In the first semester return to a positive net result and margin improvement as a result of refocus on core business and of a different mix of projects characterised by lower volumes and higher profitability.

Milan, 1 August 2013 – The Board of Directors of Maire Tecnimont S.p.A. examined and approved on today’s date the Half-Year Report at 30 June 2013.

CONSOLIDATED HIGHLIGHTS

* The positive Value indicates the Net Financial Debt

** The Value adjusted is determined by simulating the effects of the debt rescheduling and new loan contracts dated 26 July 2013

ECONOMIC HIGHLIGHTS PER BUSINESS UNIT

BACKLOG

Consolidated operating results at 30 June 2013

Revenues of the Maire Tecnimont Group at 30 June 2013 amount to €827.8 million, down 28.8% vs. €1,161.9 million at 30 June 2012. Such change reflects lower volumes of Power BU and a delay on few projects.

At 30 June 2013, the Business profit is equal to€83.3 million, up 106.3% vs. €40.4 million at 30 June 2012.  The substantial change recorded in the period reflects the evolution of backlog projects, with significant volumes and, consequently, margins generated by the Oil, Gas & Petrochemicals BU.  

The Business Margin at 30 June 2013 is equal to 10.1%, recording a substantial increase against the same period of 2012 when it was equal to 3.5%.

The G&A costs at 30 June 2013 amount to €38.2million, recording a decrease vs. €47.5million at

30 June 2012, as a result of the benefits deriving from the re-organisations occurred in the past years as well as, partially, of their different allocation.

The R&D costs amount to about €2.8 million vs. €2.3 million at 30 June 2012.

At 30 June 2013 the EBITDA is equal to€42.2 million (5.1% on revenues), substantially increasing against 30 June 2012 when it was negative for €9.4 million (-0.8% on revenues). Such change is mainly due to increased business margins and decreased costs.  

After amortization/depreciation and provisions for risks and charges, the EBIT at 30 June 2013 is equal to €35.1 million, recording a substantial increase against 30 June 2012 when it was negative for €34.6 million.

The Net Financial Income at 30 June 2013 is negative for€19.8 million vs. €18.6 million at 30 June 2012. Such value is mainly impacted by the increased interest paid on loans, though partially offset by the decreased charges on hedging instruments.

Taxes amount to about €5.0 million vs. €2.5 million at 30 June 2012.

The Group Net Income at 30 June 2013 is equal to €10.0 million, significantly improvingagainst 30 June 2012 when it was negative for €71.5 million.

At 30 June 2013 the Net Financial Position (“NFP”), considered as Net Financial Debt, is equal to €386.0 million (vs. €226.2 million at 31 December 2012). The change is mainly caused by the physiological reduction of liquidity in projects joint ventures in line with contracts evolution. The Net Financial Position adjusted[1], calculated by simulating the effects of the capital increase, as well as the debt rescheduling and the new financing contracts both dated 26 July 2013, would be equal to €258.1 million.

The Group Net Equity at 30 June 2013is negative for €104.1 million (it was negative for €121.8million at 31 December 2012). The change is mainly due to the combined effect of the positive result for the period and of the payment of the capital increase reserved to ARDECO. The Group Net Equity adjusted, calculated by simulating the effects of the capital increase made in July 2013, and by including also the effects of the agreements for the disposal of the stakes in the Metro Copenhagen and COCIV projects being currently finalized, would be equal to €52.6 million.

Operating Performance per Business Unit

Oil, Gas & Petrochemicals BU

At 30 June 2013 the revenues of the Oil, Gas & Petrochemicals BU, which represents the Group core business, amount to €665.8 million, down 26.7% vs. €908.3 million at 30 June 2012. Such change is due to the main projects having reached a very advanced stage, while new orders are still in the ramp up phase, and a delay on few projects.

At 30 June 2013, the Business profit[2] amounts to €79.0 million vs. €99.7 million at 30 June 2012, recording a decrease of 20.8%, mainly due to the lower production volumes actually generated.

At 30 June 2013 the Business margin is 11.9%,increasing almost one per cent vs. 11% at 30 June 2012.

At 30 June 2013 EBITDAmargin has also increased to 6.8%, versus 6.6% at 30 June 2012, despite a decrease of the EBITDA from €59.6million at 30 June 2012, to €45.1 million at 30 June 2013, driven by a decrease in production volumes.

The Backlog of the Oil, Gas & Petrochemicals BU at 30 June 2013 is equal to €2,861.1 million (€3,141.7 million at 31 December 2012), accounting for 59.3% of the Group total backlog. Such variation is also due to the change in the projects mix, characterized by higher margins and lower volumes.

Power BU

It should be noted that the results of the Power BU are impacted by the Group new strategy of focus on services and EP activities.

A 30 June 2013 the revenues of the Power BU amount to €24.5 million, down 85% vs. €163.2 million in the same period of 2012.

The Business Profit is negative for€0.8million, significantly improving against 30 June 2012 when it was negative for €61.7million.

The EBITDA is negative for€1.9million vs. €68.4 million at 30 June 2012.

