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Implenia | Half-Year Report 2010
Implenia Ltd.
Gesch채ftsbericht 2009 Half-Year Report 2010
KEY FIGURES
THE HALF-YEAR IN BRIEF
EBIT (before special charges)
Profit
(in CHF million)
(in CHF million) 75.5
47.1 25.5 2
1
Infrastructure Construction Buildings and conversions, renovations, roads and civil works, civil engineering, foundation engineering Industrial Construction Underground construction, special tunnel works, total services contracting (rail technology), international activities focusing on infrastructure solutions, real estate projects and services
2.1%
2
1.7% 1.1%
1 12.5
16.8
0.3%
1.8%
20
0
2nd semester 1st semester EBIT margin
Consolidated key figures
[in %]
June 2010
2009
–1 2008 *
–20
[in %]
2007
June 2010
2009
0 2008
–20
2nd semester 1st semester margin * incl. sale of Privera CHF 11.3 million.
Implenia operates in three core areas: Real Estate Investment management, project development, engineering, total and general contracting, energy management systems, technical facility management
Implenia can look back on a group profit increased again o development and construction can feel confident about the f year is affirmed in its integrate Implenia has launched a numb tioning itself as an industry ro
0
2007
Implenia is Switzerland‘s leading construction and construction services company. Formed in 2006 as a result of the merger of Zschokke and Batigroup, Implenia can look back on more than 140 years of history in the construction industry. The company brings the expertise of several highly specialised units together under one roof in a nationally and internationally active company. An integrated business model and specialists working in all divisions of the company enable Implenia to manage a building project throughout its entire life cycle and to deliver work that is economical, sustainable, integrated and customer-centric.
3
40
0
2006
We develop and build the Switzerland of tomorrow.
Successful first sem
40.0
3.3%
3
2 20
4
6.1
40
60
2.7%
2.7%
60
4
62.1
44.5
62.0
80
2006
IMPLENIA IN BRIEF
1.1. – 30.6.2010
1.1. – 30.6.2009
1.1. – 31.12.2009
CHF 1,000
CHF 1,000
CHF 1,000
1,062,862
1,039,534
2,279,835
Group revenue (like for like) EBIT before special charges (like for like)
16,836
13,585
75,534
2,533
(3,115)
(7,891)
Operating income
19,370
10,470
67,643
Profit
12,468
6,188
47,055
Special charges and income
36,619
29,127
104,603
(61,508)
(7,139)
92,316
Production output
1,228,452
1,200,053
2,637,277
Order book
3,539,974
3,368,558
3,445,184
5,252
5,346
5,115
EBITDA
The interplay of Implenia‘s various units, its approximately 100 branches in Switzerland and representative offices in Germany, France, Italy, Russia, the United Arab Emirates and Qatar, coupled with its vast experience, create the foundation for efficient partnerships and creative solutions. Implenia, with its headquarters in Dietlikon near Zurich, employs more than 6,000 people and posted turnover of CHF 2.3 billion in 2009. The company is listed on the SIX Swiss Exchange (IMPN, CH0023868554).
Free cash flow
More information can be found at www.implenia.com.
Equity
Headcount (full time equivalents) Net cash position
47,380
25,220
85,896
457,916
426,666
426,340
The multifaceted nature of c Implenia and represent the pri success. The three projects be
− Implenia Real Estate is respo project as total contractor. T of Teacher Education (PHZH pancy by mid-2012.
− With the future Hausmatt B for a pivotal part of the new national importance and wi
− Implenia is building the new ration with an Italian partne Renzo Piano, will open its d
Finally, Implenia is also invo land, which is testimony to the its proximity to clients thanks of stability and a balanced risk
THE HALF-YEAR IN BRIEF
PUBLICATION DETAILS
Successful first semester Implenia can look back on a successful first half-year 2010: operating income and group profit increased again on the back of a slight rise in turnover due mainly to project development and construction works. Furthermore, full order books mean that Implenia can feel confident about the future. Implenia’s improved performance over the previous year is affirmed in its integrated business model – “One company, one goal, one spirit”. Implenia has launched a number of projects in the area of sustainability, aimed at positioning itself as an industry role model.
The multifaceted nature of construction projects that are particularly characteristic of Implenia and represent the pride of its employees is an essential element of our business success. The three projects below serve as examples: − Implenia Real Estate is responsible for the first phase of the major Zurich Europaallee project as total contractor. This ambitious project which includes the Zurich University of Teacher Education (PHZH) and a shopping centre is scheduled to be ready for occupancy by mid-2012. − With the future Hausmatt Bridge, the Infrastructure Construction Division is responsible for a pivotal part of the new relief road in the town of Olten. This construction is of national importance and will be completed in March 2011.
Publication details
− Implenia is building the new headquarters of Banca Intesa Sanpaolo in Turin in collaboration with an Italian partner. The high-rise building, designed by renowned architect Renzo Piano, will open its doors to clients and employees in 2013.
Published by: Implenia Ltd., Dietlikon Concept and design: schneiter meier külling AG, Zurich Photos: Martin Stollenwerk, Zurich (p. 12/13, 27 – 35), Ralph Bensberg, Fällanden (p. 8/9) Translation: CLS Communication AG, Basel Printed by: Linkgroup, Zurich
Finally, Implenia is also involved in numerous small construction projects across Switzerland, which is testimony to the great confidence that customers place in Implenia and its proximity to clients thanks to its almost 100 branches. This gives rise to a high degree of stability and a balanced risk structure for the company.
CONTENTS
HALF-YEAR REPORT 2010
3
26 REPORT
Executive Summary
4
26 NEAT construction site at Sedrun
Real Estate
8
36 Quotes from staff about the NEAT
Infrastructure Construction 12
Industrial Construction 16
Corporate Center 20
Sustainability 22
39 FINANCIAL REPORT 40 Implenia Group’s consolidated financial statements 84 Locations, contacts and key dates
This Half-Year Report is also available in French and German. The original German version is binding.
Half-Year Report 2010 Executive Summary 4 – Real Estate 8 – Infrastructure Construction 12 – Industrial Construction 16 – Corporate Center 20 – Sustainability 22 – NEAT construction site at Sedrun 26 – Quotes from staff about the NEAT 36
2-3
EXECUTIVE SUMMARY
4-5
Dear Shareholder Implenia can look back on a successful first half year 2010. With revenue up slightly, both operating income and profit exceeded the levels recorded the previous year. We maintained our strong order book and the Implenia management team has been rounded out and renewed. This situation gives us reason to view the future with optimism.
Implenia is well on track While revenue in the first half of 2010 was up approximately 2% on the previous year at CHF 1.06 billion, Implenia succeeded in substantially raising income, with operating income reaching CHF 19.4 million (previous year: CHF 10.5 million) and consolidated profit topping CHF 12.5 million (previous year: CHF 6.2 million). Thanks to a constant stream of incoming orders, Implenia was able to keep its order book across the group above the high of CHF 3.5 billion reported in spring 2010.
The stable construction sector certainly helped our positive performance in the first half of the year. The marked improvement in income cannot, however, be attributed solely to the economic situation. Indeed, Implenia’s sustained increase in profitability over the past several years despite unrelenting price pressure is much more the result of our strict cost management, continuous optimisation measures and pioneering strategic positioning. The strategic expansion of the Project Development segment of the Real Estate division that was initiated several years ago is starting to bear fruit. We succeeded in diversifying the portfolio and thereby reduce the volatility of our results. The higher halfyear profit reported by Project Development made a substantial contribution to the good half-year results. Management team complete As announced last year, we appointed a new CEO in the half year under review − Hanspeter Fässler − who has many years of management experience in the industry. He joined Implenia on 1 July and will assume his new position on 1 September. In keeping with the principles of good corporate gover nance, I will go back to concentrating on my role as Chairman of the Board of Directors. We filled the position of Head of the Real Estate Division internally with René Zahnd, who on 1 March simultaneously was appointed a member of Implenia Group Management. René Zahnd has a sound track record in the real estate sector and can contribute the ideal know-how needed to further expand the Project Development segment.
We thus found seasoned experts to fill our vacant Group Management positions and are well prepared to rise to the challenges of the future. These appointments to the company’s highest management level are an opportunity for us to push ahead with the cultural changes already underway in the Group. Implenia’s position with regard to Letzigrund Stadium Implenia confirmed that the roof supports of Zurich’s Letzigrund Stadium were able to be removed without the need for any significant renovation work. This is for us clear confirmation of the stance we have adopted since the beginning of the year, namely that the security measures implemented by the City of Zurich were uncalled for. The legal proceedings instituted by Implenia with regard to construction cost overruns are now underway in the relevant courts. Realignment of our Group structure In the course of redefining the Group divisions, on 1 January 2010 Implenia started to realign its organisational structure with the creation of the new Industrial Construction Division. This division encompasses the activities of the former Tunnel + Total Contracting divisions and Global Solutions, with the aim of becoming the international partner of choice for sustained and complex infrastructure and real estate orders. In so doing, Implenia is responding to the declining demand for tunnel construction in Switzerland and – equipped with its cutting-edge, competitive expertise and proven knowledge of tapping into new markets– laying the groundwork for entry into the tunnel construction market outside Switzerland. The new division will be headed by Luzi R. Gruber. The former Head of Global Solutions, Peter E. Bodmer, now heads up the division’s international activities and is likewise a member of our Group Management.
6-7
EXECUTIVE SUMMARY
Order book (development)
Order book (distributed over following years) (in CHF million)
2,959
3,445
4,000
3,540
(in CHF million)
2,000
1333
1,500
1217
2,513
2,198
3,000
2,500
990
2,000 1,000 1,000 500
0
Order book
2012 et seq.
2011
2010
30.6.2010
31.12.2009
31.12.2008
31.12.2007
31.12.2006
0
Order book distributed over following years
Concrete steps for more sustainability In recognition of our responsibility towards society and based on our corporate strategy, Implenia is driving developments in the direction of sustainability for the benefit of all our stakeholders. We embrace sustainability in all of its three dimensions: the environment, the economy and society. In addition to focusing on its own sustainable development, Implenia wants to be the first point of contact for customers in the realisation of their own sustainability goals by, for example, providing them with the requisite products and services. In this respect we want to serve as a role model for the entire industry, because we are confident that only companies that are sustainable have a viable future.
The first half of 2010 saw the launch of our “Sustainable Implenia” group initiative, which has given rise to a series of sustainability projects which, in view of their strategic importance, are being managed directly by Group Management. You can find more details on page 22.
Optimistic outlook Implenia views the coming months with optimism. All three operational group divisions are on track, with the result that our consolidated profit is set to slightly exceed the previous year’s level. This positive forecast is based above all on our strong order book, which will serve us far beyond the current year (see chart on page 6). Implenia enjoys not only the confidence of its customers, but also that of the capital market, as evidenced in the half year under review by the successful placement of a bond for the first time in our company history. With a view to the future, we can say that Implenia has done its homework and is well prepared for the future with its integrated business model strategy– “One company, one goal, one spirit.” Thank you We asked a lot of our employees during the period under review, and I would like to take this opportunity on behalf of the Board of Directors and Group Management to thank them for all their hard work and commitment. A big thank you also to our customers and to you, dear shareholders, for the trust that you have placed in us.
Anton Affentranger Chairman of the Board and CEO
8-9
REAL ESTATE
Real Estate Division The Real Estate Division recorded a disproportionately high rise in profits for the first half of 2010. The real estate segment (project development) in particular posted excellent results.
EUROPAALLEE, PLOT A As the total contractor for Plot A, the first phase of Zurich’s major Europaallee project, Implenia Real Estate is responsible for building the Zurich University of Teacher Education and a shopping center. Customer SBB and the Building Department of Canton Zurich Architect Max Dudler, Zurich / Berlin / Frankfurt Floor space 180,000 m2 Building volume 466,000 m3 Contract value CHF 250 million Realisation May 2009 to July 2012
Right in the heart of the city of Zurich, not far from the main station between the Sihlpost building and Langstrasse, a new 80,000 square metre urban living space is being created. The Zurich University of Teacher Education (PHZH), 6,000 workplaces, 400 apartments as well as shops, restaurants and leisure facilities will provide for a multifaceted neighbourhood. This city area, whose main axis will be the wide Europaallee, which gives it its name, is to be built by 2020. As total contractor, Implenia Real Estate is responsible for the turnkey construction of the first phase, Plot A, comprising the PHZH, a shopping center and the new headquarters of bank Clariden Leu. In parallel, the Infrastructure Construction Division is involved in work on the excavation trench and special insulation. Plot A is already a major project in its own right: the floor space, equivalent to the size of 18 football pitches, will be lined with 144,100 tons of concrete and reinforced with 7,200 tons of steel – roughly as much as was used for the Eiffel Tower! The location in the city center poses particular logistical challenges. The Implenia Group can capitalise here on the experience it has accumulated in realising complex construction projects.
