1

TWO SOULS, ONE GROUP

Our Group is an integrated entity with two interlocking dimensions existing together. We are a value creator, thanks to our expertise in engineering and managing complex projects.

We are also a corporate citizen, entwined in a complex web of relationships, and we are responsible of the impacts of our business on others.

The integration of both sides of our soul is essential to sustaining business solidity in the long term and to protecting value for our stakeholders.

Any viewpoint from which you start to know us will embrace the other. Anywhere you open this publication will lead you to both.

Enter and discover the Maire Tecnimont world.

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3

Dear Stakeholders,

2014 was a year full of achievements for our Group. Having progressively completed our transition, based on a new corporate strategy and a financial reinforcement, we are now committed to building a process of solid growth based on sizeable and tangible results.

The hydrocarbons industry is currently impacted by changing global dynamics. However, the market increasingly recognizes the value of the Maire Tecnimont brand, which is rooted in our hard-won technical and managerial skills. The success of our technology-driven business, complemented by a selective EPC approach, in our core geographical markets is evidence of this. The entire Maire Tecnimont professional community is focused on consolidating our leadership in the downstream business, by a continuous effort to improve our organization and create new business opportunities through research.

Sustainability for us is a long-term process of development, not only in the way we do business, but also in enhancing accountability to all our stakeholders. Being resilient to change also means learning to understand our impact on society at every level, so as to create shared value for our internal and external partners. This is the key to unlocking the full potential of our Group.

Fabrizio Di Amato Pierroberto FolgieroChairman Chief Executive Officer

4

01 Group Profile

Sustainability Approach and Stakeholder Engagement

02Accountability in Corporate Governance

03

Ethics and Integrity04

PAGE 06

PAGE 20

PAGE 24

PAGE 28

Ov

erv

iew

This section of the Group Report aims to give you an overview on the world of Maire Tecnimont, our people, our values, our relations with stakeholders.

Once you’ve finished reading, please turn the book upside down. There you will enter the second section, which explores our business through the value chains created by the core Group expertise. You will also be able to zoom into our presence in di�erent geographies.

5

01 Group Profile

Sustainability Approach and Stakeholder Engagement

02Accountability in Corporate Governance

03

Ethics and Integrity04

PAGE 06

PAGE 20

PAGE 24

PAGE 28

Ov

erv

iew

This section of the Group Report aims to give you an overview on the world of Maire Tecnimont, our people, our values, our relations with stakeholders.

Once you’ve finished reading, please turn the book upside down. There you will enter the second section, which explores our business through the value chains created by the core Group expertise. You will also be able to zoom into our presence in di�erent geographies.

6

Maire Tecnimont in brief We are a leading provider of Engineering & Construction, Technology & Licensing, and Energy Business Development & Ventures worldwide, with a specific focus on the oil & gas, petrochemicals and fertilizer processing industries.We offer a wide range of services on an individual or combined basis for a broad range of facilities and uses, including engineering services, procurement of materials and equipment, and construction services through project management expertise. We also provide our customers with proprietary or third-party technologies for the design and manufacture of different types of plants. The Group also offers competence in the design and engineering of power generation plants and major public works. Our Integrated HSE Management

System, together with a widespread safety culture, results in an outstanding safety performance, considerably higher than international standards. Listed on the Milan Stock Exchange since 2007, the Group is among the top-ranking worldwide engineering contractors. Maire Tecnimont is a multinational and multicultural Group present in 30 countries and rooted in well-recognized Italian historical engineering brands. Our roots are constantly nourished by a strong commitment to innovation and a continuing effort to improve the services we offer. We believe in the long-term sustainability of our business at all levels, and consider a constant interaction with our stakeholders as essential to make our vision a reality.

01 GROUP PROFILE

We are dedicated to providing consumers at the end of the value chain With energy in its different forms, as Well as With innovative products for a countless number of industrial applications embedded in everyday life.

Our

Str

uctu

re

MetNewEn

Oil & Gas,

Polyolefins,

Fertilizers large-scale

contracting

Refining,

Hydrogen&Syngas

Production and

Sulphur Recovery

Fertilizers

Technology

Infrastructure &

Civil Engineering

Renewable

Energies

7

8

Our Business Model

Maire Tecnimont Group supplies major international clients with detailed engineering, procurement, construction, commissioning and start-up services for industrial plants in the oil & gas, petrochemical and fertilizer industries. The Group has won numerous references in complex lump-sum turnkey projects, as well as in high-value engineering (feasibility studies, FEED, etc) and electrical and instrumentation services. We offer high-quality standards compliant with the most stringent HSE requirements. Our clients include international and national companies active in the oil & gas, chemical, petrochemical and fertilizer industries.

Maire Tecnimont owns and manages valuable proprietary technologies and intellectual property pertaining to the fertilizer, oil & gas and chemical sectors. Our fertilizer activities include the licensing of new and revamping of existing urea plants, procurement and supply of high-end critical equipment, and the provision of full life-cycle support services.

Maire Tecnimont has established alliances and privileged relationships with leading technology providers, whose intellectual property we can leverage throughout the whole value chain, from conceptual and feasibility studies, including technology selection, through licensing and supply of basic engineering to project management.

In gas-rich countries, where gas is cheap and freely available, we promote and develop gas monetization projects, offering a package for fertilizer and methanol plants that includes EPC implementation, help with arranging financing, product offtake, and minority equity participation.

Engineering &

Construction

ProprietaryTechnology

Third PartiesTechnology

Project Development

Habshan 5 Integrated Gas Development Plant, Habshan (Abu Dhabi) - UAE

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Market OutlookGlobal growth remains moderate in 2015, with uneven prospects across the main regions and countries. Global GDP is projected to expand by 3.3%, according to the World Economic Outlook Update (February 2015). However, the economy is affected by volatility, caused by fluctuating oil prices, the slowdown in China, Eurozone uncertainty, and general geopolitical instabilities.

Despite the fall in oil and gas prices, which has led to a slowdown in investment by international oil companies, prospects in downstream sectors (chemicals, petrochemicals, fertilizers and refinery upgrades), remain fairly good in certain areas, at least in the short and medium-term. National oil companies in major energy exporting countries continue to pursue their investments, supported by strong balance sheets and rich cash reserves, as well as the continuing commitment of their national governments to promote local development and diversify their economies.

New investments in chemicals and petrochemicals will be driven by the lower cost of feedstocks (gas and naphtha) and the recovery in global demand, in particular in major economies that have adopted monetary stimulus policies.

Region by region, the Middle East is still a major focus for new petrochemical projects. At the same time, new opportunities in fertilizers and petrochemicals are expected in North and Central America, thanks to lower gas prices. In Russia, despite international sanctions, new investments are expected in strategic projects, such as refinery upgrades and downstream petrochemicals. The former are to align Russian fuel quality with European standards, whilst the latter will serve to reduce the country’s high dependence on exports of oil and gas. Meanwhile, the possible relaxation of US/EU sanctions on other countries, notably Iran, should open new opportunities for international contractors.

New projects are also expected in the most promising African countries - Egypt, Algeria and energy-rich countries in East and West Africa - in the medium and long term. New petrochemical complexes will also be tendered in South East Asia this year, which could offer interesting opportunities to expand the Group’s presence in this area.

Electricity shortages constitute dramatic bottlenecks to development in a large number of emerging economies. Power generation projects accordingly are booming the world over.

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GroupManagementTeam

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7

2

3

4

6

1

5

11

1

7

2

3

4

6

1

5

8

10

11

9

13

12

12

14

15

1817

16

19 20

21

13

14

15

1817

16

19 20

21

22

1.

2.

3.

4.

5.

6.

7.

8.

As of July 2015

24

23

25

26

Paolo MondoGroup Procurement Vice President

Stefano BianchiTecnimont Integrated Onshore/O�shoreProjects Vice President

Gaetano IaquanielloKT Technology and BusinessDevelopment Vice President

Salvatore EspositoTecnimont Civil Construction Managing Director

Milind V. Baride Group Project Control & ContractManagement Vice President

Fabio FritelliGroup Finance Vice President

Simona DolceGroup Corporate SecretaryHead of Department

Carlo NicolaisHead of Public A�airs and Communication

Damiano D’AlessandroGroup Process, QHSE & RiskManagement Head of Department

18.

19.

20.

21.

22.

23.

24.

25.

26.

Mario RuzzaTecnimont ICB Chairman andManaging Director

Massimo SicariMiddle East Region Vice President

Andrea VenaKT Commercial Vice President

Stephen ZwartStamicarbon Licensing, Sale & Service Vice President

Davide PelizzolaSub - Saharan Africa RegionVice President

Enrico RolandelliTecnimont Engineering & Projects Vice President

Giuseppe GuadagnoTecnimont Vice President

Franco BroggiTecnimont Construction & Subcontracts Construction Vice President

Oscar Spalmach KT Operations Vice President

9.

10.

11.

12.

13.

14.

15.

16.

17.

Fabrizio Di AmatoChairman

Pierroberto FolgieroGroup Chief Executive O�cer

Alessandro BerniniChief Financial O�cer

Franco GhiringhelliHuman Resources,Organization and ICTSenior Vice President

Gianni BardazziGroup Strategic Start-upSenior Vice President andRussia and Caspian Region Vice President

Pejman DjavdanStamicarbon Managing Director

Fabio FagioliGroup General Counsel

Giovanni SaleTecnimont Commercial and Business Development Vice President andAmericas Region Vice President

14

The Group market position and our competitiveness depend first of all on skilled and committed human resources. Continued all-round skills improvement and targeted development initiatives for our employees are essential to maintain the pace of

business performance and guarantee our leadership in the market. We believe that investing in people is the best way to ensure sound results and value creation for stakeholders in the long term.

Human Resources: Our main asset

MALES

MANAGERS MIDDLE MANAGERS WHITE COLLAR BLU COLLAR

4,259

451 1,499 1,992 317

ITALY 44%

INDIA 47%

REST OF EUROPE 5%

REST OF ASIA 3%

OTHERS 1%

782

34 7.5%

11% 35% 47% 7%

18.4%

81.6%3,477

BY CATEGORY

BY GEOGRAPHIC AREA

222 14.8% 522 26.2% 4 1.3%

7%

40%

277

1,718IND

IA

REST OF EUROPE

9%376REST OF WORLD

44%1,888

ITA

LY

BY CITIZENSHIP

EMPLOYEES

FEMALES

15

PERMANENT CONTRACTS

TRAINING HOURS

FU

LL T

IME

PAR

T T

IME

SHORT TERM CONTRACTS

<30 31 - 50 >50

42,636 ATTENDANCES**7,280

3,937 92%

322 8% 63

4,196

ENGINEERING

OPERATIONS

RESTO OF TECHNICAL AREA

COMMERCIAL

2,081

4011,013

129STAFF*652

723

2,496 59%

1,939 78%

2,792 74417% 66% 17%

99%

1%

BY TYPE OF CONTRACT ORGANIZATION ON WORKING HOURS

BY AGE

UNIVERSITY DEGREE

OF WHICH ENGINEERING DEGREE

BY EDUCATION BY PROFESSIONAL AREAS (AVERAGE DATA)

TRAINING INITIATIVES

* Includes also Project Services

**The data include all the participations in di­erent initiatives, as Project Management courses, Induction Program for Young Graduates, technical, QHSE, linguistic, ICT training, as well as initiatives related to soft skills (Communication and Personal Development)

16

The Maire Tecnimont Group regards its suppliers and contractors as essential partners in achieving the high level of performance it delivers on its projects. The Group is committed to selecting suppliers and contractors worldwide based not only on an economic evaluation, but also through a careful and objective assessment of criteria such as financial soundness, technical and organizational skills, ability to stay on schedule, social responsibility and environmental awareness. The Group oversees suppliers’ commitment to sustainability by requiring endorsement and compliance to its Code of Ethics and Social Accountability Policy. A special effort is dedicated to supervising suppliers through pre-qualification questionnaires and external audits in order to verify their compliance with Group values. Our global procurement organization relies on over 250 professionals to deploy effective purchasing strategies and management skills to satisfy project requirements. To do this, we draw on a pipeline of global and local suppliers that are properly

qualified to respond to stringent technical requirements and quality standards, including social accountability and safety. Such an extended supply base generates a complex environment, implying effective purchasing, logistic, expediting and inspection expertise. Local suppliers are an important asset that we can leverage to streamline the overall supply cycle. Whenever possible and in compliance with Clients’ specifications, the involvement of local suppliers in a project may rise to more than 50% of the purchased amount. For our Group, engaging construction contractors to execute the works and services means building relationships where contractors are integrated in synergy with the Group in terms of constructability, planning projects from inception and continuing in joined field organizations. Establishing confidence with construction contractors and subcontractors is a way to ensure success up to mechanical completion, achieve best performance and reinforce a sustainable impact in terms of local content dynamization.

Our Supply Chain

8,3511.046

Purchase orders for a total value of

mn

3,17159Suppliers worldwide from

countries

1,350 Construction Subcontracts awarded and in the course of awarding (2014-2015)mn

3,17159suppliers worldwide from

countries

8,3511,046

purchase orders for a total value of

mn

1,350 construction subcontracts awarded and in the course of awarding (2014-2015)

mn

Habshan 5 reactors arrival in Abu Dhabi City - UAE

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Low Density Polyethylene Project Site, Bratislava – Slovak Republic

18

Precautionary ApproachThe life of a world player in Engineering & Construction, such as the Maire Tecnimont Group, revolves around the acquisition and execution of projects, with the aim of supplying the client with a safe and efficient plant, according to the contractual terms and schedules, and, of course, to the expected revenue stream.

The Internal Control System and risk management is a primary and essential component of corporate governance and an essential condition for sustainable growth. It is composed of a set of rules, procedures and organizational structures aimed at ensuring the proper management of the company through an adequate identification, measurement, management and monitoring of the main risks. The risk management process is based on guidelines and references defined at Group level compatible with strategic objectives.

Maire Tecnimont Group has developed a “Risk Management Optimization” Project in order to identify and manage uncertainties (both risks and

opportunities), from the bidding phase to project completion. Our defined risk methodology assigns a Macro Risk Rating (classified in four different clusters) calculated for each commercial initiative since the prospect phase in order to support the business decision (bid/no bid) and to prioritize the level of focus and dedicated actions during the proposal and execution phases.

Activities performed in 2013 during the re-design of the “Risk Management Project” led to the establishment of a methodology to control risks as a management tool. In 2014 continuous internal communications and training on new operational and reporting tools have been performed for top management and functions assigned to the project execution.

Our promotion of a risk culture also arises as a central objective for group-wide awareness to develop individual responsibility and standards of behavior required by enterprise management systems.

Polypropylene Plant, Omsk – Russian Federation

19

Membership in AssociationsMaire Tecnimont Group participates in about 90 associations worldwide. Our engagement with major enterprises, organizations and international forums allows us to develop fruitful relations with public institutions and business communities. We are members of prominent industry federations, engineering and contracting associations, chambers of commerce, global think-tanks and public-private cooperation panels.

Maire Tecnimont’s active interaction with such a wide range of technical associations gives the Group the opportunity to be informed on the evolution of our industry with particular reference to technical updates, certifications, regulatory issues, etc. Moreover, Maire Tecnimont’s participation in global, multi-level initiatives enhances our awareness on the international debate on sustainability issues, helping us define new approaches in our relationship with stakeholders. Our involvement in organizations aimed at strengthening the social impact of enterprises also effectively empowers us to realize multi-stakeholder initiatives. We are committed to developing long-lasting relations with universities and research centers in order to promote cross-fertilization between academia and the private sector and to play an active role in building networks with innovation hubs.

On 30th September 2014 in Rotterdam, Maire Tecnimont Group - through its main contractor Tecnimont - was awarded the “Gold Winner” in Mega - Sized project category of the IPMA International Project Management Award for the Habshan 5 Gas Treatment Plant. International Project Management Association (IPMA) is the world’s first project management federation of national associations to advance profession’s achievements in project and business success. The Habshan 5 Gas Treatment project represents one of the most complex projects successfully completed by our Group. The Award is annually bestowed upon the most successful project teams in the world to recognize excellence in project management standards.

Participating in United Nations Global Compact

The Group awarded the IPMA International Project Excellence Award 2014

We are committed to protect human rights, respect labour and the environment, and fight against corruption. That is our duty as a responsible corporate citizen. We have demonstrated our commitment by signing the United Nations Global Compact. Since 2011 the Maire Tecnimont Group pledged its support to the ten principles behind the largest voluntary corporate responsibility initiative in the world and became one of its more than 12,000 participants. It is a clear responsibility that we renew every year through the Communication on Progress document, which summaries our actions in fulfilling the UN principles in our everyday work. Read our last Communication on Progress at the Global Compact web site:

www.unglobalcompact.org

BEING OPEN TO SHARING EXPERIENCES AND INTEGRATED INTO THE PUBLIC DISCUSSION ON TOPICAL ISSUES IS ESSENTIAL TO BEING A MORE CONSCIOUS CORPORATE CITIZEN AND BECOMING AN INCREASINGLY COMPETITIVE PARTNER.

20

SUSTAINABILITY APPROACH AND STAKEHOLDER ENGAGEMENT02

Our way of doing business is deeply connected with the corporate values embedded in our DNA. The actions we implement for our stakeholders are the visible expression of those values, and talking about sustainability implies talking about our values. But not only social values: it also means talking about the physical value that we create and share. Sustainability is part of Group’s business strategy. We are committed to making sustainability drivers a reality in our everyday work.

We work to keep a fair and constant communication with the public and to guarantee a proper governance and management system to safeguard value for all our stakeholders.

We are committed to providing a risk management system to reduce volatility and ensure for stakeholders the safety and reliability of all our activities.

This has become our main way of operating in both established and developing markets, ensuring not only a durable and profitable presence worldwide but also business and personal development opportunities at a local level in the markets in which we operate.

For us, acting responsibly means working to develop people skills, contributing to responsible citizenship, and minimizing our environmental footprint. This is the framework on which the entire system rests.

Our Group is aware of the importance of generating trust in its stakeholders, for the long-term solidity of our business and shared value creation and protection. By using dedicated channels, we aim to maintain a constant dialogue with employees, clients, the financial community, suppliers, civil society and other institutions. These channels enable us to gather their expectations and opinions and address them properly.

TRANSPARENCYIN GOVERNANCE

PROJECT PERFORMANCE& ACCOUNTABILITY

LOCAL CONTENTDYNAMIZATION

ACTINGRESPONSIBLY

21

22

The Group Report is a constantly evolving channel of communication with our stakeholders. Future editions will represent the outcome of a structured process we are establishing to provide a more comprehensive picture of our Group. To do so in a reliable and factual way means that dedicated processes have to be set up. We are working on implementing the Global Reporting Initiative G4 Sustainability guidelines under a common standard so that the whole Group will be ready to report on sustainability. Some of our subsidiary companies have already succeeded in reaching important objectives in this respect. This goal will mean that we will have to constantly

improve our data-gathering procedures. Being compliant with the G4 guidelines affects not only the way we report on social responsibility and sustainability initiatives, but it also gives us the opportunity to re-think the way we approach the stakeholder dialogue. In this regard, we aim to be more effective and concentrate our actions on what really matters. We are a complex Group in a complex system, so the path we have decided to follow is challenging. It is a voluntary bet that we want to win: to be more and more sensitive to our stakeholders’ needs and better responsive to their requests.

