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Maire Tecnimont Group Half-Year Report at June 30, 2020

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Maire Tecnimont Group Half-Year Report at June 30, 2020 Half-Year Report at June 30, 2020 1 Maire Tecnimont Group Contents 1. Key events in the period 7 2. Group operating performance 13 3. Performance by Business Unit 15 4. Backlog by Business Unit and Region 20 5. Group balance sheet and financial position 36 6. Human Resources 44 7. Training, Incentives, Organization and Security 48 8. Industrial Relations 51 9. IT Systems and General Services 52 10. Health, safety and environment 53 11. Innovation and Research & Development 55 12. Risks and uncertainties 57 13. Financial risk management 61 14. Disputes 65 15. Treasury shares and shares of the parent company 74 16. Subsequent events 74 17. Outlook 76 Consolidated Financial Statements and Notes 77 18. Financial Statements 78 18.1. Consolidated Income Statement 78 18.2. Consolidated Statement of Comprehensive Income 79 18.3. Consolidated Statement of Financial Position 80 19. Consolidated Statement of changes in Equity 82 20. Consolidated Statement of Cash Flow (indirect method) 83 21. Notes at June 30, 2020 84 22. Notes to the income statement 92 2 22.1. Revenues 92 22.2. Other operating revenues 93 22.3. Business segment information 94 22.4. Raw materials and consumables 96 22.5. Service costs 97 22.6. Personnel expense 98 22.7. Other operating costs 101 22.8. Amortization, depreciation & write-downs 101 22.9. Doubtful debt provision and risk provisions 103 22.10. Financial income 103 22.11. Financial expenses 104 22.12. Investment income/(expenses) 105 22.13. Income taxes 106 22.14. Earnings per share 107 23. Notes to the Balance Sheet 108 3 Maire Tecnimont Group 23.1. Property, plant and equipment 108 23.2. Goodwill 108 23.3. Other intangible assets 112 23.4. Right-of-use - Leasing 113 23.5. Investments in associates and Joint Ventures 114 23.6. Financial instruments - Non-current Derivatives 115 23.7. Other non-current financial assets 115 23.8. Other non-current assets 118 23.9. Deferred tax assets and liabilities 119 23.10. Inventories and Advances to Suppliers 120 23.11. Contractual Assets 120 23.12. Trade receivables 121 23.13. Current tax assets 123 23.14. Financial instruments - Derivatives 124 23.15. Other current financial assets 124 23.16. Other current assets 125 23.17. Cash and cash equivalents 126 23.18. Non-current assets classified as held-for-sale 127 23.19. Shareholders’ Equity 128 23.20. Financial payables - non-current portion 130 23.21. Provisions for charges - beyond 12 months 131 23.22. Post-employment & other employee benefits 132 23.23. Other non-current liabilities 133 23.24. Financial instruments - Derivatives - Non-current 133 23.25. Other non-current financial liabilities 134 23.26. Financial liabilities - Leasing 135 23.27. Short-term financial payables 136 23.28. Provisions for charges - within 12 months 139 23.29. Tax payables 139 23.30. Financial instruments - Derivatives 140 23.31. Other current financial liabilities 141 23.32. Client advance payments 141 23.33. Contractual Liabilities 141 23.34. Trade payables 142 23.35. Other current liabilities 143 24. Commitments and contingent liabilities 144 25. Related party transactions 145 26. Financial risks 146 4 27. Positions or transactions arising from atypical and/or unusual operations 158 28. Significant non-recurring events and operations 158 29. Subsequent events 158 30. Statement as per Article 154-bis, paragraph 5 of Legislative Decree No. 58/98 and subsequent amendments and supplements 159 31. Independent Auditors’ Report on the Condensed Consolidated Half-Year Financial Statements 160 5 Maire Tecnimont Group Directors’ Report 6 Directors’ Report 1. Key events in the period The explosion of the emergency triggered by the Covid-19 pandemic has presented major business and financial challenges. The general level of uncertainty and consequent dramatic and widespread drop in demand for services has driven many of the sector’s leading players to considerably review their future investment plans. In response to the threat from the ongoing pandemic, the Maire Tecnimont Group - ahead of the safety standards put in place by the various countries in which it operates - introduced the protection measures needed to: a) Ensure adequate levels of safety for its own personnel and that of its customers, suppliers and subcontractors at the various production sites; b) Allow, in compliance with the legal provisions of the various host countries, the operational continuity while minimizing the impact on ongoing projects; c) Continue dialogue with customers in order to pursue the award of those projects that, in view of the financial and strategic assessments of the customers, are expected to be carried out despite the current situation. The Group - for whom the health and safety of its employees is its top priority - as its first action responded promptly to the emergency by introducing measures to manage and contain the pandemic’s development. Once all health protection initiatives were introduced, operations were reorganized as