Media and Financial Analysts Conference Zurich, 26 February 2013
A. Affentranger / B. Fellmann
Media and Financial Analysts Conference Highlights
Š
Implenia | Investor Relations | February 2013 | Seite 2
Highlights 2012 "100 million achieved"
in CHF million
Outstanding operating performance
Operating income
104,4 93,7
1. Record figures EBITDA EBIT divisions Consolidated profit
(+ 4.0%) (+11.3%) (+16.1%)
2. Strong free cash flow 3. Excellent return on invested capital
77,7 67,6 59,0
3,7%
3,9%
2011
2012
3,3%
3,0% 2,6%
(ROIC 33.5%)
4. Full order book in all divisions 2008
2009
2010
Š
Implenia | Investor Relations | February 2013 | Seite 3
Trend over the last 5 years Constant improvement +117 (+4%)
Production output 2′637
2′716
2′777
2′894
2008
2009
2010
2011
2012
+10,6 (+11%)
70,0
80,0
77,0
93,5
+173 (+7%)
Consolidated revenue
2′542
EBIT divisions
in CHF million
2′324
2008
2′280
2′388
2′523
2009
2010
2011
104,1 40,0
3,0%
3,5%
3,2%
3,7%
3,9%
2008
2009
2010
2011
2012
2012
+9,8 (+16%)
Consolidated profit
47,1
2′696
61,4
52,5
71,2
1,7%
2,1%
2,2%
2,4%
2,6%
2008
2009
2010
2011
2012
©
Implenia | Investor Relations | February 2013 | Seite 4
Key aspects in 2012 Strategy implemented – continuous improvement process Topics
Tangible success
Business
"One Company" approach actively pursued Expanded construction specialities Norwegian business (rounded off with acquisitions) Producing properties swapped in for development properties
Processes
Strict adherence to "minimum margins" Consistent contract reviews by the legal department Improved time controlling in construction activity Purchasing process centralised and specialised
Risk Management
New integrated risk management process for General Contracting New enterprise risk management system introduced Repositioned internal audit more broadly
Sustainability
First Sustainability Report, GRI B Rating Rosengarten project, Arbon, awarded energy price Various occupational Health & Safety Implenia Academy
Administration
Implemented SAP in General Contracting Centralised invoice receipt for Switzerland Pension schemes merged and benefit plans aligned Economic Profit concept introduced ©
Implenia | Investor Relations | February 2013 | Seite 5
Media and Financial Analysts Conference Swiss and Norwegian Real Estate and Construction Market
Š
Implenia | Investor Relations | February 2013 | Seite 6
Construction Market Switzerland Volumes remain high – strong infrastructure construction activities Construction spending 2012: approx. CHF 60 billion
Real change in construction indices
Billion CHF
70 60 50 40 30 20 10 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1995 – 2011: Real construction spending Switzerland (at price level 2011) 2012 – 2013: estimated prognosis for Switzerland Source: Schweizerischer Baumeisterverband (SBV)
Source: Credit Suisse AG, SBV
©
Implenia | Investor Relations | February 2013 | Seite 7
Real Estate and Construction Market Switzerland Fundamentals remain intact
Swiss net immigration
Interest rates
1st quarter
3rd quarter
2nd quarter
4th quarter
Net immigration (permanent resident population) in 1'000 Source: Reuters EcoWin, UBS
Source: Fahrländer Partner AG
Š
Implenia | Investor Relations | February 2013 | Seite 8
Real Estate and Construction Market Switzerland Vacancy rates at unchanged low levels and healthy public finances Vacancy rates Switzerland
In % of GDP
Government debt
Vacancy rate in % of existing housing
Rental apartments Norway
Switzerland Condominiums
Source : Fahrländer Partner AG
Single-family houses
Source: UBS
Š
Implenia | Investor Relations | February 2013 | Seite 9
