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Annual Report 2017 Report 2017 ANNUAL ANNUAL REPORT 2017 REPORT 2017 I ANNUAL REPORT 31 DECEMBER 2017 TABLE OF CONTENTS CEO’S LETTER TO THE SHAREHOLDERS 4 COMPANY OFFICERS 12 OUR VISION AND GLOBAL PRESENCE 14 KEY EVENTS OF THE YEAR 16 DIRECTORS’ REPORT - PART I 22 FINANCIAL HIGHLIGHTS 24 PERFORMANCE 32 DIRECTORS’ REPORT - PART II 54 PERFORMANCE BY GEOGRAPHICAL SEGMENT 58 RISK MANAGEMENT SYSTEM 88 MAIN RISK FACTORS AND UNCERTAINTIES 96 EVENTS AFTER THE REPORTING DATE 126 OUTLOOK 128 REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE 130 ALTERNATIVE PERFORMANCE INDICATORS 132 OTHER INFORMATION 136 2017 CONSOLIDATED NON-FINANCIAL STATEMENT 138 CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2017 210 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 220 Statement of financial position 266 Statement of profit or loss 367 CONSOLIDATED FINANCIAL STATEMENTS OF SALINI IMPREGILO GROUP - INTRAGROUP TRANSACTIONS 388 CONSOLIDATED FINANCIAL STATEMENTS OF SALINI IMPREGILO GROUP - EQUITY INVESTMENTS 404 CONSOLIDATED FINANCIAL STATEMENTS OF SALINI IMPREGILO GROUP - LIST OF COMPANIES 416 STATEMENT ON THE CONSOLIDATED FINANCIAL STATEMENTS 438 SEPARATE FINANCIAL STATEMENTS OF SALINI IMPREGILO S.P.A. AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2017 440 NOTES TO THE SEPARATE FINANCIAL STATEMENTS 450 Statement of financial position 482 Statement of profit or loss 545 Proposal to the shareholders of Salini Impregilo S.p.A. 566 SEPARATE FINANCIAL STATEMENTS OF SALINI IMPREGILO - INTRAGROUP TRANSACTIONS 568 SEPARATE FINANCIAL STATEMENTS OF SALINI IMPREGILO - EQUITY INVESTMENTS 588 STATEMENT ON THE SEPARATE FINANCIAL STATEMENTS 608 REPORTS 610 CEO’S LETTER TO THE SHAREHOLDERS Directors’ Report 6 ANNUAL REPORT 2017 Dear Shareholders, effective as shown not just by the numbers and the attained results, but also by the market’s acknowledgement. 2017 was a fundamental year to For the fifth year in a row, we were consolidate the Group’s growth and awarded the global leadership in the stability. Five years after the creation water sector by ENR, and we are one of of a global Group, we can state that the Top 10 companies in the transport our imagination has transformed what and sewer/waste sectors. seemed to be just a dream into reality. For the future, we have set ourselves Today, this dream provides work to some strategic guidelines, among which: nearly 40,000 families in 50 countries. to keep our leadership in the water We grow everywhere and wish to do so and metro sectors, while consolidating continuously, along a path that we have our position in the United States, the traced by reaching both commercial and Middle East and Italy; we also intend to financial targets. increase our market share in the United During this year, besides confirming States, and to reposition Lane for the the growth trend of our revenue, building of large infrastructure projects; which reached €6.5 billion, we also we aim to reduce direct costs, optimise strengthened our financial position. We corporate costs and increase cash flow refinanced €1.1 billion of our corporate generation, to support the Group’s debt by issuing bonds with a nominal growth by strengthening its financial amount of €500 million. We have equity, solidity. after the impairment of the Group’s Our 2017 overall results make us proud. assets in Venezuela, of nearly €1.1 They prove that the strategy we have set billion, confirming our position as one of for ourselves works, as it ties our growth the industry’s best financial structures. to global megatrends. It is a winning From a commercial point of view, we strategy, which guarantees both short acquired many new orders, improving term results and economic and financial our risk profile both by reducing the sustainability in the long-term. revenue share of our main ten projects If we look at the global scenario, we by 47% and by confirming the US as see that infrastructure is a confirmed our main market. This was part of our essential lever for sustainable broader business strategy that sees development within a context of us focusing on markets with a more economic recovery. In a context where favourable risk-profit ratio. the global GDP growth was 3.0% in In 2017, the Group’s strategy was very 20171, the construction market went 1 Source: Global Economic Prospect, The World Bank Group, January 2018. 