• EBITDA (+30.3% vs. 2013 pro-forma*) and Net Income (+172.7% vs. 2013 pro-forma*) growth continues due to the evolution of the higher-profit projects, driven by the Oil, Gas & Petrochemicals BU
  • Order intake more than doubled

    Milan, 12 November 2014 - Today, Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the 9-Month 2014 Consolidated Results.

    All comparisons are 9M 2014 versus 9M 2013, unless otherwise specified.

    Consolidated Financial Results as at 30 September 2014

    Maire Tecnimont Group’s revenues were €1,167.5 million, up 5.6%. 9M 2013 revenues included approximately €115 million relating to the Cociv and Metro Copenhagen projects that were disposed of in 2013. Net of these, revenues would have recorded a 17.8% increase.

    Business Profit was €133.8 million, up 10.2% (excluding Cociv and Metro Copenhagen projects) due to the evolution of the higher-profit projects in the backlog, driven by the Oil, Gas & Petrochemicals BU.

    The Business Margin was 11.5%, down 0.8pp (excluding Cociv and Metro Copenhagen projects).

    G&A costs were €55.0 million, down €4.7 million.

    Research & Development costs were approximately €3.9 million, down €0.4 million. The Group focused its R&D activities on initiatives in high-technology sectors, which are expected to bear positive returns over the next few years.

    EBITDA was €74.9 million (6.4% of revenues), down 8.2% compared to the first nine months of 2013 but up 30.3% excluding Cociv and Metro Copenhagen projects. This result is mainly due to higher Group business margins, particularly in the Oil, Gas & Petrochemicals BU.

    Amortisation, depreciation, impairment and provisions were €5.0 million, down €14.6 million.

    EBIT was €69.9 million, up 12.8% (up 45.9% excluding Cociv and Metro Copenhagen projects).

    Net financial income was negative for €28.4 million, showing an improvement of €2.5 million. This is mainly due to the positive effects of the financial reorganisation completed during the second half of last year.

    Pre-tax income was €41.5 million and tax provisions were €15.6 million. The effective tax rate is approximately 37.6%.

    The Net Income was €25.9 million, up 172.7% (excluding Cociv and Metro Copenhagen projects).

    The Net Financial Position (“NFP”), i.e. net financial debt, was €342.3 million, as compared to €332.3 million as at 31 December 2013 and €364.4 as at 30 June 2014.

    Consolidated Shareholders’ Equity was positive for €69.4 million (up €34.2 million vs. 31 December 2013). The change is mainly due to the period result and the recording of the equity component of the convertible bond (€7 million).

    Performance by Business Unit

    Oil, Gas & Petrochemicals

    Revenues were €997.9 million, up 21.3%. This change is mainly due to the progress made on new awards. Business Profit was €121.1 million, up 1.7%, leading to a Business Margin of 12.1%. EBITDA was €70.1 million (7.0% of revenues), up 4.7%.


    Revenues were €58.4 million, up 54.2%. Business Profit was €7.5 million, up €9.1 million, leading to a Business Margin of 12.8%, vs. minus 4.4%. EBITDA was €5.0 million (8.6% of revenues), vs. minus €3.9 million.

    Infrastructure & Civil Engineering

    Revenues were €111.3 million, down 54.6%. This change is mainly due to the above mentioned disposals of the Cociv and Metro Copenhagen projects. Net of revenues for these two projects, the reduction would have been 14.8%. Business Profit was €5.3 million, down 81.3%, but up 28.2% net of the Cociv and Metro Copenhagen projects. Business Margin was 4.7%, up 1.5pp (vs. 2013 pro-forma). EBITDA was substantially breakeven vs. minus €5.5 million (2013 pro-forma).

    Order Intake and Backlog

    During 9M 2014, the Group’s commercial activity generated new awards worth €936.3 million, up €478.4 million. In particular, new awards in H1 2014 include the important Sonara refinery Phase II Expansion project in Cameroon, worth approximately €456 million and the Refinery Off Gas (ROG) project for the Total refinery in Antwerp, worth approximately €193 million.

