View
214
Download
0
Category
Preview:
DESCRIPTION
May 2011 –North America A. Affentranger / B. Fellmann
Citation preview
Implenia Road ShowAnnual result 2010May 2011 – North America
A. Affentranger / B. Fellmann
© Implenia | Investor Relations | May 2011 | Page 2
1872 Conrad Zschokke establishes his first construction company
1977-98 Zschokke becomes the biggest construction company in Switzerland through acquisitions
1866- Establishment and development of1996 Preiswerk, Stuag and Schmalz
(3 medium-sized Swiss construction companies)
1997 Establishment of Batigroup through merger between these three construction companies
Nov 2007 Tapping some specific foreign markets such as Russia and the UAEMarch 2006 Merger & establishment of Implenia – Leader in the Swiss market
Oct 2010 Take Over of Sulzer Immobilien AG Biggest transaction in Implenia‘s history with a focus on the strategic field of project development
Young company with a long-standing tradition
Jun 2010 Significant project in Italy
Background
© Implenia | Investor Relations | May 2011 | Page 3
Summary text
Our 6‘000 employeesOur most important ‘capital’
© Implenia | Investor Relations | May 2011 | Page 4
La Chaux-de-Fonds
Vétroz
Delémont
Moutier
Fribourg
Crissier/Echandens
Aïre Genève
Sierre
Gampel
Visp
Saas Fee
Sion
MartignyMonthey
Neuchâtel
Schaffhausen
Kreuzlingen
St. Gallen
Herisau
Gams
Mels
Laax
Glarus
SiebnenCham
Alpnach
LuzernHorw
MeggenInwil
Hergiswil
Baden
Frick
Aarau
Schwyz
Altdorf
Andermatt
Chur
St. Moritz
DavosZernez
Bioggio
Scuol
JonaReiden
St. MargretenTeufen
Appenzell
Buchs SG
Bühler
GoldachKradolf
Steinhausen
Algetshausen
Bischofszell
Frauenfeld
Diessenhofen
Ebnat-Kappel
Uznach
Rümlang
Affoltern a. A.
SchattdorfEngelberg
OberentfeldenLenzburg Schwerzenbach
Winterthur
Rafz
Oerlikon
OltenBalsthal
Konolfingen
Solothurn
Biel
Studen
Meiringen
Bern
BaselRümmingen (D)
Augst
Liestal
Wattenwil
Spiez
Zweisimmen
Interlaken
Zürich
Renens
Dietlikon/Wallisellen Gossau
Wil
Balzers
Lugano
Across the country – close to our customers
Around 100 locations all over Switzerland
Local presence
© Implenia | Investor Relations | May 2011 | Page 5
Three operating divisions – one service/support division
Chairman of the BoardAnton Affentranger
Members of the Group ManagementHanspeter FässlerPeter BodmerBeat FellmannLuzi Reto GruberArturo HennigerRené Zahnd
Corporate Center/CFO
HeadBeat Fellmann
DivisionIndustrial Construction(international activities)
HeadLuzi R. Gruber
Finances & Controlling Human resources Information technology Insurance Investment management Legal Services Marketing / Communication
Development Engineering General & total contracting Conversion, renovation
Buildings and conversions Road construction and civil
works Civil engineering Foundation engineering
Underground construction Special Tunnel Works NRLA lots Total Services Contractor Infrastructure projects Real estate projects Services
DivisionReal Estate
HeadRené Zahnd
DivisionInfrastructure Construction
HeadArturo Henniger
CEOHanspeter Fässler
Group organization and Group management
© Implenia | Investor Relations | May 2011 | Page 6
Investment Management
Development
Engineering
Implenia General-unternehmung AG
Implenia Invest. Management AG
Implenia Development AG
Implenia Bau AG, Global Solutions
Business model
Industrial Construction
FinanceProjectDevelop
-ment
Planning,Enginee
-ring
Manage-ment
DemolitionNew idea
IdeaConcept
Reali-zation
One-stop service provider
Implenia Bau AG, Third PartiesConstruction
General contracting
Construction
GC
, Third Parties
© Implenia | Investor Relations | May 2011 | Page 7
We develop and build the Switzerland of tomorrow.
We establish ourselves as an expert for complex international infrastructure projects.
