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Presentazione di PowerPoint
MAIRE TECNIMONT GROUP OVERVIEW
October 2014
Disclaimer
This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for use in the presentation of the Maire Tecnimont
Group.
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.
October 2014
2
Agenda
Group Overview
Strategy
Operations
Financial Data
October 2014
3
Maire Tecnimont Group
•
Leading worldwide engineering
contractor focusing on:
− Oil&Gas
− Petrochemicals
− Fertilizers
• Flexible Business Model spanning the
entire value chain
− Licensing and Engineering Services
(E)
− Engineering & Procurement (EP)
− Engineering, Procurement &
Construction (EPC)
• Other Business Units
− Power: E and EP projects only, on an
opportunistic basis
− Infrastructure: under disposal
October 2014
Key Indicators (2013)
€1.66bn Revenues
4,320 Employees
45 Operating companies
€3.5bn Backlog
€584m Market Cap (30/9/2014)
Revenues by Business Unit
3%
18%
79%
Oil Gas & Petrochemicals
Power
Infrastructure
4
Strong Competitive Positioning in 3 Key Technological Segments
Petrochemicals
Fertilizers
Oil&Gas
30%
40%
Market share in polyolefins*
(#1 worldwide as per capacity installed in the last 6 yrs.)
54%
34%
Market share in licensing urea plants technology (#1
worldwide)*
Well
recognized
position
Market share in LDPE*
(Low Density PolyEthylene)
Market share in licensing urea granulation
technology (#2 worldwide)*
in Licensing hydrogen technology (with single train
capacity up to 180,000 Nm3/h) and in licensing Sulphur
Recovery and Tail Gas Treatment Technology
(with design capacity of single train up to 1,500
tons/day)
*Management estimate
October 2014
5
Group History
1899
FIAT GROUP
1972
Incorporation of
FIAT ENGINEERING
1937
Dutch State Mines – DSM
research centre for services work
to coal mines
2001
Acquisition of FIAT Avio’s Electric
Design & Construction Business
1947
Incorporation of STAMICARBON
Chemical and Fertilizer licensing
2004
Acquisition of
Fiat Engineering
(later MAIRE ENGINEERING)
2005
2006
Acquisition of
Stamicarbon in Oct ‘09
2007
2005
Maire Group acquires
Tecnimont
1973
Incorporation of
TECNIMONT
1966
Incorporation of
MONTEDISON
1963 Giulio Natta
Nobel Prize for chemistry
1884
EDISON
Power Supply
1888
MONTECATINI
Mines and Chemicals
then focused on
Fertilizers (G.Fauser)
Polypropylene (G.Natta)
October 2014
2008
2009
Acquisition of 100% of
TICB India in Dec ‘07
Listing on the
Italian Stock
Exchange in
Nov’07
1990s
Tecnimont acquires 50% of the
Indian company renamed as
Tecnimont ICB Pvt Ltd (TICB)
1977
Creation of the first JV
between ICB and Tecnimont
1958
Incorporation of ICB Pvt Ltd as
consulting firm in the plant
sector in Mumbai
1971
Kinetic Technology Int. - KTI
More than 40 years of
experience in process engineering
1988
Mannesmann acquired KTI
1999
Technip Italy acquired KTI
Acquisition of KTI (later
KT) in Jun‘10
2010
2011
Reorganization
of
Italian HQs
New Milan Offices:
• 2 Towers +1 Service
Building (tot 69,000
sqm)
• Effective competences
integration and cross
fertilization among BUs
2012
2013
LAUNCH OF THE
NEW BUSINESS
STRATEGY
6
Services Provided
Maire Tecnimont Group’s Presence Across the EPC Value Chain
TECHNOLOGY DRIVEN
SECTOR
VALUE
CHAIN
LICENSING
PROCESS
DESIGN
EXECUTION DRIVEN
ENGINEERING
PROCUREMENT
CONSTRUCTION
FERTILIZERS
OIL& GAS
PETROCHEMICALS
Subsidiary:
October 2014
7
Extensive International Presence
About 4,200 employees, more than half are employed outside Italy
Presence in about 30 countries with 43 operating companies
Salzgitter
Sittard
Milan
Rome
EMPLOYEES BY REGION
Italy
1,924
Rest of Europe
Asia
Mumbai
305
1,962
Rest of the World
Total
23
4,214
Average age: ~ 41 years
Approximately 54% graduates
Headquarters
Main Offices
Subsidiaries, branches
and representative offices
Figures as of 30 June 2014
