• On-going growth of the main KPIs:
    • Revenues: €2,732.9 million (+5.6%)
    • EBITDA: €149.6 million (+12.3% vs. 9M 2017 pro-forma)
    • Net Income: €89.6 million (+27.5% vs. 9M 2017 pro-forma)
  • Backlog at €7.3 billion
  • Order intake of €2.7 billion

Milan, 7 November 2018 – Maire Tecnimont S.p.A.’s Board of Directors today has reviewed and approved the Interim Financial Report as at 30 September 2018, which reports a Net Income of €89.6 million.


(in Euro millions)9M 20189M 2017*Change
Revenues2,732.9 2,588.4 


Business Profit (1)205.2  186.9 (2)


Business Margin7.5%7.2%


EBIDTA149.6133.2 (2)


EBIDTA Margin5.5%5.1%

Pre-Tax Income132.2108.6 (3)


Tax Rate 32.2%35.3%

Consolidated Net Income 89.670.3 (3)


* In order to facilitate the comparison with 9M 2018, 9M 2017 figures have been adjusted according to notes 2 and 3
(1)    “Business Profit” is the industrial margin before the allocation of general and administrative costs and research and development expenses.
(2)    Pro-forma calculated by retroactively applying the IFRS 15 accounting standards to 2017, which implies a €10.1 million negative effect on the EBITDA.
(3)    Pro-forma, calculated by both retroactively applying what indicated in note 2, and excluding a €33.3 million (pre-taxes) one-off positive effect of certain derivative transaction related to the convertible bond. 

(in Euro millions)30.9.201831.12.2017Change
Disponibilità nette 44.6**108.0(63.4)

** Net of €36.1 million of Non-Recourse Project Financing Debt related to the construction and management under concession of the Alba/Bra hospital (Infrastructure BU)


(in Euro millions)9M 20189M 2017Change
Order Intake2,702.6 4,037.8 (1,335.2) 

(in Euro millions)30.9.201831.12.2017Change


(in Euro millions)

9M 2018

% on Revenues

9M 2017

% on Revenues

Technology, Engineering & Construction




Business Profit










Infrastructure & Civil Engineering




Business Profit










(1) Pro-forma calculated by retroactively applying the IFRS 15 accounting standard to 2017, which implies a €10.1 million negative effect on the EBITDA.  


(in Euro millions)

9M 2018

9M 2017


Technology, Engineering & Construction




Infrastructure & Civil Engineering





(in Euro millions)




Technology, Engineering & Construction




Infrastructure & Civil Engineering




The changes reported refer to 9M 2018 versus 9M 2017, unless otherwise stated.

Consolidated Financial Results as at 30 September 2018

Maire Tecnimont Group Revenues were €2,732.9 million, up 5.6%. This increase is related to the progress of projects in the backlog, mainly EPCs, that are in their full construction phase.

Business Profit was €205.2 million, up 9.8% vs. the 2017 pro-forma number. The Business Margin was 7.5% versus 7.2% (pro-forma).

G&A costs were €52.0 million, up €2.4 million. These costs’ incidence over revenues remains at 1.9%.

EBITDA was €149.6 million, up 12.3% vs. the 2017 pro-forma number. The margin was 5.5%, up from 5.1% (pro-forma).

Amortization, Depreciation, Write-downs and Provisions were €6.5 million, in line with last year.

EBIT was €143.1 million, up 13.0% vs. the 2017 pro-forma number.

Net Financial Charges were €10.9 million, improving by €7.1 million vs. a 2017 pro-forma number of €18.0 million. 

Pre-tax Income was €132.2 million, up 21.8% vs. the 2017 pro-forma number. Estimated taxes of €42.6 million have been provisioned. 
The effective tax rate was approx. 32.2%, improving from 35.3%, taking into account the various jurisdictions where Group operations have been carried out.

Consolidated Net Income was €89.6 million, up 27.5% vs. the 2017 pro-forma number.

Net Cash (net of the above-mentioned Project Finance Debt) at 30 September 2018 was €44.6 million, down €63.4 million vs. 31 December 2017. Such a reduction is mainly due to the payment of €42.1 million for the dividend payment related to FY2017, outflows of €27.7 million for the acquisition of Treasury Shares related to the share conversion of the equity-linked bond and for the Group’s Employees Share Ownership Plan. The Net Cash position was also negatively affected by a €28.9 million FX impact related to the projects’ derivative positions, and by €32.6 million in cash taxes (which have significantly increased in comparison to the previous periods, which benefitted from tax credits).