Sustainability is our passion.
We are the partner of choice for customers and employees alike.
„One company – one goal – one spirit“Vision
© Implenia | Investor Relations | May 2011 | Page 8
ReliabilityBecause we want people to be able to rely on us.
ReliabilityBecause we want people to be able to rely on us.
SustainabilityBased on responsibility regarding our environment and ourselves
SustainabilityBased on responsibility regarding our environment and ourselves
IntegrityThis is the core of what we do.
IntegrityThis is the core of what we do.
Opportunity and risk awarenessActing entrepreneurially, we want to identify opportunities and risks early.
Opportunity and risk awarenessActing entrepreneurially, we want to identify opportunities and risks early.
TransparencyTowards all of our stakeholders
TransparencyTowards all of our stakeholders
Operative and financial excellenceMeasurable and as a pre-condition for our activities
Operative and financial excellenceMeasurable and as a pre-condition for our activities
Solution-driven, customeroriented practicesCustomer-oriented solutions are our priority
Solution-driven, customeroriented practicesCustomer-oriented solutions are our priority
InnovationOur future depends on our ability to keep up with the times and move forward
InnovationOur future depends on our ability to keep up with the times and move forward
The foundation of our companyValues
© Implenia | Investor Relations | May 2011 | Seite 9
8. Sustainable products and services9. Innovation
10. Communication
TimeTime
Sustainabilitystrategy Sustainability
Eco-systemBusiness system
Social system
Sustainability
Eco-systemBusiness system
Social system
10 related focus pointsSustainability
Society :2. Corporate Governance3. Health and safety at work4. Training and talent management
Business:5. Relations with clients/ Group management6. Relations with suppliers7. Financial leadership
Environment:1. Respect the environment(energy and resource efficiency, CO2 management, recycling, water, biodiversity)
© Implenia | Investor Relations | May 2011 | Seite 10
Implenia applies high ethical standards to its business conduct and the conduct of its directors and employees. It has implemented a code of conduct to assure compliance with all legal and regulatory requirements in Switzerland and abroad.
In all our activities, we not only comply with applicable laws, but also follow high ethical standards. We always act correctly with each other, as well as
with our business partners and the authorities. We ensure transparency by documenting our
activities. We encourage our external partners,
subcontractors, suppliers and consultants to respects these principles as well.
Implenia is currently subject to an investigation involving numerous construction companies in the regional market of canton Aargau started by the Swiss competition commission in 2009. Implenia is cooperating with the competition commission in the investigation.
We mean it!Code of conduct
© Implenia | Investor Relations | May 2011 | Seite 11
Highlights and market environment
European construction market Recovery is apparent
Swiss construction market Remains at a high level Continuous public investment in civil works Healthy fundamentals of the real estate market
- Low interest rates- Immigration / housing needs- No real estate bubble- But trends vary in different parts of the country
Margin pressure Remains a characteristic of the construction industry Must be offset by improvements in productivity
Overall positive outlook
© Implenia | Investor Relations | May 2011 | Seite 12
Switzerland United Kingdom SpainUSA France
