Salini Impregilo

Consolidated Financial Results
1H 2015

 

 

 

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Pietro Salini, CEO Salini Impregilo

We are very pleased with the results of the first half of 2015, whose performance has been in line with our expectations and with the ambitious targets of the 2014-2017 Business Plan.

Pietro Salini, CEO
Salini Impregilo

Highlights

New orders intake
€ €4.5 bln
76% of the 2015 target
Revenues
€ 2.2 bn
+2.9% vs. 1H 2014
EBITDA
€ 229.3 mln
+16,2% vs 1H 2014
EBIT
€ 128.5 mln
+12.6% vs. 1H 2014
Net profit
€ 71.9 mln
vs.15.6 mln 1H 2014

June 2015 - Total backlog €33,3 billion: of which €26.1 billion related to construction

June 2015 - Construction Backlog Breakdown

italy 34%
Europe 9%
Americas 14%
Africa 24%
Asia & Australia 1%
Middle East 18%

Total Backlog Increase

Dec 2014

 

Jun 2015

Billion of Euro


Financial data

Reclassified Income statement 

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 Balance Sheet of Salini Impregilo 

Thousand €June 30, 2015December 31, 2014Change
Non-current assets 923,295 832,355 90,940
Non-current assets held for sale. net 67,345 84,123 (16,778)
Provisions for risks (108,513)  (97,527) (10,986) 
Post-employment benefits and employee benefits (23,231)   (23,320) 89 
Net tax assets 178,956   148,698 30,258 
Inventories  260,955  262,740  (1,785)
Contract work in progress 1,608,354  1,252,769 355,585 
Progress paymentsand advances on contract work in progress  (1,856,538) (1,725,884)   (130,654)
Receivables*  1,699,612  1,614,350 85,262 
Payables  (1,462,952)  (1,426,743) (36,209) 
Other current assets   665,703  689,997  (24,294) 
Other current liabilities (324,845)  (335,918)  11,073 
Working capital 590,289  331,311   258,978
Net invested capital 1,628,141  1,275,640  352,501
Equity attributable to the owners of the parent 1,158,601 1,109,903   48,698
Non-controlling interests 90,896  76,513  14,383
Equity   1,249,497  1,186,416  63,081 
Net financial position 378,644  89,224   289,420
Total financial resources 1,628,141   1,275,640 352,501 

(*) Receivables are shown net of €46,2 (€65,9 million at December 31,2014) classified in net financial posiyion 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 equivalents or financial debt with SPVs.

Net Financial Position of Salini Impregilo Group

Thousand €
June 30, 2015 December 31, 2014Change
Non current financial assets 106,673 89,124 17,549
Current financial assets 130,537 156,908 (26,371)
Cash and cash equivalents 983,451 1,030,925 (47,474)
Total cash and cash equivalents and other financial assets 1,220,661 1,276,957 (56,296)
Bank and other loans (484,987) (456,209) (28,778)
Bonds (395,138) (394,326) (812)
Finance lease payables (96,302) (102,310) 6,008
Total non-current indebtedness (976,427) (952,845) (23,582)
Current portion of bank loans and current account facilities (434,672) (247,522) (187,150)
Current portion of bond issues (181,142) (166,292) (14,850)
Current portion of finance lease payables (48,474) (60,231) 11,757
Total current indebtedness (664,288) (474,045) (190,243)
Derivative assets 2 0 2
Derivative liabilities (4,772) (5,244) 472
Financial assets held by SPVs and unconsolidated project companies(*) 46,180 65,953 (19,773)
Total other financial assets (liabilities) 41,410 60,709 (19,299)
Total net financial position – continuing operations (378,644) (89,224) (289,420)
Net financial position for assets held for sale (55,565) (81,292) 25,727
Net financial position including non-current assets held for sale (434,209) (170,516) (263,693)

(*) This item reflects the Group credit/debt net position towards consortia and consortium companies operating cost recharging and not included in the consolidation group. The credit/debt net position is included in this item in proportion to the actual liquidity or debt resulting in the SPV. In financial statement receivables and payables that form the balance of this item are respectively included in the trade receivables and trade payables.

2014-2017 Business Plan Targets and Strategy update

2015 Guidance & Business Plan Targets

Reconfirmed 2014 –2017 Business Plan Targets

Download

Milan, 07 August 2015 Half-Year Financial Report at 30 June 2015 6 Mb
Milan, 03 August 2015 1H 2015 Financial Results Presentation 1,5 Mb
Milan, 03 August 2015 First-Half 2015 Consolidated Financial Results 0.5 Mb
Milan, 03 August 2015 1H 2015 Financial Results - Conference Call