Directors’ report


Group activities in this business segment relate to the management of investments in numerous subsidiaries and other investees, which hold concessions mainly for the management of motorway networks, plants that generate energy from renewable sources, electric power 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 subholding company wholly owned by Impregilo S.p.A., which coordinates the segment.

In line with the Group’s new strategies charted out in the second half of 2012, followed by preparation of the 2013-2015 business plan, approved in December 2012, the Concessions segment took steps to leverage its main assets that are no longer considered strategic for the group’s core business. Accordingly, at the start of the first quarter of 2013, the Group finalised the disposal of its investment in the jointly controlled Brazilian group EcoRodovias Infraestrutura e Logistica S.A. (originally 29.74% of the holding company) held by Impregilo International Infrastructures.

Also as part of the leveraging process above, in late November, 2013, the sale was finalised for the investments in the Tangenziali Esterne di Milano S.p.A. Company (“TEM”), equivalent to 3.74% of the share capital, for a consideration of €4.7 million and Tangenziale Esterna S.p.A. (“TE”), equivalent to 17.77% of the share capital, for a consideration of €39.1 million, both to ITINERA S.p.A. (Gavius Group). This agreement also provides for the leveraging of works in progress for about €23.2 million through the sale of equity investments held by Impregilo in the Costruttori TEEM Consortium, for a consideration of about €13.4 million, and in Lambro Scarl, for a consideration of about €9.8 million.

Taking into account that the operational activities in its portfolio consist primarily of minority investments, and that the most significant and recently acquired ones (i.e., ‘Ruta del Sol’ – Colombia, Milan Metro 4 Line – Italy, etc.) are still under construction, the Concessions segment did not reveal significant levels of activity in 2013, with revenues of €15.7 million.

The following tables summarise the key figures of the Concessions order backlog at year-end, broken down by business segment.


CountryConcessionaire Company% heldTotal kmStageStart dateEnd date
Italy Broni-Mortara 61.08 50 Not yet operational
Passante Dorico S.p.A. - Connection to Port of Ancona 47.00 11 Not yet operational
Argentina Iglys S.A. 98.00 Holding co.
Autopistas del Sol 19.82 120 Operational 1993 2020
Puentes del Litoral S.A. 26.00 59.6 Operational 1998 2023
Mercovia S.A. 60.00 18 Operational 1998 2023
Colombia Yuma Concessionaria S.A. (Ruta del Sol) 40.00 465 Operational 2011 2036

Metro lines

CountryConcessionaire Company% heldtotal kmstagestart dateend date
Italy Milan Metro Line 4 31.05 15 Not yet operational    

Power from renewable sources

 Country   Concessionaire Company   % held   Installed capacity   Stage  Start dateEnd date
 Argentina    Yacilec S.A.   18.67 T line  Operational   1994 2088
   Enecor S.A.   30.00 T line  Operational   1992 2088

Integrated water cycle

CountryConcessionaire Company% heldPop. servedStageStart dateEnd date
Argentina Aguas del G. Buenos Aires S.A. 42.58 210,000 Liquidation
Peru Consorcio Agua Azul S.A. 25.50 740,000 Operational 2002 2027


CountryConcessionaire Company% heldNo. of bedsStageStart dateEnd date
United Kingdom Impregilo Wolverhampton Ltd. 20.00 150,000 visits Operational 2002 2032
Ochre Solutions Ltd. 40.00 220 Operational 2005 2038
Impregilo New Cross Ltd. 100.00 Holding co.

Car parks

Country Concessionaire Company% held Pop. servedStage Start date End date
United Kingdom Impregilo Parking Glasgow Ltd. 100.00 1400 Operational 2004 2034

The concessions backlog consists of two main areas of operation referring to some investments in concessionaires that operate and are based in Argentina, Peru and the United Kingdom, and to so-called “green field” initiatives that comprise motorway infrastructure projects in Italy and Peru, whose operational activities will be reflected only in future financial years, as construction activities are still ongoing.

The following part of this section provides a summary of the main initiatives of the Concessions sector that are still in the portfolio, broken down by main country of operation.


The Group operates in the “Concessions” segment in Argentina through its subsidiary Mercovia SA and certain other investments in associates and minority investments.

The subsidiary Mercovia continued its activities with substantially balanced results, while with reference to the associate Puentes del Litoral SA, negotiations are still ongoing aimed at renegotiating the economic terms of the concession contract.


In the domestic market, the “Concessions” segment is engaged in three recent major projects, whose construction activities are not fully operational yet. These are:

  1. Milan Metro Line 4 The project involves the construction of a new metro line in the city of Milan, in the Linate/Lorenteggio direction. The subsidiary Impregilo is participating in the concession with a 29% share.
  2. Broni – Mortara Motorway: The project involves the design, construction and operation for 43 years of a new 50-km stretch of motorway between Lombardy and Piedmont. The subsidiary Impregilo is participating in the concession with a 61.08% share.
  3. Port of Ancona: the project refers to the construction and operation for 30 years of the road link between the Port of Ancona, the A14 motorway and Adriatica Highway 16. The new road stretches about 11 km, including main roads and link roads, and the Group is participating with a 47% share.