• Revenues: €2.4 billion
  • EBITDA: €168.7 million
  • Working Capital and Net Financial Position have improved
  • Highest ever commercial pipeline equal to €46.0 billion
  • Finalized agreement to dispose the Alba/Bra hospital project (Green Energy BU)
  • Guidance 2019
    • Updated Revenues: about €3.4 billion (from €3.8 billion)
    • Confirmed EBITDA: about €210 million (ex-IFRS 16), with the marginality up from 5.5% to 6.2%
    • Confirmed Net Cash: €80-100 million

Milan, 24 October 2019 – Maire Tecnimont S.p.A.’s Board of Directors today has reviewed and approved the Interim Financial Report as at 30 September 2019 which reports a Consolidated Net Income of €82.5 million.



(in Euro millions)  

9M 2019



9M 2018


Change %  

9M 2019

Pre-IFRS 16*


Revenues 2,420.3 2,732.9 -11.4% 2,420.3
Business Profit (1) 230.0 205.2 +12.1% 209.6(2)
Business Margin 9.5% 7.5% +200bp 8.7%
EBITDA 168.7 149.6 +12.8% 147.1(2)
EBITDA Margin 7.0% 5.5% +150bp 6.1%
Pre-Tax Income 119.8 132.2 -9.4% 121.0(3)
Tax Rate 31.2% 32.2% -100bps 31.0%
Consolidated Net Income 82.5 89.6 -8.0% 83.5(4)
Group Net Income 80.5 83.7 -3.7%              81.6(4)

(1) “Business Profit” is the industrial margin before the allocation of general and administrative costs and research and development expenses.

* To help the comparison with 9M 2018, 9M 2019 numbers have been restated excluding the application of the IFRS 16 accounting principles as follows:

(2) €20.4 million of leasing payments at the Business Profit level and €21.6 million at EBITDA level;

(3) €18.3 million of amortization, positively impacting EBIT, and €4.6 million in financial charges related to the leasing obligations.

(4) €1.0 million net positive effect, after taxes, of restatements (2) and (3).


(in Euro millions) 30.9.2019 31.12.2018 Change
(Net Debt)/Net Cash* (75.6) 93.8 (169.4)

* Net of €61.6 million (€36.3 million at 31/12/18) of Non-Recourse Debt related to the construction and management under concession of the Alba/Bra hospital (Green Energy BU) and for the MyReplast acquisition, and €17.1 million to be recovered in India (€16.2 million at 31/12/18), and excluding trade receivables equivalent to financial credits for €38.3 million in September 2019, and excluding the IFRS 16 impacts on 30 September 2019.



(in Euro millions) 9M 2019 9M 2018 Change
Order Intake 1,589.6 2,702.6 (1,113.0)


(in Euro millions) 30.9.2019 31.12.2018 Change
Backlog 6,062.9 6,612.0 (549.1)



(in Euro millions) 9M 2019 % on Revenues 9M 2018 % on Revenues 9M 2019

Pre-IFRS 16*

% on Revenues


Revenues 2,326.5 2,602.4 2,326.5
Business Profit 222.9 9.6% 197.8 7.6% 203.2 8.7%
EBITDA 166.3 7.1% 146.5 5.6% 145.4 6.2%
Green Energy


Revenues 93.8 130.6 93.8
Business Profit 7.1 7.6% 7.4 5.7% 6.4 6.8%
EBITDA 2.4 2.6% 3.1 2.4% 1.7 1.8%

 *To help the comparison with 9M 2018, 9M 2019 numbers have been restated excluding the application of the IFRS 16 accounting principles and have been modified as follows: a €19.7 million negative impact on Business Profit and €20.9 million on EBITDA in the Hydrocarbons BU and a €0.7 million negative impact on Business Profit and EBITDA in the Green Energy BU.



(in Euro millions) 9M 2019 9M 2018 Change
Hydrocarbons 1,473.4 2,640.7 (1,167.3)
Green Energy 116.2 61.9 54.3



(in Euro millions) 30.9.2019 31.12.2018 Change
Hydrocarbons 5,685.7 6,364.8 (679.1)
Green Energy 377.2 247.2 130.0

The changes reported refer to the restated (pre-IFRS 16) 9M 2019 versus 9M 2018, unless otherwise stated.  


Consolidated Financial Results as at 30 September 2019

Maire Tecnimont Group Revenues were €2,420.3 million, down 11.4%. Volumes reflect the non-linear progress of projects in the backlog, depending on the planned schedules for each project. In particular, Q3 volumes reflect the final stages of the main EPCs awarded over the past years, not yet compensated by new acquisitions that are still in their initial phases, and the temporary phasing of some EPC projects. Volumes also reflect the type of contracts that were recently acquired, mainly Engineering, Procurement, Construction Management and Commissioning, that generate lower volumes. Revenues in the last quarter of 2019 are expected to increase in line with the projects’ planned schedules.

Restated Business Profit was 209.6 million, up 2.2%. The restated Business Margin was 8.7%, up versus 7.5%, as a result of the temporary change in the backlog mix.

G&A costs were €57.8 million, or 2.4% of revenues, up compared to the first nine months of 2018, but substantially in line with the first semester of 2019.

Restated EBITDA was €147.1 million (€168.7 million including the IFRS 16 impact, up +12.8%), down 1.7%, due to lower volumes in the period. The restated margin was 6.1%, up from 5.5%, for the same reasons detailed above.

