Revenues decrease, margins grow; the Group net result is again positive with respect to 2012 end values; backlog confirms its soundness.

Milan, 9 May 2013 – The Board of Directors of Maire Tecnimont S.p.A. examined and approved on today’s date the Interim Report at 31 March 2013.

CONSOLIDATED HIGHLIGHTS

ECONOMIC HIGHLIGHTS PER BUSINESS UNIT

BACKLOG

Operating Performance per Business Unit

Oil, Gas & Petrochemicals BU

At 31 March 2013 the revenues of the Oil, Gas & Petrochemicals BU, which represents the Group core business, amount to €331.0 million, down 23.9% vs. €434.9million recorded at 31 March 2012. Such change derives from the achievement of a very advanced stage of major contracts, not yet offset by new acquisitions.

At 31 March 2013, the Business profit[1] amounts to €35.0 million, recording a 28.5% decrease vs. €49 million recorded at 31 March 2012, primarily as a result of the lower production volumes.

At 31 March 2013 the EBITDA amounts to €19.3 million (5.8% on revenues), recording a decrease vs. €28.5million at 31 March 2012 (6.6% on revenue).

The Backlog of Oil, Gas & Petrochemicals BU at 31 March 2013 is equal to €3,077.6 million (€3,141.7 million at 31 December 2012), accounting for 59.8% of the Group backlog.

Power BU

At 31 March 2013 revenues amount to €12.2 million, down 87.5% against the same period of 2012 in which they were equal to €97.2million. Such performance is mainly ascribable to the Group strategy of refocus on the core business.

The Business Profit is positive for €0.06 million (it was negative for €1.4 million at 31 March 2012). The EBITDA is negative for €0.5 million, primarily due to the absorbed G&A costs, against 31 March 2012 when it was negative for €5.5 million.

The Backlog of the Power BU at 31 March 2013 is equal to €29.8 million (€30.8 million at 31 December 2012) and accounts for 0.6% of the group total backlog, mainly consisting of service activities, in line with the strategy of refocus on the core business.

Infrastructure & E Civil Engineering BU

At 31 March 2013 revenues amount to €68.7 million, up 65.5% vs. €41.5 million at 31 March 2012. Such reduction results from the combined effect of the higher revenues from foreign contracts net of the slowdown in some Italian projects.   

The Business Profit at 31 March 2013 is equal to €3.3 million (up 90.1% vs. €1.7 million at 31 March 2012). The result takes into account the positive impact deriving from variations of works. The result is attributable to revenue performance.

The EBITDA at 31 March 2013 is slightly negative for €0.1million due to the absorption of G&A costs in the quarter, in line with the value at 31 March 2012. 

At 31 March 2013 the Backlog is equal to €2,034.7 million substantially in line with the amount of €2,071.8 million at 31 December 2012.

Consolidated operating results at 31 March 2013

Revenues of the Maire Tecnimont Group at 31 March 2013 amount to €411.9million, down 28.2% vs. €573.6million at 31 March 2012. Such resulti attributable to the situation of the backlog projects and to the completion of the Power contracts in Latin America.

At 31 March 2013, the Business profit is equal to €38.4million, down 22.2 vs. €49.3 million at 31 March 2012, as a result of the reduction of the production value.

The Business Margin at 31 March 2013 is equal to 9.3%, recording an increase against the same period of 2012 when it was equal to 8.6%.

The G&A costs at 31 March 2013 amount to €18.5million, recording a decrease vs. €25.3 million at 31 March 2012, as a result of the re-organisations occurred in the past years and partially to a different allocation of such costs.  The R&D costs amount to about €1.2million vs. €1.1 million at 31 March 2012.

At 31 March 2013 the EBITDA is positive for €18.7 million, recording a decrease versus €23 million at 31 March 2012, while the EBITDA Margin improves (4.5% on revenues vs. 4.0% at 31 March 2012).

After amortization/depreciation and provisions for risks and charges, the EBIT at 31 March 2013 is equal to €13.9 million,down 25.7% vs. €18.7 million at 31 March 2012.

The Net Financial Income at 31 March 2013 is negative for €10.1million vs. €8.9 million at 31 March 2012. Such result is mainly impacted by the increased interest paid on short- and long-term loans.

Taxes amount to about €1.7 million vs. €3.1 million at 31 March 2012.

The Group Net Income at 31 March 2013 is equal to €5.3 million, slightly decreasing vs. €6.4 million at 31 March 2012.

