FY 2014 Results March 19, 2015

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1 FY 2014 Results March 19,

2 This document has been prepared by Maire Tecnimont S.p.A. (the Company ) solely for use in the presentation of its results. 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. March

3 KEY MESSAGES 2014 has represented one significant step towards the completion of the turnaround process Significant order intake and backlog Strong financial performance* Revenues +14% EBITDA +41% Solid commercial pipeline We remain optimistic about 2015 * Vs. Pro-forma 2013 data, excluding the COCIV & Copenhagen projects disposed of in 2013 Disposals March

4 KEY CONSOLIDATED FY 2014 FINANCIALS* ( m) Revenues EBITDA Net Income NFP Net Worth * FY 13 and FY 14 data prepared in accordance with IFRS 10 and 11. FY 13 P&L data do not include the COCIV & Copenhagen projects disposed of in March

5 AGENDA Update on the Turnaround Pierroberto Folgiero, CEO Business Highlights Pierroberto Folgiero, CEO Financial Data Alessandro Bernini, CFO Looking Ahead Pierroberto Folgiero, CEO March

6 3-YEAR TURNAROUND PROCESS KEY PILLARS In 2013 we started a 3-year turnaround process based on 2 pillars: De-risking: Implementation of a New Strategy De-leveraging: Strengthening of the Capital Structure Cash Flow Generation On Track Turnaround is well on track: we are delivering what we promised March

7 3-YEAR TURNAROUND PROCESS DE-RISKING Focus on Technology-Driven business. Margins back to black Increased focus on selective EPCs Risk management process overhauled Solid and diversified backlog Excellent visibility Lower Enterprise Risk De-risking Achieved and On-Going March

8 3-YEAR TURNAROUND PROCESS DE-LEVERAGING Capital Structure 350m Debt Refinancing 150m Capital Increase 80m Convertible Bond Debt refinancing Asset valorization Ordinary cash generation Cash Flow Generation - COCIV - Metro Copen. - Sofregaz - Real Estate Working capital normalization March

9 3-YEAR TURNAROUND PROCESS THE 2015 DEBT REFINANCING Objectives of the Refinancing Lower debt cost Improved repayment schedule Improved capital structure Align covenant Terms Under Finalization 395bp with step-down margins to <250bp (vs. 540bp in 2013) First repayments in 2016 Increased Flexibility and Support to the Operations Less stringent covenants (by virtue of the new credit merit) and aligned with the updated strategic plan March

10 3-YEAR TURNAROUND PROCESS ASSET VALORIZATION With the sale of Biolevano we reach 50% of the Asset Disposal Plan presented in 2013 Work on the valorization of the Infrastructure BU is ongoing In addition, it was decided to valorize Stamicarbon through a market sale of a minority stake to financial investors. This transaction will Take advantage of an attractive investment story Contribute to the future growth of the company and the Group in the Technology & Licensing business Increase the value of the Group by unlocking hidden value Accelerate the deleverage Bridge to market sale to take advantage of current macro environment March

11 3-YEAR TURNAROUND PROCESS EFFECTS ON THE DE-LEVERAGE Gross Debt Evolution* ( m) Dec 2012 Dec 2014 Dec 2015 (e) + Ordinary cash generation + Sale of a minority stake of Stamicarbon + Disposals - Working Capital normalization Net Debt Evolution ( m) 365 Close to Breakeven 0 * Excluding the Convertible Bond issued in 2014 Dec 2014 Dec 2015 (e) March

12 AGENDA Update on the Turnaround Pierroberto Folgiero, CEO Business Highlights Pierroberto Folgiero, CEO Financial Data Alessandro Bernini, CFO Looking Ahead Pierroberto Folgiero, CEO March

13 ORDER INTAKE Total ( m) Engineering Services and Technology ( m) * Average: 1.9bn Average: 208m On-going effective commercial activity has led to strong acquisitions in 2014 Averages of the last 3 years are in line with our expectations * Excluding Cociv, and Copenhagen disposed of in 2013 March

