Implenia Road Show
Time Series 2008 – 2012
February 2013
Time series Income statement Consolidated revenue
2′324
2′280
2′388
in CHF million
+173,0 (+7%) 2′523
2′696 59,0
2008
2009
2010
2008
80,0
2009
2012
+10,6 (+11%)
EBIT Divisions
70,0
2011
77,0
2010
93,5
2008
67,6
2009
77,7
2010
104,1
2012
2008
93,7
2011
104,4
2012
+9,8 (+16%)
Consolidated profit
40,0
2011
+10,7 (+11%)
Operating income
47,1
52,5
2009
2010
61,4
2011
71,2
2012
© Implenia | Investor Relations | February 2013 | page 2
Time series Income statement and share performance +5,6 (+4%)
EBITDA
98,5
104,6
112,6
2008
2009
2010
Earnings per share (in CHF)
2,13
2008
in CHF million
2,56
2009
2,88
2010
140,5
146,1
2011
2012
+0,5 (+14%) 3,31
2011
Equity per share (in CHF)
3,77
2012
22,8
24,8
26,8
2008
2009
2010
+2,8 (+10%) 29,1
2011
31,9
2012
Š Implenia | Investor Relations | February 2013 | page 3
Time series Key performance indicators Price-earnings ratio
in CHF million
+2,2 (+27%)
14,90 10,70
10,10
8,10
1,40
10,30 0,50
2008
+0,3 (+27%)
Gross dividend
2009
2010
2011
2012
Dividend yield
2008
0,70
2009
0,90
2010
Distribution ratio
1,70%
2008
2,40%
2009
3,50%
2,80%
2010
2011
2012
23,10%
2008
27,50%
2009
2011
2012
+3,2%p.
-1,2%p. 4,70%
1,10
31,70% 33,10%
2010
2011
36,30%
2012
Š Implenia | Investor Relations | February 2013 | page 4
Zeitreihen EBIT (Divisions) and operating income EBIT (Divisions)
Operating income
120 93,5
100 80 60 40 20
70,0
80,0 3,5%
3,0%
44,3 25,7
0 2008*
63,9
104,1
77,0 3,2%
57,9
3,7%
77,8
16,1
19,1
15,7
2009
2010
2011
EBIT-margin
in CHF million
2nd half-year
3,9%
77,9 26,2
6%
120
5%
100
4%
80
3%
60
2%
40
1%
20
0% 2012 1st half-year
93,7 59,0 35,3
67,6 57,1
77,7 58,3
81,4 3,7%
104,4
5% 80,2
3%
2,6%
23,7
0 2008*
4%
3,9%
3,3%
3,0%
6%
2% 10,5
19,4
12,3
2009
2010
2011
Margin
2nd half-year
24,2
1% 2012 1st half-year
* including sale of Privera CHF 11.3 million in 1st half-year Š Implenia | Investor Relations | February 2013 | page 5
Time series EBITDA and consolidated profit EBITDA
160 140 120 100 80 60 40 20 0
Consolidated profit
140,5 98,5
104,6 4,6%
112,6
146,1
7%
5,4%
6%
5,6%
5%
4,7%
4%
4,2% 3.6%
43,7
2008*
in CHF million
29,1
36,6
2009
2010
Margin
2nd half-year
29,4
2011
43,2
3% 2%
2012
1st half-year
80 70 60 50 40 30 20 10 0
71,2 61,4 40,0 1,7%
47,1
2,1%
4%
52,5 2,6%
2,2%
5%
3% 2%
2,4%
1% 16,8
2008*
6,2
2009 Margin
12,5
2010 2nd half-year
4,2
2011
13,1
2012
1st half-year
* including sale of Privera CHF 11.3 million in 1st half-year Š Implenia | Investor Relations | February 2013 | page 6
0%
Time series Net cash position & balance sheet ratios Net cash position
Balance sheet ratios
600
2.200 501
500
300
249
200
0
351
349
105 25 -80
-100
247 149
129 48
194
2.000
288
1.600 1.400
140
800
-43 -200
-200
-209
-211
-213
-200
200
-300
0 Jun Dec June Dec Jun Dec Jun Dec 2009 2009 2010 2010 2011 2011 2012 2012 Cash Financial liabilities
Net cash position
90%
70% 60% 44%
30%
31%
28%
40%
40%
30%
30%
50% 38%
39%
29%
28%
600 400
100%
80%
1.409 1.382
1.000
47
2.009
1.628 1.677 1.670
1.200
86 -201
1.888 1.898
