Slide 1: 9M 2014 Results Presentation
9M 2014 RESULTS PRESENTATION November 12th, 2014 Milan
Slide 2: Index
Index ■ Highlights Pietro Salini ■ Financial Performance Massimo Ferrari ■ Update on Main Events Massimo Ferrari ■ 2014 Guidance Pietro Salini Salini Impregilo – 9M 2014 Results Presentation 2
Slide 3: 9M Highlights
9M Highlights ON TRACK TO ACHIEVE 2014 TARGETS AND THE BUSINESS PLAN ■ Backlog of €28.7bn € mn September 30th 2014 ■ New construction orders of €2.9bn, plus additional order of 3,088 Revenues Sep 30th 2014 €0.6bn received post 30-Sep-2014 Solid operational growth ■ €2.3bn Orders pipeline where the C
Slide 4: New Orders and Backlog Evolution
New Orders and Backlog Evolution CONTINUOUS SUCCESSES IN COMMERCIAL ACTIVITY (BOTH ON AWARDED AND BEST OFFER CONTRACTS) GIVE CONFIDENCE ON YEAR-END TARGETS 2014 New Orders Acquisition (€ m) Backlog Evolution (€ bn) New orders as at Sep 30th 2014 € 3.5 bn UAE Abu Dhabi Highway 22 28,8 29,2 29,2 28,7
Slide 5: 2014YTD Key Operational Highlights
2014YTD Key Operational Highlights THE GROUP BIDS ARE CURRENTLY NAMED “BEST OFFER” IN 5 PROJECTS WORTH A TOTAL OF €2.3BN ADDITIONAL OPPORTUNITIES FOR €3.8BN ARE CURRENTLY IN THE PIPELINE Increased Bidding Capacity Solid proof of commercial synergies: Poland increased number of tenders submitted Turk
Slide 6: Index
Index ■ Highlights Pietro Salini ■ Financial Performance Massimo Ferrari ■ Update on Main Events Massimo Ferrari ■ 2014 Guidance Pietro Salini Salini Impregilo – 9M 2014 Results Presentation 6
Slide 7: Key Financial Highlights: Focus on Revenues & Profitability
Key Financial Highlights: Focus on Revenues & Profitability 9M RESULTS CONFIRMS GROWTH. EARNINGS & EBIT MARGIN ABOVE 2014 TARGETS Revenues (€m) EBITDA (€m) 9,7% 8,9% 300 Revenues Visibility: 256 3.088 Construction Backlog / L12M Revenues = 5.2x 2.887 9M 2013 9M 2014 9M 2013 9M 2014 EBITDA EBITDA Mar
Slide 8: Key Financial Highlights: Capital Structure
Key Financial Highlights: Capital Structure NET FINANCIAL POSITION INFLUENCED BY NET WORKING CAPITAL SEASONALITY, IMPROVEMENT EXPECTED. Net Working Capital (€m) Net Invested Capital (€m) 1.566 625 589 Solid Liquidity Position 1.224 Of ~€900m 480 267 FY 2013 1Q 2014 1H 2014 9M 2014 FY 2013 9M 2014 Gr
Slide 9: Key Financial Highlights: Cash Flow
Key Financial Highlights: Cash Flow AUCAP 166 AUCAP fees (5) net equity variations 3 After September 30, ca €30mn cashed in from the advances Cash flow: (204) 163 of contracts (332) 12 (22) (112) 100 (411) €0.3bn advances to be received on existing (38) (182) contracts and December cash flow from CA
Slide 10: Index
Index ■ Highlights Pietro Salini ■ Financial Performance Massimo Ferrari ■ Update on Main Events Massimo Ferrari ■ 2014 Guidance Pietro Salini Salini Impregilo – 9M 2014 Results Presentation 10
Slide 11: Update on Main Events
Update on Main Events ■ Impact from FX limited despite high volatility in the FX market. This is due to the naturally hedged position of the Company: ■ Large contracts are priced in strong currency (EUR or USD) for a high portion FOREX ■ The portion priced in local currency is hedged by local costs
Slide 12: Index
Index ■ Highlights Pietro Salini ■ Financial Performance Massimo Ferrari ■ Update on Main Events Massimo Ferrari ■ 2014 Guidance Pietro Salini Salini Impregilo – 9M 2014 Results Presentation 12
Slide 13: Outlook 2014
Outlook 2014 2014 OPERATING GUIDANCE REAFFIRMED Targets 2014 How Are We Doing? Revenues +10% vs. 2013 9M 2014 at +7%; target of +10% confirmed EBIT Margin > 5% 9M 2014 well above target at 5.9% Construction Orders in On track considering orders received post 30-Sep-2014 and orders Line With 2013 whe
Slide 14: Appendix
APPENDIX Salini Impregilo – 9M 2014 Results Presentation 14
Slide 15: Key Financials: Reclassified Profit & Loss (comparable basis)
Key Financials RECLASSIFIED PROFIT & LOSS (on comparable basis) RECLASSIFIED INCOME STATEMENT OF SALINI IMPREGILO GROUP 9 months 2013 of Salini Group restated on Thousand € 9 months 2014 comparable basis change Operating revenue 3.032.935 2.840.616 192.319 Other revenue 55.407 46.637 8.770 Total rev
Slide 16: Key Financials: Reclassified Profit & Loss (Statutory)
Key Financials RECLASSIFIED PROFIT & LOSS (Statutory ) RECLASSIFIED INCOME STATEMENT OF SALINI IMPREGILO GROUP 9 months 2013 (*) of Salini Group restated in compliance with IFRS 3 Thousand € 9 months 2014 and IFRS 5 change Operating revenue 3.032.935 2.307.600 725.335 Other revenue 55.407 34.328 21.
Slide 17: Key Financials: Reclassified Balance Sheet
Key Financials RECLASSIFIED BALANCE SHEET RECLASSIFIED CONSOLIDATED BALANCE SHEET OF SALINI IMPREGILO GROUP Thousand € 30 September 2014 31 December 2013 (§) change Non-current assets 802.873 746.858 56.015 Non-current assets held for sale, net 191.113 235.543 (44.430) Provisions for risks (104.950)
Slide 18: Key Financials: Net Financial Position
Key Financials NET FINANCIAL POSITION NET FINANCIAL POSITION OF SALINI IMPREGILO GROUP €/000 September 30 2014 December 31 2013 Changes (a) Non current financial assets 59,689 48,928 10,761 Current financial assets 17,925 222,113 (204,188) Cash & Cash equivalents 442,579 908,631 (466,052) Total cash
Slide 19: Key Financials: Reclassified Cash Flow
Key Financials RECLASSIFIED CASH FLOW CONSOLIDATED STATEMENT OF CASH FLOWS OF SALINI IMPREGILO GROUP (Eur/000) 9M 2014 9M 2013 Cash and cash equivalents 908.631 371.252 Overdrafts and short term loans share (126.624) (37.289) Total opening cash and cash equivalents 782.007 333.963 Total income state