Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — FY2014 Earnings Presentation
25 slides from Maire's earnings presentation, Mar 19, 2015
Slide 1: FY 2014 Results
FY 2014 Results March 19, 2015 1
Slide 2: Disclaimer
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 information contained and the
Slide 3: Key Messages
KEY MESSAGES • 2014 has represented one significant step towards the completion of the turnaround process • Significant order intake and backlog • Strong financial performance* • Revenues +14% • EBITDA +41% • Solid commercial pipeline We remain optimistic about 2015 * Vs. Pro-forma 2013 data, exclud
Slide 4: Key Consolidated FY 2014 Financials
KEY CONSOLIDATED FY 2014 FINANCIALS* (€m) Revenues EBITDA Net Income NFP Net Worth * FY ‘13 and FY ‘14 data prepared in accordance with IFRS 10 and 11. FY ‘13 P&L data do not include the COCIV & Copenhagen projects disposed of in 2013. March 2015 4
Slide 5: Agenda
AGENDA Update on the Turnaround – Pierroberto Folgiero, CEO Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO March 2015 5
Slide 6: 3-Year Turnaround Process – Key Pillars
3-YEAR TURNAROUND PROCESS – KEY PILLARS In 2013 we started a 3-year turnaround process based on 2 pillars: De-risking: • Implementation of a New Strategy De-leveraging: • Strengthening of the Capital Structure • Cash Flow Generation On Track Turnaround is well on track: we are delivering what we pro
Slide 7: 3-Year Turnaround Process – De-risking
3-YEAR TURNAROUND PROCESS – DE-RISKING 2013 2014 2015 • Solid and diversified Focus on Increased focus on Technology-Driven selective EPCs backlog business. Margins Risk management • Excellent visibility back to black process overhauled • Lower Enterprise Risk De-risking Achieved and On-Going March
Slide 8: 3-Year Turnaround Process – De-leveraging
3-YEAR TURNAROUND PROCESS – DE-LEVERAGING 2013 2014 2015 €350m Debt Refinancing • Debt refinancing Capital €80m Convertible Structure €150m Capital Bond • Asset valorization Increase • Ordinary cash generation Cash Flow - COCIV - Sofregaz • Working capital Generation - Metro Copen. - Real Estate nor
Slide 9: 3-Year Turnaround Process – The 2015 Debt Refinancing
3-YEAR TURNAROUND PROCESS – THE 2015 DEBT REFINANCING Objectives of the Refinancing Terms Under Finalization • Lower debt cost • 395bp with step-down margins to <250bp (vs. 540bp in 2013) • Improved repayment schedule • First repayments in 2016 • Improved capital structure • Increased Flexibility an
Slide 10: 3-Year Turnaround Process – Asset Valorization
3-YEAR TURNAROUND PROCESS – ASSET VALORIZATION • With the sale of Biolevano we reach 50% of the Asset Disposal Plan presented in 2013 • Work on the valorization of the Infrastructure BU is ongoing • In addition, it was decided to valorize Stamicarbon through a market sale of a minority stake to fina
Slide 11: 3-Year Turnaround Process – Effects on the De-leverage
3-YEAR TURNAROUND PROCESS – EFFECTS ON THE DE-LEVERAGE Gross Debt Evolution* (€m) 688 464 267 Dec 2012 Dec 2014 Dec 2015 (e) Net Debt Evolution (€m) + Ordinary cash generation + Sale of a minority stake of Stamicarbon 365 + Disposals Close to - Working Capital normalization Breakeven 0 Dec 2014 Dec
Slide 12: Agenda
AGENDA Update on the Turnaround – Pierroberto Folgiero, CEO Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO March 2015 12
Slide 13: Order Intake
ORDER INTAKE Total Engineering Services (€m) and Technology (€m) Average: €1.9bn Average: €208m * • On-going effective commercial activity has led to strong acquisitions in 2014 • Averages of the last 3 years are in line with our expectations * Excluding Cociv, and Copenhagen disposed of in 2013 Mar
