Consolidated financial results 2014

Transcription

1 PRESS RELEASE Consolidated financial results 2014 The Board of Directors has approved the Consolidated Financial Statement at December 31st, Consolidated income statement data: o Total revenues of Euro 1,140.7 million o EBITDA margin of 12.4%, with EBITDA of Euro million o EBIT margin of 8.7%, with EBIT of Euro 99.1 million o Net profit of Euro 24.4 million Net financial debt of Euro million Total order backlog totalled Euro 10,852 million of which: o Euro 4,017 million for Group construction works o Euro 6,835 million for concessions on the basis of agreements already executed, valued in terms of the future revenues that will be received by our Special Purpose Vehicles Parma, June 12th The Board of Directors of Impresa Pizzarotti & C. S.p.A., one of the main general contractor in Italy, leading player in the infrastructure sector at an international level, met today to approve the Consolidated Financial Statements of Impresa Pizzarotti & C. S.p.A. at December 31st, 2014, prepared in compliance with the International Accounting Standards ( IFRS ) issued by the International Accounting Standards Board ( IASB ) and endorsed by the European Union. Main consolidated financial results at 31 December 2014 Total consolidated revenues amounted to Euro 1,140.7 million, substantially in line with those recorded in the previous year. As for the geographical breakdown of total revenues, Italy with 76.9% of total revenues amounting to Euro million, confirmed its role as the number-one country contributor to the Group s operating revenues. International activities generated Euro million, equal to 23.1% of total operating revenues. The breakdown of revenues by sector and market is the following (in millions of Euros): Italy Foreign Foreign Total Italy countries countries Total Infrastructures Construction Real estate Operations Precast structures Others Total , ,161.8 percentage 76.9% 23.1% 100.0% 79.2% 20.8% 100.0% Total operating costs amounted to Euro 1,041.6 million (Euro 1,110.0 million in the previous year). EBITDA amounted to Euro million with an increase of 46.3% compared to the previous year. EBIT, amounted to Euro 99.1 million, (+ 91.3% compared to the previous year). Both profit margins, EBITDA margin and EBIT margin, equal to 12.4% and 8.7% respectively, are in line with 2014 targets and significantly higher than in the previous year; in fact, they benefited from substantially steady

2 progress with the contract work during the period and from the positive contribution from the Petite Afrique project in Monte Carlo. Net financial charges, including the financial assets at fair value effect, amounted to Euro 19.8 million (Euro 17.5 million in the previous year). Profit before tax (EBT) amounted to Euro 74.2 million (Euro 32.0 million in the previous year). Net profit for the year totalled Euro 24.4 million (Euro 16.2 million in the previous year). Main consolidated balance sheet data at 31 December 2014 The net financial debt at 31 December 2014 totalled Euro million, in slight increase compared to the previous year figures (Euro million). The Debit/Equity ratio stood at 3.4x and in line with the previous year ratio (3,3x at 31 December 2013). Net fixed assets totalled Euro million (Euro million at the end of December 2013), as a combined effect of the increase in value of equity investments and the decrease in intangible and tangible assets. Net working capital amounted to Euro million (Euro million at the end of December 2013) and net invested capital amounted to Euro million (Euro million at the end of December 2013). Total equity stood at Euro million (Euro million at the end of December 2013). Order backlog and main new orders intake Total order backlog totalled Euro 10,852 million of which Euro 4,017 million for Group construction works and Euro 6,835 million for concessions on the basis of agreements already executed, valued in terms of the future revenues that will be received by our Special Purpose Vehicles. The main projects that were awarded in the financial year 2014 are described below: Ferrara Porto Garibaldi Italy: award of the concession for the design, upgrading to motorway status and operation of the Ferrara to Porto Garibaldi motorway link road for a total investment of about Euro 560 million (in which Impresa Pizzarotti holds a share of work of 31.5%). Sebeş -Turda motorway lot 1 Romania: award of the design and construction of the Sebeş -Turda motorway lot 1 for a total amount of about Euro 110 million (in which Impresa Pizzarotti holds a share of work of 90.0%). Jardin Exotique Monte Carlo: award of the design, construction and coordination of an entire project including a car park with about 2,000 spaces and 15 basement floors and about 8,000 sq. m. of offices, as well as the demolition and transfer of the Jardin Exotique greenhouses. The project, managed through subsidiary FPMC, is worth Euro 140 million. Lot 2 - Line 4 of the Paris Underground France: construction of Lot 2 - Line 4 of the Paris Underground, which is a part of the preliminary works in the Grand Paris underground system development plan in Paris; the amount of the contract is worth Euro 35 million, (in which Impresa Pizzarotti holds a share of work of 31%). Resort in Siberia Russia: In Russia the subsidiary Pizzarotti IE signed a contract for the construction of a resort in Siberia, with a value of about Euro 130 million. Al Haer Saudi Arabia: A new contract was gained through Pride Ltd for the design and construction of two sewage tunnels by mechanical boring near Al-Haer in Saudi Arabia, with an overall value of about Euro 50 million. No significant events occurred after year-end. "Despite the current difficult macroeconomic trends - in the words of the President, Paolo Pizzarotti - we reached encouraging results in 2014 thanks to entrepreneurial skills and reliability, acknowledged both on a national and on an international scale. I would like to mention the works we are currently carrying out in France,

