Salini Impregilo happy with first year

By Sandy Guthrie26 February 2015

Pietro Salini, CEO, Salini Impregilo

Pietro Salini, CEO, Salini Impregilo

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.

Shareholders approved the merger of Italian contractors Salini and Impregilo in September 2013.

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.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Construction Europe Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
More News from Construction Europe
Materials shortages ‘won’t halt recovery’
Research from Dutch financial services group ING points to resilient construction market
CE Barometer results for August 2021
Welcome signs of new confidence follow recent recovery wobbles
The CE100 list of European contractors
Construction Europe presents its ranking of the top 100 construction companies in Europe, by revenue
CONNECT WITH THE TEAM
Mike Hayes Editor, Construction Europe Tel: +44 (0)1892 786 231 E-mail: mike.hayes@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA