Final results may differ substantially from the forecasts included herein.

Transcription

1 2007 Annual Results

2 Disclaimer This document has been prepared by Vianini Lavori S.p.A. for information purposes only and it is not intended as an offer or solicitation of an offer to purchase or sell any financial instrument. Any forward-looking statement on Group performance has not been independently verified and it is based on management best judgment of current macroeconomic conditions but no representation of warranty, express or implied, is made and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information contained herein. Final results may differ substantially from the forecasts included herein. This presentation is being distributed to professional investors only and may not be reproduced, redistributed or published in whole or in part. For any further information please contact our Investor Relations Office: Tel

3 Agenda Group overview Construction - Order backlog Rome Subway Line C Project Strategic investments Shareholders value creation Financial highlights Contribution from strategic investments Net financial position and book value Appendix Main shareholders Caltagirone Spa Macroeconomic scenario Construction industry 3

4 Group overview CONSTRUCTION STRATEGIC INVESTMENTS FINANCIAL INVESTMENTS Listed on the Italian Stock Exchange since 1986 Market Capitalization: 414 millions (1) General contractor since Sales: 161 millions 2007 Group Net Profit: 73.4 millions Net Financial Position at 31/12/07: 236 millions (2) In the last few years Vianini Lavori Spa has diversified away from its core construction business, into services, concessions and financial investments 4 1. Based on prices at Net cash

5 Construction - Order backlog Vianini Lavori is very selective in bidding for new projects as its focus is mainly on long term profitability and returns MAIN PROJECTS as of 31/12/2007 Rome Subway Line C Rome Tor Vergata University Variante di valico Project Housebuilding Grande Viabilità Project Other projects TOTAL ORDER BACKLOG millions ,272.5 Order backlog breakdown Commercial / Residential building 12,5% Infrastructure 87,5% 5

6 Subway Line C Project - Rome General Contracting Project worth 2.2 billion (Vianini Lavori share 34.5%) Partnership with Astaldi (34.5%), Consorzio Cooperative Costruzioni (17%), Ansaldo Trasporti e Sistemi Ferroviari (14%) Construction of 27km of subway lines and 30 stations around 30 meters below ground Fully automated control and driving system Line C will intersect the existing lines (A and B) and B1 (under construction) Financed by public funds (70% by the State, 18% by Rome Municipality and 12% by Lazio Region) 6

7 Strategic investments METRO C S.c.p.A (1) 34.5 % VIANINI LAVORI S.p.A 1.95 % ACEA S.p.A. (2) 25.5 % 23.7 % CEMENTIR S.p.A Chaired by Francesco Caltagirone jr, Cementir is a vertically integrated Pan-European cement player, worldwide leader in the white cement niche market, 1st Scandinavian rmc player, 1st Danish cement producer, 2nd Scandinavian cement player, 4th largest Italian cement producer and among the first largest cement and rmc producers in Turkey, with plants in the Mediterranean basin, Northern Europe, Middle East, Asia and USA. Listed on the Blue Chip segment of the Italian Stock Exchange from 2007, after 6 years in Star segment. ACQUA CAMPANIA S.p.A Acqua Campania operates the water concession in Western Campania, signed in 1992 and renegotiated in 1998, which includes also infrastructure upgrading. The 25-year concession contract will expire in Acqua Campania is 50.5% owned by ENI Group, 23.7% by Siba spa, 23.7 % by Vianini Lavori Spa and 2.1% by others % EUROSTAZIONI S.p.A 40.0 % GRANDI STAZIONI S.p.A Grandi Stazioni operates the commercial areas of the 13 major Italian railway stations. The concession lasts for 40 years since 2000 and it includes both the properties management, renovation and upgrading, besides ordinary repair and others services Main figures Sales EBITDA EBIT Net profit millions 1, Main figures millions Sales 66.8 EBITDA 7.9 EBIT 7.5 Net profit Main figures Sales EBITDA EBIT Net profit millions Net equity NFP Dividends (3) 1,085.9 (364.8) 18.4 Net equity NFP Dividends (3) 10.0 (29.0) 3.0 Net equity NFP Dividends (3) 92.5 (103.4) Incorporated in April 2006, Metro C Scpa is the constructor of Line C subway in Rome 2. It owns n. 4,150,000 shares of ACEA Spa 3. Distributes to shareholders in 2007