Within the framework of the Italian initiative “Un giorno in ufficio con mamma e papà” promoted nationwide by the newspaper Corriere della Sera, our Group took the opportunity to organize its first Group Family Day. The event took place in the Milan headquarters, where more than 300 sons and daughters of Maire Tecnimont’s employees were welcomed on-site for an afternoon of fun and education, and were given the opportunity to visit mum and dad’s office. During the event, the little ones enjoyed interactive labs led by the staff of a non-profit association, while teenagers were involved in career guidance sessions led by some of the Group’s employees. The same initiative has been extended to other Group offices in Rome, Sittard (The Netherlands) and Braunschweig (Germany).

Our first Group Family Day

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On the top: CORP women empowerment project, Thane (Mumbai) - India On the bottom: Etimos microcredit project, Bafang - Cameroon For more details on CSR Group projects, please see page 75 and page 81

24

ACCOUNTABILITY IN CORPORATE GOvERNANCE03

Maire Tecnimont SpA is the parent company of the Maire Tecnimont Group, whose stock has been traded on Milan’s Mercato Telematico Azionario di Borsa Italiana SpA since 2007. The Company adheres to the Corporate Governance Code for Listed Companies of Borsa Italiana SpA.

Maire Tecnimont is organized according to the traditional administration and control model, including the Shareholders’ Meeting, the Board of Directors and the Board of Statutory Auditors.

The Board of Directors has established two internal committees having advisory and proactive functions -the Remuneration Committee and the Control and Risk Committee- pursuant to the provisions set out in the Governance Code.

The Board of Directors has also established a Related-Party Committee which is assigned the tasks and duties envisaged by CONSOB Related Parties Regulation. The Board strengthened its independence by the appointment of five independent directors out of nine, including three female independent directors. One independent director was also appointed by the minority interests. Fabrizio Di Amato is the Chairman of the Board and Pierroberto Folgiero is the Chief Executive Officer.

For further information on the Corporate Governance of Maire Tecnimont SpA, please visit our website

http://www.mairetecnimont.com/en/governance

2015 Group Photocontest: “Finis Terrae” by Simone Aloisio Cucci

25

Gov

erna

nce

Stru

ctur

e

Shareholders’ Meeting

Board of DirectorsBoard of

Statutory Auditors

Control and Risk Committee

Remuneration Committee

Related-Party Committee

Supervisory Body

Independent Auditors

The Shareholders’ Meeting adopts resolutions on issues indicated by the

law, such as approval of financial statements, appointment of the Board

of Directors, Board of Statutory Auditors, Independent Auditors and

amendments to the Company’s By-laws

The Board of Statutory Auditors monitors the compliance with the

law and the Company’s By-laws, the principles of good administration

and the suitability of the organisational, administrative and

accounting structure

The Board of Directors determines and pursues the strategic objectives of the Company and the

Group

The Control and Risk Committee assists the Board

of Directors in assessing the

suitability of the internal control

and risk management

system

The Related-Party Committee carries

out those tasks reserved to it by CONSOB Related Parties Regulation

and the related procedure

adopted by the Company

The Supervisory Body carries out activities on the operation, obser-

vance and updating of the “Model 231” and on

the implementation, within the Company, of

the provisions of the Legislative Decree

231/2001

The Remuneration Committee formulates proposals regarding the remuneration of

the Directors, including those holding special

o�ces, and the apical executives of the

Group

Independent Auditors have a mandate to form an opinion on the financial statments and to verify the

proper keeping of the company accounts and the correct reporting

of the operating events in the accounting records

Management bodies

Management and control bodies

Supervisory bodies

Control bodies

26

Board of Directors

6 7

8

2

3

54

1

9

Board ofStatutoryAuditors

27

10

12

EXECUTIVE

EXECUTIVE

NON EXECUTIVE

NON EXECUTIVE

INDEPENDENT

INDEPENDENT

INDEPENDENT

INDEPENDENT

INDEPENDENT

MEMBERS POSITION

MEMBERS POSITION

FABRIZIO DI AMATO

PIERROBERTO FOLGIERO

LUIGI ALFIERI

STEFANO FIORINI

GABRIELLA CHERSICLA

NICOLÒ DUBINI

VITTORIA GIUSTINIANI

PATRIZIA RIVA

ANDREA PELLEGRINI*

CHAIRMAN

CHIEF EXECUTIVE OFFICER

DIRECTOR

DIRECTOR

DIRECTOR

DIRECTOR

DIRECTOR

DIRECTOR

DIRECTOR

BOARD OF STATUTORY AUDITORS · 30 APRIL 2013

PIER PAOLO PICCINELLI

GIORGIO LOLI

ROBERTA PROVASI**

CHAIRMAN

STATUTORY AUDITOR

STATUTORY AUDITOR

BOARD OF DIRECTORS · 30 APRIL 2013

11

1

2

3

4

5

6

7

8

9

10

1112

* Appointed by the Board of Directors held on June 11, 2014 and confirmed by the shareholders’ meeting on 18 February 2015.

** The shareholders’ meeting on 18 February 2015 has integrated the Board of Auditors with the appointment of Roberta Provasi as statutory auditor, who will remain in o�ce until approval of the financial statements as at 31 December 2015.

6 7

8

2

3

54

1

9

28

ETHICS AND INTEGRITY04The Maire Tecnimont Group has always assigned primary importance to the fight against bribery and corruption and to the respect of ethical principles in the conduct of its business, and has consistently developed and updated the appropriate corporate governance tools (the Code of Ethics and the Organisation, Management and Control Model according to the Italian Legislative Decree 231/2001 (“Model”)).

The Code of Ethics, issued by the parent company, has been adopted in its entirety by all the Group’s subsidiaries, both in Italy and abroad.

However, the Model sets out the corporate activities of each Italian company which have adopted it that are potentially susceptible to the crimes defined by the Italian Legislative Decree 231/2001, in addition it regulates those activities to ensure compliance with the law.

Group’s ethical culture is also defined by its corporate standards and procedures, the delineation of different roles and responsibilities, the separation of tasks, and targeted audits. These tools underpin the daily application of the principles defined by the Code of Ethics and the Model.

The Group’s Internal Audit and Supervisory Bodies are the reference points for, respectively, the interpretation of the Code of Ethics and the Model.

Please visit the Maire Tecnimont website for further information on the Code of Ethics and the Model:

http://www.mairetecnimont.com/en/governance/documenti-societari

Maire Tecnimont participates in the anti-corruption working group

As a founding member of the Global Compact Network Italy, the national network of the UN Global Compact initiative, Maire Tecnimont Group takes part in the Network’s working groups to raise awareness on day-to-day business policies that uphold the ten principles underlying the GC initiative. Regarding Principle 10 - Anti-corruption, members of the Group’s Internal Audit and Compliance Departments attend the working group where several leading companies describe their experiences, share their best practices, and discuss new solutions to fight against corruption in business.

29

End of section. Please, turn the book upside down to continue to read the Factbook on Group Business.

30

31

2

33

Factbook

We continue to focus on our core business in the Oil, Gas, Petrochemicals and Fertilizer industries.

Moreover, we intend to pursue opportunities assisting potential clients at early stages in the investment process.

Innovation is one of the main drivers of Group strategy, to remain on the cutting-edge of our industry.

We aim to strengthen our presence in our historical markets such as Russia and the Middle East and expand in markets with downstream growth prospect.

34

At The Core of Our Business

Our Geographies

Led By Innovation

At The Core Of Our Figures

In this section of the Group Report, our core business is explored through the value chains created by the Group’s core expertise. You will also be able to zoom into our presence in di�erent geographies.

Once you’ve finished reading, please turn the book upside down. There you will enter the second section, which gives an overview on the Maire Tecnimont world, our people, our values, our relations with stakeholders.

01

02

03

04

PAGE 36

PAGE 64

PAGE 66

PAGE 82

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35

At The Core of Our Business

Our Geographies

Led By Innovation

At The Core Of Our Figures

In this section of the Group Report, our core business is explored through the value chains created by the Group’s core expertise. You will also be able to zoom into our presence in di�erent geographies.

Once you’ve finished reading, please turn the book upside down. There you will enter the second section, which gives an overview on the Maire Tecnimont world, our people, our values, our relations with stakeholders.

01

02

03

04

PAGE 36

PAGE 64

PAGE 66

PAGE 82

Fa

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36

AT THE CORE OF OUR BUSINESS01MAIRE TECNIMONT AT A GLANCE

IND

US

TR

Y

OIL&GAS

over 4,200 EMPLOYEES+3,000 direct and indirect professionals on operations

€1.6 BILLIONREVENUES

€5 BILLION

BACKLOG

30 COUNTRIES

45 OPERATING COMPANIES

PETROCHEMICALS FERTILIZERS POWER

BU

SIN

ES

SM

OD

EL

OP

ER

AT

ING

CO

MP

AN

IES

OR

GA

NIZ

AT

ION

FIN

AN

CIA

LS

ENGINEERING&

CONSTRUCTION

TECHNOLOGY&

LICENSING

ENERGYBUSINESS

DEVELOPMENT& VENTURES

Oil & Gas, Polyolefins,Fertilizers large-scale contracting

Refining, Hydrogen&Syngas Production and Sulphur Recovery

Fertilizers Technology

Infrastructure &Civil Engineering

Renewable Energies

TECNIMONT STAMICARBONKT- KINETICS TECHNOLOGY

TECNIMONTCIVIL CONSTRUCTION

MET NEWEN

7%

40%

277

1,718IND

IA

REST OF EUROPE

9%376REST OF WORLD

44%1,888

ITA

LY

37

Q & A with Group CEO

Pierroberto Folgiero discusses Maire Tecnimont’s performance in 2014 and shares his views on future opportunities and challenges.

How was 2014 for Maire Tecnimont? Where are we today? 2014 was a remarkable year for us. An extensive long list of actions was carried out. We managed market developments with an increasing business complexity on the one hand, whilst reshaping our traditional business model along the new strategic guidelines on the other. This entailed a deep rethinking of our organization to make it more responsive to increasingly challenging market demands and prepared for any changes in our client industries. At the same time, the Group delivered significant results, both financially and in terms of important new contract awards, sending strong signals of growth to both the financial and business communities. Today we are ready to address the market dynamics with a solid organization and a sustainable business model focused on distinctiveness, competitiveness and entrepreneurship. Those values will be extensively promoted into the organization to become the long term pillars of our long term leadership.

The repositioning of Maire Tecnimont in a number of segments, from technology to EPC, has resulted in a very solid backlog. What’s the strategy behind this achievement? The industrial repositioning envisaged last year has been focused on our core distinctive competences in the oil, gas, petrochemicals and fertilizer industries, complemented by very selective approach on power. We want to concentrate on what is in our DNA and in particular, on leveraging our technology driven expertise into the complex world of downstream. In this space, we have been achieving a diversification of our backlog to accomplish a good mix between licensing, high-value engineering services, EP and EPC solutions, as well as a healthy balance between the size of individual projects, margins and project duration. We have seized the opportunities presented by evolving business trends - such as the upsurge in petrochemical and fertilizer investment in North America due to lower gas prices - while in other geographies, we are ready to support countries possessing significant natural resources but not the expertise required to process them. Further, a new entrepreneurial approach has enabled us to pursue business opportunities from the initial stages of the investment process, as a way to expand our client portfolio. What are the next challenges for Maire Tecnimont? We remain a competence-driven European player; this is our fundamental value that is recognized by the industry. We will continue to be selective on the market to pursue those initiatives in which our distinctiveness is a key success factor being associated with our competitiveness. We will continue to capitalize on the value of our people fostering entrepreneurship as an integral part of the success in our business. We will dedicate significant effort in enhancing design-to-cost engineering and strengthening construction driven project execution. We will continue to invest in technology also sustaining our constant efforts in R&D. The more we will concentrate on those actions, the more we will continue to be a resilient enterprise with a bright future even in a skin-changing market environment.

38

Low Density Polyethylene Plant, Vera Cruz – Mexico

39

Through the process engineering contractor, KT – Kinetics Technology, we offer expertise in EPC contracting for Refinery Licensed Catalytic Units along with known-how and proprietary technology in sulphur recovery units, hydrogen and syngas, providing comprehensive process technology packages and offering clients end-to-end, tailor-made solutions. The Group has also developed high-level skills and competence in fossil fuel and biomass power generation, infrastructure and civil engineering. Furthermore, the Group subsidiary Tecnimont ICB provides world class Electrical and Instrumentation construction services. Thanks to our global procurement platform we are able to cover all client requirements, leveraging on a network of high-quality equipment vendors and construction subcontractors. The services we provide benefit from business synergies and cross-fertilization across the Group, profiting from all our companies’ skills and specializations.

Engineering & ConstructionEngineering & Construction for the hydrocarbon processing industries is the Maire Tecnimont Group’s historical core activity. A well-rooted legacy in engineering design, along with a sound track record in managing large integrated complex projects in oil & gas, petrochemicals and fertilizers, has allowed Maire Tecnimont, through its main subsidiary Tecnimont, to maintain a leading position as an international contractor. Thanks to a flexible business model the Group offers advanced skills in licensing, engineering services, EP (Engineering & Procurement), and EPC (Engineering, Procurement and Construction). A strong technology orientation provides access to the best available state-of-the-art processes, guaranteeing us a recognized world leadership as a contractor. Through our network of international engineering centres, we provide clients with services and know-how ranging from conceptual studies, through technology selection, to process engineering and detailed design.

40

PetrochemicalsThe Group, through its subsidiary Tecnimont, has access to all first-class polyolefins technologies and has the size and capability to manage and execute several projects simultaneously using different technologies while ensuring confidentiality and preserving licensors’ know-how. Tecnimont is included in the shortlist of preferred engineering contractors for many patented technologies, and can develop the licensor’s process design package - the know-how documentation delivered by the technology provider to the contractor - for

and on behalf of the licensor itself. Tecnimont is able to perform a wide range of functions in the international market for polyolefins plants. These include acting as general contractor for entire petrochemical complexes, providing the complete chain of services, starting from feasibility studies and technology selection, through basic and detailed engineering, supply of equipment and materials, to supervision of erection, construction and commissioning, on an EPC LSTK basis.

POLYETHYLENE PLANTSBUILT

POLYPROPYLENEPLANTSBUILT 58 114SINCE

1970

30% MARKET SHARE IN POLYOLEFIN PLANTS(#1 WORLDWIDE FOR CAPACITY INSTALLED IN THE LAST SIX YEARS),INCLUDING A SHARE IN LDPE40%

Low Density Polyethylene Plant, Bratislava – Slovak Republic

41

THE PETROCHEMICALS VALUE CHAIN

42

MAIN AVAILABLE TECHNOLOGIES - PETROCHEMICALS

POLYPROPYLENE

PRODUCTS TECHNOLOGY LICENSOR – TECHNOLOGY NAME COUNTRYBASELL POLIOLEFINE – SPHERIPOL, SPHERIZONEBOREALIS – BORSTAR PPCHEVRON PHILLIPS GRACE (FORMER DOW CHEMICAL) – UNIPOL PPINEOS – INNOVENE PPMITSUI CHEMICAL – HYPOL IILUMMUS TECHNOLOGY – NOVOLEN

ITALY AUSTRIAUSAUSAUSAJAPANUSA

LINEAR LOW DENSITY/ HIGH DENSITY POLYETHYLENE

LOW DENSITY POLYETHYLENE

SSBR

HIGH DENSITY POLYETHYLENE

STEAM CRACKING (FOR ETHYLENE, PROPYLENE, ETC)

POLYSTYRENE (EPS, HIPS, GPPS)

ABS

PBR

IIR (BUTHYL RUBBER)

ESBR, SSBR, SBS, SB, LCBR, HCBR, EPDM RUBBERS

BASELL POLIOLEFINE – SPHERILENEBOREALIS – BORSTAR PEINEOS – INNOVENE GUNIVATION – UNIPOL PE

SUMITOMO

BASELL POLYOLEFINE – LUPOTECH T, LUPOTECH AEXXONMOBIL (EXCEPT HP DESIGN)

SUMITOMO

GOODYEARJAPAN SYNTHETIC RUBBER (JSR)

VERSALIS (FORMER POLIMERI EUROPA)

BASELL POLYOLEFINE – HOSTALEN CHEVRON PHILLIPSINEOS – INNOVENE SMITSUI CHEMICAL - CX

KBRLINDELUMMUS TECHNOLOGYTECHNIPTECHNIP/STONE & WEBSTER

VERSALIS (FORMER POLIMERI EUROPA)

VERSALIS

(FORMER POLIMERI EUROPA)

MICHELIN

SIBUR

VERSALIS (FORMER POLIMERI EUROPA)

ITALYAUSTRIAUKUSA

JAPAN

GERMANYUSA

JAPAN

USAJAPAN

ITALY

GERMANYUSAUKJAPAN

USAGERMANYUSAFRANCE

FRANCE/USA

ITALY

ITALY

FRANCE

RUSSIA

ITALY

PDH (PROPANE/ISOBUTANE DEHYDROGENATION)

LUMMUS TECHNOLOGY - CATOFINUHDE - STAR

UOP - OLEFLEX

LUMMUS TECHNOLOGY/BASF (EXTRACTION)LUMMUS TECHNOLOGY(DEHYDROGENATION) - CATADIENENIPPON ZEON (EXTRACTION)

USAGERMANY

USA

USA

EO/EG (ETHYLENE OXIDE & ETHYLENE

PETRON SCIENTECH INC.GLYCOL)

SCIENTIFIC DESIGN - SABTEC

SHELL GLOBAL SOLUTIONS

USA - KSATHE NETHERLANDS

ACN (ACRYLONITRILE)

PTA (PURIFIED TEREPHTHALIC ACID)

BUTADIENE EXTRACTION

DICYCLOPENTADIENE

BUTENE-1 FROM ETHYLENE DIMERIZATION

HEXENE-1 FROM ETHYLENE TRIMERIZATION

ACETONE CYANOHYDRIN & MMA (METHYL METHACRYLATE)

PHENOL/ACETONE

LAB (LINEAR ALKYLBENZENES)

LAO (LINEAR ALPHA OLEFINS)

NYLON 6, NYLON 6.6

PET (POLYETHYLENE TEREPHTHALATE )

CPL (CAPROLACTAM):1. AMMOXIMATION

2. From CYCLO HEXANE

INEOS NITRILES

GRUPO PETROTEMEX (GPT) – INTEGREX IPTAMITSUBISHI CHEMICALS

AXENS

AXENS - ALPHABUTOL

AXENS - ALPHAHEXOL

REPSOL

UOP

UOP

AXENS CHEVRON PHILLIPS

STAMICARBON (former NOY)

GRUPO PETROTEMEX (GPT) – INTEGREX IPETSTAMICARBON (former NOY)

