Slide 1: First Half 2020 Financial Results
Genoa Bridge, Italy First Half 2020 Financial Results 30 July 2020
Slide 2: Agenda
Agenda Business update Pietro Salini Chief Executive Officer Financial Update Massimo Ferrari General Manager Corporate and Finance Q&A 2
Slide 3: Highlights
Highlights Key Facts Significant progress for Progetto Italia: acquisition of Astaldi, to be finalized in 2020, accretive to Groups’ financial results Positive turning point for the infrastructure sector in Italy; New Genoa Bridge: a virtuous model based on quality & speed of execution Solid, divers
Slide 4: Prompt response to COVID-19 in a challenging environment
Prompt response to COVID-19 in a challenging environment PEOPLE & LOCAL COMMUNITY OPERATIONS LIQUIDITY Distributed adequate personal Infrastructure building deemed ~€750m prudentially available protection equipment essential - activity maintained at cash at corporate level; €1.3bn most construction
Slide 5: Positive turning point for the infrastructure sector in Italy
Positive turning point for the infrastructure sector in Italy Key Facts 1H 2020 Webuild Key Achievements in Italy Progetto Italia Genoa Bridge ◼ Completion of the new Genoa Bridge in Completion record time ◼ Final Court approval of Astaldi composition ◼ Unblocking of Ionian highway and of Genoa with
Slide 6: Final Approval of Astaldi Composition with Creditors
Final Approval of Astaldi Composition with Creditors Key Facts Key milestones Astaldi acquisition Astaldi applies for Court admits Astaldi to the Astaldi is granted financial Webuild makes an offer for composition with creditors composition with creditors package. Webuild’s €600m Astaldi under the I
Slide 7: Geographical diversification limiting Covid-19 impact
Geographical diversification limiting Covid-19 impact Revenues by geography 1H 2019 1H 2020 30% 28% 22% 18% 19% 18% 13% 12% 9% 10% 7% 8% 3% 3% North America Italy Europe Middle East Asia & Australia Africa LatAm Resilient business Slowdown/short Slow & shutdowns Containment Australia slightly Busine
Slide 8: Sizeable backlog, well diversified by activities, geographies & risk profile
Sizeable backlog, well diversified by activities, geographies & risk profile Key Facts Construction Backlog by geography Construction Backlog by activity South America; 9% €27.4bn North Italy; 27% Clean Hydro Low carbon; 60% America; 13% Energy; 27% Construction backlog Sustainable Mobility; 54% Eur
Slide 9: Intense commercial activity and disciplined bidding approach
Intense commercial activity and disciplined bidding approach Key Facts New orders €1.94bn New Orders YTD(1) Lyon–Turin puits d'Avrieux Genoa railway hub Europe €11.6bn North America €1.2 bn (+50%)(2) awaiting €0.1 bn outcome of which €0.2bn Balls Ford Road Interchange and Widening King Faisal Air Ac
Slide 10: Commercial pipeline at €40bn
Commercial pipeline at €40bn Key Facts Improved bid selection, based on client reliability and our execution capability (€bn) Reliability ~€645bn Selected market ’20-’22 (1) Core addressable commercial activity filter Capability filter Selcted market ’20-’22(1) t 189.1 tt t ~€110bn Selected mkt sele
Slide 11: Financial Update
Agenda Financial Update Massimo Ferrari General Manager Corporate and Finance 11
Slide 12: 1H 2020 Operating Results affected by Covid-19
1H 2020 Operating Results affected by Covid-19…expected recovery in the second half of the year Key Facts Operating results(1) -18.3% (€m) • No order cancellation Revenues • Lower production drop due to COVID-19 2,710 expected to be 2,213 outbreak Revenues recovered in 2H & 2021 1H 2019 1H 2020 Marg
Slide 13: 1H 2020 Group net income
