Impregilo Group
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PROGRESS, OUR GREATEST ACCOMPLISHMENT The value of a group is tied to its history and particularly for motorway networks, renewable origins. energy plants and energy transportation. It is Impregilo group was set up at the beginning of also active in the plant and engineering and the 1990s but its origins lie much further back environmental services sectors. IMPREGILO GROUP as it is the legacy of Girola, Lodigini, Impresit Interim financial report and Cogefar. These prestigious Italian Dams, hydroelectric plants, motorways, companies were at the forefront of international railways, underground train systems, tunnels, Interim financial report at 30 June 2009 Interim financial report at 30 at 30 June 2009 civil engineering from the early twentieth bridges, viaducts, desalination plants, fume century. treatment plants and waste-to-energy plants: a wealth of experience gained in Italy and abroad Active in all five continents, the companies thanks to its constant commitment to meeting that merged to become Impregilo engaged in deadlines, protecting the environment and the construction of the main motorway, railway deploying innovative technologies. and hydroelectric works underpinning development in Italy and in many other Impregilo is a group looking to the future. It is countries around the world, and helped responsible and sensitive to its stakeholders’ strengthen Italy’s international standing. expectations and has proved itself well capable of exploiting and anticipating market IMPREGILO GROUP This rich history of tradition and success has developments over its more than a hundred made Impregilo, listed on the Italian stock years of experience. exchange, the leading general contractor in Italy and one of the major international general Today, thanks to its business and organisational construction companies. skills and technical and financial knowledge, Impregilo has a wealth of unrivalled expertise With roughly 10 thousand highly qualified and experience. It is ready to take on the employees and extraordinary technical know- challenge of growing demand for infrastructure how, the group is active worldwide in the and transportation for people and goods while construction of large infrastructure contracts protecting and nurturing the environment as and highly acclaimed architectural projects one of the major players in Italy and on the IMPREGILO S.P.A. _ Via dei Missaglia, 97 _ Milano _ Italy - Tel. +39 02 444.22111 Fax +39 02 444.22293 - e-mail: [email protected] www.impregilo.it and is a key player in the concessions market, international field for new development. WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 PROGRESS, OUR GREATEST ACCOMPLISHMENT The value of a group is tied to its history and particularly for motorway networks, renewable origins. energy plants and energy transportation. It is Impregilo group was set up at the beginning of also active in the plant and engineering and the 1990s but its origins lie much further back environmental services sectors. IMPREGILO GROUP as it is the legacy of Girola, Lodigini, Impresit Interim financial report and Cogefar. These prestigious Italian Dams, hydroelectric plants, motorways, companies were at the forefront of international railways, underground train systems, tunnels, Interim financial report at 30 June 2009 Interim financial report at 30 at 30 June 2009 civil engineering from the early twentieth bridges, viaducts, desalination plants, fume century. treatment plants and waste-to-energy plants: a wealth of experience gained in Italy and abroad Active in all five continents, the companies thanks to its constant commitment to meeting that merged to become Impregilo engaged in deadlines, protecting the environment and the construction of the main motorway, railway deploying innovative technologies. and hydroelectric works underpinning development in Italy and in many other Impregilo is a group looking to the future. It is countries around the world, and helped responsible and sensitive to its stakeholders’ strengthen Italy’s international standing. expectations and has proved itself well capable of exploiting and anticipating market IMPREGILO GROUP This rich history of tradition and success has developments over its more than a hundred made Impregilo, listed on the Italian stock years of experience. exchange, the leading general contractor in Italy and one of the major international general Today, thanks to its business and organisational construction companies. skills and technical and financial knowledge, Impregilo has a wealth of unrivalled expertise With roughly 10 thousand highly qualified and experience. It is ready to take on the employees and extraordinary technical know- challenge of growing demand for infrastructure how, the group is active worldwide in the and transportation for people and goods while construction of large infrastructure contracts protecting and nurturing the environment as and highly acclaimed architectural projects one of the major players in