Salini Annual Report 2013

2 2017
2 2016
4 2015
4 2014
3 2013
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Salini Impregilo

2017
1 FY
1H

FY
Interactive KPIs

2016
7 FY
6 1 H

FY
HOME
Letter to Shareholders
Solid Strategy
Solid Growth
Solid Future
Solid World
Consolidated Statements

1 H
Company officers
Key events of the period
Financial highlights
Interactive KPI
9 Directors’ report
9 Consolidated financial statements

Directors’ report
2 The Group’s performance in the first half of 2016
8 The Group’s financial position
4 Performance by geographical segment
2 Business risk management
5 Human resources and organisation
Events after the reporting period
Outlook
Alternative performance indicators
Other information

The Group’s performance in the first half of 2016
Analysis of Salini Impregilo Group’s financial position and results of operations for the six months
6 Group performance

Group performance
Revenue
Operating profit
Financing income (costs) and gains (losses) on investments
Income tax expense
Loss from discontinued operations
Non-controlling interests

The Group’s financial position
Net invested capital
Non-current assets
Goodwill
Non-current assets (liabilities) held for sale
Provisions for risks
Net tax assets
Working capital
Net financial indebtedness

Performance by geographical segment
Italy
9 Abroad
Concessions
Order backlog

Abroad
United States
Australia
Saudi Arabia
Qatar
Ethiopia
Nigeria
Venezuela
Peru
Denmark

Business risk management
Main risk factors and uncertainties
Country risk

Human resources and organisation
Organisation
Training
Attraction and development of talent
Remuneration policies and Performance management
Principal labour relations

Consolidated financial statements
Statement of financial position
Income statement
Statement of comprehensive income
Statement of cash flows
Statement of changes in equity
Notes to the condensed interim consolidated financial statements
Consolidation scope
Statement on the condensed interim consolidated financial statements
Independent Auditor’s Report

2015
8 FY
9M
5 1H
1Q

FY
Letter of the CEO to the Shareholders
Company Officers
World Presence and Group Mission
Financial Highlights
Interactive KPI 2015
12 Directors’ report
8 Consolidated financial statements at December 31, 2015
8 Separate financial statements of Salini Impregilo S.p.A. at December 31, 2015

Directors’ report
5 Performance of the Group and the Parent Company in 2015
2 Operating performance by geographic region
1 Risk management system
Sustainability Business Model
6 Human resources and organization
2 Quality, safety and the environment
Events occurring after the end of the reporting period
Business outlook for the current year
Report on corporate governance and the ownership structure
Alternative performance indicators
Other information
Proposal by the Board of Directors to the Shareholders of Salini Impregilo S.p.A.

Performance of the Group and the Parent Company in 2015
Analysis of the financial position and results of operations
6 Group performance
2 Financial position of the Group
Performance of the Parent Company Salini Impregilo S.p.A.
Financial position of the Parent Company Salini Impregilo S.p.A.

Group performance
Revenue
Operating profit
Financing income (costs) and gains (losses) on investments
Income taxes
Profit (loss) from discontinued operations
Non-controlling interests

Financial position of the Group
Net invested capital
Net financial position

Operating performance by geographic region
Italy
13 International Operating Sector

International Operating Sector
Saudi Arabia
Qatar
Ethiopia
Nigeria
Venezuela
Panama
Perù
United States
Denmark
Poland
Australia
Concessions
Order portfolio

Risk management system
1 Main risk factors and uncertainties

Main risk factors and uncertainties
Claims

Human resources and organization
Organization
Training
Attraction and development of talent
Remuneration Policies and Performance Management
News concerning trade union aspects at the national level
Trade union relations

Quality, safety and the environment
Environmental protection
1 Employee health and safety

Employee health and safety
Safety numbers

Consolidated financial statements at December 31, 2015
Consolidated statements of financial position
Income statement
Statement of comprehensive income
Statement of cash flows
Statement of changes in equity
Notes to the consolidated financial statements
Intragroup transactions, Equity investments, Scope of Consolidation
Statement on the consolidated financial statements

Separate financial statements of Salini Impregilo S.p.A. at December 31, 2015
Statements of financial position
Income statement
Statement of comprehensive income
Statement of cash flows
Statement of changes in equity
Notes to the separate financial statements
Intragroup transactions, Equity investments
Statement to the Financial Statements

1H
Company Officers
Financial Highlights
2015 Interactive KPI
7 Directors’ Report
9 Consolidated financial statements