1H 2020 Group net income (€m) 1H 2019 1H 2020 Var Net Financial charges 1H 2019 1H 2020 Var (€m) EBIT 138 35 (103) Bank charges (15) (20) (5) A Financial income 22 43 20 Bond charges (16) (17) (2) Financial expenses (58) (77) (19) Leasing (3) (3) 0 Refinancing amortized cost (1) (1) (0) Net exchange
Slide 14: 1H 2020 Cash Flow
1H 2020 Cash Flow (€m) 1H 2019 1H 2020 Var EBITDA for cash purposes 228 73 (154) EBITDA for cash purposes 1H 2019 1H 2020 (€m) ΔWC (101) (299) 1 (198) EBITDA Adjusted(1) 239 96 Net Capex (56) (78) 2 (22) Lane non-cash JV’s result 3 (9) Other 11 (35) (46) Other non-cash items adjustment (14) (14) EBI
Slide 15: Improving cash available at corporate level
Improving cash available at corporate level Key Facts Net Financial Position (€m) 1H 2019 FY 2019 1H 2020 Total Cash & Other Financial Assets 1,298 1,640 1,994 ~€750m Bank Loan Bond (1,129) (1,096) (983) (1,105) (1,726) (1,227) Of liquidity available at Leasing (162) (160) (154) Gross Debt at June 2
Slide 16: M/L Corporate Debt
M/L Corporate Debt Key Facts M/L Corporate Debt Bank debt Bond €250m New bond issued in Jan. 2020 479 500 450 €127mln in 250 41 exchange of June 2021 13 56 52 5 2021 bond 2020 2021 2022 2023 2024 2025 2026 2027 maturity % on 1% 29% 24% 2% 30% 0% 0% 14% management started total with €250m new issuanc
Slide 17: Webuild strategic pillars for long-term growth
Webuild strategic pillars for long-term growth ▪ Improved efficiency by adding scale ▪ Strengthened competitiveness via aggregation of specialised expertise Progetto Italia ▪ Higher financial flexibility ▪ Execution of Astaldi capital increase by 2020 and consolidation of Astaldi by 2020YE ▪ Explori
Slide 18: 2020 outlook
2020 outlook ▪ Medium-long term growth drivers confirmed ▪ Group average book to bill one time the revenues for the year (1x) ▪ Acquisition of Astaldi accretive to Groups’ financial results ▪ Net financial position expected to improve significantly ▪ The Group will present a three-year Business Plan
Slide 19: Appendix
Appendix 19
Slide 20: Income statement (adjusted)
Income statement Webuild Group Reclassified statement of profit or loss adjusted Interim financial report June 30, 2020 1st Half 2019 Adjusted 1st Half 2020 Adjusted Joint ventures Joint ventures Condotte out-of- Webuild Webuild not controlled Adjusted not controlled court Adjusted Group Group by La
Slide 21: Income statement
Income statement Webuild Group Reclassified statement of profit or loss Interim financial report June 30, 2020 (€/000) 1st Half 2019 1st Half 2020 Revenue Revenue from contracts with customers 2.362.788 1.936.417 Other income 219.165 96.764 Total revenue and other income 2.581.953 2.033.181 Operatin
Slide 22: Statement of financial position
Statement of financial position Webuild Group Reclassified statement of financial position Interim financial report June 30, 2020 (€/000) 30 june 2019 31 december 2019 30 june 2020 Non-current assets 1.337.170 1.305.277 1.337.741 Goodwil 75.144 76.062 76.292 Non-current assets (liabilities) held for
Slide 23: Net financial position
Net financial position Webuild Group Net financial indebtedness Interim financial report June 30, 2020 (€/000) 30 june 2019 31 december 2019 30 june 2020 Non-current financial assets 247.068 378.272 424.403 Current financial assets 238.347 241.249 237.901 Cash and cash equivalents 812.317 1.020.858
Slide 24: Safe Harbour
Safe Harbour This presentation may contain forward-looking objectives and statements about Webuild’s (Salini Impregilo) financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon significant ris
Slide 25: Thank you
Thank you