7 CEO’s Letter to the Shareholders from USD2.9 trillion in 2016 The main new projects won to USD3.2 trillion in 2017. It is by the Group confirm our expected to reach USD3.5 trillion willingness to work in areas with in 2018. a favourable profit and risk ratio, but also our will to continue to This construction market’s work in Italy. In fact, in 2017, growth meets the ongoing we also won some important demanding needs linked to contracts in our country: the megatrends like urbanisation, Naples-Bari High-Speed Railway water shortage and infrastructure section for €238 million, the ageing. Mass urbanisation is Palermo-Catania railway section leading towards the growth for €186 million and Milan’s of megacities. It is therefore new ENI headquarters for €171 increasing the demand for high- million, designed to apply for the quality infrastructure connected LEED Gold certification. to sustainable transport, like metros and railways. The global The Persian Gulf continues population’s increase is causing to be a strategic geographical the water shortage phenomena. area. During the year, we won It is linked to the ever-growing several new key projects for the need to manage the lack of water development of the urban areas resources through solutions like of some of its main cities. water treatment plants to manage Besides winning an important and reuse water, desalination road connection project in Abu plants and purification plants, Dhabi (USD200 million), to plants to guarantee existing connect Capital District to the water reserves and to generate Central Business District, the electricity from renewable Group also won three projects sources through hydroelectric for the area’s residential and plants. There is also the need commercial development: the to renew infrastructure that is Meydan One Mall (USD435 now obsolete in most parts of million), which will be the heart the developed world, while also of a massive urban development seizing the opportunities that plan between Meydan and present themselves in emerging Al Khail Road (United Arab countries that are ready to Emirates); the renovation project invest in new high quality for the famous Al Faisaliah infrastructure. Mall commercial centre, which 2017, in this scenario, was an is worth €172 million, and important year for new orders. also Riyadh’s SANG Villas 8 ANNUAL REPORT 2017 urbanisation project (USD1.3 sector, where the company won billion). This integrated project a contract for USD336 million is particularly challenging. It for the I-395 Express Lane; consists of the construction of a also, water treatment projects, city with approximately 6,000 like Washington’s Northeast villas, in a 7 million square Boundary Tunnel, through which metres area east of Riyadh. It will we are consolidating Lane’s also include building more than positioning within the large 160 km of main and secondary complex infrastructure sector as roads, with their relevant well. services, a water treatment plant, Our US market outlook calls for and various above-ground and ongoing investments through underground water reservoirs. Lane, including through new We also managed to strengthen businesses, like Lane Power and our presence in the area thanks Energy. to Fisia Italimpianti, a subsidiary The US market’s expected that won two new contracts: the demand for infrastructure by Shoaiba desalination plant worth 2015 will reach USD4.6 trillion. USD255 million, and Oman’s At the start of the year, the Salalah desalination plant worth government relaunched an USD100 million. infrastructure investment plan Through Lane, we also won worth USD1.5 trillion. We are a contract in the Gulf area certain that we will be able to to expand the Al Maktoum significantly contribute to this International Airport (USD125 investment plan, for example, million), with new terminal with regard to maintenance services, new taxiways, roads activities to be carried out on and tunnels in Dubai’s airport 15,500 high-risk dams, and for (United Arab Emirates). the 56,000 bridges that are currently in a poor structural 2017 was the year in which condition. we strengthened our activity in the United States, through Commercial results attained Lane, with which we reached globally and our correct financial a backlog that touches €3.0 management showed in our billion, with €2.6 billion of new 2017 economic and financial orders. These include projects data. Revenue has grown by in different sectors: roads, +5.8%, EBITDA saw an increase Lane’s traditional business compared to 2016 of 1.2%. Our 9 CEO’s Letter to the Shareholders overall order backlog totals apart in the sector) and in €34.4 billion. It shows the worksite safety terms. This Group’s continuity and excellent is another important area for work and how it is continually growth for the Group, which consolidating its growth. renewed its commitment during 2017. We launched a new internal Our financial stability was training and communication plan acknowledged by the market called Valyou. The plan aims at during 2017: Dagong and creating new Safety Leaders and Standard & Poor’s Ratings a new Health&Safety corporate Services awarded the Group culture at work. We want it to a “BB+” rating on our long-term become a key component of our corporate credit. Fitch Ratings new DNA. also confirmed the Group’s market position, promoting it In 2017, to promote work as a with a “BB+” rating, for its solid culture and the value of people, business profile, its proficient we prepared an event that will order backlog, its efficient celebrate work and our people risk management system, its in our worksites during this year.
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