Webuild Spa · MIL:WBD
Webuild Spa — Salini Impregilo — H1 2015 Earnings Presentation
19 slides from Webuild Spa's earnings presentation, Aug 3, 2015
Slide 1: First Half 2015 Financial Results
First Half 2015 Financial Results 3 August 2015 we build value
Slide 2: Agenda – First Half 2015 Financial Results
Agenda – First Half 2015 Financial Results ■ Strategy and Business Update Pietro Salini Chief Executive Officer ■ Financial Update Massimo Ferrari General Manager Finance & Corporate Group CFO ■ Closing Remarks Pietro Salini Chief Executive Officer 1H 2015 Financial Results 2
Slide 3: New Orders Evolution
New Orders Evolution 2015 New Orders & Acquisitions 2015 Construction Orders target: in line with 2014 Approx. 76% of 2015 order intake target already achieved (€/million) Contract Awards 157 4,530 Share Increases 1,344 Signed 2 exclusive MoUs Variation Orders 1,319 totaling $4 billion in 1H 2015, o
Slide 4: Backlog Evolution
Backlog Evolution Projects completed in 2015 Total Backlog Increase (€/billion) Lowering Country Risk * ITALY Pedemontana Pedemontana LombardaLombarda Motorway Motorway 32.4 33.3 7.2 > 93% of Ongoing Activities addressed in 7.1 countries with a medium / low country risk ITALY 25.3 26.1 LOW MEDIUM HI
Slide 5: BP Revenues Coverage Almost Completed
BP Revenues Coverage Almost Completed Business Plan Revenues Backlog Coverage 20 € billion 8% Actual Backlog covers more than 92% of 15 Business Plan revenues 10 New Order 92% 17% Backlog 5 3% A high level of visibility of 97% 83% future revenues 100% 0 2015 2016 2017 15 - 17 * (*) Includes €200 mil
Slide 6: Financial Update
Financial Update Massimo Ferrari General Manager Finance & Corporate Group CFO New Gerald Desmond Bridge - California 1H 2015 Financial Results 6
Slide 7: Financial Highlights
Financial Highlights €/million 1H 2014* 1H 2015 Change Revenues 2,136.6 2,199.5 2.9% EBITDA 197.4 229.3 16.2% Ebitda margin 9.2% 10.4% Revenues growth: +20% Q2 vs. Q1 2015 1H 2015 Revenues by Geography EBIT 114.1 128.5 12.6% +2.9% vs. 1H 2014 Ebit margin 5.3% 5.8% Middle East Italy 16% 15% Net profi
Slide 8: FY 2015 Revenues Evolution
FY 2015 Revenues Evolution >15% 4,194 Fully on track to achieve +11% 3,789 Revenues target of 15% yoy growth 2H 2015 Revenues growth driven by major projects: Ethiopia Metro Riyadh, Cityringen Denmark Milan – Genoa High Speed Railway FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q
Slide 9: P&L Bridge
P&L Bridge 229 (101) EBITDA margin 10.4% (21) 129 EBIT margin 5.8% (35) Both in line with FY 2015 targets (12) (7) 53 Both margins include €6 million of non-recurring costs to realize future synergies EBITDA D&A EBIT Net Financing Income tax Profit from Minorities Net Income costs and net expense di
Slide 10: Net Financial Position
Net Financial Position June December € million 2015 2014 Cash & Cash Equivalents 983 1,031 Other Financial Assets 237 246 M/L Bank debt renegotiation Total Cash & Other Financial Assets 1,221 1,277 closed successfully in 2Q Gross Debt 2015 Bank Loan (920) (704) Bond (576) (561) Leasing (145) (163) N
Slide 11: Cash-flow 1H 2015
Cash-flow 1H 2015 1H 2015 Working Capital increase due to: business expansion and share acquisition Consistent reduction of Financial Expenses includes the consolidation of €30mn of Seli Tunneling TBM’s in Denmark Includes additional €35 due to the change of perimeter 1H 2015 Financial Results 11
Slide 12: Closing Remarks
Closing Remarks Pietro Salini Chief Executive Officer Sogamoso Hydroelectric Plant - Colombia 1H 2015 Financial Results 12
Slide 13: 2014 – 2017 BP Targets and Strategy Update
2014 – 2017 BP Targets and Strategy Update 2014 2015 2017 Reconfirmed 2014 – 2017 Guidance Guidance Targets Business Plan Targets +10% >15% €7B Revenues M&A strategy and update EBITDA EBITDA >10% ~ 10.5% ~ €800M margin Synergies to improve Ebit margin EBIT EBIT >5% ~ 5.5% ~ €500M margin Ebit margin
Slide 14: Financial Appendix
Financial Appendix Al Bayt stadium – Qatar 1H 2015 Financial Results 14
Slide 15: Income Statement
Income Statement Reclassified Income Statement of Salini Impregilo Group 1H 2015 1H 2014 (*) Change Thousand € 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 2
Slide 16: Statement of Financial Position
Statement of Financial Position Reclassified Consolidated Statement of Financial Position of the Salini Impregilo Group Thousand € 30 June 2015 31 December 2014 change 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
Slide 17: Net Financial Position
Net Financial Position Net Financial Position of Salini Impregilo Group €/000 30 June 2015 31 December 2014 Change 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
Slide 18: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about Salini Impregilo’s financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncert
Slide 19: impact ZB
=. impact ZB Ce we build value