First Half 2021 Financial Results
Net Debt more than halved in last 12 months, despite COVID-19 restrictions
Key Facts
6540m
Net Financial Position
(vs €1,099m vs 1H 2020)
>€590m
Gross Debt reduction
(vs FY 2020)
€1.7bn
of total cash and
€300m of RCF undrawn
(Єm)
1H
2020(1) 2021
1H
Var
I
EBITDA for cash
83
178
95
I
purposes
I
AWC
(330)
115 1 445
Net Capex
(47)
(98) 2 (50)
Other
(52)
(26)
26
Cash flow from
2
(347)
169
516
operations
Net Interests
(34)
(39)
(4)
3
Strong cash flow generation despite typical working capital first half cyclicality
1
Working capital sharply improves against
1H 2020 and usual seasonality in an
environment still affected by pandemic,
thanks to:
■ solid order intake and related
advance payments
improvement of cash collection
Mainly related to ramp up of Snowy 2.0
Cash out on court ruling on Panama
Canal for €91m
Taxes
(27)
(60)
(33)
OFCF before dividends
(408)
& extraordinary items
70
70
478
Net Financial Position
I
Dividends/(Capital
(Єm)
1H 2020
FY 2020
1H 2021
injection) on equity
(20)
(85) 3 (65)
investments
Dividends to
(27)
(48) (21)
shareholders
Total Cash & Other
Financial Assets
Bank Loan and other
loans
1,994
3,116
2,423
(1,726)
(1,845)
(1,286)
Other
(11)
I
(35)
(24)
Bond
(1,227)
(1,536) (1,520)
I
Change on net
Leasing
(154)
(178)
(157)
financial position
(467) (98) 369
SPV Net Debt
(0)
(1)
(5)
Total Gross Debt
(3,107)
(3,560)
(2,968)
Net derivatives
1
5
SPV Net Cash
14
0
0
Net Financial Position
(1,099)
(442)
(540)
(1) 1H 2020 does not include Astaldi
First Half 2021 Financial Results
(2)
Total Webuild Group (including Lane & Astaldi)
14
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