MAIRE TECNIMONT GROUP OVERVIEW
November 2019 MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 DISCLAIMER nertos lhuhteCmayrsre h ih oma to subj integrat and right Co are variations the such the document appropriate, make or to this reserves obligation necessary disclosure deems in Company it when contained the integrations information Although and integrations. predic data the estimate of The occurrence the actual of the or accuracy document future this in i the forth or Compa regarding the expressed assurance neither any those Consequently, forward-looki studies. than the third-party to negative applies from prof also more This and be statements. occurren condition looking or financial or from the c non-occurrence including forward-loo materially the – Such may knowledge. results uncertainties, its actual and of document best risks assumpti the this to and to estimates Company thi current particular, the on in of based expressed In are that opinions statements verified. the and or independently contained offer information any Company The of the part by issued form security or any purchase constitute to not solicitation does document “Group This (the Group Tecnimont Maire (t the S.p.A. Tecnimont of Maire presentation by the prepared in been has document This getmtsadfrcssderived forecasts and estimates ng ions. tblt fteGop–t differ to – Group the of itability . ynrismngmn a give can management its nor ny e developments. ted pn sue oaffirmative no assumes mpany eo hc ol as the cause could which of ce n aeb h management the by made ons ”). e“opn” oeyfruse for solely “Company”) he fftr efrac set performance future of s ouethv o been not have document s igsaeet r subject are statements king pidb uhforward- such by mplied niaint el rany or sell, to invitation esc aitosand variations such ke nanforward-looking ontain c ovrain and variations to ect 2 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions MAIRE TECNIMONT GROUP
• Leading worldwide technology and engineering Key Indicators (FY2018) contractor focusing on oil & gas onshore downstream: €3.6 bn Revenues – Petrochemicals €205.7 m EBITDA – Oil & Gas Refining – Fertilizers €93.8 m* Net Cash €6.1 bn Backlog (30/9/2019) • Growing Presence in Green Chemistry and ~9,500 Employees and E &I professionals (30/9/2019) Renewable Energy €0.8 bn Current Market Cap • Flexible Business Model spanning the entire value chain: Revenues by Business Unit (9M 2019) – From Technology-to Execution–Driven 4% Business
• Strong Technology DNA - Portfolio of over 1,200 Patents
• Two Business Units: – Hydrocarbons – Green Energy 96% Hydrocarbons Green Energy
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 4
* Excluding €36.3 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including €16.2 million to be recovered in India KEY MILESTONES
Our Evolution
1899 FIAT GROUP 1937 1971 1972 Listing on the Dutch State Mines – DSM Kinetic Technology Int. - KTI Incorporation of Italian Stock More than 40 years of FIAT ENGINEERING research centre for services Exchange work to coal mines experience in process engineering 2001 1947 1988 Acquisition of FIAT Avio’s Electric Incorporation of Mannesmann acquired KTI Design & Construction Business STAMICARBON 1999 Technip Italy acquired KTI 2004 Chemical and Fertilizer licensing Acquisition of Acquisition of KT Revenues and Fiat Engineering Acquisition of Kinetics Technology Backlog (later MAIRE ENGINEERING) Stamicarbon (formerly Technip KTI) Doubled
