Director’s Report


Group activities in this business segment relate to the management of investments in numerous subsidiaries and other investees that hold concessions, mainly for the management of motorway networks, plants that generate energy from renewable sources, electricity transmission, integrated cycle water systems and the management of non- medical hospital service activities.

The segment is headed by Impregilo International Infrastructures N.V., the Dutch sub- holding company wholly owned by Impregilo S.p.A.. It coordinates the segment.

As already mentioned in previous sections of this Report, in line with the new strategic guidelines identified by the Impregilo Group in the second half of 2012, which was followed by the preparation of the Business Plan 2013-2015, which was approved in December 2012, the Concessions segment, during 2012, was involved in initiating the process of realising its main assets that were no longer considered strategic in relation to the development of the Group's core business. In this context, early in the first quarter of 2013 the Group completed the disposal of the controlling shareholding which Impregilo International Infrastructures held in the Brazilian group EcoRodovias Infraestrutura e Logistica S.A., originally equal to 29.74% of the share capital of the group holding company. This transaction did not generate any significant differences from the value at which the remaining share had been recorded at 31 December 2012.

Full disclosure information relating to the transactions concerning the shareholding in EcoRodovias was published pursuant to art. 71 and in accordance with Appendix 3B Scheme no. 3 of the Regulations implementing Legislative Decree n. 58 of 24 February 1998, adopted by CONSOB (Italian Stock Exchange Commission) by Resolution no. 11971 of 14 May 1999, as amended on 31 October 2012 and 26 January 2013.

As part of the same asset realisation process, at the end of November 2013, Impregilo finalized the sale of its holdings in the companies Tangenziali Esterne di Milano S.p.A. (“TEM”) amounting to 3.74% of its share capital, for € 4.7 million, and Tangenziale Esterna

S.p.A. (“TE”) equal to 17.77% of its share capital for € 39.1 million, selling both holdings to Itinera S.p.A. (Gavio Group). This agreement also provided for realisation of the share of works for about € 23.2 million, through the sale of Impregilo's holdings in the Costruttori TEEM Consortium for approximately € 13.4 million, and in Lambro S.c.a.r.l. for approximately € 9.8 million.

The Concessions segment, finally, did not record significant volumes of business in 2013 (total revenues of € 20.8 million against € 18.4 million in the previous year), taking into account that the activities already under way in its order backlog consist predominantly of minority investments, and that the most significant and recently obtained (i.e.: 'Ruta del Sol' motorway - Colombia, Milan Subway Line 4 - Italy, etc.) are still under construction.

The following tables summarise the key figures of the Concessions backlog at year end, split by business segment.


CountryOperator% of investmentTotal km StageStart dateEnd date
Italy  Broni–Mortara  61.08  50  Not yet active  
  Passante Dorico S.p.A. – Collegamento Porto di Ancona  47  11  Not yet active  
Argentina     Iglys S.A.  98    Holding     
  Autopistas Del Sol  19.82  120  Active 1993  2020 
  Puentes del Litoral S.A.  26  59.6  Active  1998  2023 
  Mercovia S.A.  60  18  Active  1998  2023 
Colombia  Yuma Concessionaria S.A.(Ruta del Sol)  40  465  Active 2011  2036 


CountryOperator% of investmentTotal km StageStart dateEnd date
Italy Milan metro Line 4 31.05 15 Not yet active  

Energy from renewable sources

CountryOperator% of investmentInstalled powerStageStar dateEnd date
Argentina    Yacilec S.A. 18.67 T line Active 1994 2088
Enecor S.A. 30.00 T line Active  1992  2088

Integrated water cycle

Country Operator% of investment Pop. servedStage Start date End date
Argentina    Aguas del G. Buenos Aires S.A. 42.58 210 k Liquidation
Perù Consorcio Agua Azul S.A. 25.50 740 k Active 2002  2027


CountryOperator% of investmentNo. of bedsStageStart dateEnd date
GB Impregilo Wolverhampton Ltd. 20.00 150 k medical visits Active 2002 2032
Ochre Solutions Ltd. 40.00 220 Active 2005  2038
Impregilo New Cross Ltd. 100.00 Holding

Car parks

Country Operator% of investment No. of carsStage Start date End date
GB Impregilo Parking Glasgow Ltd. 100.00 1,400 Active 2004 2034


The remaining backlog held by Impregilo Group in this segment is now characterised by two main areas of operation: investments in operating companies already active in Argentina, Peru and the United Kingdom; and "green field" initiatives involving motorway infrastructure projects in Italy and Peru, for which construction activities are still ongoing and which from the point of view of the licensee will therefore only start operations in future years.

No significant events or circumstances took place in 2013 and the Concessions segment companies continued their normal activities in line with their objectives identified by the company heading the segment, Impregilo International Infrastructures.

This section briefly describes the main projects of the Concessions segment by country.


The group operates in Argentina via its subsidiary Mercovia S.A. and several associates and other investees.

The subsidiary Mercovia S.A. continued its activities recording a substantial breakeven. Negotiations are still ongoing for the associate Puentes del Litoral S.A. to redefine the financial terms of the concession agreement.


In the domestic market, the Concessions segment is operating in three major recently acquired projects, for which the construction activities have not yet been started in a fully operational manner. These projects are:

  1. Milan metro Line 4: this contract entails construction of a new metro line from Linate to Lorenteggio in Milan. Impregilo’s share of the contract is 29%.
  2. Broni - Mortara motorway: the contract includes the design, construction and 43-year operation of a new roughly 50-km long motorway section between Lombardy and Piedmont. Impregilo’s share of the contract is 61.08%.
  3. Porto di Ancona: The project refers to the construction and management for 30 years of the road link between the Port of Ancona, the A14 motorway and the SS 16 trunk road (the "Adriatica"). The new road will have a total length of about 11 km, plus main roads and link roads, and Salini Impregilo has a share of 47% in the initiative.