14 AL DABB IYA SURFACE FACILITIES Project: Al Dabb iya Surface Facilities Country: Abu Dhabi, EAU Client: Abu Dhabi Company For Onshore Oil Operations (ADCO) Group Value: USD 2.3bn Project Type: EPC Scope of Work: expansion of the existing facility though the realization of the following: Gathering crude oil system; Central Process Plant (CPP); Oil and Gas Export pipelines; This project confirms our strategy of pursuing selective EPC business in well-known geographies March

15 BACKLOG Backlog by Business Unit ( m, ) Backlog by Geography (Dec. 2014) * 21% 25% 11% 43% Book to Bill Ratio Europe Americas Middle East Others A well diversified backlog that provides a solid base to future revenues * Restated data excluding the COCIV & Copenhagen projects disposed of in 2013 Disposals March

16 BACKLOG ANALYSIS TE&C BUSINESS UNIT Backlog by Type (E, EP & EPC), m Backlog Visibility 4,545 2,980 3,561 31% 38% 1,697 1, /12/13 31/12/14 E EP EPC 31% and beyond Good mix between E, EP, and EPC Excellent visibility in the years ahead March

17 OUTLOOK ON COMMERCIAL ACTIVITY Commercial activity in TE&C Strong pipeline of opportunities Our commercial pipeline have been increasing for two years March

18 CURRENT COMMERCIAL ACTIVITY AROUND THE WORLD (TE&C)* 1.9bn Europe POLIOLEFINE FERTILIZER GAS TREATMENT C.I.S. POLIOLEFINE FERTILIZER GAS TREATMENT 5.6bn 2.8bn North America POLIOLEFINE FERTILIZER REFINERY Asia POLIOLEFINE FERTILIZER GAS TREATMENT LNG 4.4bn 8.4bn Middle East POLIOLEFINE FERTILIZER GAS TREATMENT REFINERY 0.1bn South America POLIOLEFINE FERTILIZER GAS TREATMENT REFINERY 2.8bn 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 March

19 AGENDA Update on the Turnaround Pierroberto Folgiero, CEO Business Highlights Pierroberto Folgiero, CEO Financial Data Alessandro Bernini, CFO Looking Ahead Pierroberto Folgiero, CEO March

20 CONSOLIDATED INCOME STATEMENT & BALANCE SHEET INCOME STATEMENT* m FY '13 FY '14 Δ % Revenues 1, , % EBITDA % EBITDA % 6.5% 8.0% 1.5 p.p. EBIT % Net Income % BALANCE SHEET* m as of Dec '13 Dec '14 Δ Net Invested Capital (Asset) (367.5) (458.7) (91.2) Net Debt Total Shareholders' Equity Group Shareholders' Equity * Financial data prepared in accordance with IFRS 10 and 11. FY2013 Income Statement data do not include the COCIV & Copenhagen projects disposed of in March

21 BU RESULTS: Technology, Engineering & Construction m FY '13 FY '14 % change Revenues 1, , % Business Profit % Business Margin 14.1% 14.8% 0.7 p.p. R&D (4.3) (5.7) 32% G&A (69.2) (71.2) 3% EBITDA % EBITDA Margin 7.9% 9.5% 1.6 p.p. Increasing revenues and EBITDA Good marginality March

22 NET FINANCIAL DEBT AND CASH FLOW Net Financial Debt ( m) Net Debt Dec-2013 adj. * Net Debt Dec-2014 Cash Flow ( m) Net Debt Dec-2013 IFRS 11/12 adjustment Net Debt Dec-2013 adj. EBITDA Change in NWC and other adj. Capex Net Financial Charges Net Debt Dec-2014 * Adjusted in accordance with IFRS 11/12 March

23 AGENDA Update on the Turnaround Pierroberto Folgiero, CEO Business Highlights Pierroberto Folgiero, CEO Financial Data Alessandro Bernini, CFO Looking Ahead Pierroberto Folgiero, CEO March

24 LOOKING AHEAD Turnaround almost completed Solid backlog is leading to excellent visibility in the year ahead Commercial pipeline is full of exciting opportunities De-leveraging expected to be finalized by the end of the year 2015 Ranges Revenus: bn EBITDA Margin: 7-8% We remain optimistic about 2015 March

25 Investor Relations Via Gaetano De Castillia, 6A Milano T March

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