Slide 14: Al Dabb'iya Surface Facilities
AL DABB’IYA SURFACE FACILITIES • Project: Al Dabb’iya Surface Facilities • Country: Abu Dhabi, EAU • Client: Abu Dhabi Company For Onshore Oil Operations (ADCO) • Group Value: USD 2.3bn • Project Type: EPC • Scope of Work: expansion of the existing facility though the realization of the following: •
Slide 15: Backlog
BACKLOG Backlog by Business Unit Backlog by Geography (€m, 2012-2014) (Dec. 2014) * 21% 25% 11% 43% Book to Bill Ratio 2013 2014 2015 Europe Americas Middle East Others 1.8 2.3 3.1 A well diversified backlog that provides a solid base to future revenues * Restated data excluding the COCIV & Copenhag
Slide 16: Backlog Analysis – TE&C Business Unit
BACKLOG ANALYSIS – TE&C BUSINESS UNIT Backlog by Type (E, EP & EPC), €m Backlog Visibility 4,545 2,980 31% 3,561 38% 1,697 1,048 794 31% 235 190 31/12/13 31/12/14 E EP EPC 2015 2016 2017 and beyond Good mix between E, EP, and EPC Excellent visibility in the years ahead March 2015 16
Slide 17: Outlook on Commercial Activity
OUTLOOK ON COMMERCIAL ACTIVITY Commercial activity in TE&C Strong pipeline of opportunities Our commercial pipeline have been increasing for two years March 2015 17
Slide 18: Current Commercial Activity Around the World (TE&C)
CURRENT COMMERCIAL ACTIVITY AROUND THE WORLD (TE&C)* C.I.S. Europe POLIOLEFINE POLIOLEFINE FERTILIZER €5.6bn €1.9bn FERTILIZER GAS TREATMENT GAS TREATMENT North America Asia POLIOLEFINE POLIOLEFINE €2.8bn FERTILIZER FERTILIZER €4.4bn REFINERY GAS TREATMENT LNG Middle East POLIOLEFINE €8.4bn FERTILIZ
Slide 19: Agenda
AGENDA Update on the Turnaround – Pierroberto Folgiero, CEO Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO March 2015 19
Slide 20: Consolidated Income Statement & Balance Sheet
CONSOLIDATED INCOME STATEMENT & BALANCE SHEET INCOME STATEMENT* €m FY '13 FY '14 Δ% Revenues 1,383.8 1,583.2 14.4% EBITDA 89.8 126.9 41.2% EBITDA % 6.5% 8.0% 1.5 p.p. EBIT 73.7 103.4 40.3% Net Income 9.3 50.6 443.1% BALANCE SHEET* €m as of Dec '13 Dec '14 Δ Net Invested Capital (Asset) (367.5) (458.
Slide 21: BU Results: Technology, Engineering & Construction
BU RESULTS: Technology, Engineering & Construction €m FY '13 FY '14 % change Revenues 1,196.9 1,448.9 21% Business Profit 168.6 215.0 27.5% Business Margin 14.1% 14.8% 0.7 p.p. R&D (4.3) (5.7) 32% G&A (69.2) (71.2) 3% EBITDA 95.0 138.2 45% EBITDA Margin 7.9% 9.5% 1.6 p.p. • Increasing revenues and E
Slide 22: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net Financial Debt (€m) 332 365 Net Debt Net Debt Dec-2013 adj.* Dec-2014 Cash Flow (€m) 40 27 114 5 127 365 305 332 Net Debt IFRS 11/12 Net Debt EBITDA Change in NWC Capex Net Financial Net Debt Dec-2013 adjustment Dec-2013 adj. and other adj. Charges Dec-2014 * Adj
Slide 23: Agenda
AGENDA Update on the Turnaround – Pierroberto Folgiero, CEO Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO March 2015 23
Slide 24: Looking Ahead
LOOKING AHEAD • Turnaround almost completed • Solid backlog is leading to excellent visibility in the year ahead • Commercial pipeline is full of exciting opportunities • De-leveraging expected to be finalized by the end of the year • 2015 Ranges Revenus: €1.8-1.9bn EBITDA Margin: 7-8% We remain
Slide 25: Investor Relations
Investor Relations Via Gaetano De Castillia, 6A 20124 Milano T +39 02 6313-7823 Investor-relations@mairetecnimont.It March 2015 25