Maire S.p.a. · MIL:MAIRE
Maire — Maire Tecnimont — 9M 2022 Earnings Presentation
25 slides from Maire's earnings presentation, Oct 27, 2022
Slide 1: 9M 2022 Financial Results
9M 2022 FINANCIAL RESULTS GREEN ENERGY IS TAKING OFF October 27, 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 driven by new projects’ execution − Revenues: €2,516.9m (+22.6%) − EBITDA: €151.5m (+22.0%); EBITDA margin: 6.0% − Net Income: €61.4m (+7.2%) • Significant growth of the Green Energy business − Revenues: €202.0m (vs. €59.3m) − Backlog: €1.2bn (u
Slide 4: Key Consolidated Financials
KEY CONSOLIDATED FINANCIALS (€M) Revenues EBITDA Net Income +22.6% +22.0% +7.2% 2,516.9 2,052.8 151.5 57.3 61.4 124.1 9M 21 9M 22 9M 21 9M 22 9M 21 9M 22 Adjusted Net Cash* Backlog** MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS +€56.4m 65.3 8,435.4 8,004.2 8.9 Dec 21 June 22 Dec 21 Sep 22 * Excluding
Slide 5: Russian Projects Update
RUSSIAN PROJECTS UPDATE • No economic contribution in Q3 as projects were suspended in Q2 • As the premises which led to the suspensions have not changed, projects have been or are in the process of being terminated − Russian backlog as of September 30, 2022 is close to zero • Contractual conditions
Slide 6: Summary
SUMMARY 1. Operational Performance Alessandro Bernini, CEO 2. Financial Results Fabio Fritelli, CFO 3. Final Remarks MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS Alessandro Bernini, CEO
Slide 7: Order Intake
ORDER INTAKE 9M Intake by Business Line Gas Monet. 13% Other 36% 51% Green Energy YTD Order Intake (€m, 2022) 2.5 MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 0.5 2.1 2 1.6 1.5 1 0.5 0 Widely Diversified Order Intake 9M 22 Oct. YTD 7
Slide 8: Rhourde El Baguel LPG Plant (Algeria)
RHOURDE EL BAGUEL LPG PLANT (ALGERIA) Project Overview • Country: Algeria • Client: Sonatrach • Overall Value: USD380m • Scope of Work: EPC for a Liquified Petroleum Gas plant in Rhourde El Baguel Key Characteristics • The LPG plant will be implemented inside the existing Rhourde El Baguel gas treat
Slide 9: Backlog
BACKLOG Backlog by Business Unit* (€m, 30/6-30/9/22) Backlog by Geography (Sep. 2022) 8,261.6 8,004.2 799.6 N. America 1,153.8 Africa Europe 6% 14% 22% Asia 10% 7,462.0 MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 6,850.4 48% 30/6/22 30/9/22 Middle East Hydrocarbons Green Energy * Not including Amur
Slide 10: Backlog Analysis (Hydrocarbons BU)
BACKLOG ANALYSIS (HYDROCARBONS BU) Backlog by Type* Backlog Cover** (€m, 30/6-30/9/22) (30/6-30/9/22) 7,462 6,850 Axis Title 6,798 6,282 3.4 MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 2.8 424 349 240 219 30/6/22 30/9/22 30/6/22 30/9/22 E EP EPC Good mix between E, EP, and EPC Excellent cover for fu
Slide 11: Commercial Pipeline (Hydrocarbons BU)
COMMERCIAL PIPELINE (HYDROCARBONS BU) Commercial Pipeline* (€bn, 9/2021-9/2022) 44.8 45.2 46.1 41.3 40.5 11.8 11.3 11.0 15.2 12.0 7.5 8.3 8.7 7.2 7.3 MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 25.5 25.6 26.4 18.8 21.3 Sep '21 Dec '21 Mar '21 June '22 Sep '22 Prospect, Prequalification & Pre-Tenderi
Slide 12: Commercial Pipeline by Geography (Hydrocarbons BU)
COMMERCIAL PIPELINE BY GEOGRAPHY (HYDROCARBONS BU) C.I.S. GAS TREATMENT €1.2bn REFINING Europe FERTILIZERS POLYOLEFINS €3.4bn REFINING North America FERTILIZERS €2.8bn GAS TREATMENT REFINING Asia FERTILIZERS €15.6bn POLYOLEFINS REFINING MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS Middle East FERTILI
Slide 13: Green Energy: Stepping Up the Pace
GREEN ENERGY: STEPPING UP THE PACE RENEWABLE ENERGIES SOLAR ENERGY GREENING THE BROWN UREA ULTRA LOW DESIGN 9 PV Plants - 80 MW Licensing, China (4 plants authorized, 5 under LOW-CARBON AMMONIA authorization) 1 million tons/y Chile EPC, USD300m GCC Region GREEN GREEN BIOGAS FROM WASTE BLUE AMMONIA W
