9M 2018 FINANCIAL RESULTS. November 7, 2018

Transcription

1 9M 2018 FINANCIAL RESULTS November 7, 2018

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: 2.7bn (+5.6%) EBITDA: 149.6m (+12.3% vs. pro-forma 9M 17*) High order intake 2.7bn Solid backlog 7.3bn Very strong commercial pipeline 40.1bn On-going focus on tech portfolio and green chemistry * Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of 10.1 million at 9M 17 EBITDA level)) 3

4 KEY CONSOLIDATED FINANCIALS ( M) Revenues EBITDA Net Income +5.6% +12.3% +27.5% 2, , M' M'18 Net Cash m 44.6 Dec '17*** Sep '18 9M'17* 9M' M'17** Net Worth m Dec '17 Sep '18 * Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of 10.1 million at 9M 17 EBITDA level) ** Adjusted to also exclude a 21.6 million (net of taxes) one-off positive effect of certain derivative transactions related to the convertible bond *** Excluding 36.1 million in Non-Recourse Project Financing for the Alba Bra Hospital project 9M'18 4

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

6 ORDER INTAKE billion Average = FY 2014 FY 2015 FY 2016 FY M 2018 We Remain Positive on Future Commercial Developments 6

7 Q FLAGSHIP PROJECT: BOROUGE PP5 Project Overview Location: Ruwais, Abu Dhabi (United Arab Emirates) Client: Borouge (JV ADNOC-Borealis) Contractor: Tecnimont Contract Type: EPC Scope of Work: New Polypropylene Unit (PP5) within the existing Borouge 3 Complex Key Characteristics Borouge Complex, Source: Tecnimont Photos Database The maximum production capacity of the new PP Unit will be of 480,000 tons/year Project to be completed by the end of 2021 This award follows the FEED phase successfully completed by Tecnimont Consolidation of the Group s long-lasting relationship with ADNOC: Borouge 1, Borouge 2 and Borouge 3 Projects were carried out by Maire Tecnimont Group Overall, 11 th polyolefin plant built by the Group for Borouge Total installed capacity for Borouge by the Group is 4.8 million tons/year, including PP5 Further confirmation of our unparalleled leadership in the polyolefins markets 7

8 Q FLAGSHIP PROJECT: HPCL - MITTAL ENERGY Project Overview Location: Bathinda (India) Client: HPCL Mittal Energy Limited Contractor: Tecnimont and Tecnimont Private Ltd. (India) Overall Value: About USD225m Contract Type: EPCC Scope of Work: Implementation of a new High-Density Polyethylene Unit (HDPE) and a new Polypropylene Unit (PP) Key Characteristics The new HDPE unit will have a capacity of 450,000 tons/year The new PP unit will have a capacity of 500,000 tons/year The time schedule for Mechanical Completion is 25 months The award is driven by attractive downstream investment cycle in India and the rest of Asia Testament of the Group s leadership in polyolefins Leverage our historical and significant presence in India Guru Gobind Singh Refinery Source: HMEL Website 8

9 Q FLAGSHIP PROJECT: LPG TRAIN 4 ZCINA HASSI MESSAOUD Project Overview Location: Hassi Messaoud Area (Algeria) Client: Sonatrach Contractor: Tecnimont Overall Value: USD248m Contract Type: EPC Scope of Work: Implementation of a new train of LPG and Condensate extraction from associated gas. Key Characteristics ZCINA Site Source: Tecnimont Photos Database The project is an extension of the existing ZCINA LPG plant (three existing LPG trains) The new train will have a capacity of 8 Million Standard Cubic Meters per day The project s completion is scheduled within 30 months from the commencement date Strategic investment for Sonatrach as LPG is a valuable source of energy locally Excellent Group s positioning ahead of additional expected downstream investments by Sonatrach Leverages Group s expertise in Gas Transformation 9

10 BACKLOG Backlog by Business Unit ( m, 31/12/17-30/9/18) Backlog by Geography (Sep. 2018) 7, , , Africa 1% Others 11% 6,864 6,569 7,051 31/12/17 30/6/18 30/9/18 TE&C& Infrastructure Asia Middle East 17% 12% Solid and Diversified Backlog 59% Europe 10

11 BACKLOG ANALYSIS TE&C BUSINESS UNIT Backlog by Type ( m, 30/6-30/9/18) Book to Bill Ratio* (31/3-30/9/18) 6,569 7,051 5,799 6, /6/18 30/9/18 E EP EPC Good mix between E, EP, and EPC 31/3/18 30/6/18 30/9/18 Excellent cover for future revenues *Defined as the ratio between Backlog and LTM Revenues *Defined as the ratio between Backlog and LTM Revenues 11

12 OUTLOOK ON COMMERCIAL ACTIVITY (TE&C) Commercial Activity ( bn, Mar 18-Sep 18) Mar '18 Jun '18 Sep '18 Prospect, Prequalification & Pre-Tendering Tendering Tendered Our Commercial Pipeline Remains High 12

13 COMMERCIAL ACTIVITY S GEOGRAPHICAL BREAKDOWN (TE&C)* 3.0bn Europe POLYOLEFIN REFINERY 7.7bn C.I.S. FERTILIZER POLYOLEFIN GAS TREATMENT REFINERY 2.2bn North and Central America POLYOLEFIN 2.0bn South America FERTILIZER 8.8bn Africa FERTILIZER POLYOLEFIN GAS TREATMENT REFINERY 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 8.7bn 7.7bn Asia FERTILIZER POLYOLEFIN GAS TREATMENT 13

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

15 CONSOLIDATED INCOME STATEMENT m 9M M 2018 % Revenues 2, , % Business Profit 186.9* % G&A (49.6) (52.0) R&D (4.1) (3.5) EBITDA 133.2* % EBITDA % 5.1% 5.5% EBIT 126.6* % Net Financial (Charges)/Income (18.0)** (10.9) n.m. Profit Before Taxes 108.6** % Tax Provision (38.3)** (42.6) Effective Tax Rate 35.3% 32.2% Net Income 70.3** % * Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of 10.1 million at 9M 17 EBITDA level) ** Adjusted to also exclude a 33.3 million (pre-tax) one-off positive effect of certain derivative transactions related to the convertible bond and originally included in the Net Financial Charges 15

16 NET CASH POSITION Cash Flow Bridge ( m, Dec Sep 2018*) Net Cash Dec 2017 Bond Conversion Treasury and Dividends Operating Cash Flows Forex * Excluding 36.1 million in Non-Recourse Project Financing for the Alba Bra Hospital project Net Financial Charges Taxes Capex Net Cash Sep 2018* 16

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

18 FINAL REMARKS Positive set of financial results Trend consolidation Strong order intake in Q3 driven by our technological leadership Solid commercial pipeline will lead to new projects Increasing relevance of new technologies and green chemistry 18

19 FOCUS ON NEW TECHNOLOGIES AND GREEN CHEMISTRY Launching a Green Acceleration project through a new business line dedicated to Green Chemistry Provide clients from the very beginning with a roadmap to support them in the energy transition process with a fully fledged industrial approach Set of already developed initiatives aimed at: Mitigating environmental impacts and emissions of hydrocarbons transformation Using biofuels, biogas and biomass as feedstock for traditional plastic production Implementing plastics mechanical recycling and developing the chemical one Industrialising and commercialising new bioplastics molecules Kick-off on November 27 at Maire Tecnimont s Innovation Day in Milan Maire Tecnimont Adds Value on Technology and Green Chemistry 19

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