8 Shareholders value creation Market capitalization CAGR: 16.1 % since 2001 Mkt cap (year end) Book value EPS Net margin (1) millions % 700 1, ,7 286,6 0,72 205,8 206,3 0,30 22,6% 8,4% 320,8 0,83 230,8 21,6% 424,4 0,99 275,9 20,8% 485,4 1,08 361,8 26,9% 1,62 523,8 415,2 60,2% 1,68 576,1 503,7 45,7% 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0, , Net Income / Sales

9 Financial highlights Euro (000) Sales EBITDA Ebitda margin EBIT Ebit margin Associates Other financial income / charge % % % % Sales and Ebitda increased thanks to the continuation of work on the Turin City Rail Link, the third lane of the Rome Ring Road and the commencement of work on Line C of the Rome Metro System and on the Tor Vergata University City of Sport (in Rome) Net Financial Result Profit before taxes Taxes Net Income Pre tax profit benefited from the contribution of associated companies and from capital gains on financial stakes Net Income / Sales 45.7% 60.2% 9

10 Contribution from strategic investments Contribution from associates millions % % 0,7 1,8 2,2 2, % 0,9 1, ,7 1,4 27,9 29,0 36, ,6 5 0 FY 2004 FY 2005 FY 2006 FY 2007 Cementir Eurostazioni Acqua Campania 10

11 Net Financial Position and Book Value Financial strength is one of Vianini Lavori s main features millions Book Value Net Financial Position ,8 576,1 424,4 485,4 404,7 197,1 235,9 57,4 128,9 64, (1) 2004 (1) Euro (000) Current Financial Asset Cash and cash equivalent Current Financial Liabilities Non-current Financial Liabilities Posizione Finanziaria Netta , ,200 (1,505) (129) 235, , ,081 (1,192) - 197, Data are IAS complaint

12 12 Appendix

13 Main Shareholders Caltagirone SpA 56,5% Francesco Gaetano Caltagirone (2) 10,5% Amber Capital LP 4,9% Free Float 26,1% Axa Rosenberg Investment Management Limited 2,0% As of April Directly and indirectly held through Pantheon 2000 spa, Finit 2006 srl and Finanziaria Italia 2005 spa

14 Caltagirone Spa Caltagirone Spa is a holding company which controls three different subsidiaries active in the cement, media and construction industries 2007 consolidated sales achieved around 1.7 bn The Group structure is the following: Mkt cap: cap: 625m (a) 66.7% (b) 56.5% (c) 31.7% CEMENT CONSTRUCTION 35.6% (d) MEDIA 25.5% Mkt cap: 510 m Mkt cap: 1,007 m Mkt cap: 492 m Mkt cap.: 211 m Mkt cap.: 14 m Water pipes / pilons 14 Construction International cement and RMC producer Mkt cap is based on prices at April 21st, 2008 Of which 54.1% directly and 12.6% through Capitolium Spa (100% controlled company) (c) Of which 50.0% directly and 6.4% through Capitolium Spa. Other companies of the Group own another 7.7% (d) Through Parted 1982 spa. The Caltagirone Family owns directly and/or indirectly another 32% of Caltagirone Editore SpA Newspapers, Advertising, Internet

15 Macroeconomic scenario Construction Industry COSTRUCTION INVESTMENTS (1) Residential Non residential Public w orks With a modest growth (+0.4%) in 2007, the construction industry reached the 9th consecutive year of growth and the maximum peak of investments over the last 40 years. Dynamics were different in each sub-sector: Residential: +6.9% in 2006 and +4.0% in 2007 Non residential for economic activities: + 4.6% in 2006 and + 5.0% in 2007 Public works: + 2.0% in 2006 and -0.1% in % 8% 6% 4% 2% 0% -2% -4% PUBLIC WORKS INVESTMENTS (1) Public works(chg in current value) Public works (chg in quantity) Public investments decreased by 3% in 2007 and considerably in the last 3 years The 2008 budget law increased resources for public works by 20%. Anas forecasts to spend 1.6 billion and Ferrovie dello Stato 1.8 billion in this year Strategic projects of Legge Obiettivo will have around 3 billion funding in The budgeted increase in public spending did not materialize in actual new project because of very slow resource allocation Source: ANCE October 2007 Osservatorio congiunturale, estimates at current values

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