Slide 14: The Rome Green Hydrogen Valley
THE ROME GREEN HYDROGEN VALLEY IPCEI Hy2USE • IPCEI Hy2USE: aimed at technologies available for large scale H2 production • €194m grant assigned to NextChem (out of ~€500m in total in Italy) Waste to H2 A Sustainable Project Rome Green H2 Valley: First industrial-scale technological hub to develop t
Slide 15: Green Energy Backlog
GREEN ENERGY BACKLOG Historical Backlog (€m, 9/21-9/22) Backlog by Geography (Sep 2022) Africa 1% Americas 32% 33% Europe 1,154 MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 4% Middle 30% 800 East 452 Asia 244 269 30/9/21 31/12/21 31/3/22 30/6/22 30/9/22 Growing Backlog, European and American Focus 15
Slide 16: Commercial Pipeline (Green Energy BU)
COMMERCIAL PIPELINE (GREEN ENERGY BU) Commercial Pipeline (€bn, 31/12/21-30/9/22) Pipeline by Geography (Sep 2022) 7.7 6.6 0.5 Americas 0.4 1.5 28% 1.5 Europe 59% 12% Asia MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 5.7 4.7 1% Middle East 31/12/21 30/9/22 PPP Tendering Tendered Growing Pipeline, Eur
Slide 17: Summary
SUMMARY 1. Operational Performance Alessandro Bernini, CEO 2. Financial Results Fabio Fritelli, CFO 3. Final Remarks MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS Alessandro Bernini, CEO
Slide 18: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT €m 9M 2021 9M 2022 ∆% Comments Revenues 2,052.8 2,516.9 +22.6% • Revenues’ strong growth reflects new projects’ contribution Business Profit 187.6 214.3 +14.2% • Business Profit Margin roughly in line with the last few As a % 9.1% 8.5% (60bps) quarters G&As (57.4) (56.6
Slide 19: Adjusted Net Financial Position
ADJUSTED NET FINANCIAL POSITION* Cash Flow Bridge (€m, 9M 2022, ex-IFRS 16) 149.0 64.6 60.1 22.7 65.3 22.4 14.4 MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 6.3 14.7 44.1 13.7 2.9 8.9 Net Cash Operating Dividends Taxes Capex Net Treasury Net Cash Operating Taxes Net Capex Net Cash Dec’21* Cash Flows
Slide 20: Adjusted Net Trade Working Capital (9M 2022)
ADJUSTED NET TRADE WORKING CAPITAL (9M 2022)* -6.0 -114.7 Mainly driven by Amur Netting 12.3 14.9 -78.7 -137.8 MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS Driven by 111.2 projects’ advancements -76.8 Dec’21 Adv. To ARs APs Adv. From Net WIP Others Sep’22 Suppliers Clients *Adjusted to be comparable
Slide 21: Summary
SUMMARY 1. Operational Performance Alessandro Bernini, CEO 2. Financial Results Fabio Fritelli, CFO 3. Final Remarks MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS Alessandro Bernini, CEO
Slide 22: Group's Business Evolution
GROUP’S BUSINESS EVOLUTION Oil, Gas & Petrochemicals 2012 Power Infrastructures & Civil Engineering Technology, Engineering & Construction 2014 Infrastructures & Civil Engineering Hydrocarbons MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS 2019 Green Energy 2023 & Integrated E&C and Technology Solution
Slide 23: Key Competence
KEY COMPETENCE Integrated E&C and Technology Solutions Project Management Technology Licensing Project Execution PDP MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS Risk Management Value Engineering Integrated Solutions Proprietary Equipment and Catalysts Dedicated but Strictly Interrelated Competencies
Slide 24: Final Remarks
FINAL REMARKS • New and existing projects are driving double-digit growth • Our Energy Transition business continues to develop significantly − New projects awarded and started − >4x increase in the Backlog LTM • Total backlog provides a solid foundation to 2023 traditional and Energy Transition rev
Slide 25: Maire Tecnimont Group's Headquarters
Maire Tecnimont Group’s Headquarters MAIRE TECNIMONT – 9M 2022 FINANCIAL RESULTS Via Gaetano De Castillia, 6A 20124 Milan P. +39 02 6313.1 F. +39 02 6313.9052 info@mairetecnimont.it mairetecnimont.com