Another key project Coupe Gordon-Bennet, Geneva – On a former industrial site belonging to Implenia in the Vernier suburb of Geneva, a new district is under construction that will offer a high quality of life and space for working, living and shopping. Implenia Real Estate is contributing its expertise in the areas of real estate development, marketing, sales and as total contractor.
10-11
REAL ESTATE
10,264
4,191
21,407
EBIT before special charges (like for like)
16,401
13,255
38,855 1,799,006
457
511
488
12 10 8
1.4%
1,473,044
10.2 1
Headcount (FTE)
1,782,933
2.5
6
6.1
4
Sound prospects for General Contracting in the second half of the year General Contracting generated operating income of CHF 6.1 million in the period under review (previous year: CHF 9.1 million). The decline is not linked to the overall positive development of business in the Buildings segment, but instead can be traced back to the above-mentioned reduction in volume in the Conversions segment. In the second half of 2010 we should be able to succeed in halting the effects of the negative results from Conversions and thus benefit from good Buildings business. While revenue remained at the same level, engineering and sustainable construction specialist Reuss was able to more than confirm its sound annual result of the previous year during the first half. Successful Project Development The Real Estate Division (Project Development) more than doubled its operating income in the first half of 2010 compared with the same period the previous year to CHF 10.3 million (first half year 2009: CHF 4.2 million). The pleasing result is affirmation that we are on the right track with our strategy of expanding this business and creating a structurally balanced project portfolio with as low volatility as possible in the Real Estate Division. Implenia has become appreciably closer to this aim over the last one-and-a-half years in terms of the number, size and duration of individual projects − a development which also looks set to continue in the foreseeable future.
1.5
12
0
4
–0.5
June 2010
2009
–1.5 2008
8 6
0 2007
10
0.5
–1.0
2nd half 1st half EBIT margin
16 14
2
2006
Rise in profits In the first half of 2010, the Real Estate Division reported a 4% rise in non-consolidated revenue to CHF 574.2 million (first half year 2009: CHF 552.0 million), which translated into a substantial increase in Project Development and a slight increase in the Buildings segment of General Contracting. In the Conversions segment, by contrast, we reported a sharp 60% decline in revenue. The strong rise in EBIT before non-recurring items of 24% to CHF 16.4 million (previous year: CHF 13.3 million) is attributable to profits arising directly from the Real Estate segment (Project Development). The order book of just short of CHF 1.8 billion as at the end of June 2010, up 21% on the previous year (CHF 1.5 billion), gives us reason to look to the future with optimism.
18
2.0
1.0
0.9%
Order book
14
20
[in %]
10.3
EBIT Real Estate (Project Development)
3.0
2 0 –2 –4 June 2010
16
2009
17,448
10.3
9,064
22
2008
6,137
EBIT General Contracting / Services
3.5
15.4
18
2007
1,238,755
6.0
552,028
2006
574,173
Turnover (IFRS, like for like)
17.4
CHF 1,000
1.6%
1.1. – 31.12.2009
CHF 1,000
15.5
1.1. – 30.6.2009
CHF 1,000
12.1
1.1. – 30.6.2010
EBIT (before special charges) Real Estate (Project Development) (in CHF million) 21.4
EBIT (before special charges) General Contracting / Services (in CHF million)
1.1%
Key figures Real Estate
2nd half 1st half
“Implenia Real Estate has invested a great deal of energy over the past few years in expanding its project development business. Now we can reap the benefits: more stable and predictable business development and thus an increase in profits in the first half of 2010.” René Zahnd Head of Real Estate Division
12-13
INFRASTRUCTURE CONSTRUCTION
Infrastructure Construction Division The Infrastructure Construction Division reported good results in the first half of the year. Turnover and order book volume increased and the division consolidated its leading position in the challenging civil engineering segment.
BRIDGE OVER THE AARE (HAUSMATT BRIDGE) Evidence of the good performance rendered by Implenia Infrastructure Construction is its responsibility for a project of national importance: the future Hausmatt Bridge, the starting point for the new relief road in the town of Olten. Customer Building and Justice Department of Canton Solothurn Engineers Bänziger Partner, Baden, and ACS-Partner, Zurich Architects Eduard Imhof, Lucerne, and David & von Arx, Solothurn (landscaping) Length 88.5 metres Width 15.6 metres Realisation August 2009 to March 2011
The Hausmatt Bridge, which will stretch almost 90 metres across the River Aare, will be a new landmark for the town of Olten. The bridge will literally grow out of the hill on the western bank with a striking tunnel entrance and stretch elegantly across to the opposite bank. Concrete-encased cables anchored in the tunnel walls will give the bridge the necessary load-bearing capacity and enable it to span the river without the need for any supporting pillars. Implenia is responsible for the construction of the bridge, all the concrete-related work on the 30-metre long opencast tunnel and for making modifications to the surroundings along the river banks and surrounding roads. The bridge’s static system is particularly demanding. Enormous forces converge in the tunnel entrance, which carries the entire bridge. Reinforcement to the nearest millimetre is necessary when working with these building components, which calls for maximum precision and quality. Here Implenia can count on the vast experience of its staff; after all, Implenia has been building bridges for more than 20 years.
Other key projects Roche Diagnostics Tower, Rotkreuz – Standing 68 metres tall, the new headquarters of Roche Diagnostics in Rotkreuz will become a new landmark of the Zug region. Implenia is carrying out diverse building work that is extremely demanding in terms of technology, quality, safety and deadlines. City-West, Chur – Implenia has received the order to excavate a trench of 85,000 m³ for the construction of the City-West shopping and business center in Chur. The geological conditions make the use of ground stabilisation and piles necessary.
14-15
INFRASTRUCTURE CONSTRUCTION
1.1. – 31.12.2009
CHF 1,000
CHF 1,000
534,776
504,694
1,123,329
35
(6,695)
(7,362)
24,639
30
Production output
607,684
573,385
1,292,545
Order book
950,813
911,518
825,413
20
3,959
3,996
3,793
15
25
2.5 2.0
2.2%
Headcount (FTE)
3.0
2.2%
EBIT before special charges (like for like)
3.5
1.9%
Turnover (IFRS)
24.6
1.1. – 30.6.2009
CHF 1,000
24.4
1.1. – 30.6.2010
21.5
EBIT (before special charges) Infrastruc ture Construction (in CHF millions)
8.8
Key figures Infrastructure Construction
1.5
10
0.5 –6.7
0
1.0 0.8%
5
–5
–20
–1.5
Meeting price pressure with differentiation The price and margin pressure that has been accumulating for several years proved unrelenting in the first six months of 2010, affecting the classical road and buildings business in particular. Implenia Infrastructure Construction was at least partly able to elude this pressure and report a rise in revenue, especially in the challenging engineering construction segment which calls for specific know-how and machines and thus higher levels of investment. In order to further consolidate its position in this area, the Infrastructure Construction Division once again increased its investments in machinery compared to the prior year period. Strict cost management The Infrastructure Construction Division has regularly increased annual operating income in recent years. Against the backdrop of sustained price pressure, the challenge for the second half of 2010 will be to maintain the strong performance of past years and keep profitability at the prior year’s level. Strict cost management thus continues to be assigned the highest priority.
June 2010
–1.0
2009
–15
2008
–0.5
2007
–10
2006
Positive development of revenue and order book The Infrastructure Construction Division raised both its revenue and order book in the first half of 2010. While non-consolidated profit was up 6% to CHF 534.8 million compared with the first half of 2009 (CHF 504.7 million), as of the end of June the order book stood at CHF 950.8 million, some 4% above its mid-year level (CHF 911.5 million). EBIT before non-recurring items amounted to CHF –6.7 million for first half-year 2010 (previous year: CHF –7.4), The first-half results are, however, of only limited significance as operating income is seasonal in nature and generated primarily in the second half of the year.
0
[in %]
2nd half 1st half EBIT margin
“Implenia Infrastructure Construction held its own in the first half of 2010 in a challenging environment. We have achieved robust growth and are closer to our aim of becoming the Swiss innovation leader in civil engineering.” Arturo Henniger Head of Infrastructure Construction Division
16-17
INDUSTRIAL CONSTRUCTION
Industrial Construction Division The Industrial Construction Division was created at the beginning of the year from the amalgamation of the former Tunnel + Total Contracting and Global Solutions divisions. Implenia aims to position itself outside Switzerland as an expert partner for challenging industrial construction projects.
NEW HEADQUARTERS OF BANCA INTESA SANPAOLO, TURIN One example of these activities outside Switzer land is the new headquarters of the banking group Intesa Sanpaolo in Turin, designed by renowned architect Renzo Piano, which Implenia is constructing together with Italian general contractor Rizzani de Eccher. Customer Banca Intesa Sanpaolo Architect Renzo Piano Building Workshop (RPBW) Height 166.3 metres Floor space 107,500 m2 Total contract value of the project EUR 235 million
The high-rise building (one of the tallest buildings in Italy) with 37 floors above ground level will accommodate more than 2,000 staff. Cafés, bars and a restaurant on the top floor of the 166 metre construction will also be accessible to the public. Construction is being carried out by a consortium of Implenia and the Italian company Rizzani de Eccher. As general contractors, both partners are responsible for construction. Implenia and Rizzani de Eccher are also involved in the survey and in part of the detailed planning. The project is being operationally managed by Implenia Italia S.p.A. This project is an extraordinary opportunity for Implenia as the customer is one of Italy’s most important banks and it will involve collaboration with the renowned architects Renzo Piano Building Workshop (RPBW). The foundations will be laid by September 2010 and the floors will be built following the completion of the lower floors from the second half of 2011.
Implenia share EUR 72 million Realisation of building April 2010 to April 2013
Another key project Nant de Drance pumped-storage power plant, Emosson – Implenia is part of a consortium constructing the shell of the Nant de Drance pumped-storage power plant in Valais, which comprises several caverns and pressure shafts connected by a seven kilometre-long system of tunnels.
18-19
INDUSTRIAL CONSTRUCTION
CHF 1,000
CHF 1,000
Turnover (IFRS)
86,452
71,179
143,047
28
EBIT Tunnel + Total Contracting Construction Works
11,462
13,163
24,381
24
EBIT Global Solutions
(2,103)
(2,985)
(7,904)
9,359
10,178
16,477
Production output
179,136
163,007
331,274
Order book
806,228
983,996
820,765
656
652
655
–3 20
16
10
Persistently high profitability in tunnel construction With operating income of CHF 11.5 million, the Tunnel + Total Contracting Division virtually matched the high level of profitability achieved the previous year (CHF 13.2 million). The positive effects of a court ruling relating to inflation increases on the Lötschberg project will no longer be accrued in the second half of the year. The division continues to have a strong order book which secures its business for several years to come. One key milestone – not only for Implenia but also for Europe and, indeed, the world – will be October’s breakthrough of the Gotthard Base Tunnel, the longest railway tunnel in the world.
“The Industrial Construction Division got off to a good start in the first half-year 2010, posting a rise in revenue of more than 20%. The breakthrough of the Gotthard Base Tunnel will mark a new highlight in the second half of the year.” Luzi R. Gruber Head of Industrial Construction Division
–5
–4.1
17.8%
–6 –7
–6.6
2nd half 1st half EBIT margin
–9
June 2010
[in %]
2008
June 2010
2009
2008
2007
–10 2006
0
–7.9
–8
2009
11.5
0
4
2007
12
–4
8
Newly structured division At the beginning of the year Implenia amalgamated its former Tunnel + Total Contracting and Global Solutions divisions into a new Industrial Construction Division and reorganised its internal structures. By doing this Implenia plans to position itself in selected foreign markets as an expert partner for complex projects in the areas of infrastructure and real estate. The previous year’s high results were all but matched thanks to major tunnel projects that are running on schedule: non-consolidated revenue rose by 21% to CHF 86.5 million (first half year 2009: CHF 71.2 million), while EBIT before non-recurring items reached CHF 9.4 million, compared to CHF 10.2 million in the first half of the previous year. The order book stood at CHF 806 million as at the end of June, compared to CHF 984 million in mid-2009.
–2
20
17.4%
Headcount (FTE)
0 –1
30
16.2%
EBIT before special charges (like for like)
40
EBIT (before special charges) Global Solutions (in CHF million)
–2.1
CHF 1,000
24.4
1.1. – 31.12.2009
22.1
1.1. – 30.6.2009
20.7
1.1. – 30.6.2010
26.5
EBIT (before special charges) Tunnel + Total Contracting (in CHF million)
16.1%
Key figures Industrial Construction
1st half 2nd half
Foreign activities on track In Global Solutions, Implenia is proceeding as planned with its projects acquired in Russia so far. The associated prepayments were made in view of the long-term attractiveness of business opportunities in the markets in question. Good profit margins have also been generated by a number of advisory mandates. The construction of a 37-storey high-rise building in Turin (see pages 16 – 17) will make a solid contribution to profits over the course of the next few years.
