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Maire Tecnimont — Earnings Release 2016
May 12, 2016
4221_rns_2016-05-12_61928b50-ebdd-4b26-923f-3b4717e959bf.pdf
Earnings Release
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Q1 2016 Financial Results May 12, 2016
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 contained and the opinions expressed in this document have not been independently verified. In particular, this document may contain forward-looking statements that are based on current estimates and assumptions made by the management of the Company to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results – including the financial condition and profitability of the Group – to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments.
The data and information contained in this document are subject to variations and integrations. Although the Company reserves the right to make such variations and integrations when it deems necessary or appropriate, the Company assumes no affirmative disclosure obligation to make such variations and integrations.
- Good pace in volumes and record backlog
- − Q1 16 Revenues: €546.1m
- − Backlog: €7.2bn
- On-going financial discipline
- − Reduction of NFP of €16.9m (- €50.7m including derivatives)
- Implementing new product offerings along our distinctive technological competences
- − Response to changing landscape
Focus on Downstream and Gas Transformation is Paying Off
KEY CONSOLIDATED Q1 2016 FINANCIALS (€m)
< Operational Performance – Pierroberto Folgiero, CEO
Financial Results – Alessandro Bernini, CFO
Final Remarks– Pierroberto Folgiero, CEO
Order Intake (€m)
- Q1 2016 order Intake driven by ORPIC and Socar
- Additional €110m of new E and EP orders in April
Liwa Plastic Industries Complex (LPIC) - Oman
Project Overview
- Country: Oman
- Client: Oman Oil Refineries and Petroleum Industries Company SAOC (ORPIC)
- Overall Value: USD 895 million
- Scope of Work: EPC for 2 Polyethylene Plants (HDPE/LLDPE, 800,000 t/y) and 1 Polypropylene Plant (PP, 300,000 t/y), part of the LPIC Complex, which has an overall value of USD 6.4 bn
Key Themes
- Development of the first world scale polyolefin complex in Oman
- Implementation of Polyethylene and Polypropylene units, based on the Group most consolidated technologies
- Expansion of our industrial footprint in the GCC region and in the Omani market, which has a fast growing plastics industry
Backlog by Business Unit (€m, 31/12/14-31/3/16)
A well diversified backlog that provides a solid base to future revenues
Backlog by Type (E, EP & EPC), €m
E EP EPC
Book to Bill Ratio
Good mix between E, EP, and EPC Excellent cover for future revenues
May 2016 9
Commercial Activity in TE&C (€bn)
We Maintain a Good Pipeline of Excellent Opportunities
COMMERCIAL ACTIVITY'S GEOGRAPHICAL BREAKDOWN (TE&C)*
Our commercial activity continues to be very focused on implementing our current strategic approach
*Figures include prospect prequalification and pre-tendering, tendering, and tendered
<
Operational Performance – Pierroberto Folgiero, CEO
Financial Results – Alessandro Bernini, CFO
Final Remarks– Pierroberto Folgiero, CEO
| €m | Q1'15 | Q1'16 | Δ % |
|---|---|---|---|
| Revenues | 347.0 | 546.1 | 57.4% |
| Business Profit | 53.6 | 56.3 | 5.0% |
| G&A | (18.3) | (19.6) | 7.1% |
| R&D | (1.9) | (1.4) | (26.3%) |
| EBITDA | 33.5 | 35.2 | 5.2% |
| EBITDA % | 9.7% | 6.5% | (3.2 b.p.) |
| EBIT | 31.9 | 34.0 | 6.5% |
| Net Financial Charges | (7.7) | (5.3) | (31.2%) |
| Profit Before Taxes | 24.5 | 28.9 | 18.0% |
| Tax Provision | (7.5) | (10.4) | |
| Effective Tax Rate | 30.6% | 36.2% | |
| Net Income | 17.0 | 18.5 | 8.4% |
NET FINANCIAL DEBT AND CASH FLOW BRIDGE
Op. Cash Flows Forex Capex Net Financial
Charges
Taxes Net Debt
Mar-2016
May 2016 14
Net Debt Dec-2015
Operational Performance – Pierroberto Folgiero, CEO
Financial Results – Alessandro Bernini, CFO
Final Remarks – Pierroberto Folgiero, CEO
<
- Backlog execution is main focus
-
− Good visibility ahead
-
Resilience in downstream and gas transformation
- − Asset light structure and flexible business model are an advantage
• On-going focus on expansion and enhancement of our leading technology portfolio
New Chapter for the Maire Tecnimont Group
Investor Relations
Via Gaetano De Castillia, 6A 20124 Milano T +39 02 6313 -7823 Investor [email protected]
May 2016 17