Directors’ Report
4 Performance of the Group’s operations
31 Operating Performance of the Main Projects and Order Backlogs
6 Human resources and organisation
Significant events
Outlook
Other information
Alternative performance indicators

Performance of the Group’s operations
Macroeconomic scenario and reference markets
Analysis of the income statement and statement of financial position
6 Group performance
8 Financial position of the Group

Group performance
Revenue
Operating profit
Financing income (costs) and gains (losses) on investments
Income taxes
Profit (loss) from discontinued operations
Non-controlling interests

Financial position of the Group
Net invested capital
Property, plant and equipment, intangibles and non-current financial assets
Non-current assets (liabilities) held for sale
Provisions for risks
Post-employment benefits and employee benefits
Net tax assets (liabilities)
Working capital
Net financial position

Operating Performance of the Main Projects and Order Backlogs
Italy
Greece
Denmark
Romania
Poland
Austria
Turkey
Belarus
Malaysia
Kazakhstan
United Arab Emirates
Qatar
Saudi Arabia
Libya
South Africa
Ethiopia
Nigeria
Namibia
Sierra Leone
Zimbabwe
United States
Venezuela
Panama
Colombia
Chile
Argentina
Australia
Order Backlog
Concessions
Acquisition of new orders
Risk areas and Litigation

Human resources and organisation
Organization
Training
Attraction and development of talent
News concerning trade union aspects at the national level
Industrial relations and management of headquarters personnel
Industrial relations and management of operational project personnel

Consolidated financial statements
Statement of financial position
Consolidated income statement
Statement of comprehensive income
Statement of cash flows
Statement of changes in consolidated equity
Notes to the consolidated financial statements
Scope of Consolidation
Statement on the Condensed consolidated interim financial statements
Auditors’ Report

2014
7 FY
5 9M
5 1H
5 1Q

FY
Company officers
CEO’s Letter to Shareholders
Financial highlights
2014 Interactive KPI
12 Directors’ Report
8 Consolidated financial statements at December 31, 2014
8 Separate financial statements of Salini Impregilo S.p.A. at December 31, 2014

Directors’ Report
6 Performance of the Group and the Parent Company in 2014
31 Operating performance by geographic region
2 Non-current assets held for sale and discontinued operations
Sustainability Model
7 Human resources and organization
2 Quality, safety, the environment
Events occurring after the end of the reporting period
Business outlook for the current year
Other information
Alternative performance indicators
18 Report on corporate governance and the ownership structure
Proposal by the Board of Directors to the Shareholders of Salini Impregilo S.p.A.

Performance of the Group and the Parent Company in 2014
Macroeconomic scenario and principal markets
Analysis of the income statement and statement of financial position of the Salini Impregilo Group and the Parent Company.
4 Operating performance of the Group
2 Financial position of the Group
Performance of the Parent Company Salini Impregilo S.p.A.
Financial position of the Parent Company Salini Impregilo S.p.A.

Operating performance of the Group
Revenue
Operating profit
Financing income (costs) and gains (losses) on investments
Profit (loss) from discontinued operations

Financial position of the Group
Net invested capital
Non-current assets (liabilities) held for sale

Operating performance by geographic region
Italy
Greece
Denmark
Romania
Poland
Turkey
Belarus
Malaysia
Kazakhstan
United Arab Emirates
Qatar
Saudi Arabia
Libya
South Africa
Ethiopia
Nigeria
Namibia
Sierra Leone
Zimbabwe
United States
Venezuela
Expansion of the Panama Canal
Colombia
Chile
Argentina
Australia
Order backlog
Concessions
Acquisition of new orders
Risk areas
Other activities

Non-current assets held for sale and discontinued operations
Part one - SUW Campania Projects
Part two - Todini Costruzioni Generali Group

Human resources and organization
Organization
Training
Attraction and development of talent
News concerning trade union aspects at the national level
Industrial relations and management of headquarters personnel
Industrial relations and management of operational project personnel
Subsequent events

Quality, safety, the environment
Environmental protection
Safety numbers

Report on corporate governance and the ownership structure
1. Issuer profile
2. Information on the ownership structure (Article 123-bis.1 of TUF) as at March 19, 2015
3. Compliance (Article 123-bis.2.a) of TUF)
4. Board of Directors
5. Handling of company information
6. Board Committees (Article 123-bis.2.d) of TUF)
7. Nominating Committee
8. Compensation Committee
9. Directors' Remuneration
10. Control and Risk Committee
11. Internal Control and Risk Management System
12. Directors' interests and related party transactions
13. Appointment of statutory auditors
14. Composition and duties of the Board of Statutory Auditors (Article 123-bis.2.d) of TUF
15. Investor Relations
16. Shareholders' Meetings (Article 123-bis.2.c) of TUF)
17. Additional Corporate Governance practices (Article 123-bis.2.a) of TUF)
18. Changes since year end

