2018 FINANCIAL RESULTS. March 14, 2019

Transcription

1 2018 FINANCIAL RESULTS March 14, 2019

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 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 nonoccurrence 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. Dario Michelangeli, as Executive for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 ( Consolidated Finance Act ) - that the accounting information included in this presentation corresponds to the underlying accounting records. 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. 2

3 KEY MESSAGES Growth in Consolidated Revenues and EBITDA Revenues: 3.6bn (+3.4%) EBITDA: 205.7m (+8.4% vs. pro-forma 2017*) Net Income: 117.4m (+20.2% vs. pro-forma 2017**) High order intake 3.0bn Solid backlog 6.6bn Very strong commercial pipeline 41.2bn Successfully launched Green Chemistry expansion Proposed Dividend: 39.1m, equal to per share Solid Set of 2018 Numbers * Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of 3.6 million at 2017 EBITDA level) ** Adjusted to also exclude a 18.9 million (net of taxes) one-off positive effect of certain derivative transactions related to the convertible bond 3

4 KEY CONSOLIDATED FINANCIALS ( M) Revenues EBITDA Net Income +3.4% +8.4% +20.2% 3, , Dec '17 Net Cash m 93.8 Dec '18*** 2017* Net Worth m 2017** Dec '17 Dec '18 * Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of 3.6 million at 2017 EBITDA level) ** Adjusted to also exclude a 18.9 million (net of taxes) one-off positive effect of certain derivative transactions related to the convertible bond *** Excluding 36.3 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including 16.2 million to be recovered in India 4

5 SUMMARY 1. Operational Performance Pierroberto Folgiero, CEO 2. Financial Results Alessandro Bernini, CFO 3. Final Remarks Pierroberto Folgiero, CEO

6 HSE PERFORMANCE (TE&C BU) Lost Time Injury Frequency (LTIF), Total Recordable Injury Rate (TRIR), * 2018 data not yet available Maire Tecnimont IOGP - Construction Index * Group Indicators Are 90% Better than Sector s 6

7 ORDER INTAKE billion FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 YTD 2019 Good Order Intake Inflow Provides Support to our Top Line 7

8 2018 ORDER INTAKE ANALYSIS Main Projects Awarded Order Intake by Geography Name Client Country Business Type Heydar Aliyev Baku Oil Refinery New Delayed Coking Unit Socar JSC Gazprom Neft Omsk Refinery Azerbaijan Russia Oil&Gas Refining Oil&Gas Refining EPC EPCM Africa 8% Others New HDPE, upgrading PP Polypropylene Unit JG Summit Petrochemical Corporation Philippines Petrochemical EPC Borouge 5 Abu Dhabi Petrochemical EPC Middle East 10% 14% 52% Upgrading of 2 Refineries Lukoil Russia Oil&Gas Refining EPC 16% HDPE, PP Units Mittal Energy India Petrochemical EPCC Asia Europe LPG Train Sonatrach Algeria Oil&Gas Refining EPC Petrochemical Complex Exxon Mobil USA Petrochemical EP 8

9 BACKLOG Backlog by Business Unit ( m, 30/6/18-31/12/18) Backlog by Geography (Dec. 2018) 6, , Africa 12% 2% Others 6,569 6,369 30/6/18 31/12/18 TE&C& Infrastructure Asia 18% Middle East Solid and Diversified Backlog 11% 57% Europe 9

10 BACKLOG ANALYSIS TE&C BUSINESS UNIT Backlog by Type ( m, 30/6-31/12/18) Book to Bill Ratio* (30/6-31/12/18) 6,569 6,569 6,369 5,799 5, /6/18 31/12/18 E EP EPC Good mix between E, EP, and EPC 30/6/18 31/12/18 Excellent cover for future revenues *Defined as the ratio between Backlog and LTM Revenues *Defined as the ratio between Backlog and LTM Revenues 10

11 OUTLOOK ON COMMERCIAL ACTIVITY (TE&C BU) Commercial Activity ( bn, June-Dec 2018) Jun '18 Sep '18 Dec '18 Prospect, Prequalification & Pre-Tendering Tendering Tendered Our Commercial Pipeline Remains High 11

