Home > Group - Società Italiana per Condotte d'Acqua

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  • History

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    1883: Villoresi Canal, the first PF of the Company.

    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.

  • Corporate Boards

    Supervisory Board
    Franco Bassanini
    Mario Ricci
    Isabella Bruno Tolomei Frigerio
    Gabriele Cappellini
    Giuseppe Malusà Rigobello
    President
    Vice President
    Member
    Member
    Member
    Management Board
    Duccio Astaldi
    Alberto Lang
    Giuseppe Di Giovine
    Roberto Carlucci
    Giampaolo Tita
    President
    Vice President
    Member and CEO
    Member
    Member
    Management
    Simone De Santis
    Ernesto Guerrieri
    General Manager
    Operations Manager for foreign Countries
    Independent Auditors
    PricewaterhouseCoopers s.p.a.

  • Financial Data

    CONSOLIDATED INCOME STATEMENT in €/million 2015 2016
    Production Value 1,341.7 1,315.0
    Production cost 1,211.7 1,188.7
    Gross Operating Margin 130 126.3
    Amortization, write-downs and provisions 53.3 80
    Operating income 76.7 46.3
    Financial management balance -54.2 -36.3
    Profits/losses on equity investment -4.6 -1.0
    Pre-tax profit/loss 17.9 9.0
    Financial year tax 13.9 6
    Net profit/loss 4 3
    Third-parties shares -2 -9
    Group shares 6 12

    CONSOLIDATED BALANCE SHEET in €/million 2015 2016
    ASSETS
    Liquid assets 231 149
    Trade and other receivables 828 867
    Inventories 810 916
    CURRENT ASSETS 1,869 1,932
    Risk funds -45 -50
    Net fixed assets 497 466
    FIXED ASSETS 452 416
    INVESTED CAPITAL 2,321 2,348
     
    LIABILITIES    
    Bank debts and other short-term debts 495 477
    Trade and other debts 1,011 1,080
    CURRENT LIABILITIES 1,506 1,557
    Bank debts and other medium-long-term debts 275 290
    Other consolidated liabilities 329 282
    CONSOLIDATED LIABILITIES 604 572
    NET EQUITY OF THE GROUP 201 214
    NET EQUITY OF THIRD PARTIES 10 5
    ACQUIRED CAPITAL 2,321 2,348
    FINANCIAL STATEMENTS INDEX 2015 2016
    NET BANK DEBT (€/million) -398 -461


    NOTA: DATI RICLASSIFICATI IAS 17


  • Model 231

    The Code of Ethics and 231 Model of the Società Italiana per Condotte d'Acqua S.p.A. shall be used as a reference for companies and consortia controlled by the same Condotte and that haven’t their own Codes of Ethics and 231.