Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — H1 2013 Earnings Presentation
24 slides from Maire's earnings presentation, August 2013
Slide 1: Maire Tecnimont First Half 2013 Results
MAIRE TECNIMONT FIRST HALF 2013 RESULTS 1
Slide 2: Disclaimer
This document has been prepared by and is the sole responsibility of Maire Tecnimont S.p.A. (the “Company”) for the sole purpose described herein. This document and any related presentation does not constitute an offer or invitation to subscribe for or purchase any securities and nothing contained h
Slide 3: Disclaimer (forward-looking statements)
The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance shoul
Slide 4: Overview
Overview Business Highlights Financial Data Annexes August 2013 4
Slide 5: Key Messages
KEY MESSAGES • Back to profitability and EBITDA 1H13: €42m rising margins PFN*: €258m • Debt and Equity financing completed Net Worth*: €53m Announced on To be completed June 17 by 2016 • Disposal Plan well on Under advanced €65m ~€150m track negotiations ~€85m *pro-forma taking into account the deb
Slide 6: Key Figures Overview
KEY FIGURES OVERVIEW Revenues (m€) EBITDA (m€) Group Profit (m€) 1.162 42 10 828 (9) (71) 1H2012 1H2013 1H2012 1H2013 1H2012 1H2013 NFP (m€) Net Worth (m€) 53 386 258 226 (104) (122) 31/12/2012 30/06/2013 30/06/2013 31/12/2012 30/06/2013 30/06/2013 adjusted* adjusted* *pro-forma taking into account
Slide 7: Business Highlights
Overview Business Highlights Financial Data Annexes August 2013 7
Slide 8: Strategic Priorities
THE NEW STRATEGY IS BEING FULLY IMPLEMENTED Enhance and Develop Technology Driven Business 1 Align Organization and pursue Group Synergies 5 Reduce EPC Risk Positioning “One Company” Strategic 2 Priorities 4 Expand Geographic 3 Footprint Develop Engineering Services Revenues July 2013 8
Slide 9: Main Projects Under Execution
MAIN PROJECTS UNDER EXECUTION Project Country Client BU Contract Value Overall Compl. Date (m)* Progress** GASCO Abu Dhabi GASCO OG&G US$ 2,400 99.09% 2013 Borouge 3 Abu Dhabi Borouge OG&P US$ 910 88.5% 2014 Tobolsk Russia Sibur OG&P € 674 100% 2013 Tempa Rossa Italy Total OG&G € 505 4.8% 2016 Kuwai
Slide 10: Historical EBITDA: Oil Gas & Petrochemical
HISTORICAL EBITDA: Oil Gas & Petrochemical EBITDA OIL GAS & PETROCHEMICAL (€M) EBITDA % OIL GAS & PETROCHEMICAL €m 200 12% 160 10% 8% 120 6% 80 165 9% 10% 4% 9% 104 110 111 7% 40 91 6% 5% 2% 45 - 0% 2008 2009 2010 2011 2012 1H13 2008 2009 2010 2011 2012 1H13 Rising EBITDA margin in 1H13 due to the i
Slide 11: Awards and Backlog
AWARDS AND BACKLOG AWARDS BY BUSINESS UNIT BACKLOG BY BUSINESS UNIT (€M) €m 6.000 5.359 5.244* Infrastr. Power 0% 4.534 4.728 4.853 4.827* 5.000 612 3% 795 663 491 4.000 737 1.294 2.072 1.450 Under 1.154 301 disposal 3.000 1.515 2.000 4.084 3.258 3.141 2.861 2.779 1.000 2.282 OGP 97% - 2008 2009 201
Slide 12: Outlook on Commercial Activity
OUTLOOK ON COMMERCIAL ACTIVITY PROSPECT PREQUALIFICATION, PRE-TENDERING & TENDERING, TENDERED (based on value of initiatives) Others Infrastr. 12% 10% Cis 10% M.East 17% North America Power 14% by by 18% geography B.U. Oil, Gas & South Petrochem. America 74% Africa 25% 3% Asia 18% • We are pursuing
Slide 13: Financial Data
Overview Business Highlights Financial Data Annexes August 2013 13
Slide 14: Financial Reinforcement Plan: Well on Track
