• Revenues at €546.1 million (+57.4%)
  • New Record Backlog at 7.2 billion (+ €317.3 million)
  • On-going Deleverage: Net Financial Position at €74.9 million
  • Net Income at €18.5 million (+8.1%)

Milan, 12 May 2016 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the Interim Financial Report as at 31 March 2016, which shows a Group Net Income of €18.5 million.

Consolidated Financial Results as at 31 March 2016

Maire Tecnimont Group’s revenues were €546.1 million, up 57.4%. The volumes 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 56.3 million, up 5.0%. The Business Margin was 10.3%, down 5.2 b.p. 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 31 March 2016 vs. the first quarter last year. The current mix includes various EPC projects at the early stage, while in Q1 2015 an important contribution came from Engineering and Procurement projects, which carry a higher marginality and lower volumes, and from projects in the final stage.

G&A costs were19.6 million, slightlyup €1.3 million, mainly as a consequence of a different accounting treatment of certain items, but down €0.6 million compared to Q4 2015. Furthermore, the incidence of these costs over consolidated revenues has substantially decreased, from 5.3% in Q1 2015 to 3.6% in Q1 2016.

EBITDA was €35.2 million (6.5% of revenues), up 5.2%. The change in  marginality is a function of what was explained for the Business Margin.

Amortisation, depreciation, impairment and provisions were €1.3 million, down €0.4 million, thanks to lower risk provisions.

EBIT was €33.9 million, up 6.5%.

Net financial charges were €5.3 million, showing an improvement of €2.4 million, mainly due to the reduction of bank debt and its average cost following the 2015 refinancings.

Pre-tax income was €28.9million,up 18.0%, and tax provisions were €10.5 million. The effective tax rate was approximately 36.2%, in line with the normalized average tax rate reported in the last quarters, taking into account the geographies in which operating activities are carried out.

Group Net Income was €18.5 million, up 8.1%.

The Net Financial Position (“NFP”), i.e. net financial debt, was €74.9 million, a reduction of €50.7 million from 31 December 2015. This change is due to both a reduction of gross debt and an increase of cash due to the flows from operating activities, of approximately €16.9 million. The remaining reduction is due to a positive and significant change of €33.8 million in the mark to market of the derivatives used to hedge the currency risk of the flows associated with revenues and contract costs, mainly due to the strengthening of the Euro against the US Dollar compared to December 31, 2015.

Consolidated Shareholders’ Equity was €171.2 million, up €45.0 million vs. 31 December 2015, mainly due to the net income for the period and the positive movements of the Cash Flow Hedge reserve.

Performance by Business Unit

Technology, Engineering & Construction

Revenues were €521.7 million, up 61.7%, due to the progress of the recently acquired projects. Business Profit was €56.1 million, down 3.9%, leading to a Business Margin of 10.7% (down 6 b.p.), due to the same reasons explained while commenting the overall Group results. EBITDA was €36.5 million (7.0% of revenues), up 3.3%.

Infrastructure & Civil Engineering

Revenues were 24.5 million, in line with the same period of last year. Business Profit was €0.3 million, up €0.6 million. Business Margin was 1.0%. EBITDA was negative €1.2 million, an improvement compared to negative €1.8 million.

Order Intake and Backlog

During Q1 2016, the Group’s commercial activity generated new awards worth €990.3 million, almost all in the Technology, Engineering & Construction BU. In particular, new orders include:

  • The contract with OMAN OIL REFINERIES and PETROLEUM INDUSTRIES COMPANY – SAOC (ORPIC) for the realization of a polyethylene plant and a polypropylene plant, which are both parts of the larger Liwa Plastic Complex Project (LPIC). The units will be located in the Sohar Industrial Port Area. The overall contract value is approximately USD895 million. The project, which was already announced in December 2015, has been included in the first quarter’s order intake, following the Notice-to-Proceed received in 2016.
  • The contract with SOCAR POLYMER (Azerbaijan) for the realization of a polyethylene plant on a Lump Sum turnkey basis. The plant will be located in the Sumgayit petrochemical complex, which is about 30 km North of Baku. Overall project value is approximately USD180 million. Socar Polymer is a company controlled by Socar, Azerbaijan’s national oil company active in the oil&gas, petrochemicals and fertilizers sectors.

These orders confirm the Group’s international leadership in polyolefins downstream sector and the effectiveness of our entry into new geographies by acquiring contracts with first-rate national oil companies, such as Oman Oil and Socar.

As at 31 March 2016, the backlog was €7,210.3 million, up €317.3 million from December 31, 2015 thanks to the commercial efforts carried out by the Group during the last few quarters.

Subsequent Events

On 27 April 2016, Maire Tecnimont S.p.A. Shareholders’ Meeting approved on first call all items on the agenda, among which the appointment of the new Board of Directors and the confirmation of its Chairman. On the same date the Board of Directors granted certain powers of attorney to Chairman Fabrizio Di Amato including, among others, institutional and external relations and the supervision of the implementation of the strategic plans approved by the Board of Directors. The Board also confirmed Pierroberto Folgiero as CEO and General Manager, granting him the executive powers of attorney in order to manage and coordinate the Group’s activities, in his capacity as the officer responsible for the Company’s management. Pierroberto Folgiero was also confirmed as Director in charge of the internal audit and risk management system. The Board also defined the composition of the Internal Committees.

On 3 May 2016, Maire Tecnimont S.p.A. communicated the change of the Conversion Price of the 5.75% 2014-2019 Convertible Bonds from €2.1898 to €2.1509, following the dividend payement of €0.047 per Ordinary Share.

On 4 May 2016, Maire Tecnimont S.p.A. announced that its main subsidiaries have been granted new awards for a total amount of approximately USD 160 million for licensing, engineering services and EP (Engineering–Procurement) activities.


A consolidation in the revenues growth is expected, given the significant backlog as at the end of March 2016, as the recently acquired large EPC projects come into effect. The increase in the weight of EPC projects over the total volumes expected this year in comparison to last year will lead to higher business results, and a profitability in line with a typical marginality for these type of projects.

In spite of a difficult market environment, a high level of backlog is expected to be maintained thanks to our well recognized technological expertise and a flexible business model that has enabled our Group to adapt to market changes already.


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:

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:

In particular, payable contracts refer to the leasing of office buildings from Group companies, the use of the “Maire” trademark and other minor charges (relations with the parent GLV Capital S.p.A.)

Relations with other non-consolidated and/or non-associated companies of the Group are purely commercial and relate to specific activities linked to contracts. Moreover, a few consortia are under liquidation, since they have substantially finished their activities.


Conference call by audio webcast

The Q1 2016 Financial Results will be discussed today at 6.00pm CEST during a conference call webcast held by the top management.

This webcast can be followed on www.mairetecnimont.com by clicking on the “Q1 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 1 212 818-003

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 www.mairetecnimont.com


The presentation will also be available in the authorized storage system 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 Interim Financial Report as at 31 March 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 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 4,800 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 the tables of the Consolidated Income Statement, Balance Sheet and Cash Flow Statement

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