At 31 March 2013 the Net Financial Position (“PFN”) is negative for €343.5 million (it was negative for €226.2 million at 31 December 2012). The change factors in the physiological reduction of liquidity in Joint Ventures related to the project evolution, while gross debt remains stable.

The Group Net Income at 31 March 2013is negative for €123.7million (it was negative for €121.8 million at 31 December 2012). This variation is mainly due to Net Income of the period and to the reduction of the Cash Flow Hedge reserve.

Backlog

In the course of the first quarter of 2013, the Group commercial activity generated new backlog orders for €210.1 million, down 37.6% vs. €336.6 million at 31 March 2012. The Backlog of Maire Tecnimont Group at 31 March 2013 amounts to €5,142.1 million, recording a slight decrease (-2%) vs. €5,244.4 million at 31 December 2012.

Significant events after 31 March 2013

On 5 April the Board of Directors of Maire Tecnimont approved the Group financial re-organization project, for a total amount of about €500 million, of which: a capital increase of approximately €150 million (of which approximately €15 million reserved to the strategic industrial partner ARDECO and the residual approximately €135 million offered to shareholders), a new loan for €50 million, the rescheduling of about €300 MN debt in the medium-long term.

On 30 April the Shareholders’ Meeting of Maire Tecnimont S.p.A., convened in its ordinary session on first call, approved the Financial Statements at 31 December 2012 and appointed the new Board of Directors and the new Board of Statutory Auditors.

On 2 May the Board of Directors of Maire Tecnimont S.p.A. acknowledged the confirmation of Fabrizio Di Amato as Chairman of the Board of Directors and appointed Pierroberto Folgiero as CEO, responsible for the company management. During the same Board meeting the Board Committees have been set up.

On 6 May the extraordinary Shareholders’ Meeting has been called for 6 June 2013 to resolve upon the proposals of capital increase for a total of  €150 million.

On 8 May the Company announced the stipulation of the contracts with the Group major lending banks for the rescheduling in five years of the outstanding debt for a total of €307 million and the granting of new financing for a total of €50 million, subject to capital increase. The agreements also envisage the confirmation in favour of the Group, by the same banks, of credit lines for a total of €245 million and guarantees for €765 million in total.

Business outlook

The Group confirms to go back to positive margins for 2013. Such result is driven primarily by the positive performance of the Oil, Gas & Petrochemicals BU, in line with the Group strategy refocus.  The company continues to pursue structural general & administrative cost control.

***

Marco Andreasi, Chief Financial Officer of Maire Tecnimont S.p.A., in his capacity as executive in charge of drafting the corporate accounting documents, hereby represents – pursuant to paragraph 2, article 154-bis of Legislative Decree n. 58/1998 (“Consolidated Finance Act”) – that the accounting information included herein corresponds to the documented results, books and accounting documents.

The Interim Report at 31 March 2012 will be made available to the public at the Company’s offices and at Borsa Italiana, as well as on the website atwww.mairetecnimont.com in the section Investors/Financial Statements according to law.

This press release, and in particular the section headed “Business Outlook”, includes forecast statements.  Such forecasts are based on the current estimates and projections of the Group, relatively to future events and, due to their nature, are subject to an inherent component of risk and uncertainty.  The actual results may significantly differ from those contained in said forecast statements due to several factors, including continuous volatility and a further deterioration of stock and capital markets, changes in raw material prices, changes in macroeconomic conditions and in economic growth and other variations of the business conditions, in addition to other factors, the majority of which is not under the Group control.

Maire Tecnimont SpA

Maire Tecnimont is an international leading Group in the sectors of Engineering & Construction (E&C), Technology & Licensing and Energy & Ventures with specific skills in plant engineering in particular in the hydrocarbon industry (Oil & Gas, Petrochemicals, Fertilizers) and also in Power Generation and Infrastructures. The Group is listed on the Milan Stock Exchange and is present in approximately 30 countries, controls 45 operating companies and has about 4,500 employees, half of whom are located abroad. At 31 December 2012 the Group reported revenues for €2.2 billion and a backlog of €5 billion. For further information: www.mairetecnimont.com.

Investor Relations

Tel +39 02 63137193

investor-relations@mairetecnimont.it

The Income Statement, Balance Sheet and Cash Flow Statement are attached hereto. The Group consolidated income statement, balance sheet and cash flow statement for 2012 as well as the 2012 financial statements are attached hereto.

[1]Business profit means industrial margin before G&A and R&D cost allocation.