Società Italiana per Condotte d'Acqua S.p.A.

Società Italiana per Condotte d’Acqua was established on April 7, 1880. Since the beginning, the Company has become an Italian industry leader. In the initial 25 years of activity, the Company has designed hundreds of aqueducts and constructed 160 feeder mains for an overall length of 817 km. and water supply systems for a total length of 185 km. Between the I and II World Wars, the main achievements were the construction of Salerno fresh water network, the Simbrivio aqueduct, the largest and most complex aqueduct ever built at those times, some interesting aqueducts in Sicily, Sardinia and Rhodes.

After the liberation of Rome, in 1944, the Company focused its business on the repair of the main damages occurred to the Ausino and Simbrivio aqueducts and the reconstruction of bridges and railway viaducts destroyed during the war. Immediately thereafter, the Company devoted its industrial capacity to other sectors: real estate, dams, tunnels and hydroelectric plants.

The most important projects in the 1950s were the double sweep dome type dam for the Val Gallina reservoir of the hydroelectric plant in Piave-Boite-Vajont and 2 lots of the relative long tunnel, the Tiber hydroelectric plant and the Premadio hydroelectric plant, which boasts the largest underground power station in the world.

The 1960s were characterised by two works that can be mentioned among the most representative of those years: the Mont Blanc Tunnel and the Polcevera Viaduct in Genoa, the first cable-stayed concrete bridge in Europe.

By the end of the 1960s, the Company had become a group formed by general or skilled subsidiaries covering all the sectors of the construction industry. In the following years, the Company performed important works in the restoration sector, among which it is worth to mention the repair and restoration of the Egyptian monumental complex of the Philae island and of Ca’ Pesaro in Venice and in the maritime sector, where, starting from the completion of the Palermo dry dock, the Company became a world leader through the completion of several port constructions: Sines in Portugal, Bandar Abbas in Iran, Djen Djen in Algeria and Ras Laffan in Qatar.

In 1997, as a result of the privatization of the IRI Group, Società Italiana per Condotte d’Acqua was acquired by the Ferfina Group, a group already holding Ferrocemento – Costruzione e Lavori Pubblici p.a., which had incorporated Recchi Construzioni Generali S.p.A. of Turin and Gambogi S.p.A. of Pisa. Since 1932 Ferrocemento has been a leader in the construction of tunnels, viaducts and hydraulic works thanks to its technical capacity and know-how associated to its numerous patents. In order to contend in an increasingly competitive international construction market a further merger was made between Società Italiana per Condotte d’Acqua and Ferrocemento - Construction and Public Works under the elder name – Società Italiana per Condotte d’Acqua.

In its centenarian history full with events, the Group has carried out, in Italy and in the world, dams, hydroelectric plants, roads, highways, railways, undergrounds, ports and maritime works, hydraulic and irrigation projects, airports, underground works, civil engineering works for thermal and nuclear power station, housing projects, office, sport, industrial and hospital building works, as well as environmental and monumental rehabilitation works, which, for their quality and technical commitment, have obtained unanimous appreciation at international level.

Supervisory Board
Prof. Franco Bassanini Ing. Giorgio Robba Dott.ssa Isabella Bruno Tolomei Frigerio Dott. Nicola Antoniozzi Gen. Virgilio Chirieleison Dott. Giuseppe Malusà Rigobello	President VicePresident Member Member Member Member
Management Board
Ing. Duccio Astaldi Prof. Avv. Felice E. Santonastaso Ing. Antonio D'Andrea Ing. Alì M. Sangelaji Ing. Giuseppe Di Giovine Geom. Renato Cossi Ing. Americo Giovarruscio Ing. Gabriele Nati Ing. Giampaolo Tita Ing. Stefano Tomarelli	President Vice President CEO CEO Member and Director General Member Member Member Member Member
Independent Auditors
PricewaterhouseCoopers s.p.a.

CONTO ECONOMICO CONSOLIDATO in €/milioni	2007	2008	2009	2010	2011
Valore della produzione	728,6	744,5	727,0	741,3	780,1
Costi della produzione	680,7	698,4	669,6	672	711,8
Margine Operativo Lordo	47,9	46,1	57,4	69,3	68,3
Ammortamenti, svalutazioni e accantonamenti	23,2	23,9	27,8	44,2	40,6
Risultato Operativo	24,7	22,2	29,6	25,1	27,7
Saldo gestione finanziaria	8,7	16,2	15,1	15,0	13,3
Utili/perdite su Partecipazioni	-0,1	0,4	1,2	0,1	0,0
Saldo gestione straordinaria	6,2	0,2	-0,9	0,2	2,0
Risultato Ante Imposte	9,9	5,4	14,2	9,8	12,4
Imposte dell'esercizio	2,1	1,5	8,5	2,2	5,4
Risultato Netto	7,8	3,9	5,7	7,6	7
Quota di Terzi	-0,1	0,2	-0,5	0,3	0,1
Quota del Gruppo	7,9	3,7	6,3	7,3	6,9

STATO PATRIMONIALE CONSOLIDATO in €/milioni	2007	2008	2009	2010	2011
ATTIVO
Disponibilità liquide	61	103	113	102	207
Crediti commerciali e diversi	497	545	502	454	611
Rimanenze	213	278	323	334	304
Attivo corrente	771	926	938	890	1122
Fondi rischi	-44	-39	-33	-34	-37
Immobilizzazioni nette	160	223	247	302	304
Attivo fisso	116	184	214	268	267
Capitale investito	887	1.110	1.152	1.158	1.389
PASSIVO
Debiti bancari a breve termine	25	93	86	78	141
Debiti commerciali e diversi	546	610	553	559	662
Passivo corrente	571	703	639	637	803
Debiti bancari a m./l. termine	97	112	124	154	209
Altre passività consolidate	80	146	232	223	223
Passivo consolidato	177	258	356	377	432
Patrimonio netto	116	122	131	139	149
Patrimonio netto di terzi	23	27	26	5	5
Capitale acquisito	887	1.110	1.152	1.158	1.389

Indici di bilancio	2007	2008	2009	2010	2011
POSIZIONE FINANZIARIA NETTA (€/milioni)	-61	-102	-97	-130	-143
INDICE DI LIQUIDITA' (Att. Corr/Pass. Corr)	1,35	1,32	1,47	1,40	1,40
INDICE DI EQUILIBRIO FINANZIARIO (Pat. Netto/Imm. Nette)	0,87	0,67	0,64	0,48	0,51
GEARING RATIO (Pfn/Pat. Netto)	0,44	0,68	0,62	0,90	0,93
INDICE DI INDEBITAMENTO (Cap. terzi/Cap. Acquisito)	0,84	0,87	0,86	0,88	0,89

NOTA: DATI RICLASSIFICATI IAS 17

Documents in PDF format.

• Code of Ethics - ITA (codice_etico.pdf 80 KB)
• Mod 231 General section - ITA (Mod_231_parte_generale.pdf 300 KB)