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“Progress, our greatest work”
2011 Results2012 Main Targets
Milan, 26th March 2012
2
2011 Outlook
Accelleration of Italian activities is nowa fact (Milan-Genova HSR, Milan outereast by-pass, Milan subway line 4)
Continuing growth in Concessions withstrong sinergies with Construction :
Ruta del Sol motorway (Colombia)
Milan Outer East by-pass motorway
BR101 motorway - 476 km long,through Ecorodovias - (Brazil)
Broni-Mortara motorway (Italy)
Line 4 Milan subway
Keeping a sound financial structure
3
Highlights
Revenues 2,108
Ebitda 310
Ebit 226
Net result 177
Net Financial Position (527)
Order acquisition 8,164
Total backlog 25,086
millions euro
4
Shareholding
As of 26th March, 2012
Free Float40.17%
Amber Capital2.19%
McKinley Capital2.31%
Salini Spa25.37%
IGLI29.96%
Gavio Group
5
Millions of euro 2010 2011 Campania funds release effect
2011proforma
Revenue 2,062.3 2,107.9 2,107.9
Ebitda 282.3 309.5 50.0 259.5
Ebitda margin 13.7% 14.7% 12.3%
Ebit 223.8 225.9 50.0 175.9
ROS 10.9% 10.7% 8.3%
Result from partial disposal of a subsidiary 43.0 - - -
Total financial income and charges (73.8) (76.3) (76.3)
Ebt 193.0 149.6 50.0 99.6
Taxes (60.1) (40.2) (40.2)
Gain (losses) on discontinued operations (2.1) 70.4 70.4
Net result(1) 128.4 177.4 50.0 127.4
Consolidated income statement
(1) Including minorities’ interests
6
Millions of euro Constr.
Eng. &
Plant
Constr. (1)
Conc.
Campania
projects. Corp. (2) Grand
Total(3)
Revenues 1.618.1 246.3 246.2 1.4 - 2,107.9
Ebitda 219.7 (37.0) 117.3 (4.4) 13.8 309.5
Ebitda % 13.6% n.a. 47.6% n.a. n.a. 14.7%
Ebit 161.5 (40.0) 95.0 (4.4) 13.8 225.9
ROS 10.0% n.a. 38.6% n.a. n.a. 10.7%
Ebit analysis
(1) Including Goodwill impairment for 14.2 million euros
(2) Including 50 millions euro related to release of funds
(3) Net of elisions
7
Millions of euro 2010 2011 Variation
Fixed Asset 807 867 60
Assets held for sale 384 479 95
Provisions and Termination Benefits (215) (156) 59
Net fiscal assets 169 136 (34)
Others 60 54 (6)
Working Capital 235 411 176
Net Invested Capital 1,440 1,790 349
Net Financial Position (313) (527) (214)
Shareholders’ equity (1,127) (1,262) (135)
Total sources (1,440) (1,790) (349)
Debt/Equity 0.28 0.42
Consolidated balance sheet
8
Construction Eng & Plant Constr Concessions
Order acquisition
Full year 2011 – 8.2 bn/eur
Contracting64%
Concessions36%
9
Construction Eng & Plant Constr Concessions
Total backlog
Full year 2011 – 25.1 bn/eur
Contracting13.1 bn/eur
Concessions12.0 bn/eur
10
Main markets
Argentina
Chile
Perù
11
12
Key drivers
676825 895
1,127 1,262
2007 2008 2009 2010 2011
Shareholder’s Equity (€ mn)
62% 57%48%
31% 24%38% 43%
52%69% 76%
2007 2008 2009 2010 2011
Construction revenues and geographical distribution
Revenues Italy Foreign countries
regardless of the economic environment the Shareholder’s Equity has always significantly increased
increase in foreign revenues have substantially offset domestics
further development mainly driven by the expected Italian growth
13
Current scenario
A period of significant economic and geopolitical instability,which has brought global change on an unprecedented scale
two global economic crises
credit crunch
socio-political changes in a number of countries
the current global recession
All this has lead to a more aggressive market where margins are narrowing and risks are growing
14
Possible strategies
Contractors may react to the outlined scenario in two opposite ways:
Go with the flow Turn complexity into opportunity
15
Guidelines for growth
a selective approach to projects, with a special focus on technicallycomplex initiatives that enjoy reduced competition, where quality,of the project and the contractor, take priority over price alone
selective approach to potential target countries
leveraging on technical, organisational and financial competencesto manage projects on a concessions basis and integrate publicfunds from a PPP viewpoint
concessions as a growth driver for the construction marketespecially in Italy
16
Why a focus on italian greenfield concessions?
