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MAIRE TECNIMONT S.P.A.

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Maire Tecnimont S p A : announces its Q1 2021 consolidated financial results

04/29/2021 | 06:01am EDT

Press Release

n. 18 - 29.04.2021

MAIRE TECNIMONT ANNOUNCES ITS Q1 2021

CONSOLIDATED FINANCIAL RESULTS

  • Revenues: €625.7 million
  • EBITDA: €37.8 million
  • Net Income: €17.7 million
  • Adjusted Net Financial Position of (€80.4 million), positively impacted by strong operating cash flows
  • Highest ever YTD order intake: €2.2 billion
  • Commercial pipeline of €61.4 billion, over 70% in Gas Monetization and Energy Transition
  • The Green Energy business continues to grow

Milan, 29 April 2021 - Maire Tecnimont S.p.A.'s Board of Directors today has reviewed and approved the Interim Financial report as of 31 March 2021, which shows a Net Income of €17.7 million, up 62,3%.

CONSOLIDATED HIGHLIGHTS

(in Euro millions)

Q1 2021

Q1 2020

Change %

Revenues

625.7

706.0

-11.4%

Contract Gross Profit (1)

77.1

82.9

-7.0%

Contract Gross Margin

12.3%

11.7%

+60bp

EBITDA

37.8

42.5

-11.0%

EBITDA Margin

6.0%

6.0%

Unch.

Pre-Tax Income

25.7

15.9

+62.1%

Tax Rate

31.1%

31.2%

-10bps

Consolidated Net Income

17.7

10.9

+62.3%

  1. Contract Gross Profit is the industrial margin before the allocation of commercial, general and administrative costs, and research and development expenses.

Maire Tecnimont SpA

REGISTERED OFFICE

Viale Castello della Magliana, 27, 00148 Rome, Italy T +39 06 412235300 F +39 06412235610 Operative Headquarters

Via Gaetano de Castillia 6a, 20124 Milan, Italy T +39 02 63131 F +39 02 63139777

Share Capital € 19.920.679,32, fully paid-up Tax Code, VAT number and Rome Company register number: 07673571001 www.mairetecnimont.com

Press Release

n. 18 - 29.04.2021

(in Euro millions)

31.3.2021

31.12.2020

Change

Adjusted Net Debt*

(80.4)

(116.9)

36.5

  • Net of €9.3 million (€9.6 million at 31/12/20) of Non-Recourse Debt for the MyReplast acquisition, including €15.9 million to be recovered in India (€15.2 million at 31/12/20) and excluding the IFRS 16 impacts at of €134.5 million (€135.9 million at 31/12/2020).

ORDER INTAKE AND BACKLOG

(in Euro millions)

Q1 2021

Q1 2020

Change

Order Intake*

222.3*

458.9

(236.6)

* New orders worth about €2 billion have been acquired after March 31st.

(in Euro millions)

31.3.2021

31.12.2020

Change

Backlog

5,722.4

6,001.9

(279.5)

FINANCIAL HIGHLIGHTS BY BUSINESS UNIT

(in Euro millions)

Q1 2021

% on

Q1 2020

% on

Revenues

Revenues

Hydrocarbons

Revenues

609.2

689.0

Contract Gross Profit

74.7

12.3%

81.5

11.8%

EBITDA

38.6

6.3%

43.8

6.3%

Green Energy

Revenues

16.5

17.0

Contract Gross Profit

2.4

14.7%

1.4

8.5%

EBITDA

(0.8)

n.m.

(1.2)

n.m.

ORDER INTAKE BY BUSINESS UNIT

(in Euro millions)

Q1 2021

Q1 2020

Change

Hydrocarbons

167.5

453.2

(285.7)

Green Energy

54.8

5.7

49.1

BACKLOG BY BUSINESS UNIT

(in Euro millions)

31.3.2021

31.12.2019

Change

Hydrocarbons

5,460.6

5,784.4

(323.8)

Green Energy

261.8

217.5

44.3

2

Press Release

n. 18 - 29.04.2021

The changes reported refer to Q1 2021 versus Q1 2020, unless otherwise stated.

Consolidated Financial Results as of March 31, 2021

Maire Tecnimont Group Revenues were €625.7 million down 11.4%. Volumes reflect the non-linear progress of projects in the backlog, depending on the planned schedules for each project, on the ongoing effects due to the Covid-19 pandemic as well as on weather conditions concerning some important projects. In particular, volumes reflect the final stages of the main EPC projects awarded over the past years, not yet compensated by recent acquisitions. The on-going advancement of the projects in the backlog and the start of the activities of the projects acquired in April (over €2 billion), assuming a progressive reduction of the restriction caused by Covid-19, will contribute to an increase in volumes in the forthcoming quarters, in line with the relative planning.

Contract Gross Profit was €77.1 million with a margin of 12.3% up vs. 11.7%, thanks to an improved operating efficiency and to a slight change in the revenue mix.

G&A costs were €20.3 million, slightly up 2.7% vs. the previous year, also due to the strengthening of the operating structure in West Africa.

EBITDA was €37.8 million down 11.0% due to the Quarter lower volumes and the subsequent higher weight of fixed costs. Margin was 6.0%, unchanged, and in line with the profitability of EPC projects. Q1 2020 results have already started benefiting from the cost saving initiatives put in place in response to the pandemic.

