MAIRE TECNIMONT GROUP OVERVIEW
Banca IMI Paris Roadshow October 2018 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.
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 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 engineering contractor Key Indicators focusing on: €3.5 bn Revenues (2017) – Petrochemicals 8,600 Employees and E &I professionals – Oil & Gas Refining 50 Operating companies – Fertilizers €6.9 bn Backlog (June 30, 2018) €1.3 bn Market Cap (Sep. 25, 2018) • Flexible Business Model spanning the entire value chain: Revenues by Business Unit – Project Development 4% – Licensing and Engineering Services (E) – Engineering & Procurement (EP) – Engineering, Procurement & Construction (EPC) – Life Cycle Support
• Two main Business Units: 96% – Technology, Engineering & Construction TE&C Infrastructure – Infrastructure & Civil Engineering MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 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 research centre for services More than 40 years of FIAT ENGINEERING 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 subsidiary Tecnimont Pvt. Ltd. of New Backlog and MAIRE TECNIMONT (formerly TICB) Italian HQs Business Sales 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 MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 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 • Renewable Energy • Polyolefins • Sulphur Recovery • Fertilizers
Business Technology, Engineering & Construction Infrastructure & Unit Civil Engineering
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 6 TECHNOLOGY, ENGINEERING & CONSTRUCTION
Maire Tecnimont Group’s Presence Across the EPC Value Chain
TECHNOLOGY-DRIVEN EXECUTION- DRIVEN
PROJECT LIFE-CYCLE LICENSING ENGINEERING PROCUREMENT CONSTRUCTION DEVELOPMENT SUPPORT
• Startup FERTILIZERS • Operation Advice OIL &GAS REFINING • Maintenance
PETROCHEMICALS • Inspections
• Revamping
Subsidiary:
Full Involvement: From Project Development to Life-Cycle Support
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 7 INFRASTRUCTURE & CIVIL ENGINEERING
Long-Lasting Competencies in Transportation and Civil Engineering
DESIGN AND CONSTRUCTION OF OVER 30% OF HIGH SPEED & ß Underground projects (including the first HIGH CAPACITY RAILWAYS driverless metro system in Italy), railways, CURRENTLY OPERATED IN ITALY tunnels, roads and highways
PROJECTS SUCCESSFULLY ß EPC contracting for construction / COMPLETED IN MORE THAN requalification of hospitals, universities, 300+ 40 YEARS’ EXPERIENCE complex buildings and industrial plants
Flexible Solutions in Renewable Energy
ß Increasing focus with a dedicated team on Wind, Solar and Biomass large-scale power plants as reliable counterpart of international operators
ß High quality services along the whole value chain: from development and design to EPC, leveraging on Lump Sum Turn Key expertise and global presence
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 8 EXTENSIVE INTERNATIONAL PRESENCE
ROME SITTARD MILAN BRAUNSCHWEI MUMBAI G
ITALY AND THE REST OF 2,800 EUROPE
INDIA AND THE 2,003 REST OF ASIA
RUSSIA AND THE CASPIAN 357 REGION
AMERICAS 25
MIDDLE EAST 543 Headquarters AFRICA 80 Main offices and engineering centres TOTAL 5,808* EMPLOYEES Subsidiaries, branches and representative offices E&I division ~3,000
GRAND TOTAL ~ 8,800
*Average age: ～ 41 years Approx. 66% graduates A Real Multicultural and Multinational Group
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 Data as of: 30.6.2018 9 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 473,192,634.
