Double-digit growth in Revenues, EBITDA and EBIT

Net Income more than doubled y-o-y

• Revenues: €1.0 billion +14.4% (vs. €875.9 million)1 
• EBITDA: €117.0 million +27.1% (vs. €92.0 million)
• EBIT: €61.8 million +28.5 % (vs. €48.1 million)
• EBIDTA margin 11.7% (vs. 10.5%); EBIT margin 6.2% (vs. 5.5%)
• Net profit: €51.2 million (vs. €21.2 million)
• Net debt: €214.1 million (vs. €570.0 million)    
• New orders intake: €773.0 million (vs. €421.0 million)

May 14, 2015 - The Board of Directors of Salini Impregilo (MTA: SAL) approved today the Interim Report as at March 31, 20152

Pietro Salini, Chief Executive Officer, said: “The results achieved in the first quarter of 2015, in terms of growth and profitability, confirm a good start to the year for our Group. Effective management and the favorable trend in our reference market make us confident in reaching the targets set for the current year”.

CONSOLIDATED FINANCIAL RESULTS FIRST QUARTER 2015 HIGHLIGHTS

€/million              1Q 20151Q 20143Change

REVENUES1,002.2875.914.4%

EBITDA117.092.027.1%

EBITDA margin11.7%10.5% 

EBIT61.848.128.5%

EBIT margin6.2%5.5% 

NET PROFIT51.221.2141.5%

INCOME STATEMENT

Consolidated revenues for the first quarter of 2015 totaled €1,002.2 million, a 14.4% increase from the €875.9 million reported for the same period the previous year. The increase reflects the

progress and contribution made by ongoing projects as well as new projects that have come into full operation. The quarterly results also benefited from a non-recurring positive impact of about €5 million.

Total operating costs were €885.2 million compared with €783.9 million a year earlier. Among these costs, the part related to purchases, subcontractors and services represented 17%, 26% and 29% of total revenues, respectively.

EBITDA reached €117.0 million in the first quarter of 2015, 27.1% higher than what was reported in the same period the previous year.

EBIT totaled €61.8 million, showing an increase of 28.5% from the same quarter the previous year.

EBITDA margin was 11.7% and EBIT margin was 6.2% against 10.5% and 5.5%, respectively, for the same quarter the previous year.

The combined result of financial transactions and equity investments was a net gain of €4.6 million against a net charge of €14.2 million in the first quarter of the prior year. Financial transactions alone generated a net gain of €1.4 million against a net charge of €18.2 million the same quarter previous year. This is due to fewer financial costs of approximately €11 million thanks to the reduction in gross debt, and to higher foreign-exchange gains of €16.8 million compared with €7.1 million in the first quarter of 2014. Equity investments contributed a positive result of €3.3 million, in line with the same period the prior year.

Net profit for the first quarter, before minorities, amounted to €51.2 million compared with €21.2 million in the first quarter of 2014. The strong increase in net profit, in addition to reflecting a positive trend in the management of continuing operations and the positive results from financial transactions, included a profit of €6.1 million from discontinued operations, versus a net loss of €3.9 million reported in the first quarter of 2014.

BALANCE SHEET

At March 31, 2015, gross debt was €1,455.9 million. Net debt was €214.1 million, including €1,203.6 million in available cash and other financial assets.

Net debt from discontinued activities at the end of March 2015 totaled €65.2 million against €81.3 million at the end of December 2014, showing an improvement of about €16 million.

The net debt-to-equity ratio was equal to 0.17.

NEW ORDERS AND BACKLOG

The total backlog at the end of the first quarter 2015 was €33.0 billion, €25.8 billion of which related to construction and €7.2 billion to concessions.

New orders, comprising variations in orders and share increases, totaled €773.0 million in the first quarter of 2015, versus €421.0 million in the first quarter 2014. The first quarter 2015 figure includes new orders worth some €151.0 million linked to the contract signed by Salini Impregilo to expand the Suleja Minna (Phase II) highway in Nigeria – for the construction of a new road and the restoration of the existing one in 48 months – in addition to minor contracts in Nigeria and Switzerland.

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SIGNIFICANT EVENTS AND OPERATIONS THAT OCCURRED AFTER THE CLOSE OF THE QUARTER

On April 27, the Government of Papua New Guinea and Salini Impregilo signed an exclusive agreement to develop jointly a hydroelectric project of 1800 MW. The agreement with the second largest nation in Oceania after Australia concerns the development of an infrastructure whose planned investment exceeds $2 billion.

Approved the 2015 Budget in line with the Business Plan 2014-2017.

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Massimo Ferrari, in his capacity as Director in charge of the preparation of the company’s accounting documents, declares, pursuant to Section 2 of Article 154 bis of the Italian Uniform Financial Code, that the information contained in this press release corresponds to the accounting documents, books and entries.

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Safe Harbour Statement

The 2014 consolidated financial statements will contain full disclosure of the application of the International Financial Reporting Standards and the relevant effects. It cannot be excluded that FY14 preliminary data cannot find appropriate confirmation in the data that will be represented in the annual report as of 31 December 2014 due to unforeseeable events and situations.

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Salini Impregilo is a global leading player in the construction of major infrastructures, specializing in the Hydro and Dams, where the Group is the world’s leader, as well as in the Railways, Metro systems, Roads & Motorways. The Group has been active for more than 100 years and today it operates in more than 50 countries, across five continents, with 34,400 employees. At the end of 2014 its turnover was €4.2 billion with a backlog of €32 billion. Salini Impregilo Group is headquartered in Italy and is listed at the Milan Stock Exchange (Borsa Italiana: SAL; Reuters: SALI.MI; Bloomberg: SAL.IM). For more information, please visit our website at www.salini-impregilo.com 

[1] First quarter 2014 figures in brackets

[2] Unaudited figures

[3] First quarter 2014 restated in accordance to IFRS 5 to account for the new discontinued perimeter of Todini Group Costruzioni Generali. In addition FY 2014 figures have been prepared in accordance to the new accounting principles IFRS 10-11 as adopted for FY 2014 Financial Statements.