Renovation – the topic of the future Sharp increase in renovation applications throughout Switzerland Applications for refurbishment projects: deviation in the volume of planning applications submitted in last 6 months from 10-year average, by economic region
Source: Geostat Š
Implenia | Investor Relations | February 2013 | Seite 10
Norwegian Construction Market Deep market – constant growth Norwegian civil engineering market volume In EUR million
Civil engineering market volume in Norway grows by 11% until 2015
14'000 12'000
Civil engineering market volume: Norway beats Switzerland
10'000 8'000 6'000 4'000
Swedish civil engineering market volume
2'000
In EUR million 12'000 10'000 8'000
2011
2012
2013
Transport Infrastructure Telecommunications Energy and water works
2014
2015
6'000 4'000 2'000
2011
2012
2013
2014
2015
Other civil engineering Source: Euroconstruct / prognosesenteret
Source: Euroconstruct / prognosesenteret ©
Implenia | Investor Relations | February 2013 | Seite 11
Conclusion Fundamentals remain intact » Sustained public investments » Private sector
Low interest rates
Positive net immigration
Economic conditions remain favourable despite strong Swiss Franc
» Norway
Continued growth in infrastructure investments
©
Implenia | Investor Relations | February 2013 | Seite 12
Annual Financial Statements 2012 Key figures and operating income
Š
Implenia | Investor Relations | February 2013 | Seite 13
Key Figures and Operating Income “Best Year Ever” - Again in CHF million
Consolidated revenue Operating income Consolidated profit EBITDA
1
2012
20111
+/- in %
2'695.8
2'522.6
6.9%
104.4
93.7
11.5%
3.9%
3.7%
71.2
61.4
2.6%
2.4%
146.1
140.5
5.4%
5.6%
16.1%
4.0%
incl. consolidation Implenia Norge from 18.07.2011
©
Implenia | Investor Relations | February 2013 | Seite 14
General Contracting / Services – revenue and EBIT 20 million level confirmed
1.188 1.217
633
636
EBIT / EBIT-margin
EBIT
Revenue
19,7 10,3
in CHF million
20,6
11,1
15,5
17,4
19,7 15,4 1,7%
1,6%
1,4%
555
581
9,4
9,5
2011
2012
2011
2012
2008
20,6
1,7%
1,4%
2009
2010
2011
HY 2
HY 2
EBIT
HY 1
HY 1
EBIT-margin
©
2012
Implenia | Investor Relations | February 2013 | Seite 15
GC / Services – regional distribution and orders at 31.12.2012 High level of confidence based on orders at hand in CHF million Production output 3% 13%
Update Bild
East (158.8 Mio.) Zurich (352.4 Mio.)
36%
29%
Middle (236.6 Mio.) West (442.8 Mio.) Reuss (26.5 Mio.)
19%
CSS, Lausanne Order book by customer category
Actual year
Secured revenue
Prior year
12% Third parties
30%
58%
Third parties AAA
86,8%
86,7%
Public sector and agencies
36,7%
2013
39,6%
2014 Š
Implenia | Investor Relations | February 2013 | Seite 16
Real Estate (project development) – Invested Capital and EBIT 30 million mark topped in CHF million Invested Capital
172
EBIT
192
EBIT / ROIC 31,6
31,6 25,3
25,3 247
252
21,4 21,0
14,7%
16,4 12,0%
10,3
-75
-60
2011
2012
20,9
8,9
16,4%
11,4%
10,6 5,7%
2011
2012
2008
2009
2010
2011
NWC
HY 2
EBIT
Real estate transactions
HY 1
ROIC (Operating income / Invested capital)
©
2012
Implenia | Investor Relations | February 2013 | Seite 17
Infrastructure – revenue and EBIT “Back on track”
1.220
706
637
EBIT / EBIT-margin
EBIT
Revenue 1.148
in CHF million
24,4 18,1
24,6
25,7
25,1
25,7
18,1 2,1% 2,2%
30,9
2,2% 2,1%
32,4
514
511
1,6%
-6,7
-7,4
2011
2012
-12,8 2011
-6,7
2008
2009
2010
2011
2012
2012
HY 2
HY 2
EBIT
HY 1
HY 1
EBIT-margin
©
Implenia | Investor Relations | February 2013 | Seite 18
Infrastructure – regional distribution and orders at 31.12.2012 Excellent position to build on in 2013 in CHF million Production output West (358.5 Mio.)
