Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — 9M 2013 Earnings Presentation
20 slides from Maire's earnings presentation, November 2013
Slide 1: Maire Tecnimont Nine Months 2013 Results
MAIRE TECNIMONT NINE MONTHS 2013 RESULTS
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 and any related presentation does not constitute an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the b
Slide 3: Overview, Business Highlights, Financial Data
Overview Business Highlights Financial Data November 2013 3
Slide 4: Key Messages
KEY MESSAGES • Third consecutive quarter of positive results • On-going focus on new strategic approach • Significant deleveraging and capital increase have led to a more solid capital structure November 2013 4
Slide 5: Key Consolidated Financials
KEY CONSOLIDATED FINANCIALS Revenues (m€) EBITDA (m€) Net Income (m€) NFP (m€) Net Worth (m€) November 2013 5
Slide 6: Business Highlights
Overview Business Highlights Financial Data November 2013 6
Slide 7: 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 99.9% 2013 Borouge 3 Abu Dhabi Borouge OG&P US$ 910 90.4% 2014 Tobolsk Russia Sibur OG&P € 674 100% 2013 Tempa Rossa Italy Total OG&G € 505 9.3% 2016 Kuwait
Slide 8: Main Awards in 2013
MAIN AWARDS IN 2013 Poliolefin, Engineering Services and EP Hydrogen package, EP Fertilizer Hydrogen equipment Units, EPC Poliolefin, supply, EP Engineering Services Fertilizer Grass Root, Licensing Fertilizer Hydrogen equipment Unit, EPC supply, EP Butyl Rubber Plant, Engineering Services 2013 awar
Slide 9: Backlog
BACKLOG €913m COCIV Historical Backlog disposal €485m Copenhagen Disposal in 4Q2013 Solid Backlog that will be mainly completed over the next 3 years November 2013 9
Slide 10: Outlook on Commercial Activity
OUTLOOK ON COMMERCIAL ACTIVITY Commercial activity in OG&P and Fertilizers €b n 20 Increasing amount of tendered projects 16 5.9 2.4 12 4.6 8 Strong pipeline of bidding 4 opportunities 0 Dec 12 Jun 13 Sep 13 PROSPECT PREQUALIFICATION & PRE-TENDERING TENDERING TENDERED A healthy build-up of our pipel
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 €2.1bn €1.4bn FERTILIZER GAS TREATMENT GAS TREATMENT North America Asia POLIOLEFINE POLIOLEFINE €4.3bn FERTILIZER FERTILIZER €5.0bn REFINERY GAS TREATMENT LNG Middle East €2.7bn POLIOLEFINE FERTILIZ
Slide 12: Human Capital
HUMAN CAPITAL Breakdown of the Group’s Total Human Resources Dec 2012 Sep 2013 859 827 3611 3485 Technical Departments Other resources Our technical and engineering workforce has remained broadly stable November 2013 12
Slide 13: Risk Management
RISK MANAGEMENT … A continuous improvement DEDICATED ORGANIZATION DONE RISK IDENTIFICATION, giving priority to DONE the commercial and industrial process RISK AVOIDANCE or MITIGATION through In progress the strengthening of more conservative guidelines In progress RISK MONITORING and REPORTING Novem
Slide 14: Financial Data
Overview Business Highlights Financial Data November 2013 14
Slide 15: Consolidated Income Statement & Balance Sheet
CONSOLIDATED INCOME STATEMENT & BALANCE SHEET INCOME STATEMENT €m 9M '12 9M '13 Δ% Revenues 1,661.4 1,231.6 (26%) EBITDA (81.6) 81.6 n.m. EBIT (186.7) 62.0 n.m. Group Net Income/(Loss) (157.4) 15.8 n.m. BALANCE SHEET €m as of Dec '12 Sep '13 Δ% Net Invested Capital (Asset) (105.5) (284.7) 169.8% Net
Slide 16: Business Unit Results: Oil, Gas & Petrochemicals
BUSINESS UNIT RESULTS: OIL, GAS & PETROCHEMICALS €m 9M '12 9M '13 % change Revenues 1,354.6 948.5 (30%) Business Profit 110.5 119.1 8% Business Margin 8.2% 12.6% 4.4 p.p. R&D (3.4) (4.3) 25% G&A (55.4) (47.8) (14%) EBITDA 51.7 66.9 29% EBITDA Margin 3.8% 7.1% 3.2 p.p. • Increased Business Profit dri
Slide 17: Business Unit Results: Power and Infrastructure
BUSINESS UNIT RESULTS: POWER AND INFRASTRUCTURE Power €m 9M '12 9M '13 % change Reduction in revenues due to: Revenues 161.2 37.9 (76%) • Conclusion of LatAm EPC contracts Business Profit (118.9) (1.7) n.m. Business Margin (73.8%) (4.4%) n.m. • Focus on Engineering projects (in line R&D (0.0) (0.0)
Slide 18: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net Financial Debt (€m) Dec 31, 2012 Sep 30, 2013 Cash Flow (€m) CF NFP Changes Capital Net Financial NFP Sep 30, EBITDA Capex Financial Dec 31, 2012 in NWC Increase Expenses 2013 Assets November 2013 18
Slide 19: Group Bank Debt Maturity Profile
GROUP BANK DEBT MATURITY PROFILE Bank Debt Repayments, 2013-2017 m€ Short Term €361.6m: Medium-Long Term Debt Portion of MLT Debt 250 200 34.3 IVQ13 150 9M13 100 183.6 174 50 97.6 90 43.7 0 2013 2014 2015 2016 2017 90% OF FUTURE REPAYMENTS WILL TAKE PLACE FROM 2015 ONWARDS November 2013 19
Slide 20: Investor Relations
Investor Relations Via Gaetano De Castillia, 6A 20124 Milano P +39 02 63137823 Investor-relations@mairetecnimont.It November 2013 20