Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — Q1 2014 Earnings Presentation
21 slides from Maire's earnings presentation, May 14, 2014
Slide 1: Maire Tecnimont 1Q 2014 Results
MAIRE TECNIMONT 1Q 2014 RESULTS May 14, 2014 1
Slide 2: Agenda
AGENDA Overview Business Highlights Financial Data Annexes May 2014 2
Slide 3: Key Messages
KEY MESSAGES • Strong order intake • Improving profitability and margins • Net worth strengthened Continuing on the positive trend started in 2013 May 2014 3
Slide 4: Key Consolidated 1Q 2014 Financials (€m)
KEY CONSOLIDATED 1Q 2014 FINANCIALS (€m) Revenues EBITDA Net Income * * * 4.5% 7.0% Margin NFP Net Worth * Restated, it does not consider the COCIV & Copenhagen projects disposed of after 1Q 2013 Disposals May 2014 4
Slide 5: Agenda
AGENDA Overview Business Highlights Financial Data Annexes May 2014 5
Slide 6: 1Q 2014 Order Intake
1Q 2014 ORDER INTAKE Project Country Type Sector Value Order Intake (€m) (€m) Sonara Cameroon EPC Refinery 456 Early Eurochem Russia engineering Fertilizers 30 works Engineering and Various E Fertilizers 91 Licensing Projects Engineering and Various E, EP, EPC Petrochemical 23 EP/EPC Projects TOTAL
Slide 7: Main Awards: Sonara
MAIN AWARDS: SONARA • Project: Sonara Phase II Expansion • Country: Cameroon • Client: SOcietè NAtionale de RAffinage (SONARA) • Partner: Ustay (Turkey) • Group Value: USD612m • Project Type: EPC • Scope of Work: New Hydrocracker Complex in the Refinery of Limbè Full EPC in core business with constr
Slide 8: Backlog
BACKLOG Backlog by Business Unit Backlog by Geography (€m, 2012-1Q2014) Sales (Mar. 2014) * 26% 37% 17% 20% Europe Americas Middle East Others A well diversified backlog that provides a solid base to future revenues * Restated, it does not consider the COCIV & Copenhagen projects disposed of in 2013
Slide 9: Backlog Breakdown
BACKLOG BREAKDOWN* Backlog by Type (E, EP & EPC) Mar. 2014, €m 3,255 2,017 954 284 E EP EPC Good mix between E, EP, and EPC * Excluding the Infrastructure BU May 2014 9
Slide 10: Update on EPC De-Risking
UPDATE ON EPC DE-RISKING • Actively pursuing partnerships with leading construction companies − Objective is to allocate the construction risk to the partner if deemed to high • Recent EPC projects in partnership where Maire Tecnimont is responsible for EP only − Odebrecht (Punta Catalina, Santo Dom
Slide 11: Update on the US Opportunities
UPDATE ON THE US OPPORTUNITIES • Partnership with Foster Wheeler − Petrichemicals, chemicals and fertilizers − Leveraging on complementary skills • Several awards in urea licensing − Consolidating Stamicarbon’s dominant position • Houston office fully operational − Local presence is key • Good pipel
Slide 12: Outlook on Commercial Activity
OUTLOOK ON COMMERCIAL ACTIVITY Commercial activity in OG&P Strong pipeline of bidding opportunities We are actively pursuing an increasing number of opportunities May 2014 12
Slide 13: Agenda
AGENDA Overview Business Highlights Financial Data Annexes May 2014 13
Slide 14: Consolidated Income Statement & Balance Sheet
CONSOLIDATED INCOME STATEMENT & BALANCE SHEET INCOME STATEMENT €m 1Q '13 * 1Q '14 Δ% Revenues 387.8 372.1 (4.0%) EBITDA 17.3 26.1 51.3% EBITDA % 4.5% 7.0% 2.5 p.p. EBIT 12.5 24.3 95% Group Net Income 4.3 9.5 121% BALANCE SHEET €m as of Dec '13 Mar '14 Δ Net Invested Capital (Asset) (340.2) (414.9) (
Slide 15: Business Unit Results: Oil, Gas & Petrochemicals
BUSINESS UNIT RESULTS: OIL, GAS & PETROCHEMICALS €m 1Q '13 1Q '14 % change Revenues 331.0 321.3 (3%) Business Profit 35.0 41.7 19% Business Margin 10.6% 13.0% 2.4 p.p. R&D (1.2) (0.6) (50%) G&A (14.5) (15.7) 8% EBITDA 19.3 25.5 32% EBITDA Margin 5.8% 7.9% 2.1 p.p. • Stable revenues • Strong EBITDA a
Slide 16: Business Unit Results: Power and Infrastructure
BUSINESS UNIT RESULTS: POWER AND INFRASTRUCTURE Power €m 1Q '13 1Q '14 % change Revenues 12.2 12.0 (2%) • EBITDA back to black Business Profit 0.1 1.0 n.m. Business Margin 0.5% 8.6% 8.1 p.p. G&A (0.6) (0.4) (33%) EBITDA (0.5) 0.6 n.m. EBITDA Margin (4.2%) 5.2% 9.4 p.p. Infrastructure €m 1Q '13 * 1Q
Slide 17: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net Financial Debt (€m) Dec 31, 2013 Mar 31, 2014 Cash Flow (€m) NFP Changes Financial Net Financial NFP EBITDA Capex Dec 31, 2013 in NWC Assets Expenses Mar 31, 2014 May 2014 17
Slide 18: Agenda
AGENDA Overview Business Highlights Financial Data Annexes May 2014 18
Slide 19: Main Projects Under Execution
MAIN PROJECTS UNDER EXECUTION Project Country Client Contract Value Type Overall Compl. Date (m)* Progress** Borouge 3 Abu Dhabi Borouge US$ 910 EPC 94% 2014 Tempa Rossa Italy Total € 505 EPC 21% 2016 Punta Catalina Santo Domingo CDEEE € 500 EP 1% 2017 Kuwait AGRP Kuwait KNPC € 320 EPC 80% 2014 LLDP
Slide 20: Current Commercial Activity Around the World (OG&P)
CURRENT COMMERCIAL ACTIVITY AROUND THE WORLD (OG&P)* C.I.S. Europe POLIOLEFINE POLIOLEFINE FERTILIZER €3.7bn €1.7bn FERTILIZER GAS TREATMENT GAS TREATMENT North America Asia POLIOLEFINE POLIOLEFINE €2.4bn FERTILIZER FERTILIZER €5.4bn REFINERY GAS TREATMENT LNG Middle East POLIOLEFINE €5.2bn FERTILIZ
Slide 21: Investor Relations
Investor Relations Via Gaetano De Castillia, 6A 20124 Milano T +39 02 6313-7823 Investor-relations@mairetecnimont.It May 2014 21