22%
27%
East (294.4 Mio.) Middle (179.2 Mio.)
4% 5% 14%
Alps (186.5 Mio.)
14%
Civil Engineering (179.4 Mio.) International (72.1 Mio.)
14%
Other (49.2 Mio.)
Highway restoration, Lausanne Development of order book by customer category
Secured revenue
Actual year Prior year
20%
14% Third parties Third parties AAA Public sector and agencies
44,8%
48,0%
12,9%
66%
2013
13,7%
2014 Š
Implenia | Investor Relations | February 2013 | Seite 19
Industrial Construction – revenue and EBIT Significant shift in project portfolio
376
EBIT / EBIT-margin
EBIT
Revenue
in CHF million
30,5 (2,3)
26,2 263
211
20,2
13,4
(2,7) (6,6)
19,9
16,5
180 12,5%
165 83 2011
2012
10,3 2011
12,8
2012
30,5
(7,9) (3,1)
15,5
11,5%
9,4%
2008
2009
HY 2
HY 2
EBIT- Prime Buildings
HY 1
HY 1
EBIT-IIC
2010
26,2 11,6%
7,0%
2011
2012
EBIT-margin
©
Implenia | Investor Relations | February 2013 | Seite 20
Tunnelling – regional distribution and order book at 31.12.2012
Gotthard almost finished – Norway just started
in CHF million
Production output
Tunnelling Switzerland (221.1 Mio.)
48%
Tunnelling abroad (14.8 Mio.)
49%
Implenia Norge (218.5 Mio.)
3% Pedestrian Bridge Acrobats, Oslo Norway
Tunnelling EBIT
Revenue 161
33,6 137
83
Revenue
EBIT 218
3,0
25,9 22,1
67
134
10,7
3,9
81 78
2011
70
11,5
2012
2011 HY 2
HY 1
15,2
2012
84 2011
2012 HY 2 ©
-0,8
-0,9
2011
2012
HY 1
Implenia | Investor Relations | February 2013 | Seite 21
EBIT divisions Reached mid-term target one year earlier in CHF million
2012
20111
+/- in %
Real Estate
52.2
44.9
16.0%
Infrastructure
25.7
18.1
41.9%
Industrial Construction
26.2
30.5
-14.0%
104.1
93.5
11.3%
3.9%
3.7%
EBIT divisions
Š
Implenia | Investor Relations | February 2013 | Seite 22
Annual Financial Statements 2012 IFRS Reporting
Š
Implenia | Investor Relations | February 2013 | Seite 23
Operating income and consolidated profit 10 million higher consolidated profit in CHF million
EBIT divisions
2012
2011
+/- in %
104.1
93.5
0.3
0.2
104.4
93.7
3.9%
3.7%
Financial result
-11.6
-12.0
Tax
-21.6
-20.3
Consolidated profit
71.2
61.4
2.6%
2.4%
Miscellaneous / Holding Operating income
11.3%
11.5%
16.1%
Š
Implenia | Investor Relations | February 2013 | Seite 24
Holding and Miscellaneous The IAS 19 effect will be recurring 2012
in CHF million
2011
-5,428 -1,205 -1,283 -4,429
12,862
344
-2,818
147
9,943
-4,469
-1,645 -1,037
Holdingoverhead costs
IAS 19
Depreciations Amort. of of investment intangible property assets
Impact on operating income
Holdingoverhead costs
IAS 19
Depreciations Amort. of of investment intangible property assets
Š
Impact on operating income
Implenia | Investor Relations | February 2013 | Seite 25
Balance sheet – assets For the first time, total assets over CHF 2 billion in CHF million
2012
2011
+/- in %
Cash and cash equivalents, securities
500.9
403.0
Trade receivables
456.0
472.8
Real estate operations
266.6
253.7
Work in progress / Joint ventures
251.7
247.0
97.9
93.1
1'573.1
1'469.6
7.0%
436.0
418.1
4.3%
2'009.1
1'887.7
6.4%
Other current assets Total current assets Total non-current assets Total ASSETS
Š
Implenia | Investor Relations | February 2013 | Seite 26
Balance sheet – liabilities Equity ratio at 30% in CHF million
Current financial liabilities
2012
2011
+/- in %
4.5
3.8
Trade payables
219.9
272.5
Work in progress / joint ventures
688.4
604.4
Other current liabilities
197.4
166.9
1'110.2
1'047.6
208.4
205.3
Other non-current liabilities
7.0
7.3
Defferred taxes, provisions
84.2
84.0
Total non-current liabilities
299.5
296.6
1.0%
Equity and non-controlling interests
599.4
543.5
10.3%
2'009.1
1'887.7
6.4%
Total current liabilities Non-current financial liabilities
Total LIABILITIES
6.0%
Š
Implenia | Investor Relations | February 2013 | Seite 27