“Many years of careful preparation for our foreign expansion culminated in the first successful consulting projects in the first half of 2010 – confirming that the strategy we have adopted is the right one.” Peter E. Bodmer Head of International Activities of the Industrial Construction Division
20-21
CORPORATE CENTER
Corporate Center Processes in the Corporate Center were further streamlined over the past six months in order to make them sleeker and more efficient. The following five topics provide a snapshot of the numerous pleasing results.
First Implenia bond proves an outstanding success Implenia issued a bond for the first time in its company history. The CHF 200 million bond with a 3.125% coupon and six-year term strengthens the Group’s financing structure. Its placement on the capital market met with strong demand from investors and the advised amount was oversubscribed sixfold. A banking consortium consisting of Zürcher Kantonalbank and UBS AG offered the bond at an issue price of 100.269%. By leveraging this new source of financing, Implenia will reduce its dependence on the bank lending market and substantially improve the maturity profile of its financial debts. Sustainable salary system With the introduction of a new salary system beginning 2011, Implenia is ensuring fair and sustainable salary management in line with future market developments. Salaries will be fixed based on criteria related to the function in question as well as objective assessment criteria. The aims of this sustainable salary policy is to foster a positive, entrepreneurial team spirit and encourage the short and long-term participation of employees in business performance. New sponsorship concept With a new sponsorship and event strategy that is focused firmly on our values, Implenia is complementing classical advertising with eye-catching event, personality and ambient marketing. The main goal of this new strategy is client and employee retention. The focus will be on track and field athletics, national marathon events, Alpine wrestling festivals and networking platforms, while sports person alities will play a supporting role and advertise for Implenia at special events.
Employees benefit from a share participation programme All of our employees are to participate directly in Implenia’s business success at favourable conditions via a completely revised share participation programme. The launch of the new programme has met with great interest. Annual report awarded a medal The decision to give the annual report a new look also paid off. The handy paperback format, a financial section structured in line with the latest reporting standards, interesting background material on Implenia and the amusing and surprising photographs of construction projects convinced the jury of the European Best of Corporate Publishing competition to award Implenia a silver medal. At the same time the annual report’s added value for readers and its modern presentation is a calling card for potential customers, shareholders and interested banking and financial analysts. Finally, the new annual report is also an almost ideal illustration of the upbeat mood prevailing at Implenia.
“The successful placement and the high level of demand for our first bond confirm that our financial strategy is the right one and is another indication of the confidence our investors have in us.“ Beat Fellmann Head of the Corporate Center and CFO
22-23
SUSTAINABILITY
Implenia aims to act sustainably with respect to all its stakeholders
Having a viable future means acting sustainably Companies only have a viable future if they create sustainable value. For this reason Implenia fully assumes its responsibility to the environment, its staff and society. The members of Group Management and staff believe that success in business does not conflict with social and ecological responsibility. On the contrary, sustainability is the key to Implenia’s future success and is therefore embedded in its strategy, vision and values. In the first half of 2010, Implenia made some important steps towards practicing sustainability consistently and actively by defining specific objectives and performance indicators.
Employees • Involving, collaborating, developing
Environment • Preserving the environment • Our supplier of limited raw materials
Management • Securing a viable future • Implementing vision / Strategy
Society • Acting responsibly • Call for transparency
Customers • Cost-efficient solutions and products • Increasing trend towards sustainable consumer preferences
Shareholders • Short-term performance • Growing importance of sustainable investments
Implenia contributes to sustainable development Implenia practices sustainability across the board, not only requiring sustainability in its business activities but in all areas of the company as well. Because, as Switzerland’s largest construction and construction services company with an annual turnover of some CHF 2.3 billion, Implenia also has a special responsibility to other company stakeholders such as its customers, the environment and society (see Figure page 23).
Implenia maintains an interdependent relationship with the environment. While the environment is a key mainstay of Implenia’s value creation because it provides the ground on which Implenia builds and the required material resources, Implenia has a major influence on the environment through the construction and operation of buildings and infrastructure works. An example of CO2 emissions: the construction industry in Switzerland, which is responsible for 40% of the country’s energy consumption, produces 30% of its carbon dioxide emissions. In addition, Implenia’s business has a significant impact on society. The fact that the construction market is responsible for providing approx. 1.5 million buildings, 3.4 million apartments, 70,000 km of roads and 5,000 km of railway tracks nationwide is impressive testimony to this fact. Through its operations, Implenia creates attractive places to live and work – for example, as part of the NEAT Project – and contributes towards safeguarding and expanding infrastructure and thereby to the mobility of society. Finally, with a workforce in excess of 6,000, Implenia is an important employer and therefore attaches great importance to the issues of health and safety at work. As an example: 50,000 occupational accidents happen each year in the construction industry. Implenia’s top priority is to reduce the number of accidents on its own building sites even further.
From vision to sustainability in action Aware of its responsibility and based on its corporate strategy, Implenia pursues a clear vision: to keep evolving as a company towards increased sustainability for the benefit of all stakeholders. At the same time, thanks to sustainable products and services, Implenia aims to be the first point of contact for its customers in the realisation of their own sustainability goals. In this respect Implenia is not satisfied merely with maintaining the status quo and with reproducing current developments. On the contrary, the company aims to drive innovation and become a role model for the entire industry. For this reason, Implenia launched its “Sustainable Implenia” group initiative, which has triggered a process of reflection throughout the company. This involved the formulation of key issues in a series of workshops with Group Management (see Table page 24). In a further step, the results of the workshop formed the basis for projects aimed at giving shape to abstract issues and embedding them in daily business at Implenia. Given the strategic significance of their work, the project groups, consisting of staff from all divisions and management levels, will be headed up by the members of the Management Board themselves.
24-25
SUSTAINABILITY
Total evaluation of sustainable construction (GeNaB) with the six characteristics Resources
Ground
Community
Ten key areas illustrate Implenia’s priorities with respect to sustainability
Key account management Preserving the environment
Code of Conduct
Training and development / Talent management
Value-based management Health and safety at work
External and internal commu nication
Sustainable products and services
Relationships with suppliers
Innovation
For example, one project group is working on creating a list of all of Implenia’s existing, sustainable products and services, including the responsible contact persons. This will form the basis for the continuous development and expansion of the service portfolio in terms of sustainability. In addition, in this way Implenia is increasing the transparency of its organisation and even better able to demonstrate its expertise to customers. Another team is working on the key area of “Preserving the environment” and identifying the main energy and CO2 drivers on Implenia’s sites, production plants and properties, on the basis of which it will introduce specific optimisation measures. Furthermore, within the key area of “Code of Conduct”, one project group has been working on corporate and behavioural guidelines and has put them down in writing in a Code of Conduct. This Code of Conduct was drawn up based on the conviction that a good reputation is one of Implenia’s most valuable assets which is ultimately sustained by the conduct of all staff. Staff across the company were introduced to the Code of Conduct. Implenia has also provided staff with training on the subject. Sustainability of projects measurable thanks to transparent indicators Quantitative and qualitative indicators are required to monitor the achievement of sustainabilityrelated project goals. At the same time, pioneering decisions must be taken with regard to sustainable buildings at an early stage of the planning process. For this reason Implenia relies on its “Gesamtbewertung Nachhaltiges Bauen”, or GeNaB, (total evaluation of sustainable construction), which was drawn up by its own specialists, for developing and monitoring projects. A project is evaluated and optimised in terms of 18 criteria (see Table page 25), which in turn are based on recommendation 112 / 1 – Sustainable Building Construction – issued by the Swiss Society of Engineers and Architects. Each of these 18 criteria are evaluated in terms of three levels (e.g. energy consumption: 0 = legal minimum, 1 = Minergie standard, 2 = Minergie P standard and better; microclimate: 0 = exposed to noise / principal arterial roads (PAR) less than 200 m, 1 = little noise / PAR between 200 – 500 m, 2 = quiet / PAR more than 500 m). In each case the three individual criteria are subsequently summarised in one characteristic and evaluated. The 18 individual criteria thus become six characteristics (see Figure page 25) that are then summarised in one total evaluation. This evaluation assumes an important role in the investment process as Implenia only aims to realise projects that can clearly meet or exceed its sustainability criteria.
Location & architecture
6
5
4
3
2
1
0
Costs
Value retention
The GeNaB project evaluation has a number of advantages. Firstly, the 18 criteria necessitate an in-depth examination of sustainability issues at an early stage of a project. Secondly, sustainability indicators reveal the degree of fulfilment as well as the optimisation potential. Finally, the total evaluation reveals the quality of the project in relation to the requirements for sustainable building construction. It must be noted that GeNaB does not replace the creative project development process but rather supports the development process by raising critical questions.
The 18 sustainability criteria according to GeNaB Environment
Business
Society
Resources
Costs
Location & architecture
– Building materials / Pollutants – Energy requirement – Climate / CO2
– Market price spectrum – Cost model – Vacancy rate
– Attractiveness – Microclimate – Architectural expression
Ground
Value retention
Community
– Spatial planning / Mobility – Ground use – Ecological system / Biodiversity
– Market development – Flexibility of use – Durability
– Generation mix – Acceptance / Participation – Comfort
Report |
NEAT construction site at Sedrun
26-27
Working on the longest tunnel in the world. Implenia employees are making a key contribution to completing the Sedrun, Faido and Bodio sections of the monumental feat of civil engineering: the Gotthard Base Tunnel. Ferdinand Eibel knows exactly how the “Porta Alpina” (Alpine Gate) must feel. He goes past it every day on his way to work. From the construction site railway station at Sedrun, the foreman from Fürstenfeld in Styria, Austria, travels some 1,000 metres through a black abyss deep into the core of the Tgom mountain. There he gets into the lift: it takes him little more than a minute to shoot more than 800 metres vertically down at a speed of twelve metres per second through pitch darkness and rushing air. Just like going up in the lift at the Burj Khalifa, the highest building in the world in Dubai – but in the opposite direction. The Gotthard Base Tunnel is located at the bottom of the shaft, 540 metres above sea level. Sedrun is one of the most spectacular construction sites of this monumental feat of civil engineering.
tunnel face. Not a job for anyone with claustrophobia. Fresh air is sucked in non-stop from the surface and cooled by water as it blows down the shaft into the two bore holes before being distributed to the different working areas. This serves as breathable air and lowers the temperature to a pleasant 24 – 28°C. Without cooling, the air would be up to 60°C. Every hundred metres, the earth gets three degrees warmer. Water drips from the ceiling, rivulets of water run down the walls and sometimes the water is ankle-deep. It is tropically humid. Working in shifts, the tunnel miners blast their way through the rock. They work three shifts a day, ideally making one blasting per shift. A geological fault prevents the use of fast tunnel boring machines like those in Faido or Bodio.
Shuttling through the shaft — Eibel boards the construction railway in a brightly lit cavern deep inside the mountain, and heads into the east bore hole right to the front of the tunnel, known as the
Picture right: At the tunnel face in the west bore hole miners prepare the next blasting. They use a special machine to bore up to one hundred holes in the rock, which are later filled with explosives.
Story |
Containerdorf Faido Sedrun
28-29
Hard work underground — It was chance that led Ferdinand Eibel to work underground. A joiner by trade, he started looking for a better paid job years ago and ended up working on tunnel construction projects. “And I’ve been doing this ever since,” he says, shrugging his shoulders. The man with the broad, Styrian dialect has worked on a number of tunnels over the years, including the Plabutsch Tunnel in Graz or tunnels for the Dortmund and Nuremberg underground railways. Eibel has been working for Implenia in Sedrun since 2007. He lives in the container village above the construction site. He has made himself at home in
“There is a spirit of camaraderie, but somehow we are all very independent here.” Ferdinand Eibel, foreman
his container, which he considers a good solution: “You are alone and have everything you need.” The canteen is the social hub of the container village. Here people meet to eat, have a chat, watch television, play cards or to have a cigarette in the fumoir. You can buy cigarettes or a glass of hard liquor at the kiosk, which is where the few women at the site work. “There is a spirit of camaraderie, but somehow we are all very independent here,” says Eibel. He likes skiing in winter and riding his mountain bike in the summer. He and three fellow Austrians have organised a car pool. They take turns driving home to visit family and friends for four days after each ten-day shift.
Picture left: Ferdinand Eibel is a tunnelling foreman in Sedrun. He comes from Styria in Austria, a traditional European mining region. Above right: One of the two fully extended emergency stops underneath Sedrun, where passengers can leave the train.
30-31 31-31
Ekrem Islami has a short commute home. He migrated from Macedonia to Fribourg twenty years ago, where he still lives with his wife and three children. Just like Ferdinand Eibel, he started working in tunnel construction by chance. “Multi-skilled electricians” were needed for the Les Vignes road tunnel. Ekrem Islami, who had trained and qualified as an electrical engineer in his home country, applied for the job. He started off at the bottom rung of the ladder in his new home country and did a lot of further training until his degree was recognised in Switzerland.
