Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — Q1 2015 Earnings Presentation
17 slides from Maire's earnings presentation, May 7, 2015
Slide 1: Q1 2015 Results
Maire Tecnimont Q1 2015 Results May 7, 2015
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 • Improved results vs. Q1 2014 − EBITDA: €33.5m (+28.3%) − Net Income: €17.1m (+79.6%) • De-leverage process on-going − Net debt decreased by €35m (-€165m on a pro-forma basis) • Solid backlog above €5bn • Strong commercial pipeline in excess of €26bn Focus in 2015: De-leverage and Work
Slide 4: Key Consolidated Q1 2015 Financials
KEY CONSOLIDATED Q1 2015 FINANCIALS (€m) Revenues EBITDA Net Income 17 350 347 34 26 10 1Q'14 1Q'15 1Q'14 1Q'15 1Q'14 1Q'15 NFP Net Worth 365 94 93 330 * Dec '14 Mar '15 Dec '14 Mar '15 * Excluding a negative impact of €30m due to derivatives’ fair value, Net Financial Position would be €300m. 1Q’14
Slide 5: Agenda
AGENDA Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO May 2015 5
Slide 6: ADGAS – IGD Expansion Project
ADGAS – IGD Expansion Project • Country: Abu Dhabi, EAU • Client: Abu Dhabi Gas Liquefaction Company (ADGAS) • Overall Value: USD 490m (USD 225m relates to Maire Tecnimont Group) • Project Type: EPC up to Performance Tests for the expansion of the existing facility on Das Island in order to transfer
Slide 7: Backlog
BACKLOG Backlog by Business Unit Backlog by Geography (€m, 2013-1Q15) (Mar. 2015) 5,262 4,951 5,000 389 20% 22% 407 4,000 3,482 502 3,000 10% 4,545 4,874 2,000 2,980 1,000 48% 0 Dec 2013 Dec 2014 Mar '15 E&T Infrastructures Europe Americas Middle East Others A well diversified backlog that provides
Slide 8: Backlog Analysis – TE&C Business Unit
BACKLOG ANALYSIS – TE&C BUSINESS UNIT Backlog by Type (E, EP & EPC), €m Book to Bill Ratio 4,874 4,545 2,980 3,561 3,911 1,697 3.1 3.4 2.2 1,048 794 760 235 190 203 31/12/13 31/12/14 31/3/15 31/12/13 31/12/14 31/3/15 E EP EPC Good mix between E, EP, and EPC Excellent cover for future revenues May 20
Slide 9: Outlook on Commercial Activity
OUTLOOK ON COMMERCIAL ACTIVITY Commercial activity in TE&C €bn 28 24 5.5 6.6 20 3.5 16 5.2 12 4.6 8 4 0 Jun 13 Dec 13 Jun 14 Dec 14 Mar 15 PROSPECT PREQUALIFICATION & PRE-TENDERING TENDERING TENDERED We Maintain a Strong Pipeline of Excellent Opportunities May 2015 9
Slide 10: Agenda
AGENDA Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO May 2015 10
Slide 11: Consolidated Income Statement & Balance Sheet
CONSOLIDATED INCOME STATEMENT & BALANCE SHEET INCOME STATEMENT €m 1Q'14 * 1Q'15 Δ% Revenues 350.3 347.0 (0.9%) EBITDA 26.1 33.5 28.3% EBITDA % 7.5% 9.7% 2.2 p.p. EBIT 24.3 31.9 31.2% Net Income 9.5 17.0 79.2% BALANCE SHEET €m as of Dec '14 Mar '15 Δ Net Invested Capital (Asset) (458.7) (422.6) 36.1
Slide 12: BU Results: Technology, Engineering & Construction
BU RESULTS: Technology, Engineering & Construction €m 1Q'14 * 1Q'15 % change Revenues 311.5 322.5 4% Business Profit 42.8 54.0 26% Business Margin 13.7% 16.7% 3.0 p.p. R&D (0.6) (1.9) 217% G&A (16.1) (16.8) 4% EBITDA 26.1 35.3 35% EBITDA Margin 8.4% 10.9% 2.5 p.p. • Increasing Revenues and EBITDA •
Slide 13: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net Financial Debt (€m) 365 330 200 Dec-2014 Mar-2015 Pro-Forma * Mar-2015 Cash Flow (€m) 34 8 30 2 365 330 41 300 Net Debt EBITDA Change in NWC Capex Net Financial Adj. Net Debt Derivatives' Fair Net Debt Dec-2014 and other adj. Charges Mar-2015 Value Mar-2015 *Pro-
Slide 14: Update on the Deleverage Process
UPDATE ON THE DELEVERAGE PROCESS Gross Bank Debt Evolution (€m) 420 • Gross debt reduction of 120 Bridge Loan about €55m 475 209 Medium-Long Term - €55m • Average cost of medium to 91 Short Term long term debt reduced by >250bps to c.280bps Mar 2014 Pro-forma Mar 2014 Maturity Profile* (€m) Pre & Po
Slide 15: Agenda
AGENDA Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO May 2015 15
Slide 16: Looking Ahead
LOOKING AHEAD • Focus on operations − Development of current backlog − Selectively pursue additional projects included in the commercial pipeline − Enhance local presence in core areas − Promote and foster our technological footprint • Focus on Balance Sheet − De-leverage process on-going − Working
Slide 17: Q&A Investor Relations
Q&A Investor Relations Via Gaetano De Castillia, 6A 20124 Milano T +39 02 6313-7823 Investor-relations@mairetecnimont.It May 2015 17