Cash flow statement First class Cash Flows
in CHF million
(4,7)
129,6
2011: 117,1 Profit before changes in NWC
28,5 (55,6)
(12,0)
75,0
(45,0) 115,8
(52,4)
44,7
53,8
Receivables
Liabilities
Work in progress/joint ventures
(47,0) Real estate transactions
(13,8) Interest/ taxes/ other
Š
(35,1)
67,3
Investments and M&A
Free Cash Flow
Implenia | Investor Relations | February 2013 | Seite 28
Return on Invested Capital (ROIC) Striking Return on Invested Capital
400 350 300 250 200 150 100 50 0
387 340
19,9%
346
[in %] 50,0
350 312 33,5%
22,4% 26,8%
40,0 30,0 20,0
15,3%
10,0 9,4%
9,4%
9,3%
9,5%
9,5%
0,0 2008
2009
2010
2011
2012
400 350 300 250 200 150 100 50 0
in CHF million
387 346
340
[in %] 50,0
350 312
40,0 30,0
26,5% 12,7%
17,9%
15,3%
21,0%
10,0
7,6%
7,6%
7,6%
7,6%
7,3%
2008
2009
2010
2011
2012
Invested capital
Invested capital
ROIC (Operating income / Invested capital)
ROIC (NOPAT / Invested capital)
WACC before tax
WACC after tax
Š
20,0
0,0
Implenia | Investor Relations | February 2013 | Seite 29
Group – Economic Profit Value increase on all "drivers"
in CHF million
44,6
45 + 3.8 40
+ 3.3
35
+ 5.0
32,5 0 Economic Profit 2011
Growth
Growth
Assessment
Profitable growth in Norway
Cost efficiency
Capital efficiency
Cost efficiency
Increased efficiency of project development activity Construction cost savings mainly in Infrastructure Construction division
Economic Profit 2012
Capital efficiency
Improved net working capital despite increase in volume Conscious investments Sale of non-strategic producing properties enabled investments in new real estate development assets ©
Implenia | Investor Relations | February 2013 | Seite 30
Share performance SPI clearly "outperformed" Total Shareholder Return 54.6%
Development Share Price 180%
+68.7%
160% 140%
+51.0%
120% 100% 80% 60% Dez Dec
Jan Jan
Feb
Mrz Mar
Apr
Mai
Jun
Jul Jul
Aug
Sep Sep
Okt Oct
Nov Nov
Dez Dec
1. Trading day (6 March 2006) until 31 December 2012 180% +61.2% +61.2%
160% 140%
+58.4%
120% 100% 80% 60% 40% Mar06 06 Sep Mar07 07 Sep Sep10 10 Mrz Sep08 08 Mrz Mar12 12 Sep Sep07 07 Mrz Mar11 11 Sep Sep06 06 Mrz Mar09 09 Sep Sep12 12 Dec 12 Mar08 08 Sep Sep11 11 Mrz Mrz Sep 09 09 Mrz Mar10 10 Sep Implenia
SPI ©
Implenia | Investor Relations | February 2013 | Seite 31
Media and Financial Analysts Conference General Meeting of 27 March 2013
Š
Implenia | Investor Relations | February 2013 | Seite 32
Dividend Attractive yield Dividend policy
Dividend increase follows operational performance
1,40
Dividend in CHF per share
0,70
2009
27,5%
0,90
1,10
2010
2011
31,7%
33,1%
2010
2011
2012
36,3%
Payout ratio according to dividend policy 2009
2012
6,90%
Attractive dividend yield (adjusted for tax effect)
3,60%
2009
5,20%
4,20%
2010
2011
Š
2012
Implenia | Investor Relations | February 2013 | Seite 33
General Meeting of 27 March 2013 Renewal and expansion of the Board of Directors Board members elected until 2014
Markus Dennler
Hans-Beat Gürtler
Patrick Hünerwadel
No longer standing for re-election
Moritz Leuenberger
Theophil H. Schlatter
Board members for election
Hubert Achermann
Chantal Balet Emery
Calvin F. Grieder
©
Implenia | Investor Relations | February 2013 | Seite 34
Daring to Shape our Future The course for a successful future has been set
Š
Implenia | Investor Relations | February 2013 | Seite 35
Daring to Shape our Future We have a dream ▪ Modern, state of the art and dynamic ▪ Long-term operational and financial success ▪ The “place to be” / development opportunities for all employees ▪ Strong domestic markets, close to the client and international alignment ▪ Sustainability ▪ Power of innovation and increase in efficiency A dynamic Implenia, grasping opportunities and setting strong accents for a promising future!
