Milan, 8 November 2016 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the Interim Financial Report as at 30 September 2016, which shows a Consolidated Net Income of €56.7 million (+ 69.1%).






All comparisons are first 9M 2016 versus 9M 2015, unless otherwise specified.

Consolidated Financial Results as at 30 September 2016

Maire Tecnimont Group’s Revenues were €1,702.2 million, up 52.3%. Such an increase reflects the evolution of the projects in the backlog and is mainly driven by the advancement of the recently awarded projects, while, in the previous period, the main projects were at a very advanced stage and were not yet compensated by the new acquisitions.


Business Profit was 169.9 million, up 14.3%. The Business Margin was 10.0%, versus 13.3%. The difference in marginality reflects the evolution of the projects in the Technology, Engineering & Construction BU, with a different mix of contracts in execution as at 30 September 2016 versus the same period of last year. The current mix includes various EPC projects, while in the 9 Months of 2015 a more significant contribution came from Engineering and Procurement projects, which carry a higher marginality and lower volumes, as well as from projects in the final stage.


G&A costs were €53.0 million, down €0.8 million; the incidence of these costs over consolidated revenues has substantially decreased, from 4.8% in the 9 Months of 2015 to 3.1% in the 9 Months of 2016.


EBITDA was €112.8 million, up 25.2%. The consolidated EBITDA Margin was 6.6%, up versus the average of the first two quarters of the current year (6.5%).


Amortisation, depreciation, impairment and provisions were €4.5 million, down €7.5 million, thanks to lower provisions.


EBIT was €108.3 million, up 38.7%.


Net financial charges were €19.4 million, showing an improvement of €7.4 million, mainly due to the reduction in net financial  debt and its average cost, following the 2015 refinancings. This item includes approximately €6.2 million of charges related to  hedging derivatives.


Pre-tax income was €89.0 million,up 73.3%, and tax provisions were €32.3 million.


The effective tax rate was approximately 36.3%, in line with the normalized average tax rate reported in the last quarters, taking into account the different geographical locations of our operations.


Consolidated Net Income was €56.7 million, up 69.1%.


The Net Financial Position (“NFP”), i.e. net financial debt, was €56.2 million, down €69.4 million from 31 December 2015, in addition to the dividend payment of €14.4 million and capex for an overall value of €16.3 million, including the stake acquired in Siluria Technologies. This improvement is mainly due to the increase of cash and cash equivalents thanks to  the operating cashflows. The balance  as at 30 September also includes a positive mark to market of the hedging derivatives, equal to €8.0 million.


Consolidated Shareholders’ Equity was €190.4 million, up €64.2 million vs. 31 December 2015, mainly due to the net income for the period, the positive movements of the Cash Flow Hedge reserve and taking into account the Minority Shareholders’ Equity change and the dividend payment of 2015.


Performance by Business Unit


Technology, Engineering & Construction

Revenues were €1,633.0 million, up 58.1%, thanks to the progress of the new projects. Business Profit was €168.1 million, up 13.4%, leading to a Business Margin of 10.3% (versus 14.3%), due to the same reasons explained while commenting the overall Group results. EBITDA was €115.0 million (7.0% of revenues), up 22.5%.


Infrastructure & Civil Engineering

Revenues were 69.2 million, down by 18.5% due to the completion of projects that have not yet been counterbalanced by new acquisitions. Business Profit was €1.8 million, up €1.3 million, while the Business Margin was 2.6%. EBITDA was -€2.2 million, versus -€3.8 million.


Order Intake and Backlog


During the 9 Months 2016, the Group’s commercial activity generated new awards worth €1,291.7 million, which have increased to €1420,0 million (USD 1.6 billion) as of today.

As at 30 September 2016, the backlog was €6,521.4 million, down €371.6 million from December 31, 2015. In particular, new orders include:


  • OMAN OIL REFINERIES and PETROLEUM INDUSTRIES COMPANY - SAOC (ORPIC), Oman, for the realization of a Polyethylene plant and a Polypropylene plant, which compose one of the four packages of the Liwa Plastic Complex Project (LPIC). The units will be located in the Sohar Industrial Port Area. The contract value is approximately USD 895 million. This project, that was already announced in December 2015, was included in this year’s Order Intake, following the communication of the Notice to Proceed in May 2016.
  • SOCAR POLYMER, Republic of Azerbaijan, for the realization of a Lump Sum Turn-Key Polyethylene plant. The plant will be located in the Sumgayit Petrochemical Complex around 30 km North of Baku, Azerbaijan. The total contract value is approximately USD 180 million. SOCAR POLYMER is a Company controlled by SOCAR, the national company of Azerbaijan active in the oil, gas, petrochemicals and fertilizer sectors.
  • RABIGH REFINING AND PETROCHEMICALS COMPANY (Petro Rabigh, a joint venture between Saudi Aramco and Sumitomo Chemical) for the realization of the Clean Fuel Project, as part of the Rabigh Petrochemical Complex. The total contract value is approximately USD 148 million. The scope consists in the execution on an EPC basis of a new Naphtha Hydrotreater unit with a capacity of 17,000 barrels per day, a new Sulphur recovery unit with a capacity of 290 tons per day and related interconnecting works. The completion is expected in the first quarter of 2019.


In addition to the above mentioned contracts, projects were acquired in Europe, the Middle East and South East Asia, including in licensing services, design and maintenance, and other technology packages in addition to change orders.


These orders confirm the Group’s international leadership in polyolefins downstream sector and the effectiveness of our expansion into new geographies.


Subsequent Events

On 2 November 2016, Maire Tecnimont S.p.A. announced the acquisition, through its main subsidiaries, of new contracts for an overall value of approximately USD 150 million for licensing activities, engineering services in the oil & gas, petrochemicals and fertilizers core business, as well as renewable energy for a number of projects to be executed mainly in Europe and North and West Africa. The award in the renewable energies confirms Maire Tecnimont Group's vision in the sector through Met NewEn, the Group’s subsidiary dedicated to renewable energy, which has been granted an EPC contract worth over USD 70 million by a major utility group in relation to the construction of a new wind farm in Mexico, due to be one of the largest in the country.




The high level of backlog at the end of September 2016 allows us to foresee a consolidation in production volumes being the EPC projects almost  fully operational. The higher weight of EPC projects in the backlog, as compared to last year, will lead to an increase in volumes, and to a marginality in line with this type of contracts, as shown in the first 9M 2016.

Notwithstanding the challenging market environment, we expect to keep a high level of backlog thanks to our well-recognized technological expertise, a flexible business model that has allowed the Group to adapt to market changes and to a significant commercial pipeline which is expected to generate new contracts to be signed by the end of the year.




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:


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 30 September 2016, the breakdown of the Company’s receivables/payables (including financial) 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 those under definition:





Conference call by audio webcast

The 9 Months 2016 Financial Results will be discussed on Wednesday 9 November at 8:00am CET during a conference call in audio-webcast held by the top management.


This webcast can be followed on by clicking on the “9M 2016 Financial 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 02 805-8811

UK: +44 121 281-8003

USA: +1 718 705-8794


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


The presentation will also be available in the authorized storage system 1info (


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 Interim Financial Report as at 30 September 2016 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


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 4,900 employees, of whom over half work abroad. For more information:


Public Affairs and Communication

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Media Relations

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Investor Relations

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Tel. +39 02 6313-7823




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






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