MAIRE TECNIMONT GROUP OVERVIEW
Intermonte European MidCap Event Frankfurt February 2019 DISCLAIMER
This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for use in the presentation of the Maire Tecnimont Group (the “Group”).
This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any security issued by the Company.
The information contained and the opinions expressed in this document have not been independently verified. In particular, this document may contain forward-looking statements that are based on current estimates and assumptions made by the management of the Company to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results – including the financial condition and profitability of the Group – to differ materially from or be more negative than those expressed or implied by such forward- looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments.
The data and information contained in this document are subject to variations and integrations. Although the Company reserves the right to make such variations and integrations when it deems necessary or appropriate, the Company assumes no affirmative disclosure obligation to make such variations and integrations.
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 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 contractor focusing on oil & gas onshore downstream: €2.7 bn Revenues (9M 2018) 9,000 Employees and E &I professionals – Petrochemicals 50 Operating companies – Oil & Gas Refining – Fertilizers €7.3 bn Backlog (September 30, 2018) €1.2 bn Market Cap (Feb. 11, 2019) • Flexible Business Model spanning the entire EPC value chain: Revenues by Business Unit – Project Development 5% – Licensing and Engineering Services (E), Procurement (P), and Construction (C) – Life Cycle Support
• Technology portfolio of over 1,200 patents
• Two main Business Units:
– Technology, Engineering & Construction 95% – Infrastructure & Civil Engineering TE&C Infrastructure
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 4 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 Repositioning Fiat Engineering Acquisition of Kinetics Technology Completed (later MAIRE ENGINEERING) Stamicarbon (formerly Technip KTI)
2005 2007 2009 2010 2011 2013 2015 Today
Incorporation of 100% Acquisition of the Indian Reorganization Launch of the Record Backlog subsidiary Tecnimont Pvt. Ltd. of New and Sales MAIRE TECNIMONT (formerly TICB) Italian HQs Business 1990s Strategy Launch of Tecnimont acquires 50% of the Indian Green Chemistry company renamed as Tecnimont ICB Pvt Initiatives 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 – FEBRUARY2019 EDISON MONTECATINI 5 Power Supply Mines and Chemicals GROUP STRUCTURE – MAIN COMPANIES
Large-scale • Refining • Fertilizers • Project • Infrastructure & contracting in: • Hydrogen and Technology Development Civil Engineering • Oil & Gas Syngas Production • Urea Licensing • Renewable Energy Refining • Sulphur Recovery • Polyolefins • Fertilizers
Business Technology, Engineering & Construction Infrastructure & Unit Civil Engineering
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 6 HYDROCARBONS SECTOR PRESENCE
PETROCHEMICALS OIL & GAS REFINING FERTILIZERS
• Polyethylene (LDPE, • Hydrogen • Urea HDPE) • Syngas • Ammonia • Polypropylene • Sulphur Recovery • Nitric Acid • PDH • Tail Gas Treatment
A Market Leader in Downstream
