The document provides financial and operational highlights for Impregilo for the first half of 2011. It summarizes that revenues were €1,004 million, EBITDA was €120 million, and net result was €39 million. It also notes that order acquisition was €860 million and total backlog was €22,740 million. The document outlines Impregilo's operations and projects in various sectors including construction, concessions, and engineering.

1. “Progress, our greatest work”
First Half 2011
results
Milan, 26th August 2011
Milan, 26th august 2011

2. Highlights Millions of euro
Revenues 1,004
Ebitda 120
Ebit 85
Ebit margin 8.5%
Net result 39
Net Financial Position (559)
Order acquisition 860
Total backlog 22,740
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3. Shareholding
As of 25th August, 2011
Free Float
56.55%
IGLI
29.96%
UBS AG
5.42% BlackRock Norges Bank
Inc. 3.13%
4.94%
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4. Consolidated income statement
Millions of euro June 2010(1) June 2011
Revenues 1,003.6 1,004.0
Ebitda 125.6 119.6
Ebitda margin 12.5% 11.9%
Ebit 98.1 85.0
ROS 9.8% 8.5%
Result from partial disposal of a subsidiary 43 -
Total financial income and charges (42.5) (38.7)
Ebt 98.6 46.3
Taxes (33.0) (18.5)
Gain (losses) on discontinued operations (1.5) 13.1
Net result(2) 60.4 39.0
(1) Figures restated according to IFRIC 12 rules
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(2) Including minorities’ interests

5. Ebit analysis
Eng. &
Conc. Campania Grand
Millions of euro Corp. Constr. Plant Core Total projects Total(1)
Constr.
Revenues - 777.1 110.0 118.4 1,005.5 0.5 1,004.0
Ebitda (18.4) 104.1 (19.2) 54.1 120.6 (1.0) 119.6
Ebitda % - 13.4% - 45.7% 12.0% - 11.9%
Ebit (18.4) 82.0 (20.7) 43.1 86.0 (1.0) 85.0
ROS - 10.6% - 36.4% 8.6% - 8.5%
(1) Net of elisions 5

6. Consolidated balance sheet
Millions of euro 2010 June 2011 Variation
Fixed Asset 807 846 39
Assets held for sale 384 400 16
Provisions and Termination Benefits (215) (224) (9)
Net fiscal assets 169 157 (12)
Others 60 50 (10)
Working Capital 235 462 227
Net Invested Capital 1,440 1,691 251
Net Financial Position (313) (559) (246)
Shareholders’ equity (1,127) (1,132) (5)
Total sources (1,440) (1,691) (251)
Debt/Equity 0.28 0.49
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7. Order acquisition
June 2011 – 860 mn eur
Contracting
69%
31%
Concessions
Construction Eng & Plant Constr Concessions
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8. Total backlog
June 2011 – 22,740 bn eur
Contracting
9.9 bn eur
Concessions
12.8 bn eur
Construction Eng & Plant Constr Concessions
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9. Impregilo in the world
Revenues Italy 22%
Currently operating in 30 countries Revenues abroad 78%
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10. Main recent events
approval by the Board of Directors of Stretto Messina Spa of the definitive
project of Messina Strait bridge
award to Impregilo consortium of M4 Milan subway project (worth 1.7 bn eur
of total investments)
agreement signed between Ferrovie dello Stato and Cociv for the contract of
Terzo Valico Milan-Genoa high speed railway (worth approx. 5 bn eur) and the
start of works of the first stretch
Fisia submitted the best offer on Yanbu 550,000 cubic meter-day desalination
project (worth approx. 1 bn usd)
CIPE committee approved the definitive project of Tangenziale Esterna
Milanese (Milan outer east by-pass ) thus enabling the start of works
Appeal Court acquitted CAVET consortium and its managers, from
accusations of alleged damage related to the high speed railway between
Bologna and Florence
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11. Construction
Revenues The increasing visibility over the start of works
+8.4% yoy of the italian projects:
Milan outer east by-pass (TEM)
777 high speed railway Milan-Genoa
717 Milan subway line 4
Messina strait bridge (preliminary works)
june 2010 june 2011
millions of euro
will enable the Group to further increase the total volumes and reach, within 2015, the
target of 35% of italian revenues, thus rebalancing its activities between foreign and
domestic market, today representing 22% of total revenues.
Backlog Proforma Backlog
(9.4 bn/eur) Italy Considering the Italian
40.6% Italy
project achieved but not yet Abroad
55.0%
45.0%
Abroad in our backlog the present
59.4% distribution would have
been approximately:
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12. Concessions
Revenues
5.4% yoy In the short term concessions sector growth is
mainly linked to Ecorodovias
112 118
June 2010 June 2011
millions of euro
Further growth will come from:
the development of concessions already
awarded (ie. Colombia, Italy)
expansion of Ecorodovias activities in logistic
sectors
the development of new concessions mainly
in Italy
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13. Engineering and plant constr.
Substantial completion of residual
Desalination market 2010-16 (mn €)
backlog in 2011
4,123
2,945
Fisia submitted the best offer on Yanbu
550,000 cubic meter-day desalination 29,446 28,864
project, worth approx. 1 bn/usd to be
executed in 3 years 13,385 12,830
Desalination market is eventually
recovered after 3 years of substantial 16,061 16,034
stop, in the next 7 years new projects for
approx. 12.8 billion euro relevant to
2000-2009 2010-2016
MSF/MED technologies are expected (10 years) (7 years)
RO MFS/MED Average/Year
Sources: Desalt Data, Global Water Intelligence
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14. Update Acerra Power-plant
first half 2011: 292,905 tons of waste burnt, 289,814 MWh of energy
produced
Over 1 million tons total waste managed since commencement of
operations
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15. DISCLAIMER
Certain statements contained in this presentation may be statements of future expectations and other
forward-looking statements or trend information that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties.
Actual results, performance or events may differ materially from those in such statements.
In case of any discrepancy between the presentation and the Balance Sheet, the Balance Sheet should
be considered to contain the complete and correct information. The slides only contain a summary of
certain elements of the Balance Sheet.
This presentation is not intended for potential investors and do not constitute or form part of any offer to
sell or issue, or invitation to purchase, or any solicitation of any offer to purchase or subscribe for any
Impregilo securities, nor shall they form the basis of, or be relied on in connection with any contract or
commitment to purchase Impregilo securities.
This presentation is not being issued in the United States of America and should not be distributed to
United States persons or publications with a general circulation in the United States. These materials
are not an offer to sell or issue Impregilo securities in the United States. Impregilo securities have not
been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not
be sold or issued in the United States absent registration or an exemption from registration under the
Securities Act.
The distribution of these materials in other jurisdictions may be restricted by law, and persons into
whose possession these materials come should inform themselves about, and abide by, any such
restriction.
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16. Declaration
In accordance with section 2, article 154-bis of the Consolidated Law
on Finance (TUF), the Group CFO responsible for preparing the
company’s financial reports, Rosario Fiumara, declares that the
accounting information contained in this presentation corresponds to
the documentary records, ledgers and accounting entries.
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