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 10 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
Align Organization and 1 Strengthen Technology Pursue Group Synergies EPC in the Core Business 5 2 Strategic Priorities
4 3
Expand Geographic Pursue Project Footprint Development Initiatives
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 12 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
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 13 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
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 * Data are based on corporate analysis 14 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 & Capacity upgrade
• Integration between petchem and refining
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 15 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
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 16 MAIRE TECNIMONT HAS BEEN OUTPERFORMING THE SECTOR
Maire Tecnimont’s Relative Performance, 6/20/14 – 9/25/18
Maire Tecnimont BEUOILS Index WTI Future
220
170
120
70
20 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-188 Source: Bloomberg. BEUOILS Index Components: Subsea 7, Saipem, Petrofac, John Wood Group, SBM, Amec FW, TGS
Correlation Coefficient MT – BEUOILS = — 0.20 MT – WTI Future = — 0.01 BEUOILS – WTI Future= + 0.91 MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 Our Stock is Not Correlated to the Oil Price 17 GROUP RESPONSIVENESS TO MARKET DISCONTINUITY
•Dedicated revamping engineering initiatives
•New way of originating business through early REVAMPING involvement in •Siluria Technologies investment initiatives •H2S cracking PROJECT TECHNOLOGY & DEVELOPMENT •Technologies adjacent to SERVICES urea •New Clean Coal CORE Technologies BUSINESS EXECUTION •South-East Asia NEW •Reinforcing competencies to INTEGRATED •West Africa GEOGRAPHIES tackle increasing scale and PROJECTS •Americas complexity of plants
RENEWABLES & GREEN CHEMISTRY
•Wind, Solar, Biomass •Bi-on
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 •Bio-chemicals 18 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions MAIN PETROCHEMICAL PROJECTS
HDPE PLANT, SUMGAYIT (AZERBAIJAN) PP PLANT, SUMGAYIT (AZERBAIJAN) CLIENT: SOCAR Polymer CLIENT: SOCAR Polymer CONTRACT TYPE: EPC - PP, HDPE €350m CONTRACT TYPE: EPC - PP, HDPE €180m
PDH PLANT, TOBOLSK (WESTERN SIBERIA) CLIENT: Tobolsk Polymer LLC LDPE PLANT, BRATISLAVA (SLOVAK REPUBLIC) CLIENT: Slovnaft Petrochemicals s.r.o. CONTRACT TYPE: EPC €660m CONTRACT TYPE: EPC €204m
LLDPE-HDPE-PP PLANTS, SOHAR (OMAN) CLIENT: ORPIC LDPE PLANT, VERACRUZ (MEXICO) CONTRACT TYPE: EPC US$895m CLIENT: Etileno XXI Services BV CONTRACT TYPE: EP US$191m LLDPE-HDPE-PP PLANTS, Batangas (PHILIPPINES) CLIENT: JGSPC CONTRACT TYPE: EPC US$180m (MET 65%)
LLDPE-HDPE-PP PLANTS, DAHEJ (GUJARAT, INDIA) CLIENT: OPAL POLYOLEFINS COMPLEX, RABIGH (SAUDI ARABIA) CONTRACT TYPE: EPC US$440m CLIENT: Petro Rabigh CONTRACT TYPE: EPC €1.2bn
POLYOLEFINS UNITS (RAPID), PENGERANG (MALAYSIA) LDPE PLANT, SADARA (SAUDI ARABIA) CLIENT: PRPC Polymers Sdn Bhd (PETRONAS) CLIENT: Sadara Chemical Company CONTRACT TYPE: EPCC €328m CONTRACT TYPE: EPC €280m HDPE UNIT (RAPID), PENGERANG (MALAYSIA) PDH/POLYPROPYLENE PLANT, AL JUBAIL (SAUDI ARABIA) CLIENT: PRPC Polymers Sdn Bhd (PETRONAS) CLIENT: Al Waha CONTRACT TYPE: EPCC €482m CONTRACT TYPE: EPC €580m POLYOLEFINS COMPLEX, RUWAIS (UAE) BOROUGE 1 - BOROUGE 2 – BOROUGE 3 PE/NAO PLANTS, MESAIEED (QATAR) CLIENT: Borouge CLIENT: Qatar Chemical Company II CONTRACT TYPE: (1) US$445m, (2) US$1.8bn, (3) EPC CONTRACT TYPE: EPC US$830m US$1.7bn
20 MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 UNDER REALIZATION PROJECT COMPLETED PROJECT MAIN OIL & GAS PROJECTS
