Slide 1: First Half 2019 Financial Results
Genoa Bridge Render, Italy First Half 2019 Financial Results 31 July 2019
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: 1H19 Business Update
1H19 Business Update Record New Orders - ~€ 8bn of new contracts in the last 12 months Solid Backlog, following de-risking guidelines: +9% vs 1H 2018 Economic and Financial Performances better than expected Strong improvement in margins Reduced gross debt, compared to 2018 first half, notwithstandin
Slide 4: Record New Orders in 2019: €6,1 Bn Year To Date
Record New Orders in 2019: €6,1 Bn Year To Date 1H 2019 New Orders (€/M) Lot 2 of the D3 Highway (€225M) Salini Impregilo 5.481 Naples-Bari High-Speed Railway (€608M) Lane Construction 534 Fisia Italimpianti 125 Caloosahatchee Reservoir (€464M) Total Salini 6,139 Impregilo • Sustained growth of Snow
Slide 5: Revenues de-risking: US confirmed as our first single country market
Revenues de-risking: US confirmed as our first single country market Geographical Revenue Distribution 33% 28% 23% 22% 18% 14% 14% 12% 9% 7% 8% 5% 3% 3% Africa Middle East Europe Asia & Australia USA LatAm Italy FY 2014 1H 2019 Top 10 Projects Concentration • Top 10 projects revenues share decreased
Slide 6: >70% of commercial pipeline in North America, Australia and Central Europe
>70% of commercial pipeline in North America, Australia and Central Europe 200.9 14.4 €/B €/B Short-term Selected commercial act. Market 2019-21 Europe 245.2 9.2 4.6 25.4 63.0 84.7 Italy North 8.7 6.5 America 19.1 € bln Middle Asia & East Australia Selected Market 2019-21 8.2 Short term commercial a
Slide 7: Financial Update
Agenda Financial Update Massimo Ferrari General Manager Corporate and Finance 7
Slide 8: First Half 19 Operating Results
First Half 19 Operating Results Data in €M Adjusted ¹ +3.7% Revenues 2.614 2.614 2.710 First Half 2018 IFRS 16 First Half First Half restated¹ 2018 2019 • Increase on revenues mainly EBITDA 7.8% 8.3% 8.8% margin driven by the recovery of the +10.5% Italian project Milano-Genova 11 EBITDA high speed
Slide 9: 1H19 Group net income: +7% vs 1H18
1H19 Group net income: +7% vs 1H18 (€/M) 1H 2018 1H 2019 Var Var % EBIT 112 138 26 23% Net Financial income 24 22 (2) Net Financial expenses (57) (58) (1) Net exchange rate (losses) 15 9 (6) Net Financial charges (€/M) 1H 2018 1H 2019 Var Net Financial income (costs) (19) (27) (8) Gain (losses) on i
Slide 10: Turnaround of Lane activity
Turnaround of Lane activity Data in €M Backlog Adjusted Revenues Adjusted EBIT CAGR: (8.0%) (0.1%) +19,2% +28% (1) 4.004 (37) 596 2.166 467 FY 2015 1H 2019 1H 2018 1H 2019 1H 2018 1H 2019 Year when Lane acquisition was EBIT margin completed • Total Lane Backlog €4.0 billion (CAGR: 19,2% over 3,5 yea
Slide 11: Gross and net debt reduction versus June 2018 notwithstanding one-off repayments
Gross and net debt reduction versus June 2018 notwithstanding one-off repayments Net Financial Position 1H 2018 FY 2018 (€/M) 1H 2019 Adj.* Adj.* ▪ Gross debt improvement of € 187 mln vs Total Cash & Other Financial Assets 1.399 1.478 1.298 June 2018 and € 21 mln vs Dec. 2018 Bank Loan (967) (1.117)
Slide 12: Cash flow comparison 1H18 – 1H19
Cash flow comparison 1H18 – 1H19 Data in €M 39 23 (15) 14 330 (350) 37 (350) Current 1H 2019 1H 2018 EBITDA Adj. Change in Net Capex Other taxes paid OFCF OFCF for cash NWC purposes Improvement of € 389 mln Operating Free Cash Flow before dividends and investments improvement over 1H 2018, leveragin
Slide 13: Cost of debt reduced to 2.49%
Cost of debt reduced to 2.49% 1 M/L Corporate Debt [€/M] Bank debt bond ▪ ~90% of maturities starting in 2021 600 500 ▪ Ca. 70% of corporate debt secured at fixed rate 385 73 107 58 0 2019 2020 2021 2022 2023 2024 % on 4% 6% 38% 22% 0% 29% total 2 3 Increasing Fix-rate M/LT Corporate Debt Portion Pr
Slide 14: Appendix
Appendix First Half 2019 Financial Results 14
Slide 15: Income statement
Income statement Salini Impregilo Group Reclassified statement of profit or loss adjusted Financial Statement June 30, 2019 6M 2018 Adjusted 6M 2019 Adjusted Salini Impregilo Salini Unconsolidate IFRS 16 effects Unconsolidate Group Total Adjusted Impregilo Total Adjusted d JVs (**) d JVs (€/mln) Res
Slide 16: Statement of financial position
Statement of financial position Salini Impregilo Group 31 December Reclassified statement of financial position 30 June 2018 2018 Financial Statement June 30, 2019 (€/mln) Reported Reported 30 June 2019 Non-current assets 959,3 1.153,6 1.337,2 (**) This item shows liabilities of € 23.1 Goodwil 73,5
Slide 17: Net financial position
Net financial position Salini Impregilo Group Net financial indebtedness Financial Statement June 30, 2019 31 December 30 June 2018 2018 (€/mln) Reported Reported 30 June 2019 Non-current financial assets 205,6 235,7 247,1 Current financial assets 129,1 135,3 238,3 Cash and cash equivalents 1.064,3
Slide 18: Safe Harbour
Safe Harbour 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 unce
Slide 19: Thank you
_.G impaalin' ZB we build value Thank you