2005 2007 2009 2010 2011 2013 2015-17 Today
Incorporation of 100% Acquisition of the Indian Reorganization Launch of the Expansion into subsidiary Tecnimont Pvt. Ltd. of New Green Chemistry MAIRE TECNIMONT (formerly TICB) Italian HQs Business 1990s Strategy Tecnimont acquires 50% of the Indian company renamed as Tecnimont ICB Pvt 2005 Ltd (TICB) Maire Group acquires Tecnimont 1977 Creation of the first JV 1973 between ICB and Tecnimont Incorporation of New Milan Offices TECNIMONT 1958 1963 Incorporation of ICB Pvt Ltd as Giulio Natta 1966 consulting firm in the plant sector in Incorporation of Nobel Prize for Mumbai chemistry MONTEDISON
1884 1888
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 EDISON MONTECATINI 5 Power Supply Mines and Chemicals GROUP STRUCTURE – MAIN COMPANIES
KT Met Neosia Tecnimont Kinetics Technology Stamicarbon Development NextChem Renewables
Large-scale • Refining • Fertilizers • Project • Green • Renewable contracting in: • Hydrogen and Technology Development Chemistry Energy • Oil & Gas Syngas • Urea Licensing Refining Production • Petchem • Sulphur • Fertilizers Recovery
Business Hydrocarbons Green Energy Unit
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 6 HYDROCARBONS BUSINESS UNIT: AREAS OF EXPERTISE
PETROCHEMICALS OIL & GAS REFINING FERTILIZERS
• Polyethylene (LDPE, • Hydrogen and Syngas • Urea HDPE) Production • Ammonia • Polypropylene • Sulphur Recovery • Nitric Acid • Propane • Tail Gas Treatment Dehydrogenation Process (PDH) • Fire Heaters
A Market Leader in Downstream
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 7 BUSINESS MODEL IN HYDROCARBONS
Maire Tecnimont Group’s Presence Across the EPC Value Chain
TECHNOLOGY-DRIVEN EXECUTION- DRIVEN
PROJECT LIFE-CYCLE LICENSING ENGINEERING PROCUREMENT CONSTRUCTION DEVELOPMENT SUPPORT
• Startup PETROCHEMICALS • Operation Advice OIL &GAS REFINING • Maintenance
FERTILIZERS • Inspections
• Revamping
Subsidiary:
Full Involvement: From Project Development to Life-Cycle Support
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 8 GREEN ENERGY BUSINESS UNIT: AREAS OF EXPERTISE
MARKET FRAMEWORK KEY GREEN INDUSTRIES
Bio-fuels Green Green Bio-polymers (use of biological Green Bio-chemicals Create components as feedstock) Green Fertilizers Bio-Coating (use of biological components as feedstock) Plastics Recycling Circular economy MSW* to Chemicals (re-use of wastes) Improve MSW* to Fuels Circular Economy (re-use of wastes) Greening the Energy efficiency Brown Flaring Reduction (industrial processes pollution reduction) Carbon footprint reduction Reduce Greening the Brown RES** to Chemicals (industrial processes pollution reduction) Renewable energies RES** to Fuels
* MWS : Municipal Solid Waste ** RES : Renewable Energy Source Already a Profitable Business
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 9 GREEN ENERGY BUSINESS MODEL
