Toto S.p.A. Costruzioni Generali

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TOTO S.P.A. COSTRUZIONI GENERALIfulfilling the requirements of autonomy and independence, professionalism, continuity ofaction and adequate spending powers.Significant events after the balance sheet dateIn the first quarter of 2011 the following significant events took place:Tenders wonThe company was awarded the call for tenders by ITALFERR, the engineering companyof the Italian state railway group "Gruppo Ferrovie dello Stato", for doubling the "Cefalu’ –Castelbuono” (Sicilia)" railway section. This is the biggest call of bids by the client in2011.The contract provides that the detailed design and construction work of the 12.3 kmCefalù (Ogliastrillo) - Castelbuono railway section, along the Palermo - Messinarailway line, and is an integral part of the Italian railway infrastructure modernisation anddevelopment programme.Toto S.p.A. is in joint venture with other companies with a share of 74.11%.The works, which has an estimated duration of 72 months, will see Toto S.p.A. involvedin constructing three tunnels which will concern almost all the new railway section:- The first, called “Cefalù”, 6,700 metres' long and double-arched, will be constructedusing mechanised digging technology, using two TBMs (Tunnel Boring Machines) eachwith a diameter of 9.9 metres.- The second, called “S. Ambrogio”, 4,300 metres' long, constructed using traditionaldigging techniques.- The third, called “Malpertugio”, 135 metres' long, also constructed traditionally.With a share of 35% in the joint venture set up with Grandi Lavori Fincosit S.p.A., thecompany also won the ANAS tender for construction work for doubling the Col di Tendafor a total bid of approximately € 117.5 million.The work arises from the need to resolve the age-old problem of the Col di Tenda passconstructed on the Italian-French border over the years 1873-1882.The particularly limited road section of the existing tunnel does not allow vehicles toovertake and traffic therefore flows on an alternating one-way basis and only at night areheavy vehicles allowed to pass.The project involves the construction of a second tunnel alongside the existing one with atotal length of over 3 km to be used for France-bound traffic and the section increase tobe used for Italy-bound traffic.The duration of the work is scheduled in the contract to take place over 6 years.Business outlook2012 is expected to see turnover in line with that achieved in 2011.Considering the size of the order book on 31 December 2011 amounting to € 519 millionin addition to the value of the orders awarded in 2012 amounting to € 292 million, it is notnecessary for the company to adopt an aggressive commercial strategy. During the yearinitiatives in which to participate in were carefully chosen so that only that with extraadded value was selected so as not to affect company profitability.From a commercial point of view, the objective during 2012 is to acquire new orders inorder to supplement the order book by an amount at least equal to the turnover of theyear with profitability no lower than that estimated in previous years and in line withmarket best practice.For 2012 it is believed that the quality of the orders acquired can also maintain operatingprofitability margins in line with market ones.Directors’ Report to the financial statements as of 31/12/2011 Page 20
TOTO S.P.A. COSTRUZIONI GENERALIInformation on risk management, financial instruments and guaranteesLiquidity riskThe two main factors which determine liquidity risk for Toto S.p.A. are, on the one hand,the management of funds generated or absorbed by operating and investment activitiesand, on the other, the characteristics of due dates and renewal of payables.The company constantly monitors cash flows, loan and liquidity requirements, managingthem with the aim of ensuring funds are managed effectively and efficiently.Exchange rate riskToto S.p.A. primarily operates in Italy: transactions are therefore for the most part ineuros. The euro is also the currency for external sources of financing to support anddevelop the company's industrial activities.The company’s financial performance is therefore not subject to market risk resulting fromexchange rate fluctuations.DerivativesThe company has three outstanding interest rate hedging contracts to cover a portion ofits bank debt.Further information is provided in the explanatory notes.Credit riskThe type of clients of the company are substantially companies with high credit ratings.Government and public bodies, solvent by nature, or companies belonging to the group.Credit risks, which means the exposure of the company to potential losses deriving fromnon-fulfilment by its clients of their obligations, should therefore be consideredinsignificant.Guarantees and suretiesFor information on guarantees and sureties, reference should be made to the section onmemorandum accounts in the explanatory notes.Allocation of the net profit for the yearWe propose that the shareholders' meeting allocate the profit as follows:net profit as of 31/12/2011 556.468,005% to the legal reserve 27.823,40to the extraordinary reserve 528.644,60We would like to thank you for your trust in us and invite you to approve the financialstatements as they are presented.Chieti, 27 April 2012Chairman of the Board of DirectorsAlfonso TotoDirectors’ Report to the financial statements as of 31/12/2011 Page 21
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Toto S.p.A. Costruzioni Generali

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