This chapter presents the main events that characterized the Group’s operating performance in 2014, both in terms of the areas of operation and the main projects currently under way.
The important events affecting the development of the Group’s corporate governance structure in recent years, with specific reference to the integration of the Impregilo group into the Salini group - which, with effect from January 1, 2014, became fully effective with the merger between the former parent company and former subsidiary - resulted in the initiation of a major organizational development process. This process, whose main drivers have already been presented to the market in previous periods, provided for, among other things, both the concentration of the Group’s industrial activities in its core business involving the construction of complex large-scale infrastructures with the gradual disposal of assets no longer considered strategic, and a comprehensive review of the organizational and business management processes. This activity, which is currently in an advanced stage of development, became necessary also due to the following circumstances:
- changes in the Group’s organizational structure and operations structures according to a ‘domestic market’ and ‘international market’ logic;
- gradual standardization of the different analysis and reporting structures for presenting consolidated financial and operating data of the two groups which are now fully integrated and
- harmonization of the functional architecture underlying the measurement of industrial objectives at both budget and actual level according to a new common disclosure standard in full compliance with current best practices.
Consistent with the information provided below, therefore, for the purposes of this Annual Report, the segment reporting is presented according to macro-geographical regions, based on the management review principles adopted by top management, for the two main segments: ‘Italy’ and ‘Foreign’.
The highlights in the section ‘Other assets’ are also subject to separate disclosure, along with any financial data, related to central corporate units. The units of the Group currently classified as Non-current assets held for sale and discontinued operations are subject to disclosure in the relevant section.