1. VERSALIS (FORMER POLIMERI EUROPA)

2. ZAT

USA

MEXICO

JAPAN

USAUSAJAPAN

FRANCE

FRANCE

FRANCE

SPAIN

USA

USA

FRANCEUSA

THE NETHERLANDS

MEXICOTHE NETHERLANDS

ITALY

POLAND3. BECKMANN REARR. + CPL PURIFICATION 3. AQUAFIL ITALY

Borouge 3 Polyolefins Complex, Ruwais (Abu Dhabi) – UAE

43

MAIN AVAILABLE TECHNOLOGIES - PETROCHEMICALS

POLYPROPYLENE

PRODUCTS TECHNOLOGY LICENSOR – TECHNOLOGY NAME COUNTRYBASELL POLIOLEFINE – SPHERIPOL, SPHERIZONEBOREALIS – BORSTAR PPCHEVRON PHILLIPS GRACE (FORMER DOW CHEMICAL) – UNIPOL PPINEOS – INNOVENE PPMITSUI CHEMICAL – HYPOL IILUMMUS TECHNOLOGY – NOVOLEN

ITALY AUSTRIAUSAUSAUSAJAPANUSA

LINEAR LOW DENSITY/ HIGH DENSITY POLYETHYLENE

LOW DENSITY POLYETHYLENE

SSBR

HIGH DENSITY POLYETHYLENE

STEAM CRACKING (FOR ETHYLENE, PROPYLENE, ETC)

POLYSTYRENE (EPS, HIPS, GPPS)

ABS

PBR

IIR (BUTHYL RUBBER)

ESBR, SSBR, SBS, SB, LCBR, HCBR, EPDM RUBBERS

BASELL POLIOLEFINE – SPHERILENEBOREALIS – BORSTAR PEINEOS – INNOVENE GUNIVATION – UNIPOL PE

SUMITOMO

BASELL POLYOLEFINE – LUPOTECH T, LUPOTECH AEXXONMOBIL (EXCEPT HP DESIGN)

SUMITOMO

GOODYEARJAPAN SYNTHETIC RUBBER (JSR)

VERSALIS (FORMER POLIMERI EUROPA)

BASELL POLYOLEFINE – HOSTALEN CHEVRON PHILLIPSINEOS – INNOVENE SMITSUI CHEMICAL - CX

KBRLINDELUMMUS TECHNOLOGYTECHNIPTECHNIP/STONE & WEBSTER

VERSALIS (FORMER POLIMERI EUROPA)

VERSALIS

(FORMER POLIMERI EUROPA)

MICHELIN

SIBUR

VERSALIS (FORMER POLIMERI EUROPA)

ITALYAUSTRIAUKUSA

JAPAN

GERMANYUSA

JAPAN

USAJAPAN

ITALY

GERMANYUSAUKJAPAN

USAGERMANYUSAFRANCE

FRANCE/USA

ITALY

ITALY

FRANCE

RUSSIA

ITALY

PDH (PROPANE/ISOBUTANE DEHYDROGENATION)

LUMMUS TECHNOLOGY - CATOFINUHDE - STAR

UOP - OLEFLEX

LUMMUS TECHNOLOGY/BASF (EXTRACTION)LUMMUS TECHNOLOGY(DEHYDROGENATION) - CATADIENENIPPON ZEON (EXTRACTION)

USAGERMANY

USA

USA

EO/EG (ETHYLENE OXIDE & ETHYLENE

PETRON SCIENTECH INC.GLYCOL)

SCIENTIFIC DESIGN - SABTEC

SHELL GLOBAL SOLUTIONS

USA - KSATHE NETHERLANDS

ACN (ACRYLONITRILE)

PTA (PURIFIED TEREPHTHALIC ACID)

BUTADIENE EXTRACTION

DICYCLOPENTADIENE

BUTENE-1 FROM ETHYLENE DIMERIZATION

HEXENE-1 FROM ETHYLENE TRIMERIZATION

ACETONE CYANOHYDRIN & MMA (METHYL METHACRYLATE)

PHENOL/ACETONE

LAB (LINEAR ALKYLBENZENES)

LAO (LINEAR ALPHA OLEFINS)

NYLON 6, NYLON 6.6

PET (POLYETHYLENE TEREPHTHALATE )

CPL (CAPROLACTAM):1. AMMOXIMATION

2. From CYCLO HEXANE

INEOS NITRILES

GRUPO PETROTEMEX (GPT) – INTEGREX IPTAMITSUBISHI CHEMICALS

AXENS

AXENS - ALPHABUTOL

AXENS - ALPHAHEXOL

REPSOL

UOP

UOP

AXENS CHEVRON PHILLIPS

STAMICARBON (former NOY)

GRUPO PETROTEMEX (GPT) – INTEGREX IPETSTAMICARBON (former NOY)

1. VERSALIS (FORMER POLIMERI EUROPA)

2. ZAT

USA

MEXICO

JAPAN

USAUSAJAPAN

FRANCE

FRANCE

FRANCE

SPAIN

USA

USA

FRANCEUSA

THE NETHERLANDS

MEXICOTHE NETHERLANDS

ITALY

POLAND3. BECKMANN REARR. + CPL PURIFICATION 3. AQUAFIL ITALY

Propane Dehydrogenation Plant, Tobolsk (Western Siberia) – Russian Federation

44

Oil & GasThe Group, through its subsidiaries Tecnimont and KT – Kinetics Technology, has accumulated considerable expertise and numerous references in the oil and gas sector, including refining and LNG terminals. We have consolidated our position in oil and gas, both upstream and downstream, with contracts for the mega-gas processing complex at Wafa/Mellitah in Libya, an aromatics complex in Kuwait, a gasoil desulphurization plant in India, the huge GASCO Habshan 5 gas treatment plant in Abu Dhabi (one of the largest single EPC contracts completed in the Middle East), and last, but not least, the new EPC megaproject awarded at end of 2014 ADCO Al Dabb’iya Phase III, for the oil field development expansion including both gathering network and treatment facilities. The GASCO Habshan 5 project, awarded in 2009, has been completed in 2014, to the full satisfaction of the client. It reinforces the first-class reputation the Group has matured in the Gulf region by its successful completion of EPC contracts in Saudi Arabia, Kuwait, Qatar and the UAE. The Group has also won major contracts in North Africa (Algeria), Europe (Poland), India and the CIS. Moreover, through KT, the Group operates internationally as a provider of proprietary technologies and as an EPC Contractor in the field of Sulphur Recovery Facilities, Gas Processing, Hydrogen and Syngas Production, Refinery Process Units and the supply of Process Fired Heaters. KT has also experience in Refinery Licensed Catalytic Units: Continuous Catalytic Reforming (CCR), Hydrocracker (HCK), Hydrotreater (HDT), and others.

MMSCFD2,150GAS TREATMENTCAPACITY

GASCO HABSHAN 5

73,000BOPD

OIL TREATMENTCAPACITY

ADCO AL DABB’IYA PHASE III PROJECT

KM370

GATHERING AND EXPORT PIPELINE NETWORK

ADCO AL DABB’IYA PHASE III PROJECT

Mild hydrocracker Plant, Busalla (Genoa) - Italy

45

* SEE FERTILIZERS VALUE CHAIN AT PAGE 49** SEE POWER VALUE CHAIN AT PAGE 53

THE OIL&GAS VALUE CHAIN

46

ADCO Al Dabb’iya Phase III Project11 December 2014 marked a crucial milestone for the Group with the award of the largest EPC contract ever granted as single contractor in the history of Maire Tecnimont. Overall project value is about USD 2.25 billion and consists of all the EPC activities up to performance tests for the expansion of the existing facilities. The client is Abu Dhabi Company for Onshore Oil Operations (ADCO), one of the ADNOC Group of Companies and among the world’s largest oil companies. Project development of the Al Dabb’iya field, located 40 km southwest of Abu Dhabi on a coastal/ shallow marine area, is part of the ADCO strategic plan to increase the production of crude oil up to 1.8 million barrels per day in 2018 and will contribute to fulfill the need of additional demand with 73,000 Barrels Oil Per Day (BOPD). The project features high integration between onshore and offshore activities, making the award both strategic and challenging in terms of execution.

47

Habshan 5 Integrated Gas Development Plant, Habshan (Abu Dhabi) – UAE

48

FertilizersThe Group provides a wide and integrated range of services, from feasibility studies to basic engineering, from selecting technology to developing lump-sum turnkey projects. Since 1924, the Group has built 95 ammonia plants and 68 urea plants, mainly in India, the Middle East, Russia, China, and South America. Thanks to the acquisition of Stamicarbon in 2009, the Group is a benchmark player in the development of ammonia-urea E&C projects, ensuring for our clients the best technologies available on the market, licensing of new urea plants and revamps of existing ones, procurement and supply of high-end critical equipment, provision of full life-cycle support services and project development. Over 250 urea plants around the world have used or are currently using our technology. Thanks to the

expertise acquired in ammonia synthesis plant based on steam reforming of Natural Gas, the Group is also capable and willing to offer large scale methanol plants based on the most reliable and advanced technologies available worldwide.

SINCE1924

AMMONIA PLANTSBUILT 95 UREA

PLANTS BUILT68

54%34%IN LICENSING UREA MELT TECHNOLOGY*

WORLD MARKET LEADERSHIP

IN LICENSING UREA GRANULATION TECHNOLOGY*

*The data are based on company analysis. China not included.

Fetilizer Complex, Weaver (Iowa) – USA

49

THE FERTILIZER VALUE CHAIN

UREASince its discovery in 1773, urea has become the most important nitrogen-based fertilizer synthetically produced in the world. Produced from natural gas (ammonia and carbon dioxide), it is a white crystalline organic compound that contains about 46% nitrogen. This is a higher amount than in any other fertilizer, leading to the lowest transportation costs and that is why urea is used in the agricultural sector as the most important fertilizer to increase crop yield.

UREAPLANTS BUILT

50Maire Tecnimont Group’s experience in fertilizer technologies dates back to the 1920s through its predecessor Montecatini. That is when Giacomo Fauser began production of ammonia by the direct reaction of hydrogen and nitrogen in a especially designed vessel. Fauser’s design concept is still used in modern ammonia synthesis reactors. From the 1930s to the 1950s, Fauser’s team in the Montecatini Research and Development Centre G. Donegani developed original processes for the manufacture of all fertilizers in use at that time. These were implemented by Montecatini in its own factories and were also sold worldwide through its engineering division, which later on became Tecnimont, one of the main operating companies of our Group. At the beginning of the 1960s, when fertilizer plant capacities increased from hundreds to a thousand and more tonnes/day, Montedison, the successor of Montecatini, focused on the development of single-stream, large-capacity ammonia and urea plants. Many plants were sold worldwide by Tecnimont at that time, notably in Italy, India, Russia and other former Soviet republics. In the 1970s and 1980s, Montedison and Tecnimont focused their efforts on developing a low-energy, high-capacity urea process, which was subsequently licensed in Italy, China and Poland. In the 1990s, as part of the rationalization of the Italian fertilizer industry, Montedison sold all its fertilizer plants, and the relevant technologies, to Enichem. This left Tecnimont temporarily without access to fertilizer technology. The Company decided to continue its fertilizer plant contracting business based on first-class third-party technologies, notably Kellogg Brown & Root for ammonia and Stamicarbon for urea. Tecnimont became an approved contractor for both companies. Maire Tecnimont acquired Stamicarbon in 2009, enlarging its intellectual property expertise and adding technology licensing to its traditional engineering and construction activities. The Dutch company was founded in the 1940s as the licensing subsidiary of DSM (Dutch State Mines) selling licences for coal-washing plants and then entering the chemical sector in the 1950s, licensing urea processes. Urea technology licensing rapidly became Stamicarbon’s most important activity and then its pivotal activity by the end of the 1980s, when it ceased to offer mineral technology. Stamicarbon is acknowledged today to be a world leader in the design and innovation of urea plant technology. Maire Tecnimont Group is proud to combine the expertise and innovation skills of these two great companies, Tecnimont and Stamicarbon, in its ammonia-urea E&C and licensing activities.

Group Historical Footprint in Fertilizers Sector

CNTIC Urea Plant, 1963, Luzhou, Sichuan province, P.R. China

51

IFA participation to advocate the role of fertilizers industry Fertilizers are of key importance in the development of sustainable agriculture and crop yields, and hence for the welfare elevation of rural families. The access to affordable inputs, among which fertilizers play a critical role, is one of the elements to ensure food security.

The Group takes actively part in initiatives highlighting the importance of fertilizers towards the international policy makers, in close collaboration with the International Fertilizer industry Assocation (IFA). This advocacy activity has been also developed thanks to dedicated committees within recent FAO Forums.

MAIN LICENSORS – FERTILIZERS

AMMONIA

TECHNOLOGY LICENSOR COUNTRY

USA

UREA STAMICARBON

KELLOGG BROWN & ROOT

THE NETHERLANDS

UREA GRANULATION STAMICARBONUHDE FERTILIZER TECHNOLOGY

THE NETHERLANDSTHE NETHERLANDS

UAN

NITRIC ACID

AMMONIUM NITRATE

CARBON DIOXIDE RECOVERY

STAMICARBON

MHI

THE NETHERLANDS

JAPAN

METHANOL CASE BY CASE

CASE BY CASE

CASE BY CASE /

/

/

Urea Plant, Cherepovets – Russian Federation

52

Power

Punta Catalina Project

The Group can count on considerable expertise and experience in the engineering and design of advanced electricity generation projects in Italy and abroad. Our skills embrace simple and combined-cycle gas turbines, cogeneration, coal- and biomass-fired plants; electricity generating units forming part of Maire Tecnimont’s oil & gas, petrochemicals and fertilizer projects; electricity distribution networks for civil and industrial use; and district heating systems. The Group also provides clients with project management consultancy services and due diligence services, along with feasibility studies and front-end engineering design. Our high-level engineering services match the use of resources to the specific needs of the projects. We deliver reliable facilities based on the most advanced technologies with the minimum environmental impact, thus ensuring that energy costs remain low throughout the supply chain and minimizing the impact on final consumers. We also have considerable experience in alternative energy, from design and engineering to operation and maintenance of biomass plants. The Group is

In the Power BU, the Group is currently working on the Punta Catalina Project for the execution of two units burning pulverized coal of 376 MW gross power output each, for the Corporación Dominicana de Empresas Electrical Estatales. The project is based on state-of-the-art subcritical technology involving world-class suppliers for key equipment, designed to achieve high performance with low emission levels for a sustainable environmental/social impact and in full compliance with the contract and criteria for project financing. Among the noteworthy features of this project is the extensive campaign of soil improvement designed by Tecnimont using a combination of innovative techniques to cope with the unfavorable and difficult soil condition of the site.

also active in other forms of renewable energy, including the development of thermodynamic and photovoltaic solar energy generation, in which we are reinforce our worldwide presence.

SINCE1962

MW INSTALLED

21,000

PROJECTS COUNTRIES223 44

Planta Industrial

FOTOS AEREAS

Coal Fired Power Plant, Punta Catalina – Dominican Republic

53

THE POWER VALUE CHAIN

54

Infrastructure & Civil Engineering

Through its subsidiary Tecnimont Civil Construction (TCC), the Group participates in infrastructure and civil engineering projects as an engineering company and as a main contractor. Our services cover the whole range from conceptual studies through detailed design to high-quality project and construction management. The Group deploys advanced know-how and an integrated multidisciplinary approach in the design and construction of transport infrastructure, specifically high-speed railways and mass transport systems. These include projects in complex areas or critical geological conditions, where we leverage our skills in environmental engineering. TCC also has proven expertise in the design and construction of complex civil and industrial buildings. TCC’s leadership in high-speed railways is based on its experience in the design of more than a third of the high-speed network currently in operation in Italy. TCC is also developing the design for the high-speed rail link that will connect Turin (Italy)

and Lyon (France). In Abu Dhabi, TCC is part of a consortium handling the first 266 km-stage of the new Etihad Rail Network, linking the Habshan industrial site with the cities of Shah and Ruwais, in a fast-track project. The Company has unique experience in the design and construction of underground metro systems. The most recent example is the delivery of the full integrated design for the 17 km double-tunnel Cityringen metro line in Copenhagen (Denmark). TCC also built the first fully automated driverless metro system in Italy, the Turin VAL System, in joint venture with Siemens. This innovative project included the development of a proprietary telecommunications system. In addition to its proven capability in delivering large and complex schemes, TCC is developing innovative and pioneering engineering solutions through partnerships with major Italian universities and other important companies and institutions.

Alba-Bra Hospital, Verduno (Cuneo) – Italy

55

Ethiad Railway network, Habshan, Ruwais, Shah - UAE

56

Promoting Health and Safety

Maire Tecnimont Group devotes special attention to safeguarding the health and safety of its employees and to improving the environmental performance of its business. Promoting safe and healthy working conditions in offices and especially at construction sites is a commitment to which we pay particular attention. We regard this as the key to creating value for our stakeholders and ensuring the long-term health of our business.

Our target is a zero-accident safety record, and our training, preventive and protective approach contributes to a safety performance that is significantly better than international standards

HSE Management System Maire Tecnimont Group has a long-established commitment to Health, Safety and the Environment. We are dedicated to the continual development of our adopted HSE policy and practices. A tailored HSE management system is integrated into the business as an essential element of our mission. The Group strongly believes that good HSE management means good project management and can clearly contribute to improving our corporate performance. Each operating company in the Group establishes, documents, implements and maintains a proper HSE policy that incorporates the principles laid down at Group level. Each HSE policy is established to promote increasing efficiency in controlling and managing HSE issues during the engineering, procurement, construction and commissioning stages of our projects. Corporate Top Management regularly reviews the performance of the HSE Management System to confirm or update the HSE policy and to review or to consolidate management procedures or specific improvement objectives.

Construction site performance In the year 2014 a total of more than 45 million man-hours were worked in Maire Tecnimont Group construction sites world-wide. The Group uses the main performance indicators defined by OSHA (the US Occupational Safety and Health Administration), together with detailed company safety statistics, to monitor the trends in its site safety performance. Trends shown by these

indicators can be compared with internationally recognized benchmarks, such as those provided annually by the International Association of Oil & Gas Producers (IOGP) for EPC contractors. Among the most important IOGP indicators are LTIF (number of lost-time injuries/man-hours worked per 1,000,000 exposure hours) and TRIR (number of recordable workplace injuries/man-hours worked per 1,000,000 exposure hours).

The five-year data shown here after illustrate that the Group’s safety performance has been consistently and significantly above the applicable IOGP benchmark, confirming the continuous and efficient efforts made at Group level.

