Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — Q1 2013 Earnings Presentation
19 slides from Maire's earnings presentation, May 9, 2013
Slide 1: Maire Tecnimont 1Q 2013
MAIRE TECNIMONT 1Q 2013 May 9th, 2013
Slide 2: Forward looking information
Forward looking information This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for use in the presentation of its results. This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any shares in the Company. The i
Slide 3: Agenda
Agenda Overview: Financial Reorganization Project Business Highlights Financial Details 3
Slide 4: Financial reorganization project
Financial reorganization project DEBT RESCHEDULING AND NEW FINANCING contracts have been stipulated with the Group major lending banks (Intesa Sanpaolo, UniCredit, Banca Monte dei Paschi di Siena, Cassa di Risparmio di Parma e Piacenza, Gruppo UBI, Santander and BBVA) €307m rescheduled in five y
Slide 5: Overview 1Q'13: back to positive results
Overview 1Q‟13: back to positive results Revenues: €411,9m (vs €573,6m 1Q „12) EBITDA: €18,7m (vs €23.0m 1Q‟12); Group Profit (Loss) after taxes: €5,5m (vs €6,7m 1Q ‟12) NFP* : -€343,5m (vs -€226,2m as of Dec. 2012) *[cash/(debt)] 9th May 2013 5
Slide 6: Agenda
Agenda Overview and Outlook Business Highlights Financial Details 6
Slide 7: Main Projects in Execution
Main Projects in Execution Project Country Client BU Contract Value Overall Compl. Date (m)* Progress** GASCO Abu Dhabi GASCO OG&G $ 2,400 97.5% 2013 Borouge 3 Abu Dhabi Borouge OG&P $ 910 84.9% 2014 Tobolsk Russia Sibur OG&P € 674 99.4% 2013 Copenhagen Metro Denmark Metroselskabet I&CE € 599 20.5%
Slide 8: Backlog and New Orders by Business Unit
Backlog and New Orders by Business Unit Backlog Breakdown by BU €m as of 1Q `12 1Q '13 Backlog Oil, Gas & Petrochemicals 3.138 67% 3.078 60% Power 240 5% 30 0% Infrastructure & Civil Engineering 1.300 28% 2.035 40% Total Backlog 4.677 100% 5.142 99% New Orders Breakdown by BU €m 1Q `12 1Q '13 New Or
Slide 9: New Orders - details
New Orders - details Concentrated in Technology driven business 94% - Hydrogen Unit Lukoil (Russia) - Hydrogen Units in core business in Iraq (Daura, OG&P North Refinery) €210m of new acquisitions in 1Q „13 9
Slide 10: Agenda
Agenda Overview and Outlook Business Highlights Financial Details 10
Slide 11: Consolidated Income Statement & Balance Sheet
Consolidated Income Statement & Balance Sheet €m 1Q `13 1Q '12 Δ% Revenues 411,9 573,6 (28%) Business profit 38,4 49,3 (22%) R&D (1,2) (1,1) G&A (18,5) (25,3) EBITDA 18,7 23,0 (19%) Amortisation/allocation (4,8) (4,3) EBIT 13,9 18,7 (26%) Net Financial income/(exp) (10,1) (8,9) EBT 3,8 9,8 (61%) tax
Slide 12: Business Unit Results: Oil, Gas & Petrochemicals
Business Unit Results: Oil, Gas & Petrochemicals €m Revenues Bus. Profit EBITDA New Orders Backlog €m -24% - 28% - 32% -40% -0% 28 332 435 3.138 49 3.078 331 19 35 198 1Q '12 1Q '13 1Q '12 1Q '13 1Q '12 1Q '13 1Q '12 1Q '13 1Q '12 1Q '13 €m 1Q '12 1Q '13 % change • Lower production volumes Revenues
Slide 13: Business Unit Results: Power
Business Unit Results: Power €m Revenues Bus. Profit EBITDA New Orders Backlog €m -87% n.a. 91% n.a. -88% 0 5 240 97 1Q '12 1Q '13 1Q '12 1Q '13 (1) 30 0 12 (1) (5) 1Q '12 1Q '13 1Q '12 1Q '13 1Q '12 1Q '13 €m 1Q '12 1Q '13 % change • Reduction in revenues due to: Revenues 97,2 12,2 (87%) Business P
Slide 14: Business Unit Results: Infrastructure
Business Unit Results: Infrastructure €m Revenues Bus. Profit EBITDA New Orders Backlog €m +65% 90% n.a. n.a. +57% 3 12 69 2.035 1Q '12 1Q '13 1.300 42 2 (0) 0 (0) 1Q '12 1Q '13 1Q '12 1Q '13 1Q '12 1Q '13 1Q '12 1Q '13 €m 1Q '12 1Q '13 % change • Revenues increased slightly Revenues 41,5 68,7 65% c
Slide 15: Consolidated Highlights: Net Financial Debt and Cash Flow
CONSOLIDATED HIGHLIGHTS : Net Financial Debt and Cash Flow Net Financial Debt (€m) Cash Flow (€m) CF NFP Changes Dividend Net Financial NFP Mar 31, EBITDA Capex Financial Dec 31, 2012 in NWC Paid Expenses 2013 Assets 9th May 2013 15
Slide 16: Appendices
Van Maire Tecnimont > Appendices 16
Slide 17: Revenues & EBITDA BU Split
Revenues & EBITDA BU Split €m 1Q '13 1Q '12 % Change Total Revenues 411,9 573,6 (28% ) Oil, Gas & Petrochemicals 331,0 434,9 (24%) Power 12,2 97,2 (87%) Infrastructure & Civil Engineering 68,7 41,5 66% Business Profit 38,4 49,3 (22% ) Oil, Gas & Petrochemicals 35,0 49,0 (28%) Power 0,1 (1,4) (104%)
Slide 18: Balance Sheet and Cash Flow Generation
Balance Sheet and Cash Flow Generation Balance Sheet Cash Flow Statement € mn IQ 13 FY 2012 €m IQ '13 IQ '12 Fixed Assets 537 542 Cash at the Beginning of the period 433 550 NWC (231) (345) Ebitda 19 23 Provisions & Other LT Liabilities (85) (91) C hange in NWC (114) (33) Invested Capital 221 106 C
Slide 19: Maire Tecnimont S.p.A.
This presentation includes forecast statements. Such forecasts are based on the current estimates and projections of the Group, relatively to future events and, due to their nature, are subject to a inherent component of risk and uncertainty. The actual results may significantly differ from those co