Analysis of the financial position and results of operations

This section presents the Group’s and the Parent Company’s reclassified income statement, together with its reclassified statement of financial position and the structure of its financial position at December 31, 2015. It also provides an overview of the main changes, at consolidated level, in the income statement and in the statement of financial position compared with the data presented at the end of the previous year. Unless otherwise stated, all amounts are in millions of euros and those shown in parentheses refer to the previous year.

The “Alternative performance indicators” paragraph in the “Other information” section provides a definition of the indicators used to analyse the Group’s and Parent Company’s operating performance and financial position.

Introductory remarks concerning the comparability of the income statement and statement of financial position data

Todini Costruzioni Generali corporate reorganisation

With regard to the operational activities in Italy and the preliminary activities for selling assets abroad of Todini Costruzioni Generali, and considering the company’s desire to rationalise non-strategic activities, starting from 2014 the Todini Group has been divided into different divisions, each with its related receivables and payables and with its specific technical and organisational competence. With effect from 1 July 2015, Todini Costruzioni S.p.A. sold to Imprepar the business including the interest value, receivables and payables of some inoperative subsidiaries and associates.

Non-current assets held for sale as at December 31, 2015, mainly include divisions held for sale by the subsidiary Todini Costruzioni Generali S.p.A. and in particular:

Division A - Projects in Italy which third parties have expressed an interest in purchasing. It includes the Metrocampania contracts (Naples Alifana and Secondigliano), the Variante di Valico and Naples Sarno River contracts, the plants and machinery situated at the Lungavilla Depot.

Division B - Foreign division which on 14 January 2016 a Preliminary Share Purchase Agreement was signed between Salini Impregilo S.p.A. and Prime System KZ Ltd concerning the entire registered capital of Todini Costruzioni Generali S.p.A. including only assets and liabilities concerning projects and divisions operating in Georgia, Azerbaijan, Belarus and Kazakhstan, including the value of the investments in the subsidiaries that refer to the projects of interest, JV Todini Takenaka and Todini Central Asia, and some operational activities both belonging directly to the Group and leased. The transfer will be completed by the end of the first quarter of 2016.

Todini’s assets that are not transferred to third-parties and that are not included in the current assets of the consolidated financial statements as at December 31, 2015, particularly concern:

Division C - Sale of business division to Salini Impregilo, is subsequently described. It includes the Cagliari Capo Boi, Roma-Fiumicino, Milano-Lecco, Corso Del Popolo, Piscine dello Stadio projects and other minor projects that have nearly been finished, as well as the branches in Albania, Argentina, Romania, Tunisia, Algeria, Greece, Dubai, Ukraine and Poland.

With reference to the net assets concerning the A and C divisions, by the end of the first quarter of 2016, the divisions will be contributed to the newly created company, HCE Costruzioni S.p.A. that will be transfered to Salini Impregilo S.p.A. or to another company of the Group.

In the consolidated financial statements as at 31 December 2014, the divisions of the subgroup Todini Costruzioni Generali S.p.A. were defined with a different scheme, on the basis of the then existing interests in purchasing. It was necessary, pursuant to IFRS 5, to restate the comparative data of the previous year as currently defined for financial year 2015.

Hereunder, the effects consequent to the restatement of the income statement as indicated above: