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Interim Financial Report (Translation from the Italian original which remains the definitive version) Interim financial report 30 June 2017 This document is available at: www.salini-impregilo.com Salini Impregilo S.p.A. Company managed and coordinated by Salini Costruttori S.p.A. Salini Impregilo S.p.A. Share capital €544,740,000 Registered office in Milan, Via dei Missaglia 97 Tax code and Milan Company Registration no. 00830660155 R.E.A. no. 525502 - VAT no. 02895590962 1 Table of Contents Company officers .................................................................................................................................................. 3 Key events of the period ....................................................................................................................................... 4 Directors’ report - Part I ................................................................................................................................... 6 Financial highlights .......................................................................................................................................... 7 The Group’s performance in the first half of 2017 ......................................................................................... 10 Directors’ report - Part II ................................................................................................................................ 21 Performance by geographical segment ......................................................................................................... 23 Risk management system ............................................................................................................................. 42 Main risk factors and uncertainties ................................................................................................................ 46 Human resources and organisation .............................................................................................................. 73 Events after the reporting period ................................................................................................................... 76 Outlook .......................................................................................................................................................... 77 Alternative performance indicators ................................................................................................................ 78 Other information ........................................................................................................................................... 79 Condensed interim consolidated financial statements as at and for the six months ended 30 June 2017 ....... 80 Notes to the condensed interim consolidated financial statements ................................................................... 88 Statement of financial position....................................................................................................................... 99 Statement of profit or loss ............................................................................................................................ 140 List of Salini Impregilo Group companies .................................................................................................... 153 Statement on the condensed interim consolidated financial statements ....................................................... 168 Report of the independent auditors ............................................................................................................. 169 2 Company officers Board of directors (i) Chairperson Alberto Giovannini Chief executive officer Pietro Salini Directors Marco Bolgiani Marina Brogi Giuseppina Capaldo Mario Giuseppe Cattaneo Roberto Cera Nicola Greco Pietro Guindani Geert Linnebank Giacomo Marazzi Franco Passacantando Laudomia Pucci Alessandro Salini Grazia Volo Risk and control committee Chairperson Mario Giuseppe Cattaneo Marco Bolgiani Giuseppina Capaldo Pietro Guindani Franco Passacantando Remuneration and appointment committee Chairperson Marina Brogi Nicola Greco Geert Linnebank Laudomia Pucci Related party transactions committee Chairperson Marco Bolgiani Marina Brogi Giuseppina Capaldo Geert Linnebank Board of statutory auditors (ii) Chairperson Giacinto Gaetano Sarubbi Standing statutory auditors Alessandro Trotter Teresa Cristiana Naddeo Substitute statutory auditors Piero Nodaro Roberto Cassader Independent auditors (iii) KPMG S.p.A. (i) Appointed by the shareholders on 30 April 2015; in office until approval of the financial statements as at and for the year ending 31 December 2017. (ii) Appointed by the shareholders on 27 April 2017; in office until approval of the financial statements as at and for the year ending 31 December 2019. (iii) Engaged by the shareholders on 30 April 2015; term of engagement from 2015 to 2023. 3 Key events of the period March Contract worth USD336 million awarded in Virginia (USA) On 1 March 2017, Lane was awarded a new design-build contract worth USD336 million to extend the 395 Express Lanes in Virginia, USA, where Lane has already performed other works. €397 million contract awarded for the first lot of the high speed/capacity Naples-Bari railway section On 2 March 2017, the Salini Impregilo-Astaldi joint venture was awarded the contract worth €397 million to design and build the Naples-Cancello segment of the high speed/capacity Naples-Bari railway section. The works will be performed by Salini Impregilo (lead contractor, 60% share) and Astaldi (40%). The contract signing will take place once the necessary checks required by the tender procedure to ensure that the two joint venturers meet the relevant participation requirements have been completed. The contract was commissioned by ITALFERR S.p.A. and covers the first segment of the Naples-Bari section. It is a fundamental part of the overall restructuring of the entire railway line. Consorzio Cociv On 6 March 2017, the Rome prefecture ordered the extraordinary administration of this consortium pursuant to article 32.1.b of Decree law no. 90 of 24 June 2014, converted with amendments by Law no. 114 of 11 August 2014. It appointed an extraordinary commissioner for a six-month period which may be extended. USD435 million contract awarded for an urban development project in Dubai On 16 March 2017, the parent signed a USD435 million contract with Meydan Group LLC to build the Meydan One Mall in Dubai, United Arab Emirates. According to the contract, Salini Impregilo will perform the structural works and oversee the excavations and building works. The Mall is the first of several phases of this urban development project, which will include a water canal, a tourist port, walking and biking tracks and one of the tallest residential buildings in the world. Two metro lines will be built underneath it, one of which – the Green Line – will connect to Dubai Airport. April Contract worth USD188 million awarded in Indiana (USA) On 6 April 2017, Salini Impregilo and S.A. Healy Company, a subsidiary of Lane Construction Corporation (Salini Impregilo Group) won a design-bid-build contract worth USD188 million in Indiana (USA). The project includes a deep rock tunnel, drop shafts and consolidation sewers to collect and convey combined sewer overflow (CSO) from eight locations along the St. Mary and Maumee Rivers. Once completed, the CSO tunnel system will reduce 90% of combined sewage overflows into the rivers, which occur during large rain storms. 4 USD300 million contract in Saudi Arabia commissioned by Al Khozama On 13 April 2017, Salini Impregilo was awarded a USD300 million contract to refurbish the Al Faisaliah Mall and demolish the adjacent Seyahiah and Al Khozama Centre buildings to extend the Mall and build a five star hotel. The Al Faisaliah District Redevelopment project in Riyadh has been commissioned by Al Khozama Management Company, a leading developer and manager of commercial, luxury, hospitality and retail properties in Saudi Arabia. Salini Impregilo (Fisia Italimpianti) won a USD255 million contract in Saudi Arabia as part of a joint venture On 18 April 2017, through its subsidiary Fisia Italimpianti, Salini Impregilo was awarded the contract to design and build a desalination plant in Saudi Arabia worth USD255 million as part of a joint venture with a Spanish company. The client is ACWA Power. Located in the Shuaiba area on the western coast of Saudi Arabia, the plant will use reverse osmosis technology to deliver 250,000 cubic metres of water per day, supplying potable water to more than one million residents in the cities of Mecca, Jeddah and Taif. In a joint venture in which it holds 50%, Fisia Italimpianti has signed a Limited Notice To Proceed (LNTP) to start the preparatory work. 5 Directors’ report - Part I 6 Financial highlights Since the acquisition of 100% of Lane on 4 January 2016, the Group has monitored its key figures solely for management purposes adjusting Lane Group’s IFRS figures to present the results of the joint ventures not controlled by Lane which are consolidated on a proportionate basis. These management accounts results show the progress made on the contracts managed directly by Lane or through its non-controlling investments in the joint ventures. The subsequent section on “Initial considerations on the comparability of data” provides more information on the following reconciliation of the adjusted key figures. The “Alternative performance indicators” section gives
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