Webuild Spa · MIL:WBD
Webuild Spa — Salini Impregilo — H1 2016 Earnings Presentation
20 slides from Webuild Spa's earnings presentation, Jul 27, 2016
Slide 1: First Half 2016 Financial Results
9 Months 2015 Financial Results & Strategy Evolution First Half 2016 Financial Results 27 July 2016 H1 2016 Financial Results 1 Riyadh Underground, Line 3 – SAUDI ARABIA
Slide 2: Agenda – First Half 2016 Financial Results
Agenda – First Half 2016 Financial Results Financial Update Massimo Ferrari General Manager Finance & Corporate Group CFO Business Update and Outlook Pietro Salini Chief Executive Officer H1 2016 Financial Results 2
Slide 3: First Half 2016 Key Messages
First Half 2016 Key Messages H1-2016 results in line with budget & expectations On track to achieve 2016 guidance Successfully launched €600mn 5-year bond issue Awarded approx. €7 billion of new orders YTD Total backlog exceeding €38 billion More than €31 billion of construction Backlog H1 2016 Fina
Slide 4: IFRS restated data
IFRS restated data | disclaimer Comparable consolidation scope: In order to present the Group's performance for the first half of 2016 consistently with the corresponding period of the previous year, the consolidated income statement H1 2015, has been restated combining it with Lane Group's for the
Slide 5: First Half 2016 Financial Highlights
First Half 2016 Financial Highlights Management view €/million 1H 2016 1H 2015 Change Revenues 2,736 2,715 0.8% Revenue contribution in line with budget/forecast EBITDA 253 221 14.2% Ebitda margin 9.2% 8.2% EBITDA & EBIT margins better than expectations EBIT 129 113 14.5% Ebit margin 4.7% 4.2% Net f
Slide 6: Gross Debt
Gross Debt €/million Dec 2015 June 2016 Cash & Cash Equivalents 1,411 79% 1,177 73% Other Financial Assets 380 21% 433 27% Total Cash & Other Financial Assets 1,791 100% 1,610 100% Gross Debt Bank Loan (1,284) 71% (1,577) 64% M/L bank debt 853 no corporate bank debt 356 Bond (406) 22% (708) 29% Over
Slide 7: Extending debt maturity and reducing cost
Extending debt maturity and reducing cost Debt maturity profile before Debt maturity profile after capital structure optimization capital structure optimization Lane acquisition 400 472 facility (€400m) 283 315 346 162 151 222 181 206 128 29 66 41 15 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Slide 8: Cash flow 1H16
Cash flow 1H16 (27) Salini Impregilo NFP (340) Lane Acquisition 253 (367) (480) 50 (131) (45) (20) (49) (47) (836) NFP 31 Dec 15 EBITDA NWC Capex Todini sale Net financial Dividends Current Other NFP 30 June 2016 Proforma Net charges taxes paid minors Statutory EBITDA 253 Stocks 5 Work in progress (
Slide 9: Business Update and Outlook
Business Update and Outlook Pietro Salini Chief Executive Officer H1 2016 Financial Results 9
Slide 10: Backlog Evolution
Backlog Evolution Total Backlog Increase (€/billion) June 2016 Total Backlog Asia & Australia 8% 34.9 38.4 Africa 20% Americas 17% 7.1 7.1 Concession Europe €38.4 bn One of the highest Construction 9% Backlog to Revenues ratio 27.8 31.3 Middle East 11% in the industry Italy 35% Dec 2015 Jun 2016 >71
Slide 11: New Orders & Commercial Activity YTD
New Orders & Commercial Activity YTD New Orders Commercial Activity €/mn USA Purple Line 543 USA Mid South GAH 135 More than €6.8 billion of USA Plants&Paving 275 new orders awarded in €/mn 2016 Other 250 Tenders awaiting outcome 7,182 of which " Best Offer" 1,533 LANE 1,203 Tender in Preparation 8,
Slide 12: Revenues by geography
Revenues by geography 33% FY 2014 FY 2015 H1 2016 24% 23% 23%23% 20% 18% 16%16% 15% 14% 14% 11% 10% 9% 8% 6% 6% 5% 4% 3% Africa Middle East Europe Asia & Australia USA Others Americas Italy Improved revenues geographic distribution, with lower incidence of revenue from the African continent US has b
Slide 13: Delivery H1 2016
Delivery H1 2016 H1 2016 Financial Results 13
Slide 14: Completed in 2016 New Panama Canal
Completed in 2016 New Panama Canal H1 2016 Financial Results 14
Slide 15: Completed in 2016 Athens Opera House - Greece
Completed in 2016 Athens Opera House - Greece H1 2016 Financial Results 15
Slide 16: Completed in 2016 GIBE III HPP - Ethiopia
Completed in 2016 GIBE III HPP - Ethiopia H1 2016 Financial Results 16
Slide 17: Outlook 2016
Outlook 2016 H1 2016 Financial Results 17
Slide 18: Outlook 2016
Outlook 2016 H1 2016 FY 2016 €/million Management view Guidance Outlook 2016 Revenues 2,736 6,100 On track to achieve 2016 guidance Better mix expected in H2 EBITDA 253 Ebitda margin 9.2% ~9% On track to achieve 2016 guidance EBIT 129 Ebit margin 4.7% Cost efficiencies contributing to reduce G&A exp
Slide 19: 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 20: H1 2016 Financial Results
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