Milan, March 15, 2016 - Maire Tecnimont S.p.A.’s Board of Directors has reviewed and approved the 2016 Draft Statutory and the Group’s Consolidated Financial Statements, which report a Net Income of €9.5 million and €85.3 million respectively.

2016 Consolidated Results

Maire Tecnimont Group Revenues were €2,435.4 million, up 45.9%. This increase relates to progress of projects in the backlog, mainly EPC projects that became fully operational, while in 2015 they were at their initial engineering stage.

Business Profit was €241.2 million, up 14.2%. The Business Margin was 9.9% versus 12.7%. The change in marginality is related to the projects’ progress in the Technology, Engineering & Construction BU reflecting a different mix of projects under execution as of December 31, 2016 compared to the previous year.  The current mix includes various EPC projects, while in 2015 there was a higher contribution from engineering, procurement and licensing projects, which carry higher margins and lower volumes.

G&A costs were €76.2 million, up approx. €2.3 million, due to the alignment of the organizational structure to the Group’s larger size. Nevertheless, they account for a considerably reduced amount of consolidated revenues (from 4.4% to 3.1%).

EBITDA was €160.0 million, up 22.3%. The margin was 6.6%, unchanged in comparison to the first nine months of the year.

Amortization, depreciation, write-downs and provisions were €7.5 million, down €7.9 million.

EBIT was €152.6 million, up 32.2%.

Net financial charges amounted to €18.7 million, improving by €19.1 million, principally due to the lower net debt and average cost.  This item also includes net charges on derivatives of approx. €2.3 million.

Pre-tax income was €133.8 million, up 72.4%. Estimated taxes of €48.5 million have been provisioned.

The effective tax rate was approx. 36.3%, in line with the normalized average tax rate reported for the preceding quarters and based on the various jurisdictions in which operations are carried out.

Consolidated Net Income was €85.3 million, up 94.8%.

The Net Financial Position (“NFP”) was a Net Debt of €42.8 million, down €82.8 million on December 31, 2015. The improvement is mainly due to increased liquidity due to higher operating cash flows, which have been partially compensated by a negative change in the mark-to-market of hedging derivatives of €16.3 million, the €14.4 million dividend distribution, and €20.6 million of capex, which also includes the purchase of a shareholding in Siluria Technologies in June 2016.

Consolidated Shareholders’ Equity was €184.7 million, up €58.5 million on December 31, 2015, thanks to the income for the period, net of the 2015 dividend distribution, and to the negative change in the Cash Flow Hedge reserve generated by hedging derivatives.

Proposal for the Dividend Distribution

The Board of Directors decided today to propose to the next Shareholders’ Meeting a dividend distribution of €0.093 per each share outstanding[1] on the ex-dividend date of May 2, 2017  (ex date) and with a payment date of May 4, 2017 (payment date). The total dividend amount of €28.4 million implies a payout ratio of 33% of the Consolidated Net Income, in line with the Group dividend policy adopted in previous years. Those who are shareholders of Maire Tecnimont Spa as of the end of the day on May 3, 2017 (record date) will have the right to receive the dividend.

Performance by Business Unit

Technology, Engineering & Construction BU

Revenues were €2,327.9 million, up 49.8%, thanks to EPC projects that became fully operational, in particular in the fourth quarter. The Business Profit was €237.3 million, up 13.8%, leading to a Business Margin of 10.2% (vs 13.4%) due to the same reasons as outlined for the Group. EBITDA was €161.8 million (7.0% margin), up 21.3%.

Infrastructure & Civil Engineering BU

Revenues were €107.5 million, down 7.4%, following the completion of projects not yet offset by new orders. Business Profit was €3.9 million, up €1.2 million. The Business Margin was 3.6%. An EBITDA loss of €1.8 million is reported, improving by €0.8 million.

Order Intake and Backlog

In 2016, Group commercial operations generated €1,777.8 million of new orders, decreasing by €1,431.6 million.

The Backlog at December 31, 2016 was €6,516.5 million, down €376.5 million on December 31, 2015.  New orders include:

  • OMAN OIL REFINERIES and PETROLEUM INDUSTRIES COMPANY - SAOC (ORPIC), Oman, for the construction of a Polyethylene plant and a Polypropylene plant, as 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 approx. USD 895 million.

  • PETRONAS, Malaysia, for the execution of a high density polyethylene unit in the Pengerang Integrated Complex awarded by PRPC Polymers (a Petronas-controlled company), for a value of approximately USD 328 million. This second order follows a first contract worth USD 482 million awarded by PETRONAS in November 2015, and concerning the same Pengerang Complex. Both contracts were awarded to the Group in partnership with another main Chinese contractor.

  • SOCAR POLYMER, Republic of Azerbaijan, for the construction 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 approx. USD 180 million. SOCAR POLYMER is a company held by SOCAR, Azerbaijan’s national petroleum company and involved in the oil & gas, petrochemical and fertilizer sector.

