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Worldwide Experience in Working with Multilateral Development Banks - Special Focus
South East Europe Business Forum
Istanbul, November 22-23, 2012
Development Banks - Special Focus on EBRD Countries of Operations
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2Agenda
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This is Salini PAGE. 3
Global Presence PAGE. 4
Financial Highlights PAGE. 5
Salini at a glance PAGE. 6
MDBs Financed Projects
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MDBs Financed Projects PAGE. 7
EBRD Financed Projects PAGE. 8
WB Group Financed Projects PAGE. 19
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3This is Salini
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Salini is a world-class construction Group with a proud track record in delivering large and complex projects in Europe, Asia and Africa.
In January 2010 The Group finalised the acquisition of Todini CostruzioniGenerali bringing together two successful business, involving no duplication in terms of either geography or capability:
� Todini, a specialist road construction company operating in emerging
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� Todini, a specialist road construction company operating in emerging markets
� Salini, a leader in dams and hydroelectric projects with an established presence in Africa
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4Global Presence 4
Operating in over 40 countries, employing more than 18,500 people of over 80 different nationalities.
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Albania Algeria Argentina AustraliaAzerbaijan Belarus BrazilBulgaria Chile China
Liberia Libya Malawi MalaysiaMorocco Nigeria Panama Poland PortugalQatar
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China Czech Republic Denmark EthiopiaGabonGeorgia Ghana Greece Guinea Hungary India IrelandItaly Jordan Kazakhstan
Qatar Romania Russia Saudi Arabia Sierra Leone Somalia Sudan Tanzania TunisiaTurkey Ukraine Uganda United Arab Emirates Zimbabwe
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5Financial Highlights
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€/mn 2010 2011
Revenue 1,122.8 1,433.1
Value Added 326.8 345.2
Value Added Index 29.1% 24.1%
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EBITDA 168.0 182.3
EBITDA Margin 15.0% 12.7%
EBIT 72.4 85.0
EBIT Margin 6.4% 5.9%
Net Income 31.0 50.8
Number of Employees 12,873 15,508
Tangible Assets 209.6 257.1
Net Equity 230.8 248.9
Net Financial Debt (229.4) 33.9
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Net Financial Debt (229.4) 33.9
Net DEBT/EBITDA 1.37 (0.19)
Net DEBT/Equity 0.99 (0.14)
Backlog 9,923 10,381
6Salini at a glance
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� Specialised in construction of large, complex infrastructure works; world leader in the realisation of turnkey hydro-electric projects
� 3rd largest Italian General Contractor, more than 18,500 employees, operations in over 40 countries, with significant presence in Africa, Asia, Western and Eastern Europe
� Top tier growth & profitability: over past 5 years revenues grew 216%
2011 REVENUES
€1.4bn2006-2011 REVENUE
GROWTH
216%
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� Top tier growth & profitability: over past 5 years revenues grew 216% and EBITDA grew 166%
� Strong financial profile: Positive Net Financial Position (€45mn net cash) at YE2011
� Superior returns: average ROCE 2007-2011 equal to 41%**
Backlog at end-2011: €10.4bn
Hydro-electric projects& dams
Railways & undergrounds
Highwaysbridges
Civilconstruction
2006-2011 EBITDA GROWTH
166%2007-2011 AVG ROCE
41%
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48%
& dams
31%
undergrounds
10%
bridges
11%
construction
* Unless specified, all data are consolidated numbers for the Salini Group. Unless specified otherwise, all 2006 data is reported as per ITA GAAP, all data 2007-2010 are reported in IFRS, while all 2011 data are IFRS estimates. ** ROCE calculated as: EBIT / (Net Working Capital + Net Fixed Assets)
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Group Projects Financed by MDBs
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
(EBRD)
