• Improved Results vs. Q1 2014: EBITDA €33.5 MN (+28.3%), Net Income €17.1 MN (+79,6%)

  • Net Financial Debt reduced

Milan, 7 May 2015 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the 3-month 2015 Consolidated Results.


Following the introduction of the IFRS10 and IFRS11 accounting principles, the rules for consolidating Maire Tecnimont Group’s equity shareholdings have been redefined. In particular, IFRS11 requires that investments in a Joint Venture are accounted for using the Net Equity method with effect from January 1, 2014; previously these shareholdings were consolidated using the proportional method. The Group's financial and economic 2014 data are presented according to the new consolidation rules, while data pertaining to previous periods have been restated for comparison purposes.

* The term “Business Profit” means the industrial margin before the allocation of general and administrative costs and research and development expenses.

** Restated following the introduction of IFRS11 accounting principle.

All comparisons are 3M 2015 versus 3M 2014, unless otherwise specified.

Consolidated Financial Results as at 31 March 2015

Maire Tecnimont Group’s revenues were €347 million, down -0.9%. This change is mainly due to the contraction in volumes of the Infrastructure & Civil Engineering BU, in line with the Group’s refocus on the core business. Net of such effect, revenues would have recorded an increase of €11,1 million.

Business Profit was €53.6 million, up 18.7%.

The Business Margin was 15.5%, up 2.6pp. Such relevant increases in margins are due to the evolution of the Technology, Engineering & Construction BU projects, which are characterized by a different mix of contracts currently in execution as at 31 March 2015 vs previous periods. Such mix, in fact, comprises both several EPC projects next to completion – which are not yet fully replaced by the production of recently awarded projects – and a significant contribution from engineering services and procurement contracts with higher margins but lower volumes.

G&A costs were €18.3 million, down €0.2 million thanks to the ongoing optimization program of the overheads.

EBITDA was €33.5 million (9.7% of revenues), up 28.3%, as a result of what already commented for the Business Profit.

Amortisation, depreciation, impairment and provisions were €1.4 million, substantially in line vs. 31 March 2014.

EBIT was €31.9 million, up 31.2%.

Net financial income was negative for €7.4 million, showing an improvement of €2.5 million, mainly due to the reduction of the bank indebtedness.

Pre-tax income was positive for €24.5 million and tax provisions were €7.5 million. The effective tax rate is approximately 30.6%, improving vs. 31 March 2014.

Net Income was €17.1 million, up 79.6%.

The Net Financial Position (“NFP”), i.e. net financial debt, was €329.8 million, showing an improvement compared to €365.0 million as at 31 December 2014. This item was negatively affected by the fair value measurement of derivatives hedging instruments, the impact being approximately €30 million. Net of such variation, the NFP would have been equal to about €300 million.

Consolidated Shareholders’ Equity was positive for €92.8 million, slightly down €945 thousand vs. 31 December 2014. The variation is mainly due to the period result, which is negatively affected by changes in the reserve for Cash Flow Hedges of derivatives hedging instruments.

Performance by Business Unit

Technology, Engineering & Construction

Revenues were €322.5 million, up 3.6%, thanks to the progress made on projects in backlog. Business Profit was €53.9 million, up 26.1%, leading to a Business Margin of 16.7% (up 3 pp). EBITDA was €35.3 million (10.9% of revenues), up 35.2%.

Infrastructure & Civil Engineering

Revenues were €24.5 million, down 37%. This change is mainly due to the fact that some projects are next to completion. Business Profit was minus €0.3 million, vs €2.4 million. Business Margin was negative and equal to minus 1.3%. EBITDA was minus €1.8 million vs. a slight positive result equal to €39 thousand.

Order Intake and Backlog

During 3M 2015, the Group’s commercial activity generated new awards worth €255.2 million, versus €600.3 million. In particular, new awards include the important EPC Project for the client ABU DHABI GAS LIQUEFACTION COMPANY LTD. (ADGAS), relating to the execution of Package 1 IGD Expansion Project, in Abu Dhabi, UAE. Overall project value is approximately USD490 million, out of which USD225 million (46% of total value) related to the Maire Tecnimont Group.

As at 31 March 2015, the backlog was €5,262.4 million, significantly up (+41.3%) thanks to the renewed commercial effort carried out by the Group during the last quarters.

Subsequent Events

On 7 April 2015, Maire Tecnimont announced that it reached an agreement with SOCAR POLYMER for the award relating to the realization of a polypropylene plant and relevant utilities and off sites facilities on a EPC Lump Sum basis in Sumgayit, Azerbaijan. Overall project value is about €350 million.

On 10 April 2015, Maire Tecnimont, EuroChem Group AG and SACE signed a Memorandum of Understanding in relation to the construction of five ammonia-urea plants to be commissioned in Russia, the United States and Kazakhstan over the next 10 years.

Lastly, on 28 April 2015 Maire Tecnimont successfully finalized a transaction aimed at the reduction and optimization of the bank debt, which led to a decrease of approximately €55 million of the existing indebtedness, as well as a reduction of the financial charges beyond 250bp per annum and an extension of the average tenor of the refinanced amount.

