Maire S.p.a. · MIL:MAIRE
Maire — Maire Tecnimont — H1 2022 Earnings Presentation
24 slides from Maire's earnings presentation, Jul 28, 2022
Slide 1: H1 2022 Financial Results
H1 2022 FINANCIAL RESULTS CONSOLIDATING OVERALL GROWTH WHILE EXPANDING THE GREEN ENERGY BUSINESS July 28, 2022 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for use in the presentation of its financial 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 informat
Slide 3: Key Messages
KEY MESSAGES • Solid and growing financial performance − Revenues: €1,615.4m (+21.7%) − EBITDA: €97.4m (+21.8%); EBITDA margin: 6.0% − Net Income: €40.6m (+10.7%) • Green Energy expansion continues with new projects started − Revenues: €125.7m (vs. €39.1m) − Backlog: €799.6m (up 3 times) • Strong Ca
Slide 4: Key Consolidated Financials (€m)
KEY CONSOLIDATED FINANCIALS (€M) Revenues EBITDA Net Income +21.7% +21.8% +10.7% 1,615.4 1,327.4 97.4 40.6 80.0 36.7 H1 21 H1 22 H1 21 H1 22 H1 21 H1 22 Adjusted Net Cash* Backlog MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS +€35.2m 9,488.2 9,244.4 44.1 8.9 Dec 21 June 22 Dec 21 June 22 * Excluding N
Slide 5: Russian Projects Update
RUSSIAN PROJECTS UPDATE • Projects advanced in full compliance with all applicable laws and sanctions − Worked with clients and suppliers to ensure smooth transition • Projects have now been suspended for at least six months − €1bn Russian backlog as of June 30, 2022 (11% of total backlog) − No reve
Slide 6: Summary
SUMMARY 1. Operational Performance Alessandro Bernini, CEO 2. Financial Results Fabio Fritelli, CFO MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 3. Final Remarks Alessandro Bernini, CEO
Slide 7: H1 Order Intake
H1 ORDER INTAKE H1 Intake by Bus. Line Gas Monet. 16% Other 39% 45% MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS Green Widely Diversified Order Intake 7
Slide 8: GAIL Green Hydrogen Plant (India)
GAIL GREEN HYDROGEN PLANT (INDIA) Project Overview • Country: India • Client: Gas Authority of India Limited (GAIL) • Overall Value: n.d. • Scope of Work: EPC of a green hydrogen plant in Vijaipur Key Characteristics • New Green Hydrogen Plant with 4.3 tons per day of output • Plant will be based on
Slide 9: Backlog
BACKLOG Backlog by Business Unit (€m, 31/3-30/6/22) Backlog by Geography (June 2022) 9,281.8 9,244.4 451.5 799.6 N. America Africa 5% Europe 16% 19% 79% Gas 8,830.3 Monetization Asia 11% Russia 8,444.8 10% MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS & Energy Transition 39% Middle East 31/3/22 30/6/2
Slide 10: Backlog Analysis (Hydrocarbons BU)
BACKLOG ANALYSIS (HYDROCARBONS BU) Backlog by Type Backlog Cover* (€m, 31/3-30/6/22) (30/6/21-30/6/22) 8,830 8,445 Axis Title 7,685 3.3 7,349 3.1 2.8 2.6 2.6 MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 901 856 E+EP: 244 240 €1.1bn 31/3/22 30/6/22 30/6/21 30/9/21 31/12/21 31/3/22 30/6/22 E EP EPC Goo
Slide 11: Commercial Pipeline (Hydrocarbons BU)
COMMERCIAL PIPELINE (HYDROCARBONS BU) Commercial Pipeline* (€bn, 6/2021-6/2022) 44.0 44.8 45.2 41.3 40.5 11.8 11.3 15.0 12.0 15.2 7.5 8.3 10.7 7.2 7.3 MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 25.5 25.6 18.3 18.8 21.3 June '21 Sep '21 Dec '21 Mar '22 June '22 Prospect, Prequalification & Pre-Tende
Slide 12: Commercial Pipeline by Geography (Hydrocarbons BU)
COMMERCIAL PIPELINE BY GEOGRAPHY (HYDROCARBONS BU) C.I.S. GAS TREATMENT €0.8bn REFINING Europe POLYOLEFINS €3.0bn REFINING North America FERTILIZERS €3.0bn GAS TREATMENT REFINING Asia FERTILIZERS €12.8bn POLYOLEFINS REFINING MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS Middle East FERTILIZERS €14.9bn