Man-hours Worked

without LTI

45,000,000

10,120,934

10,131,521

6,054,409

BOROUGE 3 RUWAIS - ABU DHABI

NAGRP/AGRP KUWAIT

LLDPE/HDPE DAHEJ - INDIA

SADARA HP LDPEAL JUBAIL-2, KSA

57

TOTAL RECORDABLE INJURY RATE*

GROUP SAFETY INDICATORS*

Total number of Man-hours worked (x 1000)**

Lost Time Injury Frequency (LTIF)

Total Recordable Injury Rate (TRIR)

** Contractor and Subcontractors worked hours

INDICATOR 2010 2011 2012 2013 2014

57,699

0.052

1.075

94,425

0.032

0.625

115,531

0.017

0.242

58,167

0.017

0.086

45,042

0.022

0.289

2.000

1.500

1.000

0.500

0.0002010 2011 2012 2013 2014

1.010

1.1701.380

1.190 1.1401.075

0.625

0.242 0.0860.289

International Oil & Gas Producers

TR

IR

Maire Tecnimont Group

International Oil & Gas Producers Maire Tecnimont Group

LOST TIME INJURY FREQUENCY*

0.400

0.300

0.200

0.100

0.0002010 2011 2012 2013 2014

0.2400.210

0.240

0.220 0.170

0.0520.032 0.017 0.017 0.022

LTIF

*Safety Performance Indicators referring only to Construction Sites of Technology, Engineering & Construction Business Unit.

IOGP: LTIF & TRIR for contractors engaged in construction activities.

58

Technology & LicensingMaire Tecnimont Group, through the innovation and license company Stamicarbon, has a clear pioneering vision and high ambition with regard to its technology licensing activities. We are a leading name in the development and licensing of patented urea technology, with over 65 years’ experience, having licensed over 240 grass-roots plants and having completed over 90 revamping projects worldwide. Since inventing the CO2 stripping technology in the 1960s, we are dedicated to continuously improve and innovate our technologies and designs. These developments brought down the overall height of the plant significantly and offered several advantages for the customers, like a lower investment cost, a more reliable operation and a higher process efficiency, as well as a more environmentally friendly facility.

Licensing commercializes the know-how that has been developed and patented over the years as a result of Research & Development activities and experiences of plant operations.

Industries and MarketsAs a leading global player in the design, development and licensing of technologies, we apply our expertise, knowledge and experience in several areas; on urea fertilizers synthesis/production, emission reduction technologies for improved air quality and technologies for the integration of urea and adjacent processes. With these activities Stamicarbon fulfills its pioneering vision to enable the world to feed itself and to improve the quality of life.

A Full Life Cycle PhilosophyWe offer our customers support through the whole life cycle of a urea plant. In every stage of the plant’s life we offer tailor-made technology solutions, products and/or services that match our customers’ needs. This Full Life Cycle philosophy, combined with our high quality standards, distinguishes us from our competition. We offer our customers three proven solutions as described in the picture below:

BUILD A RELIABLE AND PROFITABLE NEW PLANT

OPTIMIZE AND MAXIMIZE THERUNNING OF UREA FACILITY

UPGRADE THE PLANT TO THE NEXT LEVEL

59

TYPE OF PROJECT LOCATION CLIENT CONTRACT TYPE

BRAZIL

PEOPLE’S REPUBLIC OF CHINA

PEOPLE’S REPUBLIC OF CHINA

PEOPLE’S REPUBLIC OF CHINA

USA

PETROLEO BRASILEIRO SA

(PETROBRAS)

INNER MONGOLIA HUAJIN

INNER LINGGU CHEMICAL INDUSTRY CO.

ERDOS, CHEMICAL INDUSTRY

GROUP CO LTD

CF INDUSTRIES (DONALDSONVILLE LA AND PORT NEAL IA)

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING AND PDP

AZERBAIJAN

BANGLADESH

EGYPT

PEOPLE’S REPUBLIC OF CHINA

USA

USA

SOCAR

BCIC

KIMA

HENGANG HUAHE COAL CHEMICAL

OCI NITROGEN (IFCO)

KOCH NITROGEN

LICENSING, PDP AND

AZERBAIJAN SOCAR

EQUIPMENT SUPPLY

LICENSING, PDP

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING AND PDP

LICENSING, PDP

LICENSING AND PDP

STATE COMPANY FERTILIZER

NORTH AREA (NFC)

AZOMURES

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING, PDP AND

EQUIPMENT SUPPLY

IRAQ

RUMANIA

GRANULATION TECHNOLOGY

REVAMPING/DEBOTTLENECKING EXISTING PLANTS

BANGLADESH

RUMANIA

EGYPT

USA

BCIC

AZOMURES

KIMA

KOCH NITROGEN

LICENSING, PDP

LICENSING, PDP

LICENSING AND PDP

LICENSING AND PDP

LICENSING AND PDP

TECHNOLOGY & LICENSING: NEW PROJECTS 2014

LAUNCH UREA 2000PLUS

LAUNCH GRANULATION DESIGN

POOL REACTORDESIGN

®

®

®

LAUNCH UREA 2000PLUSPOOL REACTORDESIGN

®

®

LAUNCH ®

EVOLVE ®

LAUNCH UREA 2000PLUSPOOL CONDENSERDESIGN

®

®

TYPE OF PROJECT LOCATION CLIENT CONTRACT TYPE

RUSSIA

USA

USA

RUSSIA

PHOSAGRO CHEREPOVETS AZOT JSC

PHOSAGRO CHEREPOVETS AZOT JSC

DAKOTA GASIFICATION COMPANY

USA DAKOTA GASIFICATION COMPANY

AGRIUM LONE STAR

LICENSING, AND PDP

LICENSING, AND PDP

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING, PDP AND

EQUIPMENT SUPPLY

LICENSING AND PDP

TECHNOLOGY & LICENSING: MAIN PROJECTS UNDER REALIZATION

60

TECHNOLOGY & LICENSING: COMPLETED PROJECTS

TYPE OF PROJECT LOCATION CLIENT CONTRACT TYPE

PEOPLE’S REPUBLIC OF CHINA

PEOPLE’S REPUBLIC OF CHINA

PEOPLE’S REPUBLIC OF CHINA

TURKMENISTAN

HULUNBEIER

INNER MONGOLIA BODASHIDICHEMICAL CO.

TURKMENISTAN STATE CONCERN

LICENSING, PDP ANDEQUIPMENT SUPPLY

LICENSING, PDP ANDEQUIPMENT SUPPLY

LICENSING AND PDP

SHAANXI SHANHUACHEMICAL FERT.

LICENSING AND PDP

SLOVAKIA DUSLO AS, SALA LICENSING AND PDP

LAUNCH UREA 2000PLUSPOOL REACTORDESIGN

®

®

REVAMPING/DEBOTTLENECKING EXISTING PLANTS

EVOLVE ®

LAUNCH UREA 2000PLUSPOOL CONDENSERDESIGN

®

®

61

Patents and Technologies

Maire Tecnimont Group is committed to innovation and technology development. We own more than 100 patent families registered in many countries around the world, with a total of over 1,100 individual patents and patent applications.

We continue to patent all our innovations, and the number of patents continues to grow significantly. The Maire Tecnimont Group now owns the following patented and proprietary technologies:

Having designed and supplied more than 80 Hydrogen and Syngas Units, our Group through KT – Kinetics Technology is one of the leading providers of hydrogen units based on steam reforming. KT is able to supply hydrogen plants worldwide, in the wide range 4,000-376,000 Nm3/h with capacities up to 188,000 Nm3/h in a single train. Its long experience and know-how allows designs to be developed in synergy with the other units of the industrial complex, minimizing operating and investment costs. KT always applies best available techniques (BAT) in its designs. KT can provide Hydrogen Management analysis. Every project is tailored on customer needs with the aim to optimize CAPEX and OPEX.

GROUP INTELLECTUAL PROPERTIES

TECHNOLOGY LICENSOR NO. PATENTS /PATENT APPLICATIONS PER 31.12.2014

STAMICARBON 1014UREA TECHNOLOGIES

MTIC/MAIRE TECNIMONT GROUP

16POLYMER TECHNOLOGIES(NYLON 6, NYLON 6.6 AND PET)

MTIC/MAIRE TECNIMONT GROUP

12OIL & GAS

MTIC/TECNIMONT 8INFRASTRUCTURE AND POWER GENERATION

MTIC/KT 110SYNGAS AND BASE CHEMICAL PRODUCTION

Sulphur dioxide (SO2) is recognized as a major contributor to acid rain, which can have harmful effects on plants, aquatic animals and humans, and can also corrode steel structures and stone statues. The product is subject to very stringent emission standards and monitoring requirements worldwide. Sulphur recovery units (SRUs), which produce sulphur from SO2, have traditionally been regarded as waste disposal units, but have gradually become an integral part of many industrial complexes, often governing whether or not other units are allowed to operate. Our Group, through KT - Kinetics Technology, is a leading designer, licensor, technology provider and specialized EPC contractor of SRUs. Our plants incorporate the latest technology to optimize sulphur recovery and protect the environment by minimizing SO2 emissions. Our proprietary RAR (Reduction, Absorption, Recycle) technology, which is widely recognized as a Best Available Technique, is capable of achieving the maximum sulphur recovery demanded by the market. KT is also developing a novel process to convert hydrogen sulphide into hydrogen and liquid sulphur, instead of SO2 and liquid sulphur, by partial oxidation. This new process could lead to the goal of zero emissions to the atmosphere, thanks to its use of environmentally friendly and profitable technology, which could drastically reduce SRU operating and investment costs. Among its strategic relations with academia, KT has a long-lasting cooperation with the University of Salerno (UNISA), whose facilities and expertise are recognized as the best in Europe in the field of sour gas heterogeneous catalysis.

Sulphur Recovery Group Technology for Environmental Sustainability

Hydrogen & Syngas Technology

62

Energy Business Development & VenturesThe new Energy Business Development & Ventures division is tasked with developing and promoting new ventures connected with the Group’s core business in order to strengthen its position in emerging new markets and business models. The activities are managed by two Groups: the Project Development & Venturing Group and the New Business Development Group.

The Project Development & Venturing Group (PD&V)

PD&V leverages our advanced technical and financial skills to promote projects in which the Group can play a pivotal role in coordinating the whole process and the various financial, institutional and technical actors involved. PD&V is where the Group itself initiates projects, bringing together investors and resources to establish a company to build and operate a plant. It entails playing a key role to steer the strategic development, from concept to execution, of large-scale projects in Oil & Gas, Petrochemicals, Fertilizers and Power in order to add value to our core businesses (e.g. securing projects for E&C and Technology divisions) and to evaluate eventual involvement in the project venture. Our long-established presence in core markets means that we can mobilize investors from among a network of oil and gas companies, plant operating companies, traders, consultants, industry bodies and many other stakeholders to support these aims. PD&V’s strategy is to: (i) generate revenues for the Group’s E&C and Technology businesses by creating exclusive/ preferred positioning in projects; (ii) create access to new geographical markets for the E&C and Technology divisions by project development; (iii) secure (local) strategic alliances and partnerships for future project development initiatives. The PD&V concept consists of several key stages in which Maire Tecnimont plays different roles in the process of value creation.

Key activities for PD&V in Oil & Gas, Petrochemicals, Fertilizers and Power include:• Initiatinganddevelopingnewprojectdevelopmentopportunities;• Securingthecommitmentofpartnerswithcomplementaryskills;• DevelopingfeasibilitystudiesandcoordinatingFEEDstudies;• SecuringrelevantcontractsandMOUs(e.g.forfeedstocksupply,permitting,offtake,EPC);• Developingfinancialmodelsandbusiness/investmentcases;• Securingequityanddebtfinancingincooperationwithpartners;• Determiningtheoptimalfinancial,legalandfiscalstructurefortheproject;• Leadingtheduediligenceteamtoassessventuringopportunities;• RepresentingtheGroup’sinterestsasaBoardMemberinportfoliocompanies;• Proactivelyexploringanddevelopingventuringopportunitiesinadjacentbusinessareas;• Developingstrategic,long-termpartnershipsandalliancesforfutureprojectdevelopment.

The PD&V group has a multidisciplinary approach and acts as a link between Maire Tecnimont Group divisions (E&C and Technology) and functional departments (e.g. Commercial, Technology, Engineering, Corporate Finance) to combine, leverage and reinforce the Group’s key and unique competences.

DEVELOPER

CONTRACTOR

SHAREHOLDER

Ideation &Definition

Feasibility &Validation

ContractingPartnering &Venturing

EngineeringDesign (FEED)

Execution Operation &Capitalization

63

The New Business Development Group (NBD)

The NBD group comprises a number of working groups charged with developing new and adjacent business areas. In order to better satisfy its clients, Maire Tecnimont is proposing services and supports its industries to reach excellence. From life cycle analysis through consultancy services to identify the improvement areas to running full integrated services on behalf of clients, Maire Tecnimont offers today the tools to become the industry leader.

Services are tailored: (i) at the end of the Value Chain, Operation and Maintenance: optimising reliability for increased performance, experience and skills at the service of the clients; (ii) competence based training to identify the areas of organisational progress; standard training modules for operators and maintenance technicians or to improve middle management competences; tailor made training modules for specific areas; (iii) Project Feasibility Studies, FEED, energy efficiency and performance, Project Management Consultancy.

EXECUTION DRIVENTECHNOLOGY DRIVEN

LICENSINGSECTOR

VALUECHAIN

ENGINEERING PROCUREMENT CONSTRUCTIONOPERATION

MAINTENANCEPROCESSDESIGN

Training and Consultancy Services

64

LED BY INNOVATION

Maire Tecnimont Innovation CenterInnovation is the translation of new concepts and insights into successful applications in the market. It can only be achieved through continuous interaction between identification of market opportunities and development of technical expertise. Successful innovation also requires extensive collaboration with outside bodies such as scientific and technological institutes and other commercial companies.

THE TOP MANAGEMENT OF MAIRE TECNIMONT GIVES THE HIGHEST PRIORITY TO OPEN INNOVATION, WHICH LED IN OCTOBER 2010 TO THE INAUGURATION OF THE MAIRE TECNIMONT INNOVATION CENTRE (MTIC).

The MTIC’s mission is to be the technology and intellectual property centre for the Maire Tecnimont Group. It is establishing a common platform for assembling a portfolio of patents across Group companies, while leveraging and building on the

Group’s existing experience and expertise. The MTIC vision is to establish open innovation as an integral part of the Maire Tecnimont Group culture, to make it part of our Companies’ DNA. Our aim is to ensure that market, technological and scientific developments are shared across the Group to create and capture value, stimulate ideas generation, and promote cross-fertilization and implementation of new business models. MTIC aims to transform the Maire Tecnimont Group to become the best-in-class for commercialization of intellectual assets and technologies.Alliances with key customers and partnerships with major universities and independent R&D centres were established to develop leading-edge technologies. In addition, the innovation pipeline (IPL) process was rolled out across the Group, resulting in over 200 new innovation projects and more than 54 new patents in different fields. Most of these projects benefit from cross-fertilization and combine Group competencies and synergies.

In June and December 2014 the 1st Group Inventors Award Ceremony took place in Sittard, Milan and Rome offices. It is a tangible sign of the importance put on innovation and a way to express the recognition of our Group for those employees whose precious work and research activity made possible the patenting of new technology processes. Employees from Tecnimont, Stamicarbon, KT and Processi Innovativi were awarded in relation to new patent applications on which they have been named inventors. Within the Group the innovation activity is facilitated by the key driver Maire Tecnimont Innovation Center (MTIC) which since 2010 saw the execution of over 100 project ideas resulted in 42 patent families.

1st Inventors Award

02

65

Group’s Research and Development ActivitiesMaire Tecnimont continues to improve the effort on R&D and Innovation to ensure the Group’s long-term success. Our research activities fall into these main categories: the development of new raw materials for petrochemicals production; the improvement of the performances of current commercial technologies and the development of sustainable innovative technologies. Through the MTIC the Group has activated a Framework Agreement with Politecnico di Milano for the development of Breakthrough Innovation Projects aimed at developing environmentally sustainable technologies in CO2 recovery and in fertilizers. In particular, the CO2-to-Olefins project aims to produce light olefins from CO2 by recovering carbon dioxide through catalytic processes using renewable energy sources. Maire Tecnimont is also cooperating with Politecnico in gas treatment area, notably the development of an innovative process for the removal of CO2 and acid components present in natural gas. This will broaden the range of proprietary technologies in the Group’s core businesses and strengthen the technology component in its offering. Moreover Tecnimont, along with TICB is investing in innovation, by developing “Design To Cost” projects aimed at reducing the cost of engineering and material selection through the set up of innovative design tools, work instructions and methodologies. About 50 projects were developed in 2014. A thorough renovation of internal design standards (TM) was also carried out and will be continuously updated. Design To Cost as an innovation attitude shall become the mindset for the engineers working in the Group. Other projects include the development of a catalytic dehydrogenation process to produce

propylene from propane in a membrane reactor. This is part of a wider European project coordinated by the French company, Arkema. The Group is also participating through KT in another European project led by the Dutch research centre ECN to investigate the use of palladium alloy membrane technology. Maire Tecnimont through KT is also involved in two solar energy projects with the Italian research centre ENEA. One is for the production of syngas from natural gas and bioethanol at medium temperature using a membrane reactor. The other is for the desalination of water using solar energy and molten-salt as heat carrier. In cooperation with the University of Pisa, KT is working on the use of ionic liquids for biofuel production from algae. The Group is also involved in research into the processing of pollutant gas emissions from industrial processes. Projects include cooperation with the University of Salerno (UNISA) on the development of catalysts for the hydrolysis and removal of carbonyl sulphide and the conversion of hydrogen sulphide to elementary sulphur and hydrogen. More recently the Group was involved through Processi Innovativi in few “Green Chemistry” projects. In 2014 Maire Tecnimont Group invested in R&D activities approximately €5.7 million and a substantial amount of engineering hours, convinced that a commitment to research is essential to maintain a high level of competitiveness. R&D activities are mostly funded and managed by the Maire Tecnimont Innovation Centre, with a multistage review process. Part of our R&D is also supported by European Community-funded projects (CARENA, COMETHY, MATS, GRAIL) and Italian national research programmes (WAVES, PON, VAL).

