FACTS & FIGURES - Tecnimont ICB

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CHAIRMAN’S
STATEMENT
Dear Shareholders,
2008 was a year of significant change for Maire Tecnimont. The merger
of Maire Engineering into Tecnimont and consequent creation of a
single operating company achieved the goal of pooling the two
companies' resources and expertise, thereby creating a single, unified
platform for EPC (Engineering, Procurement, Construction) projects.
The new business model will allow the Group to manage increasingly
large projects, while extending our flexibility and efficiency so as to
take maximum advantage of new opportunities.
2008 was a record year
in terms of results.
As an indicator of the Group’s increased capacity, revenues grew by
24% to ¤2,463 million. Ebitda amounted to ¤187 million, up 29%,
while Ebitda margins improved from 7.3% in 2007 to 7.6% in 2008.
Net Group income rose by 60% compared with the previous year to
reach ¤117 million.
The Group completed several important contracts, particularly in the
Middle East, in 2008, confirming its ability to realize large-scale
projects on time and within budget. The Rabigh, Tasnee and Sahara
plants in Saudi Arabia were among the most important plants
delivered. As a result of new projects awarded during 2008, the Group
increased its backlog to ¤4,534 million at the year-end, despite the
significant growth in revenues. The Power sector enjoyed the greatest
increase in new orders, thanks in particular to orders from Latin
America totalling approximately ¤1,515 million. The Oil & Gas sector
was also awarded several important projects.
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