(Translation from the Italian original which remains the definitive version)
2021 Annual Report
This document is available at:
www.webuildgroup.com
Webuild S.p.A. Company managed and coordinated by Salini Costruttori S.p.A.
Webuild S.p.A.
Fully paid-up share capital €600,000,000
Head office in Rozzano (Milan), Milanofiori Strada 6 - Palazzo L
Tax code and Milan Monza Brianza Lodi Company Registration: 00830660155
R.E.A. no. 525502 - VAT no. 02895590962
CONTENTS
Company officers ................................................................................................................................................................ 3
CEO'S letter to the stakeholders ......................................................................................................................................... 5
Highlights ............................................................................................................................................................................ 8
Webuild Group: Our vision and performance ...................................................................................................................... 9
Key events of the year ....................................................................................................................................................... 26
Directors' report - Part I ............................................................................................................. 31
Performance by geographical area ............................................................................................................................... 41
Financial highlights ....................................................................................................................................................... 79
Performance ................................................................................................................................................................. 84
Directors' report - Part II .......................................................................................................... 101
2021 Consolidated Non-financial Statement .............................................................................................................. 102
Directors' report - Part III ......................................................................................................... 233
Risk management system .......................................................................................................................................... 234
Report on corporate governance and the ownership structure ................................................................................... 239
Main risk factors and uncertainties . ............................................................................................................................ 240
Alternative performance indicators ............................................................................................................................. 280
Events after the reporting date ................................................................................................................................... 282
Outlook ....................................................................................................................................................................... 285
Other information ........................................................................................................................................................ 286
Consolidated financial statements as at and for the year .......................................................... 288
Notes to the consolidated financial statements ............................................................................................................... 296
Statement of financial position .................................................................................................................................... 341
Statement of profit or loss ........................................................................................................................................... 425
Consolidated financial statements of Webuild Group -Intragroup transactions .......................... 446
Consolidated financial statements of Webuild Group - Equity investments ................................ 463
List of Webuild Group companies ............................................................................................ 469
Statement on the consolidated financial statements ................................................................. 489
Separate financial statements of Webuild S.p.A. as at and for the year ended 31 December 2021
.............................................................................................................................................. 490
Notes to the separate financial statement ....................................................................................................................... 498
Statement of financial position .................................................................................................................................... 531
Statement of profit or loss ........................................................................................................................................... 585
Proposal to the shareholders of Webuild S.p.A .. ........................................................................................................ 604
Separate financial statements of Webuild -Intragroup transactions ........................................... 605
Separate financial statements of Webuild - Equity investments ................................................. 636
Statement on the separate financial statements ....................................................................... 645
Reports .................................................................................................................................. 646
Company officers
Board of directors (i)
Chairperson Deputy chairperson Chief executive officer Directors
Strategic committee
Chairperson
Control, risk and sustainability committee
Chairperson
Compensation and nominating committee
Chairperson
Committee for related-party transactions
Chairperson
Donato Iacovone Nicola Greco Pietro Salini Davide Croff Pierpaolo Di Stefano Barbara Marinali Flavia Mazzarella Teresa Naddeo Marina Natale Ferdinando Parente Tommaso Sabato Alessandro Salini Serena Maria Torielli Michele Valensise Laura ZanettiTommaso Sabato Nicola Greco Barbara Marinali Marina Natale Pietro SaliniTeresa Naddeo Donato Iacovone Flavia Mazzarella
Marina Natale Ferdinando Parente Serena Maria Torielli
Ferdinando Parente
Barbara Marinali Laura ZanettiBarbara Marinali Davide Croff Ferdinando Parente
Board of statutory auditors (ii) | |
Chairperson | Giacinto Gaetano Sarubbi |
Standing statutory auditors | Roberto Cassader |
Paola Simonelli | |
Substitute statutory auditors | Stefania Mancino |
Chiara Segala | |
Independent auditors (iii) | KPMG S.p.A. |
(i) Appointed by the shareholders on 30 April 2021; in office until approval of the financial statements as at and for the year ending 31 December 2023
(ii) Appointed by the shareholders on 4 May 2020; in office until approval of the financial statements as at and for the year ending 31 December 2022
(iii) Engaged by the shareholders on 30 April 2015; term of engagement from 2015 to 2023.
CEO'S letter to the stakeholders
To the Shareholders and Stakeholders of Webuild Group
2021 has been another unusual year, characterised by the extraordinary nature of previously unimaginable events as well as the continuation of the pandemic. We have responded to this situation with unswerving commitment and a spirit of service, reaching our targets and objectives, true to our industrial vision shaped so many years ago.
Today, we are a growing, strong cohesive group, thanks in part to the integration of companies with unique skill sets such as Astaldi and Seli Overseas, which bring their valuable experience to our group.
We have consolidated our footprint in Italy and will continue to do so, availing of the new investments under the long-awaited Italian National Recovery and Resilience Plan, without obviously curtailing our commitments in similarly strategic and low-risk areas such as the United States, Australia and Northern Europe. I refer to the large projects we are carrying out at home, such as the Brenner Base Tunnel, the Giovi Third Railway Crossing and the Genoa Railway Junction and also to our front line involvement in the bringing of high speed railway connections to Southern Italy, with the lines that connect Naples to Bari and Palermo to Catania. I also refer to our foreign projects which include some of the largest and most iconic works in the world as well as new awards like the North East Link in Melbourne and the Sotra Connection in Norway.
Despite the international complexities, we ended the year with a record-breaking number of quality new orders worth €11.3 billion, bringing our order portfolio to €45.4 billion at year end. I would also like to note that 92% of our projects are linked to advancement towards the Sustainable Development Goals (SDGs).
Our aim is to acquire new quality projects in line with our de-risking strategy: 75% of the Group's total order backlog is based in low-risk countries like Italy, Central and Northern Italy, the US and Australia.
We continue to invest in innovation, in the knowledge that being innovative gives us a competitive edge on the global stage. This included our launch of "Connected Webuild", a multi-year digital transformation programme that incorporates the main new technologies (robotics, Artificial Intelligence, digital twins, etc.) into our processes.
Thanks to our resilience and the expertise of our people, we have improved our operating results in 2021 and returned to a net financial position of €467 million, the best result since 2014 despite the global situation. This proves that we are on track with our vision that we first introduced more than ten years ago, consolidating our long-term position.
I am proud to be able to say that the entire Group, and by that I mean every single department, is increasingly invested in advancement towards the sustainable development objectives set in our 2021-2023 ESG plan. We know that sustainability is increasingly viewed by the market as a key competitive factor and we have consciously focused on three strategic areas - Green, Safety & Inclusion and Innovation. Our aim is to
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Webuild S.p.A. published this content on 08 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2022 09:58:05 UTC.