The Backlog of the Power BU, mainly consisting of services, at 30 June 2013 is equal to €24.6 million (€30.8 million at 31 December 2012) and accounts for 0.5% of the Group total backlog.

Infrastructure & Civil Engineering BU

At 30 June 2013 the revenues of the Infrastructure & Civil Engineering BU amount to €137.5 million,up 52.1% vs. €90.4 million at 30 June 2012.  Such change is mainly attributable to the effect of higher volumes related to the Metro Copenhagen and Etihad Rail railway line contracts.

The Business Profit at 30 June 2013 is equal to €5.1million, up 119.7% vs. €2.3 million at 30 June 2012, due to the positive impact of contract fees collected and of some contract variations.

The EBITDA at 30 June 2013 is negative for €1.0 million, recording a decrease against 30 June 2012 when it was negative for €0.5 million. Such result is primarily attributable to the G&A costs absorbed in the period.

At 30 June 2013 the Backlog is equal to €1,941.0 million, recording a decrease vs. €2,071.8 million at 31 December 2012.

It should be noted that on 17 June 2013 the Group disclosed that it had stipulated agreements for the disposal of its stakes in two projects relating to infrastructure and civil engineering works, namely CMT (Copenhagen Metro Team I/S) and COCIV Consortium, for the total amount of €65 million. Both transactions are subject to the occurrence of some conditions precedent, which is the customary practice for this type of transactions.

Backlog

During the first semester 2013, the Group sales activity generated new orders for €385.4million, recording a decrease vs. €1,004.7 million at 30 June 2012. Such variation is also due to the strategic change of the projects mix, characterized by higher margins and lower volumes.

The Backlog of the Maire Tecnimont Group at 30 June 2013 amounts to €4,826.7 million, down 8.0% vs. €5,244.4 million at 31 December 2012. It should be noted that about €1.45 billion refer to the aforesaid infrastructure projects that are disposed.

Significant events after 30 June 2013

On 11 July 2013 Maire Tecnimont S.p.A. announced the awarding, through its subsidiaries, of contracts and integrations in the core business for a total value of about €137 million for engineering, licensing and technology packages activities.

On 25 July 2013 the capital increase against payment with option rights to the Company shareholders, resolved by the Extraordinary Shareholders’ Meeting of 6 June 2013, has been successfully completed. As the capital increase has been fully subscribed, Banca IMI S.p.A. and Barclays Bank PLC, the guarantor banks, did not have to fulfil their underwriting commitments.  Following the capital increase transaction, the Company’s new share capital is equal to Euro 19,689,550.00 made of n. 305,527,500 ordinary shares without face value.

On26 July 2013, following to the early completion of the capital increase transaction, the agreements with the leading Group lending banks for the €307 million debt rescheduling have become effective and an amount of €50 million new loan has been drawn down.  Moreover, all banks have confirmed the credit lines for a total amount of €245 million and the guarantees for a total amount of €765 million to support the business. The capital increase and new loan drawdown transactions allowed the Group financial re-organisation and, namely, the recapitalisation of the subsidiary Tecnimont S.p.A.

Business outlook

For the year 2013 the Group confirms the return to positive margins, as confirmed by the result of the first semester 2013 and after being impacted by the negative effects related to the “Power” business unit in Latin American in the last two years.  Such target is primarily driven by the positive performance of the Oil, Gas & Petrochemicals BU in line with the Group strategy guidelines.   

The Group continues to pursue a structural general cost control policy in line with the values already achieved in the course of 2012 and in the first six months of 2013.

After signing the agreements for the disposal of the stakes in CMT (Copenhagen Metro Team I/S) and in COCIV Consortium, the Group envisages the implementation of part of the broader plan for the disposal of the assets that are no more strategic for the Group, first of all the Biomass Plant of Olevano di Lomellina.

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The following information is disclosed on Consob request:

Net Financial Position of Maire Tecnimont Group and Maire Tecnimont S.p.A.

The Group’s net financial position is detailed in the table below:

With reference to Maire Tecnimont S.p.A. financial statements, the Company net financial position is shown in the table below:

Group’s past due payables

In this respect it should be noted that the Group recorded trade payables amounting to €69.2 million past due over 90 days at 30 June 2013; if compared to the situation at 31 March 2013, past due trade payables reduced by approximately €100 million in absolute terms as a result of a payables rescheduling programme following to the new payment plans agreed upon with suppliers.  In fact, the Group defined a payables rescheduling plan that is currently enabling the Group to gradually reduce the amount of the oldest past due trade payables concurrently benefiting from the positive effects of the actions undertaken.

In the semester reminders for payment were received within the framework of ordinary business management. In addition, at 20 July 2013, injunctions notified to Group companies, not yet included in an agreed payables rescheduling plan, totalled approximately €1.4 million. Currently, negotiations are underway to formalise an agreement to settle the latter amount.  Following to the effects of the debt rescheduling agreement and new loan agreement, no other past due payables items are reported. Moreover, covenants have been met.   At 30 June 2013 there are no past due amounts of tax nature nor amounts due to social security institutions.