Consolidated financial statements at December 31, 2014
Consolidated statement of financial position
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of cash flows
Statement of changes in consolidated equity
Notes to the Consolidated financial statements
Intragroup Transactions, Equity Investments, Scope of Consolidation
Statement on the consolidated financial statements

Separate financial statements of Salini Impregilo S.p.A. at December 31, 2014
Statement of Financial position of Salini Impregilo S.p.A.
Income statement of Salini Impregilo S.p.A.
Statement of comprehensive income
Statement of cash flows
Statement of changes in equity
Notes to the financial statements
Intragroup transactions, Equity investments
Statement on the separate financial statements

9M
Financial highlights
Corporate bodies
2 Report on operations
6 Financial statements
4 Other info

Report on operations
4 I - Performance of the Group’s operations for the first nine months of 2014
13 II - Operating performance by geographic region

I - Performance of the Group’s operations for the first nine months of 2014
Macroeconomic Scenario
Analysis of the income statement and statement of financial position
Operating performance of the Group
Financial position

II - Operating performance by geographic region
Italy
European Union
Other non-EU countries
Asia
Middle East
Africa
North America
Latin America
Oceania
Order backlog
Acquisition of new orders
Risk areas
Other activities

Financial statements
Consolidated statement of financial position
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of cash flows
Consolidated income statement by geographical region
Consolidated statement of financial position at September 30, 2014 by geographic region

Other info
2 Non-current assets held for sale and discontinued operations
Events occurring after the end of the period
Business outlook for the current year
Other information

Non-current assets held for sale and discontinued operations
USW Campania Projects
Todini Costruzioni Generali Group

1H
Financial highlights
Corporate bodies
2 Report on operations
7 Financial statement
4 Other info

Report on operations
4 I - Performance of the Group's operations in the first half of 2014
13 II - Operating performance by geographic region

I - Performance of the Group's operations in the first half of 2014
Macroeconomic Scenario
Analysis of the income statement and statement of financial position
Operating performance of the Group
Financial position

II - Operating performance by geographic region
Italy
European Union
Other non-EU countries
Asia
Middle East
Africa
North America
Latin America
Oceania
Order backlog
Acquisition of new orders
Other activities
Risk areas

Financial statement
Consolidated statement of financial position
Consolidated income statement
Consolidated statement of comprehensive Income
Consolidated statement of cash flows
Statement of changes in consolidated equity
Notes
Attachments

Other info
3 Non-current assets held for sale and discontinued operations
Events occurring after June 30, 2014
Business outlook for the balance of the current year
Other information

Non-current assets held for sale and discontinued operations
3 USW Campania Projects
Todini Costruzioni Generali Group
Fisia Babcock Environment GmbH

USW Campania Projects
Overview of the main events that occurred up to December 31, 2013
Litigation currently pending for the USW Campania Projects
Assessment by the Board of Directors regarding the status of the USW Campania Projects at June 30, 2014

1Q
Financial highlights
Corporate bodies
2 Report on operations
5 Financial statements
4 Other info

Report on operations
5 I - Performance of the Group’s operations in the first quarter of 2014
13 II - Operating performance by geographic region

I - Performance of the Group’s operations in the first quarter of 2014
Macroeconomic scenario
Relevant markets
Analysis of the income statement and statement of financial position of the Salini Impregilo Group
Operating performance of the Group
Financial position of the Group

II - Operating performance by geographic region
Italy
European Union
Other non-EU countries
Asia
Middle East
Africa
North America
Latin America
Australia
Order backlog
Acquisition of new orders
Segment’s risk areas
Other activities

Financial statements
Consolidated statement of financial position
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of cash flows
Accounting standards and valuation criteria

Other info
3 Non-current assets held for sale and discontinued operations
Other information
Events occurring after March 31, 2014
Business outlook for the balance of the current year

Non-current assets held for sale and discontinued operations
3 USW Campania Projects
Tondini Costruzioni generali Group
Fisia Babcock Environment G.m.b.H.

