Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — FY2015 Earnings Presentation
24 slides from Maire's earnings presentation, Mar 16, 2016
Slide 1: 2015 Financial Results
2015 Financial Results March 16, 2016
Slide 2: 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 information contain
Slide 3: Key Messages
KEY MESSAGES • 2015 has been a record year − €3.2bn in new orders − €6.9bn backlog • Strong pick up in volumes − +39% 2H vs. 1H • On-going strengthening of the Balance Sheet − Significant de-leverage (€239m decrease in net debt) • €4.7 cents per share dividend to be proposed at the AGM − First divid
Slide 4: Key Consolidated 2015 Financials (€m)
KEY CONSOLIDATED 2015 FINANCIALS (€m) Revenues EBITDA Net Income (1) 1,700 132 +3.1% +5.5% +26.4% 1,650 130 1,600 128 1,550 126 130.8 1,669.6 50.6 49.1 1,500 1,583.2 124 126.9 43.8 38.9 1,450 122 1,400 120 (2 (2 2014 2015 2014 2015 2014 2015 2014 ) 2015 ) NFP Net Worth +32.5 -239.4 365.0 126.2 93.7
Slide 5: Agenda
AGENDA < Operational Performance – Pierroberto Folgiero, CEO Financial Results – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO March 2016 5
Slide 6: Maire Tecnimont's Relative Positioning
MAIRE TECNIMONT’S RELATIVE POSITIONING Onshore Offshore Upstream Downstream & Gas Transformation We are Completely Focused on Downstream and Gas Transformation March 2016 6
Slide 7: Differentiating Factors vs. Our Competitors
DIFFERENTIATING FACTORS VS. OUR COMPETITORS • Flexible business model • Asset light: no idleness • Cost base already streamlined • Strong technological IPs and Process Engineering distinctive competences • Client diversification (NOCs vs. IOCs) • Global approach with focus on specific geographies Ou
Slide 8: Order Intake
ORDER INTAKE Historical Order Intake (€m) Pre-Strategy Post-Strategy Implementation Implementation Average 2011-13: €1,650m 3,209 2,776 2,069 1,708 1,174 2011 2012 2013 2014 2015 • 2015 has been our best year ever • Effective strategic approach, focus on downstream, proactive attitude with clients M
Slide 9: Order Intake – Main Acquisitions
ORDER INTAKE – MAIN ACQUISITIONS SOCAR (Azerbaijan) SOCAR (Azerbaijan) LOTOS ASFALT EPC EPC EUROCHEM (Russia) (Poland) Petrochemicals Petrochemicals EPC EPC €165.0 MN €346.0 MN Fertilizers Refinery €659.1 MN €304.0 MN GAZPROM (Russia) EPC Refinery €443.1 MN YARA (Holland) PETRONAS (Malaysia) EPC EPC
Slide 10: RAPID (Pengerang) - Petronas
RAPID (Pengerang) - Petronas Project Overview • Country: Malaysia • Client: PRPC Polymers (Petronas) • Overall Value: €442.4m • Scope of Work: EPC of two polypropylene units within the RAPID complex Key Issues • Partnership with HQC (China) • 450,000 tons per year each • Expected completion in 2019
Slide 11: Backlog
BACKLOG Backlog by Business Unit Backlog by Geography (Dec. 2015) (€m, 2013-2015) 6,893 Others 438 17% Europe 4,951 406 38% 3,482 Asia 12% 502 6,455 4,545 2,980 33% 31/12/13 31/12/14 31/12/15 TE&C Infrastructure Middle East A well diversified backlog that provides a solid base to future revenues Mar
Slide 12: Backlog Analysis – TE&C Business Unit
BACKLOG ANALYSIS – TE&C BUSINESS UNIT Backlog by Type (E, EP & EPC), €m Book to Bill Ratio 6,455 4,545 5,483 2,980 3,561 4.2 1,697 3.1 2.2 1,048 794 846 235 190 126 31/12/13 31/12/14 31/12/15 31/12/13 31/12/14 31/12/15 E EP EPC Good mix between E, EP, and EPC Excellent cover for future revenues Marc
