Combined Shareholders' meeting of April 29, 2005
Technip’s shareholders convened today on the occasion of the Group’s 2005 Combined Annual General Meeting where they considered and voted in favor of a number of resolutions, including:
- the approval of the Group’s consolidated accounts for the full year 2004 (French GAAP),
- the payment of a dividend in the amount of EUR 3.30 per share. As EUR 2.00 per share was already paid in advance on December 3, 2004, the additional EUR 1.30 will be paid on May 3, 2005,
- a 4-for-1 share split with the corresponding division of the nominal share value with effect on May 13, 2005, after the close of the Paris stock market,
- the renewal of the Board of Directors’ authorization to repurchase up to 10% of the Group’s outstanding share capital.
During his address to shareholders, Daniel Valot, Chairman and CEO, confirmed the Group 2005 targets as published on February 2, 2005: revenues between EUR 4.8 and 4.9 billion, operating margin ratio above 5% and net income pre-goodwill and pre-exceptional at least equal to EUR 138 million. He indicated that first quarter 2005 order intake was approximately EUR 1.8 billion, more than twice the first quarter 2004 amount (EUR 876 million). As a result, the Group’s backlog at March 31, 2005, about EUR 7.3 billion, is considerably higher than the December 31, 2004 amount. Given the order intake outlook for the rest of the year, the Group’s backlog should continue to grow over the coming quarters.
Cautionary note regarding forward-looking statements
This release contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, or statements of future expectations; within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large integrated services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material, especially steel, price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabic-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; and the timing and success of anticipated integration synergies.
Some of these risk factors are set forth and discussed in more detail in our Annual Report on Form 20-F as filed with the SEC on June 29, 2004, and as updated from time to time in our SEC filings. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward looking information set forth in this release to reflect subsequent events or circumstances. Except as otherwise indicated, the financial information contained in this document has been prepared in accordance with French GAAP, and certain elements would differ materially upon reconciliation to US GAAP.
With a workforce of about 19,000 persons, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and Paris. The Group’s main engineering and business centers are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the United States, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. The Group has high-quality industrial and construction facilities in France, Brazil, the UK, the USA, Finland and Angola as well as a world-class fleet of offshore construction vessels.
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Technip trades under the symbol TKP on the NYSE and under the ISIN FR0000131708 on the Euronext.