October 2014
8
Agenda
Group Overview
Strategy
Operations
Financial Data
October 2014
9
The New Strategy …
Enhance and Develop
Technology Driven Business
1
Align Organization and
pursue Group Synergies
5
Strategic
Priorities
4
Expand Geographic
Footprint
October 2014
2
Reduce EPC Risk
Positioning
3
Develop Engineering
Services Revenues
10
… Focused on Technology-Driven, Lower Risk Activities
TECHNOLOGY DRIVEN
SECTOR
VALUE
CHAIN
PROCESS
DESIGN
LICENSING
EXECUTION DRIVEN
ENGINEERING
CONSTRUCTION
FEED
DETAILED
ENGINEERING
SERVICES
EP
EPC
€ 4-15m
€ 10-40m
€ 50-250m
€ 0.3-5bn
MID
DOUBLE DIGIT
LOW
DOUBLE DIGIT
SINGLE DIGIT
LOW
MEDIUM
HIGH
PRODUCTS
DIRECT
LICENSE
BASIC
TYPICAL
VOLUMES*
€ 1-10m
€ 1-10m
EBITDA
MARGINS*
VERY HIGH
DOUBLE DIGIT
HIGH
HIGH
DOUBLE DIGIT DOUBLE DIGIT
LOW
LOW
RISK
PROCUREMENT
LOW
Maire Tecnimont De-Risking Strategy: more technology driven projects, less EPC
*Illustrative
October 2014
11
The Risk Management Process Has Been Overhauled
Process redesign and implementation completed. Focus now is on ERM
Sep 2013
Dec 2013
July 2014
DEDICATED ORGANIZATION
RISK IDENTIFICATION, giving priority to the
commercial and industrial process
RISK AVOIDANCE or MITIGATION through the
strengthening of specific guidelines
RISK MONITORING and REPORTING
RISK MANAGEMENT process extended to
ENTERPRISE level (ERM)
October 2014
12
The Financial Reinforcement Plan Is On Track
COMPLETED
ON GOING
About
About
500€50
m
m
€
€80m
300m
€
under advanced
negotiations
c.€150m
CAPITAL
INCREASE
July 2013
€80m
CONVERTIBLE
BOND
(deferred Capital
Increase at a 35%
premium)
Feb. 2014
October 2014
• Sale of Biolevano Biomass Power Plant is
under advanced negotiations
• Other non core assets for sale by 2017
On-going
c.€350m
DEBT
REFINANCING
May 2013
• Stake in COCIV:Milano – Genova high-speed
railway (~€50m)
• Stake in CMT: Underground of Copenhagen
(~€15m)
• Monetization of the assets of the French
company Sofregaz S.A (~€5m)
• Non core real estate assets (~€3.5m, binding
agreement)
Completed
ASSET DISPOSAL
PLAN 2013/17
13
Agenda
Group Overview
Strategy
Operations
Financial Data
October 2014
14
Main Projects Worldwide
Selected Completed and Under Execution Projects
ROG ANTWERP Belgium
Refinery
€193mn
Perm - Russia
Hydrogen
€45mn
Tobolsk– Siberia
Polyolefin (PDH)
€660mn
IOWA - USA
Fertilizers
US$250mn
Chentoujia - China
LNG
€280mn
Opal - India
Polyolefin (PP & PE)
€320mn
Borouge 3 - UAE
Polyolefin (PP & PE)
US$1.87bn
Tempa Rossa - Italy
Oil & Gas Treatment
€505mn
ETILENO XXI MEXICO
Polyolefin (LDPE)
€147mn
Borouge 2 - UAE
Polyolefin (PP & PE)
US$1.8bn
Mostorod - Egypt
Sulphur recovery unit
€97mn
Habshan 5 - UAE
Gas Treatment
US$4.7bn
Sonara - Cameroon
Refinery (Hydrocraker)
US$612mn
Under Execution
Completed
October 2014
Rabigh – Saudi
Arabia
Polyolefin
US$1,200mn
Al Jubail – Saudi
Arabia
Polyolefin (PDH &
Polypropylene)
€580mn
Q-CHEM II – QATAR
Polyolefin (HDPE)
US$830mn
Al Jubail – Saudi
Arabia
Fertilizers
US$350mn
Aromatics - Kuwait
Paraxylene
US$1.23bn
15
Our Operations Are Driven by Positive Business Trends
PETCHEM
- Gas monetization: Cheap feedstock supports owner’s investment
attractiveness
- Downstream capacity to increase
FERTILIZERS
- Gas monetization: Cheap feedstock supports owner’s investment
attractiveness
- Demography driving demand for nitrogen-based fertilizers
- Technology barriers
OIL & GAS
- Upstream Gas treatment: Shale Gas
- Refining: Revamping & Capacity upgrade
October 2014
16
Order Intake
Order Intake by Business Unit
(€m, 2009-1H2014)
1,900
Shadow
Order Intake
*
Acquisition trend reflects de-risking strategy: less volumes, higher margins
*it also includes €12.7m in Infrastructure
October 2014
17
Backlog
Backlog by Business Unit
(€m, 2009-1H2014)
€1,398m COCIV &
Copenhagen disposal
Shadow
Backlog
1,900
Backlog by Geography
Sales
(Jun.