Compared internationallyReal estate prices in Switzerland
© Implenia | Investor Relations | May 2011 | Seite 13
Healthy price level for Swiss real estateReal estate prices in Switzerland
© Implenia | Investor Relations | May 2011 | Seite 14
Cost and price trends in civil works(main contract work)
Cost and price trends in building construction(main contract work)
Price and cost index in civil works (Q1 2002=100) Price and cost index in civil works (Q1 2002=100)
Price
and c
ost in
dex i
n civi
l wor
ks(Q
1 200
2=10
0)
Price
and c
ost in
dex i
n buil
ding w
orks
(Q1 2
002=
100)
Costs: construction cost index (Civil works, reinforced concrete)Prices: BfS construction price index (Civil works, main contract work)
Costs: construction cost index (building construction, main contract work, multi-family homes)Prices: BfS construction price index (Civil works, main contract work)
Prices develop slower than costsSwiss cost and price indexes
© Implenia | Investor Relations | May 2011 | Seite 15
Swiss Construction index (in real terms)Swiss Building index (in real terms)Swiss Civil works index (in real terms)
Source: Credit Suisse AG /SBV
At a high level, driven by civil worksReal change in the construction index
© Implenia | Investor Relations | May 2011 | Seite 16
Implenia in its 5th yearSystematically implemented strategy pays off
In year 5, a successful reality in the market based on: a motivating vision lived values a clear strategy
Steadily improving profitability and balance sheet EBITDA, operating income and profit increased for the 5th time in row balance sheet further strengthened
Sustainability embedded in the Group strategy key priorities defined consistent and transparent implementation
Acquisition of Sulzer Immobilien AG Significant strengthening of our project development portfolio
Breakthrough on the Gotthard 15 October 2010 Implenia is the leading company in 3 out of 5 projects
© Implenia | Investor Relations | May 2011 | Seite 17
Key Group figuresSubstantial profit improvement
in CHF million 2010 2009 +/- in %
Consolidated revenue 2'388.4 2'279.8 4.8%
EBIT before special charges 72.6 75.5 -3.8%
Operating income 77.7 67.6 14.8%
3.3% 3.0%
Consolidated profit 52.5 47.1 11.5%
2.2% 2.1%
EBITDA 112.6 104.6 7.6%
4.7% 4.6%
© Implenia | Investor Relations | May 2011 | Seite 18
General contracting / Services – revenues and EBITRecord EBIT in 2nd half of the year in CHF million
2010
1,137
501
636
2009
1,111
513
598
IFRS revenue
0
5
10
15
20
2.5%
2.0%
3.0%
1.5%
1.0%
0.5%
0.02010
15.4
1.4%
2009
17.4
1.6%
2008
15.5
1.4%
2007
10.2
0.9%
2006
12.1
1.0%
EBIT marginEBIT before special charges
EBIT before special charges
HY1HY2
6.1
2010
15.4
9.3
2009
17.4
9.1
8.3
EBIT before special charges
HY1HY2
© Implenia | Investor Relations | May 2011 | Seite 19
2011 revenue securedGC/ Services – Regional breakdown and orders as of 31.3.2011
Maintower, Zurich
Secured revenue
in CHF m
14.2%
59.8%
201320122011
93.7%Order book March 2011 March 2010
West 695.6 579.1 Central 278.2 348.3 East 159.1 149.4 Zurich 561.8 766.8 Reuss 10.6 10.8
TOTAL order book 1'705.2 1'854.3
Production output
29%335.2 Mio.
Zurich
Central
Reuss
East
West29% 379.8 Mio.
21.6 Mio.
131.8 Mio.
335.2 Mio.
268.3 Mio.
© Implenia | Investor Relations | May 2011 | Seite 20
Real estate (project development) – invested capital and EBITROIC 18.1% in CHF million
65
2010
200
134
2009
178
Invested capital
0
5
10
15
20
25 30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0.2010
20.9
18.1%
2009
21.4
15.9%
2008
10.3
5.2%
2007
15.4
7.7%
2006
6.03.6%
ROIC (like for like)EBIT before special charges
EBIT before special charges / ROIC (like for like)
