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Annual Report As at 31 December 2013 Annual Report As at 31 December 2013 Annual Report as at 31 December 2013 Annual Report as at 31 December 2013 www.salini-impregilo.com Annual Report as at 31 December 2013 Table of contents 2 Annual Report as at 31 December 2013 Company officers 4 Impregilo Group structure at 31 December 2013 6 Group highlights 10 Introduction 12 Financial highlights 16 Directors’ report - Part I 22 Performance of the Group and the Parent Company in 2013 24 Directors’ report - Part II 46 Performance by business segment 48 Corporate 52 Construction 54 Concessions 72 Engineering & Plant Construction 76 Non-current assets held for sale 80 Human resources and organisation 102 Safety, the environment and quality 104 Events after the reporting period 120 Outlook 122 Other information 124 Report on corporate governance and the ownership structure 128 Proposal by the Board of Directors to the shareholders of Impregilo S.p.A. 170 Consolidated financial statements at 31 December 2013 172 Consolidated statement of financial position 174 Notes to the consolidated financial statements 182 Statement of financial position 210 Income statement 257 Consolidated financial statements of Impregilo Group - Intragroup transactions 270 Consolidated financial statements of Impregilo Group - Equity investments 280 Consolidated financial statements of Impregilo Group - Consolidation scope 290 Statement on the consolidated financial statements 300 Separate financial statements of Impregilo S.p.A. at 31 December 2013 304 Statement of financial position 329 Income statement 366 Financial statements of Impregilo S.p.A. - Intragroup transactions 380 Separate financial statements of Impregilo S.p.A. - Equity investments 390 Statement on the separate financial statements 406 Reports of the independent auditors and Board of statutory auditors 410 Resolutions of the Shareholders’ Meeting of 30 April 2014 421 Annual Report as at 31 December 2013 3 Company officers 4 Annual Report as at 31 December 2013 Board of Directors (1) Chairperson Claudio Costamagna Chief executive officer Pietro Salini Directors Marina Brogi Giuseppina Capaldo Mario Giuseppe Cattaneo Roberto Cera Laura Cioli Alberto Giovannini Nicola Greco (3) Pietro Guindani Geert Linnebank Giacomo Marazzi (3) Franco Passacantando (4) Laudomia Pucci Simon Pietro Salini Executive committee Pietro Salini Claudio Costamagna Alberto Giovannini Giacomo Marazzi (3) Simon Pietro Salini Risk and control committee Mario Giuseppe Cattaneo Giuseppina Capaldo Pietro Guindani Franco Passacantando (4) Remuneration and appointment committee Marina Brogi Nicola Greco (3) Geert Linnebank Laudomia Pucci Related party transactions committee Alberto Giovannini Marina Brogi Giuseppina Capaldo Geert Linnebank Board of statutory auditors (2) Chairperson Alessandro Trotter Standing statutory auditors Nicola Miglietta Pierumberto Spanò (5) Alternate statutory auditors Marco Tabellini (6) Independent auditors PricewaterhouseCoopers S.p.A. (1) Appointed by the shareholders on 17 July 2012; in office until approval of the financial statements as at and for the year ending 31 December 2014. (2) Appointed by the shareholders on 28 April 2011; in office until approval of the financial statements as at and for the year ending 31 December 2013. (3) Appointed by the shareholders on 12 September 2013; in office until approval of the financial statements as at and for the year ending 31 December 2014. (4) The appointment of the director Franco Passacantando, approved by the shareholders on 12 September 2013, shall take effect from 15 December 2013 and shall remain in office until approval of the financial statements as at and for the year ending 31 December 2014. (5) Standing statutory auditor from 10 January 2014. (6) Alternate statutory auditor from 30 April 2013. Annual Report as at 31 December 2013 5 Impregilo Group structure at 31 December 2013 6 Annual Report as at 31 December 2013 Annual Report as at 31 December 2013 7 Impregilo Group structure at 31 December 2013 CONSTRUCTION % CONCESSIONS % ENGINEERING & PLANT CONSTRUCTION % USW CAMPANIA PROJECT % Impregilo S.p.A. 100 Impregilo Internat. Infrastr. N.V. 100 Fisia Italimpianti S.p.A. 100 FIBE CIGLA S.A. 100 Impregilo Parking Glasgow Ltd. 100 Fisia Babcock Engineering Co. Ltd. 100 FIBE S.p.A. 99.998 CSC Impresa Costruzioni S.A. 100 Impregilo New Cross Ltd. 100 Fisia Babcock Environment GmbH 100 Impregilo S.p.A. 99.989 Grupo ICT II S.a.s. 100 IGLYS S.A. 100 Fisia Babcock Environment GmbH 100 Fisia Italimpianti S.p.A. 0.006 Imprepar S.p.A. 100 Impregilo Intern. Infrastruc. N.V. 98 Impregilo Intern. Infrastruc. N.V. 100 Impregilo Intern. Infrastruc. N.V. 0.003 Bocoge S.p.A. 100 Incave S.r.l. 2 Steinmuller International GmbH 100 Imprepar S.p.A. 100 Mercovia S.A. 60 Fisia Babcock Environment GmbH 100 J.V. Igl S.p.A.