With a record order book of 11,3 billion, Webuild (formerly Salini Impregilo) closed 2021 with an even better result than the pre-pandemic period and is proposing to the shareholders' meeting the distribution of a dividend of 0,055 euros per share. In sight thereexpansion into new areas, also with strategic partners
Il Italian multinational group which operates in the construction and engineering sector in addition 50 countries in the world, 2021 saw a leap in the revenues by 40% compared to 2020 to 6,7 billion euros, almost entirely (99%) eligible for the EU green taxonomy, the classification of economic activities that can be defined as "sustainable" or "eco-sustainable".
Webuild, which has a task force of employees of 80.000 units worldwide, up 10.000 units in 2021, showed a Ebidta grew by 95% to 451 million and its best financial position since 2014. Management specified that the increase was driven by a progressive resumption of construction site operations and by the effect of the acquisition of Astaldi in November 2020.
“The recovery trend of production activities also continued in the second half of the year, making it possible to close 2021 with strong growth in results, despite the persistence of the pandemic and the critical inflationary issues linked to the procurement of raw materials” comments the note.
Strong recovery in the Italian market
“Italy continues to be a market in strong recovery, where, thanks to the funds made available by PNRR and from complementary funds of the Ministry of Infrastructure and Sustainable Mobility, a further 24 billion of investments in major works are expected” says a note from the company, specifying that Progetto Italia also includes theacquisition of Seli Overseas, with which the highly specialized technical skills in the sector of mechanized excavation of tunnels for underground works are "consolidated".
Great attention is paid to therisk analysis in the various geographical areas: the order book is mainly distributed between Italy, Central and Northern European countries, the United States and Australia in segments linked above all to sustainable mobility such as high-speed, the railway sector and the road sector - leading to 75% of the total backlog is projects in these geographies,” a statement said.
Strongly improving gross operating margin adjusted, which rose from 231 million to 451 million euros, with an Ebitda Margin of 6,7% against 4,8% in 2020.
The net financial position clearly recovers, indebtedness falls
At the end of 2021, the net financial position was positive for 466,68 million euros, compared to the negative situation of 441,89 million at the beginning of the year. The positive change is mainly attributable to recovery of productive activities and the reduction in net working capital compared to 31 December 2020. This latter result was also possible thanks to the divestment of some slow-moving items and the significant results obtained at a commercial level during 2021.
THEdebt gross was 2,65 billion, down by 900 million compared to the end of 2020. To further improve the Group's financial structure, at the beginning of 2022 a new bond loan “Sustanaibility Linked”, for an amount equal to €400 million, which extended the average life of the debt to 3,7 years and increased the fixed rate component to over 85%.
In 2022 expansion into new areas. Estimated revenues at 7-7,5 billion, Ebitda at 7-7,5%
Webuild for 2022 intends to expand the business into new areas, which allow a greater diversification of the order book and a stabilization of cash flows, such as for example the maintenance infrastructure in Italy, strategic partnerships with infrastructure funds.
The estimate for 2022 is revenues between 7 and 7,5 billion euros, covered entirely by the current order book, in addition to a Ebitda margin in the order of 7-7,5%, supported by the efficiency improvement process Costs already in place. Furthermore, the company seeks to maintain a positive net financial position. In the late morning, the stock lost 5,35% to 1,592 euros.