Slide 13: Breakdown of New Hires, 2014-2015
BREAKDOWN OF NEW HIRES, 2014-2015 Tecnimont Italia Tecnimont India and KT Others 7% Others Engineers 45% 55% 93% Total: 407 Total: 617 Maire Tecnimont is the Employer of Choice in OFS March 2016 13
Slide 14: Outlook on Commercial Activity
OUTLOOK ON COMMERCIAL ACTIVITY Commercial Activity in TE&C (€bn) 32 28 6.6 24 4.0 20 5.2 7.7 16 5.3 12 3.8 8 17.9 15.4 4 9.7 0 Dec 13 Dec 14 Dec 15 PROSPECT PREQUALIFICATION & PRE-TENDERING TENDERING TENDERED We Maintain a Good Pipeline of Excellent Opportunities March 2016 14
Slide 15: Commercial Activity's Geographical Breakdown (TE&C)
COMMERCIAL ACTIVITY’S GEOGRAPHICAL BREAKDOWN (TE&C)* C.I.S. Europe POLIOLEFINE POLIOLEFINE FERTILIZER €6.4bn €1.0bn FERTILIZER GAS TREATMENT REFINERY North America Asia POLIOLEFINE POLIOLEFINE €1.2bn FERTILIZER FERTILIZER €2.9bn GAS TREATMENT LNG €8.6bn Middle East POLIOLEFINE FERTILIZER GAS TREATME
Slide 16: Agenda
AGENDA Operational Performance – Pierroberto Folgiero, CEO < Financial Results – Alessandro Bernini, CFO Looking Ahead – Pierroberto Folgiero, CEO March 2016 16
Slide 17: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT €m FY2014 FY2015 Δ% Revenues 1,583.2 1,669.6 5.5% Business Profit 210.3 211.2 0.4% G&A (77.7) (73.9) (4.9%) R&D (5.7) (6.4) 12.2% EBITDA 126.9 130.8 3.1% EBITDA % 8.0% 7.8% (0.2p.p.) EBIT 103.4 115.4 11.6% Net Financial Charges (42.0) (37.8) (10.0%) Profit Before Taxes
Slide 18: Cash Evolution, 2013-2015 (€m)
CASH EVOLUTION, 2013-2015 (€m) 400 Cash 350 Consumption Cash 300 Generation 250 200 Stabilization 349.7 362.4 150 100 167.0 160.2 50 0 1/1/13 31/12/13 31/12/14 31/12/15 • Strong cash generation in 2015 • Cash is now above end of 2012 levels March 2016 18
Slide 19: Net Financial Debt and Cash Flow Bridge
NET FINANCIAL DEBT AND CASH FLOW BRIDGE Net Financial Debt (€m) 365.0 3.7 71.3 - 239.4 Derivatives Conv. Bond 125.6 290.0 11.9 Net Bank Debt 73.1 40.6 Dec 2014 Dec 2015 Cash Flow Bridge (€m) 130.8 365.0 36.6 125.6 152.6 7.4 Net Debt EBITDA Change in NWC Capex Net Financial Charges Net Debt Dec-2014
Slide 20: Spread of Bank Debt Refinancings, 2013-2015
SPREAD OF BANK DEBT REFINANCINGS, 2013-2015 Spread (bps) 600 500 400 300 540 200 395 250 100 0 May 2013 Apr 2015 Dec 2015 Amount (€m) €350 €320 €350 Final Maturity 12/2017 2018-2019 12/2020 We Have More Than Halved our Bank Financing Cost since 2013 March 2016 20
Slide 21: Agenda
AGENDA Operational Performance – Pierroberto Folgiero, CEO Financial Results – Alessandro Bernini, CFO < Looking Ahead – Pierroberto Folgiero, CEO March 2016 21
Slide 22: Priority Areas in 2016
PRIORITY AREAS IN 2016 Project Technology Development & Services Backlog Execution New Geographies Revamping e.g. Iran Flexible Business Model Allows Us to be More Competitive March 2016 22
Slide 23: 2016 Guidance
2016 GUIDANCE • Revenues: €2.2-2.4bn • EBITDA: €140-160m • NFP: around €50m (same perimeter) March 2016 23
Slide 24: Investor Relations
Investor Relations Via Gaetano De Castillia, 6A 20124 Milano T +39 02 6313-7823 Investor-relations@mairetecnimont.It March 2016 24