• Engineering & process execution of FEED, Detail Engineering, and EPC lump-sum turnkey projects worldwide

• Center of Excellence for Plant Design and 3D model Engineering

• Precommissioning and Commissioning expertise services integrated in EPC projects

Mumbai - India

• Technology & Process Design of LDPE plants based on high-pressure Technologies

• Center of excellence for LDPE feasibility studies, PDP, FEED & Revamping projects

Braunschweig (Salzgitter) Germany

• Process and Engineering Design and Construction for Sulphur Recovery Units, Gas treatment units, hydrogen and syngas units

• Critical and refinery fired heaters and waste heat boilers

• Process and engineering design and construction for third-party licensed technologies in refining, petrochemicals and chemicals

Rome - Italy

• Coordination of the Group’s worldwide operating centres in large EPC projects

• Process innovation, FEED & EPC expertise in chemicals, petrochemicals, oil and gas, polymers and fertilizers

• Expertise in Power and Infrastructure sectors

• Precommissioning and Commissioning coordination and execution

Milan - Italy

Sittard - The NetherlandsOUR GEOGRAPHIES

66

Group Engineering Centres

03

67

• Engineering & process execution of FEED, Detail Engineering, and EPC lump-sum turnkey projects worldwide

• Center of Excellence for Plant Design and 3D model Engineering

• Precommissioning and Commissioning expertise services integrated in EPC projects

Mumbai - India

• Technology & Process Design of LDPE plants based on high-pressure Technologies

• Center of excellence for LDPE feasibility studies, PDP, FEED & Revamping projects

Braunschweig (Salzgitter) Germany

• Process and Engineering Design and Construction for Sulphur Recovery Units, Gas treatment units, hydrogen and syngas units

• Critical and refinery fired heaters and waste heat boilers

• Process and engineering design and construction for third-party licensed technologies in refining, petrochemicals and chemicals

Rome - Italy

• Coordination of the Group’s worldwide operating centres in large EPC projects

• Process innovation, FEED & EPC expertise in chemicals, petrochemicals, oil and gas, polymers and fertilizers

• Expertise in Power and Infrastructure sectors

• Precommissioning and Commissioning coordination and execution

Milan - Italy

Sittard - The Netherlands

68

2

5

4

6

3

1

7

Europe and Northern Africa

GROUP OFFICES

Group Headquarters - Milan Other O�ces - Braunschweig, Cairo, London, Rome, Sittard

ONGOING PROJECTS

OIL

& G

AS 2

Capacity: 50K b/d crude oil treatmentClient: Total E&P Italia SpA (Total Group) Contract type: EPC LSTK [ ]Contractor: Tecnimont and KT

TEMPA ROSSA OIL AND GAS TREATMENT PLANT, CORLETO PERTICARA - ITALY

3

Capacity: SRU110 t/d; SWS 108 t/h; Amine recovery 160 m3/hClient: Ra�neria di Milazzo (RAM) Contract type: EPC LS [ ] Contractor: KT

SULPHUR RECOVERY UNIT; SOUR WATER STRIPPER; AMINE RECOVERY, MILAZZO - ITALY

4

Capacity: SRU 2x148 t/d; TGT 296 t/d Client: OOO Lukoil Neftochim Burgas ADContract type: EPC LS [ ]Contractor: KT

NEW SULPHUR RECOVERY UNIT SRU-4, TAIL GAS TREATMENT (TGT);BURGAS - BULGARIA

5

Client: TOTAL Olefins Antwerpen (Total Group) Contract type: Lot B EPCa; Lot A EPC [ ]Contractor: KT

REFINERY OFF GAS PROJECT (ROG), ANTWERP - BELGIUM

6

Client: Polish Oil & Gas Company Contract type: EPC LSTK [ ]Contractor: KT

OIL&GAS TREATMENT PLANT, LUBIATOW - POLAND

7

Capacity: 320 t/d; H2 100K Nm3 /h;

Heater duty: 41 MMKcal/hClient: Egyptian Refinery CompanyContract type: BEP EP LS [ ]Contractor: KT

SULPHUR RECOVERY UNIT, HYDROGEN PRODUCTION UNIT AND COCKER HEATER, MOSTOROD - EGYPT

PE

TR

OC

HE

MIC

ALS 1

Capacity: 220K t/y LDPEClient: Slovnaft Petrochemicals sro (MOL Group)Contract type: EPC LSTK [ ]Contractor: Tecnimont

LDPE PLANT, BRATISLAVA - SLOVAK REPUBLIC

Europe is historically the cradle of scientific research and first in industrial applications for chemical and petrochemical industries. Maire Tecnimont Group capitalizes the pioneering experiences of Italian, German, and Dutch companies, combining research & technology, engineering expertise and top-level project management for the execution of complex projects in the hydrocarbon processing value chain. In Italy, Tecnimont, the main engineering & contracting arm of the Group, was founded in 1973 by Montedison, the successor of Montecatini and an outgrowth of the Edison tradition, two great names of Italian industry with outstanding historical backgrounds rooted respectively in the legacy of the Nobel prize-winner Giulio Natta and in centennial expertise in electricity generation. In the Netherlands, Stamicarbon started its activities in the 1940s as the licensing subsidiary of DSM (Dutch State Mines) selling licenses for coal-washing plants, and entered the chemical sector and licensing urea processes in the 1950s. Stamicarbon joined the Maire Tecnimont Group in 2009 as the world market leader in the design and innovation of urea manufacturing technology. In 2010, the Group acquired KT Kinetics Technology, a world player in the design and construction of industrial furnaces, hydrogen, ammonia, methanol, ethylene and sulphur plants, and refining. Over the decades, the company, which was incorporated more than 40 years ago, has been part of prominent European groups such as the German Mannesmann and the French Technip. Since then, KT has consolidated its historical identity as Process Engineer by providing high-value technology solutions.

THE FOOTPRINT OF THE GROUP

FE

RT

ILIZ

ER

S 8

Capacity: Ammonia plant 1200 MTPD; urea plant 1575 MTPD; urea granulation plant 1575 MTPD; utilities and o�site facilitiesClient: KIMA Contract type: EPCC LSTK [ ] Contractor: Tecnimont Licensor: Stamicarbon (urea plants)

FERTILIZER COMPLEX, ASWAN - EGYPT

8

b/d: barrels per dayBEP: basic engineering package EP: engineering and procurementEPC: engineering, procurement and constructionEPCa: engineering, procurement and constructionassistanceEPCC: engineering, procurement, construction andcommissioning LDPE: low-density polyethyleneLS: Lump-sumLSTK: Lump-sum turnkeyMMKcal/h: million kilocalories per hourMTPD: metric tons per day m3/h: cubic metres per hourNm3/h: normal cubic metres per hourt/d: tons per dayt/h: tons per hourt/y: tons per year

€ €

€

€

€

€

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

MAIN COMPLETED PROJECTSFeluyGelsenkirchenMünchsmünsterPlockSchwechatStenungsundTisaujvarosWesseling

Ain SoukhnaArzewBusalla DunkerqueFos-sur-Mer GdanskHassi R’melLe HavrePe

troc

hem

ical

s

Oil

& G

as

Fert

ilize

rs

Pow

er AltomonteMoncalieriOlevanoPiacenzaTurbigo VerzuoloVlore

MohammediaNynäshamn RevithoussaRijekaWafa/Mellitah

CroatiaEgypt

€

€ € €

€

€

€

€

€ € €

€

69

2

5

4

6

3

1

7

Europe and Northern Africa

GROUP OFFICES

Group Headquarters - Milan Other O�ces - Braunschweig, Cairo, London, Rome, Sittard

ONGOING PROJECTS

OIL

& G

AS 2

Capacity: 50K b/d crude oil treatmentClient: Total E&P Italia SpA (Total Group) Contract type: EPC LSTK [ ]Contractor: Tecnimont and KT

TEMPA ROSSA OIL AND GAS TREATMENT PLANT, CORLETO PERTICARA - ITALY

3

Capacity: SRU110 t/d; SWS 108 t/h; Amine recovery 160 m3/hClient: Ra�neria di Milazzo (RAM) Contract type: EPC LS [ ] Contractor: KT

SULPHUR RECOVERY UNIT; SOUR WATER STRIPPER; AMINE RECOVERY, MILAZZO - ITALY

4

Capacity: SRU 2x148 t/d; TGT 296 t/d Client: OOO Lukoil Neftochim Burgas ADContract type: EPC LS [ ]Contractor: KT

NEW SULPHUR RECOVERY UNIT SRU-4, TAIL GAS TREATMENT (TGT);BURGAS - BULGARIA

5

Client: TOTAL Olefins Antwerpen (Total Group) Contract type: Lot B EPCa; Lot A EPC [ ]Contractor: KT

REFINERY OFF GAS PROJECT (ROG), ANTWERP - BELGIUM

6

Client: Polish Oil & Gas Company Contract type: EPC LSTK [ ]Contractor: KT

OIL&GAS TREATMENT PLANT, LUBIATOW - POLAND

7

Capacity: 320 t/d; H2 100K Nm3 /h;

Heater duty: 41 MMKcal/hClient: Egyptian Refinery CompanyContract type: BEP EP LS [ ]Contractor: KT

SULPHUR RECOVERY UNIT, HYDROGEN PRODUCTION UNIT AND COCKER HEATER, MOSTOROD - EGYPT

PE

TR

OC

HE

MIC

ALS 1

Capacity: 220K t/y LDPEClient: Slovnaft Petrochemicals sro (MOL Group)Contract type: EPC LSTK [ ]Contractor: Tecnimont

LDPE PLANT, BRATISLAVA - SLOVAK REPUBLIC

Europe is historically the cradle of scientific research and first in industrial applications for chemical and petrochemical industries. Maire Tecnimont Group capitalizes the pioneering experiences of Italian, German, and Dutch companies, combining research & technology, engineering expertise and top-level project management for the execution of complex projects in the hydrocarbon processing value chain. In Italy, Tecnimont, the main engineering & contracting arm of the Group, was founded in 1973 by Montedison, the successor of Montecatini and an outgrowth of the Edison tradition, two great names of Italian industry with outstanding historical backgrounds rooted respectively in the legacy of the Nobel prize-winner Giulio Natta and in centennial expertise in electricity generation. In the Netherlands, Stamicarbon started its activities in the 1940s as the licensing subsidiary of DSM (Dutch State Mines) selling licenses for coal-washing plants, and entered the chemical sector and licensing urea processes in the 1950s. Stamicarbon joined the Maire Tecnimont Group in 2009 as the world market leader in the design and innovation of urea manufacturing technology. In 2010, the Group acquired KT Kinetics Technology, a world player in the design and construction of industrial furnaces, hydrogen, ammonia, methanol, ethylene and sulphur plants, and refining. Over the decades, the company, which was incorporated more than 40 years ago, has been part of prominent European groups such as the German Mannesmann and the French Technip. Since then, KT has consolidated its historical identity as Process Engineer by providing high-value technology solutions.

THE FOOTPRINT OF THE GROUP

FE

RT

ILIZ

ER

S 8

Capacity: Ammonia plant 1200 MTPD; urea plant 1575 MTPD; urea granulation plant 1575 MTPD; utilities and o�site facilitiesClient: KIMA Contract type: EPCC LSTK [ ] Contractor: Tecnimont Licensor: Stamicarbon (urea plants)

FERTILIZER COMPLEX, ASWAN - EGYPT

8

b/d: barrels per dayBEP: basic engineering package EP: engineering and procurementEPC: engineering, procurement and constructionEPCa: engineering, procurement and constructionassistanceEPCC: engineering, procurement, construction andcommissioning LDPE: low-density polyethyleneLS: Lump-sumLSTK: Lump-sum turnkeyMMKcal/h: million kilocalories per hourMTPD: metric tons per day m3/h: cubic metres per hourNm3/h: normal cubic metres per hourt/d: tons per dayt/h: tons per hourt/y: tons per year

€ €

€

€

€

€

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

MAIN COMPLETED PROJECTSFeluyGelsenkirchenMünchsmünsterPlockSchwechatStenungsundTisaujvarosWesseling

Ain SoukhnaArzewBusalla DunkerqueFos-sur-Mer GdanskHassi R’melLe HavrePe

troc

hem

ical

s

Oil

& G

as

Fert

ilize

rs

Pow

er AltomonteMoncalieriOlevanoPiacenzaTurbigo VerzuoloVlore

MohammediaNynäshamn RevithoussaRijekaWafa/Mellitah

CroatiaEgypt

€

€ € €

€

€

€

€

€ € €

€

70

GROUP OFFICES

Main Group O�ce - Abu Dhabi Other Group O�ces - Al Khobar, Baghdad, Doha, Jeddah, Kuwait City,

PE

TR

OC

HE

MIC

ALS 1

Capacity: 480K t/y PP; 428K t/y PP; 2 x 540K t/y PE; 350K t/y PEClient: Borouge (JV ADNOC-Borealis) Contract type: EPC LSTK [ ]Contractor: Tecnimont

BOROUGE III, RUWAIS (ABU DHABI) - UAE

4

Capacity: 480K t/y PPClient: BOROUGE (JV ADNOC-Borealis)Contract type: Engineering works [ ] Contractor: Tecnimont

AL SEJEEL POLYOLEFINS COMPLEX, RAS LAFFAN – QATAR

2

Client: Sadara Chemical CompanyContract type: EPC [ ] Contractor: Tecnimont Group

HP/LDPE PLANT, SADARA – KINGDOM OF SAUDI ARABIA

3 PP5 BOROUGE III EXPANSION, RUWAIS (ABU DHABI) UAE

Capacity: 540K t/y PP; 2x520K t/y HDPE;550K t/y LLDPE/HDPEClient: Al Sejeel (JV QP-QAPCO)Contract type: FEED [ ] Contractor: Tecnimont

5 COOLING WATER SYSTEM REVAMPAL JUBAIL – KINGDOM OF SAUDI ARABIA Client: Al WahaContract type: EPC [ ] Contractor: Tecnimont Arabia

ONGOING and RECENTLY COMPLETED PROJECTS

€ €

€

€

€

€

€ €

€ € € €

€ € € €

€

€

€

€ €

OIL

& G

AS 6

Capacity: 230 mmscfd gas treatment, including 78K b/d acid condensate treatmentClient: KNPC Contract type: EPC LSTK [ ]Contractor: Tecnimont

NAGRP/AGRP REVAMPING PROJECT, MAA REFINERY - KUWAIT

7

Capacity: Gas treatment plant (2,150 mmscfd acid gas treatment between lean and rich gas), NGL production (1.2K t/d), sulphur recovery (5.2K t/d in four trains)Client: GASCO Contract type: EPC LSTK [ ]Contractor: Tecnimont

INTEGRATED GAS DEVELOPMENT PROJECT, HABSHAN (ABU DHABI) – UAE

8

Capacity: 4K Nm3/hClient: Midland Refineries Company (Iraqi State Company for Oil Projects)Contract type: EPC LS [ ]Contractor: KT

HYDROGEN PLANT WITH ANCILLARIES, AL DAURA - IRAQ

9

Capacity: 60K Nm3/hClient: Samsung Engineering Co. LtdContract type: EP LS [ ]Contractor: KT

YANBU REFINERY EXPANSION PROJECT: STEAM REFORMER LUBEREF, YANBU - KINGDOM OF SAUDI ARABIA

10

Capacity: crude oil production 73K b/d Client: ADCO (ADNOC GROUP)Contract type: EPC [ ]Contractor: Tecnimont

AL DABBI’IYA SURFACE FACILITIES PHASE III - OIL TREATMENT, OIL/GAS SEPARATION, WELLPADS, GATHERING NETWORK, EXPORT PIPELINES, AL DABBI’IYA - UAE

b/d: barrels per dayEPC: engineering, procurement and constructionFEED: front-end engineering designHDPE: high density polyethyleneJV: joint ventureLDPE: low-density polyethyleneLLDPE: linear low-density polyethyleneLS: lump-sumLSTK: lump-sum turnkeymmscfd: million standard cubic feet per dayNGL: natural gas liquidsNm3/h: normal cubic metres per hourPE: polyethylenePP: polypropylenet/y: tons per year

Value range

€€

€ €

€ € € €

€ €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn > 1000 ¤mn

BREAKING NEWSNew Award in Oil & Gas for ADGAS

MAIRE TECNIMONT AND UAE: A LONG HISTORY TOGETHER

February 2015 – Package 1 of the IGD Expansion Project (600 mmscfd capacity) has been awarded to a consortium having our Group as Leader by Abu Dhabi Gas Liquefaction Company Ltd. (ADGAS), one of ADNOC Group of Companies, among the largest oil & gas players worldwide. The overall contract value is equal to USD490 million and our Group’ scope of work consists of the EPC activities up to performance test for the expansion of the existing Gas Dehydration Facility located on Das Island, Abu Dhabi.

The United Arab Emirates and Maire Tecnimont have a long successful history together, which dates back at least 30 years when one of the Group’s companies realized some refining units in the area, at the end of 1970’s. In the last 15 years Maire Tecnimont impressively increased its presence, having realized several high profile projects for an overall value of more than USD11 billion. Among them it is worth to mention Borouge 3 – the second expansion of a petrochemical megacomplex which the Group developed since 1999 – and Habshan 5, the largest gas treatment plant project ever realized in the UAE which marked the world record of 100 million man hours without a single LTI. In Infrastructure the Group is currently completing the first section of the Etihad Rail Network

from Habshan to Ruwais. In December 2014 Al Dabb’iya Surface Facilities Phase III Project has represented the largest contract ever awarded to Tecnimont acting as single contractor (USD2.25 bn value for the client ADCO).

Middle East

1-3

2

45

6

7

8

9

10

UREA PLANTType: EVOLVE® Revamping / Debottlenecking Client: State Company Fertilizer North Area (NFC)Contract type: Licensing, PDP and Equipment Supply

FE

RT

ILIZ

ER

S

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

Abu Dhabi

BOROUGE 1

BOROUGE 3

ADCO

ADGAS

HABSHAN 5

Muscat, Shuaiba, Tehran

Please see pag. 46 for more details

BOROUGE 2

71

GROUP OFFICES

Main Group O�ce - Abu Dhabi Other Group O�ces - Al Khobar, Baghdad, Doha, Jeddah, Kuwait City,

PE

TR

OC

HE

MIC

ALS 1

Capacity: 480K t/y PP; 428K t/y PP; 2 x 540K t/y PE; 350K t/y PEClient: Borouge (JV ADNOC-Borealis) Contract type: EPC LSTK [ ]Contractor: Tecnimont

BOROUGE III, RUWAIS (ABU DHABI) - UAE

4

Capacity: 480K t/y PPClient: BOROUGE (JV ADNOC-Borealis)Contract type: Engineering works [ ] Contractor: Tecnimont

AL SEJEEL POLYOLEFINS COMPLEX, RAS LAFFAN – QATAR

2

Client: Sadara Chemical CompanyContract type: EPC [ ] Contractor: Tecnimont Group

HP/LDPE PLANT, SADARA – KINGDOM OF SAUDI ARABIA

3 PP5 BOROUGE III EXPANSION, RUWAIS (ABU DHABI) UAE

Capacity: 540K t/y PP; 2x520K t/y HDPE;550K t/y LLDPE/HDPEClient: Al Sejeel (JV QP-QAPCO)Contract type: FEED [ ] Contractor: Tecnimont

5 COOLING WATER SYSTEM REVAMPAL JUBAIL – KINGDOM OF SAUDI ARABIA Client: Al WahaContract type: EPC [ ] Contractor: Tecnimont Arabia

ONGOING and RECENTLY COMPLETED PROJECTS

€ €

€

€

€

€

€ €

€ € € €

€ € € €

€

€

€

€ €

OIL

& G

AS 6

Capacity: 230 mmscfd gas treatment, including 78K b/d acid condensate treatmentClient: KNPC Contract type: EPC LSTK [ ]Contractor: Tecnimont

NAGRP/AGRP REVAMPING PROJECT, MAA REFINERY - KUWAIT

7

Capacity: Gas treatment plant (2,150 mmscfd acid gas treatment between lean and rich gas), NGL production (1.2K t/d), sulphur recovery (5.2K t/d in four trains)Client: GASCO Contract type: EPC LSTK [ ]Contractor: Tecnimont

INTEGRATED GAS DEVELOPMENT PROJECT, HABSHAN (ABU DHABI) – UAE

8

Capacity: 4K Nm3/hClient: Midland Refineries Company (Iraqi State Company for Oil Projects)Contract type: EPC LS [ ]Contractor: KT

HYDROGEN PLANT WITH ANCILLARIES, AL DAURA - IRAQ

9

Capacity: 60K Nm3/hClient: Samsung Engineering Co. LtdContract type: EP LS [ ]Contractor: KT

YANBU REFINERY EXPANSION PROJECT: STEAM REFORMER LUBEREF, YANBU - KINGDOM OF SAUDI ARABIA

10

Capacity: crude oil production 73K b/d Client: ADCO (ADNOC GROUP)Contract type: EPC [ ]Contractor: Tecnimont

AL DABBI’IYA SURFACE FACILITIES PHASE III - OIL TREATMENT, OIL/GAS SEPARATION, WELLPADS, GATHERING NETWORK, EXPORT PIPELINES, AL DABBI’IYA - UAE

b/d: barrels per dayEPC: engineering, procurement and constructionFEED: front-end engineering designHDPE: high density polyethyleneJV: joint ventureLDPE: low-density polyethyleneLLDPE: linear low-density polyethyleneLS: lump-sumLSTK: lump-sum turnkeymmscfd: million standard cubic feet per dayNGL: natural gas liquidsNm3/h: normal cubic metres per hourPE: polyethylenePP: polypropylenet/y: tons per year

Value range

€€

€ €

€ € € €

€ €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn > 1000 ¤mn

BREAKING NEWSNew Award in Oil & Gas for ADGAS

MAIRE TECNIMONT AND UAE: A LONG HISTORY TOGETHER

February 2015 – Package 1 of the IGD Expansion Project (600 mmscfd capacity) has been awarded to a consortium having our Group as Leader by Abu Dhabi Gas Liquefaction Company Ltd. (ADGAS), one of ADNOC Group of Companies, among the largest oil & gas players worldwide. The overall contract value is equal to USD490 million and our Group’ scope of work consists of the EPC activities up to performance test for the expansion of the existing Gas Dehydration Facility located on Das Island, Abu Dhabi.