“Nothing would work without electricity – from the lighting to the stone crusher.” Ekrem Islami, head of the electrical workshop
Electricity as the elixir of life — Islami has been in Sedrun since 1998. As head of the electrical workshop, the Implenia professional has his own office container. Countless technical drawings hang on the walls. “Tunnel construction would grind to a halt without electricity,” he says. Lighting, drills, transport systems such as conveyer belts, stone crushers to grind out the stone, ventilation and cooling systems – the entire nervous system of an underground construction site is operated by electricity. Islami and his crew install, expand, repair and maintain this infrastructure. They draw 16,000 volt medium-voltage cables from the surface down the shaft all the way to the boring sites. They use a fibre-optic network for communication and to operate all possible types of device.
Picture above left: In order to prevent falling rock the tunnel is immediately sprayed with concrete. Right: Ekrem Islami, originally from Macedonia, has worked his way up to head of the electrical workshop.
32-33
Ferdinand Eibel and Ekrem Islami are just two of some 500 employees working in Sedrun, whom construction site manager Christian Krauer from Implenia manages every day. “We are a multicultural society made up of different nationalities and ethnic groups and one big family,” says the boss. Everyone relies on each other down in the hole: Kosovars on Serbs, Germans on Austrians, Italians on Portuguese. Many miners originate from traditional mining regions such as Friaul or Thuringia. There is competition for the official construction site language of Italian. Alongside Austrians and Swiss, the miners from former East Germany just about constitute a German-speaking majority. “Our construction site is now bilingual,” jokes Krauer. Nobody receives preferential treatment It is Krauer’s job to ensure that all processes on the main construction site run smoothly: “I deal with engineering issues, negotiate with the principals and am the person our miners come to with their worries and needs.” He himself regularly goes down to the face, greeting and exchanging a few words with everyone he meets: “Everybody should be
able to talk to me, even if just briefly.” The highest of demands are placed on the workers. Krauer is a strict but fair manager. No nationality receives preferential treatment. Safety is a high priority: foremen and employees in key functions, such as the drivers of the construction railway, receive regular safety training.
“We are a multicultural society and one big family.” Christian Krauer, construction site manager
Picture left: Construction site manager Christian Krauer standing in front of the sheer rock face after a blasting. A place where no one has ever been before. Above left: Queuing up for the lift. Above right: Saint Barbara, the patron saint of miners, watches over them at the base of the shaft.
35-35
The monumental feat of civil engineering: the Gotthard Base Tunnel
Despite all the technical progress, surprises are part of tunnel building life. While geologists can predict the composition of the rock, they can’t x-ray the mountain. Nobody knows what’s behind the next metre of rock. “You can make good material provision for events such as falling rock or cutting into a water artery,” says Krauer. But it’s up to Saint Barbara, the patron saint of miners, to provide protection against anything more serious. Her statue stands at the base of the shaft in a small chamber in the rock. The tunnel miners have presented her with a lot of flowers. Krauer has observed adherents of other religions crossing themselves when they pass by her: “Barbara is what connects us all down here.”
Picture above left: Forza Italia cheek by jowl with Portugal and Germany: During the World Cup, the tunnel miners flew the flags of their home teams in the construction site village. Right: The canteen is the social hub for the Sedrun workers.
The Gotthard Base Tunnel is the centerpiece of the New Alpine Transverse (NEAT). The principal of the world’s longest railway tunnel (57 kilometres) is AlpTransit Gotthard, a wholly owned subsidiary of Swiss Federal Railways SBB. The tunnel comprises the Erstfeld, Amsteg, Sedrun, Faido and Bodio sections. Construction is being carried out by consortia of a number of companies. Overseen by Implenia, the consortia TRANSCO and TAT Sedrun are responsible for constructing three of the five tunnels: Sedrun, Faido and Bodio. At 8.6 kilometres, Sedrun (TRANSCO) is the shortest section of the tunnel, albeit the most complex, as there are some major logistical challenges that have to be overcome: the boring sites deep inside the mountain are only accessible from Sedrun via a 1,000-metre access tunnel and two 800-metre vertical shafts. Work started on the Gotthard Base Tunnel in 1996. The engineers expect to break through the face between Sedrun and Faido in autumn 2010. The completed tunnel is scheduled to be put into operation in 2017. Including all crossways and connecting tunnels, a total of 153.5 km of tunnels is under construction. The tunnel from Erstfeld to Bodio, which is at the same elevation as the city of Berne (540 metres above sea level), will cut travel time from Zurich to Milan by 60 minutes to 2.4 hours. Trains will travel at a maximum speed of 250 km/h in the tunnel.
In demand |
Quotes from staff about the NEAT
A project with impact. The construction of the NEAT tunnel is not only having an impact on external target groups, but on internal ones as well. What does the Gotthard construction site mean to staff in the various Implenia divisions? Sustainability is a top priority “With the NEAT project we have not only created a structure that will have a major influence on the sustainability of mobility in our country but have also in the process followed the principles of fully sustainable construction, such as the efficient use of natural resources.”
36-37
Respect for extraordinary performance “I have the greatest respect for my colleagues who are working on the realisation of such a significant and complex project. What I find especially impressive is the project’s time horizon of almost 20 years. Sophisticated planning and coordination efforts are needed to ensure it goes into operation on schedule in 2017.” Ernst Waldburger, Branch Office Manager, Infrastructure Construction Division
One major project – one company “What fascinates me about this project is the successful collaboration between staff from all over the world who, as part of Consorzio TAT and TRANSCO-Sedrun, are accomplishing something great and have brought to life our company’s motto “One company, one goal, one spirit.” Daniele Gimnetti, Project Management, Industrial Construction
Excellent reference “The NEAT is a construction project with international impact and an important reference project for Implenia, which has assumed a major role in the technical management of the main sections. Implenia can proudly publicise this tremendous achievement as part of its expansion abroad and by doing so prove its expertise in tunnel construction and in the management of major projects.” Roland Dubach, Head of Finance & Controlling, Corporate Center
Stéphane Dufour, Project Manager Real Estate
Our vision in action “Implenia is developing and building the Switzerland of tomorrow – the NEAT project is testimony to this vision. Once again we have demonstrated our powers of innovation and our sustainability.”
Know-how and team work go hand in hand “This project involves extremely high technical, logistical and personal challenges. But not only good coordination but also working for and with each other on the NEAT construction site can be a fabulous example for all of us!”
Alain Perrenoud, Group Management Real Estate, Regional Manager General Contracting
Susanne Pellnitz, Site Management, Infrastructure Construction Division
Financial Report
38-39
Consolidated Financial Statements of the Implenia Group – Consolidated income statements 40 – Consolidated comprehensive income 41 – Consolidated balance sheets 42 – Statement of changes in consolidated equity 44 – Consolidated cash flow statements 46 – Notes to the consolidated financial statements of Implenia 48
40-41
consolidated financial statements of the implenia group
Consolidated income statements
Consolidated comprehensive income
1.1.–30.6.2010 1.1.–30.6.2009 Notes
CHF 1,000
CHF 1,000
3
1.1.–30.6.2010 1.1.–30.6.2009 CHF 1,000
CHF 1,000
1,062,862
1,039,534
Consolidated profit
12,468
6,188
Materials and sub-contractors
(629,681)
(615,501)
Foreign exchange differences
(8,252)
1,418
Staff costs
(319,022)
(315,640)
Consolidated comprehensive income
4,216
7,606
Other operating expenses
(79,713)
(79,058)
Depreciation and amortisation
(17,249)
(18,657)
2,173
(208)
3,847
7,269
369
337
Consolidated revenue
Income from associates Operating income
3
19,370
10,470
Financial expense
4
(6,414)
(2,937)
Financial income
4
3,192
1,655
Profit before tax
16,148
9,188
Tax
(3,680)
(3,000)
Consolidated profit
12,468
6,188
12,099
5,851
369
337
0.68
0.32
Attributable to: Shareholders of Implenia AG Non-controlling interests Basic earnings per share (CHF) Continuing operations The accompanying notes form part of the consolidated financial statements.
Attributable to: Shareholders of Implenia AG Non-controlling interests
42-43
consolidated financial statements of the implenia group
Consolidated balance sheets
Consolidated balance sheets (continued)
30.6.2010
31.12.2009
30.6.2009
Notes
CHF 1,000
CHF 1,000
CHF 1,000
5
248,674
128,749
105,101
1,390
1,042
1,121
ASSETS
Cash and cash equivalents Marketable securities
EQUITY AND LIABILITIES Notes
Financial liabilities
12
Trade payables
30.6.2010
31.12.2009
30.6.2009
CHF 1,000
CHF 1,000
CHF 1,000
3,196
42,180
78,620
246,831
240,579
257,512
Trade receivables
6
500,740
408,903
447,324
Work in progress
7
512,895
477,452
440,984
Work in progress
7
266,513
246,836
256,455
Joint ventures
8
40,131
45,113
52,593
Joint ventures
8
17,479
2,613
14,867
Other current liabilities
34,054
37,018
33,086
Other receivables
25,766
20,809
22,875
Current tax payables
10,326
7,007
4,951
Raw materials
19,695
20,754
19,544
Prepaid income and accrued expenses
82,328
64,510
83,218
169,913
168,732
169,222
25,225
25,812
19,248
1,275,395
1,024,250
1,055,757
215,733
222,574
223,685
Investments in associates
34,599
36,274
32,201
Provisions
Other financial investments
14,760
15,755
14,087
Total non-current liabilities
Real estate transactions
9
Prepaid expenses and accrued income Total current assets
Provisions
Financial liabilities Property, plant and equipment
10
Pension assets Intangible assets Deferred tax assets Total non-current assets
11
8,816
5,177
5,470
74,296
75,269
76,251
4,393
2,495
1,244
352,597
357,544
352,938
1,627,992
The accompanying notes form part of the consolidated financial statements.
1,381,794
1,408,695
12
Deferred tax liabilities
–
638
913,859
951,602
13
198,098
673
1,261
30,301
30,299
20,387
11,916
10,623
8,779
240,315
41,595
30,427
Share capital
14
64,652
64,652
73,888
Treasury shares
14
(15,134)
(38,890)
(8,059)
390,010
348,757
349,840
12,099
45,918
5,851
451,627
420,437
421,520
Reserves Net profit attributable to shareholders
Total assets
– 929,761
13
Total current liabilities
Share capital and reserves attributable to shareholders Non-controlling interests Total equity Total equity and liabilities
6,289
5,903
5,146
457,916
426,340
426,666
1,627,992
1,381,794
1,408,695
The accompanying notes form part of the consolidated financial statements.
44-45
consolidated financial statements of the implenia group
Statement of changes in consolidated equity
Reserves
Notes
Equity as at 1.1.2010
Share capital
Treasury shares
Capital reserves
Revaluation reserve
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
64,652
(38,890)
127,120
2,906
Consolidated comprehensive income
Foreign exchange differences
Retained earnings
Total shareholders’ equity
Non-controlling interests
Total equity
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
(4,302)
268,951
420,437
5,903
426,340
(8,252)
12,099
3,847
369
4,216
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Change in treasury shares
–
23,756
3,587
–
–
(2,584)
24,759
–
24,759
Share-based payment
–
–
–
–
–
2,584
2,584
–
2,584
Change in non-controlling interests
–
–
–
–
–
–
–
–
–
Change in scope of consolidation
–
–
–
–
–
–
–
17
17
Dividends Par-value repayments
16
Impairments
–
–
–
–
–
–
–
–
–
Reversal of impairments
–
–
–
–
–
–
–
–
–
Total changes in equity
–
23,756
3,587
–
–
–
27,343
17
27,360
Total equity as at 30.6.2010
64,652
(15,134)
130,707
2,906
(12,554)
281,050
451,627
6,289
457,916
Equity as at 1.1.2009
73,888
(5,312)
127,120
2,906
(4,143)
223,796
418,255
4,983
423,238
1,418
5,851
7,269
337
7,606 (174)
Consolidated comprehensive income Dividends Par-value repayments Change in treasury shares
16
–
–
–
–
–
–
–
(174)
–
–
–
–
–
–
–
–
–
–
(2,747)
–
–
–
(2,260)
(5,007)
–
(5,007) 1,003
Share-based payment
–
–
–
–
–
1,003
1,003
–
Change in non-controlling interests
–
–
–
–
–
–
–
–
–
Change in scope of consolidation
–
–
–
–
–
–
–
–
–
Impairments
–
–
–
–
–
–
–
–
–
Reversal of impairments
–
–
–
–
–
–
–
–
–
Total changes in equity
–
(2,747)
–
–
–
(1,257)
(4,004)
(174)
(4,178)
73,888
(8,059)
127,120
2,906
(2,725)
228,390
421,520
5,146
426,666
Total equity as at 30.6.2009 The accompanying notes form part of the consolidated financial statements.