2014)
27%
41%
14%
18%
Europe
Americas
Middle East
Others
A well diversified backlog that provides a solid base to future revenues
October 2014
18
Backlog Analysis*
Backlog by Type (E, EP & EPC), €m
Book-to-Bill Ratio (2009-1H14)**
3,255
2,980
1,940
1,697
2.07
1,048
926
235
389
31/12/13
30/06/14
E
EP
2.20
2.11
1.45
2.34
1.60
2009 2010 2011 2012 2013 1H14
EPC
Good mix between E, EP, and EPC
Book-to-Bill continuously increasing
* OG&P and Power BUs only ** Excluding Infrastructure BU. Calculated as Backlog divided by LTM Revenues
October 2014
19
Our Commercial Activity Has Been Steadily Increasing …
Commercial activity in OG&P
Reduction in Tendered
Projects due to recent
acquisitions
Pipeline of opportunities
stronger than ever
Our commercial pipeline is the strongest in 4 years
October 2014
20
… and Is Focused on Specific Geographies*
€1.8bn
€3.2bn
C.I.S.
POLIOLEFINE
FERTILIZER
GAS TREATMENT
Europe
POLIOLEFINE
FERTILIZER
GAS TREATMENT
North America
POLIOLEFINE
FERTILIZER
REFINERY
Asia
POLIOLEFINE
FERTILIZER
GAS TREATMENT
LNG
€6.2bn
€0.2bn
South America
POLIOLEFINE
FERTILIZER
GAS TREATMENT
REFINERY
€5.0bn
€1.7bn
€4.1bn
Middle East
POLIOLEFINE
FERTILIZER
GAS TREATMENT
REFINERY
Africa
FERTILIZER
GAS TREATMENT
REFINERY
Our commercial activity continues to be very focused on implementing our current strategic approach
*Figures include prospect prequalification and pre-tendering, tendering, and tendered at June 2014. OG&P only
October 2014
21
Agenda
Group Overview
Strategy
Operations
Financial Data
October 2014
22
Consolidated Income Statement & Balance Sheet
INCOME STATEMENT
€m
FY 2009
FY 2010
FY 2011
FY 2012
2,179.6
2,535.9
2,646.3
2,186.8
1,656.2
756.5
133.3
133.1
(305.1)
(159.2)
116.1
52.5
6.1%
5.3%
-11.5%
-7.3%
7.0%
6.9%
114.0
104.0
(338.7)
(187.4)
90.0
49.0
76.9
62.0
(296.4)
(207.6)
17.0
19.4
Dec '09
Dec '10
Dec '11
Dec '12
Dec '13
Giu '14*
(91.8)
(215.9)
(57.1)
(105.5)
(340.2)
(426.3)
(268.8)
(216.0)
10.4
226.2
305.0
364.4
Total Shareholders' Equity
360.6
431.9
46.7
(120.7)
35.2
61.8
Group Shareholders' Equity
356.2
425.8
89.4
(121.8)
33.5
60.5
Revenues
EBITDA
EBITDA %
EBIT
Group Net Income/(Loss)
FY 2013 1H 2014*
• Revenues’ performance in line
with de-risking strategy and
asset disposals
− Lower volumes but
higher margins
• EBITDA back to black in 2013
thanks to refocus on core
business and completion of
South American power
projects
BALANCE SHEET
€m as of
Net Invested Capital (Asset)
Net Debt
• €150m capital increase in
2013 strengthened capital
structure
• Net debt mainly driven by
normalization of working
capital
*1H 2014 data prepared in accordance with IFRS 10 and 11
October 2014
23
Historical EBITDA by Business Unit (1/2)
• Consistent positive
contribution to the
Group's EBITDA over
the last 5 years
• Change in projects mix,
focus on technologydriven business, and
cost optimization
boosting profitability
and margins in 2013
October 2014
24
Historical EBITDA by Business Unit (2/2)
October 2014
•
Performance in 2011 and 2012 affected by South
American projects (completed in 2012-13)
•
Focus on E and EP is already being reflected in the
2014 numbers
•
Non-core Business Unit currently under disposal
•
2013 EBITDA positively impacted by the disposal
of two projects
25
Net Debt and Cash Flow
Net Debt Bridge FY 2013 (€m)
3
(2)
93
(116)
(143)
EBITDA
Change in
NWC
*
Adjustments
Capex
Financial
Asstes
Capital
Increase
Net Financial
Charges
•
Increase in net debt
during 2013 and H1 2014
mainly driven by a
normalization of the
working capital position
Net Debt
Dec-2013
19
1
(53)
(0.2)
65
364
332
IFRS 11/12
adjustment
Limited cash taxes being
paid due to tax loss
carryforwards
305
27
Net Debt
Dec-2013
•
203
Net Debt Bridge H1 2014 (€m)
305
High cash conversion
driven by limited capex
requirements
41
226
Net Debt
Dec-2012
•
Net Debt
Dec-2013 adj.
EBITDA
Change in NWC
and other adj.
Capex
Financial
Asstes
Net Financial
Charges
Net Debt
Jun-2014
*Mainly due to assets under disposal (Biolevano reclassification form Work in Progress to Asset) and taxes
October 2014
26
Investor Relations
Via Gaetano De Castillia, 6A
20124 Milano
T +39 02 6313-7823
[email protected]
October 2014
27

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