Milan, 7 November 2017 - Maire Tecnimont S.p.A.’s Board of Directors has reviewed and approved the Interim Financial Report as at 30 September 2017, which reports a Consolidated Net Income of €98.4 million (+73.6%).




Consolidated Financial Results as at 30 September 2017

Maire Tecnimont Group Revenues were €2,588.4 million, up 52.1%. This increase relates to the progress of projects in the backlog, mainly EPCs, that became fully operational, while in the same period of 2016 they were at their initial stage.


Business Profit was €197.0 million, up 15.9%. The Business Margin was 7.6% versus 10.0%. The change in marginality is related to the progress of the projects in the Technology, Engineering & Construction BU reflecting a different mix of projects under execution as at 30 September 2017, compared to the same period last year.  The current mix includes several EPC projects, while at 30 September 2016, there was a higher contribution from engineering, procurement and licensing projects, which carry higher margins and lower volumes.


G&A costs were €49.6 million, down approx. €3.4 million, thanks to the continuous efficiency improvement. These costs also account for a considerably reduced amount of consolidated revenues (3.1% in 9M 2016 compared to 1.9% for 9M 2017).


EBITDA was €143.3 million, up 27.0%. The margin was 5.5%, compared to 6.6%, as stated above.


Amortization, depreciation, write-downs and provisions were €6.6 million, up €2.1 million, following the amortization of new assets related to the Group’s activity and the provisions on receivables for risks related to real estate initiatives.


EBIT was €136.7 million, up 26.2%.


Net financial income amounted to €15.3 million, improving by €34.6 million, mainly due to the net valuation of derivatives.


Pre-tax income was €152.0 million, up 70.9%. Estimated taxes of €53.6 million have been provisioned.


The effective tax rate was approx. 35.3%, in line when compared to the average tax rate reported for the preceding quarters, based on the various jurisdictions in which operations are carried out, and down when compared to 9M 2016.


Consolidated Net Income was €98.4 million, up 73.6%.


The Net Cash was €16.6 million, with an improvement of €59.4 million on December 31, 2016. The improvement is mainly due to a positive change in cash flows, including forex movements, of €89.3 million, a net financial income of €15.1 million, and considering €9.8 million of capex, and €35.2 million of dividends payment and treasury shares purchases.


Consolidated Shareholders’ Equity was €298.8 million, up €114.1 million on December 31, 2016, thanks to the income for the period, and to the positive change in the Cash Flow Hedge reserve generated by hedging derivatives.


Performance by Business Unit

Technology, Engineering & Construction BU

Revenues were €2,495.2 million, up 52.8%, thanks to the development of the projects in the backlog, especially the most recent ones. The Business Profit was €192.8 million, up 14.7%, leading to a Business Margin of 7.7% (vs. 10.3%), due to the same reasons outlined above. EBITDA was €143.3 million (5.7% margin), up 24.5%.


Infrastructure & Civil Engineering BU

Revenues were €93.2 million, up 34.7%, following the progress of projects acquired last year, including in large-scale renewables.


Business Profit was €4.2 million, up €2.4 million. The Business Margin was 4.5%. An EBITDA of €52 thousand is reported, improving by €2.3 million. It reflects the positive results of the commercial and organizational efforts aimed at implementing the new refocusing business strategy, also in large-scale renewable plants.


Order Intake and Backlog

Thanks to the new orders generated during the 9M 2017, the Group’s Backlog at September 30, 2017 was €7,632.7 million, up €1,116.2 million on December 31, 2016.


Subsequent Events

On October 3rd, Stamicarbon acquired a 20% stake of the US based company Pursell Agri-Tech to develop the fertilizer coating business.




The significant existing backlog is expected to lead, in the last quarter, to a higher level of activities needed for the execution of EPC projects, with volumes in line with those of the third quarter and a marginality in line with this type of contracts.


Furthermore, the efforts to reduce the incidence of G&A expenses on the Group’s revenues will continue through an improvement of the organization’s efficiency.


The cash flows coming from the projects in the backlog, also taking into consideration the recent important order intakes, are expected to lead to a further improvement of the financial performance.


Despite the challenging market environment, we expect to keep a high level of backlog, thanks to our well-recognized technological expertise, which is continuously being developed and extended, to the recent acquisitions, as well as to a flexible business model that allows the Group to anticipate the market’s needs and changes.


These factors have led to a significant commercial pipeline that is expected to generate new contracts in the upcoming quarters.






The following information is provided upon a request by CONSOB:


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

The Maire Tecnimont Group Net Financial Position is presented below:



Related party transactions

With reference to report on related party transactions, it is stated that all transactions with related party are settled at market conditions. All related party transactions have been conducted at market conditions. The Company’s receivables/payables (including financial) and cost/revenue transactions with related parties at 30 September 2017 are presented in the tables below. The tables also show the equity positions resulting from transactions in the preceding year and those in progress:














































Webcast Conference Call


The 9M 2017 financial results will be outlined today at 5:30pm CET during an audio-webcast conference call held by the top management.

The conference call may be followed as a webcast by connecting to the website ( and clicking on the “9M 2017 Financial Results” banner on the Home Page or through the following url:


Alternatively, you may participate in the conference call by calling one of the following numbers:


Italy: +39 02 805-8811

UK: +44 121 281-8003

USA: +1 718 705-8794


The presentation given by the top management will be available from the beginning of the conference call in the “Investors/Presentations” section of Maire Tecnimont’s website


The presentation shall also be made available on the 1info storage mechanism (



Dario Michelangeli, as Executive for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 (“Consolidated Finance Act”) - that the accounting information included in this press release corresponds to the underlying accounting records.

The Interim Financial Report as at 30 September 2017 is available to the public at the registered office in Rome, at the operative office in Milan, at Borsa Italiana S.p.A., on the Company website  at Investors/Documents & Presentations section (, and on the authorized storage device “1info” (

This press release, and in particular the “Outlook” section contains forecasts. The declarations are based on current estimates and projections of the Group concerning future events and, by their nature, are subject to risk and uncertainty. Actual results may differ significantly than the estimates made in such declarations due to a wide range of factors, including the continued volatility and further decline of the capital and finance markets, raw material price changes, altered economic conditions and growth trends and other changes in business conditions, in addition to other factors, the majority of which outside the control of the Group.


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 5,400 employees, along with approximately 3,000 additional Electrical & Instrumentation professionals. For more information:


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The Consolidated Income Statement, Balance Sheet and Cash Flow Statement are presented below.

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