19:13 March 19, 2015
The Board of Directors of Salini Impregilo ( MTA: SAL), a leading international leader in the field of infrastructure, and ‘met today and approved the consolidated results and the draft financial statements of Salini Impregilo SpA 31 December 2014, prepared in accordance with International Accounting Standards (IFRS) so ‘as defined by the International Accounting Standards Board (IASB).
PRINCIPAL FINANCIAL RESULTS CONSOLIDATED INCOME STATEMENT
December 31, 2014 Consolidated revenues for the year 2014 amounted to 4.1941 billion, an increase of 10.7% compared to revenues homogeneous in 2013, reclassified to make them comparable, reflecting the development of several large foreign projects which, compared to 2013, came into full operation phase ‘(Ethiopia, Denmark, Italy, Saudi Arabia and Qatar). The total operating costs amounted to 3.7582 billion (3.4271 billion the previous year). Among these cost components for subcontracting represent about 37% of the total, and those in service costs 27% of the total, both in line with the increase in production. The gross operating profit (EBITDA) made in 2014 and ‘amounted to 435.9 million, an increase of 20.5% over the previous year, while the operating profit (EBIT) amounted to 258.4 million, has an increase of 22.6% compared to 2013. Both the effect on revenues of EBITDA and EBIT, amounting to 10.4%, and 6.2%, are higher than the targets set for 2014. The positive results achieved in terms of marginality ‘, are mainly due to the contribution of a better mix of activities’ business, as well as ‘the most’ effective operational control of the company management. Financial operations and equity investments generated a net expense of 133.1 million (72.3 million in the previous year). The only financial management showed a negative result of 142.0 million and includes foreign exchange losses of 51.1 million reflecting essentially the negative impact of non-recurring and resulting from the new rate adopted in Venezuela (SICAD 2). The management of investments has contributed a profit of EUR 9.0 million (negative 5.0 million in the previous year).
The result of the activities ‘discontinued operations and’ positive 17.4 million (loss 7.2 million in the previous year). This amount includes the gain realized on the sale completed last May and the result of the period of Fisia Babcock Environment GmbH, for a total of 85.1 million, the losses generated by the branches for the sale of Todini Costruzioni Generali SpA, for 66 , 8 million and losses related to FIBE (USW Campania projects) to 0.9 million. Net income for the period, before dell’interessenze third parties, and ‘amounted to 103.1 million (92.3 million in the previous year). The share of profit allocated to minority interests contributes negatively to 9.3 million. BALANCE SHEET At 31 December 2014, the gross debt, and ‘equal to 1.4269 billion, a reduction of about 304.3 million compared to 31 December 2013. The elements that have contributed to this outcome include, among others the increase of the share capital in the first half of 2014 took place, which led to net receipts of approximately 162 million and the proceeds on the sale of certain investments with a net effect on liquidity ‘to 55 million. At 31 December 2014, the availability ‘overall liquid and’ equal to 1.2769 billion.
Net debt of activity ‘in late 2014 and continuing’ of 89.2 million compared with 210.4 million at December 31, 2013 an improvement of 121.2 million. The Net Debt / Equity and ’0.08 a considerable improvement compared to 0.2 at December 31, 2013.
NEW ORDERS AND BACKLOG
At the end of 2014 the total order book and ’32.4 billion, of which 25.3 billion related to construction and 7.1 billion to the concessions. The total new orders in 2014 and ’6.5 billion and includes new orders, changes of orders and increase of shares and include among the principal: – Highway Lietavsk Lka Dubn Skala (Slovakia): Salini Impregilo and’ leader of the consortium with a share of 75% of the total value of the order of 410 million. – Project Gallery Brenner: Salini Impregilo, in association with other companies, and ‘awarded the construction of two batches of the project. The total value of the first batch (“Tulfes’ Pfons”) and ‘of about 380 million and the shareholding of Impregilo and Salini’ of 49% (185 million). In addition, on 7 July Salini Impregilo, leader of another consortium, and ‘won the second lot on the “Sub-crossing of the River Isarco”, whose overall value’ of about 300 million, with a fee of Salini Impregilo 41% (124 million). – Expressway S8 in Poland: Salini Impregilo and ‘awarded in Poland with a total share of 95% (approx
65 million) the design and construction of the ring north of Warsaw on the highway in the direction of S8 between Bialystok Marki and Radzymin (Lot I) for a length of approximately 8 km and a duration of the work 32 months. – Salini Impregilo and ‘awarded the contract for the construction in Cleveland (Ohio) of the “Dugway Storage Tunnel” with a length of 4.5 km and a diameter of 8 meters, for a value of 122 milioni.- In the province of Siirt, in the south-east Turkey, Salini Impregilo and ‘won the contract with a share of 85% for the construction of civil works related to the main hydroelectric plant “Cetin” Botan river, a tributary of the Tigris River with a value for the share Salini Impregilo 243 million. – Additional agreement for the completion of the new Copenhagen metro, Cityringen, with which they are awarded additional work in the amount of about 215 million. – Project High Speed ’Verona-Padua (IRICAV2) to 764 million (recovery backlog) – Riyadh Metro Project with the purchase of additional shares for a value of 537 million
MAIN FINANCIAL YEAR 2014 THE SEPARATE FINANCIAL SALINI IMPREGILO SPA Parent company revenues Salini Impregilo S.p.A. amounted to 2.3419 billion with a strong increase over the previous year (1.2741 billion). The operating result (EBIT) and ‘amounted to 125.9 million (153.1 million). The result of financial and equity investments of Salini Impregilo SpA and ‘negative 84.5 million (profit of 13.6 million in 2013). Net income and ‘equal to’ i ’30.7 million (116.5 million).
