MAIRE TECNIMONT GROUP OVERVIEW Goldman Sachs European Small & Mid Cap Symposium May 2017
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 (the “Group”). This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any security issued by 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. MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 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. CORPORATE PROFILE | MAY 2016 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
SUMMARY 1. Group Overview 2. Strategy and Competitive Positioning 3. Operations 4. Financial Data 5. Conclusions
MAIRE TECNIMONT GROUP Key Indicators Leading worldwide engineering contractor • focusing on: €2.4 bn Revenues (FY 2016) – Oil & Gas €756.5m Revenues (Q1 2017) – Petrochemicals 8,100 Employees and E & I professionals – Fertilizers 45 Operating companies €5.8bn Backlog (31 March 2017) Flexible Business Model spanning the entire • €1.2 bn Market Cap (May 10, 2017) value chain: Revenues by Business Unit – Project Development – Licensing and Engineering Services (E) 3% MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 – Engineering & Procurement (EP) – Engineering, Procurement & Construction (EPC) – Life Cycle Support Two main Business Units: • – Technology, Engineering & Construction 97% – Infrastructure & Civil Engineering TE&C Infrastructure 4
KEY MILESTONES Our Evolution 1899 FIAT GROUP 1937 1971 Listing on the 1972 Kinetic Technology Int. - KTI Dutch State Mines – DSM Incorporation of Italian Stock research centre for services More than 40 years of FIAT ENGINEERING Exchange work to coal mines experience in process engineering 2001 1988 1947 Acquisition of FIAT Avio’s Electric Mannesmann acquired KTI Incorporation of Design & Construction Business 1999 STAMICARBON Technip Italy acquired KTI Chemical and Fertilizer 2004 licensing Repositioning Acquisition of Acquisition of KT Kinetics completed and Fiat Engineering Acquisition of Technology (formerly Record Backlog (later MAIRE ENGINEERING) Stamicarbon Technip KTI) 2005 2007 2009 2010 2011 2013 2015 100% Acquisition of the Indian Incorporation of Launch of the Reorganization MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 subsidiary Tecnimont Pvt. Ltd. MAIRE TECNIMONT New Business of (formerly TICB) Strategy Italian HQs 1990s Tecnimont acquires 50% of the Indian company renamed as Tecnimont ICB Pvt Ltd (TICB) 2005 1977 Maire Group acquires Creation of the first JV Tecnimont between ICB and Tecnimont 1973 1958 Incorporation of New Milan Offices Incorporation of ICB Pvt Ltd as consulting TECNIMONT 1963 firm in the plant sector in Mumbai 1966 Giulio Natta Incorporation of Nobel Prize for chemistry MONTEDISON 1888 1884 5 MONTECATINI EDISON Mines and Chemicals Power Supply
GROUP STRUCTURE MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 Large-scale • Refining • Fertilizers • Infrastructure & contracting in: • Hydrogen and Technology Civil Engineering • Oil & Gas Syngas Production • Renewable Energy • Polyolefins • Sulphur Recovery • Fertilizers Business Technology, Engineering & Construction Infrastructure & Unit Civil Engineering 6
TECHNOLOGY, ENGINEERING & CONSTRUCTION Maire Tecnimont Group’s Presence Across the EPC Value Chain EXECUTION- DRIVEN TECHNOLOGY-DRIVEN LIFE-CYCLE PROJECT LICENSING ENGINEERING PROCUREMENT CONSTRUCTION SUPPORT DEVELOPMENT Startup • FERTILIZERS Operation • Advice OIL & GAS MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 Maintenance • Inspections • PETROCHEMICALS Revamping • Subsidiary: Full Involvement: From Project Development to Life-Cycle Support 7