Slide 13: Green Energy: YTD Main Initiatives
GREEN ENERGY: YTD MAIN INITIATIVES PET and Textiles CARBON CAPTURE CHEMICAL RECYCLING GP3+® SAF 2G ETHANOL 120 Kt/Y Feasibility Study Demonstration Plant, UREA ULTRA LOW DESIGN European Patent Denmark Italy Licensing, China Feasibility Study Partnership, EU Netherlands BLUE AMMONIA USD 230m EPCM USA
Slide 14: Green Energy Backlog
GREEN ENERGY BACKLOG Historical Backlog (€m, 12/20-6/22) Backlog by Geography (June 2022) Africa 2% 37% Europe 47% 800 MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 8% Americas 6% 452 Middle East Asia 262 269 218 31/12/20 30/6/21 31/12/21 31/3/22 30/6/22 Growing Backlog, European and Asian Focus 14
Slide 15: Commercial Pipeline (Green Energy BU)
COMMERCIAL PIPELINE (GREEN ENERGY BU) Commercial Pipeline (€bn, 31/12/21-30/6/22) Pipeline by Geography (June 2022) 7.5 6.6 0.5 Americas 0.4 1.5 28% 1.5 Europe 59% 12% Asia MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 5.5 4.7 1% Middle East 31/12/21 30/6/22 PPP Tendering Tendered Growing Pipeline, Eu
Slide 16: On-going Implementation of Our ESG Strategy
ON-GOING IMPLEMENTATION OF OUR ESG STRATEGY CLIMATE CIRCULAR ECONOMY OUR PEOPLE AND VALURE OF H&S VALUE FOR TERRITORIES AND CREATION OF INNOVATION THAT ENVIRONMENTAL SUSTAINABILITY AND DIVERSITY COMMUNITIES BRINGS WELL BEING REDUCING OUR CARBON FOOTPRINT WORLD-CLASS H&S PERFORMANCE SUSTAINABLE SUPPL
Slide 17: Summary
SUMMARY 1. Operational Performance Alessandro Bernini, CEO 2. Financial Results Fabio Fritelli, CFO MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 3. Final Remarks Alessandro Bernini, CEO
Slide 18: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT €m H1 2021 H1 2022 ∆% Comments Revenues 1,327.4 1,615.4 +21.7% • Revenues’ strong growth reflects new projects’ contribution Business Profit 125.1 137.9 +10.2% • Business Profit Margin roughly in line with the last few As a % 9.4% 8.5% (90bps) quarters G&As (41.1) (36.5
Slide 19: Adjusted Net Financial Position
ADJUSTED NET FINANCIAL POSITION* Cash Flow Bridge (€m, H1 2022, ex-IFRS 16) 116.2 60.1 15.0 8.7 7.4 MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 2.9 44.1 32.8 7.4 6.3 6.0 22.0 8.9 Net Cash Operating Taxes Net Capex Net Debt Operating Dividends Taxes Capex Net Treasury Net Cash Dec’21* Cash Flows Fina
Slide 20: Adjusted Net Trade Working Capital (H1 2022)
ADJUSTED NET TRADE WORKING CAPITAL (H1 2022)* -6.0 -136.0 11.6 -95.3 15.1 MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 31.2 Driven by -50.9 39.7 projects’ advancements Dec’21 Adv. To ARs APs Net WIP Adv. From Others June 22 Suppliers Clients *Adjusted to be comparable with the Adjusted Net Financial
Slide 21: Summary
SUMMARY 1. Operational Performance Alessandro Bernini, CEO 2. Financial Results Fabio Fritelli, CFO MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS 3. Final Remarks Alessandro Bernini, CEO
Slide 22: Final Remarks
FINAL REMARKS • New projects have already started to accelerate − Driving growth in 2022 − H2 Revenues expected to be higher than H1’s • Green Energy continues to develop − New projects awarded and started − 3x increase in the Backlog • Record-high Backlog provides a solid foundation to 2023 revenue
Slide 23: H1 2022 Results Q&A
MAIRE TECNIMONT – H1 2022 FINANCIAL RESULTS Q A H1 2022 RESULTS 23
Slide 24: Maire Tecnimont Group Headquarters
Maire Tecnimont Group’s Headquarters Via Gaetano De Castillia, 6A 20124 Milan MAIRE TECNIMONT – Q1 2022 FINANCIAL RESULTS P. +39 02 6313.1 F. +39 02 6313.9052 info@mairetecnimont.it mairetecnimont.com