The United Arab Emirates and Maire Tecnimont have a long successful history together, which dates back at least 30 years when one of the Group’s companies realized some refining units in the area, at the end of 1970’s. In the last 15 years Maire Tecnimont impressively increased its presence, having realized several high profile projects for an overall value of more than USD11 billion. Among them it is worth to mention Borouge 3 – the second expansion of a petrochemical megacomplex which the Group developed since 1999 – and Habshan 5, the largest gas treatment plant project ever realized in the UAE which marked the world record of 100 million man hours without a single LTI. In Infrastructure the Group is currently completing the first section of the Etihad Rail Network

from Habshan to Ruwais. In December 2014 Al Dabb’iya Surface Facilities Phase III Project has represented the largest contract ever awarded to Tecnimont acting as single contractor (USD2.25 bn value for the client ADCO).

Middle East

1-3

2

45

6

7

8

9

10

UREA PLANTType: EVOLVE® Revamping / Debottlenecking Client: State Company Fertilizer North Area (NFC)Contract type: Licensing, PDP and Equipment Supply

FE

RT

ILIZ

ER

S

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

Abu Dhabi

BOROUGE 1

BOROUGE 3

ADCO

ADGAS

HABSHAN 5

Muscat, Shuaiba, Tehran

Please see pag. 46 for more details

BOROUGE 2

72

PE

TR

OC

HE

MIC

ALS 1

Capacity: 510K t/y PDHClient: Sibur GroupContract type: EPC [ ]Contractor: Tecnimont

PDH PLANT, TOBOLSK (WESTERN SIBERIA)RUSSIAN FEDERATION

2

Capacity: 300K t/y LLDPE/HDPE(gas-phase); 300K t/y HDPE (slurry-phase); 400K t/y PPClient: NKNKContract type: FEED [ ] + CE (LS basis)Contractor: Tecnimont

POLYOLEFIN PLANTS FOR PP AND PE, NIZHNEKAMSKRUSSIAN FEDERATION

3

Capacity: 300K t/y LDPEClient: VIS/NGCCContract type: EP [ ] Contractor: Tecnimont

LDPE PLANT, NOVY URENGOYRUSSIAN FEDERATION

4

Capacity: 270K t/y LDPEClient: TomskneftechimContract type: EP [ ] Contractor: Tecnimont

LDPE PLANT, TOMSKRUSSIAN FEDERATION

Maire Tecnimont Group is present in the area since early 1930s, when its predecessor Montecatini constructed one of the first ammonia plants in the then-USSR, based on its own technology. This presence is strengthened between the ‘60s and the ‘80s thanks to the implementation of several fertilizers, plastics, fibers, pharmaceutical and fine chemicals plants. In the urea sector, Stamicarbon has been present since 1960, when it licensed its first urea plant in the area. The ‘80s saw the arrival of KT - Kinetics Technology in the gas treatment sector.

In the last decade, the Group has consolidated its market leadership position by realizing many turnkey polyolefins plants, thanks to an extensive cooperation with Russian Design Institutes, equipment manufacturers and construction companies. Throughout its long history in the area, the Group completed more than 80 plants for important clients in the petrochemicals, oil & gas, and fertilizers.

A LONG LASTING EXPERIENCE IN FORMER SOVIET UNION AREA

ONGOING and RECENTLY COMPLETED PROJECTS

MAIN COMPLETED PROJECTS

GROUP OFFICES

Main Group O�ce - Moscow Other Group O�ces - Astana, Baku

Atyrau BalakovoBerezniki CeboksaryFerganaGorlovka Ivano frankovskJavanKogalymLabinskLisichanskMoscowNizhnekamsk

OmskPrimorskRubezhneSalavatSaratovSterlitamakSumqayit SvetlogorskTomskUfaVolgograd

GrodnoKhabarovskKharyagaLadyzhynNovokujbishevsk

Berezniki Cherepovets Gorlovka GrodnoKemerovoKirovakanMaryNevinnomysskSumqayitTambovVeliky

Petr

oche

mic

als

Oil

& G

as

Fert

ilize

rs

€

€

€

OIL

& G

AS 5

Capacity: 40K Nm3/hClient: OOO Lukoil PermnefteorgsintezContract type: EP and Supply LS [ ]Contractor: KT

MODULARIZED HYDROGEN PRODUCTION PLANT, PERMRUSSIAN FEDERATION

€

€ € €

CE: cost estimateEP: engineering and procurementEPC: engineering, procurement and constructionFEED: front-end engineering designHDPE: high density polyethyleneLDPE: low-density polyethyleneLLDPE: linear low-density polyethyleneLS: Lump-sumLSTK: Lump-sum turnkeyMTPD: metric tons per dayPDH: propane dehydrogenationPP: polypropylene

BREAKING NEWSGroup reinforces its presence in 2015 with 3 major awards

April 2015 – New EPC LS contract signed with Socar for the implementation of a 180K t/y PP plant and relevant utilities and o  sites at Sumgayit, Azerbaijan. Project value is approx. €350 mn. This will be the first PP plant in Azerbaijan.

June 2015 – Based on the engineering works completed, new EPC LSTK contract signed with the leading global agrochemical company EuroChem Group for a new 2700 MTPD ammonia plant including utilities and o sites in Kingisepp, Russian Federation. The contract value is approx. €660 mn, out of which SACE will provide a €575 mn loan guarantee.

June 2015 – New award in the refining business by the client JSC Gazprom Neft, the 3rd largest oil company by refining volume in Russia. The project relates to the implementation of the Combined Oil Refinery Unit (CORU), on an EP + Construction Management (Cm) basis, in the Moscow Refinery, Russian Federation. Overall contract value is approx. €480 mn under LS scheme for E and P and under Reimbursable scheme for Cm. The project will be aimed at producing gasoline and diesel distillates under EURO 5 grade specifications and represents a major reference in downstream refining, after the recent achievements in crude oil and gas treatment.

Russia and former Soviet Union

FE

RT

ILIZ

ER

S 6

Capacity: 2700 MTPD (KBR Technology); Utilities and O�sitesClient: EuroChem Group Contract type: Engineering Works [ ] Contractor: Tecnimont

Capacity: Ammonia 2700 MTPD(KBR Technology); Granular Urea: 3500 MTPD (Stamicarbon technology); Utilities and O�sitesClient: EuroChem GroupContract type: Engineering Works [ ]Contractor: Tecnimont

AMMONIA PLANT, KINGISEPPRUSSIAN FEDERATION

7 AMMONIA/UREA PLANT, NEVINNOMYSSK RUSSIAN FEDERATION

€

€

For more details on Stamicarbon technology, please see pag. 58

Please see pag. 73 for the EPC LSTK contract signed in 2015

Licensing Business

7

2 1

3

4

6

5

€ € € € € €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

73

PE

TR

OC

HE

MIC

ALS 1

Capacity: 510K t/y PDHClient: Sibur GroupContract type: EPC [ ]Contractor: Tecnimont

PDH PLANT, TOBOLSK (WESTERN SIBERIA)RUSSIAN FEDERATION

2

Capacity: 300K t/y LLDPE/HDPE(gas-phase); 300K t/y HDPE (slurry-phase); 400K t/y PPClient: NKNKContract type: FEED [ ] + CE (LS basis)Contractor: Tecnimont

POLYOLEFIN PLANTS FOR PP AND PE, NIZHNEKAMSKRUSSIAN FEDERATION

3

Capacity: 300K t/y LDPEClient: VIS/NGCCContract type: EP [ ] Contractor: Tecnimont

LDPE PLANT, NOVY URENGOYRUSSIAN FEDERATION

4

Capacity: 270K t/y LDPEClient: TomskneftechimContract type: EP [ ] Contractor: Tecnimont

LDPE PLANT, TOMSKRUSSIAN FEDERATION

Maire Tecnimont Group is present in the area since early 1930s, when its predecessor Montecatini constructed one of the first ammonia plants in the then-USSR, based on its own technology. This presence is strengthened between the ‘60s and the ‘80s thanks to the implementation of several fertilizers, plastics, fibers, pharmaceutical and fine chemicals plants. In the urea sector, Stamicarbon has been present since 1960, when it licensed its first urea plant in the area. The ‘80s saw the arrival of KT - Kinetics Technology in the gas treatment sector.

In the last decade, the Group has consolidated its market leadership position by realizing many turnkey polyolefins plants, thanks to an extensive cooperation with Russian Design Institutes, equipment manufacturers and construction companies. Throughout its long history in the area, the Group completed more than 80 plants for important clients in the petrochemicals, oil & gas, and fertilizers.

A LONG LASTING EXPERIENCE IN FORMER SOVIET UNION AREA

ONGOING and RECENTLY COMPLETED PROJECTS

MAIN COMPLETED PROJECTS

GROUP OFFICES

Main Group O�ce - Moscow Other Group O�ces - Astana, Baku

Atyrau BalakovoBerezniki CeboksaryFerganaGorlovka Ivano frankovskJavanKogalymLabinskLisichanskMoscowNizhnekamsk

OmskPrimorskRubezhneSalavatSaratovSterlitamakSumqayit SvetlogorskTomskUfaVolgograd

GrodnoKhabarovskKharyagaLadyzhynNovokujbishevsk

Berezniki Cherepovets Gorlovka GrodnoKemerovoKirovakanMaryNevinnomysskSumqayitTambovVeliky

Petr

oche

mic

als

Oil

& G

as

Fert

ilize

rs

€

€

€

OIL

& G

AS 5

Capacity: 40K Nm3/hClient: OOO Lukoil PermnefteorgsintezContract type: EP and Supply LS [ ]Contractor: KT

MODULARIZED HYDROGEN PRODUCTION PLANT, PERMRUSSIAN FEDERATION

€

€ € €

CE: cost estimateEP: engineering and procurementEPC: engineering, procurement and constructionFEED: front-end engineering designHDPE: high density polyethyleneLDPE: low-density polyethyleneLLDPE: linear low-density polyethyleneLS: Lump-sumLSTK: Lump-sum turnkeyMTPD: metric tons per dayPDH: propane dehydrogenationPP: polypropylene

BREAKING NEWSGroup reinforces its presence in 2015 with 3 major awards

April 2015 – New EPC LS contract signed with Socar for the implementation of a 180K t/y PP plant and relevant utilities and o  sites at Sumgayit, Azerbaijan. Project value is approx. €350 mn. This will be the first PP plant in Azerbaijan.

June 2015 – Based on the engineering works completed, new EPC LSTK contract signed with the leading global agrochemical company EuroChem Group for a new 2700 MTPD ammonia plant including utilities and o sites in Kingisepp, Russian Federation. The contract value is approx. €660 mn, out of which SACE will provide a €575 mn loan guarantee.

June 2015 – New award in the refining business by the client JSC Gazprom Neft, the 3rd largest oil company by refining volume in Russia. The project relates to the implementation of the Combined Oil Refinery Unit (CORU), on an EP + Construction Management (Cm) basis, in the Moscow Refinery, Russian Federation. Overall contract value is approx. €480 mn under LS scheme for E and P and under Reimbursable scheme for Cm. The project will be aimed at producing gasoline and diesel distillates under EURO 5 grade specifications and represents a major reference in downstream refining, after the recent achievements in crude oil and gas treatment.

Russia and former Soviet Union

FE

RT

ILIZ

ER

S 6

Capacity: 2700 MTPD (KBR Technology); Utilities and O�sitesClient: EuroChem Group Contract type: Engineering Works [ ] Contractor: Tecnimont

Capacity: Ammonia 2700 MTPD(KBR Technology); Granular Urea: 3500 MTPD (Stamicarbon technology); Utilities and O�sitesClient: EuroChem GroupContract type: Engineering Works [ ]Contractor: Tecnimont

AMMONIA PLANT, KINGISEPPRUSSIAN FEDERATION

7 AMMONIA/UREA PLANT, NEVINNOMYSSK RUSSIAN FEDERATION

€

€

For more details on Stamicarbon technology, please see pag. 58

Please see pag. 73 for the EPC LSTK contract signed in 2015

Licensing Business

7

2 1

3

4

6

5

€ € € € € €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

74

With over five decades of experience and more than 1,700 multi–discipline professionals, India represents the largest centre of excellence of the Group outside Europe. Tecnimont ICB, headquartered in Mumbai, was founded as ICB (Industrial Consulting Bureau) in 1958 and progressively entered Maire Tecnimont Group first as JV partner and then as a fully owned subsidiary, after a two-step acquisition (1996 and 2007). During the 1960s and 1970s the Group played an active role in the fertilizer sector in India both as technology provider and plant builder. In the 1990s the Group entered also refinery units sector in India. Till today the Group has realized through its Indian centre more than 350 projects worldwide and has been constantly awarded as Top Engineering Exporters. Maire Tecnimont can o�er in India the same gamut of services as that of the Group, from concept to commissioning of EPC or services contracts in Oil and Gas, Refinery, Polymers, Petrochemical, Fertilizer, Chemical sectors. The Group in India has matured references with a number of prominent public and private clients such as IOCL, ONGC, and more recently Reliance and UPL. Moreover, in India the Group can also count on a full fledged Electrical & Instrumentation Construction Division (E&I Division), with about additional 3,000 international specialists on operation sites.

THE INDO-ITALIAN BLEND OF A MULTINATIONAL GROUP

GROUP OFFICES

Main Group O�ce - Mumbai Other Group O�ce - New Delhi

ONGOING PROJECTS

PE

TR

OC

HE

MIC

ALS 1

Capacity: 340K t/y PP; 2 x 360K t/y HDPE/LLDPE swing units Client: OPaL (JV of ONGC, GSPC, GAIL)Contract type: EPC LSTK [ ]Contractor: Tecnimont Group

POLYOLEFIN PLANTS FOR PP AND PE, DAHEJ (GUJARAT) - INDIA

€ €

2

Capacity: 105K t/y High Purity Iso Butylene; 400K t/y LDPE Unit Client: Reliance Industries LimitedContract type: Engineering & Procurement Services [ ]Contractor: Tecnimont Group

PETROCHEMICAL COMPLEXJAMNAGAR (GUJARAT) - INDIA

3

Capacity: 100K t/yClient: Reliance Sibur Elastomers PVT LTDContract type: Engineering & Procurement Services [ ]Contractor: Tecnimont Group

UREA TECHNOLOGYType: LAUNCH® Urea 2000PLUS®

Pool Reactor Design and LAUNCH® Granulation Client: BCICContract type: Licensing, PDP

BUTYL RUBBER PLANT JAMNAGAR (GUJARAT) - INDIA

4

Capacity: 2.7K t/yClient: UPL LimitedContract type: Engineering & Procurement Services [ ]Contractor: Tecnimont Group

ALE 366 PROJECT (Agrochemicals intermediate) JHAGADIA (GUJARAT) - INDIA

€

€

€

India and Southern Asia GROUP COMMITMENT FOR SOCIAL DEVELOPMENTMaire Tecnimont Group is investing on creating new education and training opportunities to disadvantaged children and women in India. Partnering with the local NGO Meljol on 60 schools of Mumbai and Navi Mumbai, the first program allows about 9,000 children from 6 to 18 years to access specific trainings according to Aflatoun & Aflateen method and social & financial sessions. Aflatoun & Aflateen method encourages children and young people to manage their resources better and start social and financial micro-enterprises. A second support program has been developed by our Group in partnership with the local NGO CORP to promote the active participation of women in the economic life of their communities thanks to vocational courses (tailoring, beautician, teachers training, computer literacy and income generation programmes). The project involves about 600 women in 13 disadvantaged neighbourhoods of Greater Mumbai and combines professional skill training with education on women’s rights and empowerment.

FE

RT

ILIZ

ER

S

MAIN COMPLETED PROJECTSHaziraPanipatHaldia

MangaloreVijaipurPanipat KakinadaAonlaHaziraPhulpurKarachi

KakinadaNangal

Petr

oche

mic

als

Oil

& G

as

Fert

ilize

rs

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

1

4

2-3

KAFCO FERTILIZERSParticipation as minority shareholder in Kafco Fertilizer initiative in Bangladesh (with Bangladesh and Japanese public and private partners) now in operation (1500 MTPD Ammonia / 1725 MTPD Urea).

The map shown above is only for representation purpose and we make

no claim as to the accuracy of the map.