1.800
403
400
100
in CHF million
36%
40% 30%
30% 19%
20% 10%
10%
0%
Jun Dec June Dec Jun Dec Jun Dec 2009 2009 2010 2010 2011 2011 2012 2012 Liabilities
Equity in % of assets
Equity
Gearing in % (Liabilities/Equity)
Š Implenia | Investor Relations | February 2013 | page 7
Time series Current assets and current liabilities Current assets
Current liabilities
1.470 1.301 994
1.024
403
1.573 501
349
180 65
129 169 68
218
394
409
395
118
in CHF million
247
252
93
97
473
456
86
237
249
253
254
267
2008
2009
2010
2011
2012
Cash and cash equivalents Real estate transactions Other accounts receivable Trade receivables Work in progress
1.048 906
914
905
80 109
42
2
4 167
108
143
241
217
477
523
543
604
2008
2009
2010
2011
240
273
1.110 5 197
220
688
2012
Financial liabilities Other liabilities Trade payables Work in progress Š Implenia | Investor Relations | February 2013 | page 8
Time series Non-current assets, equity and non-current liabilities Non-current assets
Equity & non-current liabilities
772
840 205
199
367 55
8
358 52
8
in CHF million
376 60
418 14
57
436 26
61
244
249
227
223
229
77
75
73
91
93
2008
2009
2010
2011
2012
Other assets Financial investments Property, plant & equipment Intangible assets
33
455
31 1
468
78
91
899 208 92
41 1
423
426
2008
2009
495
544
2010
2011
599
2012
Financial liabilities Provisions & deferred tax liabilities Equity Š Implenia | Investor Relations | February 2013 | page 9
Time series ROIC
400 350 300 250 200 150 100 50 0
in CHF million
387 340
19,9%
346
[in %] 50,0
350 312 33,5%
22,4% 26,8%
40,0 30,0 20,0
15,3%
10,0 9,4%
9,4%
9,3%
9,5%
9,5%
0,0 2008
2009
2010
2011
2012
400 350 300 250 200 150 100 50 0
387 340
346
[in %] 50,0
350 312
40,0 30,0
26,5% 12,7% 15,3%
17,9%
21,0%
10,0
7,6%
7,6%
7,6%
7,6%
7,3%
2008
2009
2010
2011
2012
Invested capital
Invested capital
ROIC (Operating income / Invested capital)
ROIC (NOPAT / Invested capital)
WACC before tax
WACC after tax
20,0
Š Implenia | Investor Relations | February 2013 | page 10
0,0
Time series Cash Flow analysis
in CHF million
Net cash position
Free Cash Flow
287,8
169,1 115,8
92,7
149,5
67,3
193,5
39,9
85,9 36,7
2008
2009
2010
2011
2012
2008
2009
2010
Cash and cahs equivalents
Cash flow from operating activities
Financial liabilities
Cash flow from investment activities
Net cash position
Free cash flow
2011
2012
Š Implenia | Investor Relations | February 2013 | page 11
Time series Development Share Price 1. Trading day (6. March 2006) until 31. December 2012 180% +62.1%
160% 140%
+58.4%
120% 100% 80% 60% 40% Mar Mrz 06
Sep 06
Mar 07 07 Sep 07 Mrz
Mar Mrz 08
Sep Sep 08 08
Mar Mrz 09 Sep Sep 09 09 Mar Mrz 10
Sep 10 Mar Mrz 11
Sep 11
Mar Mrz 12
Sep 12 Dec 12
1. January 2012 – 31. December 2012 180% +68.7% 160% 140%
+51.0%
120% 100% 80% 60% Dec Dez
Jan
Feb
Mar Mrz
Apr
Mai Implenia
Jun
Jul SPI
Aug
Sep
Okt Oct
Nov
Dec Dez
Š Implenia | Investor Relations | February 2013 | page 12
Implenia Benchmark
August 2012 Š Implenia | Investor Relations | February 2013 | page 13