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(EBRD)
€822mn
WORLD BANK GROUP (WB GROUP)
€2bn
TOTAL
€2.8bn
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8EBRD Financed Projects
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Azerbaijan Kazakhstan Ukraine
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� Hajigabul-Kyurdamir Road €90.8mn2005-2008
� Baku-Samur Motorway €58.7mn2007-2010
Belarus
� Brest-Minsk-Russianborder Motorway €74.6mn
� Atyrau-Aktau Road €25.4mn2006-2008
Moldova
� Water Main Rehabilitation €20.4mn1999-2001
Romania
� National Road N. 7 (2 contracts)
� Kiev-Chop Road €87.7mn2007-2011
� Kiev-Chop Road €258mn2011- in progress
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1995-2001
� Minsk-Gomel Motorway€105.2mn2011- in progress
(2 contracts) €43.5mn1993-1997
� Bucharest-Pitesti Motorway(2 contracts) €57.7mn1997-2000
9EBRD Financed Projects
■ Employer:Azerroadservice OJC Dept Ministry of Transport D
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Azerbaijan Hajigabul-Kyurdamir Road
■ Contract Value: €90.8mn
■ Group Share (Todini): Dept Ministry of Transport
■ Description:Rehabilitation of Hajigabul-Kyurdamir Road (85 Km)
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■ Group Share (Todini): 100%
■ Period:July 2005 - July 2008
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10EBRD Financed Projects
■ Employer:Azerroadservice OJC Dept Ministry of Transport D
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Azerbaijan Baku-Samur Motorway
■ Contract Value: €58.7mn
■ Group Share (Todini): Dept Ministry of Transport
■ Description:Baku-Samur - Rebuilding of the M3 from Km 28+000 to Km 89+000 (2 lines per each carriageway, including 31 viaducts)
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■ Group Share (Todini): 100%
■ Period:September 2007 - November 2010
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11EBRD Financed Projects
■ Employer:Republic Unitary Enterprise Minskavtodor Center D
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Belarus Brest-Minsk-Russian border Motorway
■ Contract Value: €74.6mn
■ Group Share (Todini): Minskavtodor Center
■ Description:Motorway M1/E30 Brest-Minsk-Russian border - road improvement works, total length 279 Km, including repair and reconstruction of 70 bridges
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■ Group Share (Todini): 100%
■ Period:April 1995 - September 2001
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12EBRD Financed Projects
■ Employer:Republic Unitary Enterprise Minskavtodor Center D
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Belarus Minsk-Gomel Motorway
■ Contract Value: €105.2mn
■ Group Share (Todini): Minskavtodor Center
■ Description:M5 Minsk-Gomel - rehabilitation of road section, total length 53 Km with improvement from 2 to 4 lanes for each carriageway and construction of bridges and interchanges
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■ Group Share (Todini): 100%
■ Period:August 2011 - in progress
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13EBRD Financed Projects
■ Employer:Ministry of Transport and Communication
■ Description: Dev
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Kazakhstan Atyrau-Aktau Road
■ Contract Value: €25.4mn
■ Group Share (Todini): ■ Description:Atyrau-Aktau Road Rehabilitationsection Karabatan-Dossorfrom Km 317,400 to Km 381,800
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■ Group Share (Todini): 100%
■ Period:April 2006 - April 2008
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14EBRD Financed Projects
■ Employer:APA Canal Chisinau SA
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Moldova Water Main Rehabilitation
■ Contract Value: €20.4mn
■ Group Share (Todini): ■ Description:Water Main Rehabilitation in 6 districtsof Chisinau (total length of rehabilitatedmains 105 Km)
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■ Group Share (Todini): 100%
■ Period:July 1999 - December 2001
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15EBRD Financed Projects
■ Employer:Compania Nationala De Autostrazi Si DrumuriNationale Din Romania SA (CNDR) D
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Romania National Road N. 7
■ Contract Value: €43.5mn
