• Overall Order Intake equal to €2,776 MN and a 42% growth in Backlog vs 31 December 2013
  • Revenues: €1,583 MN (+14.4% vs. proforma* 2013)
  • EBITDA: €127 MN (+41.2% vs. proforma* 2013)
  • Net Income: €50,6 MN (+443% vs. proforma* 2013)

Milan, 19 March 2015 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the 2014 Draft Statutory and the Group’s Consolidated Financial Statements.


Following the introduction of the IFRS10 and IFRS11 accounting principles, the rules for consolidating Maire Tecnimont Group’s equity shareholdings have been redefined. In particular, IFRS11 requires that investments in a Joint Venture are accounted for using the Net Equity method with effect from January 1, 2014; previously these shareholdings were consolidated using the proportional method. The Group's financial and economic 2014 data are presented according to the new consolidation rules, while data pertaining to previous periods have been restated for comparison purposes.

Consolidated Financial Results as at 31 December 2014

Maire Tecnimont Group’s revenues were €1,583.2 million, up 5.7%. FY 2013 revenues included approximately €114.4 million relating to the Cociv and Metro Copenhagen projects that were disposed of in 2013. Net of these, revenues would have recorded a 14.4% increase.

Business Profit was €210.3 million, up 21.7% (excluding the Cociv and Metro Copenhagen projects), due to the evolution of the higher-profit projects in the backlog and the positive impact of the Bocamina project.

The Business Margin was 13.3%, up 0.8pp (excluding Cociv and Metro Copenhagen projects).

G&A costs were €77.7 million, down €1.0 million thanks to the optimization program of the overheads.

EBITDA was €126.9 million (8.0% of revenues), up 9.3%, (41.2% excluding the Cociv and Metro Copenhagen projects) as a result of what already commented for the Business Profit.

Amortisation, depreciation, impairment and provisions were €23.5 million, down €2.7 million.

EBIT was €103.4 million, up 14.9% (up 40.3% excluding the Cociv and Metro Copenhagen projects).

Net financial income was negative for €42.0 million, up €2.2 million. Net of write-downs of certain stakes in real estate assets, the result would have shown an improvement of €0.4 million.

Pre-tax income was €61.4 million and tax provisions were €10.7 million. The effective tax rate is approximately 17.5% as a consequence of the utilization of tax loss carryforwards not previously valorized.

Net Income was €50.3 million, up 443% (excluding the Cociv and Metro Copenhagen projects).

The Net Financial Position (“NFP”), i.e. net financial debt, was €365.0 million, as compared to €332.3 million as at 31 December 2013.

Consolidated Shareholders’ Equity was positive for €93.7 million, up €58.5 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 (about €7 million).

Performance by Business Unit

Technology, Engineering & Construction

Revenues were €1.449.0 million, up 21.1%. This change is mainly due to the progress made on new awards. Business Profit was €215.0 million, up 27.5%, leading to a Business Margin of 14.8%. EBITDA was €138.2 million (9.5% of revenues), up 45.4%.

Infrastructure & Civil Engineering

Revenues were €134 million, down 55.4%. 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 28.2%. Business Profit was minus €4.7 million, vs €4.2 million in 2013 net of the Cociv and Metro Copenhagen projects. Business Margin was negative and equal to minus 0.7%. EBITDA was minus €11.3 million vs. minus €5.2 million (2013 pro-forma).

Order Intake and Backlog

During 2014, the Group’s commercial activity generated new awards worth €2,775.8 million, up €1,601.8 million (+136%). In particular, new awards in 2014 include the important Al Dabb’iya Project, worth approximately USD2,3 billion, 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 December 2014, the backlog was €4,951.5 million, up 1,601.7 (+42%) vs. 31 December 2013.

Subsequent Events

In data 30 January 2015 Maire Tecnimont S.p.A. announces that its subsidiaries Tecnimont S.p.A., Tecnimont Chile and Tecnimont do Brasil   (Tecnimont Group) together with its consortium partners SES and SES Chile (SES Group) signed a general and final settlement agreement of mutual satisfaction with the counterpart Endesa Chile in relation to the EPC contract for the realization of the Bocamina II project in Chile signed on 25 July 2007. Tecnimont Group is expected to cash in an amount equal to USD139,426,000 VAT included, no later than 6 April 2015.

In data 5 February 2015 Maire Tecnimont S.p.A. announces that it has received a binding offer for the purchase of 66% of the share capital of BiOlevano S.r.l. (BiOlevano), owner of the biomass power plant located in Olevano Lomellina. The offer was presented by a pool of Italian entrepreneurs. The transaction, which is expected to generate an overall cash-in equal to approximately €80 million, includes: a cash-in at the time of closing equal to approximately €56 million, including the repayment of trade receivables pertaining to some subsidiaries of Maire Tecnimont Group; €6 million to be paid within 3 years fom the closing date, as well as an additional €18 million subject to the fulfillment of certain conditions.

Closing is expected by 31 March 2015.