The table below shows the impact on Maire Tecnimont Group’s Net Financial Position as at 31 March 2015, simulating the completion of the financial reorganization finalized on 28 April 2015:

After the end of the first quarter, the preliminary agreeements relating to the sale of 70% of the share capital of Biolevano Srl were signed. Closing is subject to non-recourse project financing, which is currently under the approval process among the domestic banks involved in this transaction.


In light of the positive results and acquisitions of the year, positive margins for 2015 are expected to be maintained. This objective will continue to be driven by the high technologycal activities carried out in line with the Group’s strategic guidelines.

Specifically, the Group expects new awards in the core business, as confirmation of the industrial repositioning which has already generated new orders in the 2014 and in the first months of 2015.

In the Licensing area, the business is expected to grow, which will lead to registration applications for several new patents throughout the year, and in parallel a broad marketing of proprietary technologies.

The Group also continues to pursue a cost reduction policy in line with the positive results already achieved in the last years.

In addition, the Maire Tecnimont Group expects that the closing of the sale of BiOlevano will materialize in the short run, as will the valorization, through a market operation for institutional investors, of a minority stake of the subsidiary Stamicarbon.


The following information is provided, as required by Consob:

Net Financial Position of the Maire Tecnimont Group and Maire Tecnimont S.p.A.

The table below shows Maire Tecnimont Group’s Net Financial Position:

The Net Financial Position at 31 December 2014 was negative for €329.8 million, showing a decrease of €35.2 million compared to 31 December 2014 (when it stood at negative €365 million). Such a change has been impacted by a positive dynamic of the working capital that has had a positive impact on the projects’ operating cash flow while gross debt has increased mainly due to the negative mark to market of the derivative instruments related to the foreign exchange exposure of our projects.

The impact on Maire Tecnimont Group’s Net Financial Position as at 31 March 2015 – simulating the completion of the financial reorganization finalized on 28 April 2015 – are extensively described in the “Subsequent Events” paragraph.

With regard to the individual financial statements of the Parent Company Maire Tecnimont S.p.A., the Net Financial Position of the Company is shown in the next table:

Group overdue payables

In the first quarter of 2015, payment reminders were received as

part of ordinary administrative management. As at 31 March 2015 there are no overdue financial payables to report. As at 31 March 2015, there were no overdue tax and social security positions.

Transactions with related parties

With reference to the disclosure on related parties, it is reported that all related party transactions have been conducted based on market conditions. At 31 March 2015, the breakdown of the Company’s receivables/payables (including financial and any advances) and cost/revenue transactions with related parties, is shown in the tables below. The tables also show the equity positions resulting from transactions that took place last year and are still being defined:


Conference call by audio webcast

A conference call by audio webcast will be hosted by the top management today at 6pm CET (5pm GMT, 1 pm EDT).

This conference call can be followed through the webcast on www.mairetecnimont.com by clicking on the “3M 2015 Results” banner in the Home Page of the website, or through the following URL:


As an alternative to the webcast, it will be possible to participate in the conference call by dialling one of the following numbers:

Italy: +39 02 8020911
UK: +44 1 212818004
USA: +1 718 7058796

The presentation given by the top management is available at the start of the conference call and webcast in the “Investors/Presentations” section of the Maire Tecnimont’s website www.mairetecnimont.com


The presentation will be also available to the authorized storage 1info (www.1info.it)


In his capacity as manager responsible for preparing corporate accounting documents, Dario Michelangeli hereby declares - in accordance with paragraph 2 of Art. 154-bis of Italian Legislative Decree no. 58/1998 (the “Consolidated Law on Finance”) - that the accounting information given in this press release coincides with the documented results, books and accounting entries.

The Draft Statutory and the Group’s Consolidated Financial Statements as at 31 December 2014 will be published within the legal terms at the Company’s offices and with Borsa Italiana, as well as in the Investors/Financial Statements section of the website www.mairetecnimont.com.

This press release, and in particular the section entitled “Outlook” contains forecasts. These declarations are based on current estimates and forecasts for the Group in relation to future events; by nature, these entail a certain amount of risk and uncertainty. For various reasons, the actual results may differ significantly from those contained in such declarations; such reasons include continued volatility or a further worsening of the capital and financial markets, changes in the prices of commodities, changes in macroeconomic conditions and economic growth and other changes in business conditions, in addition to other factors, the majority of which are beyond the Group’s control.

Maire Tecnimont S.p.A.

Maire Tecnimont S.p.A. is a company listed with the Milan stock exchange. It heads an industrial group (the Maire Tecnimont Group) that leads the international Engineering & Construction (E&C), Technology & Licensing and Energy Business Development & Ventures markets, with specific competences in plants, particularly in the hydrocarbons segment (Oil & Gas, Petrochemicals and Fertilisers), as well as in Power Generation and Infrastructures. The Maire Tecnimont Group operates in approximately 30 different countries, numbering around 45 operative companies and a workforce of about 4,300 employees, of whom over half work abroad. For more information: www.mairetecnimont.com.

Public Affairs and Communication

Carlo Nicolais                                        public.affairs@mairetecnimont.it

Media Relations

Image Building

Simona Raffaelli, Alfredo Mele,

Anna Lisa Margheriti

Tel. +39 02 89011300


Investor Relations

Riccardo Guglielmetti

Tel. +39 02 6313-7823


Click here to download tables of the Consolidated Income Statement, Balance Sheet and Cash Flow Statement