnam Co., Ltd.
8.2.4.13.Board of Directors remuneration
Remuneration cost of Executive Director
The total remuneration cost of the Executive Director amounted respectively to \u20ac6,840.1 thousands in 2024 and 5,542.5 in 2023.
(In thousands of \u20ac)
Arnaud Pieton
2024
2023
Wages and fringe benefits
959.2
916.6
Annual Incentives
1,042.3
1,001.0
Social security charges
1,898.5
546.8
Costs with respect to Long-Term incentive Awards
2,689.0
2,839.0
Pension contributions
251.1
239.1
TOTAL REMUNERATION COST
6,840.1
5,542.5
The annual incentive 2023 was paid in 2024. The annual incentive for 2024 will be paid in 2025.
Remuneration cost of Non-Executive Directors
(In thousands of \u20ac)
2024 NON-EXECUTIVE DIRECTORS
Directors
Salaries and
fringe benefits
Annual
Incentives
Long-Term
incentive
Awards
Pension related
benefits
Total 2024
Arnaud Caudoux (Audit, Nomination
and Governance)(1)
\u2014
\u2014
\u2014
\u2014
\u2014
Colette Cohen (Compensation,
Sustainability Chair)
132.5
\u2014
\u2014
\u2014
132.5
Stephanie Cox (Compensation,
Sustainability) (2)
114.0
\u2014
\u2014
\u2014
114.0
Simon Eyers (Audit Chair,
Sustainability)(3)
131.7
\u2014
\u2014
\u2014
131.7
Alison Goligher (Compensation
Chair, Sustainability, Nomination
and Governance) (4)
138.5
\u2014
\u2014
\u2014
138.5
Joseph Rinaldi (Non-Executive
Chair, Nomination and Governance
Chair)
250.0
\u2014
\u2014
\u2014
250.0
Francesco Venturini (Audit)
105.0
\u2014
\u2014
\u2014
105.0
Marie-Ange Debon (Audit Chair)(5)
43.7
\u2014
\u2014
\u2014
43.7
Nello Uccelletti (Compensation)(6)
37.4
\u2014
\u2014
\u2014
37.4
Ma\u00eblle Gavet (Sustainability)(7)
67.6
\u2014
\u2014
\u2014
67.6
Matthieu Malige (Audit)(7)
67.6
\u2014
\u2014
\u2014
67.6
TOTAL
1,088.0
\u2014
\u2014
\u2014
1,088.0
(1) Mr.\u00a0Arnaud Caudoux waived his cash and equity remuneration because of the policies of his employer, Bpifrance.
(2) Ms. Stephanie Cox was appointed as member of the Compensation Committee with effect at the close of the 2024 Annual General
Meeting.
(3) Mr. Simon Eyers was appointed as Chair of the Audit Committee with effect at the close of the 2024 Annual General Meeting.
(4) Ms. Alison Goligher ceased to be a member of the Sustainability Committee after the 2024 Annual General Meeting.
(5) Ms. Marie-Ange Debon ceased to be the Chair of the Audit Committee after the 2024 Annual General Meeting.
(6) Mr. Nello Uccelletti ceased to be a member of the Compensation Committee after the 2024 Annual General Meeting.
(7) Ms. Ma\u00eblle Gavet and Mr. Matthieu Malige were appointed Directors at the 2024 Annual General Meeting.
(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 (Audit, Nomination and
Governance) (1)
\u2014
\u2014
\u2014
\u2014
\u2014
Colette Cohen (Compensation, ESG, ESG Chair,
Sustainability Chair)(2)
128.0
\u2014
\u2014
\u2014
128.0
Stephanie Cox (ESG, Sustainability)(3)
66.8
\u2014
\u2014
\u2014
66.8
Marie-Ange Debon (Audit Chair)
123.0
\u2014
\u2014
\u2014
123.0
Simon Eyers (Audit, Sustainability)(4)
111.0
\u2014
\u2014
\u2014
111.0
Alison Goligher (Compensation Chair, ESG,
Sustainability, Nomination and Governance) (5)
138.5
\u2014
\u2014
\u2014
138.5
Didier Houssin (ESG Chair)(6)
42.7
\u2014
\u2014
\u2014
42.7
Joseph Rinaldi (Non-Executive Chair,
Nomination and Governance Chair)(7)
250.0
\u2014
\u2014
\u2014
250.0
Nello Uccelletti (Compensation)
105.0
\u2014
\u2014
\u2014
105.0
Francesco Venturini (Audit)
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. Nomination and Governance from October 30, 2023.
(2) Ms. Colette Cohen was appointed as Chair of the ESG Committee with effect at the close of the 2023 Annual General Meeting. ESG Committee until
July 25, 2023. Sustainability Committee from October 30, 2023.
(3) Ms. Stephanie Cox was appointed Director at the 2023 Annual General Meeting. Environmental, Social and Governance (ESG) Committee until July
25, 2023. Sustainability Committee from October 30, 2023.
(4) Sustainability Committee from October 30, 2023.
(5) ESG Committee until July 25, 2023. Sustainability Committee and Nomination and Governance Committee from October 30, 2023.
(6) Mr. Didier Houssin ceased to be the Chair of the ESG Committee after the 2023 Annual General Meeting.
(7) Nomination and Governance Committee from October 30, 2023.
No payments for termination were made either in 2023 or in 2024 to any Board members. For an explanation of the
Remuneration Policy, see the Remuneration report in chapter\u00a06.
8.2.4.14.Number of employees
There were respectively 12 and 9 employees in Technip\u00a0Energies N.V as of December\u00a031, 2024, and December\u00a031, 2023, These
employees are located outside of the Netherlands.
8.2.4.15.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\u00a0 30. Auditor\u2019s remuneration of the consolidated financial
statements.
8.2.4.16.Events after end of reporting
A dividend of 0.85\u20ac per share, which represents \u20ac150.4\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\u00a06, 2025.
Nanterre, France
March\u00a010, 2025
Executive Committe e
\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
\u25a0 Na\u00efla Giovanni, Chief Digital and Information Officer
\u25a0 Benjamin Lechuga, Chief Strategy & Sustainability Officer
\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
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 Simon Eyers
\u25a0 Ma\u00eblle Gavet
\u25a0 Alison Goligher
\u25a0 Matthieu Malige
\u25a0 Francesco Venturini
8.2.5.APPROPRIATION OF RESULT
Articles of association governing profit appropriation
With regard to the appropriation of results, article\u00a010 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\u00a010.1 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\u00a010.1.3 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\u00a010.1,
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\u00a010.1.2 has been met.
\u2022 10.2.2 The interim statement of assets and liabilities
referred to in article\u00a010.2.1 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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