46-47
consolidated financial statements of the implenia group
Consolidated cash flow statements
Consolidated cash flow statements (continued)
1.1.–30.6.2010 1.1.–30.6.2009 Notes
CHF 1,000
1.1.–30.6.2010 1.1.–30.6.2009
CHF 1,000
Notes
CHF 1,000
CHF 1,000
118,364
Consolidated profit for the year
12,468
6,188
Cash and cash equivalents at the start of the period
5
128,749
Depreciation and amortisation
17,249
18,657
Cash and cash equivalents at the end of the period
5
248,674
105,101
Changes in pension assets
(3,639)
1,126
119,925
(13,263)
(9,108)
(2,330)
2,118
2,503
(1,159)
(73)
(66,821)
(22,399)
(1,316)
(449)
1,607
364
(1,948)
(1,628)
Other positions without impact on liquidity
17
Distributions from associates Profit on sale of fixed assets Change in current assets
17
Interest paid Interest received Taxes paid Cash flow from operating activities Investments in property, plant and equipment
10
Disposals of property, plant and equipment
10
Investments in other financial investments and associates Disposals of other financial investments
(50,549)
1,959
(16,455)
(17,493)
1,983
3,484
(1,036)
(518)
4,566
5,690 (261)
Investments in intangible assets
11
(17)
Disposals of intangible assets
11
–
–
(10,959)
(9,098)
Cash flow from investment activities Increase in financial liabilities
12
488,516
237,700
Reduction in financial liabilities
12
(330,075)
(239,496)
Purchase of treasury shares
(2,778)
(5,007)
Sale of treasury shares
22,948
–
–
–
Par-value repayment Non-controlling interests (change in scope of consolidation, dividens paid) Cash flow from financing activities Foreign exchange differences Change in cash and cash equivalents
16
160
(174)
178,771
(6,977)
2,662
853
119,925
(13,263)
Change in cash and cash equivalents Free cash flow Cash flow from operating activities
(50,549)
1,959
Investments in non-current assets
(17,508)
(18,272)
Disposals of non-current assets Free cash flow The accompanying notes form part of the consolidated financial statements.
6,549
9,174
(61,508)
(7,139)
48-49
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
1
General information
Implenia Ltd. is a Swiss company with registered office at Industriestrasse 24 in Dietlikon, Zurich. The shares of Implenia Ltd. are listed on the SIX Swiss Exchange (ISIN code CH002 386 8554, IMPN). The German version of the financial report is the original version. The English and French versions are nonbinding translations. Implenia’s business activities are described in Note 2.4 and Note 3 to Segment reporting. The consolidated report as at 30 June 2010 was approved by the Board of Directors of Implenia Ltd. on 20 August 2010. The consolidated financial statements have not been audited by the external auditors PricewaterhouseCoopers AG, Zurich
The following new standards, as well as amendments to and interpretations of existing standards, were introduced for the financial year beginning on 1 January 2010, but are not relevant for Implenia or it was decided to forego their early application: – IFRIC 17 – IFRIC 18 – IFRIC 19 – Amendment to IFRS 1 – Amendment to IAS 32 – Amendment to IFRIC 14 – IFRS 9 Financial Instruments – IAS 24 (revised) – Annual improvements project 2009 – Annual improvements project 2010
Unless indicated otherwise, the figures in the interim financial statements are presented in thousands of Swiss francs. 2.1 2
Summary of key measurement and recognition principles
These consolidated financial statements cover Implenia Ltd. and its subsidiaries for the reporting period ended 30 June 2010. The consolidated financial statements have been drawn up in accordance with IAS 34 “Interim financial reporting”. The report does not contain all the notes that are required to be included in the Annual Report. The interim report should therefore be read in conjunction with the consolidated financial statements as at 31 December 2009, which contain all the disclosures that are required when publishing an annual report. Management estimates and judgements for the purposes of financial reporting affect the values of reported assets and liabilities, contingent liabilities and assets on the balance sheet date, and expenses and income during the reporting period. Actual values may differ from these estimates. With the exception of the following standards, as well as the revisions and interpretations of standards that were applied for the first time from the financial year beginning 1 January 2010, the accounting principles applied in the 2009 consolidated annual financial statements are identical to those published and described in the 2009 annual report. – IFRS 3 (revised) “Business Combinations” and, accordingly, the revisions to IAS 27 “Consolidated and Separate Financial Statements under IFRS”, IAS 28 “Investments in Associates” and IAS 31 “Investments in Joint Ventures” are applied prospectively for business combinations with an acquisition date on or after 1 July 2009. The revised standard requires that agreed adjustments to acquisition costs that are dependent on future events be included in the purchase price and that the remeasurement of previously held shares in an acquired company be recognised at fair value in the income statement. In addition, transaction costs are recorded as an expense at the time of transaction and no longer form part of the purchase price. Amendments to IAS 27 “Consolidated and Separate Financial Statements”: Effects of amendments to Implenia shareholdings in Group companies which do not lead to a loss of control are recognised in equity.
Scope of consolidation
The consolidated financial statements of the Implenia Group (hereinafter referred to as Implenia) include the financial statements of the Swiss-domiciled Implenia Ltd. and its subsidiaries. Subsidiaries are companies directly or indirectly controlled by Implenia Ltd. Control is defined as the ability to control the financial and operating activities so as to obtain benefits from them. This is usually the case where Implenia controls directly or indirectly more than 50% of the company’s voting rights or potential voting rights that can be exercised at any given time. Companies acquired in the course of the reporting year are recognised in the consolidated accounts from the date of the transfer of control of the activities and all companies sold are recognised up to the date of the transfer of control to the purchaser. Credit balances, liabilities, transactions and unrealised gains between subsidiaries are completely eliminated from the consolidated accounts. Changes in ownership interests in subsidiaries are capitalised as a transaction in equity even if the control existed beforehand and continues to exist. Investments in associates (defined as companies in which Implenia has 20 – 50% of the voting rights or over which Implenia can otherwise exercise significant influence) are accounted for under the equity method.
50-51
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
2.2
Change in scope of consolidation
2.2
Change in scope of consolidation (continued)
As of 31 December 2009 Implenia held a 50% stake in Russian Land Implenia Holding Ltd., Nicosia (CY), which in turn has a 100% stake in Russian Land Implenia Ltd., Moscow (RU). Since no control could be exercised, the Russian Land Implenia Holding Ltd., Nicosia (CY) was measured and reported as an associate (see Note 36 to the consolidated financial statements as at 31 December 2009).
Net assets
Trade receivables
–
Following the dissolution of the joint venture in Russia, Implenia acquired the partner’s stake (50% of Russian Land Implenia Holding Ltd, Nicosia (CY)) on 13 April 2010 for a purchase price of CHF 0. No significant transaction costs were incurred. Since as at 30 June 2010 Implenia owned 100% of the shares in Russian Land Implenia Holding Ltd., Nicosia (CY) as well as in Russian Land Implenia Ltd., Moscow (RU), both companies are fully consolidated.
Other receivables
–
Work in progress and inventories
–
CHF 1,000
Cash and cash equivalents
Real estate transactions Prepaid expenses and accrued income
160
– 232
Property, plant and equipment
–
Other financial investments
–
Goodwill
–
Current liabilities
(54)
Trade payables
(24)
Work in progress Other liabilities
– (24)
Current taxes
–
Prepaid income and accrued expenses
–
Deferred taxes
–
Provisions Net assets Purchase Price Fair Value of equity Net assets Profit from sale of subsidiaries Cash received Cash paid Net inflow of cash
– 290 – 290 (290) – 160 – 160
52-53
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
2.3
Consolidation principles
2.4
Segment reporting
The annual reporting period of the single-entity financial statements ends on 31 December. The interim report is drawn up as at 30 June.
The Group’s operating segments are defined on the basis of the organisational units for which the Group’s Board of Directors compiles reports. The Group comprises the following segments:
Business combinations where the Group assumes control over another company are accounted for using the purchase method. The costs of an acquisition are calculated by adding together the fair values of the assets paid to the seller and the liabilities incurred or assumed at the time of the transaction. The revised IFRS 3 standard requires that agreed adjustments to acquisition costs that are dependent on future events be included in the purchase price and that the remeasurement of previously held shares in an acquired company be recognised at fair value in the income statement. In addition, transaction costs are recorded as an expense at the time of transaction and are no longer part of the purchase price. Identifiable assets, liabilities and contingent liabilities acquired are recognised in the balance sheet at their fair value at the time of the acquisition, irrespective of the size of the minority interests. Costs exceeding the Group’s share of the fair value of the identifiable net assets are recognised as goodwill. Companies acquired or sold during the course of the financial year are recognised in the consolidated financial statements from the date of their acquisition or the time of their sale.
2.4.1 Real Estate The Real Estate segment comprises General Contracting and Real Estate. As a full service provider, Real Estate covers all stages of the real estate lifecycle, from the procurement of capital to development and implementation, to operational optimisation and promotion.
Investments in joint ventures are accounted for using the equity method. 2.3.1 Factors affecting the comparability of annual results Implenia Industrial Construction (IIC) – new division In the course of redefining the Group vision, the organisational structure was aligned at the beginning of 2010, leading to the creation of the new Industrial Construction (IIC) division. The new division combines the activities of the former Tunnel + Total Contracting and Global Solutions, which are disclosed accordingly in the segment reporting. Since only the names of the segments have changed, there was no need to amend the figures. As a result there is no change in the allocation of goodwill to the cash-generating units. To obtain more reliable and more relevant information, the cost allocation of general cost types under the positions “Materials and sub-contractors” and “Other operating expenses” in the income statement for the period from 1 January 2010 to 30 June 2010 were redefined. To enable a comparison with the previous year, the income statement has been restated for the period 1 January 2009 to 30 June 2009. This resulted in CHF 16.4 million being taken from “Materials and sub-contractors” and charged to “Other operating expenses”.
2.4.1.1 General Contracting / Services This business area includes activities such as the general contracting of projects, general and total contracting in the field of construction, coordination, engineering, project planning in the real estate sector and facility management. 2.4.1.2 Real Estate (project development) The Real Estate business unit develops financing and investing concepts. For this, it draws on a comprehensive network of relationships with banks and investors looking for investment opportunities in the real estate sector. 2.4.2 Infra Construction Works Infra Construction Works’ core competences include road and civil engineering projects, infrastructure facilities in the area of civil engineering, concrete restoration, bridge construction, avalanche protection construction, as well as building projects (new and renovations). 2.4.3 Implenia Industrial Construction (IIC) 2.4.3.1 Tunnel + TC Construction Works This business unit covers the planning and implementation of complex construction projects. Core competences include tunnel construction, underground engineering, power plant construction in mountainous areas and along rivers, and railway technology. 2.4.3.2 Global Solutions This business unit manages and coordinates all foreign activities, primarily in Russia and the Middle East. Taking local factors into account, Global Solutions sets up customer-specific project groups and coordinates their collaboration.
54-55
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
2.4.4 Miscellaneous / Holding This category contains Implenia costs which cannot be allocated to a segment. Group companies with no activities are also included. The individual Group companies and the segments to which they are assigned are listed in Note 20. The segments have their own management structures and internal reporting systems and are therefore classed and reported as separate operating segments. Certain headquarter functions are reported under “Miscellaneous / Holding”. These include Risk Management, Accounts Department, Treasury, Group Controlling, Corporate Communications, Information Technologies, Insurance, Corporate Human Resources and Corporate Legal Services. Transfer pricing between the operating segments is based on the arm’s-length principle. The operating assets and liabilities of the segments that are reported comprise property, plant and equipment, intangible assets, trade receivables and payables, inventories, as well as other assets and other liabilities such as provisions that can be reliably allocated to the reported segments. Assets and liabilities not allocated to the segments mainly comprise current and deferred tax receivables and payables, as well as receivables from / liabilities to pension plans.
2.5 Foreign currencies The consolidated financial statements of the Implenia Group are denominated in Swiss francs (CHF). The functional currencies of foreign Group currencies are the local currency. In Group companies, monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate on the balance sheet date. Transactions are reported at the exchange rate prevailing on the day of the transaction. All exchange rate differences are recognised in the income statements of these companies. Income, expenses and cash flows of the consolidated companies are translated at the average monthly rate for the reporting period in Swiss francs (CHF). Balance sheet items are translated at the closing rate. Translation differences relating to equity, non-current Group-internal financing transactions in connection with net investments in foreign Group companies, retained earnings and other equity items and net income in the reporting periods are recognised directly within the cumulative foreign exchange differences under “consolidated comprehensive income”. Currency gains and losses cumulated under “consolidated comprehensive income” are recognised in the income statement in the event of liquidation or sale.
2.6 The Board of Directors exercises the role of “chief operating decision maker” in accordance with IFRS 8. The Board regularly receives internal reports so that it can review performance and allocate resources within Implenia. Implenia is broken down by this internal reporting into the above segments.
