Salini Impregilo rise

A rise of 11.7% in consolidated revenues has been reported by Italian contractor Salini Impregilo in its preliminary, unaudited results for 2015.

Consolidated revenues for the full year 2015 totalled approximately €4.74 million. EBITDA (earnings before interest, taxes, depreciation and amortization) for 2015 reached approximately €483 million, an increase of 12.8% from the previous year, while EBIT (earnings before interest and taxes) totalled €269 million, up 9.7% against 2014.

EBITDA margin was reported to be 10.2% and EBIT margin was 5.7%, and both include non-recurring costs estimated to be in the region €18 million.

Total new orders added up to €5.4 billion, including new orders, variations in orders and share increases. At the end of 2015, total backlog was €33.3 billion, and Salini Impregilo said that €26.2 billion of this was related to construction, and €7.1 billion to concessions.

Net debt from continuing operations at the end of 2015 was €27 million. The company said this was affected by its Todini subsidiary, part of which is being sold to Prime System Kz. It explained that Todini had been up for sale for some time and its results had never been fully consolidated with Salini Impregilo’s numbers. It said Todini had been held separately, debt and all.

With the sale of part of Todini, Salini Impregilo has now consolidated the part of Todini that it did not sell. It has also restated its previous figures to include that part of Todini that was not sold. It reported that excluding the effects from the new scope of Todini, its debt figures would have been positive by €2 million.