EP: engineering and procurementEPC: engineering, procurement and constructionHDPE: high density polyethyleneLDPE: low-density polyethyleneLLDPE: linear low-density polyethyleneLSTK: lump-sum turnkey MTPD: metric tons per dayPDP: process design packagePE: polyethylenePP: polypropylenet/y: tonnes per year

Value range€ € € € € €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

75

With over five decades of experience and more than 1,700 multi–discipline professionals, India represents the largest centre of excellence of the Group outside Europe. Tecnimont ICB, headquartered in Mumbai, was founded as ICB (Industrial Consulting Bureau) in 1958 and progressively entered Maire Tecnimont Group first as JV partner and then as a fully owned subsidiary, after a two-step acquisition (1996 and 2007). During the 1960s and 1970s the Group played an active role in the fertilizer sector in India both as technology provider and plant builder. In the 1990s the Group entered also refinery units sector in India. Till today the Group has realized through its Indian centre more than 350 projects worldwide and has been constantly awarded as Top Engineering Exporters. Maire Tecnimont can o�er in India the same gamut of services as that of the Group, from concept to commissioning of EPC or services contracts in Oil and Gas, Refinery, Polymers, Petrochemical, Fertilizer, Chemical sectors. The Group in India has matured references with a number of prominent public and private clients such as IOCL, ONGC, and more recently Reliance and UPL. Moreover, in India the Group can also count on a full fledged Electrical & Instrumentation Construction Division (E&I Division), with about additional 3,000 international specialists on operation sites.

THE INDO-ITALIAN BLEND OF A MULTINATIONAL GROUP

GROUP OFFICES

Main Group O�ce - Mumbai Other Group O�ce - New Delhi

ONGOING PROJECTS

PE

TR

OC

HE

MIC

ALS 1

Capacity: 340K t/y PP; 2 x 360K t/y HDPE/LLDPE swing units Client: OPaL (JV of ONGC, GSPC, GAIL)Contract type: EPC LSTK [ ]Contractor: Tecnimont Group

POLYOLEFIN PLANTS FOR PP AND PE, DAHEJ (GUJARAT) - INDIA

€ €

2

Capacity: 105K t/y High Purity Iso Butylene; 400K t/y LDPE Unit Client: Reliance Industries LimitedContract type: Engineering & Procurement Services [ ]Contractor: Tecnimont Group

PETROCHEMICAL COMPLEXJAMNAGAR (GUJARAT) - INDIA

3

Capacity: 100K t/yClient: Reliance Sibur Elastomers PVT LTDContract type: Engineering & Procurement Services [ ]Contractor: Tecnimont Group

UREA TECHNOLOGYType: LAUNCH® Urea 2000PLUS®

Pool Reactor Design and LAUNCH® Granulation Client: BCICContract type: Licensing, PDP

BUTYL RUBBER PLANT JAMNAGAR (GUJARAT) - INDIA

4

Capacity: 2.7K t/yClient: UPL LimitedContract type: Engineering & Procurement Services [ ]Contractor: Tecnimont Group

ALE 366 PROJECT (Agrochemicals intermediate) JHAGADIA (GUJARAT) - INDIA

€

€

€

India and Southern Asia GROUP COMMITMENT FOR SOCIAL DEVELOPMENTMaire Tecnimont Group is investing on creating new education and training opportunities to disadvantaged children and women in India. Partnering with the local NGO Meljol on 60 schools of Mumbai and Navi Mumbai, the first program allows about 9,000 children from 6 to 18 years to access specific trainings according to Aflatoun & Aflateen method and social & financial sessions. Aflatoun & Aflateen method encourages children and young people to manage their resources better and start social and financial micro-enterprises. A second support program has been developed by our Group in partnership with the local NGO CORP to promote the active participation of women in the economic life of their communities thanks to vocational courses (tailoring, beautician, teachers training, computer literacy and income generation programmes). The project involves about 600 women in 13 disadvantaged neighbourhoods of Greater Mumbai and combines professional skill training with education on women’s rights and empowerment.

FE

RT

ILIZ

ER

S

MAIN COMPLETED PROJECTSHaziraPanipatHaldia

MangaloreVijaipurPanipat KakinadaAonlaHaziraPhulpurKarachi

KakinadaNangal

Petr

oche

mic

als

Oil

& G

as

Fert

ilize

rs

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

1

4

2-3

KAFCO FERTILIZERSParticipation as minority shareholder in Kafco Fertilizer initiative in Bangladesh (with Bangladesh and Japanese public and private partners) now in operation (1500 MTPD Ammonia / 1725 MTPD Urea).

The map shown above is only for representation purpose and we make

no claim as to the accuracy of the map.

EP: engineering and procurementEPC: engineering, procurement and constructionHDPE: high density polyethyleneLDPE: low-density polyethyleneLLDPE: linear low-density polyethyleneLSTK: lump-sum turnkey MTPD: metric tons per dayPDP: process design packagePE: polyethylenePP: polypropylenet/y: tonnes per year

Value range€ € € € € €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

76

FROM MANAGING LARGE EPC PROJECTS TO PROVIDING HIGH-VALUE TECHNOLOGY AND ENGINEERING SERVICESIn addition to its traditional Chinese clients, such as Sinopec, PetroChina and CNOOC, the Group has focused on projects sponsored by world class Sino-Foreign Joint Ventures. A significant reference in this field has been the successful realization in 2006 of a USD 220 million EPC contract with the CNOOC / Shell JV for three polyolefin plants at the Nanhai Petrochemical site. In 2006 the Group completed successfully on EPC basis also the first Liquefied Natural Gas (LNG) import terminal in Dapeng (Guangdong) for CNOOC and BP. Currently the Group is specializing in providing high-value technology, engineering and procurement services for Chinese State-owned clients and private customers.

1-3

2

4

GROUP OFFICES

Main Group O�ce - Beijing

ONGOING and RECENTLY COMPLETED PROJECTS

Since the early 1960s Maire Tecnimont, through its subsidiaries, started cooperation with Chinese organizations with the supply of technology and equipment for the production of chemical fertilizers. In the mid 1980s the first Group representative o�ce was established in Beijing at the time of the 7th Five Year Development plan, which opened the door to foreign technologies and financing. Since then, Group’s involvement in the development of the Chinese process industries, particularly petrochemicals and chemicals, has been growing steadily. The Group currently provides advanced technologies, engineering services, supplies, and technical services. More than 50 contracts have been completed in China for a total value of approximately USD 2 billion, contributing to the development of the Chinese domestic engineering, construction and equipment manufacturing companies.

A CONSOLIDATED PRESENCE TO SUPPORT SUSTAINABLE DEVELOPMENT OF THE CHINESE ECONOMY

China

MAIN COMPLETED PROJECTSAndaDalianDaqingDushanziFushunGuangzhouHuajinHuizhou

JilinJinanLanzhouLianyungangNanjingMaomingPuyangQilu

RenqiuShangaiSong YuanTianjinZhejiangZhengzhouZiboWu - jing

ChenToujiaoDalianFujianGuangxiHainanJiangsuQingdaoShangaiTangshan

HejiangLuzhouOrdosUrumqi

Petr

oche

mic

als

Oil

& G

as

Fert

ilize

rs

Type: LAUNCH® Urea 2000PLUS®

Pool Condenser Design Client: Inner Linggu Chemical Industry Co.Contract type: Licensing, PDP and Equipment Supply

Type: LAUNCH® Urea 2000PLUS®

Pool Condenser Design Client: Erdos, Chemical Industry Group Co. LtdContract type: Licensing, PDP and Equipment Supply

Type: LAUNCH® Urea 2000PLUS® Pool Reactor Design Client: Hengang Huahe Coal ChemicalContract type: Licensing, PDP

UREA TECHNOLOGYType: LAUNCH® Urea 2000PLUS®

Pool Condenser Design Client: Inner Mongolia HuajinContract type: Licensing, PDP and Equipment Supply

FE

RT

ILIZ

ER

S

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

PE

TR

OC

HE

MIC

ALS 1

Client: Jiangsu Sailboat Petrochemical Co. LtdProject type: Services [ ]Contractor: Tecnimont

POLYETHYLENE PLANT, JIANGSU

€

€

2Client: Sinopec Shanghai Petrochemical CompanyProject type: Services [ ]Contractor: Tecnimont

POLYETHYLENE PLANT, SHANGHAI

€

3Client: Sinopec Yangzi Petrochemical CompanyProject type: Services [ ]Contractor: Tecnimont

POLYETHYLENE PLANT, JIANGSU

4Client: CNOOC Oil & Petrochemicals Co. LtdProject type: Services [ ]Contractor: Tecnimont

POLYPROPYLENE PLANT, GUANGDONG

€

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

€€

€ € €

€

77

FROM MANAGING LARGE EPC PROJECTS TO PROVIDING HIGH-VALUE TECHNOLOGY AND ENGINEERING SERVICESIn addition to its traditional Chinese clients, such as Sinopec, PetroChina and CNOOC, the Group has focused on projects sponsored by world class Sino-Foreign Joint Ventures. A significant reference in this field has been the successful realization in 2006 of a USD 220 million EPC contract with the CNOOC / Shell JV for three polyolefin plants at the Nanhai Petrochemical site. In 2006 the Group completed successfully on EPC basis also the first Liquefied Natural Gas (LNG) import terminal in Dapeng (Guangdong) for CNOOC and BP. Currently the Group is specializing in providing high-value technology, engineering and procurement services for Chinese State-owned clients and private customers.

1-3

2

4

GROUP OFFICES

Main Group O�ce - Beijing

ONGOING and RECENTLY COMPLETED PROJECTS

Since the early 1960s Maire Tecnimont, through its subsidiaries, started cooperation with Chinese organizations with the supply of technology and equipment for the production of chemical fertilizers. In the mid 1980s the first Group representative o�ce was established in Beijing at the time of the 7th Five Year Development plan, which opened the door to foreign technologies and financing. Since then, Group’s involvement in the development of the Chinese process industries, particularly petrochemicals and chemicals, has been growing steadily. The Group currently provides advanced technologies, engineering services, supplies, and technical services. More than 50 contracts have been completed in China for a total value of approximately USD 2 billion, contributing to the development of the Chinese domestic engineering, construction and equipment manufacturing companies.

A CONSOLIDATED PRESENCE TO SUPPORT SUSTAINABLE DEVELOPMENT OF THE CHINESE ECONOMY

China

MAIN COMPLETED PROJECTSAndaDalianDaqingDushanziFushunGuangzhouHuajinHuizhou

JilinJinanLanzhouLianyungangNanjingMaomingPuyangQilu

RenqiuShangaiSong YuanTianjinZhejiangZhengzhouZiboWu - jing

ChenToujiaoDalianFujianGuangxiHainanJiangsuQingdaoShangaiTangshan

HejiangLuzhouOrdosUrumqi

Petr

oche

mic

als

Oil

& G

as

Fert

ilize

rs

Type: LAUNCH® Urea 2000PLUS®

Pool Condenser Design Client: Inner Linggu Chemical Industry Co.Contract type: Licensing, PDP and Equipment Supply

Type: LAUNCH® Urea 2000PLUS®

Pool Condenser Design Client: Erdos, Chemical Industry Group Co. LtdContract type: Licensing, PDP and Equipment Supply

Type: LAUNCH® Urea 2000PLUS® Pool Reactor Design Client: Hengang Huahe Coal ChemicalContract type: Licensing, PDP

UREA TECHNOLOGYType: LAUNCH® Urea 2000PLUS®

Pool Condenser Design Client: Inner Mongolia HuajinContract type: Licensing, PDP and Equipment Supply

FE

RT

ILIZ

ER

S

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

PE

TR

OC

HE

MIC

ALS 1

Client: Jiangsu Sailboat Petrochemical Co. LtdProject type: Services [ ]Contractor: Tecnimont

POLYETHYLENE PLANT, JIANGSU

€

€

2Client: Sinopec Shanghai Petrochemical CompanyProject type: Services [ ]Contractor: Tecnimont

POLYETHYLENE PLANT, SHANGHAI

€

3Client: Sinopec Yangzi Petrochemical CompanyProject type: Services [ ]Contractor: Tecnimont

POLYETHYLENE PLANT, JIANGSU

4Client: CNOOC Oil & Petrochemicals Co. LtdProject type: Services [ ]Contractor: Tecnimont

POLYPROPYLENE PLANT, GUANGDONG

€

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

€€

€ € €

€

78

as well as an international procurement o�ce. Despite the sudden drop and instability of the oil & gas prices in the international market might create some temporarily turbulence and slow down of the investments, the North American Area will continue to play a major role in the development of the gas related industry, such as Fertilizers and Downstream Petrochemicals, where our Group is more focused. In Central and South America the Group continues to operate in a number of geographies, leveraging recent and past experiences in this territory and developing long-term relations with top ranking construction partners to address NOCs and private investors.

1

2 5

3

4

EP: engineering and procurementEPC: engineering, procurement andconstructionES: engineering servicesHDPE: high density polyethylene LLDPE: linear low-density polyethyleneLDPE: low-density polyethyleneLS: lump-sumLSTK: lump-sum turnkeyMTPD: metric tons per dayMW: megawattNm3/h: normal cubic metres per hour PP: polypropylenet/y: tons per year

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

GROUP OFFICES

Main Group O�ces - Houston, Mexico City, São Paulo, Santiago de Chile Other Group O�ces - Santo Domingo,

PE

TR

OC

HE

MIC

ALS 1

Products: Ethylene, LDPE, LLDPE, HDPE, Propylene, PP Client: Yacimientos Petrolíferos Fiscales Bolivianos (YPFB)Contract type: Feasibility Study (LS basis) [ ]Contractor: Tecnimont

PETROCHEMICAL COMPLEX BOLIVIA

2

Capacity: 300K t/y LDPEClient: Etileno XXI Services. End-user: Braskem Idesa Contract type: EP [ ] Contractor: Tecnimont

LDPE PLANTVERACRUZ - MEXICO

ONGOING and RECENTLY COMPLETED PROJECTS

€

FE

RT

ILIZ

ER

S 4 FERTILIZER COMPLEX, IOWA - USA

5

Size: 2x376 MW Gross Client: CDEEE Contract type: EP [ ] Contractor: Tecnimont

COAL FIRED POWER PLANT,PUNTA CATALINA - DOMINICAN REPUBLIC

PO

WE

R

OIL

& G

AS 3

Capacity: 25K Nm3/hClient: Pemex RefinacionContract type: EPC LS [ ]Contractor: KT

Capacity: Ammonia plant 2200 MTPD; urea plant 2000 MTPD; utilities and o�sites Client: Orascom Construction Industries (OCI) Contract type: Licensing, Engineering and Procurement [ ]Contractor: Tecnimont (ammonia plant)Licensor: Stamicarbon (urea plant)

HYDROGEN PRODUCTION UNIT, CADEREYTA JIMENEX - MEXICO

€

Shale gas has radically changed the energy market becoming one of the major drivers of the hydrocarbons industry worldwide. The United States and Canada are currently the only major shale gas producers. In North America economically viable shale gas extraction is driving significant growth in the gas treatment, petrochemicals, and fertilizers markets, the latter being particularly focused on ammonia and urea projects. The reason of this new cycle of investments in downstream is represented by the record lows of domestic price of natural gas, combined with

a strong market-oriented governance and a matured financial system to support project finance schemes. In response to these developments, Maire Tecnimont made a significant e�ort to reinforce its position in the North American market in 2012 / 2013, when Stamicarbon urea technology was chosen by virtually all fertilizers producers, while the EPC main contractor of the Group Tecnimont opened a new subsidiary, Tecnimont USA Inc., in Houston, Texas. The new corporation will support the commercial and engineering operations of the Group, acting

THE AMERICAS: THE GROUP CONTINUES ITS LOCALIZATION STRATEGY

Americas

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

Weaver (Iowa)

MAIN COMPLETED PROJECTS

Oil&

Gas Faja del Orinoco

Petr

oche

mic

als Altamira

BayportJoseLake CharlesMauàTablazoTalcahuano

TampicoTriunfoVera Cruz Po

wer Coronel

IbiritéItaquìPecem

Becancour

€

€ €

€ € €

€ € €

€ €€

Fert

ilize

rs

79

as well as an international procurement o�ce. Despite the sudden drop and instability of the oil & gas prices in the international market might create some temporarily turbulence and slow down of the investments, the North American Area will continue to play a major role in the development of the gas related industry, such as Fertilizers and Downstream Petrochemicals, where our Group is more focused. In Central and South America the Group continues to operate in a number of geographies, leveraging recent and past experiences in this territory and developing long-term relations with top ranking construction partners to address NOCs and private investors.

1

2 5

3

4

EP: engineering and procurementEPC: engineering, procurement andconstructionES: engineering servicesHDPE: high density polyethylene LLDPE: linear low-density polyethyleneLDPE: low-density polyethyleneLS: lump-sumLSTK: lump-sum turnkeyMTPD: metric tons per dayMW: megawattNm3/h: normal cubic metres per hour PP: polypropylenet/y: tons per year

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Value range

GROUP OFFICES

Main Group O�ces - Houston, Mexico City, São Paulo, Santiago de Chile Other Group O�ces - Santo Domingo,

PE

TR

OC

HE

MIC

ALS 1

Products: Ethylene, LDPE, LLDPE, HDPE, Propylene, PP Client: Yacimientos Petrolíferos Fiscales Bolivianos (YPFB)Contract type: Feasibility Study (LS basis) [ ]Contractor: Tecnimont

PETROCHEMICAL COMPLEX BOLIVIA

2

Capacity: 300K t/y LDPEClient: Etileno XXI Services. End-user: Braskem Idesa Contract type: EP [ ] Contractor: Tecnimont

LDPE PLANTVERACRUZ - MEXICO

ONGOING and RECENTLY COMPLETED PROJECTS

€

FE

RT

ILIZ

ER

S 4 FERTILIZER COMPLEX, IOWA - USA

5

Size: 2x376 MW Gross Client: CDEEE Contract type: EP [ ] Contractor: Tecnimont

COAL FIRED POWER PLANT,PUNTA CATALINA - DOMINICAN REPUBLIC

PO

WE

R

OIL

& G

AS 3

Capacity: 25K Nm3/hClient: Pemex RefinacionContract type: EPC LS [ ]Contractor: KT

Capacity: Ammonia plant 2200 MTPD; urea plant 2000 MTPD; utilities and o�sites Client: Orascom Construction Industries (OCI) Contract type: Licensing, Engineering and Procurement [ ]Contractor: Tecnimont (ammonia plant)Licensor: Stamicarbon (urea plant)

HYDROGEN PRODUCTION UNIT, CADEREYTA JIMENEX - MEXICO

€

Shale gas has radically changed the energy market becoming one of the major drivers of the hydrocarbons industry worldwide. The United States and Canada are currently the only major shale gas producers. In North America economically viable shale gas extraction is driving significant growth in the gas treatment, petrochemicals, and fertilizers markets, the latter being particularly focused on ammonia and urea projects. The reason of this new cycle of investments in downstream is represented by the record lows of domestic price of natural gas, combined with

a strong market-oriented governance and a matured financial system to support project finance schemes. In response to these developments, Maire Tecnimont made a significant e�ort to reinforce its position in the North American market in 2012 / 2013, when Stamicarbon urea technology was chosen by virtually all fertilizers producers, while the EPC main contractor of the Group Tecnimont opened a new subsidiary, Tecnimont USA Inc., in Houston, Texas. The new corporation will support the commercial and engineering operations of the Group, acting

THE AMERICAS: THE GROUP CONTINUES ITS LOCALIZATION STRATEGY

Americas

For more details on Stamicarbon technology, please see pag. 58

Licensing Business

Weaver (Iowa)

MAIN COMPLETED PROJECTS

Oil&

Gas Faja del Orinoco

Petr

oche

mic

als Altamira

BayportJoseLake CharlesMauàTablazoTalcahuano

TampicoTriunfoVera Cruz Po

wer Coronel

IbiritéItaquìPecem

Becancour

€

€ €

€ € €

€ € €

€ €€

Fert

ilize

rs

80

GROUP OFFICES

Main Group O�ce - Lagos

ONGOING PROJECTS

OIL

& G

AS

Client: SONARA Contract type: EPCCS [ ]Contractor: KT

SONARA PHASE II EXPANSION PROJECT, LIMBÈ - CAMEROON

€ € €

African continent and Sub-Saharan Africa in particular is one of the most promising areas in terms of GDP development in the short and medium-term. While the oil barrel cost reduction can have an impact on the new greenfield projects in the continent for investors and IOCs, the brownfield projects and the revamping of existing facilities remain interesting business opportunities since production of oil, gas and minerals is expected to grow steadily in the area. Stimulating challenges came also from Power sector where the demand for energy in the continent and the planned increase in capacity installed will mark the long-term scenario. After a decade of O&M services for EPCL in Nigeria, our Group has confirmed its interest in the Sub-Saharan Region by establishing in 2014 a Joint Venture, with the local company Desicon Contracting Nigeria, headquartered in Lagos. The opening of Group o�ces, along with the award of the project for the EPC of a Hydrocraker Complex in the refinery of Limbé (Cameroon) for SONARA, laid the basis for a long-lasting presence. This implies a specific responsibility with local communities and an augmented sensitivity to the needs of the countries of the area were we work.