Dream ©
Implenia | Investor Relations | February 2013 | Seite 36
Daring to Shape our Future Our vision ▪ We develop and build the Switzerland of tomorrow
▪ We establish ourselves as an expert for complex international infrastructure projects ▪ Sustainability is our passion
▪ We are the partner of choice for customers and employees alike
Dream
Vision ©
Implenia | Investor Relations | February 2013 | Seite 37
Daring to Shape our Future Our values make us strong ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
We are reliable We demand and promote sustainability We have integrity We are aware of opportunities and risks We are transparent We demand operational and financial excellence of ourselves We focus on solutions and customer We are innovative
Dream
Vision
Values ©
Implenia | Investor Relations | February 2013 | Seite 38
Daring to Shape our Future From dream to strategy Integrated solutions thanks to a “One Company” approach Focused on customer and market needs
Focus on customer benefit Understanding customer needs Create added value Customers have a dedicated contact partner
Partner of choice for employees
Focusing on our employees well-being and development Offering opportunities and create interesting jobs
Innovative and sustainable for success in international markets
Our expertise strengthens our position in the international market We want to develop sustainable solutions
For a strong financial performance
Compelling long-term financial performance Adding value with an approach focused on economic profit
Dream
Vision
Values
Strategy ©
Implenia | Investor Relations | February 2013 | Seite 39
Daring to Shape our Future New organisation – flat, clear and effective
Sector business ▪ Institutional and supra-regional customers ▪ Complex contracts in Switzerland and abroad ▪ Development of further expertise for projects in growth markets
Regional business ▪ The face Implenia shows In the regional markets To local customers
©
Implenia | Investor Relations | February 2013 | Seite 40
Implenia Modernisation & Development
“Finger on the pulse of the market. For the Switzerland of tomorrow.” Market ▪ Real estate and investment market ▪ Modernisation of residential and commercial properties Target clients ▪ Supra-regional institutional investors and large corporations (investors, operators and owners) Activities ▪ Modernisation: ▪ Consulting / Planning / General and Total contracting / Execution ▪ Development
©
Implenia | Investor Relations | February 2013 | Seite 41
Modernisation Market Switzerland
Strong "fundamentals", catch-up and growth potential Areas in Switzerland: approx. 750 million m2 (residential, office and commercial buildings)
Residential building German-speaking Switzerland: approx .700,000 buildings
Over 22 Aelter 22 years Jahreold
Vor 81 realisiert Realised before 1981
Under 22 years JĂźnger Jahre old
Realised after 1981 Nach 81 realisiert
Development of building orders in the modernisation market (in CHF billion) 20
8
18
6
16
4
14
2
12
0
Value-retaining investments (target) versus renovation orders (current) Rental apartments (in CHF billion)
2006
10 2005 2006 2007 2008 2009 2010 2011
2007
2008
2009
Target Soll
2010
2011
Actual Ist Š
Implenia | Investor Relations | February 2013 | Seite 42
Implenia Modernisation & Development Strategic direction Development
Modernisation Anchoring of the business model in key regions Zurich, Basel, Aarau From 2015 roll out in the whole of Switzerland
Consulting Support in building up the modernisation and development pipeline Building up of interdisciplinary know-how
(in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
2011 0 227 227 25.1 11.1%
2012 0 230 230 31.4 13.6%
2011 50 88 94 -2.3 -2.6%
2012 39 94 94 -3.3 -3.5%
Modernisation (in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
Development
Focus on target markets
©
Implenia | Investor Relations | February 2013 | Seite 43
Implenia Buildings
