Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — 9M 2014 Earnings Presentation
21 slides from Maire's earnings presentation, Nov 12, 2014
Slide 1: 9M 2014 Results
9M 2014 Results November 12, 2014 November 2014 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 • Strong performance in 9M 2014 − Revenues: €1,167.5m (+17.8% same perimeter)* − EBITDA: €74.9m (+30.3% same perimeter)* − Net Income: €25.9m (+172.7% same perimeter)* • Commercial Pipeline is the strongest ever • On-going normalization of working capital − Cash generated in Q3 2014 • I
Slide 4: Key Consolidated 9M 2014 Financials
KEY CONSOLIDATED 9M 2014 FINANCIALS* (€m) Revenues EBITDA Net Income 5.8% 6.4% Margin NFP Net Worth * 9M ‘13 and 9M ‘14 data prepared in accordance with IFRS 10 and 11. 9M ‘13 P&L data do not include the COCIV & Copenhagen projects disposed of in 2013. November 2014 4
Slide 5: Agenda
AGENDA Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO November 2014 5
Slide 6: Order Intake
ORDER INTAKE Order Intake (€m) 26% in E & EP projects • On-going effective commercial activity has led to strong acquisitions in the first nine months of 2014 • Strong performance of E and EP acquisitions • Shadow Acquisitions: €2bn already announced but not yet included in the backlog November 2014
Slide 7: Backlog
BACKLOG Backlog by Business Unit Backlog by Geography (€m, 2012-3Q2014) Sales (Sep. 2014) Shadow 2,000 Backlog * 30% 40% 12% 18% Europe Americas Middle East Others A well diversified backlog that provides a solid base to future revenues * Restated data excluding the COCIV & Copenhagen projects dispo
Slide 8: Backlog Analysis
BACKLOG ANALYSIS* Backlog by Type (E, EP & EPC), €m Book-to-Bill Ratio (2012-Sep’14) 2,980 3,054 1,697 1,980 2.20 2.21 1.60 1,048 871 235 203 31/12/13 30/09/14 2012 2013 Sep '14 E EP EPC Good mix between E, EP, and EPC Book-to-Bill at comfortable levels * Excluding the Infrastructure BU November 201
Slide 9: Crude Oil Price Does Not Affect Our Downstream Business
CRUDE OIL PRICE DOES NOT AFFECT OUR DOWNSTREAM BUSINESS • Lower oil prices have no impact on our existing and future projects • Our focus is Downstream and Gas Transformation, not Upstream • Client diversification (NOCs vs. IOCs) • No prospective project cancelled because of lower oil prices For our
Slide 10: Outlook on Commercial Activity
OUTLOOK ON COMMERCIAL ACTIVITY Commercial activity in OG&P Pipeline of opportunities stronger than ever Our commercial pipeline is the strongest in 4 years November 2014 10
Slide 11: Current Commercial Activity Around the World (OG&P)
CURRENT COMMERCIAL ACTIVITY AROUND THE WORLD (OG&P)* C.I.S. Europe POLIOLEFINE POLIOLEFINE FERTILIZER €5.8bn €1.9bn FERTILIZER GAS TREATMENT GAS TREATMENT North America Asia POLIOLEFINE POLIOLEFINE €3.3bn FERTILIZER FERTILIZER €5.2bn REFINERY GAS TREATMENT LNG Middle East POLIOLEFINE €9.1bn FERTILIZ
Slide 12: Agenda
AGENDA Business Highlights Financial Data – Alessandro Bernini, CFO Looking Ahead November 2014 12
Slide 13: Consolidated Income Statement & Balance Sheet
CONSOLIDATED INCOME STATEMENT & BALANCE SHEET INCOME STATEMENT* €m 9M '13 9M '14 Δ% Revenues 991.4 1,167.5 17.8% EBITDA 57.5 74.9 30.3% EBITDA % 5.8% 6.4% 0.6 p.p. EBIT 47.9 69.9 46% Net Income 9.5 25.9 172.7% BALANCE SHEET* €m as of Dec '13 Sep '14 Δ Net Invested Capital (Asset) (367.5) (411.7) (44
Slide 14: Business Unit Results: Oil, Gas & Petrochemicals
BUSINESS UNIT RESULTS: OIL, GAS & PETROCHEMICALS €m 9M '13 9M '14 % change Revenues 823.0 997.9 21% Business Profit 119.1 121.1 2% Business Margin 14.5% 12.1% -2.4 p.p. R&D (4.3) (3.9) (9%) G&A (47.8) (47.1) (1%) EBITDA 66.9 70.1 5% EBITDA Margin 8.1% 7.0% -1.1 p.p. • Increasing revenues • Reduction
Slide 15: Business Unit Results: Power and Infrastructure
BUSINESS UNIT RESULTS: POWER AND INFRASTRUCTURE Power €m 9M '13 9M '14 % change Revenues 37.9 58.4 54% Business Profit (1.7) 7.5 n.m. • Increasing revenues and margins Business Margin (4.4%) 12.8% n.m. G&A (2.3) (2.4) 6% EBITDA (3.9) 5.0 n.m. EBITDA Margin (10.4%) 8.6% n.m. Infrastructure €m 9M '13
Slide 16: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net Financial Debt (€m) 332 364 342 Net Debt Net Debt Net Debt Dec-2013 adj.* Jun-2014 Sep-2014 Cash Flow (€m) 27 29 53 3 75 342 305 332 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. Ch
Slide 17: Working Capital Evolution
WORKING CAPITAL EVOLUTION Change in NWC and Other Adj. (2013-3Q14, €m) 300 250 200 Normalization of Net Working Capital on track 150 240 100 50 56 8 0 Working Capital -11 generated cash -50 2013 1Q'14 2Q'14 3Q'14 Working Capital reversed course in Q3 14 November 2014 17
Slide 18: Update on the Biolevano Disposal
UPDATE ON THE BIOLEVANO DISPOSAL • Exclusivity granted to a potential buyer − Due diligence completed • Simultaneously, a project financing scheme will be secured to Biolevano • Thanks to this financial facility, equity portion will be significantly lower compared to current situation − Expected ret
Slide 19: Agenda
AGENDA Business Highlights Financial Data Looking Ahead – Pierroberto Folgiero, CEO November 2014 19
Slide 20: Looking Ahead
LOOKING AHEAD • We continue on the successful road of our turnaround strategy − Technology-driven business − Selective EPCs • Significant commercial pipeline will lead to strong order intake and backlog • On-going normalization of working capital to be completed in 2015 • Disposal process to start f
Slide 21: Investor Relations
Investor Relations Via Gaetano De Castillia, 6A 20124 Milano T +39 02 6313-7823 Investor-relations@mairetecnimont.It November 2014 21