Slide 1: FY16 Preliminary Financial Results
we build value FY16 Preliminary Financial Results FY16 Preliminary Financial Results
Slide 2: Agenda | FY16 Preliminary Financial Results
Agenda | FY16 Preliminary Financial Results Business Update Pietro Salini Chief Executive Officer Financial Update Massimo Ferrari General Manager Finance & Corporate Group CFO FY16 Preliminary Financial Results 2
Slide 3: Key Messages
Key Messages Successfully achieved or exceeded targets for the third straight year since Group inception Successful transformation from a privately held construction company to a publicly traded global large Infrastructures leader Competence, track record and delivery capacity have been our key succ
Slide 4: Consistent delivery story overtime
Consistent delivery story overtime 2014 2015 2016 Guidance Actual Guidance Actual Guidance Actual +11% +12% REVENUES +10% >15% >€6.1B €6.115M €4.2B €4.7B EBITDA margin >10% 10.4% ~ 10.5% 10.3% >9% 9.1% EBIT margin >5% 6.2% ~5.5% 5.8% In line In line Book to bill Book to bill Construction Orders €5.9
Slide 5: Solid operational performance
Solid operational performance MAIN PROJECTS COMPLETED IN 2016 Gibe III Athens New Panama Hydroelectric Project Opera House Canal Ethiopia Greece Panama Delivered 3 major complex projects FY16 Preliminary Financial Results 5
Slide 6: Global construction market trends
Global construction market trends MACROECONOMICS TRENDS Future development of GDP will strongly affect construction outlook worldwide World GDP outlook is projected to pick up pace in 2017 and 2018, especially in emerging markets and developing economies Development of mega cities, especially in eme
Slide 7: Global construction market 2017-2019
Global construction market 2017-2019 GLOBAL CONSTRUCTION MARKET 2017-2019: €21.4 TRILLION GEOGRAPHICAL AREA LatAm, Africa, 6% 1 9% Middle East, 13% Total market built North bottom-up with all 2 America, Asia & 23% Australia, projects explicitly Group’s core 9% identified construction 21,435 market -
Slide 8: Reshaping our geographic distribution
Reshaping our geographic distribution GEOGRAPHICAL REVENUE DISTRIBUTION 2014 2016 33% 25% 23% 25% 17% 16% 14% 14% 8% 7% 5% 6% 3% 4% Africa Middle East Europe Asia & Australia USA LatAm Italy USA has become our first single country market Top 10 projects revenues share decreased to 52% from 66% FY16
Slide 9: Market leader in managing large-scale projects
Market leader in managing large-scale projects AVERAGE SIZE OF TOP 10 PROJECT IN LAST TWO YEARS – PRO QUOTE €/mln Salini Impregilo is the market 694 leader in managing large 574 scale projects 365 240 130 Peer 1 Peer 2 Peer 3 Peer 4 2015 GEOGRAPHICAL REVENUE DISTRIBUTION 6% 2% 4% 10% 32% 43% 5 41% W
Slide 10: New orders: €7.3 billion
New orders: €7.3 billion Consolidation Value Geographical & Segment Project Country (€mln) breakdown Australia Koysha Ethiopia 2,483 11% Rogun HPP-Lot 2 Tajikistan 1,747 Africa Perth rail line Australia 790 Americas 34% 23% South Al Mutlaa City Development Kuwait 467 Florianopolis Brazil 99 CSC vari
Slide 11: Backlog evolution
Backlog evolution CONSTRUCTION BACKLOG INCREASE €/bn DECEMBER 2016 CONSTRUCTION BACKLOG: €29.4 bn LatAm Other 10% 15% HPP 39 Africa 24% 24% 28.1 29.4 Roads & Italy Highways 29% 15% Middle East 13% Asia & North Europe Rails & Australia America 2015 2016 2019 8% 5% 11% Undergrounds target 46% 78% of 2
Slide 12: Agenda | FY16 Preliminary Financial Result
Agenda | FY16 Preliminary Financial Result Financial Update Massimo Ferrari General Manager Finance & Corporate Group CFO FY16 Preliminary Financial Results 12
Slide 13: FY16 Key Messages
FY16 Key Messages Improvement of net debt vs. target Significant EBITDA increase to €559 mln; +9% vs 2015 Total Group Tax rate confirmed at around 40% (vs. 53% FY15) Robust level of new orders: €7.3 bn; 2016 target of 1.1X book to bill exceeded Strong construction backlog of €29.4 bn and robust tend
Slide 14: FY16 Group Financial Highlights
FY16 Group Financial Highlights MANAGEMENT VIEW 2016 2015 CHANGE GUIDANCE € million REVENUES 6,115 6,051 +1.1% >€6.1B EBITDA 559 512 +9.3% >9% EBITDA margin 9.1% 8.5% EBIT 297 281 +5.6% EBIT margin 4.9% 4.6% Net Debt 351 370* (400) / (500) €M * FY16 Preliminary Financial Results (*) Including LANE a
Slide 15: Extending debt maturity and reducing cost
Extending debt maturity and reducing cost DEBT MATURITY PROFILE M/LT CORPORATE DEBT BREAKDOWN Bank debt bond 2.95 yrs 3.18 yrs Duration 600 53% 70% 283 Fixed Variable 346 206 47% 175 30% 43 41 2017 2018 2019 2020 2021 2015 2016 SIGNIFICANTLY REDUCED AVERAGE CORPORATE DEBT COST 5.3% 3.8% 3.5% Dec 201
Slide 16: FY16 Lane Financial Highlights
FY16 Lane Financial Highlights MANAGEMENT VIEW 2016 2015 € million CHANGE REVENUES 1,544 1,468 +5.2% EBITDA 73 68 +7.6% EBITDA margin 4.7% 4.6% EBIT 39 37 +2.8% EBIT margin 2.5% 2.5% Net cash/ (debt) 96 85 FY16 Preliminary Financial Results 16
Slide 17: Current US Pipeline
Current US Pipeline Significant upcoming opportunities for Lane WA MT ME ND MN OR ID WI SD MI NY WY Active Pursuit NV IA PA NE OH CA UT CO IL IN WV $3.7 billion KS MO VA KY TN NC NM OK AZ AR AL GA SC Development MS TX LA $6.3 billion AL FL $800 mln new orders acquired by Lane already in 2017 0 – 400
Slide 18: Salini Impregilo celebrates Maestro Toscanini
Salini Impregilo celebrates Maestro Toscanini On the occasion of the 150th anniversary of the birth of Arturo Toscanini, we are organizing a series of events next month to celebrate the genius of this famous Italian conductor. In Italy and the United States, we will be presenting a new book on Tosca
Slide 19: Thank you
we build value Thank you FY16 Preliminary Financial Results 19