Webuild Spa · MIL:WBD
Webuild Spa — Salini Impregilo — H1 2018 Earnings Presentation
22 slides from Webuild Spa's earnings presentation, Jul 25, 2018
Slide 1: First Half 2018 Financial Results
SR 408/SR 417 Interchange, Florida – U.S. First Half 2018 Financial Results 25 July 2018
Slide 2: Agenda
Agenda Business update Pietro Salini Chief Executive Officer Financial Update Massimo Ferrari General Manager Finance & Corporate Group CFO 1H 2018 Presentation 2 25 July 2018
Slide 3: Group strategic guidelines
Group strategic guidelines A Leading Global Pure Construction Player Growth US strategy Asset Portfolio Efficiencyactions Focus on refocusing Optimization Risk profile optimization Primary Geographical Lane: step-change Dynamic Risk Management Cash generation footprint: strategy further and Organiza
Slide 4: Solid orders intake through the cycle
Solid orders intake through the cycle 1 Total New Orders Cumulative FY14-FY17 ca. €25B 3 Construction Backlog Jun-18 2 Book to bill Average FY14-FY17 1.16x LatAm 9% Africa 24% Italy 32% Middle East 12% €2.4B Lane Asia & North America SAL Europe Australia 11% 9% 3% FY14 FY15 FY16 FY17 1H18 26.5 billi
Slide 5: Boost of commercial activity in H2 2018
Boost of commercial activity in H2 2018 €/B Short-term commercial activity €3.2B €9.7B France CA Italy TX - Rail NY DC Europe NC €3.9B Saudi Arabia UAE - Hydro - Civil buildings - Rail - Road - Road - Rail €9.9B Middle - Hydro USA €6.1B East Australia - Hydro North - Rail Africa South-Est Asia - Rai
Slide 6: Targeting multidomestic markets with favorable risk/return profile
Targeting multidomestic markets with favorable risk/return profile Geographical Revenues Distribution FY 2014 1H 2018 evolution Asia & North Australia America North Middle 5% 3% America Europe & RoW East 23% Africa 8% 36% North America LatAm 14% Asia & Australia 9% LatAm Europe & 3% Asia & Africa Mi
Slide 7: Australia – Our new forthcoming domestic market
Australia – Our new forthcoming domestic market 1 2018 Civil Engineering – Sector Performance € 61 bn Annual Investment (including Federal, State and Territory) ▪ Australian Government has established a A$75 billion road and rail investments fund to finance infrastructure projects through 2018 to 20
Slide 8: Australia: a solid track record already
Australia: a solid track record already Recent Projects Sydney Metro Northwest SVC Main KPIs ▪ Sydney Metro Northwest: new metropolitan train line north-west of Sydney ▪ Australia’s first fully automated Our experience in Australia dates back high-speed train system. to the 1970s when the Salini Imp
Slide 9: Refocusing our US activities: transforming Lane
Refocusing our US activities: transforming Lane ▪ Lane becoming the North American hub for the Group in the large infrastructure sector • Structure reorganization & efficiencies • Focus on infrastructure rich States: NY, TX, CA, FL • New engineers hired ▪ Disposal of P&P, market update during Summer
Slide 10: Enhancing value from our asset portfolio | Plants & Paving
Enhancing value from our asset portfolio | Plants & Paving Beauty contest on course: market update during Summer Asset perimeter Selected Plants Run rate Revenues ca. $700M Financial debt Debt free Current trading multiples of listed companies ▪ US Construction materials: 2018 EV/EBITDA: 9x median L
Slide 11: Agenda – Financial Update
Agenda Financial Update Massimo Ferrari General Manager Finance & Corporate Group CFO 1H 2018 Presentation 11 25 July 2018
Slide 12: 1H18 underlying performance: comparable vs. 1H17
1H18 underlying performance: comparable vs. 1H17 1 Revenues Bridge (€/M) +0.4% ▪ At constant forex rate and 211 constant perimeter 1H18 201 (248) revenues in line with 1H17 (+0,4%) 2,852 2,852 2,815 2,815 2,624 2,825 ▪ Revenues affected by: • Seasonality pattern • New Orders revenue 1H17 P&P forex 1
Slide 13: Strong improvement below EBIT line
Strong improvement below EBIT line 1H 2017 1H 2018 [€/million] change adjusted adjusted ▪ Significant reduction of financial charges EBIT 137 116 -15% (21) ▪ Strong improvement in net income driven Financial income 36 24 -34% (12) by lower financial costs, minorities, Financial charges (73) (54) -26
Slide 14: Significant reduction of financial charges of 26%
Significant reduction of financial charges of 26% 1H 2017 1H 2017 [€/million] change adjusted adjusted Bank charges (21) (12) -40% 8 61% Bond charges (20) (24) 22% (4) 84% Bond Leasing (3) (2) -30% 1 Bank M/L Other (24) (12) -50% 12 39% sub total (67) (51) -25% 17 16% Refinancing amortized cost (4)
Slide 15: 85% of debt maturity starting from 2021; Cost of debt reduced to 2.5%
85% of debt maturity starting from 2021; Cost of debt reduced to 2.5% 1 M/L Corporate Debt [€/M] ▪ Successfully completed refinancing of €1.1 billion corporate debt Bank debt bond ▪ Extending durations up to ca. 4 years ▪ Cost of debt reduced to 2.5% 600 ▪ Ca. 70% of corporate debt secured at fixed
Slide 16: NFP reflecting typical first-half NWC seasonality
NFP reflecting typical first-half NWC seasonality €/M Jun-17 Dec-17 Jun-18 Net Financial Position evolution [€/M] Total Cash & Other Financial 1.689 1.603 1.399 1H16 FY16 1H17 FY17 1H18 Assets Bank Loan (1.427) (768) (967) Bond (886) (1.387) (1.391) Leasing (152) (130) (120) SPV Net Debt (6) (19) (2
Slide 17: Appendix
Appendix 1H 2018 Presentation 17 25 July 2018
Slide 18: Income statement
Income statement 1H 2017 Adjusted (*) 1H 2018 Adjusted Restated JV not JV not Salini Impregilo Salini Impregilo controlled by Total Adjusted controlled by Total Adjusted Group Restated Group Lane Lane Revenue Revenue 2,596,381 130,142 2,726,523 2,370,029 109,553 2,479,582 Other income 124,997 - 124,
Slide 19: Statement of financial position
Statement of financial position 31 December 2017 values in thousands EUR Restated (*) 30 June 2018 Non-current assets 1,202,009 959,341 Goodwil 155,179 73,462 Non-current assets (liabilities) held for sale 5,683 354,522 Provisions for risks (94,382) (93,613) Post-employment benefits and employee ben
Slide 20: Net financial position
Net financial position 31 december values in thousands EUR 2017 30 June 2018 Non-current financial assets 188,468 205,580 Current financial assets 94,308 129,138 Cash and cash equivalents 1,320,192 1,064,326 Total cash and cash equivalents and other financial assets 1,602,968 1,399,044 Bank and othe
Slide 21: 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 22: Thank you
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