-S.G.F. INC S.p.A. 100 Società Autostrade Broni-Mortara S.p.A. 61.08 Gestione Napoli S.r.l. (in liquidazione) 99 Impregilo S.p.A. 99 Ochre Solutions Holding Ltd. 40 Fisia Italimpianti S.p.A. 75 S.G.F. INC S.p.A. 1 Yuma Concessionaria S.A. 40 Impregilo S.p.A. 24 S.A. Healy Company 100 Puentes del Litoral S.A. 26 S.G.F. - I.N.C. S.p.A. 100 Impregilo S.p.A. 22 Other 4 companies PGH Ltd. 100 Iglys S.A. 4 Vegas Tunnel Constructors 100 Consorcio Agua Azul S.A. 25.50 Impregilo S.p.A. 40 Yacylec S.A. 18.67 Healy S.A. 60 Consorzio C.A.V.E.T. 75.98 Other 12 companies Consorzio C.A.V.TO.MI. 74.69 Consorcio Impregilo OHL 70 Impregilo Colombia S.a.s. 70 Empresa Constr. Angostura Ltda. 65 Impregilo-Healy-Parsons J.V. 65 Impregilo S.p.A. 45 Healy S.A. 20 Consorzio Cociv 64 Impregilo Lidco Libya Co. 60 Constructora Ariguani S.a.s. 51 Impregilo-Terna SNFCC J.V. 51 Reggio Calabria - Scilla S.c.p.A. 51 Salerno-Reggio Calabria S.c.p.A. 51 Metro Blu S.c.r.l. 50 Grupo Unidos por el Canal S.A. 48 Pedelombarda S.c.p.A. 47 Eurolink S.c.p.A. 45 Barnard Impregilo Healy J.V. 45 Impregilo S.p.A. 25 Healy S.A. 20 Passante di Mestre S.c.p.A. 42 Impregilo-SK E&C-Galfar al M. J.V. 41,25 La Quado S.c.ar.l. 35 Shimmick-FCC-IGL S.p.A - J.V. 30 Other 219 companies Total: 283 8 Annual Report as at 31 December 2013 CONSTRUCTION % CONCESSIONS % ENGINEERING & PLANT CONSTRUCTION % USW CAMPANIA PROJECT % Impregilo S.p.A. 100 Impregilo Internat. Infrastr. N.V. 100 Fisia Italimpianti S.p.A. 100 FIBE CIGLA S.A. 100 Impregilo Parking Glasgow Ltd. 100 Fisia Babcock Engineering Co. Ltd. 100 FIBE S.p.A. 99.998 CSC Impresa Costruzioni S.A. 100 Impregilo New Cross Ltd. 100 Fisia Babcock Environment GmbH 100 Impregilo S.p.A. 99.989 Grupo ICT II S.a.s. 100 IGLYS S.A. 100 Fisia Babcock Environment GmbH 100 Fisia Italimpianti S.p.A. 0.006 Imprepar S.p.A. 100 Impregilo Intern. Infrastruc. N.V. 98 Impregilo Intern. Infrastruc. N.V. 100 Impregilo Intern. Infrastruc. N.V. 0.003 Bocoge S.p.A. 100 Incave S.r.l. 2 Steinmuller International GmbH 100 Imprepar S.p.A. 100 Mercovia S.A. 60 Fisia Babcock Environment GmbH 100 J.V. Igl S.p.A.-S.G.F. INC S.p.A. 100 Società Autostrade Broni-Mortara S.p.A. 61.08 Gestione Napoli S.r.l. (in liquidazione) 99 Impregilo S.p.A. 99 Ochre Solutions Holding Ltd. 40 Fisia Italimpianti S.p.A. 75 S.G.F. INC S.p.A. 1 Yuma Concessionaria S.A. 40 Impregilo S.p.A. 24 S.A. Healy Company 100 Puentes del Litoral S.A. 26 S.G.F. - I.N.C. S.p.A. 100 Impregilo S.p.A. 22 Other 4 companies PGH Ltd. 100 Iglys S.A. 4 Vegas Tunnel Constructors 100 Consorcio Agua Azul S.A. 25.50 Impregilo S.p.A. 40 Yacylec S.A. 18.67 Healy S.A. 60 Consorzio C.A.V.E.T. 75.98 Other 12 companies Consorzio C.A.V.TO.MI. 74.69 Consorcio Impregilo OHL 70 Impregilo Colombia S.a.s. 70 Empresa Constr. Angostura Ltda. 65 Impregilo-Healy-Parsons J.V. 65 Impregilo S.p.A. 45 Healy S.A. 20 Consorzio Cociv 64 Impregilo Lidco Libya Co. 60 Constructora Ariguani S.a.s. 51 Impregilo-Terna SNFCC J.V. 51 Reggio Calabria - Scilla S.c.p.A. 51 Salerno-Reggio Calabria S.c.p.A. 51 Metro Blu S.c.r.l. 50 Grupo Unidos por el Canal S.A. 48 Pedelombarda S.c.p.A. 47 Eurolink S.c.p.A. 45 Barnard Impregilo Healy J.V. 45 Impregilo S.p.A. 25 Healy S.A. 20 Passante di Mestre S.c.p.A. 42 Impregilo-SK E&C-Galfar al M. J.V. 41,25 La Quado S.c.ar.l. 35 Shimmick-FCC-IGL S.p.A - J.V. 30 Other 219 companies Total: 283 Annual Report as at 31 December 2013 9 Group highlights 10 Annual Report as at 31 December 2013 Annual Report as at 31 December 2013 11 Group highlights Introduction 12 Annual Report as at 31 December 2013 Impregilo Group closed 2013 with total revenue of and was completed on 2 May 2013, at which date € 2,323.3 million (2012: € 2,281.0 million), an Salini S.p.A. held a shareholding of 92.08% of the operating profit of € 157.9 million (2012: operating loss ordinary shares making up the share capital of of € 25.1 million) and a profit attributable to the owners Impregilo. The shareholding in Impregilo was of the parent of € 187.7 million (2012: € 603.1 million).
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