“We build the Switzerland of tomorrow.” Market ▪ Industrial building construction market in Switzerland and in Southern Germany Target clients ▪ Supra-regional owners and operators of real estate ▪ Institutional investors and major corporations (supra-regional) Activities Bundling infrastructure competences: ▪ Industrial buildings ▪ General and total contracting ▪ Wooden & modular construction ▪ Technical planning activities (including implementation) by Implenia Engineering ▪ Construction in Southern Germany ©
Implenia | Investor Relations | February 2013 | Seite 44
Medical centers
General hospitals
Special clinics
General contractor (overall project management)
Total contractor
Target groups: • Hospitals and medical centers • Special clinics • Retirement and care homes Market Switzerland until 2020: • Around CHF 11 billion (approx. CHF 1.5 billion p.a.)
General contractor
CHF 1.3 billion.
Psychiatric clinics
CHF 0.6 billion.
Other special clinics
CHF 0.7 billion.
Rehabilitation clinics
CHF 1.5 billion.
Basic services
CHF 3.1 billion.
Central services
establishedvolumes per 10 % segment
CHF 4.1 billion.
Market capacity ConservativePotential market New-build and renovation
Retirement and care homes
Major market opportunities For example in the health market
Retirement and care homes
©
Implenia | Investor Relations | February 2013 | Seite 45
Implenia Buildings Strategic direction ▪ Aligning the organisation to an integrated model: Joint calculation and risk management Establishing regional competence centers Increase market share of internal execution from 10% to 20%
Buildings (in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
2011 1'770 1'331 1'312 18.4 1.4%
2012 1'832 1'370 1'357 19.8 1.5%
▪ Cultivating growth markets: Wooden & modular construction Health care sector Germany
©
Implenia | Investor Relations | February 2013 | Seite 46
Implenia Tunnelling & Civil Engineering “We are the experts for demanding infrastructure projects.” Market ▪ National infrastructure (tunnels, bridges, power stations etc.) Target clients ▪ National operators and owners of infrastructure ▪ State-owned, partially state-owned and major private corporations (e.g. energy providers) Activities Bundling infrastructure competences : ▪ Underground construction ▪ Bridge construction ▪ Foundation engineering ▪ Power station construction ▪ Infrastructure refurbishment ©
Implenia | Investor Relations | February 2013 | Seite 47
Infrastructure Market Switzerland Good visibility and volumes rising in the medium-term Investment volume in underground construction
Investment volume national roads
Secured and possible projects 2012 - 2022 (in CHF million)
Secured and possible projects 2012 - 2022 (in CHF million)
National road tunnels (possible) Railway tunnels (possible) Micro-tunnelling / pipe jacking (secured) Source : Fachverband Infra
Hydraulic power projects (secured) Bypass tunnels (secured) Main road tunnels (secured)
Main road tunnels new construction (secured) Railway tunnels renovation (secured) Railway tunnels new construction (secured)
Source: Fachverband Infra
Š
Implenia | Investor Relations | February 2013 | Seite 48
Implenia Tunnelling & Civil Engineering
Strategic direction Rehabilitation & Maintenance
Achieve market leadership
Civil Engineering Expand major project business in CH Market leader for bridge constructrion in CH Target specific major European projects
Foundation Engineering
Tunnelling (in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
2011 592 275 162 32.6 20.2%
2012 403 236 137 25.9 19.0%
2011 220 181 144 2.8 2.0%
2012 190 192 162 6.2 3.8%
Civil Engineering (in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
Increase internal share to 20% Optimize costs and investments with European structure
Tunnelling
Market leader Switzerland Tunnel boring machine market - Norway Export business ©
Implenia | Investor Relations | February 2013 | Seite 49
Implenia Construction German-speaking Switzerland “Deep roots in the Swiss market. First-class implementation.” Market ▪ Road construction, civil engineering and regional building construction in German-speaking Switzerland and in the Ticino Target clients ▪ Municipalities and cantons ▪ Private individuals, SME (very locally/regionally oriented)
Services ▪ Road construction and civil engineering ▪ Regional building construction
©
Implenia | Investor Relations | February 2013 | Seite 50