FINANCIAL REINFORCEMENT PLAN: WELL ON TRACK COMPLETED ON GOING About About € 500 m €50m €300m ASSET DISPOSAL PLAN 2013/16 Announced on To be completed June 17 by 2016 c.€350m c.€150m DEBT CAPITAL REFINANCING INCREASE €65m Under advanced ~€150m negotiations ~€85m August 2013 14
Slide 15: Financial Reinforcement Plan: Debt
FINANCIAL REINFORCEMENT PLAN: DEBT Effects of Deleverage on NFP 386 258 226 • Strong deleverage: • NFP improves by €128m 31/12/2012 30/06/2013 30/06/2013 adjusted * August 2013 15
Slide 16: Financial Reinforcement Plan: Equity
FINANCIAL REINFORCEMENT PLAN: EQUITY Overall Capital Increase • €15.3m reserved to Ardeco and completed on June 11 €150m • €134.7m reserved to existing shareholders as of June 28 Shareholders post-capital increase • Extremely successful subscription period with 99.15% take out Others • All the remai
Slide 17: Progress on the Asset Disposal Plan
PROGRESS ON THE ASSET DISPOSAL PLAN: FIRST GOAL ACHIEVED About • First goal of non core asset Disposal € 300m Plan on track (~ 20% achieved), in line with the new strategy of focusing on OGP and fertilizers ASSET DISPOSAL PLAN 2013/16 • EBITDA effects of disposals already incorporated in the Busines
Slide 18: Consolidated Income Statement & Balance Sheet
Consolidated Income Statement & Balance Sheet €m IH '12 1H '13 Δ% Revenues 1,161.9 827.8 (29%) Business Profit 40.4 83.3 106% R&D (2.3) (2.8) 23% G&A (47.5) (38.2) (20%) EBITDA (9.4) 42.2 n.m. Amortisations/Provisions (25.2) (7.1) (72%) EBIT (34.6) 35.1 n.m. Net Financial Income/(expenses) (18.6) (1
Slide 19: Business Unit Results: Oil, Gas & Petrochemicals
Business Unit Results: Oil, Gas & Petrochemicals €m Revenues Bus. Profit EBITDA New Orders Backlog -27% - 21% -24% -62% -9% 908 985 3142 2861 60 666 100 79 45 373 1H’12 1H’13 1H’12 1H’13 1H’12 1H’13 1H’12 1H’13 FY’12 1H’13 €m 1H '12 1H '13 % change • Continued improvement in Business Revenues 908.3
Slide 20: Business Unit Results: Power and Infrastructure
Business Unit Results: Power and Infrastructure Power €m 1H '12 1H '13 % change • Reduction in revenues due to: Revenues 163.2 24.5 (85%) • Focus on Engineering (in line Business Profit (61.7) (0.8) n.m. with the new strategy) Business Margin (37.8%) (3.4%) 34.4 p.p. R&D (0.0) (0.0) • Conclusion of
Slide 21: Net Financial Debt and Cash Flow
Net Financial Debt and Cash Flow Net Financial Debt (€m) Dec 31, 2012 Jun 30, 2013 (226,2) (159.8) (386.0) S Cash Flow (€m) 42,2 (4,0) (20,0) 15,3 1,1 (194,4) (226,2) (386,0) CF NFP Changes Capital Net Financial NFP Jun 30, EBITDA Capex Financial Dec 31, 2012 in NWC Increase Expenses 2013 Assets Aug
Slide 22: Outlook / Main Mid Term Targets (2013-17 Business Plan)
OUTLOOK/ MAIN MID TERM TARGETS (2013-17 Business Plan) 2010 2012 2015 Revenues €2,536m €2,187m ~€2.1bn EBITDA €133m €-159m ~€170m close to breakeven NFP €216m €226m and positive cash position by NET CASH NET DEBT the end of the Plan August 2013 22
Slide 23: Annexes
Overview Business Highlights Financial Data Annexes August 2013 23
Slide 24: Balance Sheet and Cash Flow Generation
BALANCE SHEET AND CASH FLOW GENERATION Balance Sheet Cash Flow Statement € mn 1H 13 FY 2012 €m 1H '13 1H '12 Fixed Assets 529 542 Cash at the Beginning of the period 433 550 NWC (166) (345) Ebitda 42 (9) Provisions & Other LT Liabilities (80) (91) C hange in NWC (186) 26 Invested Capital 283 106 C h