■ Group Share (Todini): Nationale Din Romania SA (CNDR)
■ Description:National Road N. 7 - Contracts 3+4 Rehabilitation and upgrading of 118 Km including bypass and overpass
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■ Group Share (Todini): 33,33%
■ Period:October 1993 - December 1997
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16EBRD Financed Projects
■ Employer:Compania Nationala De Autostrazi (CNDR) SA
■ Description: Dev
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Romania Bucharest-Pitesti Motorway
■ Contract Value: €57.7mn
■ Group Share (Todini): ■ Description:Bucharest-Pitesti Motorway-Contracts A+Bimprovement and rehabilitation from Km 10+600 to Km 106+500 including 1 new emergency lane, 10 new overpasses, 13 new interchanges and reconstruction of 10 viaducts
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■ Group Share (Todini): 50%
■ Period:August 1997 - August 2000
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17EBRD Financed Projects
■ Employer:Ukravtodor - Ministry of Transport
■ Description: Dev
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Ukraine Kiev-Chop Road
■ Contract Value: €87.7mn
■ Group Share (Todini): ■ Description:Rehabilitation of Kiev-Chop Road -Lot 1 from Km 348 to Km 441, including reconstruction of 19 viaducts
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■ Group Share (Todini): 100%
■ Period:October 2007 - June 2011
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18EBRD Financed Projects
■ Employer:Ukravtodor - Ministry of Transport
■ Description: Dev
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Ukraine Kiev-Chop Road
■ Contract Value: €258mn
■ Group Share (Todini+Salini): ■ Description:M06 Kiev-Chop Road Rehabilitation(Contracts 1-2-3-4, section Zhitomir-Kiev) from Km 14+080 to Km 128+000, includingrehabilitation of 23 bridges, 15 pedestrianoverpasses/underpasses and constructionof 10 pedestrian overpasses
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■ Group Share (Todini+Salini): 65%
■ Period:August 2011 - in progress
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19WB Group Financed Projects
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Azerbaijan
� Baku-Shamakhi Road
Kazakhstan
� Irrigation/Drainage
� M1 Motorway - Kubinka(16 Km) €12.0mn
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(122 Km) €87.3mn
� Kurdamir-Ujar Road (42 Km) €57.6mn
China� Henan / Xiaolangdl dam
€ 757.1mn
Ethiopia� Gilgel Gibe I HEP
(Lot 1 + 5)€ 171.5mn
Works in Shimkent€19.5mn
� Almaty-Akmola Road (145 Km) €36.6mn
� South-West RoadProject Kyzilorda(220 Km) €257.2mn
(plus 410 Km by Salini) €277.7mnin progress
Malawi
€12.0mn
� M7 Motorway - Petuski(71 Km) €25.0mn
� Bolshoy Ustinsky BridgeMoscow €20.0mn
� Novospasskiy Bridge - Moscow €15.3mn
Sudan� Port Sudan Road
€55.5mn
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€ 171.5mn
Georgia� Kutaisi Bypass
(17 Km) €53.1mn
Malawi� Kapichira HEP
€48.9mn
Russian Federation
� M10 Road - Klin(20 Km) €11.7mn
€55.5mn
Uganda� Owen Falls HEP
€84.2mn
20Credits
FUNDING
� European Bank for Reconstruction and Developement(EBRD)
� The World Bank Group
� ESCOM Electricity Sypply Commission (Malawi)
� APA Canal Chisinau SA (Moldova)
� Compania Nationala De Autostrazi Si DrumuriNationale Din Romania SA (CNDR) (Romania)
� Moscow City Government (Russia)
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CLIENTS
� Azerroadservice OJC – Dept Ministry of Transport(Azerbaijan)
� Republic Unitary Enterprise «Minskavtodor Center» (Belarus)
� Yellow River Water and Hydroelectric PowerDevelopment Corporation (China)
� Ethiopian Electric Power Corporation (Ethiopia)
� Roads Dept-Min. of Regional Dev.t & Infrastructure
� Federal Highway Departement Ministry of Transport (Russia)
� Federal Highway Administration (Russia)
� Roads and Bridges Public Corporation Khartum(Sudan)
� Ukravtodor – Ministry of Transport (Ukraine)
� Uganda Electricity Board (Uganda)
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� Roads Dept-Min. of Regional Dev.t & Infrastructure (Georgia)
� Ministry of Transport - Commitee for Roads (Kazakhstan)
� Ministry of Agriculture – (Kazakhstan)
� Ministry of Transport and Communication(Kazakhstan)
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