Implenia Construction German-speaking Switzerland Strategic direction ▪ Cost leadership Lean Construction processes Risk management
▪ Cover white areas
Construction Switzerland 2011 395 861 776 18.0 2.3%
(in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
2012 386 865 809 21.0 2.6%
Profitable growth in regional building construction; roads and civil engineering works
▪ Collaboration with sectors Interaction in infrastructure construction
©
Implenia | Investor Relations | February 2013 | Seite 51
Implenia Construction French-speaking Switzerland “Deep roots in the Swiss market. First-class implementation.” Market ▪ Road construction, civil engineering and regional building construction in Frenchspeaking Switzerland
Target clients ▪ Municipalities and cantons ▪ Private individuals, SME (very locally/regionally oriented)
Services ▪ Road construction ▪ Civil engineering ▪ Regional building construction
©
Implenia | Investor Relations | February 2013 | Seite 52
Implenia Construction French-speaking Switzerland Strategic direction ▪ Strengthen network of local branches ▪ Infrastructure specialist, niche development
Construction Switzerland 2011 395 861 776 18.0 2.3%
(in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
2012 386 865 809 21.0 2.6%
▪ Lean management structure; delegation of competences to regional management ▪ Collaboration with sector units
©
Implenia | Investor Relations | February 2013 | Seite 53
Implenia Norge “Leading provider of complex infrastructure projects in Scandinavia.” Market ▪ Tunnelling and infrastructure for Norway’s energy and transportation industry ▪ Scandinavian infrastructure market
Target clients ▪ National operators and owners of infrastructure ▪ Large public, semi-public, and private companies
Services ▪ Complex infrastructure projects (tunnels, roads, dams, bridges) ▪ Niche markets
©
Implenia | Investor Relations | February 2013 | Seite 54
Norwegian and Swedish Construction Market Deep market – constant growth Norwegian civil engineering market volume In EUR million
Civil engineering market volume in Norway grows by 11% until 2015
14'000 12'000
Civil engineering market volume: Norway beats Switzerland
10'000 8'000 6'000 4'000
Swedish civil engineering market volume
2'000
In EUR million 12'000 10'000 8'000
2011
2012
2013
Transport Infrastructure Telecommunications Energy and water works
2014
2015
6'000 4'000 2'000
2011
2012
2013
2014
2015
Other civil engineering Source: Euroconstruct / prognosesenteret
Source: Euroconstruct / prognosesenteret ©
Implenia | Investor Relations | February 2013 | Seite 55
Implenia Norge Strategic direction ▪ Growth Horizontal expansion (northern and western Norway, Sweden) Vertical expansion (integration of specialities in the value chain)
Norge 2011 127 81 81 -0.8 -1.0%
(in CHF 1,000)
Order book Production output Consolidated revenue EBIT EBIT in %
2012 251 218 218 3.0 1.4%
▪ Ongoing initiatives (efficiency) Continuous improvement of project management and processes
©
Implenia | Investor Relations | February 2013 | Seite 56
Daring to Shape our Future Corporate Center Responsibilities ▪ Supporting the operative areas with central services:
Accounting Business Development Controlling Financial Risk Management HR Insurance Investment Management Investor Relations IT Legal Services Marketing/Communications Reporting/Consolidation Treasury
©
Implenia | Investor Relations | February 2013 | Seite 57
Daring to Shape our Future Technical Support Responsibilities ▪ Centralised procurement for the Implenia Group ▪ Development of strategies, processes and standards for
Technical Risk Management Lean Construction/IMS Sustainability Innovation Health and Safety Ökologische Dimension
Soziale Dimension
Ökonomisch e Dimension
Fokusthemen Implenia
©
Implenia | Investor Relations | February 2013 | Seite 58
Daring to Shape our Future “One Company” legally implemented
©
Implenia | Investor Relations | February 2013 | Seite 59
Daring to Shape our Future A widespread group of companies … Implenia AG
Implenia Generalunternehmung AG
Implenia Development AG
Implenia Management AG
Implenia Immobilien AG
Implenia Switzerland Ltd.
