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The Board of Directors of Astaldi S.p.A., chaired by Paolo Astaldi, met today to approve the Interim Report on Operations at 30 September 2016.

Filippo Stinellis, Astaldi Group’s CEO: “The major commercial boost during these months and the focus on EPC contracts are already producing their positive effects. The trend recorded over the first nine months confirms the planned growth path, with a Q3 already showing the planned reduction of working capital and levels of debt expected by the end of the year.

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The results of the first nine months of 2016 showed earning and financial trends in line with planned growth, also thanks to the positive outcome of major commercial efforts made and important results achieved in Q3.

Revenues at 30 September 2016 increased by 4.1% to EUR 2.15 billion, mainly thanks to projects in progress in Russia, Turkey and Canada. The 11.2% increase in revenue in Q3 marks the start of the acceleration forecast for the second half of the current year.

Earnings were in keeping with forecasts, with an EBITDA margin of 13.2% and EBIT margin of 11.3%. Net profit from continuing operations increased by 4.7% to EUR 78.8 million which, net of EUR 23.6 million of non-recurring negative effects linked to advance collection of the cash-in from the sale of A4 Holding, resulted in a consolidated net profit of EUR 55.6 million.

The order backlog in execution totalled EUR 18.3 billion, with EUR 2.5 billion of new orders which include projects of international standing such as construction of the Brenner Base Tunnel in Italy (the longest underground railway link in the world) and of the E-ELT Project for ESO in Chile (the largest optical telescope in the world with its 39.3-metre diameter). The order backlog’s structure confirms an ongoing improvement in the risk profile of business activities thanks to the development of new markets of interest (especially North Europe and America) and to the strategic focus of the Group’s commercial interest on EPC contracts with an independent financial cycle.

The first positive financial effects of the new commercial strategy can already be seen as Q3 2016 with an improvement in working capital of EUR 94 million.

Net financial debt at 30 September 2016 dropped to EUR 1,226.9 million with an improvement of approximately EUR 150 million in Q3 which was thanks not only to non-recurring events (finalisation of sale of the investment in A4 Holding in September), but also to positive structural trends recorded as a result of processes implemented to optimise working capital management.

Moreover, it is important to note the achievement of key business targets in Italy and abroad and, specifically, (i) signing in July of a bridge agreement for the Muskrat Falls Project in Canada, pending the definition of an agreement regarding new project conditions, (ii) entry into operation of the Third Bosphorus Bridge in Turkey in August and the Izmit Bay Bridge in June, with virtual completion of the equity injection programme for related concession projects, (iii) USD 770 million financial closing (structured on non-recourse basis for Astaldi Group) during the first part of the year, to support performance of projects in Chile (Arturo Merino Benítez International Airport and West Metropolitan Hospital), (iii) start-up in Q3 of new projects characterised by an independent financial cycle which, as regards the order backlog, go to replace projects (now completed) with a high level of capital absorption.



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Last updated: Dec 05 2016