BUSINESS MODEL NOT VIABLE DUE TO SIGNIFCANT INVESTMENT SCALE OPERATOR Production plant player
JOINT DEVELOPER OPTION MAY NOT JOINT DEVELOPER BE FEASABLE DUE Equity and tech partnership GREEN BUSINESS MODEL TO INVESTMENT with industrial player SCALE
EPC EPC service provider
EPC AND LICENSOR BUSINESS MODELS TO BE PURSUED ONLY IF JOINT DEVELOPER OPTION IS LICENSOR POSSIBLE IP and Feed sale to industrial players
SMALL MEDIUM SIGNIFICANT
INVESTMENT SCALE
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 Business Model Depending On The Business Scale 10 GLOBAL & TECHNOLOGICAL LEADERSHIP
PETROCHEMICALS FERTILIZERS OIL & GAS REFINING Well rooted technology orientation: WELL RECOGNIZED market leader (#1) 54% LEADERSHIP Market share in for installed capacity in Licensing hydrogen licensing urea plants technology and in licensing technology Sulphur Recovery and Tail (#1 worldwide)* 30% Gas Treatment Technology Market share in polyolefin plants
34% WORLD CLASS Market share TRACK RECORD 40% in licensing urea in Large Gas Market share in granulation technology Treatment Plants and LDPE plants (#2 worldwide)* Refinery Process Units
Since 1970 Since 1971 67 Polyethylene Plants 250 230 Licensed Urea Plants Hydrogen and Sulphur Recovery 118 Polypropylene Plants Unit Projects completed
1,200 + Strong commitment Individual Patents to technology development
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 * Data are based on corporate analysis 11 EXTENSIVE INTERNATIONAL PRESENCE
ROME SITTARD MILAN MOSCOW BRAUNSCHWEIG MUMBAI
ITALY AND THE REST OF 2,921 EUROPE
INDIA AND THE 2,240 REST OF ASIA
RUSSIA AND THE CASPIAN 708 REGION
AMERICAS 34
MIDDLE EAST 509 Headquarters AFRICA 80 Main offices and engineering centres TOTAL 6,492* EMPLOYEES Subsidiaries, branches and representative offices E&I division ~3,000 GRAND TOTAL ~ 9,492
*Average age: ～ 41.7 years Approx. 67% graduates A Real Multicultural and Multinational Group
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 Data as of: 30.09.2019 12 MAIRE TECNIMONT GROUP’S SHAREHOLDERS
Major Shareholders % of ordinary shares % of voting rights*
GLV Capital S.p.A. 51.018% 67.565%
Arab Development 4.733% 3.134% Establishment (ARDECO)
Other institutional and retail 44.249% 29.301% investors
NOTE: Based on the latest official information communicated to Maire Tecnimont (e.g. shareholders’ register, official filings)
(*) Pursuant to Article 120, Paragraph 1 of the Legislative Decree no. 58 of 24 February 1998 and to Article 6 bis of the By-Laws ("Voting right increase"), share capital of Maire Tecnimont S.p.A. refers to the total number of voting rights equal to 496,305,566.
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 13 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions SOLID MACRO DRIVERS TO OUR CORE BUSINESS
PETCHEM
• Gas monetization: Cheap feedstock supports owner’s investment attractiveness
• Strong demand for plastics-based products
FERTILIZERS • Gas monetization
• Demography and agricultural modernization driving long term demand for nitrogen-based fertilizers
• Technology barriers
OIL & GAS REFINING
• Midstream Oil and Gas Treatment
• Refining: Revamping, environmental regulations & capacity upgrade
