• EBITDA and Net Income growth: EBITDA of €61.2M (+16.5%), Net Income of €26.1M (+34.3%)

  • Net financial debt reduced by €135.4M (-37% compared to December 2014)

  • Record-level Backlog of €6.4B thanks to €1.8B order intake in the first half of the year

Milan, 30 July 2015 - Maire Tecnimont S.p.A.’s Board of Directors has examined and approved the 6-month 2015 Consolidated Results.

All comparisons are 1H 2015 versus 1H 2014, unless otherwise specified.

Consolidated Financial Results as at 30 June 2015

Maire Tecnimont Group’s revenues were €700.2 million, compared to €756.5 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, reflecting the evolution of the backlog caracterized by projects close to completion not yet replaced by recently awarded pojects, in respect of which an increase in volumes is planned for the next months.

Business Profit was €100.2 million, up 7.7%. The Business Margin was 14.3%, up 2.0pp. 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 June 2015 vs. previous periods. Such a mix includes several EPC projects and a significant contribution from engineering and procurement services with higher margins but lower volumes.

G&A costs were €35.8 million, down €1.6 million.

EBITDA was €61.2 million (8.7% of revenues), up 16.5%, as a result of what already commented for the Business Profit.

Amortisation, depreciation, impairment and provisions were €4.1 million,up €0.6million.

EBIT was €57.1 million, up 16.5%.

Net financial charges were €18.1 million, showing an improvement of €0.7 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 €2.1 million.

Pre-tax income was positive for €39.1 million and tax provisions were €13.1 million. The effective tax rate is approximately 33.6%.

Group Net Income was €26.1 million, up 34.3%.

The Net Financial Position (“NFP”), i.e. net financial debt, was €229.6 million, a reduction of €135.4 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 €117.7 million, up €24.2m 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 €649.4 million, compared to €679.0 million, due to the progress made on projects in the backlog. Business Profit was €99.6 million, up 11.2%, leading to a Business Margin of 15.3% (up 2.1 pp). EBITDA was €63.4 million (9.8% of revenues), up 20.7%.

Infrastructure & Civil Engineering

Revenues were €50.8 million, down 34.5%. This change is mainly due to the fact that some projects are next to completion. Business Profit was €0.7 million, vs €3.6 million. Business Margin was 1.3% and consider about €2 million of costs incured for the intensive commercial activity abroad. EBITDA was minus €2.2 million vs. a slight positive result in the same period of 2014.

Order Intake and Backlog

During 1H 2015, the Group’s commercial activity generated new awards worth €1,811.1 million, up €916.5 million. In particular, new orders include project awarded by ADGAS (Abu Dhabi), SOCAR POLYMER (Azerbaijan), EuroChem and JSC Gazprom Neft (Russia).

As at 30 June 2015, the backlog reached the recod level of €6,369.9 million, significantly up (+28.6% vs December 2014) thanks to the renewed commercial efforts carried out by the Group during the last quarters.

Sale of 60% of the share capital of BiOlevano S.r.l.

On 30 June 2015 has been finalized the sale to Italian investors of the majority stake, equal to 60%, of the share capital of BiOlevano S.r.l., owner of the biomass power plant located in Olevano Lomellina.

The transaction, which is expected to generate an overall cash-in equal to approximately €78 million, includes: a cash-in at the time of closing equal to approximately €53.2 million; about €8.1 million to be paid within 3 years fom the closing date, as well as an additional €16.5 million approximately subject to the fulfillment of certain conditions.

Subsequent Events

On 14 July 2015, KT – Kinetics Technology S.p.A. has been awarded an EPC contract by Grupa LOTOS SA related to a refinery unit upgrading in the Gdansk refinery, in the framework of the EFRA (Effective Refining) Project. The overall contract value is estimated to be €304 million. The project is expected to be completed in 25 months from the signing date.

On 29 July 2015, Tecnimont S.p.A. has been awarded by Yara International ASA (Yara) an EPC contract for a new urea granulation plant to be implemented in Sluiskil, The Netherlands. The contract value is equal to approximately €125 million and the project completion is expected in 25 months from the signing of the contract.


In light of the positive results and acquisitions of the first half of 2015 and in the following weeks, positive margins for the second half of 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.

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 a business model that already allowed the Group to adapt to the market changes.

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 broad marketing of proprietary technologies.

The Group also continues to pursue a cost reduction policy, further leveraging on the intitiatives started in the last quarters.

Finally, subject to favourable conditions, the Group confirms its intention to valorize a minority stake of the 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:

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 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 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 CEST (5pm BST, 12pm EDT).

This conference call can be followed through the webcast on www.mairetecnimont.com by clicking on the “1H 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 02 802-0911

UK: +44 1 212 818-004

USA: +1 718 705-8796

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 (http://www.mairetecnimont.com/en/investors/documents-presentations).

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 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


Click here to download the tables of the Consolidated Income Statement, Balance Sheet and Cash Flow Statement