Salini Impregilo

Consolidated Financial Results
1Q 2015

 

 

 

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Pietro Salini, Amministratore Delegato di Salini Impregilo

The results achieved in the first quarter of 2015, in terms of growth and profitability, confirm a good start to the year for our Group. Effective management and the favorable trend in our reference market make us confident in reaching the targets set for the current year

Pietro Salini, CEO
Salini Impregilo

Highlights

New orders intake
€ 773.0 mln
vs. € 421.0 mln 1Q 2014
Revenues
€ 1.0 bn
+14.4% vs. 1Q 2014
Net Debt
€ 214.1 mln
vs. 570.0 mln 1Q 2014
EBITDA
€ 117.0 mln
+27.1% vs. 1Q 2014
EBIT
€ 61.8 mln
+28.5% vs. 1Q 2014

March 2015 - Total backlog €33 billion: of which €25.8 billion related to construction

March 2015 - Construction Backlog Breakdown

italy 35%
Europe 10%
Americas 12%
Africa 24%
Asia & Australia 2%
Middle East 16%

hydro & dam 16%
Roads and highways 18%
Rails & Underground 53%
Other 12%

Construction Backlog Evolution

25.3
Dec 2014

25.8
Mar 2015

billion of Euro

Financial data

Reclassified Income statement of Salini Impregilo Group

Thousand €1st HALF  20151st HALF  2014(*)Change
Operating revenue 2,136,091 2,098,111 37,980
Other revenue 63,398 38,527 24,871
Total revenue 2,199,489 2,136,638 62,851
Costs (**)  (1,970,183) (1,939,280)  (30,903)
Gross operating profit 229,306  197,358   31,948
Gross operating profit %  10.4% 9.2%   
Amortisation and deprecation (100,771)  (83,225)  (17,546) 
Net operating profit (loss) 128,535  114,133  14,402 
Return on Sales % 5.8%   5.3%  
Net financing costs (22,561)  (90,656) 68,095
Net gains on investments 1,211  1,704   (493)
Net financing costs and net gains on investments  (21,350)  (88,952)   67,602
Profit (loss) before tax 107,185   25,181 82,004
Income tax expense (35,256)   (9,569)  (25,687)
Profit (loss) from continuing operations 71,929   15,612  56,317
Profit from discontinued operations (11,631)   60,883  (72,514)
Profit (loss) for the period 60,298   76,495  (16,197)
Non-controlling interests  (7,269)  1,482   (8,751)
Profit (loss) for the period attributable to the owners of the parent 53,029  77,977  (24,948) 

(§) economic data have been restated in accordance with IFRS 5 under the perimeter of Todini Costruzioni Generali sale. In addition, the restatement concerns the adoption of IFRS 10 and 11 as implemented in the consolidated financial statements at December 31, 2014.
(§§) provisions and impairment losses included

Reclassified Consolidated Statement of Financial Position of the Salini Impregilo Group

Thousand €31 March 201531 December 2014Change
Non-current assets 860.272 832.355 27.917
Non-current assets held for sale. net 103.905 84.123 19.782
Provisions for risks (100.426) (97.527) (2.899)
Post-employment benefits and employee benefits (23.609) (23.320) (289)
Net tax assets 165.118 148.698 16.420
Inventories 268.836 262.740 6.096
Contract work in progress 1.497.225 1.252.769 244.456
Progress paymentsand advances on contract work in progress (1.832.800) (1.725.884) (106.916)
Receivables* 1.655.972 1.614.350 41.622
Payables (1.454.320) (1.426.743) (27.577)
Other current assets 668.456 689.997 (21.541)
Other current liabilities (331.363) (335.918) 4.555
Working capital 472.006 331.311 140.695
Net invested capital 1.477.266 1.275.640 201.626
Equity attributable to the owners of the parent 1.187.206 1.109.903 77.303
Non-controlling interests 75.974 76.513 (539)
Equity   1.263.180 1.186.416 76.764
Net financial position 214.086 89.224 124.862
Total financial resources 1.477.266 1.275.640 201.626

(*) Receivables are shown net of €44.4 million (€65.9 million at December 31, 2014) classified in net financial position as the portion of net receivables pertaining to consortia and/or consortium companies over which no entity has control and operating under a cost recharging system, which corresponds to the Group’s share of cash and cash equivalents or financial debt with SPVs.

Net Financial Position of Salini Impregilo Group

€/00031 March 201531 December 2014Change
Non-current financial assets 103,094 89,124 13,970
Current financial assets 144,844 156,908 (12,064)
Cash and Cash equivalents 955,689 1,030,925 (75,236)
Total cash and cash equivalents and other financial assets 1,203,627 1,276,957 (73,330)
Bank and other loans (442,461) (456,209) 13,748
Bonds (394,687) (394,326) (361)
Finance lease payables (101,555) (102,310) 755
Total non-current indebtedness (938,703) (952,845) 14,142
Current portion of bank loans and current account facilities (291,531) (247,522) (44,009)
Current portion of bond issues (173,670) (166,292) (7,378)
Current portion of finance lease payables (51,951) (60,231) 8,280
Total current indebtedness (517,152) (474,045) (43,107)
Derivative liabilities (6,331) (5,244) (1,087)
Net financial assets held by SPVs and unconsolidated project companies ** 44,473 65,953 (21,480)
Total other financial assets (liabilities) 38,142 60,709 (22,567)
Total net financial position – continuing operations (214,086) (89,224) (124,862)
Net financial position for assets held for sale (65,200) (81,292) 16,092
Net financial position including non-current assets held for sale (279,286) (170,516) (108,770)

(**) This item recognizes the portion of net payables and receivables pertaining to consortia and/or consortium companies over which no entity has control and operating under a cost recharging system, which corresponds to the Group’s share of cash and cash equivalents or financial debt with SPVs. In the financial statements, the balances are included in Trade Receivables.

2015 Guidance & Business Plan Targets

2015 Guidance & Business Plan Targets

Reconfirmed 2014 –2017 Business Plan Targets

Download

Milan, 15 May 2015 Interim Report on Operations as at March 31 2015 6,0 Mb
Milan, 14 May 2015 Consolidated Financial Results First Quarter 2015 0.5 Mb
Milan, 14 May 2015 1Q 2015 Financial Results 1.5 Mb
Milan, 14 May 2015 1Q 2015 Financial Results - Conference Call