• Integration between petchem and refining MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 15 MAIRE TECNIMONT’S STRATEGIC PRIORITIES
Enhance and Develop Technology Driven Business
1 Strengthen Technology Develop Green Chemistry EPC in the Core Business Business 5 2 Strategic Priorities
4 3 Expand Geographic Pursue Project Footprint Development Activities
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 16 STRATEGY IMPLEMENTATION IN THE CORE BUSINESS
TECHNOLOGY-DRIVEN EXECUTION- DRIVEN
PROJECT LIFE-CYCLE LICENSING ENGINEERING PROCUREMENT CONSTRUCTION DEVELOPMENT SUPPORT
PROJECT LIFE-CYCLE DEVELOPMENT Detailed SUPPORT Direct Engineering PRODUCTS License Basic Feed Services EP EPC • Pre-empt competitive • Improve client pressures TYPICAL loyalty VOLUMES € 1-10m € 1-10m € 4-15m € 10-40m € 50-250m € 0.3-5bn • Leverage • Revenue technological diversification edge TYPICAL Very High High Double High Double Mid Double Low Double MARGINS Double Digit Digit Digit Digit Digit Single Digit • Increase plant • Client value-added partnerships RISK Low Low Low LowMedium High
Provide Technological Solutions Throughout the EPC Value Chain
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 17 DIFFERENTIATING FACTORS VS. OUR COMPETITORS
• Our focus is on Downstream and Gas Transformation, not Upstream
• Flexible business model
• Asset light: no idleness
• Leverage on our strong technological IPs
• Client diversification (NOCs and IOCs)
• Global approach with focus on specific geographies
Our Group is Well Positioned to Face the Current Environment
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 18 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions FLAGSHIP PROJECTS
Polyolefins Gas Treatment
BOROUGE 3, ABU DHABI, UAE HABSHAN 5, ABU DHABI, UAE
Refinery Fertilizers
ROG PROJECT, ANTWERP, BELGIUM IOWA FERTILIZER COMPANY, USA
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 20 MAIN PETROCHEMICAL PROJECTS
PDH PLANT, TOBOLSK POLYETHYLENE PLANT, POLYPROPYLENE PLANT HDPE-PP REVAMP, (WESTERN SIBERIA) SUMGAYIT (AZERBAIJAN) SUMGAYIT (AZERBAIJAN) BATANGAS (PHILIPPINES) CLIENT: Tobolsk Polymer CLIENT: SOCAR CLIENT: SOCAR CLIENT: Summit Petrochemical EPC €660m EPC US$180m EPC €350m EPC US$180m (MET 65%)
LDPE PLANT, BRATISLAVA AMURSKI GCC (RUSSIA) (SLOVAK REPUBLIC) HDPE UNIT (RAPID), CLIENT: SIBUR CLIENT: Slovnaft PENGERANG (MALAYSIA) FEED EPC €204m CLIENT: PETRONAS EPCC €482m
POLYOLEFIN PLANT, GULF POLYPROPYLENE UNIT PP4, COAST (USA) RUWAIS (UAE) POLYOLEFINS UNITS (RAPID), CLIENT: Exxon Mobil CLIENT: BOROUGE PENGERANG (MALAYSIA) EP US$230m FEED €45m CLIENT: PETRONAS EPCC €328m
LDPE PLANT, VERACRUZ (MEXICO) PDH PLANT, CLIENT: Etileno KALLO (BELGIUM) PP PLANT REINSTATEMENT, HDPE-PP UNITS, BATHINDA EP US$191m CLIENT: BOREALIS YANBU (SAUDI ARABIA) (INDIA) EPCM €90m CLIENT: NATPET CLIENT: HPCL-Mittal Energy EPC US$65m EPCC US$225m POLYOLEFINS COMPLEX, RABIGH (SAUDI ARABIA) PE/NAO PLANTS, CLIENT: Petro Rabigh MESAIEED (QATAR) POLYPROPYLENE UNIT PP5, LLDPE-HDPE-PP PLANTS, EPC US$1.2bn CLIENT: Qatar Chemical RUWAIS (UAE) DAHEJ (GUJARAT, INDIA) Company CLIENT: BOROUGE CLIENT: OPALL EPC US$830m EPC EPC US$440m