PROPOSED ALLOCATION OF PROFIT FOR THE YEAR The Board of Directors, in view of the profit of the separate financial statements amounting to 30,692,694.72 registered in the Financial Salini Impregilo SpA 31 December 2014, resolved to issue to the shareholders of Salini Impregilo SpA, convened for April 30, 2015, the proposal: – assign 1,534,634.74, representing 5% of the profit for the year, to the legal reserve; – assign to ordinary shareholders a dividend of 0.04 per share for a total dividend of 19,562,732.56; – To allocate the savings shareholders, pursuant to the applicable statutory provisions, a dividend of 0.26 per share, for a total of 420,027.66; – To establish the ex-dividend date May 25, 2015 and the payment date May 27, 2015 (record date May 26, 2015); – To carry forward the total amount of 9,175,299.76.
MAIN EVENTS OCCURRING DURING 2014
On May 7, 2014 and ‘saw the closing – in the press release issued March 19, 2014 of the sale of investment equal to’ entire share capital of Fisia Babcock Environment GmbH. The operation, besides contributing to the reduction of the net financial position for ‘i’ 55 million, is part of the process of focusing the Group’s core business of construction and decommissioning activities of ‘non-core. On June 25, 2014 Salini Impregilo and Salini have completed an offer equity at qualified institutional investors in Italy and abroad. Following this transaction, the share capital of Salini Impregilo, and ‘Euro 544.74 million, for a total of 493 788 182 shares equal to no par value (492 172 691 ordinary shares and 1,615,491 savings shares). On October 6, 2014 and ‘started the program to purchase ordinary shares in the light of the authorization’ meeting of 19 September 2014. At the date of preparation of the financial report in 2014 there were purchases of n. 3,104,377 ordinary shares, representing 0.63% of the ordinary share capital, for a total value of 7,676,914.46.
Participation of Salini SpA in the ordinary share capital of Salini Impregilo SpA amounted to 61.73% and the remaining 37.64% and ‘held by the market. Following expressions of interest made in relation to the activities ‘operations, both in Italy and abroad, and in relation to the will’ Salini Impregilo Group to rationalize the management of the activities ‘non-operational, and’ proceeded to divide the group Todini Costruzioni Generali in branches of activity ‘. The branches are not covered by the expression of interest from potential buyers and activities ‘residual activities were exposed in the’ continuing. In accordance ‘with IFRS 5, these classifications were also carried out with reference to the comparative period only as regards the economic data.
ANNUAL REPORT ON CORPORATE GOVERNANCE AND REMUNERATION REPORT. CALLING THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS
The Board of Directors has reviewed and approved the annual report on corporate governance and ownership structure reported in detail in the Management Report as well as’ the Remuneration Report pursuant to article 123-ter of Legislative Decree 58/98 (TUF), which will be published and made available on the website of the Company ‘(www.salini-impregilo.com). The Council on the basis of information provided by the individual components evaluated in accordance with the Code of Conduct for companies’ listed, the independence requirements for directors Marina Brogi, Giuseppina Capaldo, Mario Giuseppe Cattaneo, Laura Cioli, Alberto Giovannini, Nicola Greek, Peter Guindani, Geert Linnebank, Giacomo Marazzi, Franco Passacantando and Laudomia Pucci. Finally, the Board resolved to convene on April 30, 2015 Annual General Meeting (to approve the 2014 financial statements of Salini-Impregilo, the allocation of the profit for the appointment of the Board of Directors due and for the determination of their compensation, for the appointment of the statutory audit for the years 2015 to 2023 and for the determination of the remuneration, for the adoption of the incentive plan “Performance Share Plan 2015-2017″, well ‘for the deliberations concerning the Remuneration Report) and extraordinary (for statutory changes and that the Board of powers to increase the capital) of Shareholders. The reports illustrated, the arguments submitted to the assembly, will be published in accordance with law.
MAIN EVENTS SUBSEQUENT
On January 23, 2015, the group Salini Impregilo and ‘awarded the contract for the doubling of the carriageway of the road Suleja Minna (Phase II) in Nigeria. It is a way of communication is important as access from the capital Abuja to the northwest of the country.
Intervention and ‘designed to facilitate the mobility’ as well as ‘the potential’ development of the entire region. The contract involves the construction, in 48 months, a new track and the complete rehabilitation of the existing. The customer and ‘the Ministry of Public Works of Nigeria. The amount of work and ‘of about 112 million. On February 25, Salini Impregilo has reached an agreement with a syndicate of banks consisting of Banca Intesa, BNP Paribas, Natixis and Unicredit, to renegotiate a significant portion of the existing bank debt. The total amount of the transaction and ‘about’ 630 million. The transaction involves an agreement amending a portion of the existing debt of 267 million, with lengthening of the duration from 2016 to 2019, with an amortization schedule starting in 2017. As part of the refinancing of existing debt and ‘was planned Moreover, a line five years of 165 million with repayment at maturity. Finally, and ‘was increased line “Revolving Credit Facility” from the current 100 million to 200 million with a maturity of five years.
OUTLOOK
For 2015, in line with the target of the Business Plan 2014-2017 will provide the following objectives: – Revenues: & gt; 15% compared to 2014 – EBITDA margin: 10.5% – EBIT margin: 5.5% – Net debt in line with 2014 – Acquisitions new orders in line with what was achieved in 2014, “The results achieved in 2014 – says the ‘ CEO Pietro Salini ‘together with the high level of visibility’ for 2015 and for the rest of the period of the business plan, supported by a growing infrastructure market, the consistent coverage of revenues through the current backlog of the Group, and sustainability ‘of marginality’, make me be more ‘confident in achieving the ambitious goals we have set in our business plan and in the strong growth of the Group. ” .
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