Consolidated financial results at June 30, 2019

Milan, July 30 2019


  • Record new orders acquired and to be finalized: € 6.1 billion in the first 7 months of 2019
  • Construction Backlog € 28.9 billion (€ 26.5 billion)1 +9.2%: Book to bill equal to 2.1x
  • Adj.2 Revenues € 2.7 billion (€ 2.6 billion) +3.7%
  • Adj. EBIT € 137.8 million (€ 112.2 million) +22.9%
  • Adj. EBIT margin 5.1% (4.3%)
  • Gross Debt € 2.4 billion, an improvement of about € 187.1 million compared to June 2018 3
  • Net Debt € 1.1 billion, an improvement of about € 83.5 million compared to June 2018 3 


MILAN, July 30, 2019 – The Board of Directors of Salini Impregilo (MTA: SAL) approved today the consolidated half-year financial report at June 30, 2019 and examined the “adjusted2 consolidated data” for the purpose of a better comparison on a homogenous base.


Adjusted Revenues are equal to € 2,709.9 million, up 3.7% compared to the first half of 2018 (€ 2,613.6 million), including € 127.9 million (€ 109.6 million) of revenues from the Lane Group's non-consolidated joint-ventures. The main contributions to the adjusted revenues for the period come from some major projects including those of Lane, the Milan-Genoa high-speed railway line, and works in Ethiopia, Kuwait and Saudi Arabia.

Adjusted EBITDA is equal to € 238.6 million, an increase of 10.5% compared to the first half of 2018 (€ 215.9 million).

Adjusted EBIT, equal to € 137.8 million, showed an increase of 22.9% compared to the first half of 2018 (€ 112.2 million).

Adjusted EBITDA margin is 8.8% (8.3%) and the adjusted EBIT margin is 5.1% (4.3%).


Adjusted net financial costs amount to approximately € 26.8 million compared to € 18.6 million in the first half of 2018. This item includes: financial charges for € 58.0 million (€ 57.0 million), partially offset by financial income of € 22.2 million (€ 23.7 million) and net exchange rate gains of € 9.0 million (€ 14.6 million) mainly attributable to the appreciation of the dollar against the euro.

The increase in financial charges is mainly due to the assessment required by IFRS 9 of some outstanding financial receivables at June 30, 2019. Net of this assessment, financial charges would have decreased by about € 6.9 million compared to the previous half-year due to the repayment of the “6.125% senior unsecured bond” which took place in August 2018.

Adjusted pre-tax result is € 121.8 million (€ 97.3 million), up 25.2%.

Net result attributable to the parent company amounts to € 63.3 million compared to € 59.1 million in the first half of 2018.



Consolidated net debt is equal to € 1,103.7 million, an improvement of approximately € 83.5 million compared to June 2018 (€ 1,187.2 million).

Compared to December 31, 2018, net debt shows an increase of approximately € 162 million. This is attributable, among other things, to some non-recurring events including payments made to the subsidiary GUPC for a total amount of € 123.2 million, in addition to the payment of taxes on Lane’s sale of its Plants & Paving division for about € 60 million.

Gross debt is equal to € 2,399.8 million, including the impact deriving from the application of IFRS 16 for approximately € 84 million, an improvement of approximately € 187.1 million compared to June 30, 2018 (€ 2,586.9 million).

Compared to December 31, 2018, gross debt shows an improvement of approximately € 21 million.




At June 30, 2019, the total order backlog amounted to € 35.7 billion, of which € 28.9 billion is related to construction, up 9.2% compared to June 2018.

The total of new orders acquired and to be finalised since the beginning of the year amounts to about € 6.1 billion, of which € 0.5 billion refer to projects to be finalised. More than 70% of the new orders were acquired in Australia, the United States and Europe (including Italy).

The main projects awarded this year include:

Salini Impregilo:

  • Snowy 2.0 Hydropower (Australia): AU$ 5.1 billion – Salini Impregilo, leader of the Future Generation joint-venture with a combined 65% stake, will carry out the civil and electromechanical engineering works of the hydroelectric project. Snowy 2.0 is the biggest hydroelectric project in Australia and will be an expansion of a network of hydropower stations in the Snowy Mountains Hydro-electric Scheme, helping underpin the country’s renewable energy future.


  • Naples-Bari High-Capacity Railway (Italy): € 608 million – Salini Impregilo, leader with a 60% stake of a consortium of which Astaldi is also a part of, will build the Apice-Hirpinia section of the Naples-Bari high-capacity line that runs for some 18.7 kilometres. The new section, which will allow trains to travel at speeds of up to 200 kilometres per hour, follows another project for the Trans-European Transport Network (TEN-T) that the Group is building on the Napoli-Bari line: a section of 15.5 kilometres between Napoli and Cancello.


  • High-Speed Railway (Turkey): € 530 million – Salini Impregilo will build a 153-kilometre section of a high-speed railway between Istanbul and the border with Bulgaria. The line will be part of the Trans-European Transport Network (TEN-T) among member countries of the European Union. It will be a part of the Orient/East-Med Corridor, which connects Central Europe with ports of the North, Baltic, Black and Mediterranean seas. The contract will be financed in euros by the European Union through funds from the European Investment Bank.


Lane Construction:

  • Caloosahatchee Reservoir, Florida (USA): $ 524 million – Lane will build the Caloosahatchee (C43) West Basin Storage Reservoir in Hendry County in southern Florida. It includes an earth-fill dam with a perimetre of about 16.3 miles (26.2 kilometres) and a separator dam of 2.8 miles (4.5 kilometres).


Fisia Italimpianti:

  • Riachuelo Environmental Restoration System Lot 2 (Argentina): $ 215 million – Fisia Italimpianti will build Lot 2 of the Riachuelo system in Buenos Aires, Argentina, a mega engineering and infrastructure project to reduce pollution in the Riachuelo River, the most polluted in the country.


The following is a breakdown by category, geographical area and business segment of the construction order backlog:



The consolidated reclassified schedules of the income statement and statement of financial position of the Salini Impregilo Group at June 30, 2019 are attached.

[1] The figures in brackets refer to income statement data at June 30, 2018.

[2] The adjusted income statement data consist of statutory data that include results from the non-controlled joint ventures (Work Under Management) related to Lane Industries Inc. Furthermore, for better comparability, the data for the first half of 2018 were adjusted, based on the best available estimate, of the effects deriving from the application of IFRS 16.

[3] For better comparability, the balance sheet data at June 30, 2018 and December 31, 2018 were adjusted, based on the best available estimate, for the effects deriving from the application of IFRS 16.



First Half 2019 Financial Results



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