LDPE Plant, SADARA POLYOLEFINS COMPLEX . LLDPE-HDPE-PP PLANTS, (SAUDI ARABIA) PDH/POLYPROPYLENE PLANT, RUWAIS (UAE) SOHAR (OMAN) CLIENT: Sadara AL JUBAIL (SAUDI ARABIA) CLIENT: BOROUGE CLIENT:ORPIC EPC US$280m CLIENT: Al Waha EPC (1)US$445m, (2)US$1.8bn, EPC US$895m EPC US$580m (3)US$1.7bn
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 IN PROGRESS COMPLETED 21 MAIN OIL & GAS PROJECTS
SULPHUR COMPLEX GDANSK DELAYED COKER COMPLEX AND DCU, OMSK REFINERY COMBINED OIL REFINING UNIT (CORU) (POLAND) HYDROWAX VACUUM DISTILLATION, (RUSSIA) MOSCOW REFINERY (RUSSIA) CLIENT: Grupa Lotos GDANSK (POLAND) CLIENT: JSC Gazprom Neft CLIENT: JSC Gazprom Neft Moscow Refinery CONTRACT TYPE: EPC €111m CLIENT: Lotos Asfalt CONTRACT TYPE: EPC US$215m CONTRACT TYPE: EPC €480m CONTRACT TYPE: EPC €304m
OIL & GAS TREATMENT PLANT, AMURSKI GAS PROCESSING PLANT (RUSSIA) LUBIATOW (POLAND) 5 REFINERY PROCESS UNITS, KSTOVO CLIENT: NIPIgaspererabotka CLIENT: Polish Oil & Gas Company REFINERY (RUSSIA) CONTRACT TYPE: EPC €3.9bn CONTRACT TYPE: EP €91m CLIENT: Lukoil CONTRACT TYPE: EPC US$527m REFINERY MODERNIZATION, HEYDAR ALIYEV, REFINERY OFF GAS(ROG) PROJECT, BAKU (AZERBAIJAN) ANTWERP (BELGIUM) CLIENT: SOCAR CLIENT: Total Olefins CONTRACT TYPE: EPC US$800m CONTRACT TYPE: EPC €193m
OIL AND GAS TREATMENT LNG TERMINAL CHENTOUJIA, "TEMPA ROSSA” CORLETO GUANGDONG (CHINA) PERTICARA (ITALY) CLIENT: Guadong LNG JEO CLIENT: Total E&P CONTRACT TYPE: EPC €280m CONTRACT TYPE: EPC €505m
REFINERY UPGRADING, LUANDA CLEAN FUEL PROJECT LPG TRAIN 4 – ZCINA HASSI (ANGOLA) RABIGH, (SAUDI ARABIA) MESSAOUD (ALGERIA) CLIENT: ENI CLIENT: Petro Rabigh CLIENT: Sonatrach CONTRACT TYPE: EPC USD200m CONTRACT TYPE: EPC €148m CONTRACT TYPE: EPC US$248m
IGD EXPANSION PROJECT (IGD-E1), GAS REFINING REVAMPING, PORT TREATMENT AND MARINE WORKS, DAS SULPHUR RECOVERY UNITS, HARCOURT (NIGERIA) ISLAND (UAE) MOSTOROD (EGYPT) CLIENT: Nigerian National Petroleum CLIENT: ADGAS CLIENT: Egyptian Refinery Company Company CONTRACT TYPE: EPC US$490m CONTRACT TYPE: EP €97m CONTRACT TYPE: E USD50m
AROMATICS COMPLEX SHUAIBA INTEGRATED GAS DEVELOPMENT OIL GATHERING, TREATMENT, EXPORT AL WAFA GAS PLANTS PROJECT (KUWAIT) HABSHAN 5 (ABU DHABI – UAE) DABBI’YA PHASE III, ABU DHABI (UAE) MELLITAH & GADAMES BASIN (LIBYA) CLIENT: Kuwait Paraxylene Production CLIENT: GASCO CLIENT: ADCO CLIENT: Agip Gas Company (KPPC) CONTRACT TYPE: EPC US$4.7bn CONTRACT TYPE: EPC US$2.3bn CONTRACT TYPE: EPC €1.2bn CONTRACT TYPE: EPC US$1.2bn
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 IN PROGRESS COMPLETED 22 MAIN FERTILIZERS PROJECTS
IOWA FERTILIZER COMPANY, WEVER, GRANULATION UNIT, WLOCLAWEK YARA, SLUISKIL AMMONIA PLANT, KINGISEPP IOWA (USA) (POLAND) (THE NETHERLANDS) (RUSSIA) CLIENT: Orascom Construction CLIENT: ANWIL, ORLEN Group CLIENT: Yara International ASA CLIENT: EuroChem Industries CONTRACT TYPE: EPC €350m CONTRACT TYPE: EPC €125m CONTRACT TYPE: EPC €660m CONTRACT TYPE: EP €250m (Tot. investment)
AMMONIA/UREA PLANT NEVINNOMYSSK (RUSSIA) CLIENT: EuroChem CONTRACT TYPE: E
AMMONIA DEBOTTLENECKING, Annaba, Arzew (ALGERIA) CLIENT: Fertial GRANULATED UREA PLANT, CONTRACT TYPE: E TOLYATTI (RUSSIAN) CLIENT: Volgafert (KUIBYSHEVAZOT+METDEV1) CONTRACT TYPE: EPC €200m