Consolidated Shareholders’ Equity was €311.5 million, up €27.7 million vs. December 31, 2017, thanks to the income for the period, the capital increase and the reduction of the Treasury Shares reserve following the share conversion of the equity-linked bond. It also takes into account the dividend payment mentioned above, the negative change of the Cash Flow Hedge reserve generated by hedging derivatives, and an approx. €27.8 million negative adjustment due to the implementation of the new IFRS 9 and 15 accounting principles. 

Performance by Business Unit

Technology, Engineering & Construction BU
were €2,602.4 million, up 4.3%, thanks to the progress of the projects in the backlog, EPCs in particular, that became fully operational and in continuity with the last few quarters in 2017.

Business Profit was €197.8 million, up 8.3% vs. the 2017 pro-forma number, leading to a Business Margin of 7.6% (vs. 7.3% pro-forma). EBITDA was €146.5 million (5.6% margin), up 10.0% vs. the 2017 pro-forma number.

Infrastructure & Civil Engineering BU 
Revenues were €130.6 million, up 40.2%, due to the progress of the projects in the Backlog, including large-scale renewables.

Business Profit was €7.4 million, up €3.2 million. The Business Margin was 5.7% vs. 4.5%. EBITDA was €3.1 million, up €3.0 million, thanks to a higher contribution of the renewable energy activities.

Order Intake and Backlog

Thanks to €2,702.6 million of new orders generated during the period, the Group’s Backlog at September 30, 2018 was €7,329.8 million, up €100.4 million on December 31, 2017.

In particular, the main projects awarded to the Group include the following:

•    The upgrade and revamping of the Haydar Aliyev Refinery based in Baku, Azerbaijan, on behalf of SOCAR;
•    The implementation of a new Polypropylene Unit (PP5) within the existing Borouge 3 Complex;
•    The implementation of a new LPG Train within the ZCINA plant in Algeria, on behalf of Sonatrach, whose contract was officially signed on November 5, 2018;
•    The implementation of a new High-Density Polyethylene unit and the upgrading of a Polypropylene unit in India, on behalf of HPCL-Mittal Energy;
•    The implementation of a new High-Density Polyethylene unit and the upgrade of a Polypropylene unit in the Philippines, on behalf of JG Summit Petrochemical Corporation, to be carried out through a JV with a local contractor.


The Group expects to mainly execute EPC projects in the last quarter of the year, thanks to the significant backlog as of September 30, 2018. The last quarter’s revenues are expected to be in line with the first nine months’, with a marginality typical of this kind of contracts.
Cash flows for the rest of the year are expected to generate a better financial performance, also considering recent acquisitions and new potential orders to be awarded before the end of the year.
In spite of the on-going expansion of both the organizational structure and the geographic diversification, efficiency improvement targets will continue to be maintained, even if such improvements have already led to the lowest G&A-Revenues ratio in the industry.
Even though the market environment is expected to remain challenging, a high level of backlog is to be maintained, thanks to our well-recognized technological expertise, which is continuously being developed and expanded to include adjacent technologies in synergy with the existing ones, and to a flexible business model that can offer innovative products and services, which are able to anticipate the market trends.
This outlook is supported by a significant commercial pipeline that is expected to generate new contracts by the end of this year.


Webcast Conference Call

The 9M 2018 financial results will be outlined today at 5:30pm CET 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 (www.mairetecnimont.com) and clicking on the “9M 2018 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 at the start of the conference call in the “Investors/Results and Presentations/Financial Results” section of Maire Tecnimont’s website
(https://www.mairetecnimont.com/en/investors/results-and-presentations/financial-results). The presentation shall also be made available on the 1info storage mechanism (www.1info.it).

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 Interim Report at September 30, 2018 will be available to the public at the registered office in Rome, at the operative office in Milan, at Borsa Italiana S.p.A., on the Company website www.mairetecnimont.com at Investors/Documents & Presentations section, and on the authorized storage device “1info” (www.1info.it), according to the timing allowed by law.

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. 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 5,500 employees, along with approximately 3,000 additional Electrical & Instrumentation professionals. For more information: www.mairetecnimont.com.

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