• Revenues: €1.67bn (+5.5%); EBITDA: €130.8m (+3.1%); Pre-Tax Income: €77.6 (+26.4%)
  • Record growth of order intake (€3.2bn) and backlog (€6.9bn)
  • Deleverage continues: Net Financial Position cut by €239.4m (-66%)
  • €14.4m dividend (33% payout of Consolidated Net Income) proposed to AGM

Milan, 16 March 2016 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the 2015 Draft Statutory and the Group’s Consolidated Financial Statements, which closed with a Net Income of €18.5 million and €43.8 million respectively.

Consolidated Financial Results as at 31 december 2015

Maire Tecnimont Group’s revenues were €1,669.6 million, up 5.5%. The increase in volumes reflects the evolution of the projects in the backlog and is mainly driven by  the advancement of the recently awarded projects, in particular in the Technology, Engineering and Construction BU, in line with the ongoing Group’s refocus on its core business.

Business Profit was 211.2 million, up 0.4%. The Business Margin was 12.7%, down 0.6 pp. The difference in marginality reflects the evolution of the Technology, Engineering & Construction BU projects, which are characterized by a different mix of contracts in execution as at 31 December 2015 vs. 31 December 2014. Furthermore, 2014 results had benefited from the positive conclusion of the Bocamina arbitration with Enel-Endesa.

G&A costs were73.9 million, down €3.8 million, confirming the positive results of the intensive cost efficiency program of the Group.

EBITDA was €130.8 million (7.8% of revenues), up 3.1%, also thanks to the reduction of the G&As.

Amortisation, depreciation, impairment and provisions were €15.4 million, down €8 million compared to the previous year when certain assets held for sale were devalued and the expected costs related to the reorganization of industrial activities were provisioned for.

EBIT was €115.4 million, up 11.6%.

Net financial charges were €37.8 million, showing an improvement of €4.2 million, mainly due to the reduction of bank debt and average cost following the April 2015 refinancing. The further reduction in the financing cost obtained with the 2015 refinancing will show its effects from 2016. This item also includes charges not directly related to financial debt, such as a €4.4 million charge related to the “time value” and the mark to market of the derivative contracts hedging the exchange rate risk, and a one-off negative charge of approximately €3.8 million, following the recognition in the Income Statement of deferred costs related to previous refinancings that were spread along their duration. . Excluding these two items, net financial charges would have improved by €12 million.

Pre-tax income was positive for €77.6 million and tax provisions were €33.8 million. This ammount includes a one-off negative effect of €5.3 million due to the adjustment of deferred tax assets and liabilities as a result of the expected decrease in the IRES Corporate Tax Rate from 27.5% to 24% from January 1st 2017, as stated in the relevant fiscal legislation. The effective tax rate is approximately 43.6%, while the normalized tax rate, exluding one-off effects, is equal to 36.7%.

Group Net Income was €43.8 million, compared to €50.6 million, a result which had benefited from a particularly low tax charge related to the compensation obtained from Enel-Endesa for the termination of the Bocamina arbitration, which was compensated by tax-loss carryforwards not yet provisioned for.

This has resulted in a 2014 tax rate of 17.5%, versus the 2015 normalized tax rate of 36.7%. If 2014 and 2015 Net Income had been calclulated using the latter normalized tax rate, Net Income in 2015 would have increased by 26.4%.

The Net Financial Position (“NFP”), i.e. net financial debt, was €125.6 million, a reduction of €239.4 million compared to €365.0 million as at 31 December 2014. Such an important decrease was due to the cash generated by the operating activities, a careful management of the working capital, as well as the disposal of certain non strategic assets.

Consolidated Shareholders’ Equity was positive for €126.2 million, up €32.5 million vs. 31 December 2014, mainly due to the net income for the period.

Proposal for the Dividend Distribution

The Board of Directors decided today to propose to the next Shareholders’ Meeting a dividend distribution of €0.047 per each share outstanding[1] on the ex-dividend date of May 2, 2016 and with a payment date of May 4, 2016[2]. The total dividend amount of €14.4 million is equal to a third of the Consolidated Net Income, in line with the Group dividend policy adopted in previous years.

Performance by Business Unit

Technology, Engineering & Construction

Revenues were €1,553.5 million, up 7.2%, due to the progress made on projects in the backlog. Business Profit was €208.6 million, down 3%, leading to a Business Margin of 13.4% (down 1.4 pp). EBITDA was €133,4 million (8.6% of revenues), down 3.4%, mainly due to the different mix of projects under execution in 2015 in comparison to the year before, which also benefitted from the positive conclusion of the arbitration with Enel-Endesa.

Infrastructure & Civil Engineering

Revenues were 116.2 million, down 13.5%. 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 €2.7 million, compared to €-4.7 million. Business Margin was 2.3%. EBITDA was negative for €2.6 million, compared to €-11.3 million.

Order Intake and Backlog

During 2015, the Group’s commercial activity generated new awards worth €3,209.4 million, up € 433.6 million. In particular, new orders include project awarded by ADGAS (Abu Dhabi), Grupa Lotos (Poland), Yara International (Netherlands), SOCAR POLYMER (Azerbaijan), EuroChem, JSC Gazprom Neft (Russia) and Petronas (Malaysia).

2015 order intake does not include the USD895 million Orpic project, which was announced in December 2015 but  that will be part of 2016 acquisitions, as will be the SOCAR POLYMER project described below.

As at 31 December 2015, the backlog was €6,893 million, significantly up €1,941.5 million thanks to the renewed commercial efforts carried out by the Group during the last quarters.

Subsequent Events

On February 5, 2016 the subsidiaries Tecnimont S.p.A. and KT - Kinetics Technology S.p.A. signed an EPC contract with SOCAR POLYMER for the realization of a polyethylene plant on a Lump Sum Turn-Key basis.

The plant will be located in the Sumgayit Petrochemical Complex around 30 km North of Baku, Azerbaijan. The total contract value is approximately USD 180 million. This award follows the contract granted in April 2015 by the same client for the realization of the Sumgayit’s polypropylene plant, thus highlighting the Group’s reliability and competitiveness with a key client such as SOCAR.


The significant backlog as of the end of 2015, coupled with the order intake of the first months of this year, paves the way for an expected increase in revenues. Such a growth is expected to be higher in the second half of this year, as the recently acquired large EPC projects come into effect. The expected increased weight of EPC projects in comparison to previous years 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 through new acquisitions in the core business, thanks to our well recognized technological expertise and a flexible business model that has enabled our Group to adapt to market changes.


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:


Conference call by audio webcast

The 2015 Financial Results will be discussed today at 5.30pm CET during a conference call webcast held by top management.

This conference call can be followed through the webcast on www.mairetecnimont.com by clicking on the “2015 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 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 Draft Statutory and the Group’s Consolidated Financial Statements as at 31 December 2015 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 4,400 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

[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.

[2] Pursuant to Article 83- terdecies D.Lgs.24 February 1998. 58 (T.U.F.) the right to the dividend payment is determined with reference to findings of the intermediary's accounts referred to in Article 83-quater, paragraph 3 of TUF, at the end of the accounting day of  May 3, 2016 (record date).