REFINERY MODERNIZATION, HEYDAR ALIYEV, BAKU (AZERBAIJAN) DELAYED COKER COMPLEX PROJECT AND HYDROWAX CLIENT: SOCAR VACUUM DISTILLATION, GDANSK (POLAND) SULPHUR COMPLEX GDANSK CONTRACT TYPE: EPC US$800m CLIENT: Lotos Asfalt SP. ZO.O (POLAND) CONTRACT TYPE: EPC €304m CLIENT: Grupa Lotos SA CONTRACT TYPE: EPC €111m DCU, OMSK REFINERY (RUSSIAN FEDERATION) COMBINED OIL REFINING UNIT (CORU) MOSCOW CLIENT: JSC Gazprom Neft REFINERY (RUSSIAN FEDERATION) CONTRACT TYPE: EPC US$215m OIL & GAS TREATMENT PLANT, LUBIATOW CLIENT: JSC Gazprom Neft Moscow Refinery CONTRACT TYPE: EPC €480m (POLAND) CLIENT: Polish Oil & Gas Company CONTRACT TYPE: EP €91m
REFINERY OFF GAS(ROG) PROJECT, ANTWERP AMURSKI GAS PROCESSING PLANT(RUSSIAN (BELGIUM) FEDERATION) CLIENT: Total Olefins Antwerp CLIENT: NIPIgaspererabotka CONTRACT TYPE: EPC €193m CONTRACT TYPE: EPC €3.9bn LNG TERMINAL OIL AND GAS TREATMENT "TEMPA ROSSA“ CHENTOUJIA, GUANGDONG CORLETO PERTICARA (ITALY) (CHINA) CLIENT: Total E &P Italia S.p.A. CLIENT: Guadong LNG JEO CONTRACT TYPE: EPC €505m CONTRACT TYPE: EPC €280m NEW REFINING UNITS, BAKU (AZERBAIJAN) CLIENT: SOCAR Heydar Aliyev Baku Oil Refinery AROMATICS COMPLEX SHUAIBA (KUWAIT) CONTRACT TYPE: EPC - US$800m CLIENT: Kuwait Paraxylene Production Company (KPPC) CONTRACT TYPE: EPC US$1.2bn IGD EXPANSION PROJECT (IGD-E1), GAS TREATMENT AND MARINE WORKS, DAS ISLAND (UAE) CLIENT: ADGAS (ADNOC Group) WAFA GAS PLANTS PROJECT CONTRACT TYPE: EPC US$490m MELLITAH & GADAMES BASIN (LIBYA) CLIENT: Agip Gas BV OIL GATHERING, TREATMENT, EXPORT CONTRACT TYPE: EPC €1.2bn AL DABBI’YA PHASE III, ABU DHABI (UAE) SULPHUR RECOVERY CLIENT: ADCO UNITS, MOSTOROD CONTRACT TYPE: EPC US$2.3bn (EGYPT) CLEAN FUEL PROJECT CLIENT: Egyptian RABIGH, (SAUDI ARABIA) INTEGRATED GAS DEVELOPMENT – HABSHAN 5 Refinery Company CLIENT: Petro Rabigh (ABU DHABI – UAE) CONTRACT TYPE: EP CONTRACT TYPE: EPC €148m CLIENT: GASCO €97m CONTRACT TYPE: EPC US$4.7bn 21 MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 UNDER REALIZATION PROJECT COMPLETED PROJECT MAIN FERTILIZERS PROJECTS
AMMONIA PLANT, KINGISEPP (RUSSIAN FEDERATION) CLIENT: EuroChem Mineral and Chemical YARA, SLUISKIL (THE NETHERLANDS) Company CLIENT: Yara International ASA CONTRACT TYPE: EPC €660m CONTRACT TYPE: EPC €125m
AMMONIA/UREA PLANT NEVINNOMYSSK IOWA FERTILIZER COMPANY, WEVER, IOWA (RUSSIAN FEDERATION) (USA) CLIENT: EuroChem Mineral and Chemical CLIENT: Orascom Construction Industries Company CONTRACT TYPE: EP €250m CONTRACT TYPE: E
AMMONIA DEBOTTLENECKING, Annaba, Arzew (ALGERIA) CLIENT: Fertial CONTRACT TYPE: E AMMONIA PLANT NANGAL PUNJAB (INDIA) CLIENT: National Fertilizers Ltd. CONTRACT TYPE: EPC US$240m
FERTILIZERS COMPLEX , ASWAN (EGYPT) CLIENT: KIMA CONTRACT TYPE: EPC US$540m UREA DEBOTTLENECKING & GRANULATION PLANT SHUAIBA (KUWAIT) CLIENT: P.I.C. FERTILIZER COMPLEX PROJECT CONTRACT TYPE: EPC US$100m AL-JUBAIL (KINGDOM OF SAUDI ARABIA) CLIENT: SAFCO CONTRACT TYPE: EPC US$350m
22 MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 UNDER REALIZATION PROJECT COMPLETED PROJECT 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
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 23 ORDER INTAKE
€ billion
Average = 3.0
4.3
3.2 2.8 1.8 1.5
FY 2014 FY 2015 FY 2016 FY 2017 H1 2018
Strong Order Intake Driven by Tech Leadership and Favorable Industry Dynamics MAIRE TECNIMONT – TECNIMONT MAIRE RESULTS FINANCIAL 2017 9M
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 24 BACKLOG
Backlog by Business Unit (€m, 31/12/17-30/6/18) Backlog by Geography (June 2018)
7,229 6,904 365 Africa Others 335 9% 1%
Asia 18% 6,864 6,569 61% 11% Europe Middle East
31/12/17 30/6/18
TE&C& Infrastructure
MAIRE TECNIMONT – TECNIMONT MAIRE RESULTS FINANCIAL 2018 Q1 Solid and Diversified Backlog