In data 12 Mach 2015 Tecnimont S.p.A in Consortium with Archirodon signed an EPC contract with Abu Dhabi Gas Liquefaction Company Ltd. (ADGAS) for the execution of the Package 1 of the IGD Expansion Project (IGD-E) on Das Island, Abu Dhabi, UAE. Overall project value is about USD490 million for the Consortium, out of which approximately USD225 million (46% of overall project value) relates to the Maire Tecnimont Group. Tecnimont is the Leader of this partnership, in front of the Client. Completion is scheduled to be within 40 months starting from the effective date, on 17 February 2015.


In light of the positive results and acquisitions of the year, positive margins for 2015 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 2014 and in the first months of 2015.

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.

The development of 2015 is in line with the group strategy based on the consolidation of the traditional EPC activities, with an increased focus  in E and EP projects along with the leverage on the technologies and the client services. All this will be reached taking advantages of the distinctive competences that always have been characterizing the Group’s positioning in the market.

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

The Infrastructure and Civil Engineering BU continues his turnaround process started in 2013 and carried on in 2014 through a process of reconfiguration of corporate structures with the aim of improving the ability to adapt to the variability of the production volumes and of allowing a greater focus and ability to respond to the demand for engineering services.

In addition, the Maire Tecnimont Group expects that during the coming weeks the cash-in related to the transaction for the project Bocamina and sale of BiOlevano will materialize. In addition, the Group expects that will also materialized the cash-in resulting from the granting of a loan to Stamicarbon to be repaid thanks to the valorization, trough a market operation for Instituitional Investors, of a minority stake of the company itself.

The combination of the above steps will allow the refinancing of the overall existing bank debt, a significant reduction in the outstanding long-term debt and a strong improvement of the terms and conditions of the remaining debt.


Corporate Governance and incentive plan

The Board of Directors approved the Report on Corporate Governance and Ownership Structure for the financial year 2014, the 2015 Remuneration Report and the adoption of an incentive plan for the CEO and certain Senior Managers of the Maire Tecnimont Group, based on Phantom Stock.

The Long-Term Incentive Plan based on Phantom Stock aims to promote co-investment mechanisms between stakeholders and Senior Management, ensuring a balance between business operating objectives and growth in company value on long term, resulting in recognition and appreciation of commitment, while supporting the retention of key resources.

The Plan provides for the allocation to beneficiaries of Phantom Stock the attribution of which, under the terms and conditions of the Plan, determines the right to receive a cash bonus. The reference period of the Plan is the three-year period 2015-2017. The attribution of the Phantom Stock and the related conversion into a cash bonus will take place by 31 December 2018, subject to verification of the achievement of the performance objective of the Plan.

The Plan will have no dilutive effect on stock, as it does not envisage the allocation of shares but the payment of cash bonus.

Further details are contained in the 2015 Remuneration Report and in the Information Document approved by the Board of Directors today and which will be provided in accordance with law.

The Board of Directors has also examined the requirements of independence of the Directors Gabriella Chersicla, Nicoló Dubini, Victoria Giustiniani, Andrea Pellegrini and Patrizia Riva, pursuant to the Corporate Governance Code and the Legislative Decree 58/1998 ("TUF").

Ordinary Shareholders’ Meeting

The Board of Directors has resolved to call an ordinary shareholders' meeting to be held on 28 April 2015, on first call, and, if required, on 29 April 2015 on second call, in order to approve the financial statements for the year ended 31 December 2014, adoption of an incentive plan based on Phantom Stock for the CEO and certain Senior Managers and the Remuneration Policy Report 2015.

In accordance with applicable laws, the call notice of the shareholders' meeting and the reports of the directors will be made                 available on the Company's website (www.mairetecnimont.com)           at the Section Governance/Shareholders' Meeting Documents (http://www.mairetecnimont.com/en/governance/documentazione-assemblee-degli-azionisti/year-2015?set_language=en).


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:

The Net Financial Position at 31 December 2014 was negative for €365.0 million, an increase of €32.7 million compared to 31 December 2013 (when it stood at negative €332,3 million). The change is affected by the physiological reduction of available cash in the joint ventures related to the project evolution; gross debt has instead risen as a result of the equity-linked bond issue.

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:

Group overdue payables

As at 31 December 2014, the Group has payables to third parties which are overdue 90 days or more equal to €39.03 million; this value considers payment plans negotiated with suppliers and is basically in line with the figures at the end of September 2014. The Group has, in fact, proceeded with the definition of repayment plans, which are enabling a gradual settlement of older trade payables in line with the positive effects of the Industrial Plan and according to the timing of the related cash flows.

In the 2014, payment reminders were received as part of ordinary administrative management. As at 31 December 2014, there are no overdue financial payables to report; there is also no failure to comply with covenants to report. At 31 December 2014, there were no overdue tax and social security positions.

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 31 December 2014, 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 and are still being defined:


Conference call by audio webcast

A conference call by audio webcast will be hosted by the top management today at 6pm CET (5pm GMT, 1 pm EDT).

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

Anna Lisa Margheriti

Tel. +39 02 89011300


Investor Relations

Riccardo Guglielmetti

Tel. +39 02 6313-7823


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