OUR PRESENCE IN THE REGION

Other Group O�ce - Limbè

EPCCS: Engineering, Procurement, Construction,Commissioning and Start Up

Value range

€ € € € € €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Since December 2014 our Group is supporting the creation of a micro-credit revolving fund aimed at developing the business skills of small farmers in the Duala area, Cameroon. More than 400 small local producers – preferably women and young people – started to receive microloans in nature in the form of seeds, small work materials, fertilizers and products for the maintenance of the plantations. Etimos is the partner that Maire Tecnimont chose for its long experience in microcredit and for having been working in Cameroon for more than 10 years, managing funds also from Fefisol (the European Solidarity Investment Fund for Africa). On-site activities are followed by Etimos Africa in collaboration with Sofina, a local microfinance organization based in Douala who works mainly in rural areas of the country. Small farmers, particularly in rural areas of Africa, have great potential but often do not have access to the means to become entrepreneurs. The lack of resources both financial and practical (tools, seeds ..) limits their production capacity to the mere subsistence. The farmers who enhance their technical skills in terms of productivity and resource management are an essential building block for the development of their communities, triggering virtuous circles for poverty reduction and food security improvement.

CULTIVATING A DIFFERENT FUTURE

Sub-Saharan Africa

81

GROUP OFFICES

Main Group O�ce - Lagos

ONGOING PROJECTS

OIL

& G

AS

Client: SONARA Contract type: EPCCS [ ]Contractor: KT

SONARA PHASE II EXPANSION PROJECT, LIMBÈ - CAMEROON

€ € €

African continent and Sub-Saharan Africa in particular is one of the most promising areas in terms of GDP development in the short and medium-term. While the oil barrel cost reduction can have an impact on the new greenfield projects in the continent for investors and IOCs, the brownfield projects and the revamping of existing facilities remain interesting business opportunities since production of oil, gas and minerals is expected to grow steadily in the area. Stimulating challenges came also from Power sector where the demand for energy in the continent and the planned increase in capacity installed will mark the long-term scenario. After a decade of O&M services for EPCL in Nigeria, our Group has confirmed its interest in the Sub-Saharan Region by establishing in 2014 a Joint Venture, with the local company Desicon Contracting Nigeria, headquartered in Lagos. The opening of Group o�ces, along with the award of the project for the EPC of a Hydrocraker Complex in the refinery of Limbé (Cameroon) for SONARA, laid the basis for a long-lasting presence. This implies a specific responsibility with local communities and an augmented sensitivity to the needs of the countries of the area were we work.

OUR PRESENCE IN THE REGION

Other Group O�ce - Limbè

EPCCS: Engineering, Procurement, Construction,Commissioning and Start Up

Value range

€ € € € € €

200 to 500 ¤mn< 200 ¤mn

500 to 1000 ¤mn

Since December 2014 our Group is supporting the creation of a micro-credit revolving fund aimed at developing the business skills of small farmers in the Duala area, Cameroon. More than 400 small local producers – preferably women and young people – started to receive microloans in nature in the form of seeds, small work materials, fertilizers and products for the maintenance of the plantations. Etimos is the partner that Maire Tecnimont chose for its long experience in microcredit and for having been working in Cameroon for more than 10 years, managing funds also from Fefisol (the European Solidarity Investment Fund for Africa). On-site activities are followed by Etimos Africa in collaboration with Sofina, a local microfinance organization based in Douala who works mainly in rural areas of the country. Small farmers, particularly in rural areas of Africa, have great potential but often do not have access to the means to become entrepreneurs. The lack of resources both financial and practical (tools, seeds ..) limits their production capacity to the mere subsistence. The farmers who enhance their technical skills in terms of productivity and resource management are an essential building block for the development of their communities, triggering virtuous circles for poverty reduction and food security improvement.

CULTIVATING A DIFFERENT FUTURE

Sub-Saharan Africa

82

AT THE CORE OF OUR FIGURES04

1,449 134

TECHNOLOGY,ENGINEERING

& CONSTRUCTION

INFRASTRUCTURE

REVENUES 2014 REVENUES BY SECTOR

FY 20130

400

800

1,200

1,600

2,000

In € milion In € milion

In € milion In € milion

In € milion In € milion

FY 2014

FY 2013 FY 2014

FY 2013 FY 2014 FY 2013 FY 2014

FY 2013 FY 2014

mar

gin

1,384

1,583

40

6%

mar

gin

8%

80

120

160

90

127

EBITDA

10

20

30

40

5051

9

NET INCOME

0

40

80

120

160

35

94

NET WORTH

0

0

10%

0% 0

100

200

300

400

332 365

NFP

All figures are rounded. The restated 2013 P&L data do not include Cociv and Copenhagen projects disposed of in 2013.

83

2014 BACKLOG BY AREA

ORDER INTAKE EVOLUTION

Total Engineering Services and Technology

FY 2013

0

1,000

2,000

3,000

4,000

5,000

FY 2014

BACKLOG 2014 BACKLOG BY TYPE*

6,000

3,482

4,951

0

500

1,000

1,500

2,000 Average: €1.9bn

2,500

3,000

1,708**

1,174

2,776

In € milion

In € milion

FY 2012 FY 2013 FY 2014 FY 2012 FY 2013 FY 2014

43% 11% 25% 21%

Middle East Americas Europe Other

78% EPC

18% EP

4% E

0

50

100

150

200

Average: €208mn

250

300

249

166

210

* Excluding the Infrastructure & Civil Engineering Business Unit.

** Excluding Cociv and Copenhagen projects disposed of in 2013

84

Shareholder Notebook In FY 2014, there was a positive change (10.8%) in the issuer’s capitalisation, which went from €498,009,825 to €551,782,665 from 31 December 2013 to 31 December 2014.During 2014, the share performance was significantly influenced by various factors:

The announcement in March 2014 of the positive results of 2013, the great success of the convertible bond for €80 million in February 2014, and the general increase of recommendations and target prices by the analyst community positively influenced the stock, especially in the first part of 2014.

On the contrary, an unfavourable macroeconomic situation in some of the geographies where the Group has an established presence, penalized the stock from mid-2014.

Though the falling price of oil does not directly impact the Group’s business, given the focus on the activities of downstream and fertilizers, the negative sentiment towards the sector in which the Group operates also had a negative impact on the stock performance, especially between September and November 2014.

The chart shows that Maire Tecnimont stock outperformed the FTSE Italia MIB MID CAP Index, composed of the first 60 stocks by Company capitalization outside the FTSE MIB index, by 8.3%. Maire Tecnimont stock outperformed Bloomberg’s Oil & Gas services, comprising the main shares of Europe, the Middle East and Africa, by 83.1%.

MT IM Equity FTSEMIB Index BEUOILS Index

PR

ICE

IN €

MAIRE TECNIMONT SHARE PERFORMANCE VS BEUOILS and VS FTSE MID CAP INDEXES IN 2014

1

0.8

0.6

0.4

0.2

0

1.2

1.4

1.6

1.8

2

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Announcementof the positiveFY2013 results

€80 mn ConvertibleBond Issue

macroeconomicUnfavorable

situation

Falling price of oil

85

The number of ordinary shares of the issuer at 31/12/2014 was 305,527,500 and did not change in the year. The daily average trading volume in 2014 was 2 million shares with an average unit price of €2.024.

NUMBER OF SHARES AND FREE FLOAT 31/12/2014

NUMBER OF ORDINARY SHARES

FREE FLOAT, NUMBER OF SHARES

% FREE FLOAT

305,527,500

106,875,000

34.98%

PRICE OF ORDINARY SHARES ON THE MILAN STOCK EXCHANGE, IN € 01/01 - 31/12/2014

MAXIMUM (7 APRIL 2014)

MINIMUM (4 FEBRUARY 2014)

AVERAGE

END-PERIOD (31 DECEMBER 2014)

MARKET CAPITALIZATION (AT 31 DECEMBER 2014)

2.870

1.485

2.024

1.806

551,782,665

86

INCOME STATEMENT

REVENUESOTHER OPERATING REVENUESTOTAL REVENUESRAW MATERIALS AND CONSUMABLESSERVICESPERSONNEL COSTSOTHER OPERATING EXPENSESTOTAL COSTSEBITDAAMORTIZATION AND DEPRECIATIONWRITE-DOWN OF BAD DEBTS INCLUDED IN NWCPROVISIONS FOR RISKS AND CHARGES

EBIT

FINANCIAL INCOMEFINANCIAL CHARGESGAIN / (LOSSES) ON INVESTMENTS

PRE-TAX PROFIT

TAXES

PROFIT (LOSS) AFTER TAXATTRIBUTABLE TO:GROUPMINORITY INTERESTS

DATA PER SHARE:NET INCOME PER SHARENUMBER OF SHARES OUTSTANDING (THOUSANDS)NUMBER OF TREASURY SHARES

1,572,92883,245

1,656,173(526,884)(679,801)(252,151)(81,238)

(1,540,074)116,099

(20,339)(2,889)(2,907)

89,9644,221

(44,777)709

50,117

(32,774)

17,343

16,952391

0.06305,528

0

1,413,26084,988

1,498,248 (487,519)(564,460)(249,479)(80,690)

(1,382,149)116,099

(20,339)(2,889)(2,907)

89,9644,221

(44,777)709

50,117

(32,774)

17,343

16,952391

0.06305,528

0

EURO '000 20132013(*)2014

1,545,38337,808

1,583,191(667,689)(439,988)(264,979)(83,468)

(1,456,304)126,887

(9,498)(1,045)

(12,938)

103,4061,957

(42,076)(1,905)

61,382

(10,739)

50,643

50,297346

0.17305,528

0

*Restated following the retrospective application of IFRS 11

87

BALANCE SHEET

PROPERTY, PLANT AND EQUIPMENTGOODWILLOTHER INTANGIBLE ASSETSINVESTMENTS IN ASSOCIATED COMPANIESFINANCIAL INSTRUMENTS - DERIVATIVESOTHER NON-CURRENT FINANCIAL ASSETSOTHER NON-CURRENT ASSETSDEFERRED TAX ASSETS

TOTAL NON-CURRENT ASSETS

INVENTORIESCONSTRUCTION CONTRACTSTRADE RECEIVABLESCURRENT TAX ASSETSFINANCIAL INSTRUMENTS - DERIVATIVESOTHER CURRENT FINANCIAL ASSETSOTHER CURRENT ASSETSCASH AND CASH EQUIVALENTS

TOTAL CURRENT ASSETS

NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALEELIMINATIONS OF ASSETS FROM AND TO ASSETS HELD FOR SALE

TOTAL ASSETS

SHARE CAPITALSHARE PREMIUM RESERVEOTHER RESERVESFOREIGN CURRENCY TRANSLATION RESERVEVALUATION RESERVE / CASH FLOW HEDGE

TOTAL CAPITAL AND RESERVES

RETAINED EARNINGSPROFIT / (LOSS) FOR THE YEARGROUP SHAREHOLDERS' EQUITYMINORITY INTERESTS

TOTAL SHAREHOLDERS' EQUITY

FINANCIAL DEBT NET OF CURRENT AMOUNTPROVISIONS FOR RISKS AND CHARGES - OVER 12 MONTHSDEFERRED TAX LIABILITIESPOST-EMPLOYMENT AND OTHER EMPLOYEE BENEFITSOTHER NON-CURRENT LIABILITIESFINANCIAL INSTRUMENTS - DERIVATIVESOTHER NON-CURRENT FINANCIAL LIABILITIESTOTAL NON-CURRENT LIABILITIES

SHORT-TERM DEBTPROVISIONS FOR RISKS AND CHARGES - WITHIN 12 MONTHSTAX PAYABLESFINANCIAL INSTRUMENTS - DERIVATIVESOTHER CURRENT FINANCIAL LIABILITIESCLIENT ADVANCE PAYMENTSCONSTRUCTION CONTRACTSTRADE PAYABLESOTHER CURRENT LIABILITIES

TOTAL CURRENT LIABILITIES

LIABILITIES DIRECTLY ASSOCIATED WITH NON-CURRENT ASSETSCLASSIFIED AS HELD FOR SALEELIMINATION OF LIABILITIES TO AND FROM ASSETS / LIABILITIES HELD FOR SALE TOTAL EQUITY AND LIABILITIES

34,969291,75425,2232,750

26315,08660,12286,710

516,877

136,571281,315

409,942125,464

41517,181

139,497167,012

1,277,397

101,916(84,889)

1,811,301

19,690224,698

59,4770

(1,737)

302,128

(285,573)16,95233,507

1,688

35,195

362,76639,54921,85415,21317,206

810

456,669

152,7070

38,3216,9099,741

105,605289,849635,426

75,361

1,313,919

90,407(84,889)

1,811,301

34,970291,75425,2232,750

26315,08660,12286,710

516,878

140,134293,896413,031125,477

41517,282

139,613194,187

1,324,035

101,916(84,889)

1,857,940

19,690224,698

59,4770

(1,737)

302,128

(285,573)16,95233,507

1,688

35,195

362,76633,10921,85415,21317,206

810

450,229

152,7070

38,3216,9099,741

114,681289,849660,79193,999

1,366,998

90,407(84,889)

1,857,940

33,490291,75426,022

3,04810

13,99858,40490,918

517,644

153,668416,380476,801141,095

5748,309

140,398160,242

1,497,467

94,565(82,466)

2,027,210

19,690224,698

66,2230

(2,770)

307,841

(265,940)50,29792,199

1,506

93,705

4,03563,58820,65814,76719,233

871,292

193,581

468,8890

36,6294,3272,378

161,390246,958755,896

58,167

1,734,634

87,757(82,466)

2,027,210

EURO '000 20132013(*)2014

*Restated following the retrospective application of IFRS 11

88

CASH FLOW STATEMENT

EURO '000 20132013(*)2014

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (A) NET INCOME

ADJUSTED FOR: • AMORTIZATION AND WRITE-DOWNS OF INTANGIBLE ASSETS• DEPRECIATION AND WRITE-DOWNS

OF NON-CURRENT TANGIBLE ASSETS• PROVISIONS • (REVALUATIONS) / WRITE-DOWNS• FINANCIAL (INCOME) / CHARGES• INCOME AND DEFERRED TAXES• CAPITAL (GAINS) / LOSSES• (INCREASE) / DECREASE IN INVENTORIES• (INCREASE) / DECREASE IN TRADE RECEIVABLES• (INCREASE) / DECREASE IN RECEIVABLES

FOR CONSTRUCTION CONTRACTS• INCREASE / (DECREASE) IN OTHER LIABILITIES• (INCREASE) / DECREASE IN OTHER ASSETS• INCREASE / (DECREASE) IN DEFERRED TAX LIABILITIES• INCREASE / (DECREASE) IN TRADE PAYABLES• INCREASE / (DECREASE) IN PAYABLES

FOR CONSTRUCTION CONTRACTS• INCREASE / (DECREASE) IN PROVISIONS (INCLUDING POST-EMPLOYMENT BENEFITS)• INCOME TAX PAID CASH FLOW FROM OPERATIONS (B) (INVESTMENT) / DISPOSAL IN/OF NON-CURRENT TANGIBLE ASSETS(INVESTMENT) / DISPOSAL IN/OF INTANGIBLE ASSETS CHANGE IN GOODWILL ACQUISITION OF COMPANIES (OR BUSINESS LINES) NET OF CASH AND CASH EQUIVALENTS ACQUIRED(INVESTMENTS) / DISPOSAL IN/OF ASSOCIATED COMPANIES INCREASE / (DECREASE) IN OTHER INVESTMENTS (INVESTMENT) / DISPOSAL IN/OF SUBSIDIARIES - NET OF CASH CASH FLOW INVESTMENTS (C) INCREASE / (DECREASE) IN BANK OVERDRAFTS CHANGES IN FINANCIAL LIABILITIES (INCREASE) / DECREASE IN SECURITIES / BONDS CHANGES IN OTHER FINANCIAL ASSETS / LIABILITIES CAPITAL INCREASE - NET OF CHARGES INCREASE IN SHARE PREMIUM ACCOUNT OTHER RESERVES DIVIDEND PAYMENTS CASH FLOW FROM FINANCING (D) TOTAL INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (B + C + D) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A + B + C + D) CASH AND CASH EQUIVALENTS FROM ASSETS AVAILABLE FOR SALE AND DISCONTINUED OPERATIONS CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD AS PER FINANCIAL STATEMENTS

349,749

17,343

13,613

6,7255,797(709)

40,55532,774

(218)(5,867)

11,827

(43,502)(28,487)

4,5870

(174,666)

(10,413)(2,823)

(2,571)(136,036)

(567)(2,537)

0

0891824

0(1,391)

(136,024)(60,949)

(4,557)14,118

143,217000

(44,195)

(181,622)

168,128

1,115

167,012

167,012

50,643

2,614

6,88413,9831,905

40,11910,739

(20)(17,096)(65,815)

(135,065)(20,653)

(2,482)0

176,255

(42,891)8,566

(22,466)5,221

(1,886)(3,413)

0

0(259)

3210

(5,237)

(18,923)(63,746)

658(456)

77,759000

(4,707)

(4,722)

162,290

2,048

160,242

433,347

17,343

13,613

6,7255,797(709)

40,55532,774

(218)21,88337,984

(56,083)(13,982)

4,5720

(276,080)

(20,156)(3,907)

(2,579)(192,468)

(565)(2,533)

0

0892824

0

(1,382)

(136,024)(60,949)

(4,557)14,118

143,217000

(44,195)

(238,045)

195,302

1,115

194,187

*Restated following the retrospective application of IFRS 11

89