Italy and on the IMPREGILO S.P.A. _ Via dei Missaglia, 97 _ Milano _ Italy - Tel. +39 02 444.22111 Fax +39 02 444.22293 - e-mail: [email protected] www.impregilo.it and is a key player in the concessions market, international field for new development. WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 IMPREGILO GROUP Interim financial report at 30 June 2009 Impregilo S.p.A. Fully paid-up share capital euro 718,364,456.72 Registered office in Milano, Via dei Missaglia, 97 Tax code and Milan Company Registration no. 00830660155 R.E.A. no. 525502 - VAT no. 02895590962 This document is available at: www.impregilo.it WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 TABLE OF CONTENTS Pag. 3 General information Pag. 4 Company officers Pag. 5 Impregilo group structure Pag. 13 Group highlights Pag. 14 Introduction Pag. 15 Financial highlights Pag. 19 Interim Directors’ report - Part I Pag. 20 Analysis of Impregilo Group’s financial position and results of operations for the six months Pag. 26 Interim Directors’ report - Part II Pag. 27 Performance by business segment Pag. 30 - Corporate Pag. 31 - Construction Pag. 41 - Engineering & Plant Construction Pag. 45 - Concessions Pag. 49 - Imprepar – Impregilo Partecipazioni S.p.A. (in liquidation) Pag. 50 Non-current assets classified as held for sale and discontinued operations Pag. 62 Human resources and organisation Pag. 65 Subsequent events Pag. 65 Outlook Pag. 66 Other information Pag. 69 Condensed interim consolidated financial statements as at and for the six months ended 30 June 2009 Pag. 117 Consolidation scope Pag. 125 Statement on the condensed interim consolidated financial statements Pag. 129 Review report WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 GENERAL INFORMATION 3 Interim financial report at 30 June 2009 IMPREGILO WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 COMPANY OFFICERS Board of directors (i) Chairman Massimo Ponzellini Deputy chairmen Giovanni Castellucci Antonio Talarico Chief executive officer Alberto Rubegni Directors Carlo Buora Alfredo Cavanenghi Claudio Cominelli Nicola Fallica Beniamino Gavio Marcello Gavio Giancarlo Guenzi Maurizio Maresca Andrea Novarese Giuseppe Piaggio Alberto Sacchi Executive committee Chairman Alberto Rubegni Giovanni Castellucci Antonio Talarico Beniamino Gavio Andrea Novarese Giuseppe Piaggio Internal control committee Alfredo Cavanenghi Nicola Fallica Maurizio Maresca Remuneration committee Massimo Ponzellini Carlo Buora Alfredo Cavanenghi Claudio Cominelli Maurizio Maresca Board of statutory auditors (i) Chairman Giuseppe Levi Standing statutory auditors Giorgio Oldoini Alessandro Trotter Substitute statutory auditors Vittorio Amadio Michela Zeme Independent auditors PricewaterhouseCoopers S.p.A. (i) appointed by the shareholders on 7 May 2008; in office until approval of the financial statements as at and for the year ending 31 December 2010. WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 IMPREGILO GROUP STRUCTURE 5 Interim financial report at 30 June 2009 IMPREGILO WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 IMPREGILO GROUP STRUCTURE 30 JUNE 2009 ENGENEERING & PLANT CONSTRUCTION CONSTRUCTION IMPREGILO S.p.A. 100 FISIA ITALIMPIANTI S.p.A. 100 Bocoge S.p.A. 100 Fisia Babcock Engineering CO. Ltd. 100 CIGLA S.A. 100 - Fisia Babcock Gmbh 100 CSC Impresa Costruzioni S.A. 100 Fisia Babcock Environment Gmbh 100 J.V. Igl S.p.A.-S.G.F. INC S.p.A. 100 - Impregilo Intern. Infrastruc. N.V. 100 - Impregilo S.p.A. 99 Steinmuller International Gmbh 100 - S.G.F. INC S.p.A. 1 - Fisia Babcock Gmbh 100 S.A. Healy Company 100 Gestione Napoli S.p.A. (in liq.) 99 S.G.F. - I.N.C. S.p.A. 100 - Fisia Italimpianti S.p.A. 54 S.I.P.E.M. S.p.A. (in liq.) 100 - Impregilo S.p.A. 24 Suropca C.A. 100 - Fisia Babcock Gmbh 21 - Impregilo S.p.A. 99 Castalia Ecolmar S.c.p.a. 51.9 - CSC S.A. 1 Shangai Pucheng T.P.E. Co. L.t.d. 50 Consorzio Frana di Spriana S.c.r.l. (in liq.) 100 - Fisia Babcock Gmbh 50 PGH Ltd 100 OTHER 9 COMPANIES Vegas Tunnel Constructors 100 - Impregilo S.p.A. 40 - Healy S.A. 60 Consorzio Torre 94.6 Emp. Const. Costanera Norte Ltda 77.78 Consorzio C.A.V.E.T. 75.98 Consorzio C.A.V.TO.MI. 74.69 Consorcio Impregilo - Ingco 70 Constructora Mazar 70 Rivigo J.V. L.t.d. 70 - PGH L.t.d. 70 Consorcio Impregilo Yarull 70 Consorcio Acueducto Oriental 67 Consorzio Venice Link 61 Impregilo Lidco Libya Co. 60 Nathpa Jhakri J.V. 60 Ghazi-Barotha Contractors J.V. 57.8 Consorzio Scilla (in liq.) 51 Reggio Calabria - Scilla S.c.p.a. 51 Salerno-Reggio Calabria S.c.p.a. 51 Pedelombarda S.c.p.A. 47 Eurolink S.c.p.a. 45 Passante di Mestre S.c.p.A. 42 OTHER 128 COMPANIES TOTAL 333 WorldReginfo - 356d48b1-d6b8-4fb5-89f6-bf1d5647e4d0 USW CAMPANIA CONCESSIONS OTHER PROJECTS IMPREPAR S.p.A. IMPREGILO INTERNATIONAL FIBE INFRASTRUCTURES N.V. 100 IN LIQUIDATION 100 Impregilo Parking Glasgow Ltd 100 Fibe S.p.A. 99.998 Alia S.c.r.l. (in liq.) 100 Impregilo New Cross Ltd 100 - Impregilo S.p.A. 99.989 Consorzio Pielle (in liq.) 100 IGLYS S.A. 100 - Impregilo Intern. Infrastruc. N.V. 0.003 - Imprepar S.p.A.