Implenia ex. SIMMOSIMMO
2010
20.9
10.3
10.6
2009
21.4
4.2
17.2
EBIT before special charges
HY1HY2
© Implenia | Investor Relations | May 2011 | Seite 21
Infrastructure – Revenue and EBITRecord result in CHF million
2010
1,201
535
666
2009
1,123
505
618
IFRS revenue
0
5
10
15
20
25
3025.1
2010
3.0%2.5%2.0%1.5%1.0%0.5%0.0
2.1%
2009
24.6
2.2%
2008
24.4
2.2%
2007
21.5
1.9%
2006
8.80.8%
4.0%3.5%
EBIT marginEBIT before special charges
EBIT before special charges
HY1HY2
2009 2010
-6.7
25.1
31.8
24.6
-7.4
32.0
EBIT before special charges
HY1HY2
© Implenia | Investor Relations | May 2011 | Seite 22
Excellent regional anchoring
Production output
Pont de le Poya, Fribourg
Secured revenueSecured revenue
100.8 Mio.
177.7 Mio.
205.2 Mio.
194.2 Mio.344.8 Mio.
322.2 Mio.
OtherCivil engineeringCentralAlpsEast/ZurichWest
in CHF m
1.4%
14.8%
2011
60.0%
20132012
Order book March 2011 March 2010
West 195.9 226.6 East/Zurich 162.8 252.8 Alps 112.2 129.6 Central 93.4 110.7 Engineering 154.3 189.1 Miscellaneous - 4.8
TOTAL order book 718.6 913.7
Infrastructure – Regional breakdown and orders as of 31.3.2011
© Implenia | Investor Relations | May 2011 | Seite 23
Tunnelling – Revenue and EBITHigh production output in CHF million
6669
2010
152
83
2009
137
71
IFRS revenue
0
5
10
15
20
25
30 30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.52010
18.6
12.3%
2009
24.4
17.8%
2008
26.5
17.4%
2007
22.1
16.2%
2006
20.7
14.5%
EBIT marginEBIT before special charges
EBIT before special charges
HY1HY2
2010
18.6
11.5
7.1
2009
24.4
13.2
11.2
EBIT before special charges
HY1HY2
© Implenia | Investor Relations | May 2011 | Seite 24
Production output
Secured revenue
Cross-City Link, Zurich
2011 secured
6.1 Mio.
168.7 Mio.
53.2 Mio.
107.6 Mio.InternationalAlps/NRLA
French CHGerman CH
in CHF m
Order book March 2011 March 2010
French CH 257.7 305.6 German CH 56.0 129.3 Alps (inc. NRLA) 272.7 351.0 International 11.5 2.5
TOTAL order book 597.9 788.3 28.6%
52.7%
96.5%
201320122011
Tunnelling – Regional breakdown and orders as of 31.3.2011
© Implenia | Investor Relations | May 2011 | Seite 25
Prime Buildings – Revenue and EBITFirst results take effect in CHF million
5
10
4
6
12009 2010
14
IFRS revenue
-8
-6
-4
-2
0
-3.1
20102007
-6.6
2008
-4.1
2006 2009
-7.9
EBIT before special charges
EBIT before special charges
HY1HY2
-3.0
-4.9
2009
-1.0
-7.9
-2.1
-3.1
2010
EBIT before special charges
HY1HY2
© Implenia | Investor Relations | May 2011 | Seite 26
Prime Buildings – Order book as of 31.03.2011in CHF millionTurin: a highlight
Sochi Stadium, RussiaNew headquarters of Banca Intesa Sanpaolo, Turin
Secured revenueOrder book March 2011 March 2010
Prime Buildings 93.0 4.9 TOTAL order book 93.0 4.9
31.3%
71.5%75.5%
201320122011
© Implenia | Investor Relations | May 2011 | Seite 27
Operating income – Consolidated profit
in CHF million 2010 2009 +/- in %
Real estate 36.3 38.9 -6.5%Infrastructure 25.1 24.6 1.9%Industrial construction 15.6 16.5 -5.6%Holding overhead costs and special charges 0.7 -12.4 105.4%
TOTAL operating income 77.7 67.6 14.8%
3.3% 3.0%
Financial income (net) -9.6 -5.0 92.0%
Taxes -15.6 -15.6 0.0%
Consolidated profit 52.5 47.0 11.5%
2.2% 2.1%
EBITDA 112.6 104.6 7.6%
4.7% 4.6%
CHF 50 million exceeded
