Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — H1 2015 Earnings Presentation
17 slides from Maire's earnings presentation, Jul 30, 2015
Slide 1: H1 2015 Results
Maire Tecnimont H1 2015 Results July 30, 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 • All-time record backlog of €6.4bn − Driven by significant 1H order intake (€1.8bn) − +83% in 18 months • On-going strengthening of the Balance Sheet − €200m debt refinancing last April − Biolevano sale completed in June • Focus on marginality, volumes expected to pick up in 2H • Comme
Slide 4: Key Consolidated H1 2015 Financials (€m)
KEY CONSOLIDATED H1 2015 FINANCIALS (€m) Revenues EBITDA Net Income 800 65 600 55 400 757 45 61 26 700 53 19 200 35 0 25 1H '14 1H '15 1H '14 1H '15 1H '14 1H '15 NFP Net Worth 365 112 230 94 Dec '14 Jun '15 Dec '14 Jun '15 July 2015 4
Slide 5: Agenda
AGENDA Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Concluding Remarks – Pierroberto Folgiero, CEO July 2015 5
Slide 6: Order Intake
ORDER INTAKE Historical Order Intake (€m) Average: 1,932 2,776 2,069 1,811 1,708 1,174 895 2011 2012 2013 2014 1H14 1H15 • On-going effective commercial activity has led to strong acquisitions in 1H 2015 • Proactive approach, early involvement with clients July 2015 6
Slide 7: Eurochem – Ammonia Main Production and Storage Plant
Eurochem – Ammonia Main Production and Storage Plant Project Overview • Country: Russia • Client: Eurochem • Overall Value: €660m • Scope of Work: EPC and performance tests of Ammonia plant production, including storage tanks and relevant utilities A Highly Technological EPC Project • Particular sit
Slide 8: Backlog
BACKLOG Backlog by Business Unit Backlog by Geography (€m, 2013-1H15) (Jun. 2015) 18% 35% 40% 7% Europe Americas Middle East Others A well diversified backlog that provides a solid base to future revenues July 2015 8
Slide 9: Backlog Analysis – TE&C Business Unit
BACKLOG ANALYSIS – TE&C BUSINESS UNIT Backlog by Type (E, EP & EPC), €m Book to Bill Ratio 5,938 4,545 2,980 4,656 3,561 4.2 1,697 3.1 2.2 1,048 794 1,116 235 190 166 31/12/13 31/12/14 30/6/15 31/12/13 31/12/14 30/6/15 E EP EPC Good mix between E, EP, and EPC Excellent cover for future revenues July
Slide 10: Current Commercial Activity Around the World (TE&C)
CURRENT COMMERCIAL ACTIVITY AROUND THE WORLD (TE&C)* C.I.S. Europe POLIOLEFINE POLIOLEFINE FERTILIZER €3.9bn €0.9bn FERTILIZER GAS TREATMENT GAS TREATMENT North America Asia POLIOLEFINE POLIOLEFINE €1.0bn FERTILIZER FERTILIZER €5.3bn REFINERY GAS TREATMENT LNG Middle East €13.4bn POLIOLEFINE FERTILI
Slide 11: Agenda
AGENDA Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Concluding Remarks – Pierroberto Folgiero, CEO July 2015 11
Slide 12: Consolidated Income Statement & Balance Sheet
CONSOLIDATED INCOME STATEMENT & BALANCE SHEET INCOME STATEMENT €m 1H'14 1H'15 Δ% Revenues 756.5 700.2 (7.4%) EBITDA 52.5 61.2 16.5% EBITDA % 6.9% 8.7% 1.8 p.p. EBIT 49.0 57.1 16.5% Net Income 19.4 25.9 33.5% BALANCE SHEET €m as of Dec '14 Jun '15 Δ Net Invested Capital (Asset) (458.7) (342.1) 116.6
Slide 13: BU Results: Technology, Engineering & Construction
BU RESULTS: Technology, Engineering & Construction €m 1H'14* 1H'15 % change Revenues 679.0 649.4 (4%) Business Profit 89.5 99.6 11% Business Margin 13.2% 15.3% 2.1 p.p. R&D (3.1) (3.2) 3% G&A (33.9) (33.0) (3%) EBITDA 52.5 63.4 21% EBITDA Margin 7.7% 9.8% 1.9 p.p. • Good marginality • On-going R&D i
Slide 14: Net Financial Debt and Cash Flow
NET FINANCIAL DEBT AND CASH FLOW Net Financial Debt (€m) - 135 365 230 Dec-2014 Jun-2015 Cash Flow (€m) 61 95 18 230 365 3 Net Debt EBITDA Change in NWC Capex Net Financial Charges Net Debt Dec-2014 and asset disposals Jun-2015 July 2015 14
Slide 15: Agenda
AGENDA Business Highlights – Pierroberto Folgiero, CEO Financial Data – Alessandro Bernini, CFO Concluding Remarks – Pierroberto Folgiero, CEO July 2015 15
Slide 16: Concluding Remarks
CONCLUDING REMARKS • 3-year turnaround process almost completed (timing advantage vs. competition) • Flexible and focused business model that can adapt to market changes • Record backlog, driven by our proprietary technologies and selective EPC approach • Project-centric approach has led to a more e
Slide 17: Investor Relations
Investor Relations Via Gaetano De Castillia, 6A 20124 Milano T +39 02 6313-7823 Investor-relations@mairetecnimont.It July 2015 17