INFRASTRUCTURE & CIVIL ENGINEERING Long-Lasting Competencies in Transportation and Civil Engineering DESIGN AND CONSTRUCTION OF OVER 30% � Underground projects (including the first OF HIGH SPEED & HIGH CAPACITY RAILWAYS driverless metro system in Italy), railways, CURRENTLY OPERATED IN ITALY tunnels, roads and highways 300+ PROJECTS SUCCESSFULLY � EPC contracting for construction / COMPLETED IN MORE THAN 40 requalification of hospitals, universities, complex YEARS’ EXPERIENCE buildings and industrial plants Flexible Solutions in Renewable Energy MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 � Increasing focus with a dedicated team on Wind, Solar and Biomass large-scale power plants as reliable counterpart of international operators � High quality services along the whole value chain: from development and design to EPC, leveraging on Lump Sum Turn Key expertise and global presence 8
EXTENSIVE INTERNATIONAL PRESENCE ROME SITTARD MILAN BRAUNSCHWEIG MUMBAI ITALY 2,246 REST OF EUROPE 286 MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 ASIA 2,499 Headquarters Main offices and engineering REST OF THE 63 centres WORLD Subsidiaries, branches and TOTAL representative offices 5,094* EMPLOYEES E & I division ~3,000 GRAND TOTAL ~ 8,100 *Average age: ～ 41 years Approx. 66% graduates A Real Multicultural and Multinational Group 9 Data as of: 31.3.2017
SUMMARY 1. Group Overview 2. Strategy and Competitive Positioning 3. Operations 4. Financial Data 5. Conclusions
MAIRE TECNIMONT’S STRATEGIC PRIORITIES Enhance and Develop Technology Driven Business 1 Align Organization and Strengthen EPC in the Pursue Group Synergies Core Business 5 2 Strategic Priorities MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 4 3 Expand Geographic Develop Engineering Services Footprint Revenues 11
STRATEGY IMPLEMENTATION EXECUTION- DRIVEN TECHNOLOGY-DRIVEN LIFE-CYCLE PROJECT LICENSING ENGINEERING PROCUREMENT CONSTRUCTION SUPPORT DEVELOPMENT PROJECT LIFE-CYCLE Detailed DEVELOPMENT SUPPORT Direct Engineering PRODUCTS License Basic Feed Services EP EPC Pre-empt • competitive Improve client • pressures TYPICAL MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 loyalty € 1-10m € 1-10m € 4-15m € 10-40m € 50-250m € 0.3-5bn VOLUMES Leverage • Revenue • technological diversification edge Very High High Double High Double Mid Double Low Double TYPICAL Double Digit Digit Digit Digit Digit Single Digit MARGINS Increase plant • Client • value-added partnerships RISK Low Low Low Low Medium High Provide Technological Solutions Throughout the EPC Value Chain 12
GLOBAL & TECHNOLOGICAL LEADERSHIP PETROCHEMICALS FERTILIZERS OIL & GAS 54% Well rooted technology orientation: WELL RECOGNIZED market leader (#1) LEADERSHIP Market share in for installed capacity in Licensing hydrogen licensing urea plants technology and in licensing 30% technology Sulphur Recovery and Tail (#1 worldwide)* Gas Treatment Technology Market share in polyolefin plants 34% WORLD CLASS 40% TRACK RECORD Market share in licensing urea in Large Gas Treatment Market share in granulation technology Plants and Refinery LDPE plants (#2 worldwide)* Process Units MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 Since 1970 Since 1971 172 62 Polyethylene Plants 230 117 Polypropylene Plants Ammonia and Urea Plants Hydrogen and Sulphur Recovery Unit Projects completed completed since 1924 1,100 + Strong commitment to technology development Individual Patents 13 * Data are based on corporate analysis
OUR OPERATIONS ARE DRIVEN BY POSITIVE BUSINESS TRENDS PETCHEM Gas monetization: Cheap feedstock supports owner’s • investment attractiveness Strong demand for plastics-based products • FERTILIZERS Gas monetization • Demography and agricultural modernization driving long term • demand for nitrogen-based fertilizers MAIRE TECNIMONT GROUP OVERVIEW – MAY 2017 Technology barriers • OIL & GAS Midstream Oil and Gas Treatment • Refining: Revamping & Capacity upgrade • Integration between petchem and refining • 14
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