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 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
* Relative scale. 30 June 2014 = 100
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 26 BACKLOG ANALYSIS – TE &C BUSINESS UNIT
Backlog by Type (€m, 31/12/17-30/6/18) Book to Bill Ratio* (31/12/17-30/6/18)
6,864 6,569
6,235 5,799 2.0 1.9
505 616 124 154 31/12/17 30/6/18 31/12/17 30/6/18 E EP EPC
Good mix between E, EP, and EPC Excellent cover for future revenues *Defined as the ratio between Backlog and LTM Revenues *Defined as the ratio between Backlog and LTM Revenues MAIRE TECNIMONT – TECNIMONT MAIRE RESULTS FINANCIAL 2018 Q1
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 27 OUTLOOK ON COMMERCIAL ACTIVITY (TE &C)
Commercial Activity (€bn, Dec ’17-Jun ‘18)
39.5 39.9 40.0
9.3 9.5 9.3
7.2 7.5 9.5
23.0 22.9 21.2
Dec '17 Mar '18 Jun '18
Prospect, Prequalification & Pre-Tendering Tendering Tendered
Our Pipeline is the Highest Ever MAIRE TECNIMONT – TECNIMONT MAIRE RESULTS FINANCIAL 2018 Q1
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 28 COMMERCIAL ACTIVITY’S GEOGRAPHICAL BREAKDOWN (TE&C)*
C.I.S. FERTILIZER €7.2bn POLYOLEFIN GAS TREATMENT Europe REFINERY POLYOLEFIN €3.1bn REFINERY
North and Central America € 2.5bn POLYOLEFIN
Middle East FERTILIZER €8.2bn POLYOLEFIN GAS TREATMENT REFINERY
South America GAS TREATMENT €2.2bn POLYOLEFIN Africa FERTILIZER Asia €8.6bn POLYOLEFIN FERTILIZER GAS TREATMENT €8.2bn POLYOLEFIN REFINERY GAS TREATMENT
New Contracts Expected, Driven by Significant Commercial Efforts
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 29 *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 H1 2018 • Revenues’ • Growth in revenues driven Revenues 2,435.4 3,524.3 1,830.6 by execution of record- level backlog EBITDA 160.0 193.5 100.3 EBITDA % 6.6% 5.5% 5.5% • Steady growth in EBITDA and Net Income EBIT 152.6 183.5 96.0 Net Income 85.3 126.6 59.9 • EBITDA marginality reflects changing backlog mix
BALANCE SHEET €m as of Dec 16 Dec 17 Jun 18
• Strong growth in Net Invested Capital (Asset) (227.5) (175.8) (210.9) Shareholders’ equity Net Cash/(Net Debt) (42.8) 108.0 81.0 driven by positive results
Total Shareholders' Equity 184.7 283.8 291.9 • Net cash position as a Group Shareholders' Equity 169.6 262.0 265.0 result of strong cash flow generation
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 31 NET CASH POSITION
Cash Flow Bridge (€m, Dec. 2017 – June 2018*)
22.8 79.6 36.6 10.2 4.1 3.0 2.9
108.0 108.0
Net Cash Bond Treasury Shares Operating Cash Forex Net Financial Taxes Capex Net Cash Dec 2017 Conversion Flows Charges Mar 2018
14.8 4.4 2.5 3.6 42.1 42.5 2.1 108.0 81.0
Net Cash Dividends Treasury Shares Operating Cash Forex Net Financial Taxes Capex Net Cash Mar 2018 Flows Charges Jun 2018* MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 MAIRETECNIMONT– RESULTS FINANCIAL 2018 H1 32 * Excluding €21.6 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
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 33 CONVERTIBLE BOND CONVERSION (MARCH 2018) €80 million
Converted in
38.1 million Shares
New Shares Treasury Shares 23.1m 15.0m
• Capital Increase: €48.5m • New Total No. of Shares: • Anti-Dilutive Effect :~ 5% 328,640,432
• Short interest decrease of about 9% as bondholders closed hedges Positive Anti-Dilutive Effect MAIRE TECNIMONT – TECNIMONT MAIRE RESULTS FY2017FINANCIAL
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 34 SUMMARY
1. Group Overview 2. Strategy and Competitive Positioning 3. Operations and Commercial Activity 4. Financial Data 5. Conclusions CONCLUSIONS
• Leading worldwide 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
MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018 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 MAIREOVERVIEWTECNIMONTGROUP– OCTOBER2018