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 7 NON HYDROCARBONS PRESENCE
GREEN CHEMISTRY RENEWABLE ENERGY
• Coated Fertilizers • Wind
• Waste to Chemical • Solar
• Mechanical and • Biomass Chemical Recycling
• Bio-Feedstock
A New but Rapidly Developing Area
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 8 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 – FEBRUARY2019 9 FOCUS ON GREEN CHEMISTRY
Use of Bio Feedstock
Mechanical and Chemical Plastics Recycling
Lower Impact of the Fossil-Based Processes
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 10 EXTENSIVE INTERNATIONAL PRESENCE
ROME SITTARD MILAN BRAUNSCHWEIG MUMBAI
ITALY AND THE REST OF 2,837 EUROPE
INDIA AND THE 2,028 REST OF ASIA
RUSSIA AND THE CASPIAN 467 REGION
AMERICAS 28
MIDDLE EAST 591 Headquarters AFRICA 83 Main offices and engineering centres TOTAL 6,034* EMPLOYEES Subsidiaries, branches and representative offices E&I division ~3,000
GRAND TOTAL ~ 9,000
*Average age: ～ 41 years Approx. 67% graduates A Real Multicultural and Multinational Group
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 Data as of: 30.9.2018 11 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 – FEBRUARY2019 12 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions MAIRE TECNIMONT’S STRATEGIC PRIORITIES
Enhance and Develop Technology Driven Business
1 Strengthen Technology Develop Green Chemistry EPC in the Core Initiatives Business 5 2 Strategic Priorities
4 3 Expand Geographic Pursue Project Footprint Development Activities
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 14 STRATEGY IMPLEMENTATION
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 – FEBRUARY2019 15 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
1,100 + Strong commitment Individual Patents to technology development
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 * Data are based on corporate analysis 16 OUR OPERATIONS ARE DRIVEN BY POSITIVE BUSINESS TRENDS
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 – FEBRUARY2019 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 – FEBRUARY2019 18 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions 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 (SLOVAK REPUBLIC) CLIENT: Slovnaft HDPE UNIT (RAPID), € EPC 204m PENGERANG (MALAYSIA) CLIENT: PETRONAS EPCC €482m POLYOLEFIN PLANT, GULF COAST (USA) CLIENT: Exxon Mobil EP US$230m POLYOLEFINS UNITS (RAPID), PENGERANG (MALAYSIA) LDPE PLANT, VERACRUZ CLIENT: PETRONAS (MEXICO) EPCC €328m CLIENT: Etileno EP US$191m POLYPROPYLENE UNIT PP5, RUWAIS (UAE) CLIENT: BOROUGE EPC POLYOLEFINS COMPLEX, HDPE-PP UNITS, BATHINDA RABIGH (SAUDI ARABIA) PE/NAO PLANTS, (INDIA) POLYOLEFINS COMPLEX . CLIENT: Petro Rabigh MESAIEED (QATAR) CLIENT: HPCL-Mittal Energy RUWAIS (UAE) EPC US$1.2bn CLIENT: Qatar Chemical EPCC US$225m Company CLIENT: BOROUGE EPC US$830m EPC (1)US$445m, (2)US$1.8bn, (3)US$1.7bn LDPE Plant, SADARA LLDPE-HDPE-PP PLANTS, (SAUDI ARABIA) PDH/POLYPROPYLENE PLANT, LLDPE-HDPE-PP PLANTS, SOHAR (OMAN) CLIENT: Sadara AL JUBAIL (SAUDI ARABIA) DAHEJ (GUJARAT, INDIA) CLIENT:ORPIC EPC US$280m CLIENT: Al Waha CLIENT: OPALL EPC US$580m EPC US$895m EPC US$440m
20 CORPORATE CORPORATE PROFILE | FEBRUARY 2019 MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 IN PROGRESS COMPLETED MAIN OIL & GAS PROJECTS
