• EBITDA growth of +20.3% (€90.1MN)

  • Net Income growth of +31.1% (€33.7MN)

  • Significant reduction of the Net financial debt (down 60% compared to December 2014)

  • Record-level Backlog of €6.5BN (+€3BN compared to September 2014) thanks to €2.3BN (+€1.4BN) order intake in the first nine months

Milan, 12 November 2015 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the 9-month 2015 Consolidated Results.

Consolidated Financial Results as at 30 September 2015

Maire Tecnimont Group’s revenues were €1,117.8 million, compared to €1,167.5 million. This change is mainly due to the contraction in volumes of the Infrastructure & Civil Engineering BU, in line with the ongoing Group’s refocus on the core business. The Technology, Engineering and Construction BU also recorded a slight reduction in volumes, due both to the evolution of projects close to completion and an increasing production related to recently awarded pojects, in respect of which a further increase in volumes is planned for the next months.

Business Profit was €148.7 million, up 11.1%. The Business Margin was 13.3%, up 1.8pp. Such relevant increase in margins is due to the evolution of the Technology, Engineering & Construction BU projects, which are characterized by a different mix of contracts currently in execution as at 30 September 2015 vs. the same period in the 2014.

G&A costs were €53.8 million, down €1.2 million in line with the Group’s cost reduction policy.

EBITDA was €90.1 million (8.1% of revenues), up 20.3%, as a result of what already commented for the Business Profit.

Amortisation, depreciation, impairment and provisions were €12.0 million, up €7.0 million also to align the book value of the investments in the real estate assets for sale to their estimated realisable values.

EBIT was €78.1 million, up 11.7%.

Net financial charges were €26.8 million, showing an improvement of €1.7 million, mainly due to the reduction of the bank indebtedness and average cost following the refinancing in April 2015. This line includes also the “time value” of the derivative contracts hedging the exchange rate risk. Excluding this item, the net financial charges would have improved by €4.3 million.

Pre-tax income was positive for €51.3 million and tax provisions were €17.8 million. The effective tax rate is approximately 34.7%.

Group Net Income was €33.7 million, up 31.1%.

The Net Financial Position (“NFP”), i.e. net financial debt, was €144.3 million, a reduction of €220.7 million compared to €365.0 million as at 31 December 2014.  Such reduction was driven by the cash generated by the operations and the working capital as well as the disposal of certain non strategic assets.

Consolidated Shareholders’ Equity was positive for €118.5 million, up €24.8 million vs. 31 December 2014. The variation is mainly due to the net income for the period.

Performance by Business Unit

Technology, Engineering & Construction

Revenues were €1,032.9 million, compared to €1,056.3 million, due to the progress made on projects in the backlog. Business Profit was €148.2 million, up 15.3%, leading to a Business Margin of 14.3% (up 2.1 pp). EBITDA was €93,9 million (9.1% of revenues), up 25.1%.

Infrastructure & Civil Engineering

Revenues were €84.9 million, compared to €111.3 million. This change is mainly due to the fact that some projects are next to completion, namely the Eithad Rail project, not yet replaced by new awards. Business Profit was €0.5 million, vs. €5.3 million. Business Margin was 0.6%. EBITDA was minus €3.8 million vs. a slight negative result in the same period of 2014.

Order Intake and Backlog

During 9M 2015, the Group’s commercial activity generated new awards worth €2,282.5 million, up €1,346.2 million. In particular, new orders include project awarded by ADGAS (Abu Dhabi), Grupa Lotos (Poland), Yara International (Netherlands), SOCAR POLYMER (Azerbaijan), EuroChem and JSC Gazprom Neft (Russia).

As at 30 September 2015, the backlog was €6,456.9 million, significantly up €2,975.5 thanks to the renewed commercial effort carried out by the Group during the last quarters.

Subsequent Events

On 26October 2015 Maire Tecnimont S.p.A. announced that its main subsidiaries were granted several awards for approximately €102 million for licensing, engineering services, EP (Engineering–Procurement) and EPC (Engineering, Procurement, Construction) activities, out of which 33.5 million were granted after 30 September 2015. In particular, KT - Kinetics Technology was granted by Grupa Lotos a contract related to EPC activities for the execution of an HVD unit (Hydrowax Vacuum Distillation), which will be integrated in the Gdanksk refinery, in Poland. The project value is equal to approximately €36 million, and completion is expected by January 2018. Such an award is part of the EFRA (Effective refining) capital project, aimed at improving output efficiency of the complex. Other awards, for approximately €66 million, are mainly related to the oil & gas, petrochemicals and fertilizers core business. These awards have been granted in North America, Europe and Middle East.


In light of the positive results and the order intake of the first nine months of 2015 and of the following weeks after 30 September, positive margins for the last quarter of 2015 are expected to be maintained, driven by a consolidation in revenues’ growth. This objective will continue to be driven also by the high technologycal activities carried out in line with the Group’s strategic guidelines and by its ongoing cost reduction policy, further leveraging on the intitiatives started in the last quarters.

A high level of backlog is expected to be maintained thanks to the award of further projects in the core business, as a confirmation of the industrial repositioning and of a business model that has already allowed the Group to adapt to the market changes.

Finally, subject to favourable market conditions, the Group confirms its intention to valorize a minority stake of its subsidiary Stamicarbon through a market transaction aimed at institutional investors.


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:

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 2015, the breakdown of the Company’s receivables/payables (including financial and any advances) 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:

Conference call by audio webcast

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

This conference call can be followed through the webcast on www.mairetecnimont.com by clicking on the “9M 2015 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 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 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 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 4,300 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, A. Mele,

A. Salerni

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