Salini Impregilo

Consolidated Financial Results
9M 2015

 

 

 

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Pietro Salini, Amministratore Delegato di Salini Impregilo

After the completion of the merger between Salini and Impregilo in January 2014, we demonstrated our ability to integrate businesses, to create value for our shareholders and to achieve our business plan target, profit and enhancement of human resources.

Pietro Salini, CEO
Salini Impregilo

Highlights

Revenues
€ 3,4 bln
+8.4% vs. 9M 2014
EBITDA
€ 340.4 mln
+11.1% vs. 9M 2014
EBIT
€ 185.2 mln
+2.6% vs. 9M 2014
Net Profit
€ 80.2 mln
(27.5%) vs. 9M 2014
Net Profit from cont. operations
€ 87.8 mln
+94.0% vs. 9M 2014

September 2015 - Construction backlog and revenues by geographic area

Construction backlog

italy 33%
Europe 9%
Americas 12%
Africa 22%
Asia & Australia 3%
Middle East 21%

9M 2015 Revenues

Italy 13%
Europe 19%
Americas 15%
Africa 26%
Asia & Australia 10%
Middle East 17%

Total Backlog Increase

Dec 2014

Sep 2015

Billion of Euro


Financial data

Reclassified income statement of the Salini Impregilo Group

Thousand €Jan-Sep 2015Jan-Sep 2014 (*)change
Operating revenue 3,285,006 3,043,977 241,029
Other revenue 82,485 62,623 19,862
Total revenue 3,367,491 3,106,600 260,891
Costs (**) (3,027,132) (2,800,291) (226,841)
Gross operating profit 340,359 306,309 34,050
Gross operating profit % 10.1% 9.9%
Amortisation and deprecation (155,203) (125,863) (29,340)
Operating profit (loss) 185,156 180,446 4,710
Return on Sales % 5.5% 5.8%
Net financing costs (59,275) (114,749) 55,474
Net gains on investments (392) 5,790 (6,182)
Net financing costs and net gains on investments (59,667) (108,959) 49,292
Profit (loss) before tax 125,489 71,487 54,002
Income tax expense (37,647) (26,201) (11,446)
Profit (loss) from continuing operations 87,842 45,286 42,556
Profit from discontinued operations (7,655) 65,265 (72,920)
Profit (loss) for the period 80,187 110,551 (30,364)
Non-controlling interests (11,407) (2,276) (9,131)
Profit (loss) for the period attributable to the owners of the parent 68,780 108,275 (39,495)

(*) The income statement data for the first 9 months of 2014 were reclassified in accordance with IFRS 5 according the new transfer perimeter of the Todini Costruzioni Generali Group. The restatement concerned the adoption of IFRS 10 and 11 standards according to the modalities followed in the consolidated financial statements as at December 31, 2014.
(**) They include provisions and impairment losses for € 5,875 thousands

Reclassified consolidated balance sheet of the Salini Impregilo Group

Thousand €September 30, 2015December 31, 2014change
Non-current assets 897,621 832,355 65,266
Non-current assets held for sale, net 68,740 84,123 (15,383)
Provisions for risks (106,515) (97,527) (8,988)
Post-employment benefits and employee benefits (22,776) (23,320) 544
Net tax assets 180,584 148,698 31,886
Inventories 276,817 262,740 14,077
Contract work in progress 1,698,957 1,252,769 446,188
Progress payments and advances on contract work in progress (1,761,048) (1,725,884) (35,164)
Receivables (*) 1,645,556 1,614,350 31,206
Payables (1,521,495) (1,426,743) (94,752)
Other current assets 570,351 689,997 (119,646)
Other current liabilities (326,942) (335,918) 8,976
Working capital 582,196 331,311 250,885
Net invested capital 1,599,850 1,275,640 324,210
Equity attributable to the owners of the parent 1,147,041 1,109,903 37,138
Non-controlling interests 95,479 76,513 18,966
Equity 1,242,520 1,186,416 56,104
Net financial position 357,330 89,224 268,106
Total financial resources 1,599,850 1,275,640 324,210

(*) The Receivables items is considered net of € 35.0 million (€65.9 millionas at December 31,2014) classified in the net financial position, referred to the net receivables/payables financial position of the Group towards Consortiums and Consortium Companies (SPV) that function through cost transfers and the are not included within in the Group's consolidation scope. The net receivables/payables position is included in the net financial position based on the actual liquidity or indebtness owned by the SPV.

Net financial position of the Salini Impregilo Group

Thousand €September 30, 2015December 31, 2014change
Non-current financial assets 100,015 89,124 10,891
Current financial assets 220,379 156,908 63,471
Cash and cash equivalents (*) 995,221 1,030,925 (35,704)
Total cah and cash equivalents and other financial assets 1,315,615 1,276,957 38,658
Bank and other loans (520,569) (456,209) (64,360)
Bonds (395,842) (394,326) (1,516)
Finance lease payables (98,100) (102,310) 4,210
Total non current indebteness (1,014,511) (952,845) (61,666)
Current portion of bank loans and current accounts facilities (479,254) (247,522) (231,732)
Current portion of bonds (163,794) (166,292) 2,498
Current portion of finance lease payables (45,950) (60,231) 14,281
Total current indebteness (688,998) (474,045) (214,953)
Derivative assets 5 0 5
Derivative liabilities (4,486) (5,244) 758
Financial assets held by SPVs and unconsolidated project companies (**) 35,045 65,953 (30,908)
Total other financial assets (liabilities) 30,564 60,709 (30,145)
Total net financial position-continuing operations (357,330) (89,224) (268,106)
Net financial position for assets held for sale (71,090) (81,292) 10,202
Net financial position including non-current assets held for sale (428,420) (170,516) (257,904)

(*) It includes the amount of € 77.3 million of tied-up liquidity of the Cavtomi Consortium, due to a litigation.
(**) This item acknowledges the net credit/debit position of the Group towards Consortiums and Consortium Companies ("SPVs") functioning through cost transfers and not included in the consolidation scope of the Group. The net credit standing and debt position is included in the item in the amount corresponding to the actual liquidity or indebtedness owned by the SPV. The receivables and payables that compose the balance of the item are respectively included among the commercial credit and commercial debts.

2015 Guidance & Business Plan Targets

2015 Guidance & Business Plan Targets

Reconfirmed 2014 –2017 Business Plan Targets

Download

Milan, 14 November 2015 Interim Report on Operations as at September 30 2015 0.5 Mb
Milan, 12 November 2015 Consolidated Financial Results 9 Months 2015 0.5 Mb
Milan, 12 November 2015 9 Months 2015 Financial Results & Strategy Evolution 1.5 Mb
Milan, 12 November 2015 9 Months 2015 Financial Results & Strategy Evolution - Conference Call