Slide 1: First Half 2014 Financial Results
First Half 2014 Financial Results Milan August 5, 2014
Slide 2: Index
Index ■ Highlights Pietro Salini Focus on Revenue Growth New Orders Focus on Venezuela ■ Financials Massimo Ferrari NFP Cash Flow ■ Main Events ■ Outlook 2014 Pietro Salini 2 1H 2014 Results
Slide 3: Highlights
Highlights ON TRACK TO ACHIEVE 2014 TARGETS Solid operational growth ■ Double digit Revenue growth: +12.8% YoY Good trend in ■ EBIT on track with target 2014: 5.4% on revenues Profitability ■ Gross Debt improved significantly Financial structure further strengthened ■ Risk of Venezuela addressed ■ F
Slide 4: Focus on Revenues Growth
Focus on Revenues Growth 2Q ’14: RELEVANT GROWTH IN EARNINGS EBIT ON TRACK 120 250 2Q 2014 104,1 EBITDA MARGIN 8.3% 100 88,2 192,2 192,7 200 EBIT MARGIN 5.5% 80 68,6 150 60 116,5 113,9 45,1 100 40 1H 2014 20 50 EBITDA MARGIN 9.1% 0 0 EBITDA EBIT EBITDA EBIT EBIT MARGIN 5.4% 1Q 2014 2Q 2014 1H2013 1H
Slide 5: New Orders
New Orders NEW ORDERS € 3.5 BN PERU Lima Metro Network €4.7 BN contract value Book to Bill 1.38X 26% Salini Impregilo 60 months expected duration AUSTRIA & ITALY Group named preferred bidders on 5 tenders for Brenner tunnel (2 Lots) a total value of more than €678 MN contract value €1.1 B
Slide 6: Focus on Venezuela
Focus on Venezuela RISK OF VENEZUELA ADDRESSED Porto Cabello New contract extension Railway signed ~€300mn Change Order to SICAD 2 Impact electrify the Railway The Group has applied the new exchange regime of the bolivars denominated SICAD 2 Tocoma on its Net Financial Assets Exchange rate and Wor
Slide 7: Index
Index ■ Highlights Pietro Salini Focus on Revenue Growth New Orders Focus on Venezuela ■ Financials Massimo Ferrari NFP Cash Flow ■ Main Events ■ Outlook 2014 Pietro Salini 7 1H 2014 Results
Slide 8: NFP Trend
NFP TREND IMPROVED GROSS DEBT AND NET FINANCIAL POSITION Change vs. Change vs. € million FY 2013 1Q 2014 1H 2014 FY 13 1Q 14 Bank Debts (1,025.0) (1,130.9) (739.3) 285.7 391.6 Of total improvement about Other Financial Debts (158.7) (155.3) (148.0) 10.7 7.3 €270 MN reduction in gross Bonds (552.5) (
Slide 9: Main Events: Capital Allocation
Main Events CAPITAL ALLOCATION 44,740,000 newly-issued Salini Impregilo ordinary shares without par value PRIMARY OFFER with regular dividend entitlement corresponding to 9.96% of the share capital of Salini Impregilo STRUCTURE PRIMARY OFFER at a price per share of €3.70 (the “Offer Price”) generati
Slide 10: Main Events: Capital Allocation Objectives
1H 2014 Results: Main Events CAPITAL ALLOCATION: OBJECTIVES ■ Increase the market float and thereby the liquidity of the shares ■ Increase the participation of institutional investors With the increased liquidity PRE AUCAP POST CAPITAL ALLOCATION and market float, management aims to increase daily v
Slide 11: Index
Index ■ Highlights Pietro Salini Focus on Revenue Growth New Orders Focus on Venezuela ■ Financials Massimo Ferrari NFP NWC ■ Main Events ■ Outlook 2014 Pietro Salini 11 1H 2014 Results
Slide 12: Outlook 2014
Outlook 2014 €17 mn of Synergies Targets 2014 How are we doing? realized Revenues +10% vs. 2013 1H ’14 above target EBIT > 5% EBIT Margin > 5% 1H ’14 above target New Orders in line with 2013 On Track Net Financial Position Neutral 1H’14 better than expected & new advance received 12 1H 2014 Results
Slide 13: Appendix
___ salini impregilo @ APPENDIX 1H 2014 Results 13
Slide 14: P&L
P&L REVENUE GROWTH +12.8% €17 mn of Synergies realized € million 1H 2013 1H 2014 Change Total Revenues 1,868.8 2,109.0 240.2 EBITDA 1H ‘14 equal to EBITDA 192.2 192.7 0.5 1H 2013 EBITDA Margin 10.3% 9.1% EBIT 116.5 113.9 (2.6) Financial Expenses 1H EBIT Margin 6.2% 5.4% 2013 Evolution and interest r
Slide 15: Key Financials
Key Financials BALANCE SHEET Figures presented in the Change vs. Change vs. table aside are restated € million FY 2013 1Q 2014 1H 2014 FY 13 1Q 14 including the effects of IFRS 5, 10 and 11 Fixed Assets 746.9 827.7 749.0 2.1 (78.7) Assets held for sale 235.5 246.6 188.4 (47.1) (58.2) Provisions (122