© Implenia | Investor Relations | May 2011 | Seite 28
Holding overhead costs and special charges
6610
2,5005,000
-10,000-7,500-5,000-2,500
-12,500-15,000
Impact on operating income
Immat. depreciation
1.871
Special charges
0
IAS 19
6.880
Holding overhead
costs
-4.348
2.075
-4.4372.411
IAS 19Holding overhead
costs
3.405
Special charges Immat. depreciation
-12.328Impact on operating income
-15,000-12,500-10,000-7,500-5,000-2,500
0
5,0002,500
2010 2009-
--
-
No more burden from special charges in CHF m
© Implenia | Investor Relations | May 2011 | Seite 29
Balance sheet – assetsHigh liquidity – working capital under control
in CHF million 2010 2009 +/- in %
Cash and cash equivalents, securities 349.6 129.8
Real estate operations 218.0 168.7
Other current assets 733.9 725.8
Total current assets 1'301.5 1'024.3 27.1%
Total non-current assets 375.5 357.5 5.0%
Total ASSETS 1'677.0 1'381.8 21.4%
© Implenia | Investor Relations | May 2011 | Seite 30
in CHF million 2010 2009 +/- in %
Current financial liabilities 1.6 42.2
Other current liabilities 903.6 871.7
Total current liabilities 905.2 913.9 -0.9%
Non-current financial liabilities 198.2 0.7
Deferred taxes, provisions 78.2 40.9
Total non-current liabilities 276.3 41.6 564.3%
Equity and non-controlling interests 495.5 426.3 16.2%
Total LIABILITIES 1'677.0 1'381.8 21.4%
Balance sheet – liabilitiesFinancing secured for the next five years
© Implenia | Investor Relations | May 2011 | Seite 31
Implenia as a cash machineCash flow statement
in CHF million 2010 2009 +/- in %
Consolidated profit 52.5 47.1 11.5%
Depreciation / non-cash expenses 32.3 46.3
Movement in net current assets 57.6 31.0
Interest / taxes / miscellaneous -3.9 -5.2
Cash flow from operating activities 138.5 119.1 16.3%
Investment activities -31.5 -26.5
Acquisition of businesses (Sulzer Immob. AG) -67.1 -
Cash flow from investment activities -98.6 -26.5 272.3%
Free cash flow 39.9 92.7 -56.9%
Acquisition of businesses (Sulzer Immob. AG) 67.1 -
Free cash flow (like for like) 107.1 92.7 15.6%
© Implenia | Investor Relations | May 2011 | Seite 32
Positive trend continues
-11.95.5 12.56.211.3
-20-10
0102030405060
-2%
-1%
0%
1%
2%
3%
4%
2006
6.10.3%
2010
52.5
2.2%
2009
47.12.1%
2008
40.01.7%
2007
25.5
3.5
Sale of PriveraHY 1
MarginHY 2
Consolidated profit
1.1%
Consolidated revenue and profitin CHF m
982
0%
1%
2%
3%
4%
5%2.500
2.000
1.500
1.000
500
02010
2.388
1.063
1.326
3,3%
2009
2.280
1.040
1.240
3,0%
2008
2.324
1.081
1.244
2,5%
2007
2.381
1.069
1.312
1,6%
2006
2.414
1.432
0,7%
HY 1HY 2Margin (operating income)
Consolidated revenue
© Implenia | Investor Relations | May 2011 | Seite 33
Substantial value creation!
347.0340.4386.6
522.1
358.0
0
100
200
300
400
500
600
0%
5%
10%
15%
20%
25%
2009
9.4%
22.4%
9.4%15.3%
4.8%
2007
9.6%
7.4%
2006
9.5%
19.9%
2008 2010
9.3%
WACC before TaxROIC (operating income/ invested capital)Investet capital
Return on invested capital (ROIC)
in CHF m
Consolidated operating income and ROIC
-8.45.9
23.710.5
19.4
32.8
57.1
58.3
25.4
-100
1020304050607080
-1%
0%
1%
2%
3%
4%
5%
17.00.7%
1.6%
2006
3.3%3.0%
2008
59.0
35.3
2.6%
2007 2009
67.6
38.7
2010
77.7
1st semester2nd semestermargin
Operating income
* incl. Sale of Privera 11.3 Mio.