Implenia Immobilien AG
Implenia Bau AG
… grows together to become “Implenia Switzerland Ltd.” ©
Implenia | Investor Relations | February 2013 | Seite 60
Media and Financial Analysts Conference Our development continues
Š
Implenia | Investor Relations | February 2013 | Seite 61
Daring to Shape our Future New organisation – key figures Revenue (CHF 2’894 million)
EBIT (CHF 104,1 million) 3%
7% 11%
20%
27%
31%
19%
26% 10%
46%
Modernisation & Development Buildings Tunnelling & CE Construction Switzerland Norge
Order book (CHF 3’101 million)
FTE (5’886 FTEs)
1% 8%
7% 6%
12% 19%
18% 59%
50%
19%
©
Implenia | Investor Relations | February 2013 | Seite 62
Outlook 2013 Substantial momentum thanks to a healthy order book Order book
Dec. 2012
Dec. 2011
Modernisation Buildings Tunnelling and CE Construction Switzerland Norge
39 1'832 592 386 251
50 1'770 812 395 127
TOTAL Order book
3'101
3'154
Secured revenue (like for like) Actual year Prior year
69,8%
62,4%
30,1%
22,4%
2013
Order book by customer category
in CHF million
2014
Order book trend 4.000
33% 49%
3.500
3.101
3.000 2.500
Third parties Third parties AAA Public sector and agencies
18%
2.000 Dec 2008
Dec 2009
Dec 2010 Š
Dec 2011
Dec 2012
Implenia | Investor Relations | February 2013 | Seite 63
Mid-term outlook Daring to Shape our Future – Implenia increases pace Group (in CHF 1,000)
Production output Consolidated revenue EBIT divisions EBIT in %
2011 2'777 2'522 93.5 3.7%
2012 2'894 2'696 104.1 3.9%
EBIT CHF 140 – 150 million
Increase in volume: CHF 200 million Modernisation CHF 300 million abroad
EBIT margin +/- 4,5%
©
Implenia | Investor Relations | February 2013 | Seite 64
Disclaimer THESE MATERIALS DO NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OR INVITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES, NOR SHALL PART, OR ALL, OF THESE MATERIALS OR THEIR DISTRIBUTION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION IN RELATION TO ANY SECURITIES. THESE MATERIALS ARE BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND ARE STRICTLY CONFIDENTIAL AND MUST NOT BE REPRODUCED, DISCLOSED OR FURTHER DISTRIBUTED TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. THE MATERIALS MIGHT CONTAIN FORWARD-LOOKING STATEMENTS BASED ON THE CURRENTLY HELD BELIEFS AND ASSUMPTIONS OF THE MANAGEMENT OF IMPLENIA AG (THE "COMPANY", AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP"), WHICH ARE EXPRESSED IN GOOD FAITH AND, IN THE MANAGEMENT’S OWN OPINION, REASONABLE. FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH MAY CAUSE THE ACTUAL RESULTS, FINANCIAL CONDITION, PERFORMANCE, OR ACHIEVEMENTS OF THE GROUP, OR INDUSTRY RESULTS, TO DIFFER MATERIALLY FROM THE RESULTS, FINANCIAL CONDITION, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. GIVEN THESE RISKS, UNCERTAINTIES AND OTHER FACTORS, RECIPIENTS OF THIS DOCUMENT ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS. THE GROUP DISCLAIMS ANY OBLIGATION TO UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR DEVELOPMENTS. OPINIONS AND FORWARD-LOOKING INFORMATION PRESENTED HEREIN ARE BASED ON GENERAL INFORMATION GATHERED AT THE TIME OF WRITING. ©
Implenia | Investor Relations | February 2013 | Seite 65