  • PETRO RABIGH, Saudi Arabia, a Clean Fuel project by Rabigh Refining and Petrochemicals Company (Petro Rabigh, a joint venture between Saudi Aramco and Sumitomo Chemical), to be constructed within the Rabigh Petrochemical Complex. The total contract value is approx. USD 148 million.  The scope of work includes the EPC development of a new Naphta Hydrotreater unit, with a capacity of 17,000 barrels per day, a new sulphur recovery unit with a capacity of 290 tons per day, in addition to interconnecting works.

In addition to the contracts outlined above, projects were acquired in Europe, the Middle and Far East, Southern Asia, Africa and Latin America both for licensing, engineering, and technology packages in the core business, and for an EPC project in the renewable sector for a new wind farm in Mexico on behalf of a major Utility.

Subsequent Events

On January 27, 2017, the extraordinary shareholders' meetings of the subsidiaries Met Newen S.p.A. and Tecnimont Civil Construction S.p.A. approved the merger by incorporation of Met Newen S.p.A. into Tecnimont Civil Construction S.p.A..

On February 1, 2017, Maire Tecnimont announced the establishment of Vinxia Engineering a.s. in the Czech Republic. The new company is controlled by subsidiaries Tecnimont and Stamicarbon (with a combined 80% stake) and by the minority partner UNIS (20%). It will develop new business opportunities for revamping projects in the fertilizer market in the Russian Federation, in Eastern Europe and in the Caspian area.


The significant backlog as of the end of 2016 is expected to lead this year to an increase in the execution of EPC projects (which were responsible for the significant increase in volumes in Q4 2016), with a marginality in line with this type of contracts.

Furthermore, the efforts to reduce the incidence of G&A expenses on the Group’s revenues through an improvement of the organization’s efficiency are to be continued, notwithstanding a €33.9 million reduction in these expenses since 2011.

In spite of the challenging market environment, we expect to keep a high level of backlog, thanks to our well-recognized technological expertise, which is continuously being developed and extended, also thanks to the recent acquisitions, and to a flexible business model that allows the Group to anticipate the market’s needs and changes. These factors, together with an improvement in our financial performance, have led to a significant commercial pipeline that is expected to generate new and important contracts this year.


We provide the following information required by CONSOB:

Maire Tecnimont Group and Maire Tecnimont S.p.A. Net Financial Position

The Maire Tecnimont Group Net Financial Position is presented below:

Related party transactions

All related party transactions have been conducted at market conditions. The Company’s receivables/payables (including financial) and cost/revenue transactions with related parties for the period are presented in the tables below. The tables also show the equity positions resulting from transactions in the preceding year and those in progress:


Webcast Conference Call

The 2016 financial results will be outlined today during an audio-webcast conference call held by the top management.

The conference call may be followed as a webcast by connecting to the website and clicking on the “2016 Financial Results” banner on the Home Page or through the following url:

Alternatively, you may participate in the conference call by calling 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 from the beginning of the conference call in the “Investors/Presentations” section of Maire Tecnimont’s website


The presentation shall also be made available on the 1info storage mechanism (


Dario Michelangeli, as Executive for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 (“Consolidated Finance Act”) - that the accounting information included in this press release corresponds to the underlying accounting records.

The Draft Statutory and the Group’s Consolidated Financial Statements as at 31 December 2016 will be made available to the public in accordance with law at the Company’s registered office, at the Company’s Operative Headquarters and at Borsa Italiana, in addition to the website www.mairetecnimont.comin the Investors/Financial Statements section, as well as in the certified stocking mechanism “1 info” (

This press release, and in particular the “Outlook” section contains forecasts. The declarations are based on current estimates and projections of the Group concerning future events and, by their nature, are subject to risk and uncertainty. Actual results may differ significantly than the estimates made in such declarations due to a wide range of factors, including the continued volatility and further decline of the capital and finance markets, raw material price changes, altered economic conditions and growth trends and other changes in business conditions, in addition to other factors, the majority of which outside the control of the Group.

Maire Tecnimont S.p.A.

Maire Tecnimont S.p.A., listed on the Milan Stock Exchange, is a holding company of an industrial group (the Maire Tecnimont Group) which is a leader in the global Engineering & Construction (E&C), Technology & Licensing and Energy Business Development & Ventures markets, with specific know-how concerning plants, particularly in the hydrocarbons segment (Oil & Gas, Petrochemicals and Fertilizers), in addition to the Power Generation and Infrastructure segment. The Group operates in approx. 30 countries, through approx. 45 operating companies and a workforce of about 5,000, over half of whom based overseas. For further information:

Public Affairs and Communication

Carlo Nicolais                

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 Consolidated Income Statement, Balance Sheet and Cash Flow Statement

[1] Following the fiscal reform that was enacted on 1 January 2004, dividends are not entitled to tax credit and, depending on the receiver, are subject to a withholding tax on distribution or are partially cumulated to the receiver’s taxable income.