An 11% growth in consolidated revenues for the full fiscal year of 2014 has been reported by Salini Impregilo, the Italian contractor formed following the merger of Salini and Impregilo.
It said the EBITDA (earnings before interest, taxes, depreciation and amortization) for 2014 was in the region of €437 million, some 21% up on the previous year.
Pietro Salini, CEO, said, “I am very proud of the results achieved in 2014, our first year of post-merger operations.
“The new group showed the consistency of the business model and proved a sequential growth in sales, profitability margins even better than business plan targets, and at the same time ensuring a particular solid capital structure as well as effective financial discipline.”
Total new orders in 2014 were put at around €6.0 billion, and at the end of 2014, the total backlog stood at €32.4 billion, of which some €25.4 billion was related to construction backlog and approximately €7.0 billion was for concessions.
Salini Impregilo said it had reached an agreement to renegotiate a significant portion of its existing credit facilities with a pool of banks led by Banca Intesa, BNP Paribas, Natixis and Unicredit. It said the total refinancing was approximately €630 million.
When reporting its nine-month results in November, the Salini Impregilo group said that the increase in revenues in the first nine months of 2014 had been reflection of several large projects, including work in Ethiopia, Denmark and the Middle East (Metro Riyadh and Red Line), as well as the resumption of several projects in Italy.