    As at 30 September 2014, the backlog was €3,481.4 million, substantially in line vs. 31 December 2013.

    Subsequent Events

    On 5 November 2014  Maire Tecnimont announced that its main subsidiaries have been granted several awards for a total amount of approximately USD108 million for licensing, engineering services, EP and EPC activities.

    These awards, mainly related to the core business of oil & gas, petrochemicals and fertilizers, have been granted in North America, Europe, and Central and South Asia by some of the most prestigious international clients both in the private and public sectors.


    In light of the positive results and acquisitions in the first nine months of the year, positive margins for Q4 2014 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 next quarter in the core business of the OG&P BU, as confirmation of the industrial repositioning which has already generated new orders in the last part of 2013 and in the first nine months of 2014.

    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 broader marketing of proprietary technologies.

    In the Power BU, the Group is currently developing a new commercial strategy, the economic benefits of which will be enjoyed as from the next months. Such a strategy aims to valorize its specific competences in engineering services and EP projects, along with technological alliances with solid construction partners.

    The Group also continues to pursue a cost reduction policy in line with the positive results already achieved in 2013 and the first six months of 2014.

    The announced asset disposal plan also continues, and further transactions are expected to be completed in part by the end of the year and in part in the first months of 2015; in particular, as far as the Biomass Plant in Olevano di Lomellina is concerned, exclusive negotiations are ongoing with a buyer.


    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:

    Implementation of the industrial plan and analysis of final data compared to forecasts

    The financial reorganisation plan of the Group is also based on an industrial plan (2013-2017), approved by the Board of Directors on 5 April 2013 and updated on 13 March 2014 and 9 July 2014, when it was also extended to cover through to end 2019; it includes both economic and financial forecasts. On this same date, the Group revised the economic forecast for FY 2014 (Revised Budget 2014) confirming that the assumptions are in line with the strategic requirements of the Group, both in relation to the award of new projects in 2014 and to the implementation of the disposal plan of certain non-strategic assets. The Directors believe that the delays in new project awards witnessed in 2013 and partially also in the early months of 2014, altought they have resulted in lower than expected revenues in the fist nine months of 2014 and consequentially in the amendment of the 2014 economic and financial targets, may be recovered over the next few months, also considering the projects already awarded and those under negotiation.

    In particular the coming into force of some projects that have been announced in the last few months and are subject to financial closing for the Clients, would allow the Group to achieve the target order intake this year.

    As envisaged in the disposal plan, on the fist months of 2014, the valuation of the assets of the French company Sofregaz S.A. and the sale of a real estate asset have been finalized. The announced asset disposal plan also continues, and further transactions are expected to be completed in part by the end of the year and in part in the first months of 2015; in particular, as far as the Biomass Plant in Olevano di Lomellina is concerned, exclusive negotiations are ongoing with a buyer.

    On Febuary 20th, 2014 the group has issued a €80m unsecured Equity-Linked Bonds due 2019. The Offer has enabled Maire Tecnimont to diversify its funding sources and optimise its financial structure.

    The Group continues to pursue, subject to market conditions, the issue of an unsecured guaranteed 5-year bond for a total minimum amount of €300 million as communicated on July 17th, 2014.  The proceeds from the bond will allow the Group to diversify its financing sources, extend the average term of the debt and increase the overall Group’s financial flexibility.


    Conference call by audio webcast

    A conference call by audio webcast will be hosted by the top management today at 6pm CET (5pm GMT, 12noon EST).

    This conference call can be followed through the webcast on www.mairetecnimont.com by clicking on the “First 9-Month 2014 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 1212 818-003

    USA: +1 718 705-8794

    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 Interim Financial Report as at 30 September 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 4,200 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


    The tables of the Consolidated Income Statement, Balance Sheet and Cash Flow Statement are shown below, together with additional details on the order intake and backlog.