2011-Implenia-USA-Mainfirst-e

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


Summary text

Our 6‘000 employeesOur most important ‘capital’


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


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


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


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


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 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


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


Switzerland United Kingdom SpainUSA France

Compared internationallyReal estate prices in Switzerland


Healthy price level for Swiss real estateReal estate prices in Switzerland


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


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 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


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%


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


HY1HY2


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.


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


HY1HY2


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%



HY1HY2

2009 2010

-6.7

25.1

31.8

24.6

-7.4

32.0


HY1HY2


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


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%



HY1HY2

2010

18.6

11.5

7.1

2009

24.4

13.2

11.2


HY1HY2


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


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


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



HY1HY2

-3.0

-4.9

2009

-1.0

-7.9

-2.1

-3.1

2010


HY1HY2


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


Operating income – Consolidated profit


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%


2.2% 2.1%

EBITDA 112.6 104.6 7.6%

4.7% 4.6%

CHF 50 million exceeded


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


Balance sheet – assetsHigh liquidity – working capital under control


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%



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 as a cash machineCash flow statement



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%


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


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.

*


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%)


SPI outperformed by 63%Performance of Implenia Share

Δ = 10%

Δ = 63%

TSR: 12.6%Dividend yield: 2.8% (4.2%)


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


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


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


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%)


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


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.


Documents

2011-Implenia-USA-Mainfirst-e