FERTILIZER COMPLEX PROJECT UREA DEBOTTLENECKING & FERTILIZERS COMPLEX , ASWAN AMMONIA PLANT NANGAL AL-JUBAIL GRANULATION PLANT (EGYPT) PUNJAB (INDIA) (KINGDOM OF SAUDI ARABIA) SHUAIBA (KUWAIT) CLIENT: KIMA CLIENT: National Fertilizers Ltd. CLIENT: SAFCO CLIENT: P.I.C. CONTRACT TYPE: EPC US$540m CONTRACT TYPE: EPC US$240m CONTRACT TYPE: EPC US$350m CONTRACT TYPE: EPC US$100m
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 IN PROGRESS COMPLETED STAMICARBON LICENSES: OVER 250 WORLDWIDE 23 9M 2019 ORDER INTAKE
€1.6bn High Quality Order Intake Volgafert from a Diversified Geographical Spectrum
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 Low-Risk Order Intake Leading to Future EPCs 24 BACKLOG
Backlog by Business Unit (€m, 31/12/18-30/9/19) Backlog by Geography (Sep. 2019)
6,612 6,636 N. America 243 353 6,063 6% 377 Africa 16%
54% 6,369 6,283 14% 5,686 Asia 10% Europe Middle East 31/12/18 30/6/19 30/9/19
Hydrocarbons Green Energy
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 Solid and Diversified Backlog 25 MAIRE TECNIMONT’S BACKLOG VS. WTI OIL PRICE*
Backlog WTI 250
200
150
100
50
0 6/30/14 12/31/14 6/30/15 12/31/15 6/30/16 12/31/16 6/30/17 12/31/17 6/30/18 12/31/18 6/30/19 12/31/199/30/19
* Relative scale. 30 June 2014 = 100
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 26 BACKLOG ANALYSIS – HYDROCARBONS BUSINESS UNIT
Backlog by Type (€m, 30/6-30/9/19) Book to Bill Ratio* (31/3-30/9/19)
6,283 5,686
4,915 4,532 1.8 1.9 1.8
1,074 914 294 240 30/6/19 30/9/19 31/3/19 30/6/19 30/9/19 E EP EPC
Good mix between E, EP, and EPC Excellent cover for future revenues
*Defined as the ratio between Backlog and LTM Revenues
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 27 COMMERCIAL PIPELINE (HYDROCARBONS BU )
Commercial Pipeline (€bn, Mar ‘19-Sep ‘19)
44.5 46.0 40.1 11.5 13.0 9.7
8.4 8.7 7.0
23.4 24.6 24.3
Mar '19 Jun '19 Sep '19
Prospect, Prequalification & Pre-Tendering Tendering Tendered
Our Commercial Pipeline Remains High
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 28 COMMERCIAL PIPELINE BY GEOGRAPHY (HYDROCARBONS BU )*
C.I.S. FERTILIZER €11.7bn POLYOLEFIN Europe GAS TREATMENT POLYOLEFIN REFINERY €3.0bn REFINERY
North and Central America €1.0bn POLYOLEFIN
Asia FERTILIZER €7.3bn POLYOLEFIN GAS TREATMENT
Middle East FERTILIZER €11.7bn POLYOLEFIN GAS TREATMENT REFINERY South America FERTILIZER €1.1bn Africa FERTILIZER €10.2bn POLYOLEFIN GAS TREATMENT REFINERY
Our Commercial Efforts are Widely Diversified Across Key Geographies
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 *Figures include prospect prequalification and pre-tendering, tendering, and tendered 29 MAIN CURRENT INITIATIVES – GREEN ENERGY BUSINESS UNIT
Development Timeline
2019-2020 2021-2023 > 2023
High efficiency technology for Power the conversion of Electricity Renewable Energy to Chemical /Hydrogen to into Hydrogen (first step) & Fuels Chemicals and/or direct production of Greening
the Brown the Fuels (second step)
Mechanical Recycling Plastic Upcycling of Plastic waste to Recycling High Value Polymers Integrated Recycling (Mechanical and Chemical)
Waste to Use of low-cost waste to Fuels Fuels and produce of Fuels and Chemicals Chemicals Chemicals Circular Circular Economy