3 such as the tender won for the extension of the line 4 of the metro of Paris: it is an extremely important achievement for us. As a matter of fact, foreign turnover represents more than 23% of our business and it is going to grow thanks to our will to strengthen our network, pursued during the last years. Our entrepreneurial model is based on a solid economic and budgetary policy, our trademark for the last 105 years, as well as on the commitment and expertise of our human resources working in Italy and abroad". Pizzarotti s Manager in charge of Financial Reporting, Mauro Pirondi, Chief Financial Officier, hearby states, pursuant to subsection 2 of Article 154-bis of the Finance Consolidation Act [Testo Unico della Finanza], that the accounting information contained herein tallies with accounting documents, ledgers and entries. Impresa Pizzarotti & C. S.p.A. is one of the main general contractor in Italy and a leading player in the infrastructure sector at an international level; it ended 2014 with revenues amounting to Euro 1.1 billion, consolidated total equity of about Euro 460 million and a backlog of Euro 10,9 billion. The activity of the Company is focused on the following areas: motorway and railway infrastructures, civil building and hydraulic works, concessions. Impresa Pizzarotti & C. S.p.A. is headquartered in Italy. For further information, please visit our web site at For further information: Head of Corporate Identity & Communication Marco Verdesi Tel: ufficiostampa@extracomunciazione.it; m.verdesi@extracomunicazione.it Head of Investor Relations Mauro Pirondi Tel: pirondi@pizzarotti.it

4 Herein attached the Consolidated Financial Statement of Pizzarotti Group at December 31st, 2014 INCOME STATEMENT - (in thousands of Euros) 31/12/ /12/2013 * Revenues Other proceeds Total revenues Raw materials and consumables Costs for services Personnel costs Other operating expenses Amortisation, depreciation and write-downs Total costs Operating profit Financial income Financial costs (31.807) (32.633) Financial assets at fair value (2.073) Value adjustments to equity investments (5.081) (2.325) Profit before tax Taxes (14.337) (15.932) Minority interests (35.503) 120 Net profit * The data have been restated following the application of the new IFRS - see the section on "Effects of the application of the new IFRS 11"

5 STATEMENT OF FINANCIAL POSITION - in thousands of Euros ASSETS 31/12/ /12/2013 * Property, plant and equipment Intangible assets Equity investments Financial assets ** Other non-current assets Deferred tax assets Total fixed assets Current assets Inventories Contract work in progress Trade receivables Trade receivables from Group companies Tax receivables Other current assets Financial assets ** Cash and cash equivalents ** Total current assets Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY 31/12/ /12/2013 * Shareholders' equity Share capital Legal reserve Reserve prescribed by by-laws Other reserves Profit (losses) for the year Capital and reserves attributable to minority interests Profit (loss) attributable to minority interests (120) Total shareholders' equity Non-current liabilities Bank and other loans ** Long-term portion on finance leases ** Staff severance pay Deferred tax liabilities Provisions for risks and charges Other non-current liabilities Total non-current liabilities Current liabilities Bank overdraft and short-term portion on loans ** Short-term portion on finance leases ** Financial payables for derivatives ** Trade payables to suppliers Payables to Group companies Taxes payable Other current liabilities Total current liabilities Shareholders' equity and liabilities * The data have been restated following the application of the new IFRS - see the section on "Effects of the application of the new IFRS 11" ** Items included in the net financial position

6 Herein attached the income statement and the statement of financial position of Separate Financial Statement of Impresa Pizzarotti & C. S.p.A. at December 31st, 2014 INCOME STATEMENT - (in Euros) 31/12/ /12/2013 Revenues Other proceeds Total revenues Raw materials and consumables Costs for services Personnel costs Other operating expenses Amortisation, depreciation and write-downs Total costs Operating profit Financial income Financial costs ( ) ( ) Financial assets at fair value ( ) Value adjustments to equity investments ( ) ( ) Profit before tax Taxes ( ) ( ) Net profit

7 STATEMENT OF FINANCIAL POSITION (in Euros) ASSETS 31/12/ /12/2013 Property, plant and equipment Intangible assets Equity investments Financial assets * Other assets Deferred tax assets Total fixed assets Current assets Inventories Contract work in progress Trade receivables Current receivables from Group companies Tax receivables Other current assets Financial assets * Cash and cash equivalents * Total current assets Total Assets LIABILITIES 31/12/ /12/2013 Shareholder's equity Share capital Legal reserve Reserve prescribed by by-laws Other reserves Profits (losses) for the year Total shareholders' equity Non-current liabilities Bank and other loans * Long-term portion on finance leases * Staff severance pay Deferred tax liabilities Provision for risks and charges Other non-current liabilities Total non-current liabilities Current liabilities Bank overdraft and short-term portion on loans * Short-term portion on finance leases * Financial payables for derivatives * Trade payables to suppliers Payables to Group companies Taxes payable Other current liabilities Total current liabilities Shareholders' equity and liabilities * Items included in the net financial position