28 Jun 2011

2010 FY Results – Exceptional growth for production value + 71.7%

The FY 2010 consolidated balance sheet presented to the Shareholders Assembly chaired by Arch.Simonpietro Salini, reported a pre-tax net income of 55.4 million euro and  net income of 31.05 million euro in relation to a production value  of 1,122.8 million euro (+71.7% compared to FY 2009).
The FY 2010 results continue to show a positive trend and confirm the Group’s expansion: it is currently active in 40 countries across 4 different continents, employs 12,873 people worldwide and is ranked amongst the élite of international contractors and as the third Italian General Contractor.
Todini Costruzioni was fully integrated in December 2010. The subsidiary registered a production value of 470.98 million euro representing a return to profit and a net income of 5.5 million euro.
EBITDA is 168.05 million euro (compared to 101.72 million euro for the previous year) maintaining a 15% margin. EBIT is 72.4 million euro  (positive) (compared to 39.4 million euro in 2009), EBIT margin is 6.4% (compared to 6% last year) and net income is 31.05 million euro (positive)
Net financial debts as of 31 December are equal to 229.5 million euro. Salini is able to confirm strong income ratios.
Net Debt/Equity is equal to 0.99 (sector average 1.25)
Net Debt/EBITDA is equal to 1.37 (sector average 2.51)
The Group’s work contracts portfolio amounted to 14.7 billion euro as  of 31 December 2010, of which 67% is still to be executed, equivalent to a total of 9.9 billion euro (1.4 in Italy, 1.5 in Europe, 1.2 in Asia and 5.8 in Africa). Compared to the previous year the work contracts portfolio increased threefold (an increase of 8.7 billion euro) thanks to major work contracts acquired in Denmark, Ethiopia, Nigeria and Malaysia. The 9.9 billion euro when compared to the 2010 turnover, represents a decade of prospective production and becomes a unique benchmark in the reference market.
This amount guarantees future growth in coming years and confirms dams and hydroelectric projects as the Group’s core business (52.4%) followed by railways and underground works (23.3%) roads and motorways (13.0%) and civil buildings 11.2%.
Africa, driven by Ethiopia, is the Group’s predominant market (59.7%) followed by Europe (27%) and Asia (13.3%).