*
© Implenia | Investor Relations | May 2011 | Seite 34
Attractive payout ratio of 30%Dividend policy
Dividend policy Target 30% payout ratio Aim for a stable dividend
Dividend proposed to the AGM: CHF 0.90 per share (previous year: CHF 0.70 per share) in the form of a par-value reduction from CHF 2.80 to CHF 1.90 equivalent to a
- payout of 31.7% - yield of 2.8% (after tax: 4.2%)
© Implenia | Investor Relations | May 2011 | Seite 35
SPI outperformed by 63%Performance of Implenia Share
Δ = 10%
Δ = 63%
TSR: 12.6%Dividend yield: 2.8% (4.2%)
© Implenia | Investor Relations | May 2011 | Seite 36
Implenia is well on trackAssessment of the 2010 annual results
Strong market position High level of good quality orders
Operationally on the right track Good productivity trend of construction activities Project development underway at a level above CHF 20 million Situation for renovations corrected, solide 2nd half for GC Tunnelling highly profitable in Switzerland International business clearly better Holding cost and special charges well under control
Strong balance sheet Broader based financing with good capital base High net liquidity Excellent cash flow
© Implenia | Investor Relations | May 2011 | Seite 37
Well diversifiedOrder intake since the end of July 2010
in CHF m
3.115
at end March2011
1.537
628
499
at end July 2010
3.52526 projects
1’020 projects
Orde
r int
ake p
rojec
ts
> CH
F 10
milli
on
Orde
r int
ake p
rojec
ts
< CH
F 10
milli
on
orde
r boo
k rev
ised
since
1.8.2
010
Project City DivisionVolume
in Mio. CHF
Wohnüberbauung Le Nouveau Prieuré Genève Real Estate 57.4 Bürogebäude Centre CSS Romandie Lausanne Real Estate 41.4 Wohn- und Gewerbeüberbaung Areal Brückenweg Visp Real Estate 38.6 Wohnüberbaung Birnbäumen St.Gallen Real Estate 26.4 Lehenenviadukt Killwangen INFRA 24.7 UBS Branch Format ganze Schweiz Real Estate 24.3 Wohnüberbauung Wisenthal II Horgen Real Estate 22.5 Wohnüberbauung Centralpark Dietikon Real Estate 21.9 Wohn-/Geschäftshaus Liebefeld K5 Bern Real Estate 21.2 Wohnüberbaung Grand-Champs Le Grand-Champs Real Estate 17.4 Fabrikumbau Usine 56, Philip Morris International Neuchâtel Real Estate 17.2 Fabrik- und Verwalutngsgebäude Electrolux Sursee Real Estate 16.0 Wohnüberbauung Rue de Genève Lausanne Real Estate 15.8 Stockwerkeigentum Grand-Champs Le Grand-Champs Real Estate 14.8 Centre socio-cultures Ecublens Real Estate 13.3 Gewerbeüberbauung Murtenstrasse Bern INFRA 12.9 Geschütztes Wohnen Le Croset - Résidence du Bois Ecublens Real Estate 12.7 Wohnüberbauung Résidence des vignes La Neuveville Real Estate 12.3 Überbauung Brückenweg Visp INFRA 11.9 Al Ain Asset Enhancement Al Ain (Emirat Abu Dhabi) IIC 11.7 Bahngallerie Arge GEZIM, Zen Hohen Flühen Bitsch INFRA * 11.5 Aufstockung Technopark Zürich Zürich Real Estate 11.2 Wohnüberbauung Kolbenstrasse Emmen Real Estate 10.9 Wohnüberbauung Residenza Giardino Minusio Real Estate 10.6 Kindekrippe NEMO, Crèche Philip Morris Int. Boudry Real Estate 10.5 Wohnüberbauung Mürgelistrasse Zuchwil Real Estate 10.2
TOTAL 499.2
* execution in joint ventures
© Implenia | Investor Relations | May 2011 | Seite 38
in PK nur Jahreswerte!
(PY: 80.1%)
(PY: 40.2%)
(PY: 9.1%)
Secured revenue
37%
40%
23%
Public sector and agenciesExternal AAAExternal
Order book by customer category as % Trend in orders
Good visibilityOrder book as of 31.3.2011
in CHF m
Order book March 2011 March 2010
Real estate 1'705.2 1'854.3 Infrastructure 718.6 913.7 Industrial construction 690.9 793.2
TOTAL order book 3'114.7 3'561.2 10.1%
38.5%
201320122011
78.7%
3'1154.000
3.000
2.000
March 2011March 2010March 2009March 2008March 20070
1.000
(PY 86.6%)
(PY: 41.7% )
(PY: 10.5%)
© Implenia | Investor Relations | May 2011 | Seite 39
OutlookConfidence for 2011
Market in 2011 No significant changes of the economic condition of the construction
industry- Stable high-level demand in civil engineering and infrastructure works- Building construction/ residential construction stable thanks to continued high
demand Increased regional differences
2011 Outlook Optimism because of full order books (= our main indicator) We continue to pursue our strategy consistently Further improvements are possible in all divisions
- systematic risk, claim and cost management- Standardization of processes
Medium term target of CHF 100 million in operating income confirmed
© Implenia | Investor Relations | May 2011 | Seite 40
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.
© Implenia | Investor Relations | May 2011 | Page 41
Recommended