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Ver master b.
BOZZA
FIRST HALF 2007 RESULTS
Milan, September 11 2007
Ver master b.
BOZZA
DISCLAIMER
Certain statements contained in this presentation may be statements of future expectations andother forward-looking statements or trend information that are based on management's currentviews and assumptions and involve known and unknown risks and uncertainties.Actual results, performance or events may differ materially from those in such statements.
In case of any discrepancy between the presentation and the Balance Sheet, the Balance Sheetshould be considered to contain the complete and correct information. The slides only contain asummary of certain elements of the Balance Sheet.
This presentation is not intended for potential investors and do not constitute or form part of anyoffer to sell or issue, or invitation to purchase, or any solicitation of any offer to purchase orsubscribe for any Impregilo securities, nor shall they form the basis of, or be relied on inconnection with any contract or commitment to purchase Impregilo securities.This presentation is not being issued in the United States of America and should not bedistributed to United States persons or publications with a general circulation in the UnitedStates. These materials are not an offer to sell or issue Impregilo securities in the United States.Impregilo securities have not been registered under the U.S. Securities Act of 1933, asamended (the “Securities Act”), and may not be sold or issued in the United States absentregistration or an exemption from registration under the Securities Act.The distribution of these materials in other jurisdictions may be restricted by law, and personsinto whose possession these materials come should inform themselves about, and abide by,any such restriction.
31H2007 Results
Highlights
5.3 €m
13.2 €bn(68% abroad)
(58.3) €m
Net Result
Net Financial Position
Total backlog
1,282.7 €mRevenue
4.0%Ebit margin
6.5%Ebitda margin
1,988 €mOrder acquisition
41H2007 Results
Group structure
Engineering&
Plant ConstructionConcessionConstruction
ImpreparFibeFibe Campania
Core activities
Non-core activities
Asset held for saleCampaniaProjects
Other
51H2007 Results
102.4100.7
(1.7)
50.7
(50.0)
ProformaEbit
Millions of €
Ebit & ROS analysis
Coreactivities
Non coreactivities
1H2007EBIT
Non recurringprovision
7.9%
4.0%
61H2007 Results
Operations Concessions
June 2007 - 13,194 €m
Operations8,538
Total backlog
6.5% increase compared to December 2006
Concessions4,656
71H2007 Results
Other
Shareholders
46.7%
Fidelity
2.0%
Jp Morgan
2.1%Gandhara
2.2%DWS
2.4%
S.W. Mitchell
3.0%
Generali
3.1%
BPM
3.2%
Centaurus
5.8%
IGLI
29.5%
As of September 10 2007
Shareholding
81H2007 Results
168.8(1)
102.2
23.4
5.8%
69.6
8.3%
99.0
1,197.0
June 06a
5.3
(0.7)
(5.7)
4.0%
50.7
6.5%
82.9
1,282.7
June 07b
-Ebitda margin
(16.1)Ebitda
(102.9)Gain (losses) on discontinuedoperations
Variationb-aMillions of €
(29.1)Total financial income and charges
(163.5)Net result
-ROS
(18.9)Ebit
85.7Revenue
(1) Costanera capital gain included (105 €m)
Consolidated income statement
91H2007 Results
Ebit analysis
(*) Starting from 2007 Primav Ecorodovias is consolidated proportionally
(**) Net of elisions
-
(50.0)
-
(50.0)
-
NonRecurringProvision
-
(21.2)
-
(21.2)
-
Corp.
82.9132.9(1.3)32.624.997.9Ebitda
6.5%10.4%-46.9%6.2%12.2%Ebitda %
7.9%
100.7
1,282.7
Total(**)
-
(1.7)
10.9
Non Core
1,282.769.5404.2800.5Revenue
50.723.923.975.9Ebit
4.0%34.4%5.9%9.5%ROS
Conc.(*)Constr.Eng. &Plant
Constr.
