Ok of the shareholders of Maire Tecnimont to the 2021 accounts, the coupon and the buyback, Di Amato confirmed as president. The shareholders’ meeting approved the 2021 financial statements closed with a net profit of 73.7 million euros and the distribution of a total dividend of 60.1 million and appointed the new board of directors for the three-year period 2022-2024 consisting of nine directors, of which five independent. Fabrizio Di Amato was confirmed as chairman, the other members of the board are: Pierroberto Folgiero, Gabriella Chersicla, Francesca Isgro, Cristina Finocchi Mahne, Luigi Alfieri, Stefano Fiorini and Paolo Alberto De Angelis, taken from the list presented by the majority shareholder, Glv Capital, and Maurizia Squinzi, taken from the minority list presented by some institutional investors.
Furthermore, the meeting resolved to authorize the board of directors to purchase treasury shares up to a maximum amount of 10 million ordinary shares, equal to 3.04% of the shares currently in circulation. To date, the company holds 197,346 treasury shares. At the end of the meeting, the board of directors of Maire Tecnimont confirmed to the chairman, Fabrizio Di Amato, in addition to the attributions due under the law and the bylaws, some powers, including the management of institutional relations and external relations as well as supervising the implementation of strategic and sustainability plans. Finally, the board confirmed Pierroberto Folgiero as Chief Executive Officer and General Manager.
On the stock exchange, the Maire Tecnimont stock, which in the last three months has lost more than 30% of its value due to the war in Ukraine and the group’s exposure to Russia, today recovers 1.77% to 2.98 euros. Sanctions on Russia have not interfered with volumes so far, but in the future the company sees some potential revenue risk, according to the E&C conference. In February, the company’s order book exposure to Russia stood at 1.5 billion, approximately 15% of the total. The financial effects are expected to be marginal even in the worst case scenario as Maire Tecnimont will remain with net liquidity on the balance sheet.
At the same time, the petrochemical and fertilizer plants are not intercepted by the EU sanctions on Russia and the execution continues, Equita Sim specified in a statement. Refining, on the other hand, is under sanctions, but the contract with Rosneft had not yet been included in the order book. As for the fertilizer machinery business, in general, customers are accelerating the final investment decision or are asking Maire Tecnimont to accelerate the completion of existing projects given the strong profitability of the industry.
Russia and Ukraine are large fertilizer exporters, so fertilizer projects are expected to accelerate in other geographies. Demand for decarbonised fertilizers is on the rise and one or two projects in the pipeline are likely close to final investment decision. Maire Tecnimont also develops green technologies that are close to its core competencies. In this business, the competition is lower as the group focuses on its own technology portfolio combined with the execution of the project.
The company has just announced a CCS project in Italy and a blue ammonia project in the US (worth 0.2 billion). As announced by Maire Tecnimont, Equita added, the postponement of the publication of the results for the first quarter of 2022 is due to organizational reasons linked to the new board members who were unable to adapt their agenda after the appointment. Overall, the messages from the E&C conference were reassuring and Equita confirmed the hold rating and the target price of € 3.9 on the stock. (All rights reserved)

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