The accounting season continues with two large groups in the construction sector: Atlantia and WeBuild. The first closed the first nine months of 2021 with revenues up 17% to 4,6 billion euro ed ebitda an increase of 27% to 2,9 billion, a figure on which the trend of motorway traffic had a positive effect (+27%).
The coperational ash flow reaches 2 billion (+49%) against investments of 0,7 billion (+12%) and a net financial debt of 27,8 billion, down by 2 billion from the end of 2020. In the same period, the company recorded a consolidated profit of 613 million which compares with a loss of 957 million in the previous year. It should be emphasized that the accounts were presented "excluding the contribution of the Autostrade per l'Italia group following the signing of the sale agreement", the company said.
By virtue of the results achieved, Atlantia has improved the guidance for 2021, saying he expects revenues of 6 billion euros and an operating cash flow of 2,4 billion. The forecasts for traffic are also on the rise which, thanks to the positive evolution, will be down by only 5% on 2019 (from the previous -8%) excluding the Aspi group. The performance of the Stock Exchange was positive, with the stock gaining 0,35% in the mid-morning to 17,06 euros per share.
Turning to WeBuild, the group led by Pietro Salini, in the 9 months of 2021 recorded "an unprecedented growth in orders obtaining a record of new awards", the group says in a note. In detail, i new orders acquired and being finalized amount to a total of 10,5 billion euro, of which 95% in the core markets (Italy, Australia, USA, France and Switzerland) and 9,5 billion in sustainable mobility. To these must be added the maxi contract signed for the high-speed line in Texas, worth 16 billion dollars (13,1 billion euros).
La overall pipeline of the group's commercial assets exceeds 25 billion euros and includes tenders submitted and awaiting award for over 8 billion euros. At the same time "strengthening continues in Italy where the group is developing around 70% of the projects currently in execution of the Pnrr". In our country, WeBuild points out, more are expected 24 billion of infrastructure investments, of which more than 20 billion are related to high-speed rail projects. Currently, including the new orders acquired in 2021 in Italy on high-speed/high-capacity routes, the group is developing around 70% of the railway projects in execution of the Pnrr.
WeBuild slightly tweaked the guidance over the whole year. Revenue targets confirmed, while there is a "possible slight revision on the Ebitda margin, attributable to the effects of the pandemic and the increase in the price of raw materials, recoverable in the next year, also following the acceleration of the Pnrr projects ”. As regards net financial debt, "target confirmed, potential upside linked to improvement in working capital"; finally, “possible upside on cash flow generation and gross debt reduction”.
At Piazza Affari the title WeBuild it dropped 2,4% to 2,11 euros.