Financial liabilities
Financial liabilities are initially recognised at cost and thereafter at amortised cost. Any difference between net revenue and net amount payable at maturity is amortised over the term of the instrument and charged to net financial expense. Transactions fees paid to capital providers (usually banks) are amortised over the term of the underlying financial instrument using the amortised cost method.
56-57
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
3
Segment reporting
Segment reporting as submitted to the Board of Directors as at 30 June 2010 Real Estate
IIC
Gen. con./services
Real Estate (Project dev.)
Infrastructure Construction Works
CHF 1,000
CHF 1,000
CHF 1,000
Tunnel+TC Construction Works
Global Solutions
Total
Misc./Holding co.
Total
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
1,226,031
Segment revenues
501,214
72,959
534,776
82,811
3,641
1,195,401
30,630
Intergroup revenues
(41,530)
(9,903)
(79,682)
(6,140)
(86)
(137,341)
(25,828)
(163,169)
External revenues
459,684
63,056
455,094
76,671
3,555
1,058,060
4,802
1,062,862
of which services
449,365
25,155
448,004
76,409
3,555
1,002,488
4,802
1,007,290
10,319
37,901
7,090
262
–
55,572
–
55,572
6,137
10,264
(6,695)
11,462
(2,103)
19,065
(2,229)
16,836
of which goods Operating income before non-recurring items, as calculated internally Operating income includes:
(16,257)
Depreciation on property, plant and equipment
(1)
Writedowns on financial assets
2,173
Income from associates
–
Income from disposals of subsidiaries Investments in property, plant and equipment and intangible assets
50
25
15,967
217
53
16,312
160
16,472
584,248
219,649
732,106
156,125
6,082
1,698,210
(70,218)
1,627,992
Total liabilities
(451,528)
(67,999)
(606,055)
(84,847)
(24,466)
(1,234,895)
64,819
(1,170,076)
Total equity
(132,720)
(151,650)
(126,051)
(71,278)
18,384
(463,315)
5,399
(457,916)
Total assets
58-59
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
3
Segment reporting (continued)
Segment reporting as submitted to the Board of Directors as at 30 June 2009 Real Estate
IIC
Gen. con./services
Real Estate (Project dev.)
Infrastructure Construction Works
CHF 1,000
CHF 1,000
CHF 1,000
Tunnel+TC Construction Works
Global Solutions
Total
Misc./Holding co.
Total
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
1,155,097
Segment revenues
512,930
39,098
504,694
70,672
507
1,127,901
27,196
Intergroup revenues
(14,281)
(7,021)
(62,086)
(7,178)
(50)
(90,616)
(24,947)
(115,563)
External revenues
498,649
32,077
442,608
63,494
457
1,037,285
2,249
1,039,534
of which services
474,477
3,554
437,437
63,264
457
979,189
2,248
981,437
24,172
28,523
5,171
230
–
58,096
1
58,097
9,064
4,191
(7,362)
13,163
(2,985)
16,071
(2,486)
13,585
of which goods Operating income before non-recurring items, as calculated internally Operating income includes: Depreciation on property, plant and equipment
(18,334)
Writedowns on financial assets
–
Income from associates
(208)
Income from disposals of subsidiaries Investments in property, plant and equipment and intangible assets Total assets
– 106
2
13,508
3,655
–
17,271
484
17,755
574,522
198,096
729,379
135,411
772
1,638,180
(227,595)
1,410,585
Total liabilities
(443,002)
(68,297)
(593,511)
(88,879)
(14,546)
(1,208,235)
226,206
(982,029)
Total equity
(131,520)
(129,799)
(135,868)
(46,532)
13,774
(429,945)
1,389
(428,556)
60-61
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
3
Segment reporting (continued)
Reconciliation of total segment assets to total assets IFRIC 15 restatement Total assets Reconciliation of total segment liabilities to total liabilities IFRIC 15 restatement Total current and non-current liabilities
3 30.6.2010
30.6.2009
CHF 1,000
CHF 1,000
1,627,992
1,410,585
–
(1,890)
1,627,992
1,408,695
(1,170,076)
(982,029)
–
–
(1,170,076)
(982,029)
16,836
13,585
–
(849)
Amortisation of intangibles
(941)
(1,141)
Pension costs
3,475
(1,125)
Operating income
19,370
10,470
Financial expense
(6,414)
(2,937)
3,192
1,655
Profit before tax
16,148
9,188
Taxes
(3,680)
(3,000)
Consolidated profit for the year
12,468
6,188
Operating income before non-recurring items, as calculated internally Non-recurring costs Laxey
Financial income
Implenia Ltd. is domiciled in Switzerland. Revenue from third parties generated by companies domiciled in Switzerland amounted to CHF 1,030 million (2009: CHF 1,003 million). Revenue generated by companies domiciled abroad amounted to CHF 33 million (2009: CHF 36 million). Non-current assets of Swiss companies (excluding financial instruments and deferred taxes capitalised) as at 30 June 2010 amounted to CHF 341.0 million (2009: CHF 343.5 million). Non-current assets of foreign companies (excluding financial instruments and deferred taxes capitalised) as at 30 June 2010 amounted to CHF 7.2 million (2009: CHF 8.2 million). Revenue of CHF 79.2 million (2009: CHF 2.7 million) was generated with the Swiss Federal Railways (SBB). Revenue with this customer was generated in the GC / Services and Infrastructure Construction Works segments.
4
Reconciliation of operating income before non-recurring costs to consolidated profit
The difference between pension costs for the 2010 financial year calculated in accordance with IAS 19 “Employee Benefits” and pension expense calculated in accordance with the Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans (BVG) was credited pro rata to the first half of 2010. This credited sum was calculated based on the following assumptions: discount interest rate of 3.25% and return on plan assets of 3.5%. Service costs for the period from 1 January 2010 to 31 December 2010 are calculated with the end-of-year financial statements. The current service costs for the 2010 financial year may therefore deviate from these.
Segment reporting (continued)
Financial income and expense 30.6.2010
30.6.2009
CHF 1,000
CHF 1,000
Financial expense 1,823
1,588
Bank charges
286
239
Financial guarantees fixed costs
621
284
Interest expense
Other financial expense
1,641
926
Foreign exchange losses
2,043
(100)
Total
6,414
2,937
Interest income
295
456
Income from marketable securities
227
578
1,773
410
Financial income
Other financial income Foreign exchange gains Total Net financial income / expense
897
211
3,192
1,655
(3,222)
(1,282)
The increase in foreign exchange losses and gains is due to the marked depreciation of the euro – the major currency for Implenia’s foreign activities – during the second quarter of 2010. It relates primarily to receivables and liabilities arising from projects of Swiss Group companies abroad and interests in joint ventures which execute orders outside Switzerland.
62-63
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
5
Cash and cash equivalents
Cash Bank and Post Office accounts Other cash equivalents Total
6 30.6.2010
31.12.2009
CHF 1,000
CHF 1,000
483
398
227,218
113,746
20,973
14,605
248,674
128,749
“Bank and post-office accounts” includes CHF 0.3 million (2009: CHF 2.4 million) of assets held on a fiduciary basis for general contractor projects. These balances can only be used to pay subcontractors for projects where the customer bank financing the construction loan has released the funds.
6
Trade receivables
Trade receivables (continued)
Value adjustment for doubtful receivables
1 January Added
30.6.2010
31.12.2009
CHF 1,000
CHF 1,000
12,603
12,539
3,324
8,301
(78)
(1,685)
(3,131)
(6,552)
Applied Reversed Foreign exchange differences Total
(144)
–
12,574
12,603
Age breakdown of receivables 2010 30.6.2010
31.12.2009
CHF 1,000
CHF 1,000
Book Value
405,568
338,714
30.6.2010
Not due
1–30 days
31–60 days
70,003
49,597
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
3,887
999
–
683
405,568
268,948
36,401
20,031
5,116
75,072
33,856
31,513
70,003
39,371
9,130
3,142
1,893
16,467
Value adjustment for doubtful receivables
(12,574)
(12,603)
3,887
3,129
297
422
–
39
Total
500,740
408,903
–
–
–
–
–
–
479,458
311,448
45,828
23,595
7,009
91,578
Customers Joint ventures Associates Related parties Guarantee retentions
Allowance is made for receivables that are in arrears by taking specific and general value adjustments calculated using current experience. Past experience has shown that this risk can be regarded as minor. The valuation allowance account is only used for trade receivables. For all other items, impairments are taken directly.
Overdue
Customers Joint ventures Associates Related parties Total Guarantee retentions
61–90 days >90 days
33,856
Value adjustment for doubtful receivables
(12,574)
Total
500,740
The total of overdue receivables amounted to CHF 168 million as at 30 June 2010 (31 December 2009: CHF 146.3 million). With regard to the trade receivables that have not been impaired and are not in arrears there were no indications at the balance sheet date that the customers would not be able to meet their financial obligations.
64-65
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
6
Trade receivables (continued)
7
Age breakdown of receivables 2009 Overdue Book Value
Customers Joint ventures Associates Related parties Total Guarantee retentions
61–90 days >90 days
Work in progress
Work in progress includes accruals for work that has been carried out but not yet invoiced, including on-site stocks of materials, advance payments from customers and to suppliers for work not yet carried out, accruals for outstanding invoices from suppliers and subcontractors, and provisions for losses on the order book and work in progress.
31.12.2009
Not due
1–30 days
31–60 days
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
338,714
216,794
31,290
12,411
9,804
68,415
49,597
26,172
4,281
3,577
3,336
12,231
999
694
9
–
–
296
Invoiced to customers since the start of the project Net receivables from customers (net debt owed to customers)
683
–
–
–
–
683
389,993
243,660
35,580
15,988
13,140
81,625
31,513
Margins and costs incurred from the start of projects, and future losses related to work in progress:
30.6.2010
31.12.2009
CHF 1,000
CHF 1,000
5,989,047
5,122,058
(6,235,429)
(5,352,674)
(246,382)
(230,616)
Presentation in balance sheet (by project):
Value adjustment for doubtful receivables
(12,603)
Work in progress – Assets
266,513
246,836
Total
408,903
Work in progress – Liabilities
(512,895)
(477,452)
Balance sheet item
(246,382)
(230,616)
No collateral was held on the balance sheet date (previous year: none). Neither were any of these receivables renegotiated (previous year: none). No receivables have been pledged.
