•    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%.





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 concerni ng 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), taking into account 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-tax Income 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.

Consolidated Net Income was €17.7 million, up 62.3%, as lower volumes were more than offset by lower Net Financial Charges, as explained above.

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 -€0.8 million, 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.
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);

•    On April 23, 2021, NextChem signed a FEED contract with Total Corbion PLA for a Poly Lactic Acid (PLA) plant to be implemented in Grandpuits, France;

•    On April 26, 2021, Maire Tecnimont signed an EPCC contract with Indian Oil Corporation Limited (IOCL) for the implementation of a new Para-Xylene (PX) plant and the relevant offsites facilities in Paradip, in Eastern India for approximately USD450 million.

Finally, Maire Tecnimont S.p.A.’s Annual Shareholders Meeting was held on April 15, 2021, in first call. The following items were approved:

-    the Company's financial statements for the year ended 31 December 2020;
-    the proposal of the Board of Directors to distribute a dividend equal to €38,122,290.11;
-    the 2021 Remuneration Policy;
-    the 2021-2023 Long-Term Incentive Plan;
-    the authorization to acquire Treasury Shares up to a maximum of 10 million ordinary shares.



The "Covid-19" pandemic, with its various variants, continues to influence the markets. The start of the vaccination campaigns at a global level, and the measures taken at the institutional level to support a speedy recovery, have led to a progressively greater confidence in a positive evolution of the situation.

All the geographical areas where the Group is present show a higher propensity to increase their investments than in the recent past. This is demonstrated by the recent important order acquisitions and by the highest ever commercial pipeline.

The drive to reduce the carbon footprint supports the Group's green activities. The initiatives launched by NextChem are expected to experience a significant evolution over the next few months, thanks to the cooperation and development agreements signed in 2020 and in the first few months in 2021. At the same time, the development and validation of new proprietary technologies continue at a strong pace, as well as the commercial initiatives in various areas, including circular economy, bioplastics/biofuels, CO2 capture and hydrogen. The activities of the Green Business Unit, which also include initiatives in renewable energy, are also benefiting from a fast-growing commercial pipeline, which should lead to new awards over the next few months in 2021. 

In view of the projects already awarded to date and ready to be started over the following weeks, and of the existing backlog, production volumes are expected to rise over the next few quarters, with a profitability in line with what was reported in Q1. This is considering the geographical areas where our operations are taking place, taking into account a progressive reduction of the impacts of restrictions aimed at preventing the pandemic, where still in effect.


Webcast Conference Call

The 2020 financial results will be presented today at 5:30pm CET during an audio-webcast conference call held by the top management.  
The conference call may be followed as a webcast by connecting to the website (www.mairetecnimont.com) and clicking on the “FY 2020 Financial Results” banner on the Home Page or through the following url:

Alternatively, you may participate in the conference call by calling one of the following numbers: 

Italy: +39 02 805-8811
UK: +44 121 281-8003
USA: +1 718 705-8794

The presentation given by the top management will be available at the start of the conference call in the “Investors/Results and Presentations/Financial Results” section of Maire Tecnimont’s website
(https://www.mairetecnimont.com/en/investors/results-and-presentations/financial-results). The presentation shall also be made available on the 1info storage mechanism (www.1info.it).

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 press release corresponds to the underlying accounting records.

The Interim Financial Report as at 31 March 2021 will be available to the public at the registered office in Rome, at the operative office in Milan, on the Company’s website www.mairetecnimont.com (in the “Investors/Results and Presentations/Financial Results” section, and on the authorized storage device “1info” (www.1info.it), according to the timing allowed by law.

This press release, and the “Outlook” section in particular, contains forecasts. The declarations are based on current estimates and projections of the Group concerning future events and, by their nature, are subject to risk and uncertainty. Actual results may differ significantly than the estimates made in such declarations due to a wide range of factors, including the continued volatility and further decline of the capital and finance markets, raw material price changes, altered economic conditions and growth trends and other changes in business conditions, in addition to other factors, the majority of which outside the control of the Group.

Maire Tecnimont S.p.A.
Maire Tecnimont S.p.A., listed on the Milan Stock Exchange, heads an industrial group which leads the global natural resource conversion market (downstream oil & gas plant engineering, with technological and executive expertise). Its subsidiary NextChem operates in the field of green chemicals and technologies in support of the energy transition.  The Maire Tecnimont Group operates in approx. 45 countries, through approx. 50 operative companies and about 9,100 people. For further information: www.mairetecnimont.it  www.nextchem.com 

Group Media Relations
Carlo Nicolais, Tommaso Verani
+39 02 63137603

Investor Relations
Riccardo Guglielmetti
Tel +39 02 6313-7823

Click here to download the Consolidated Income Statement, Balance Sheet and Cash Flow Statement