Maire S.p.A. · MIL:MAIRE
Maire — Maire Tecnimont — FY2012 Earnings Presentation
22 slides from Maire's earnings presentation, Apr 8, 2013
Slide 1: Maire Tecnimont FY 2012
MAIRE TECNIMONT FY 2012 April 8th, 2013
Slide 2: Forward looking information
Forward looking information 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 i
Slide 3: Agenda
Agenda Overview: Financial Reinforcement Plan Business Highlights Financial Details 3
Slide 4: The financial reorganization project – Overview
The financial reorganization project – Overview The BoD has approved the financial reorganization project Total Amount: 500M€ Capital increase 150M€ New financing: 50M€ Rescheduling of about 300M€ on a medium-long term Timing: within July 2013 8th April 2013
Slide 5: Overview – Capital Increase
Overview – Capital Increase Capital increase: Amount: 150M€ 15M€ - the strategic investor is first investing in a reserved capital increase for 5% at 90 cents 135M€ - Rights Issue, of which: 60M€ - Majority shareholder (Maire Gestioni) subscription 75M€ - Offered to remaining existing shar
Slide 6: Overview – New Financing & Debt Rescheduling
Overview – New Financing & Debt Rescheduling Financial reorganization project: New financing: €50m (repaid within 2017, more than 2 years of grace period) Debt rescheduled: about €300m (repaid within 2017, more than 2 years of grace period) Some of the Group major lending banks (Intesa Sanpaol
Slide 7: Overview – Full Year '12 Results
Overview – Full Year „12 Results Revenues: €2,186.8m (vs €2,646.3m „11) EBITDA: -€159.2m (vs -€305.1m 11); adjusted EBITDA: €82.4m • Mainly due to “non-recurring” impact of Power BU • Structural Reduction of G&A (€91m in 2012 vs €110m in 2011) Group Profit (Loss) after taxes: -€207.6m (vs -€296.4m ‟
Slide 8: Agenda
Agenda Overview and Outlook Business Highlights Financial Details 8
Slide 9: Strategic Initiatives Driving Change
Strategic Initiatives Driving Change 1) Enhance and develop Technology driven business 5) Align organization 2) Review EPC and pursue Group positioning and synergies consolidate it Strategic Priorities 4) Evolve business 3) Develop model and explore Engineering Services new geographies sales and del
Slide 10: New business strategy has already been adopted
NEW BUSINESS STRATEGY HAS ALREADY BEEN ADOPTED €130M already awarded in 2013 in technology driven business total award 2012: €2.6B Selective Approach on execution risks o/w €1.7B in OG&P according to €0.5B of EP reviewed projects and operational procedures €0.2B of Services Awards in OG&P business i
Slide 11: Main Projects in Execution
Main Projects in Execution Project Country Client BU Contract Overall Material Construction Compl. Value (m) Progress Ordered subcontracts Date Tobolsk Russia Sibur OG&P € 626 98.1% 100% 100% 2013 GASCO Abu Dhabi GASCO OG&G $ 2.3 bn 95% 99% 95% 2013 Nangal India NFL OG&P $ 240 97.6% 99% 95% 2013 Nov
Slide 12: Backlog and New Orders by Business Unit
Backlog and New Orders by Business Unit Backlog Breakdown by BU €m FY '11 FY '12 New Orders I & CE 35% Oil, Gas & Petrochemicals 1.118 54% 1.692 65% Power 0 0% 7 0% O,G&P 65% Power Infrastructure & Civil Engineering 950 46% 903 35% 0% Total New Orders 2.069 100% 2.602 100% New Orders Breakdown by BU
Slide 13: Agenda
Agenda Overview and Outlook Business Highlights Financial Details 13
Slide 14: Consolidated Income Statement & Balance Sheet
Consolidated Income Statement & Balance Sheet €m FY '12 FY '11 Δ% Revenues 2,186.8 2,646.3 (17%) Business profit (68.0) (190.9) 64% R&D (0.2) (3.7) G&A (91.0) (110.5) EBITDA (159.2) (305.1) 48% Amortisation/allocation (28.2) (33.7) EBIT (187.4) (338.7) 45% Net Financial income/(exp) (45.2) (16.8) EB
Slide 15: Business Unit Results: Oil, Gas & Petrochemicals
Business Unit Results: Oil, Gas & Petrochemicals €m Revenues Bus. Profit EBITDA New Orders Backlog €m -10% - 24% - 30% +51% -4% 216 129 1,692 3,258 3,142 2,001 1,810 165 91 1,118 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY 11 FY ‘12 €m FY '11 FY '12 % change • Lower production volumes
Slide 16: Business Unit Results: Power
Business Unit Results: Power €m Revenues Bus. Profit EBITDA New Orders Backlog €m -61% +44% +45% n.a. -85% 454 7 301 177 -217 -209 0 31 -391 -372 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY 11 FY ‘12 €m FY '11 FY '12 % change • Reduction in revenues due to: Revenues 454.8 177.5 (61%)
Slide 17: Business Unit Results: Infrastructure
Business Unit Results: Infrastructure €m Revenues Bus. Profit EBITDA New Orders Backlog €m +5% +30% +22% -5% +60% 950 903 2,072 191 199 1,294 -24 -34 -35 -44 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY ‘11 FY ‘12 FY 11 FY ‘12 €m FY '11 FY '12 % change • Revenues increased slightly Revenues 190.6 19
Slide 18: Consolidated Highlights: Net Financial Debt and Cash Flow
CONSOLIDATED HIGHLIGHTS : Net Financial Debt and Cash Flow Net Financial Debt (€m) Cash Flow (€m) CF NFP Changes Dividend Net Financial NFP Dec 31, EBITDA Capex Financial Dec 31, 2011 in NWC Paid Expenses 2012 Assets 8th April 2013 18
Slide 19: Appendices
Van Maire Tecnimont > Appendices 19
Slide 20: Revenues & EBITDA BU Split
Revenues & EBITDA BU Split €m FY '12 FY '11 % Change Total Revenues 2,186.8 2,646.3 (17% ) Oil, Gas & Petrochemicals 1,810.1 2,001.0 (10%) Power 177.5 454.8 (61%) Infrastructure & Civil Engineering 199.2 190.6 5% Business Profit (68.0) (190.9) 64% Oil, Gas & Petrochemicals 165.0 216.3 (24%) Power (2
Slide 21: Balance Sheet and Cash Flow Generation
Balance Sheet and Cash Flow Generation Balance Sheet Cash Flow Statement € mn FY 2012 FY 2011 €m FY '12 FY '11 Fixed Assets 542 547 Cash at the Beginning of the period 550 563 NWC (345) (417) Ebitda (159) (312) Provisions & Other LT Liabilities (91) (73) Change in NWC 33 126 Change in Funds (6) 2 In
Slide 22: Maire Tecnimont S.p.A.
This presentation includes forecast statements. Such forecasts are based on the current estimates and projections of the Group, relatively to future events and, due to their nature, are subject to a inherent component of risk and uncertainty. The actual results may significantly differ from those co