Slide 1: FY14 Financial Results
FY14 FINANCIAL RESULTS 19 MARCH 2015 WE BUILD VALUE
Slide 2: Disclaimer
2 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 unce
Slide 3: Key Messages
3 Key Messages 2014 first year of post merger consolidated operations Solid delivery on our business plan targets for 2014 Strengthened the capital structure Market of reference continues to expand FY14 Financial Results Business plan 2014 – 2017 targets confirmed
Slide 4: Beating 2014 Guidance
4 Beating 2014 Guidance 2014 Guidance 2014 Actual* €4.2bn Revenue ~10% growth 11% growth €436mn EBITDA EBITDA margin >10% EBITDA margin: 10.4% €258mn EBIT EBIT margin >5% EBIT margin: 6.2% Construction orders in Construction orders New Orders line with 2013 €5.9bn Net Financial Cash Neutral €89mn Ne
Slide 5: New Orders & Acquisitions
5 New Orders & Acquisitions PERU AUSTRIA & ITALY Lima Metro Network Brenner Tunnel (2 Lots) 2014 NEW ORDERS BY GEOGRAPHY $4.7 billion contract value (construction) €680 million contracts value Middle East 10% Italy Americas 40% 23% SLOVAKIA TURKEY D1 Highway Cetin Dam €410 million contract value €26
Slide 6: Backlog Evolution
6 Backlog Evolution CONSTRUCTION BACKLOG: 6x 2014 REVENUES CONSTRUCTION BACKLOG (€/billion) 2014 CONSTRUCTION BACKLOG: €25.3 BILLION Middle East Other Asia & 14% 12% High Speed 25.3 Australia Train 3% Italy 23% 35% 23.6 Rails & Underground Africa 29% 25% Hydro & DAM 18% 2013 * 2014 Europe Americas R
Slide 7: Market opportunities through 2018
7 Market opportunities through 2018 Significant expansion in the Group’s targeted market GLOBAL REFERENCE MARKET €885 bn 11% Unidentified €550 bn Projects 13% Salini Impregilo Identified targeted market 89% 87% Projects 27% 2014 - 2017 2015 - 2018 IDENTIFIED PROJECTS: €790 bn € 3,300 billion Italy M
Slide 8: FY 2014 Financial Results
8 FY 2014 Financial Results FY14 Financial Results
Slide 9: 2014 Financial Highlights
9 2014 Financial Highlights FY 2013 restated €/million on a comparable FY 2014 Change basis* Backlog 30,149 32,374 7.4% of which construction 23,568 25,303 7.4% Revenues 3,789 4,194 10.7% EBITDA 362 436 20.5% Ebitda margin 9.5% 10.4% EBIT 211 258 22.6% Ebit margin 5.6% 6.2% Net Results** 92 103 12.0
Slide 10: Revenues
10 Revenues DOUBLE DIGIT GROWTH CONTINUED IN 2014 REVENUES 2014 VS. 2013 (€/million) 2014 REVENUES BY GEOGRAPHY Middle East 4,194 8% Italy 13% Asia & Australia 6% Europe 20% 3,789 Africa 33% 2013 * 2014 Americas Other 18% 2% FY14 Financial Results (*) FY2013 have been restated in application of new
Slide 11: Profitability
11 Profitability SOLID PROFITABILITY EXCEEDING 2014 TARGETS EBITDA 2014 vs. 2013 (€/million) EBIT 2014 vs. 2013 (€/million) 9.5% 10.4% EBITDA Margin 5.6% 6.2% EBIT Margin 436 258 362 211 2013 * 2014 2013 * 2014 FY14 Financial Results (*) FY2013 have been restated in application of new IFRS 10 and 11
Slide 12: Net Financial Position
12 Net Financial Position Debt renegotiation lowering cost of debt € million 2014 2013* Cash & Cash Equivalents 1,031 1,127 Extended average debt maturity from 2 to 4 years Other Financial Assets 246 352 Total Cash & Other Financial Assets 1,277 1,480 Gross Debt FY 2014 Short Term M-L Term € million
Slide 13: Cash-flow
13 Cash-flow +74mn (285) 359 (17) (89) (47) 162 (210) (142) 92 NFP dec-13 CF from CAPEX taxation Financial charges Disposals / AUCAP other NFP dec-14 (comparable) Operations Discontinued EBIT 258 amm.ti 178 OPERATIONS 436 WIP (96) Advances (8) FY14 Financial Results Receivables 109 CLIENT FRONTING 5
Slide 14: Outlook
Outlook 14 FY14 Financial Results
Slide 15: Guidance & Business Plan Targets
15 Guidance & Business Plan Targets 2015 Guidance 2017 Targets Revenue >15% growth €7bn OUTLOOK 2015: GOOD TO HIGH VISIBILITY EBITDA EBITDA margin: ~ 10.5% ~ €800mn EBIT EBIT margin: ~ 5.5% ~ €500mn PROOF POINTS: Market expansion Book to bill >1x over the BP; Construction orders in Backlog cover
Slide 16: Financial Appendix
Financial Appendix 16 FY14 Financial Results
Slide 17: Change in accounting principles
17 Change in accounting principles Starting from January 1th 2014 IFRS 10 & 11 have been adopted in the 2014 Salini Consolidation method: Impregilo Financial Statements. IFRS 10 allows to Fully consolidate an investment entity for which a “de facto CONTROL control" is exercised by the company. (Full
Slide 18: Income Statement
18 Income Statement Reclassified Income Statement of Salini Impregilo Group 12 months 2013* of Salini Group restated on Thousand € 12 months 2014 comparable basis Change Operating revenue 4,096,337 3,686,771 409,566 Other revenue 97,774 102,171 (4,397) Total revenue 4,194,111 3,788,942 405,169 Costs
Slide 19: Statement of Financial Position
19 Statement of Financial Position Reclassified Consolidated Statement of Financial Position of the Salini Impregilo Group Thousand € 31 dicembre 2014 31 December 2013 (*) change Non-current assets 832,356 698,469 133,887 Non-current assets held for sale, net 84,123 235,543 (151,420) Provisions for
Slide 20: Net Financial Position
20 Net Financial Position NET FINANCIAL POSITION OF SALINI IMPREGILO GROUP €/000 31 December 2014 31 December 2013 Change (a) Non current financial assets 89,124 48,909 40,215 Current financial assets 156,906 303,513 (146,607) Cash & Cash equivalents 1,030,925 1,127,276 (96,351) Total cash and cash