Slide 1: FY 2019 Financial Results
Photo TBU Genoa Bridge, Italy FY 2019 Financial Results 11 March 2020
Slide 2: Agenda
Agenda Business update Pietro Salini Chief Executive Officer Financial Update Massimo Ferrari General Manager Corporate and Finance Closing Remarks Pietro Salini Chief Executive Officer Q&A 2
Slide 3: 2019 – A busy year that initiated our transformation for future sustainable growth
2019 – A busy year that initiated our transformation for future sustainable growth... Acquisition of Cossi Cityringen metro line Texas High-Speed New Governance Snowy 2.0 Costruzioni completion Railway implemented 5 April 3 April 19 July 13 September 6 December 1Q 2019 2Q 2019 3Q 2019 4Q 2019 Bindin
Slide 4: ...while remaining focused on delivering on business and financial performance
...while remaining focused on delivering on business and financial performance Business Results Record New Orders - € 8.1bn of new contracts in the last 12 months Solid Backlog, following de-risking guidelines: +11% vs FY 2018 Completed Lane’s turnaround OFCF before dividends & extraordinary items i
Slide 5: Record New Orders in 2019: € 8.1bn, not including Texas High-Speed Train
Record New Orders in 2019: € 8.1bn, not including Texas High-Speed Train Key Facts Record new orders 1.66x Book-to-bill Hurontario Light Rail Transit Nykirke-Barkaker Railway $15bn Europe €1.4 bn Texas High-Speed Train, not included in Naples-Bari High-Speed Railway North America backlog €1.6 bn >90
Slide 6: Backlog increasing focus on sustainable projects
Backlog increasing focus on sustainable projects Key Facts Revenues by geography Revenues by activity(1) Low carbon; 58% Italy; Clean Hydro ~26% North America; 23% 18% Energy; 17% Revenues in US and Green Buildings; 5% Sustainable Australia Africa; Mobility; 58% 9% €5.3bn Europe; 11% Asia; 7% Other;
Slide 7: >90% of commercial pipeline in North America, Australia, Central Europe and Middle East
>90% of commercial pipeline in North America, Australia, Central Europe and Middle East Key Facts Improved bid selection, based on client reliability and our execution capability (€bn) Reliability ~€580bn filter Capability Selcted market ’20-’22 (1) Core addressable commercial activity filter Select
Slide 8: Positive turning point for the Italian infrastructure market
Positive turning point for the Italian infrastructure market Backlog: New Genoa Bridge M4 Milan metro line €0.2bn ▪ Work started in June 2019 based on Renzo Piano design ▪ One of the most important sustainable mobility projects in ▪ Smart and sustainable bridge with 1,067m continuous Europe steel de
Slide 9: Financial Update
Agenda Financial Update Massimo Ferrari General Manager Corporate and Finance 9
Slide 10: FY 2019 Operating Results
FY 2019 Operating Results (€m) -1.5% 217 Revenues 5,198 5,414 5,331 FY 2018 Work Under IFRS 16 Impairment FY 2018 FY 2019 (1) (1) Management Venezuela Adjusted Adjusted EBITDA 8.0% 7.8% 7.9% margin -0.2% (13) 23 EBITDA 413 423 423 FY 2018 Work Under IFRS 16 Impairment FY 2018 FY 2019 (1) (1) Managem
Slide 11: Turnaround of Lane activity
Turnaround of Lane activity 2019: a year of stabilization and transformation (€m) Backlog Revenues EBIT CAGR (6.5%) (1.9%) +17.3% +23.4% €4.1bn (23) (66) backlog 4,096 1,240 2,166 1,005 FY 2015 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019(1) €48m Year when Lane acquisition was EBIT of savings on overhead
Slide 12: FY 2019 Group P&L
FY 2019 Group P&L FY 2018 FY 2019 (€m) Var Net Financial charges FY 2018 FY 2019 Adjusted(1) Adjusted(1) Var (€m) Adjusted(1) Adjusted(1) EBIT 222 184 38 Bank charges (28) (36) (8) Net Financial income 56 70 14 Bond charges (41) (31) 10 Leasing (8) (7) 2 Net Financial expenses (146) (147) (1) Refina