SULPHUR COMPLEX GDANSK DELAYED COKER COMPLEX AND COMBINED OIL REFINING UNIT (CORU) (POLAND) HYDROWAX VACUUM DISTILLATION, DCU, OMSK REFINERY (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 LUBIATOW (POLAND) PLANT(RUSSIA) CLIENT: Polish Oil & Gas Company 5 REFINERY PROCESS UNITS, CLIENT: NIPIgaspererabotka CONTRACT TYPE: EP €91m KSTOVO REFINERY (RUSSIA) CONTRACT TYPE: EPC €3.9bn CLIENT: Lukoil CONTRACT TYPE: EPC US$527m REFINERY MODERNIZATION, REFINERY OFF GAS(ROG) PROJECT, HEYDAR ALIYEV, BAKU ANTWERP (BELGIUM) (AZERBAIJAN) CLIENT: Total Olefins CLIENT: SOCAR CONTRACT TYPE: EPC €193m CONTRACT TYPE: EPC US$800m
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
CLEAN FUEL PROJECT LPG TRAIN 4 – ZCINA HASSI RABIGH, (SAUDI ARABIA) MESSAOUD (ALGERIA) CLIENT: Petro Rabigh CLIENT: Sonatrach CONTRACT TYPE: EPC €148m CONTRACT TYPE: EPC US$248m
IGD EXPANSION PROJECT (IGD-E1), GAS TREATMENT SULPHUR RECOVERY UNITS, AND MARINE WORKS, DAS ISLAND (UAE) MOSTOROD (EGYPT) CLIENT: ADGAS CLIENT: Egyptian Refinery Company CONTRACT TYPE: EPC US$490m CONTRACT TYPE: EP €97m
AROMATICS COMPLEX SHUAIBA WAFA GAS PLANTS PROJECT INTEGRATED GAS DEVELOPMENT OIL GATHERING, TREATMENT, EXPORT (KUWAIT) AL DABBI’YA PHASE III, ABU DHABI (UAE) MELLITAH & GADAMES BASIN (LIBYA) CLIENT: Kuwait Paraxylene Production HABSHAN 5 (ABU DHABI – UAE) CLIENT: Agip Gas CLIENT: GASCO CLIENT: ADCO Company (KPPC) CONTRACT TYPE: EPC US$2.3bn CONTRACT TYPE: EPC €1.2bn CONTRACT TYPE: EPC US$1.2bn CONTRACT TYPE: EPC US$4.7bn 21 CORPORATE CORPORATE PROFILE | FEBRUARY 2019 MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 IN PROGRESS COMPLETED MAIN FERTILIZERS PROJECTS
IOWA FERTILIZER COMPANY, YARA, SLUISKIL WEVER, IOWA (USA) (THE NETHERLANDS) AMMONIA PLANT, KINGISEPP CLIENT: Orascom Construction CLIENT: Yara International ASA (RUSSIA) Industries CONTRACT TYPE: EPC €125m CLIENT: EuroChem CONTRACT TYPE: EP €250m CONTRACT TYPE: EPC €660m
AMMONIA/UREA PLANT NEVINNOMYSSK (RUSSIA) CLIENT: EuroChem CONTRACT TYPE: E AMMONIA DEBOTTLENECKING, Annaba, Arzew (ALGERIA) CLIENT: Fertial CONTRACT TYPE: E
GRANULATED UREA PLANT, TOLYATTI (RUSSIAN FEDERATION) 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
22 CORPORATE CORPORATE PROFILE | FEBRUARY 2019 MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 IN PROGRESS COMPLETED STAMICARBON LICENSES: OVER 250 WORLDWIDE 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 – FEBRUARY2019 23 ORDER INTAKE
€ billion
Average = 3.0
4.3
3.2 2.8 2.7 1.8
FY 2014 FY 2015 FY 2016 FY 2017 9M 2018
We Remain Positive on Future Commercial Developments
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 24 BACKLOG
Backlog by Business Unit (€m, 31/12/17-30/9/18) Backlog by Geography (Sep. 2018)
7,229 7,330 Others 365 6,904 279 Africa 1% 335 11%
Asia 17% 7,051 6,864 6,569 59% Europe 12% Middle East
31/12/17 30/6/18 30/9/18
TE&C& Infrastructure MAIRE TECNIMONT – MAIRE TECNIMONT RESULTS Q1 2018 FINANCIAL
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 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 9/30/186/30/18
* Relative scale. 30 June 2014 = 100
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 26 BACKLOG ANALYSIS – TE &C BUSINESS UNIT
Backlog by Type (€m, 30/6-30/9/18) Book to Bill Ratio* (31/3-30/9/18)
7,051 6,569
5,799 6,478 2.0 1.9 2.0
616 412 154 161 30/6/18 30/9/18 31/3/18 30/6/18 30/9/18 E EP EPC
Good mix between E, EP, and EPC Excellent cover for future revenues
*Defined*Defined as theas theratio ratio between between Backlog Backlog and LTM and RevenLTM Revenues ues