Production of second 1st Generation generation Bio-Fuels and Bio-Fuels Renewable fuels from nd rd biogenic feed-stocks 2 Generation To 3 Generation
Production of high value
Green Green Bio-Polymers Bio-Polymers from High Value Applications MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 30 Renewable Resources SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions CONSOLIDATED INCOME STATEMENT & BALANCE SHEET
INCOME STATEMENT
€m 2016 2017 2018 9M 2019 • Revenues’ • Growth in revenues driven by execution of record- Revenues 2,435.4 3,527.2 3,646.6 2,420.3 level backlog EBITDA 160.0 189.9* 205.7 168.7 • Steady growth in EBITDA EBITDA % 6.6% 5.4% 5.6% 7.0% and Net Income EBIT 152.6 168.7* 185.5 133.7 Net Income 85.3 97.7** 117.4 80.5 • EBITDA marginality reflects changing backlog mix BALANCE SHEET €masof Dec 16 Dec 17 Dec 18 Sep19
Net Invested Capital (Asset) (227.5) (175.8) (248.8) (489.0) • Strong growth in Shareholders’ equity driven Net Cash/(Net Debt) (42.8) 108.0 93.8*** (75.6)*** by positive results Total Shareholders' Equity 184.7 283.8 342.6 413.4 • 2019 net cash guidance: Group Shareholders' Equity 169.6 262.0 309.6 369.7 €80- €100m
* Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of €3.6 million at 2017 EBITDA level) ** Adjusted to also exclude a 28.3 million (pre-tax) and €18.9 million (post-tax) one-off positive effect of certain derivative transactions related to the convertible bond and originally included in the Net Financial Charges *** Excluding Non-Recourse Project Financing (€36.3m 31/12/18, €61.6m at 30/9/2019), including an amount to be recovered in India (€16.2m at 31/12/18, and €17.1m MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 at 30/9/2019), and excluding trade receivables equivalent to a financial credit for €38.3m in September 2019. September 2019 number pre-IFRS 16 impact. 32 9M 2019 includes IFRS 16 impact 2018 DEBT REFINANCINGS AND SPREAD EVOLUTION
Facility Amount (€m) Tenor Interest Rate
Bank Debt €185 5 Yrs. 170bps (from 195)*
Revolving €100 (up from €50) 5 Yrs. 170bps (from 195)*
Bond €165 6 Yrs. 2.625%
* Spread
Bank Debt Spread (basis points, 2014-2018)
540 395 250 195 170
2014 2015 2016 2017 2018
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 33 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions INVESTMENT CASE
Strong Experienced Competitive Management Team Position and with Proven Leadership in our Track Record Core Markets Comprehensive Service Provider Strong Financial Position with a Strong Technology Offering
Growing INVESTMENT Presence in Proven Execution already CASE Capability of Large Profitable Green Chemistry and Complex Business Projects Significant Extensive Backlog International Providing Good Presence with Revenues Strong Growth Visibility Prospects
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – NOVEMBER 2019 Our Group’s Unique Positioning Makes it an Appealing Investment 35 Maire Tecnimont Group’s Headquarters
Via Gaetano De Castillia, 6A 20124 Milan [email protected]
Investor Relations T +39 02 6313-7823 F +39 02 6313-7337 02 6313-7823 [email protected]
www.mairetecnimont.com