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Interim Financial Report (Translation from the Italian original which remains the definitive version) Interim financial report 30 June 2018 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 CONTENTS Company officers ................................................................................................................................................................... 3 Key events of the period......................................................................................................................................................... 4 Directors’ report - Part I ................................................................................................................. 5 Financial highlights ............................................................................................................................................................ 6 Performance ...................................................................................................................................................................... 9 Directors’ report - Part II .............................................................................................................. 20 Performance by geographical segment ........................................................................................................................... 23 Risk management system ............................................................................................................................................... 43 Main risk factors and uncertainties .................................................................................................................................. 48 Events after the reporting period ..................................................................................................................................... 70 Outlook ............................................................................................................................................................................ 71 Alternative performance indicators .................................................................................................................................. 72 Other information ............................................................................................................................................................. 74 Condensed interim consolidated financial statements as at and for the six months ended 30 June 2018 .......................................................................................................................................... 75 Notes to the condensed interim consolidated financial statements ...................................................................................... 83 Statement of financial position ....................................................................................................................................... 107 Income statement .......................................................................................................................................................... 147 List of Salini Impregilo Group companies ...................................................................................................................... 158 Statement on the condensed interim consolidated financial statements ...................................... 173 Report of the independent auditors ............................................................................................ 174 2 Company officers Board of directors (i) Chairperson Alberto Giovannini Deputy Chairman Nicola Greco Chief executive officer Pietro Salini Directors Marina Brogi Giuseppina Capaldo Mario Giuseppe Cattaneo Roberto Cera Maria Raffaella Leone Geert Linnebank Giacomo Marazzi Ferdinando Parente Franco Passacantando Laudomia Pucci Alessandro Salini Grazia Volo Risk and control committee Chairperson Mario Giuseppe Cattaneo Marina Brogi Giuseppina Capaldo Nicola Greco Franco Passacantando Compensation and nominating committee Chairperson Marina Brogi Geert Linnebank Laudomia Pucci Committee for related-party transactions Chairperson Ferdinando Parente Giuseppina Capaldo Geert Linnebank Giacomo Marazzi 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. Appointed by the shareholders on 30 April 2018; in office until approval of the financial statements as at and for the year ending 31 (i) December 2020. Appointed by the shareholders on 27 April 2017; in office until approval of the financial statements as at and for the year ending 31 (ii) December 2019. (iii) Engaged by the shareholders on 30 April 2015; term of engagement from 2015 to 2023. 3 Key events of the period Lane Industries Inc. Enhancement of Lane Industries Inc.’s Plants & Paving division On 12 June 2018, Lane Industries Inc.’s board of directors resolved to sell the Plants & Paving division. Accordingly, it appointed advisors to assist with the assessment of its disposal. This resolution has its basis in the Group’s objective to consolidate its growth strategy in the US large infrastructure business sector by disposing of non-core assets and freeing up resources for possible investment in the US in the Group’s core business It is currently assessing offers received from major US and European groups. Key projects acquired in the six months Contract awarded in Paris worth approximately €200 million On 19 March 2018, Salini Impregilo Group won a contract worth approximately €200 million to extend a Paris metro line to the Orly airport, southeast of the French capital. This contract marks the Group’s entry into the Grand Paris Express, a project that will revolutionise the public transport system of Paris and its extensive suburbs by 2030. Salini Impregilo and its French joint venture partner have been awarded one of the four sections. Approximate USD180 million contract in South Carolina (USA) On 23 March 2018, the group company, The Lane Construction Corporation, won a design & build contract worth approximately USD180 million to widen Interstate 85 (I-85) in Cherokee Country, South Carolina, USA. 4 Directors’ report - Part I 5 Financial highlights The following table shows the Group’s adjusted key financial indicators for the first six months of 2018 and the corresponding period of the previous year. Adjustments are not provided for by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and endorsed by the European Union. The Group deems that these adjusted figures and data provide information useful to management and investors to assess the Group’s performance and compare it to other companies active in the same sector. They also provide an additional picture of the results excluding elements that are unusual or atypical. As a result, at 30 June 2018, the Group has adjusted its IFRS accounting figures to reflect the inclusion of the results of joint ventures not controlled by Lane Group, which are consolidated on a proportionate basis. The subsequent section on “Initial considerations on the comparability of data” provides more information and details on the following reconciliation of the key adjusted figures. The “Alternative performance indicators” section gives a definition of the financial statements indicators used to present the Group’s highlights. 6 Adjusted reclassified statement of profit or loss of Salini Impregilo Group 1st half 2017 adjusted 1st half 2018 adjusted Salini Joint ventures Salini Joint ventures Impregilo not controlled Impregilo not controlled (in millions of Euros) Group (*) by Lane (**) Total adjusted Group by Lane (**) Total adjusted Revenue 2,721.4 130.1 2,851.5 2,514.6 109.6 2,624.2 Gross operating profit (EBITDA) 271.7 7.6 279.3 202.4 7.5 209.8 Gross operating profit margin (EBITDA) % 10.0% 5.9% 9.8% 8.0% 6.8% 8.0% Operating profit (EBIT) 129.4 7.6 137.0 108.6 7.5 116.1 R.o.S. % 4.8% 5.9% 4.8% 4.3% 6.8% 4.4% Net financing costs (85.8) - (85.8) (15.1) - (15.1) Net gains (losses) on equity investments 9.6 (7.6) 2.0 11.3 (7.5) 3.8 Profit before tax (EBT) 53.3 - 53.3 104.8 - 104.8 Income tax expense (20.4) - (20.4) (40.9) - (40.9) Profit from continuing operations 32.9 - 32.9 63.9 - 63.9 Loss from discontinued operations (5.8) - (5.8) (9.3) - (9.3) Non-controlling interests (16.0) - (16.0) 10.3 - 10.3 Profit for the period attributable to the owners of the parent 11.1 - 11.1 64.9 - 64.9 (*) Reclassified IFRS statement of profit or loss of Salini Impregilo Group restated to comply with IFRS 5 and IFRS 15. More information is available in the “Initial considerations on the comparability of data” section. (**) The Group monitors the key figures of Lane Group for management purposes adjusting the IFRS figures prepared for consolidation purposes to present the results of the non-subsidiary joint ventures consolidated on a proportionate basis. These figures show the status of contracts managed directly by Lane or through non-controlling investments in joint ventures. The figures in the “Joint ventures not controlled by Lane” column of the first
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