Slide 13: Summary of 2019 Cash Flow Statement
Summary of 2019 Cash Flow Statement EBITDA for cash purposes FY 2018 FY 2019 FY 2018 FY 2019 (€m) Adjusted(1) Adjusted(1) (€m) Var Adjusted(1) Adjusted(1) EBITDA Adjusted(1) 423 423 EBITDA for cash purposes 416 524 108 Lane non-cash JV’s result 13 109 ΔWC (489) 1 (195) 294 Other non-cash items adjus
Slide 14: Improving financial position versus FY 2018
Improving financial position versus FY 2018 Key facts Net Financial Position FY 2018 (€m) FY 2019 €600m Adjusted(1) Total Cash & Other Financial Assets 1.478 1.640 Successfully completed Bank Loan (1.117) (983) Gross Debt at Dec 19 includes interim capital increase Bond (1.101) (1.105) financing for
Slide 15: M/L Corporate Debt
M/L Corporate Debt (1) Key facts M/L Corporate Debt Bank debt Bond €250m New bond issued in Jan. 2020 479 500 450 €550m €127mln in 250 16 5 exchange of Revolving Credit Facilities 56 41 52 2021 bond available 2020 2021 2022 2023 2024 2025 2026 2027 % on 1% 29% 24% 2% 30% 0% 0% 14% total €268m 28% Fi
Slide 16: Closing Remarks
Agenda Closing Remarks Pietro Salini Chief Executive Officer 16
Slide 17: Our journey will pursue growth, cash generation and transformation
Our journey will pursue growth, cash generation and transformation … SALINI IMPREGILO MOMENTUM ▪ Sustained growth of high quality construction backlog (disciplined bidding) with record new orders in 2019 + Texas High-Speed Railway ▪ Solid financial profile with FY 2019 results significantly up yoy a
Slide 18: ... while focusing on delivering our business plan and Progetto Italia
... while focusing on delivering our business plan and Progetto Italia Multidomestic ▪ Increase presence in key geographies, such as USA, Australia and Middle East Strategy ▪ New high potential geographies, such as Europe and Nordic countries ▪ Focus on sectors where Group is specialised: dams, metr
Slide 19: 2020 Targets
2020 Targets Key metrics Book-to-bill ~1.1 x Revenues High single digit growth Adj EBITDA margin 7.0% – 7.5% ▪ Forecasts reflect Group's current business perimeter; further updates will be provided during the presentation of the Business Plan ▪ Forecasts also do not include the impacts that ongoing
Slide 20: Appendix
Appendix FY 2019 Financial Results 20
Slide 21: Income statement (adjusted)
Income statement Salini Impregilo Group Reclassified statement of profit or loss adjusted Financial Statement December 31, 2019 FY 2018 Adjusted FY 2019 Adjusted Salini Salini Unconsolidated Impairment IFRS 16 Total Unconsolidated Impairment Total Impregilo Impregilo JVs Venezuela effects Adjusted (
Slide 22: Income statement
Income statement Salini Impregilo Group Reclassified statement of profit or loss Financial Statement December 31, 2019 12M 2018 12M 2019 (€/000) Revenue Revenue from contracts with customers 4.864.142 4.770.634 Other income 333.518 359.327 Total revenue and other income 5.197.660 5.129.962 Costs Pur
Slide 23: Statement of financial position
Statement of financial position Salini Impregilo Group Reclassified statement of financial position Financial Statement December 31, 2019 31 December 31 December (€/000) 2018 2019 Non-current assets 1.153.554 1.305.277 Goodwil 74.713 76.062 Non-current assets (liabilities) held for sale 5.683 11.976
Slide 24: Net financial position
Net financial position Salini Impregilo Group Net financial indebtedness Financial Statement December 31, 2019 31 December 31 December 2018 2018 31 December (€/000) Reported IFRS 16 Effects 30 June 2019 2019 Non-current financial assets 235.692 235.692 247.068 378.272 Current financial assets 135.28
Slide 25: 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 26: Thank you
_.G impaalin' ZB we build value Thank you