• Strong Growth in Revenues (€1.1 billion, +59.4%), EBITDA (€72.8 million, +18.9%), and Net Income (€35.3 million, +36.1%)
  • On-going Deleverage: Net Financial Position of €96 million (-€29.6 million)
  • New orders intake of approximately €1.3 billion; Backlog exceeding €7 billion


Milan, 28 July 2016 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the Interim Financial Report as at 30 June 2016, which shows a Consolidated Net Income of €35.3 million (+ 36.1%).



All comparisons are H1 2016 versus H1 2015, unless otherwise specified.


Consolidated Financial Results as at 30 June 2016

Maire Tecnimont Group’s Revenues were €1,116.2 million, up 59.4%. Such an increase reflects the evolution of the projects in the backlog and is mainly driven by the advancement of the recently awarded projects, while, in the previous period, the main projects were at a very advanced stage and were not yet compensated by the new acquisitions.


Business Profit was 112.7 million, up 12.4%. The Business Margin was 10.1%,versus 14.3%. The difference in marginality reflects the evolution of the projects in the Technology, Engineering & Construction BU, with a different mix of contracts in execution as at 30 June 2016 vs. the first half last year. The current mix includes various EPC projects at the early stage, while in H1 2015 an important contribution came from Engineering and Procurement projects, which carry a higher marginality and lower volumes, as well as  from projects in the final stage.


G&A costs were €37 million, slightlyup €1.2 million; however, the incidence of these costs over consolidated revenues has substantially decreased, from 5.1% in H1 2015 to 3.3% in H1 2016.


EBITDA was €72.8 million (6.5% of revenues), up 18.9%. The change in marginality is due to the same reasons that were explained for the Business Margin.

Amortisation, depreciation, impairment and provisions were €2.8 million, down €1.3 million, thanks to lower provisions.


EBIT was €70 million, up 22.6%.


Net financial charges were €14.4 million, showing an improvement of €3.6 million, mainly due to the reduction of bank debt and its average cost following the 2015 refinancings. This item includes approximately €5.5 million of charges related to the derivatives hedging.


Pre-tax income was €55.6 million,up 42.3%, and tax provisions were €20.3 million.


The effective tax rate was approximately 36.5%, in line with the normalized average tax rate reported in the last quarters, taking into account the geographical location of our operations.


Consolidated Net Income was €35.3 million, up 36.1%.


The Net Financial Position (“NFP”), i.e. net financial debt, was €96.0 million, a reduction of €29.6 million from 31 December 2015. This improvement is mainly due to a €57.8 million increase in the operating cash flows, partially offset by the dividend payment of €14.4 million and by capex of €13.1 million. The figure as at 30 June also includes a positive mark to market of the derivatives used to hedge our forex exposure, equal to €2.2 million.


Consolidated Shareholders’ Equity was €159.6 million, up €33.4 million vs. 31 December 2015, mainly due to the net income for the period and the positive movements of the Cash Flow Hedge reserve for €10.4 million that more than compensated the dividend payment of €14.4 million approved by the Ordinary Shareholder’s meeting on 27 April 2016.


Performance by Business Unit


Technology, Engineering & Construction

Revenues were €1,064.2 million, up 63.9%, thanks to the progress of the recently acquired projects. Business Profit was €113.2 million, up 13.7%, leading to a Business Margin of 10.6% (versus 15.3%), due to the same reasons explained while commenting the overall Group results. EBITDA was €76.0 million (7.1% of revenues), up 19.8%.


Infrastructure & Civil Engineering

Revenues were 52 million, in line with the same period of last year. Business Profit was -€0.5 million, down €1.2 million, while the Business Margin was -1.0%. EBITDA was -€3.2 million, versus -€2.2 million.


Order Intake and Backlog

During H1 2016, the Group’s commercial activity generated new awards worth €1,280.9 million. In particular, new orders include:

  • OMAN OIL REFINERIES and PETROLEUM INDUSTRIES COMPANY - SAOC (ORPIC), for the realization of a Polyethylene and a Polypropylene plant, as part of the Liwa Plastic Complex Project (LPIC). The contract value is approximately USD 895 million. The Notice to Proceed  was received in May 2016.
  • SOCAR POLYMER,  for the realization of a Lump Sum Turn-Key Polyethylene plant in Azerbaijan. The total contract value is approximately USD 180 million.
  • PETRO RABIGH, Kingdom of Saudi Arabia, for the realization of the Clean Fuel Project. The project, granted by RABIGH REFINING AND PETROCHEMICALS COMPANY (Petro Rabigh, a joint venture between Saudi Aramco and Sumitomo Chemical), will be implemented inside the Rabigh Petrochemical Complex. The total contract value is approximately USD148 million. The scope consists in the execution on an EPC basis of a new Sulphur recovery unit and a new Naphtha Hydrotreater unit.

In addition to the above mentioned contracts, additional projects and change orders were acquired in Europe, the Middle East and South East Asia, including in licensing services, design and maintenance, and other technology packages. These orders confirm the Group’s international leadership in polyolefins downstream sector and the effectiveness of our entry into new geographies.


As at 30 June 2016, the backlog was €7,051.4 million, up €158.4 million from December 31, 2015 thanks to the commercial efforts carried out by the Group during the last few quarters.




The high level of backlog at the end of June 2016 allows us to foresee a consolidation in production volumes, as the recent acquired EPC projects become fully operational. The higher weight of EPC projects in the backlog, as compared to last year, will lead to an increase in volumes, and to a marginality in line with this type of contracts and in line with the H1 2016 results.


Notwithstanding the challenging market environment, we expect to keep a high level of backlog thanks to our well-recognized technological expertise and a flexible business model that has allowed the Group to adapt to market changes already.







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:



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 June 2016, the breakdown of the Company’s receivables/payables (including financial) 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 those under definition:




Conference call by audio webcast

The H1 2016 Financial Results will be discussed today at 6 pm CEST during a conference call in audio-webcast held by the top management.

This webcast can be followed on www.mairetecnimont.com by clicking on the “H1 2016 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: +44 121 281-8003

USA: +1 718 705-8794


The presentation given by the top management will be available by the beginning of the conference call in the “Investors/Presentations” section of the Maire Tecnimont’s website www.mairetecnimont.com


The presentation will also be 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 June 2016 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 4,800 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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