Dealings with related parties

At 30 June 2013 dealings with related parties are detailed in the table below broken down by nature of the relation; the table also includes equity dealings deriving from transactions completed in the previous year and still in progress: 

It should be noted that all dealings with related parties are at arm’s length and refer to parent company GLV Capital S.p.A., its direct subsidiaries and companies either directly or indirectly related to the majority shareholder of Maire Tecnimont S.p.A.

Implementation of the industrial plan and analysis of actual vs. budget data

On 26 July 2013 Maire Tecnimont S.p.A. communicated that following to the early completion of the capital increase transaction for a total amount of €150 million, the debt rescheduling agreements worth €307 million with the Group’s main lending banks came into force resulting in the drawdown of a €50 million loan. Based on the aforesaid agreements, the repayment of €357 million will benefit from a two-year grace period and repayment in six-month instalments starting from 2015 and ending on 31 December 2017. Covenants are supporting the aforesaid loans in line with market practices for this type of transactions. The first assessment thereof will be carried out in 2015 with reference to actual data at 31 December 2014.  Lastly, all lending banks confirmed credit lines for a total of €245 million and guarantees totalling €765 million to support the business.  The capital increase transactions and the new loan amounts enabled the Group equity strengthening and, in particular, the recapitalisation of the subsidiary Tecnimont S.p.A, resulting in the completion of the primary and most important actions envisaged by the plan.

In the first semester of 2013 the Group started to implement the disposal plan of the no longer strategic assets, which is also included in the broader framework of the Group’s financial plan. In fact, on 17 June 2013, the Group signed agreements for the disposal of the stakes in two projects relative to infrastructure and civil engineering works and, namely, CMT (Copenhagen Metro Team I/S) and COCIV Consortium.  Both transactions are subject to the occurrence of conditions precedent in line with market practices for this type of transaction, whose fulfilment is reasonably expected in the short term. The envisaged value upon completion of the transaction is equal to approximately €65 million, representing 35% of collections expected in the 12 months after the approval of the previous financial statements.   

In addition, the disposal plan continues and it is expected that in the next months a broad and comprehensive portion of it will be implemented: in the first place the Biomass Power Plant of Olevano di Lomellina, which has already been subject to various expressions of interest by potential buyers. Upon completion of this transaction and summing up the already announced disposals, approximately 50% of the total disposal plan envisaged until 2016 would result accomplished.  In the first semester 2013, the Group’s operating performance registered production volumes lower than budget as a result of a few postponements partially attributable to delayed procedures in new contracts awarding, which is nevertheless expected to be recovered in the upcoming months.   This reduction did not significantly affect EBITDA which, nonetheless, recorded an improvement in percentage versus both December 2012 and March 2013, above all as a result of the combination of various factors, including a different mix of volumes deriving from higher margin projects.  We therefore believe that these performances do not currently have an impact on the attainment of the objectives of the plan. Similarly, the financial flows are essentially consistent with the plan also on the basis of the aforesaid disposal plan.

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Marco Andreasi, Chief Financial Officer of Maire Tecnimont S.p.A., in his capacity as executive in charge of drafting the corporate accounting documents, hereby represents – pursuant to paragraph 2, article 154-bis of Legislative Decree n. 58/1998 (“Consolidated Finance Act”) – that the accounting information included herein corresponds to the documented results, books and accounting documents.

The Half-Year Report at 30 June 2013 will be made available to the public pursuant to law at the Company’s offices and at Borsa Italiana, as well as on the website atwww.mairetecnimont.com in (http://www.mairetecnimont.com/it/investitori/bilanci).

This press release, and in particular the section headed “Business Outlook”, includes forecast statements.  Such forecasts are based on the current estimates and projections of the Group, relatively to future events and, due to their nature, are subject to an inherent component of risk and uncertainty.  The actual results may significantly differ from those contained in said forecast statements due to several factors, including continuous volatility and a further deterioration of stock and capital markets, changes in raw material prices, changes in macroeconomic conditions and in economic growth and other variations of the business conditions, in addition to other factors, the majority of which is not under the Group control.

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Maire Tecnimont SpA

Maire Tecnimont S.p.A., a company listed on the Milan Stock Exchange, is the holding company of an international industrial group (Maire Tecnimont Group) leader in the sectors of Engineering & Construction (E&C), Technology & Licensing and Energy & Ventureswith specific skills in plant engineering in particular in the hydrocarbon industry (Oil & Gas, Petrochemicals, Fertilizers) and also in Power Generation and Infrastructures. The Maire Tecnimont Group is present in about 30 countries, has over 45 operating companies and about 4,200 employees, half of whom are located abroad. For further information: www.mairetecnimont.com.

Investor Relations

Riccardo Guglielmetti

Tel +39 02 6313-7823

investor-relations@mairetecnimont.it

The consolidated Income Statement, Balance Sheet and  Cash Flow Statement are attached hereto.

[1] Meaning the Net Financial Debt adjusted

[2]Business profit means the industrial margin before G&A and R&D cost alllocation.