66-67
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
8
Joint ventures
Implenia’s share in partnership assets, liabilities, revenue and expenses is as follows:
Initial measurement of joint ventures is at cost. In subsequent years, the carrying amount is increased by the proportional share of profits and reduced by the proportional share of losses by affecting net income. Distributions to Implenia by joint ventures reduce the carrying amount of the partnerships, contributions made by Implenia increase the carrying amount recognised in profit and loss. Depending on the situation, the result is a receivable or a liability, which is recognised on the appropriate side of the balance sheet. Net asset
Net asset
Net liability
2010
2009
2010
2009
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
As at 1.1
2,613
13,642
45,113
Change
14,866
(11,029)
Total
17,479
2,613
CHF 1,000
312,931
337,401
66,217
80,154
Total assets
379,148
417,555
Current liabilities
Non-current assets
337,722
361,382
Non-current liabilities
10,706
10,981
54,968
Equity
30,720
45,192
(4,982)
(9,855)
Total equity and liabilities
379,148
417,555
40,131
45,113 Revenue
3,083,588
3,055,527
Expenses
(3,052,868)
(3,010,335)
30,720
45,192
Profit or loss 30.6.2010
31.12.2009
CHF 1,000
CHF 1,000
17,479
2,613
(40,131)
(45,113)
Services invoiced to joint ventures, not yet received
70,003
49,597
Services invoiced by joint ventures, not yet paid
(1,953)
(2,753)
Total
45,398
4,344
Joint ventures, liabilities
31.12.2009
CHF 1,000
Net liability
Net amount receivable from (payable to) joint ventures
Joint ventures, assets
Current assets
30.6.2010
The shares of assets, liabilities and net income shown have not been valued and accounted for according to Implenia’s accounting policies. Partners are jointly and severally liable for any joint venture debts unless otherwise agreed. The major joint ventures in terms of Implenia’s share in annual revenue are: Shareholding
Consorzio TAT Tunnel Alp Transit Ticino
25.0%
ARGE Transco Gottardo Sedrun
40.0%
ARGE Tunnel Weinberg ATW
45.0%
Groupement Marti-Implenia (Nant de Drance, Emosson)
50.0%
ARGE Umfahrung Lungern
60.0%
68-69
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
9
Real estate transactions
10
Property, plant and equipment
30.6.2010
31.12.2009
Property
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
426,837
Plant Equipment, IT
Total
30.6.2010
181,556
196,417
Additions
28,100
88,317
135,155
48,322
243,360
Disposals
(28,719)
(103,104)
Additions
2,451
841
13,163
16,455
13,525
–
Disposals
(3,402)
(57)
(6,113)
(9,572) (13,525)
Cost of acquisition as at 1.1
Reclassifications Foreign exchange differences Cumulative cost of acquisition Cumulative value adjustments as at 1.1
(3,036)
(74)
191,426
181,556
(12,824)
Cost of acquisition at 1.1.2010
Reclassifications
(13,525)
–
–
(340)
(817)
(1,726)
(2,883)
Cumulative cost of acquisition as at 30.6.2010
120,339
48,289
248,684
417,312
Cumulative depreciation as at 1.1.2010
Foreign exchange differences
(16,260)
Additions
–
–
(47,146)
(26,339)
(130,778)
(204,263)
Disposals
741
3,434
Additions
(2,141)
(1,420)
(12,696)
(16,257)
(9,595)
–
Disposals
1,863
3
5,378
7,244
165
2
Reclassifications
9,595
–
–
9,595
(21,513)
(12,824)
146
639
1,317
2,102
(37,683)
(27,117)
(136,779)
(201,579)
82,656
21,172
111,905
215,733
–
–
325
325
39,233
–
–
39,233
8,022
–
–
8,022
–
–
–
–
Reclassifications Foreign exchange differences Cumulative value adjustments
Foreign exchange differences Cumulative depreciation as at 30.6.2010
Net carrying amount of which pledged of which capitalised borrowing expense
169,913
168,732
15,267
19,691
–
–
Net carrying amount as at 30.6.2010 of which finance leases of which pledged
The gain / loss on real estate sales during the period is as follows: Sale proceeds Carrying amount of assets sold Gain / loss on real estate1 1 Excluding the expense of the Real Estate segment
of which under construction 48,362
136,823
(27,978)
(99,670)
20,384
37,153
of which capitalised borrowing expense
70-71
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
10
Property, plant and equipment (continued)
10 Property
Plant Equipment, IT
Total
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
31.12.2009 Cost of acquisition at 1.1.2009
Property, plant and equipment (continued)
Leasing agreements where the Group is lessee. Finance leases: Future minimum lease instalments for non-terminable leases and lease-like contracts (as at balance sheet date):
131,752
46,775
239,435
417,962
Additions
6,711
1,837
27,873
36,421
Disposals
(3,808)
(442)
(23,279)
(27,529)
2010
2009
2010
2009
506
152
(658)
–
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
Less than 1 year
492
526
439
478
Between 2 and 5 years
295
431
257
376
Total
787
957
696
854
Reclassifications Foreign exchange differences
(6)
–
(11)
(17)
Cumulative cost of acquisition as at 31.12.2009
135,155
48,322
243,360
426,837
Cumulative depreciation as at 1.1.2009
(42,268)
(23,714)
(124,930)
(190,912)
Additions
(5,122)
(2,924)
(27,690)
(35,736)
Disposals
425
420
21,531
22,376
(182)
(121)
303
–
1
–
8
9
(47,146)
(26,339)
(130,778)
(204,263)
Reclassifications Foreign exchange differences Cumulative depreciation as at 31.12.2009 Net carrying amount as at 31.12.2009 of which finance leases of which pledged of which under construction of which capitalised borrowing expense
88,009
21,983
112,582
222,574
–
–
2,247
2,247
35,406
–
–
35,406
5,806
–
–
5,806
–
–
–
–
No interest was capitalised in the “Property, plant and equipment” position (2009: none).
Future minimum lease instalment
Net present value minimum lease instalment
Operating leases: Future minimum lease instalments for non-terminable leases and lease-like contracts: Future minimum lease instalment
2010
2009
CHF 1,000
CHF 1,000
Less than 1 year
19,594
17,398
Between 2 and 5 years
58,304
54,672
Between 6 and 9 years
16,551
17,539
Total
94,449
89,609
Group companies have entered into numerous operating leases, mainly for the short-term rental of cars and construction site vehicles. Total expense for operating leases was TCHF 21,216 (2009: TCHF 51,500).
72-73
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
11
Intangible assets
11 Customer Tradelist and marks order book
Intangible assets (continued)
IT Projects
Licences and software
Goodwill
Total
IT Projects
Licences and software
Customer Tradelist and marks order book
Goodwill
Total
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
CHF 1,000
3,812
3,666
2,881
13,290
69,193
92,842
3,812
3,395
2,881
13,290
69,193
92,571
Additions
–
17
–
–
–
17
Additions
–
271
–
–
–
271
Disposals
–
–
–
–
–
–
Disposals
–
–
–
–
–
–
Foreign exchange differences
–
(1)
–
–
–
(1)
Foreign exchange differences
–
–
–
–
–
–
3,812
3,666
2,881
13,290
69,193
92,842
Cost of acquisition at 1.1.2010
Cost of acquisition at 1.1.2009
Cumulative cost of acquisition as at 30.6.2010
3,812
3,682
2,881
13,290
69,193
92,858
Cumulative cost of acquisition as at 31.12.2009
Cumulative depreciation as at 1.1.2010
Cumulative depreciation as at 1.1.2009
(3,812)
(3,329)
(2,482)
(7,950)
–
(17,573)
(3,600)
(3,110)
(2,282)
(6,391)
–
(15,383)
Additions
–
(111)
(100)
(779)
–
(990)
Additions
(212)
(219)
(200)
(1,559)
–
(2,190)
Disposals
–
–
–
–
–
–
Disposals
–
–
–
–
–
–
Foreign exchange differences
–
1
–
–
–
1
Foreign exchange differences
–
–
–
–
–
–
(3,812)
(3,439)
(2,582)
(8,729)
–
(18,562)
(3,812)
(3,329)
(2,482)
(7,950)
–
(17,573)
Net carrying amount as at 31.12.2009
–
337
399
5,340
69,193
75,269
of which pledged
–
–
–
–
–
–
of which with unlimited useful life
–
–
–
–
69,193
69,193
Residual life (years)
–
2
2
4
n.a.
–
Cumulative depreciation as at 30.6.2010 Net carrying amount as at 30.6.2010
–
243
299
4,561
69,193
of which pledged
–
–
–
–
–
–
of which with unlimited useful life
–
–
–
–
69,193
69,193
Residual life (years)
–
2
2
3
n.a.
Cumulative depreciation as at 31.12.2009
74,296
–
74-75
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
12
Current and non-current financial liabilities
As at 1.1
13 30.6.2010
31.12.2009
CHF 1,000
CHF 1,000
42,853
81,677
Additions
488,462
647,876
Disposals
(330,075)
(686,700)
54
–
201,294
42,853
Change in scope of consolidation Total financial liabilities Due dates:
3,196
42,180
Non-current financial liabilities (between 1 and 5 years)
198,098
673
Total financial liabilities
201,294
42,853
531
854
Current financial liabilities (less than one year)
of which finance leases
Current and non-current provisions Performance guarantees
Integration costs
Litigation
Others
Total
CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000
30.6.2010 3,688
575
–
3,613
1,771
976
10,623
Added
–
–
–
200
1,005
247
1,452
Applied
–
–
–
–
–
(7)
(7)
Reversed
–
–
–
–
–
–
–
Reclassifications
–
–
–
–
–
–
–
(31)
1
–
(3)
–
(119)
(152)
3,657
576
–
3,810
2,776
1,097
11,916
–
–
–
–
–
–
–
Balance as at 1.1.2010
Foreign exchange differences Total provisions 30.6.2010 of which non-current
Implenia has a syndicated loan agreement with various banks amounting to CHF 600 million. The limit as at 30 June 2010 was split between a cash limit of CHF 250 million and a limit for the issue of guarantees of CHF 350 million. The syndicated loan agreement runs until 30 September 2012. Following the bond issue, the cash limit was reduced to CHF 150 million on 16 July 2010, while the limit for the issue of guarantees was increased to CHF 450 million.
31.12.2009
In addition, Implenia has bilateral loan agreements with various banks worth CHF 29.4 million (2009: CHF 34.5 million).
Reclassifications
Non-current financial liabilities (between 1 and 5 years) comprise the 12 May 2010 bond issue in the amount of CHF 200 million (Securities No 11219351). The bond has an interest rate of 3.125% and a term of 6 years, due to mature on 12 May 2016. A bank consortium consisting of Züricher Kantonalbank and UBS AG offered the bond at an issue price of 100.269%. The effective interest rate for determining the amortised cost is 3.356%.
Onerous contracts
Repair and legacy claims
Balance as at 1.1.2009
3,402
849
606
3,804
1,594
780
11,035
Added
377
–
–
1,000
220
290
1,887
Applied
(6)
(45)
–
(52)
(43)
(65)
(211)
Reversed
(84)
(229)
(84)
(1,139)
–
(550)
(2,086)
–
–
(522)
–
–
522
–
Foreign exchange differences
(1)
–
–
–
–
(1)
(2)
Total provisions 31.12.2009
3,688
575
–
3,613
1,771
976
10,623
–
–
–
–
–
–
–
of which non-current
Warranty provisions concern completed projects. Related costs tend to be payable within 2 to 5 years. The onerous contracts relate to rent guarantees. They generally extend over a period of 2 to 3 years. In 2010, Implenia did not grant its customers any new rent guarantees. Provisions for disputes primarily relate to litigation cases of inactive companies. The provision for repairs and claims relates to the future repair costs of real estate, primarily gravel pits, after they have been fully exploited.
76-77
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
14
Share capital
15 Change
31.12.2008 Number of shares
Total number of Implenia AG shares Shares reserved for equity-linked remuneration
18,472,000
2009 31.12.2009 Number of shares
Number of shares
– 18,472,000
2010
30.6.2010
Number of shares
Number of shares
– 18,472,000
–
80,000
80,000
–
80,000
Unreserved treasury shares
163,943
1,282,241
1,446,184
(943,417)
502,767
Total treasury shares
163,943
1,362,241
1,526,184
(943,417)
582,767
Total shares outstanding
18,308,057 (1,362,241) 16,945,816
943,417 17,889,233
Due to the repositioning of the Implenia block of shares held by Laxey, Implenia bought CHF 30 million of its own shares (6.5% of share capital) on 26 November 2009. A large proportion of the block of shares was sold to various investors in the first half of 2010. All shares have been subscribed and fully paid up. As at 30 June 2010, all shares had voting rights and qualified for dividends with the exception of 582,767 treasury shares (31 December 2009: 1,526,184) Change
31.12.2008
Share capital Treasury shares Total share capital outstanding
Earnings per share 30.6.2010
Change
Change
2009 31.12.2009 Par value of shares
2010
30.6.2010
Par value of shares
Par value of shares
Par value of shares
Par value of shares
73,888
(9,236)
64,652
–
64,652
(656)
(4,686)
(5,342)
3,302
(2,040)
73,232
(13,922)
59,310
3,302
62,612
As at 30 June 2010 the nominal value of a share was before par value repayment CHF 3.50 (31.12.2009: CHF 3.50).
30.6.2009
Data for calculating earnings per share: 12,099
5,851
Number of shares in circulation as at
17,889,233
18,179,874
Weighted average number of shares in circulation
17,696,065
18,243,565
Net profit attritbutable to shareholders
CHF 1,000
Earnings per share (undiluted)
CHF
0.68
0.32
Earnings per share (diluted)
CHF
0.68
0.32
Undiluted earnings per share (EPS) are calculated by dividing the net income attributable to shareholders of Implenia Ltd. by the weighted average number of shares outstanding during the period. The average number of treasury shares held and acquired is deducted from the number of shares outstanding. 16 Dividend per share / par value repayment The Board of Directors proposed a par value repayment of CHF 0.70 per share for financial year 2009 to the Annual General Meeting held on 14 April 2010. The Annual General Meeting approved this proposal. The payment was made on 6 July 2010. The balance sheet shown as at 30 June 2010 does not reflect the par value repayment.
78-79
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
17
Details on the consolidated cash flow statement
17
Details on the consolidated cash flow statement (continued)
30.6.2010
30.6.2009
CHF 1,000
CHF 1,000
(96,794)
(49,561)
16,825
(13,295)
619
11,579
Changes in trade and other accounts payable
3,288
20,378
Change in accruals and deferred income and joint ventures
9,241
8,500
(66,821)
(22,399)
30.6.2010
30.6.2009
CHF 1,000
CHF 1,000
Result from associates
(1,568)
–
Change in deferred tax
(2,392)
341
553
(1,618)
Result from joint ventures and change in other positions
(5,701)
European Union
(1,053)
Total changes in other positions without impact on liquidity
(9,108)
Ivory Coast
(2,330)
Change in receivables Changes in work in progress (net), raw materials Change in real estate transactions
Total change in working capital
Change in provisions
Cash flow from operating activities Cash flow is calculated using the indirect method, i.e. by adjusting consolidated profit for non-cash income and expense such as depreciation and amortisation. Operating cash flow also includes income tax paid on all activities. Cash flow from investing activities Cash flow from investing activities mainly includes consolidated cash flow from the purchase and sale of property, plant and equipment and intangibles and the purchase and sale of subsidiaries. It also includes cash flow from Implenia’s other financial investments. Cash flow from investing activities shows the net cash reinvested in operating assets and the financial impact of disposals.