Benchmark EBITDA margin EBITDA margin (in % of IFRS Revenues)
15%
12% 9% 6% 3% 0% 2006
2007
2008
Median
2009
Min / Max
2010
2011
2012
Implenia
Source: Bloomberg. Peer Group: Implenia, Veidekke, Skanska, Strabag, Bilfinger Berger, NCC, ACS, Balfour Beatty, AF Gruppen, Hochtief, YIT Oyj and BAM Groep. Š Implenia | Investor Relations | February 2013 | page 14
Benchmark Operating Income margin Operating Income margin (in % of IFRS Revenues)
10% 8% 6%
4% 2% 0% -2%
-4% 2006
2007
2008 Median
2009 Min / Max
2010
2011
2012
Implenia
Source: Bloomberg. Peer Group: Implenia, Veidekke, Skanska, Strabag, Bilfinger Berger, NCC, ACS, Balfour Beatty, AF Gruppen, Hochtief, YIT Oyj and BAM Groep. Š Implenia | Investor Relations | February 2013 | page 15
Benchmark ROIC1) ROIC
80% 70% 60% 50% 40%
30% 20% 10% 0% 2006
2007
2008 Median
1)
2009
2010
Min / Max
2011
2012
Implenia
Definition: ROIC = (Operating income/ IC) whereas the year end IC is calculated without cash.
Source: Bloomberg. Peer Group: Implenia, Veidekke, Skanska, Strabag, Bilfinger Berger, NCC, ACS, Balfour Beatty, AF Gruppen, Hochtief, YIT Oyj and BAM Groep. Š Implenia | Investor Relations | February 2013 | page 16
Benchmark EPS growth EPS growth (in %)
380% 280% 180% 80% -20% -120%
-220% -320% 2006
2007
2008 Median
2009 Min / Max
2010
2011
2012
Implenia
Source: Bloomberg. Peer Group: Implenia, Veidekke, Skanska, Strabag, Bilfinger Berger, NCC, ACS, Balfour Beatty, AF Gruppen, Hochtief, YIT Oyj and BAM Groep. Š Implenia | Investor Relations | February 2013 | page 17
Disclaimer THESE MATERIALS DO NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OR INVITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES, NOR SHALL PART, OR ALL, OF THESE MATERIALS OR THEIR DISTRIBUTION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION IN RELATION TO ANY SECURITIES. THE MATERIALS MIGHT CONTAIN FORWARD-LOOKING STATEMENTS BASED ON THE CURRENTLY HELD BELIEFS AND ASSUMPTIONS OF THE MANAGEMENT OF IMPLENIA AG (THE "COMPANY", AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP"), WHICH ARE EXPRESSED IN GOOD FAITH AND, IN THE MANAGEMENT’S OWN OPINION, REASONABLE. FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH MAY CAUSE THE ACTUAL RESULTS, FINANCIAL CONDITION, PERFORMANCE, OR ACHIEVEMENTS OF THE GROUP, OR INDUSTRY RESULTS, TO DIFFER MATERIALLY FROM THE RESULTS, FINANCIAL CONDITION, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. GIVEN THESE RISKS, UNCERTAINTIES AND OTHER FACTORS, RECIPIENTS OF THIS DOCUMENT ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS. THE GROUP DISCLAIMS ANY OBLIGATION TO UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR DEVELOPMENTS. OPINIONS AND FORWARD-LOOKING INFORMATION PRESENTED HEREIN ARE BASED ON GENERAL INFORMATION GATHERED AT THE TIME OF WRITING. THE GROUP GIVES NO WARRANTY AND WILL NOT ACCEPT ANY LIABILITY FOR ANY DAMAGES WHATSOEVER (INCLUDING CONSEQUENTIAL OR INDIRECT DAMAGES OR LOST PROFIT) RELATING TO THE PROVIDED MATERIALS. © Implenia | Investor Relations | February 2013 | page 18