The decision to strengthen our position as the reference player forinfrastructure growth in Italy is based on a series of considerations:
the limited availability of public funding for growth
the country’s infrastructure deficit is increasingly obvious andseriously detrimental to the competitiveness of system Italy
infrastructures are an immediate driver for the economic recoveryand growth
the limited number of players with a solid financial and capitalposition coupled with the technical and management capabilitiesto handle complex projects
17
Tomorrow’s leader
Financialstrenght
Concession’s know how
Strong team-based
approach
Constructions: tomorrow’s leader
A worldwide general contractor and a partner with the ability to shareits competences to develop projects on a concessions basis inpublic/private partnerships
18
Feasibility Engineering Financing Construction Operation
Concessions, creating value
More than 20 years of expertise developing greenfield concessionsworldwide as a boost for the development of the Italian infrastructuremarket
Valorization
and/or
possible disposal
Expansion into
adjacent sectors
19
Engineering and Plant Construction
Growth in the Engineering and Plant sector (Fisia Italimpianti and Fisia Babcock) isessentially linked to two factors :
size diversification in technologies and markets
SWOT analysys
Strenghts
■ leadership position
■ barriers to entry
Weaknesses
■ concentration on key markets
■ supply chain
Threat
■ international economic situation
Opportunities
■ growing demand
■ interest of new players
20
Revenues Group
ROS Group ~ 8%
Debt/Equity ratio Group < 0.3
Except extraordinary events
2012 Group main targets
21
In accordance with section 2, article 154-bis of the Consolidated Law
on Finance (TUF), the Group CFO responsible for preparing the
company’s financial reports, Rosario Fiumara, declares that the
accounting information contained in this presentation corresponds to
the documentary records, ledgers and accounting entries.
Declaration
“Progress, our greatest work”
Annexes
Milan, 26th March 2012
23
Tunneling
Construction
over 30,000 km of roads and 56 km of bridgesand viaducts
expertise in all types of environment
We operate successfully around the world – as both a general contractor and a promoter of
new concession projects - in the realization of major infrastructures, dams and hydroelectric
plants, motorways, railways, bridges and viaducts, tunnels and some of the most modern
subways, as well as major civil engineering projects of great architectural prestige
worldwide leadership
more than 200 hydroelectric projects with over
25,000 MW of installed capacity
100 projects in 27 countries
45 years of tunnelling
over 1,000 km of tunnels completed
over 5,700 km of track constructed to date
specialist in high speed/capacity line construction
first international project: Trans Iranian railway, 1933
over 120 km of subway projects completed and underway
Dams
Roads & MotorwaysRailways & Subways
24
A worldwide track record
The Group’s acknowledged expertise is confirmed by its past and present role in some of the
most important and challenging projects around the world:
construction of Bologna - Florence high speed railway (the world’s longest railway tunnel
system with over 100 km)
construction of the Gotthard Base Tunnel (the world’s longest single railway tunnel at 57
km)
construction of the third set of locks for the Panama Canal
Exporting the Italian know-how worldwide for more than 100 years
25
Concessions
Over the years we have anticipated market developments, establishing ourselves as a world leader
in concessions.
We have leveraged our technical, organisational and management capabilities to develop
innovative integrated solutions, through complex project financing operations.
first concession: Autopistas del Sol, Argentina 1994
Initiatives promoted in the following sectors:
- motorways - water supply
- waste to energy - car parks
- energy - airports
- hospitals
Today our Group is one of the main motorway and logistics players in Brazil through itssubsidiary EcoRodovias, a holding company listed on the Sao Paulo Stock Exchange, whichoperates around 2,000 km of motorways and a number of key logistic terminals.
26
DISCLAIMER
Certain statements contained in this presentation may be statements of future expectations and otherforward-looking statements or trend information that are based on management's current views andassumptions and involve known and unknown risks and uncertainties.
Actual results, performance or events may differ materially from those in such statements.
In case of any discrepancy between the presentation and the Balance Sheet, the Balance Sheet shouldbe considered to contain the complete and correct information. The slides only contain a summary ofcertain elements of the Balance Sheet.
This presentation is not intended for potential investors and do not constitute or form part of any offer tosell or issue, or invitation to purchase, or any solicitation of any offer to purchase or subscribe for anyImpregilo securities, nor shall they form the basis of, or be relied on in connection with any contract orcommitment to purchase Impregilo securities.
This presentation is not being issued in the United States of America and should not be distributed toUnited States persons or publications with a general circulation in the United States. These materialsare not an offer to sell or issue Impregilo securities in the United States. Impregilo securities have notbeen registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may notbe sold or issued in the United States absent registration or an exemption from registration under theSecurities Act.
The distribution of these materials in other jurisdictions may be restricted by law, and persons intowhose possession these materials come should inform themselves about, and abide by, any suchrestriction.