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 27 OUTLOOK ON COMMERCIAL ACTIVITY (TE &C)
Commercial Activity (€bn, Mar ’18-Sep ‘18)
39.9 40.0 40.1
7.2 9.5 9.3
8.0 7.5 9.5
24.9 22.9 21.2
Mar '18 Jun '18 Sep '18
Prospect, Prequalification& & Pre-Tendering Tendering Tendered
Our Commercial Pipeline Remains High
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 28 COMMERCIAL ACTIVITY’S GEOGRAPHICAL BREAKDOWN (TE&C)*
C.I.S. FERTILIZER Europe €7.7bn POLYOLEFIN POLYOLEFIN GAS TREATMENT €3.0bn REFINERY REFINERY
North and Central America € 2.2bn POLYOLEFIN
Asia FERTILIZER €7.7bn POLYOLEFIN Middle East GAS TREATMENT FERTILIZER €8.7bn POLYOLEFIN GAS TREATMENT REFINERY South America FERTILIZER €2.0bn Africa FERTILIZER €8.8bn POLYOLEFIN GAS TREATMENT REFINERY
29 Our Commercial Efforts are Widely Diversified Across Key Geographies CORPORATE CORPORATE PROFILE | FEBRUARY 2019 MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019
*Figures include prospect prequalification and pre-tendering, tendering, and tendered 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 9M 2018 • Revenues’ • Growth in revenues driven Revenues 2,435.4 3,524.3 2,732.9 by execution of record- level backlog EBITDA 160.0 193.5 149.6 EBITDA % 6.6% 5.5% 5.5% • Steady growth in EBITDA and Net Income EBIT 152.6 183.5 143.1 Net Income 85.3 126.6 89.6 • EBITDA marginality reflects changing backlog mix
BALANCE SHEET €masof Dec 16 Dec 17 Sep18
• Strong growth in Net Invested Capital (Asset) (227.5) (175.8) (266.9) Shareholders’ equity Net Cash/(Net Debt) (42.8) 108.0 44.6* driven by positive results
Total Shareholders' Equity 184.7 283.8 311.5 • Net cash position as a Group Shareholders' Equity 169.6 262.0 283.1 result of strong cash flow generation
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 31 * Excluding €36.1 million in Non-Recourse Project Financing for the Alba Bra Hospital project MET PRODUCTIVITY VS. SECTOR PEERS
Revenues per Employee (2017, €)
700 647
600 587 586
500
400 348
300 281 221 200 182
100
0 Maire Tecnimont Petrofac Tecnicas Reunidas Technip FMC Saipem KBR MCDermott
Our Group has the Highest Ratio of Revenues per Employee in the Sector
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 32 NET CASH POSITION
Cash Flow Bridge (€m, Dec. 2017 – Sep 2018*)
79.6 69.8 9.4
28.9 12.0
32.6 9.1 108.0
44.6
Net Cash Bond Treasury and Operating Cash Forex Net Financial Taxes Capex Net Cash Dec 2017 Conversion Dividends Flows Charges Sep 2018* MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 MAIRE MAIRE TECNIMONT – RESULTS FINANCIAL 2018 H1 33 * Excluding €36.1 million in Non-Recourse Project Financing for the Alba Bra Hospital project 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 – FEBRUARY2019 34 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions CONCLUSIONS
• Leading worldwide technology and engineering contractor focusing on Onshore Oil &Gas Refining, Petrochemicals and Fertilizers − Providing Technological Solutions throughout the entire EPC Value Chain
• Strong visibility due to record backlog and order intake
• Flexible business model
• Global approach with focus on specific geographies − Strong and growing footprint in South-East Asia
• Increasing focus on new technologies and Green Chemistry
MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019 36 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 MAIRE MAIRE TECNIMONT GROUP OVERVIEW – FEBRUARY2019