GrandTotal
Millions of €
101H2007 Results
(0.1)(2.4)(2.3)Foreign exchange gains/(losses)
(4.0)(53.2)(49.2)Financial charges
(5.7)
12.7
37.1
June 07 VariationJune 06Millions of €
23.4
21.6
53.3
(8.9)Results of net equity investments
(29.1)Total financial income and charges
(16.2)Financial income
Financial income and charges analysis
111H2007 Results
(12.2)271.0283.2Net tax assets
1.862.560.7Others
(35.3)(238.1)(202.8)Provisions and Termination Benefits
41.7(332.6)(374.3)Working Capital
0.09
716.3
658.0
58.3
716.3
401.1
552.4
June 07 VariationDec. 06Millions of €
121.9
29.5
92.4
121.9
38.4
87.5
(34.1)Net Debt
n.a.Debt/Equity
594.4
628.5
594.4
362.7
464.9
Total sources
Shareholders’ equity
Net Invested Capital
Assets held for sale
Fixed Asset
Consolidated balance sheet
121H2007 Results
34
24
(58)
(42)4
(38)
(123)
32
51
Millions of €
Net financial position variation analysis
NFPDec. 2006
Ebit
NFPJune 2007
Change inworking capital
Capex
Depreciation
Disposal Other
Assets held for saleincrease
131H2007 Results
Italy60%
Abroad40%
Order backlog: construction
1H2007
Stable order backlog with sustained growth abroad ( 15%)
≈
€ 6,603 m
Abroad
34%
Italy66%
2006
€ 6,621 m
141H2007 Results
Millions of €
New orders acquired and variations: € 748 m
Order backlog: main projects
289.3OIV Tocoma Dam - Venezuela
249.6Contuy Ferrocarriles Stations - Venezuela
6,6032,614.2Main orders abroad
422.7Others(Nigeria, St. Domingo, USA, Greece, Switzerland, Algeria, Iceland)
63.5Mazar dam - Ecuador
100.8Transalp Tunnel – Switzerland
442.0San Juan de Los Morros – Venezuela
219.2Charanguamas – Venezuela
618.9Contuy Ferrocarriles – Venezuela208.2Salonicco Subway – Greece
3,988.3Main orders in Italy183.6Others Italy175.3Mestre Bypass243.3R. Calabria Scilla motorway366.2Salerno R. Calabria motorway
1,735.0Messina Bridge1,284.9High speed railways
151H2007 Results
2006 1H2007
Italy Abroad12% 88%
Order backlog: engineering & plant construction
Strong growth of Fisia’s order backlog (+84%)
+84%
€ 1,936 m
Italy Abroad29% 71%
Fisia31%
FisiaBabcock
40%
FisiaBabcock
4%
Fisia25%
€ 1,054 m
Fisia65%
FisiaBabcock
22%
FisiaBabcock
2%
Fisia11%
161H2007 Results
290.8Waste to Energy (Fisia Babcock)
122.0Others
166.9Flue Gas Cleaning (Fisia Babcock)
155.7Porto Marghera - Italy
1,936
781.3
327.0
92.0
Jebel Ali M1 – Dubai
Ras Abu Fontas A1 – Qatar
Taweelah B – U.A.E.
Millions of €
New orders acquired and variations : € 1,240 m
Order backlog: main projects
171H2007 Results
Concessions
2006 1H2007
61%
24%
1%
14%
Motorways
HealthcareServices
Water
Energy
€ 4,656 m
19%1%
23%
57%Motorways
HealthcareServicesWater
Energy
€ 4,716 m
181H2007 Results
Execution of seizure in connection with CampaniaProject(1): to date, seizure of approximately 90 €million inbank accounts and 192 €millions of receivables linked tothe projects
Award of desalination plant project in Kuwait (480 US$m)
Incorporation of an Italian/Libyan joint-venture fordevelopment of Libyan infrastructures
Lazio Regional Administrative Court upholds the petitionof COCIV suspending the application of the Law no. 40 of02 April 2007 (cancellation of Milano-Genoa high speedrailway concession)
Main recent events
(1) See press release of June 27, 2007
191H2007 Results
2007 Outlook
Except extraordinary and today unforeseeable
events, the positive trend of the operations
should be confirmed also in the second half of
the year.
Campania projects and the liquidation process
of Imprepar still remain sources of potential
risks for the Group.
201H2007 Results
FIRST HALF 2007 RESULTS
Milan, September 11 2007