12 COMMERCIAL ACTIVITY S GEOGRAPHICAL BREAKDOWN (TE&C)* 2.5bn Europe POLYOLEFIN REFINERY 8.8bn C.I.S. FERTILIZER POLYOLEFIN GAS TREATMENT REFINERY 2.1bn North and Central America POLYOLEFIN 7.7bn Asia FERTILIZER POLYOLEFIN GAS TREATMENT CORPORATE PROFILE FEBRUARY bn South America FERTILIZER 9.3bn Africa FERTILIZER POLYOLEFIN GAS TREATMENT REFINERY 9.3bn Middle East FERTILIZER POLYOLEFIN GAS TREATMENT REFINERY Our Commercial Efforts are Widely Diversified Across Key Geographies *Figures include prospect prequalification and pre-tendering, tendering, and tendered 12

13 SUMMARY 1. Operational Performance Pierroberto Folgiero, CEO 2. Financial Results Alessandro Bernini, CFO 3. Final Remarks Pierroberto Folgiero, CEO

14 CONSOLIDATED INCOME STATEMENT m % Revenues 3, , % Business Profit 263.6* % G&A (68.3) (72.7) R&D (5.4) (5.7) EBITDA 189.8* % EBITDA % 5.4% 5.6% EBIT 168.7* % Net Financial (Charges)/Income (23.0)** (12.8) 44.3% Profit Before Taxes 145.8** % Tax Provision (48.1) (55.3) 15.1% Effective Tax Rate 33.0% 32.0% Net Income 97.7** % * Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of 3.6 million at 2017 EBITDA level) ** Adjusted to also exclude a 28.3 million (pre-tax) and 18.9 million (post-tax) one-off positive effect of certain derivative transactions related to the convertible bond and originally included in the Net Financial Charges 14

15 NET CASH POSITION Cash Flow Bridge ( m, 2018) Net Cash Dec 2017 Bond Conversion Treasury and Dividends Operating Cash Flows * Excluding 36.3 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including 16.2 million of expected insurance refunds for an event that took place in India Forex Net Financial Charges 93.8 Taxes Capex Net Cash Dec 2018* 15

16 NEW BUSINESS UNITS REPORTING FROM FY2019 OLD NEW TE&C I&CE Hydrocarbons Green Petrochemicals Civil Infrastructure Petrochemicals Renewables Oil & Gas Refining Renewables Oil & Gas Refining Green Chemistry Fertilizers Tecnimont KT Stamicarbon MET Development Neosia Fertilizers MAIN COMPANIES Tecnimont KT Stamicarbon MET Development Environmental Infrastructure Neosia Renewables NextChem Neosia 16

17 SUMMARY 1. Operational Performance Pierroberto Folgiero, CEO 2. Financial Results Alessandro Bernini, CFO 3. Final Remarks Pierroberto Folgiero, CEO

18 GREEN CHEMISTRY: AREAS OF ACTIVITY MARKET FRAMEWORK KEY GREEN INDUSTRIES Bio-fuels Bio Industry (use of biological components as feedstock) Circular Economy (re-use of wastes) Greening the Brown (industrial processes pollution reduction) * Enzymes: required element supporting bio-industries not based on bio feedstock Create Improve Reduce Bio industry (use of biological components as feedstock) Circular economy (re-use of wastes) Greening the brown (industrial processes pollution reduction) Renewable energies Bio-polymers Enzymes* Bio-chemicals Fertilizers Bio-Coating Plastics Other MSW Energy efficiency Carbon footprint reduction Treatment Remediation Solar / Wind Other RES 18

19 GREEN CHEMISTRY BUSINESS MODEL OPERATOR Equity control of green production plant/ player JOINT DEVELOPER Equity and tech partnership with industrial player EPC EPC service provider LICENSOR IP and Feed sale to industrial players As a Joint Developer SMALL As a Joint Developer MEDIUM INVESTMENT SCALE INVESTMENT SCALE SIGNIFICANT 19

20 MECHANICAL PLASTICS RECYCLING: MYREPLAST First step in the Circular Economy Based on an economically sustainable business model Flexibility: the plant can treat various types of incoming plastic waste Size: one of the largest plants in Europe Production: 40,000 tons of recycled polymers per year Output quality: very high, with a recycling efficiency of 95% Location: Bedizzole (Brescia), Italy Maire Tecnimont as an Accelerator in the Circular Economy 20

21 FINAL REMARKS Good 2018 results Resilience of our business Strong competitive positioning Success of our business model Solid commercial pipeline New projects expected Strong prospects in Petrochemicals (Core Business) Expansion into Green Chemistry has started 2019 Guidance Revenues: bn EBITDA*: m Net Cash*: m *Not considering the IFRS 16 effects from January 1, is Expected to be Another Solid Year 21

22 Maire Tecnimont Group s Headquarters Via Gaetano De Castillia, 6A Milan info@mairetecnimont.it Investor Relations T Investor-relations@mairetecnimont.It