Amortization, Depreciation, Write-downs and Provisions were €9.9 million, slightly down.

EBIT was €27.9 million, down 10.8% due to lower revenues, but with a higher profitability (4.5% vs. 4.4%).

Net Financial Charges were €2.2 million, vs. €15.4 million. Such an improvement was driven by the positive net valuation of certain derivative contracts for €4.0 million vs. a negative value of €9.6 million in Q1 2020, leading to a positive change of €13.6 million in Q1 2021. Q1 2020 was mainly negatively impacted both by lower stock prices and unfavorable exchange rates due to the pandemic's impact.

Pre-taxIncome was €25.7 million. The tax provision was €8.0 million.

The effective tax rate was approx. 31.1%, substantially unchanged over the last few quarters, considering that the various jurisdictions where Group operations have been carried out have remained unchanged.

3

Press Release

n. 18 - 29.04.2021

Consolidated Net Income was volumes were more than offset explained above.

€17.7 million, up 62.3%, as lower by lower Net Financial Charges, as

Adjusted Net Debt (net of the above-mentioned values in the footnote on page 2) as of March 31, 2021 was €80.4 million, a €36.5 million improvement vs. December 31, 2020 thanks to the operating cashflows generation.

Consolidated Shareholders' Equity was €489.2 million, up €40.9 million vs. December 31, 2020. This increase was mainly driven by the Net Income of €17.7 million and the positive change of the derivatives' Cash Flow Hedge reserve of €16.7 million, and by a €6.0 million positive amount related to the translation of the financial statements reported in a foreign currency.

Performance by Business Unit

Hydrocarbons BU

Revenues were €609.2 million down 11.6% due to the same reasons commented above. Gross Contract Profit was €74.7 million, with a margin of 12.3%, up vs. 11.8%. EBITDA was €38.6 million, due to lower volumes and an increased impact on fixed costs. Profitability was 6.3%, unchanged, and in line with the profitability of EPC projects, excluding the cost savings initiatives due to the pandemic, as mentioned before.

Green Energy BU

Revenues were €16.5 million, down 2.8% due to the end of a few contracts for large-scale plants in the renewable energy sector, not yet replaced by new acquisitions, but partly compensated by slightly higher revenues at NextChem. Our subsidiary has further strengthened its technological portfolio thanks to several partnership agreements signed with various Italian and international counterparties in the second half of 2020 and in the first months of 2021. Gross Contract Profit was €2.4 million, with a margin of 14.7%, significantly up vs. 11.8%. EBITDA was -€0.8million, taking into account higher G&A costs due to the strengthening of the NextChem organization.

Development of the Green Energy BU

Maire Tecnimont is accelerating its commitment to support the Energy Transition, thanks to new technological partnerships and project developments in Italy and abroad.

4

Press Release

n. 18 - 29.04.2021

During Q1 2021 several agreements were signed, including:

  • a FEED contract as well as a Memorandum of Understanding for the construction of a new biorefinery in South America for the production of Renewable Diesel;
  • an agreement with Agilyx Corporation, a pioneer in the advanced recycling of post-use plastics, to support the worldwide development of advanced chemical recycling facilities;
  • a Memorandum of Understanding with Adani Enterprises Ltd. to develop projects focused on producing chemicals, ammonia and hydrogen from renewable feedstocks.

Order Intake and Backlog

Thanks to €222.3 million of new orders generated in Q1 2021, the Group's Backlog as of March 31, 2021 was €5,722.4 million. New orders include two Engineering, Procurement and Construction contracts signed with SOCAR, as part of the Modernization and Reconstruction of Heydar Aliyev Oil Refinery in Baku, Azerbaijan.

Subsequent Events

Immediately after 31 March 2021 new contracts were signed totaling more than USD 2 billion approximately, and collaboration agreements were finalized, which will significantly impact activities in the following quarters.

  • On April 6, 2021 Maire Tecnimont signed an EPC contract with Nigerian National Petroleum Company (NNPC) to carry out rehabilitation works for the Port Harcourt Refinery for approximately USD1.5 billion;
  • On April 13, 2021 Maire Tecnimont signed an EPC contract with Advanced Global Investment Company (AGIC) for the implementation of two polypropylene units in Jubail Industrial City II in Saudi Arabia for approximately USD500 million;
  • On April 21, 2021, Nextchem and MC TAIF JSC (TAIF) signed an agreement to co-develop a new bio-degradable polymer plant in the Republic of Tatarstan (Russian Federation);

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Maire Tecnimont S.p.A. published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 10:00:06 UTC.


© Publicnow 2021
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Sales 2021 2 953 M 3 505 M 3 505 M
Net income 2021 78,9 M 93,6 M 93,6 M
Net Debt 2021 135 M 160 M 160 M
P/E ratio 2021 13,1x
Yield 2021 3,78%
Capitalization 1 019 M 1 209 M 1 209 M
EV / Sales 2021 0,39x
EV / Sales 2022 0,33x
Nbr of Employees 6 000
Free-Float 28,8%
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Pierroberto Folgiero Group CEO, Managing Director & Director
Alessandro Bernini Group Chief Financial Officer
Fabrizio di Amato Chairman
Franco Rossi Galante Chairman-Supervisory Board
Franco Ghiringhelli SVP-Human Resources & Process Excellence, ICT
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