Amortization, Depreciation, Write-downs and Provisions were €16.8 million, up compared to the same period of 2018, mainly due to the amortization of new assets related to the Group’s activities, the amortization of plants and machineries following the acquisition of MyReplast Industries by the subsidiary NextChem in 2019 and the provisions on receivables related to old real estate initiatives.

Restated EBIT was €130.3 million, down 8.9%, due to the increase of the previous item.

Restated Net Financial Charges were €9.3 million, improving by €1.6 million. The 9M19 data is mainly impacted by the positive contribution of the net valuation of derivatives equal to €1.1 million; such valuation was negative for €1.9 million in 9M 2018.

Restated pre-tax Income was €121.0 million, down 8.5%. Estimated taxes of €37.5 million have been provisioned.

The effective tax rate was approx. 31.0%, down compared to 32.2% and to the average normalized tax rate of the last few quarters, taking into account the various jurisdictions where Group operations have been carried out.

Restated Consolidated Net Income was €83.5 million, down 6.8%.

Net Debt (net of the above-mentioned value in the table footnote) at September 30, 2019 was €75.6 million, down compared to €93.8 million of Net Cash at 31 December 2018. This change is mainly due to the expected change in working capital as a result of the normal progress of the projects, in particular EPCs that are substantially completed, as well as the type of the recently acquired contracts. Operating cash flows are also impacted by a dividend payment of €39.1 million and cash taxes equal to €32.7 million.

Consolidated Shareholders’ Equity was €413.4 million, up €60.1 million vs. December 31, 2018, thanks to the income for the period, and to a positive change of the derivatives’ Cash Flow Hedge reserve related to the positive mark to market of the derivatives hedging the projects’ flows, net of the fiscal effect and of the translation of the financial statements reported in a foreign currency, and taking into account a dividend payment of €39.1 million related to 2018.


Performance by Business Unit

Hydrocarbons BU

Revenues were €2,326.5 million, down 10.6%, due to the same reasons commented above.

Restated Business Profit was €203.2 million, up 2.7%, leading to a restated Business Margin of 8.7%, up vs. 7.6%. Restated EBITDA was €145.4 million, with a marginality of 6.2%, up vs. 5.6%.

Green Energy BU

Revenues were €93.8 million, down 28.1%, due to the end of a few contracts for large-scale plants in the renewable energy sector, not yet replaced by new acquisitions, and due to the final phase of a project in the hospital sector. At the same time, our subsidiary NextChem, active in the Circular Economy, started its operations after its first investment in the advanced mechanical plastic recycling plant. Restated Business Profit was €6.4 million, down 13.5%. The restated Business Margin was 6.8% vs. 5.7%. Restated EBITDA was €1.7 million, down vs. €3.1 million.


Order Intake and Backlog

Thanks to €1,589.6 million of new orders generated during the first Nine Months, the Group’s Backlog at September 30, 2019 was 6,062.9 million.

In particular, the main projects awarded to the Group include the following:

  • A reimbursable EP contract for Exxon Mobil for the implementation of new innovative process units in Baytown petrochemical complex
  • An EPC contract awarded by a subsidiary of ENI to realize the upgrading of the Luanda refinery in Angola
  • An EPC project from ANWIL, for the implementation of a new granulation unit in Poland to produce various types of fertilizers
  • A licensing, Process Design Package (PDP) and Proprietary Equipment supply for a Urea plant for ShchekinoAzot in Russia


Subsequent Events

  • On October 18th, 2019 an agreement was reached for the disposal of the subsidiary MGR Verduno 2005 S.p.A. (“MGR”) to a primary infrastructure investment fund. MGR owns the concession to manage the Alba/Bra hospital, located in Verduno (Piedmont). Construction of the hospital ended on September 21st, 2019. This agreement is subject to the required legal disclosures and to the financing banks’ approval.



The Group continues to maintain a high backlog at the end of September 2019. Thanks to the contracts already signed with international clients since the beginning of the current year, the Group will experience an improved industrial performance in the following quarters, in line with the projects’ planned schedules. 2019 revenues are thus expected to be slightly lower than in 2018, due to the new order intake, which is still in the initial engineering phase, and due to the type of the recently acquired contracts, which mainly relate to services for Engineering, Procurement, Construction Management and Commissioning, which generate lower revenues. On the other hand, the higher percentage of these type of contracts is expected to lead to higher margins than last year, which was characterized by a higher percentage of EPCs.

The market environment is expected to continue favoring a high level of investments in the downstream sector. This is confirmed by an all-time high commercial pipeline, both in the traditional geographical areas where the Group operates, and in new areas characterized by stable economies and raw materials availability.

As for the Green Acceleration Project, Maire Tecnimont is currently active in the Circular Economy sector, through its subsidiary NextChem, thanks to the investment made this year in the most efficient and advanced plastic mechanical recycling plant in Europe. The plant is located in Italy, and has already become a reference plant with an industrial scale size to support expected important domestic and international market opportunities.

Maire Tecnimont Group

Maire Tecnimont SpA, listed on the Milan Stock Exchange, is a head company an industrial group leader in natural resources processing industry (plant engineering in oil & gas downstream, with advanced technological and executive skills). With its subsidiary NextChem it operates in the field of green chemistry and technologies for the energy transition. Maire Tecnimont Group is present in approximately 45 countries, has about 50 operating companies and employs about 5,800 people, plus 3,000 professionals in instrumentation business unit. For more information:

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