USW Campania Projects
Overview of the main events that occurred up to December 31, 2013
Litigation currently pending for the USW Campania Projects
Assessment by the Board of Directors regardind the status of the USW Campania Projects at March 31, 2014

2013
Salini Impregilo Pro-Forma
5 Salini
6 Impregilo

Salini
Highlights
Corporate bodies
3 Director’s Report
3 Consolidated financial statements
3 Separate financial statements

Director’s Report
6 Group summary
7 Operating performance
Other information

Group summary
Macroeconomic scenario and reference markets
Sustainable development
Quality, Safety and Environment
Corporate Governance
Human Resources
Creating a Campione Nazionale®

Operating performance
6 Analysis of income, financial position and cash flow
Portfolio of work in hand
3 Construction Sector
Concessions
1 Plants segment
Non-current assets held for sale
Salini S.p.A.

Analysis of income, financial position and cash flow
Summary of consolidated financial information
Group reclassified income statement
Economic and operating performance
Reclassified statement of financial position
Financial results
Net financial position

Construction Sector
Foreign
Italy
Risk areas of the industry

Plants segment
Risk areas of the industry

Consolidated financial statements
5 Consolidates statements
Notes to the consolidated financial statements
Statements and reports

Consolidates statements
Consolidated statement of income
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows

Separate financial statements
5 Separate statements
Notes to the financial statements
Statements and reports

Separate statements
Income statement
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows

Impregilo
Group highlights
Corporate bodies
Group structure
2 Directors’ report
3 Consolidated statements
3 Separate statements

Directors’ report
6 Part I
9 Part II

Part I
Performance of the Group and the Parent Company in 2013
Analysis of Impregilo group’s and parent’s financial position and results
Performance
The group’s financial position
Performance of the parent Impregilo S.p.A.
Financial position of the parent Impregilo S.p.A.

Part II
4 Performance by business segment
3 Non-current assets held for sale
Human resources and organisation
3 Safety, the environment and quality
Events after the reporting period
Outlook
Other information
18 Report on corporate governance and the ownership structure
Proposal by the Board of Directors to the shareholders of Impregilo S.p.A.

Performance by business segment
Corporate
5 Construction
Concessions
4 Engineering & Plant Construction

Construction
Italy
Abroad
Order backlog
Acquisition of new contracts
Risk areas

Engineering & Plant Construction
Order backlog
Acquisition
Risks areas
Impregilo group risk management

Non-current assets held for sale
Campania USW projects: summary of events up to 31 December 2013
The litigation currently pending for the Campania USW Projects
The directors' assessment of the situation at 31 December 2013

Safety, the environment and quality
The Sustainability Strategy
Environmental sustainability
Our social responsibility

Report on corporate governance and the ownership structure
Issuer profile
Information on the ownership structure (article 123-bis.1 of the Consolidated Finance Act) at 19 March 2014
Salini Impregilo has complied with the requirements of the original version of the Code of Conduct issued by the Committee for C
Board of directors
Treatment of company information
Board committees (article 123-bis.2.d) of the Consolidated Finance Act)
Appointment committee
Remuneration committee
Directors' remuneration
Risk and control committee
Internal controls and risk management
Directors' interests and related party transactions
Appointment of statutory auditors
Composition and working of the Board of Statutory Auditors (article 123- bis.2.d) of the Consolidated Finance Act)
Investor relations
Shareholders' meetings (article 123-bis.2.c) of the Consolidated Finance Act)
Additional corporate governance practices (article 123-bis.2.a) of the Consolidated Finance Act)
Changes since year end

Consolidated statements
4 Consolidated financial statements position
Notes to the consolidated financial statements
Consolidated financial statements of Impregilo Group

Consolidated financial statements position
Consolidated statement of financial position
Consolidated income statement
Consolidated statement of cash flows
Statement of changes in consolidated equity

Separate statements
4 Separate financial statements position
Notes to the separate financial statements
Separate financial statements of Impregilo Group

Separate financial statements position
Separate statement of financial position
Income statement
Statement of cash flows
Statement of changes in equity

Salini Impregilo
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Salini Impregilo S.p.A. a Company subject to direction and coordination of Salini Costruttori S.p.A. | Share Capital € 600,000,000.00 Headquarters: Via dei Missaglia, 97 - 20142 Milano | Tel: +39.02.444 22111 - F +39 06 677626288 Milan Monza Brianza Lodi Business Registry and tax identification number 00830660155 - VAT 02895590962 - Copyright © 2014 Salini Impregilo. All Rights Reserved.

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