Cash flow from financing activities Cash flow from financing activities mainly includes payments under borrowings which the Group has raised or paid back. Cash flow from financing activities shows the transactions which have taken place between the Group and its lenders.
18
Events after the balance sheet date
The Annual General Meeting of Shareholders held on 14 April 2010 decided to repay CHF 0.70 of the par value of each Implenia Ltd. share. As the legal requirements for repayment were met, the payment of CHF 12,931,000 was made on 6 July 2010. From that date, the share capital of Implenia Ltd amounts to CHF 51,721,000.
19
Foreign exchange rates Income statement average
2010
2009
Balance sheet closing rate
30.6.2010
31.12.2009
1 EUR
CHF 1.41
CHF 1.51
CHF 1.32
CHF 1.49
100 XOF
CHF 0.22
CHF 0.23
CHF 0.20
CHF 0.23
USA
1 USD
CHF 1.06
CHF 1.07
CHF 1.08
CHF 1.03
United Kingdom
1 GBP
CHF 1.63
CHF 1.66
CHF 1.63
CHF 1.66
Qatar
100 QAR
CHF 29.04
CHF 29.36
CHF 29.71
CHF 28.35
United Arab Emirates
100 AED
CHF 28.79
CHF 29.11
CHF 29.46
CHF 28.10
80-81
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
20
Key fully consolidated companies
Name Balduin Weisser AG Bâtiments industriels du Haut-Rhin Sàrl Développements transfrontaliers SA Gebr. Ulmer GmbH Gravière de La Claie-aux-Moines S.A. Gust. Stumpf GmbH Gust. Stumpf Verwaltungs GmbH & Co KG Implenia (Tessin) AG Implenia Bau AG Implenia Bau GmbH Implenia Generalunternehmung AG Implenia Development AG Implenia Global Solutions AG Implenia Holding GmbH Implenia Immobilien AG Implenia Investment Management AG Implenia Italia S.p.A. Implenia Management AG Implenia Österreich GmbH M.F. Wachter Bauunternehmung GmbH Reprojet AG Reuss Engineering AG Russian Land Implenia Holding Ltd.1 Russian Land Implenia Ltd.1 SAPA, Société Anonyme de Produits Asphaltiques Sisag AG Socarco Bénin Sàrl1 Socarco Burkina Sàrl1 Socarco Mali Sàrl Sonnrain Wohnbau GmbH Strassen und Tiefbau AG Stuag Bauunternehmung GmbH Swiss Overseas Engineering Company Tetrag Automation AG Trachsel AG Zschokke Construction Sàrl Zschokke Développement SA Zschokke France SA Zschokke GmbH Leipzig Zschokke Holding Deutschland GmbH Zschokke Procédés Spéciaux Sàrl 1 Fully consolidated as at 30 June 2010 (see 2.2)
Shareholding 100% 100% 100% 100% 66.67% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Registered office Basel Mulhouse Lyons Bruchsal Savigny Bruchsal Bruchsal Lugano Geneva Rümmingen Basel Dietlikon Dietlikon Rümmingen Dietlikon Dietlikon Basiliano Dietlikon Vienna Stuttgart Zurich Dietlikon Nicosia Moscow Satigny Abidjan Cotonou Burkina Bamako Rümmingen Vaduz Rümmingen Geneva Dietlikon Heimberg Lyons Lyons Lyons Leipzig Berlin Lyons
Country CH F F D CH D D CH CH D CH CH CH D CH CH I CH A D CH CH CY RU CH CI BJ BF RMM D FL D CH CH CH F F F D D F
Currency CHF EUR EUR EUR CHF EUR EUR CHF CHF EUR CHF CHF CHF EUR CHF CHF EUR CHF EUR EUR CHF CHF EUR RUB CHF XOF XOF XOF XOF EUR CHF EUR CHF CHF CHF EUR EUR EUR EUR EUR EUR
Capital 1 750 000 195 000 14 663 800 25 565 1 500 000 1 533 876 511 292 150 000 40 000 000 2 556 459 20 000 000 30 000 000 100 000 3 067 751 30 600 000 100 000 250 000 500 000 35 000 1 000 000 100 000 100 000 3 001 70 000 000 500 000 492 000 000 1 000 000 10 000 000 100 000 000 255 646 50 000 306 775 200 000 100 000 100 000 76 225 457 347 914 694 1 022 584 3 067 751 457 347
Segment Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous Real Estate Overheads Holding Company and Miscellaneous Infra Construction Works Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous Infra Construction Works Infra + Tunnel, TC Construction Works Infra Construction Works General Contracting / Services Real Estate Global Solutions Infra Construction Works Real Estate Real Estate Global Solutions Overheads Holding Company and Miscellaneous Tunnel + TC Construction Works Overheads Holding Company and Miscellaneous Infra Construction Works General Contracting / Services Global Solutions Global Solutions Infra Construction Works Infra Construction Works Infra Construction Works Infra Construction Works Infra Construction Works Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous General Contracting / Services Infra Construction Works Infra Construction Works Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous Overheads Holding Company and Miscellaneous
Active / Inactive Inactive Inactive Active Inactive Active Inactive Inactive Active Active Active Active Active Active Active Active Active Active Active Active Inactive Active Active Active Active Active Active Active Active Active Inactive Inactive Inactive Inactive Active Active Active Inactive Inactive Inactive Inactive Inactive
Held by Implenia Immobilien AG Implenia AG Implenia Development AG Implenia AG Implenia AG Implenia Holding GmbH Implenia AG Implenia AG Implenia AG Implenia Holding GmbH Implenia AG Implenia AG Implenia AG Implenia Immobilien AG Implenia AG Implenia AG Implenia Bau AG Implenia AG Implenia AG Implenia Holding GmbH Implenia AG Implenia AG Implenia AG Russian Land Implenia Holding Ltd. Implenia AG Implenia AG SISAG SISAG SISAG Implenia Holding GmbH Implenia Immobilien AG Implenia Holding GmbH Implenia AG Implenia AG Implenia AG Zschokke France SA Zschokke France SA Implenia AG Zschokke Holding Deutschland GmbH Implenia AG Zschokke France SA
82-83
consolidated financial statements of the implenia group
Notes to the consolidated financial statements of the Implenia Group
21
Key associates
21
Name
Shareholding Registered office
Country
Currency
Argo Mineral AG
50.0% Aarau
CH
CHF
300 000
Argobit AG
40.0% Schafisheim
CH
CHF
Asfatop AG
50.0% Unterengstringen
CH
CHF
Associés Poste Enrobage en Commun (APEC) SA
20.0% Hauterive
CH
CHF
Key associates (continued)
Name
Shareholding Registered office
Country
Currency
Reproad AG
33.3% Bremgarten
CH
CHF
1 200 000
Sebal Belagswerk Biel-Büttenberg (EG)
35.0% Biel-Büttenberg
CH
CHF
–
1 000 000
Sebal Lyss AG
35.0% Lyss
CH
CHF
500 000
300 000
Seval – Société d’Enrobage du Valais central (EG)
83.0% Vétroz
CH
CHF
–
Capital
Capital
1 500 000
Bawag, Belagsaufbereitungsanlage Wimmis AG
24.0% Wimmis
CH
CHF
100 000
SFR Freiburgische Abfallverwertungge sellschaft AG
20.8% Hauterive
CH
CHF
1 200 000
Belagswerk Rinau AG
25.0% Kaiseraugst
CH
CHF
1 000 000
Société Coopérative Les Terrasses (EG)
41.8% Versoix
CH
CHF
775 500
Betonwerk Vispe (EG)
20.0% Stalden
CH
CHF
89 659
Bewo Belagswerk Oberwallis (EG)
25.0% Niedergesteln
CH
CHF
1 500 000
Société de recyclage de matériaux pierreux – SRMP (EG)
40.0% Savigny
CH
CHF
95 443
Bioasfa SA
50.0% Bioggio
CH
CHF
900 000
Bipp Asphalt AG
27.5% Niederbipp
CH
CHF
1 000 000
Société d’exploitation du Mégastore d’Archamps – SEMA (EG)
30.0% Archamps
F
EUR
37 000
BRZ Belags- und Recycling-Zentrum (EG)
33.3% Horw
CH
CHF
1 500 000
Catram AG
24.0% Chur
CH
CHF
1 000 000
Société Romande de Recyclage – SRREC (EG)
50.0% Satigny
CH
CHF
–
Deponie Eglisau (EG)
37.0% Eglisau
CH
CHF
–
Tapidrance (EG)
52.0% Martigny
CH
CHF
1 000 000
Deponie Vorderland AG
33.3% Rehetobel
CH
CHF
150 000
Unas Technology AG
21.6% Gisikon
CH
CHF
155 000
Garage-Parc Montreux Gare SA
26.0% Montreux
CH
CHF
2 050 000
Urner Belagszentrum (UBZ) (EG)
50.0% Flüelen
CH
CHF
1 000 000
GU Kies AG
33.3% Schaffhausen
CH
CHF
450 000
Valbéton (EG)
50.6% Sion
CH
CHF
100 000
Holcim Bétondrance SA
46.0% Martigny
CH
CHF
300 000
Valver (EG)
27.9% Martigny
CH
CHF
1 729 936
Wohnpark an der Kander GmbH
40.0% Rümmingen
D
EUR
204 517
wsb AG
50.0% Rafz
CH
CHF
500 000
Imbess, Impianto miscela bituminosa E.S.S (EG)
33.3% Chiggiogna
CH
CHF
–
Kieswerk Oldis AG
21.4% Haldenstein
CH
CHF
1 200 000
Léchire S.A.
33.0% Freiburg
CH
CHF
100 000
Microlog SPA
50.0% San Giorgio
I
EUR
500 000
MIFAG Mischgutwerk Frauenfeld AG
10.0% Frauenfeld
CH
CHF
600 000
MOAG Baustoffe Holding AG
13.3% Mörschwil
CH
CHF
300 000
Mobival (EG)
26.0% Massongex
CH
CHF
–
Parking Port d’Ouchy S.A.
24.0% Lausanne
CH
CHF
6 986 000
Prébit, Centre d’enrobage (EG)
25.0% Marin-Epagnier
CH
CHF
500 000
Pro Quarta (EG)
42.0% Alvaneu
CH
CHF
500 000
Remora AG
18.3% St. Gallen
CH
CHF
300 000
(sp) simple partnership
Associates are measured according to the equity method. Although the stakes owned by Seval, Tapidrance and Valbéton are above 50%, these are recognised as associates and measured according to the equity method because Implenia does not control these companies. By contrast, some companies in which Implenia holds a stake of less than 20% are recognised as associates because Implenia exercises significant influence over them.
LOCATIONS, CONTACTS AND KEY DATES
Schaffhausen
Augst
La Chaux-de-Fonds
Diessenhofen
Rümmingen (DE)
Kreuzlingen Romanshorn Kradolf/Schönenberg a.d.T. Goldach Bischofszell St. Margrethen Wil St. Gallen Rümlang/Regensd. Algetshausen Lenzburg Liestal Teufen Gossau Dietlikon/ Aarau/Buchs Bühler Zürich/Oerlikon Wallisellen Herisau Delémont Altstätten Oberentfelden Affoltern a.A. Ebnat-Kappel Appenzell Olten Balsthal Jona Moutier Steinhausen Uznach Gams Reiden Solothurn Zug/Cham Pfäffikon/ Buchs SG Freienbach Siebnen Biel/Bienne Gisikon Grabs Inwil Studen Mels Luzern Schwyz Basel
Baden
Neuchâtel
Frauenfeld
Winterthur
Glarus
Hergiswil
Bern
Alpnach
Konolfingen Fribourg
Rafz
Engelberg
Wattenwil
Altdorf Schattdorf
Chur Davos
Spiez
Interlaken
Andermatt
Zweisimmen Echandens
St. Moritz
Renens
Sierre Genève/Onex
Vétroz
Scuol Zernez
Meiringen
Visp
Sion
Martigny Bioggio Lugano
For details on individual locations, visit www.implenia.com
Contacts Anton Affentranger, Chairman of the Board of Directors and CEO Phone +41 44 805 45 55 – Fax +41 44 805 45 56 – E-mail anton.affentranger@implenia.com Contact for investors Beat Fellmann, CFO Phone +41 44 805 45 00 – Fax +41 44 805 45 01 – E-mail beat.fellmann@implenia.com Contact for the media Claude Vollenweider, Head of Marketing / Communications Phone +41 44 805 45 43 – Fax +41 44 805 45 20 – E-mail claude.vollenweider@implenia.com
Key dates Media and analysts’ conference on the 2010 annual result – 10 March 2011 Annual General Meeting 2011 – 19 April 2011