quickly as possible so as to minimize the impacts from the restrictions. Despite the difficulties globally, the flexible organizational model, the digitalization of processes and the advanced collaboration with partners and clients mitigated the impacts on operations and also permitted the continuation of commercial activities, permitting the acquisition of new contracts worth Euro 1.8 billion, also thanks to the company’s capacity to work remotely. All support activities, in fact, have continued without interruption, thanks to a proven remote working system that has facilitated the meeting of all business needs without interruption. The Group in previous years launched the “Digital Advantage” programme which brought about the gradual complete digitalization of processes and facilitated advanced collaboration between employees and partners, independently of their physical work location. Maire Tecnimont was among the first enterprises in its sector to adopt the leading ICT technologies which facilitate the full cloud and the virtualization of the Group’s infrastructure, in order to remotely operate not only design and operating activities - BIM, complete 3D modelling and AWP solutions to optimize engineering and construction - but also administration, finance and control, procurement and human resource management. This transformation project has allowed Maire Tecnimont to deal with the situation in the first half of 2020 in a flexible manner. Thanks to consolidated experience at the Group's Milan offices in the "smartworking" area and to the IT infrastructure already introduced to support the relative programme, the Group has extended the possibility of working remotely to all employees at the various locations around the world. This has made it possible to minimize the impact from the lockdown periods during the half-year. During the period, therefore approx. 5,000 staff across the world belonging to the engineering centers of Milan, Rome, Mumbai (India), Moscow (Russia), Sittard (Netherlands), Braunschweig (Germany) and Houston (USA) continued to work from home, coordinating with the multi-location project teams. This has been possible thanks to an operating strategy which develops remote working and the virtualization of the main processes (through the “Digital Advantage Smart Platform”), following on from the investment in cloud computing and hardware and software suites over recent years. 7 Directors’ Report The awarding of new orders in the first half of 2020 also confirmed that the Group is operating smoothly, thanks to the commitment of each member of the organization and the benefit from the rapid adoption of the “Digital Advantage Smart Platform”. Maire Tecnimont in the period launched through a two-day workshop, which brought together twenty worksites in 8 time zones in which the Group operates - from North America to South-East Asia, through Europe, Africa, the Middle East and Russia, whereby approx. 33,500 individuals were mobilized, between Maire Tecnimont construction teams and direct and indirect workers - the message of resilience as a key factor to overcome and win the current fight. This element is now more than ever necessary to maintain high levels of production and operating efficiency, in full compliance with the Health Security and Environmental (HSE) regulations to deal with the COVID-19 emergency. Following these measures, gradually introduced by the governments of the countries impacted by the pandemic to an increasingly stringent degree, by the month of March the consequences began to emerge on operating processes caused by the limitation on the mobility of personnel involved in projects and the impacts on the supply chain due to the interruption of material production and components by the producing companies. Activities on the main projects underway during the months continued to be impacted by the pandemic, while the stringent provisions to prevent the spread of the pandemic have also sometimes led, in addition to the previously cited slowdowns in operations, in limited cases, to the closure of operating sites with knock-on effects on production volumes, invoicing and consequently also on operating cash flows. Also in this regard, the effects of the pandemic caused a number of clients to defer scheduled payments and also the approval process of works, due to the impossibility to operate normally remotely, also with regards to certain settlement activities under negotiation. The Board of Directors of Maire Tecnimont S.p.A., meeting on April 14, taking account of the global picture emerging from the developing COVID-19 emergency and the regulatory provisions issued as a consequence, including Law Decree No. 23 of April 8, 2020, in force from April 9, 2020, prudently decided to suspend the distribution of 2019 dividends, proposing to the Shareholders’ Meeting to carry forward the net profit for 2019, and to withdraw the proposal to authorize the purchase and disposal of treasury shares, reserving the right to reassess the future distribution of reserves and the purchase and disposal of treasury shares by the end of the 2020 financial year.
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