Upload
bernardini-schnyder-gmbh
View
218
Download
1
Tags:
Embed Size (px)
DESCRIPTION
Half-Year Report 2010 Implenia Ltd. Implenia operates in three core areas: Profit 62 .0 6 2 .1 (in CHF million) (in CHF million) 40 40 80 60 60 20 20 [in %] [in %] 2 nd semester 1 st semester EBIT margin 44.5 44.5 47.1 0 0 2 1 4 3 0 3 2 1 4 0 –20 –20 4 0.0 25. 5 1.1% 16 . 8 12 . 5 75 . 5 3. 3% 0. 3% 1. 8% 6 .1 6 .1 2 –1
Citation preview
Implenia Ltd.
Industriestrasse 24 CH-8305 Dietlikon Phone + 41 44 805 45 55 Fax + 41 44 805 45 56www.implenia.com Geschäftsbericht 2009
Imp
len
ia |
Hal
f-Y
ear
Rep
ort
201
0
IMPLENIA IN BRIEF
We develop and build the Switzerland of tomorrow.
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.
Implenia operates in three core areas:
Real Estate Investment management, project development, engineering, total and general contrac-
ting, energy management systems, technical facility management
Infrastructure Construction Buildings and conversions, renovations, roads and civil works, civil engineering, founda-
tion engineering
Industrial Construction Underground construction, special tunnel works, total services contracting (rail tech-
nology), international activities focusing on infrastructure solutions, real estate projects and services
The interplay of Implenia‘s various units, its approximately 100 branches in Switzerland and representative offi ces in Germany, France, Italy, Russia, the United Arab Emirates and Qatar, coupled with its vast experience, create the foundation for effi cient 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).
More information can be found at www.implenia.com.Half-Year Report 2010
–20
0
20
40
60
–1
0
4
3
2
1
[in %]
47.1
40
.0
25
.5
6.1
20
07
20
08
*
20
09
Jun
e2
010
20
06
12.5
2
6.1
0.3
% 1.1%
1.7%
2.1
%
44
.5
–20
0
20
40
60
80
0
4
3
2
1
[in %]
62
.0
62
.1
75.5
16.8
44
.5
20
07
20
08
20
09
Jun
e2
010
20
06
1.8%
2.7
%
2.7
%
3.3
%
THE HALF-YEAR IN BRIEFKEY FIGURES
EBIT (before special charges) (in CHF million)
Profi t(in CHF million)
Successful fi rst semester
Implenia can look back on a successful fi rst half-year 2010: operating income and group profi t 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 confi dent about the future. Implenia’s improved performance over the previous year is affi rmed 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 posi-tioning 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 fi rst 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 occu-pancy 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.
− Implenia is building the new headquarters of Banca Intesa Sanpaolo in Turin in collabo-ration with an Italian partner. The high-rise building, designed by renowned architect Renzo Piano, will open its doors to clients and employees in 2013.
Finally, Implenia is also involved in numerous small construction projects across Switzer-land, which is testimony to the great confi dence 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.
PUBLICATION DETAILS
Publication details
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
2nd semester1st semesterEBIT margin
2nd semester1st semestermargin* incl. sale of Privera CHF 11.3 million.
Consolidated key figures 1.1. – 30.6.2010 1.1. – 30.6.2009 1.1. – 31.12.2009CHF 1,000 CHF 1,000 CHF 1,000
Group revenue (like for like) 1,062,862 1,039,534 2,279,835
EBIT before special charges (like for like) 16,836 13,585 75,534
Special charges and income 2,533 (3,115) (7,891)
Operating income 19,370 10,470 67,643
Profi t 12,468 6,188 47,055
EBITDA 36,619 29,127 104,603
Free cash fl ow (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
Headcount (full time equivalents) 5,252 5,346 5,115
Net cash position 47,380 25,220 85,896
Equity 457,916 426,666 426,340
Implenia Ltd.
Industriestrasse 24 CH-8305 Dietlikon Phone + 41 44 805 45 55 Fax + 41 44 805 45 56www.implenia.com Geschäftsbericht 2009
Imp
len
ia |
Hal
f-Y
ear
Rep
ort
201
0
IMPLENIA IN BRIEF
We develop and build the Switzerland of tomorrow.
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.
Implenia operates in three core areas:
Real Estate Investment management, project development, engineering, total and general contrac-
ting, energy management systems, technical facility management
Infrastructure Construction Buildings and conversions, renovations, roads and civil works, civil engineering, founda-
tion engineering
Industrial Construction Underground construction, special tunnel works, total services contracting (rail tech-
nology), international activities focusing on infrastructure solutions, real estate projects and services
The interplay of Implenia‘s various units, its approximately 100 branches in Switzerland and representative offi ces in Germany, France, Italy, Russia, the United Arab Emirates and Qatar, coupled with its vast experience, create the foundation for effi cient 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).
More information can be found at www.implenia.com.Half-Year Report 2010
–20
0
20
40
60
–1
0
4
3
2
1
[in %]
47.1
40
.0
25
.5
6.1
20
07
20
08
*
20
09
Jun
e2
010
20
06
12.5
2
6.1
0.3
% 1.1%
1.7%
2.1
%
44
.5
–20
0
20
40
60
80
0
4
3
2
1
[in %]
62
.0
62
.1
75.5
16.8
44
.5
20
07
20
08
20
09
Jun
e2
010
20
06
1.8%
2.7
%
2.7
%
3.3
%
THE HALF-YEAR IN BRIEFKEY FIGURES
EBIT (before special charges) (in CHF million)
Profi t(in CHF million)
Successful fi rst semester
Implenia can look back on a successful fi rst half-year 2010: operating income and group profi t 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 confi dent about the future. Implenia’s improved performance over the previous year is affi rmed 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 posi-tioning 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 fi rst 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 occu-pancy 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.
− Implenia is building the new headquarters of Banca Intesa Sanpaolo in Turin in collabo-ration with an Italian partner. The high-rise building, designed by renowned architect Renzo Piano, will open its doors to clients and employees in 2013.
Finally, Implenia is also involved in numerous small construction projects across Switzer-land, which is testimony to the great confi dence 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.
PUBLICATION DETAILS
Publication details
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
2nd semester1st semesterEBIT margin
2nd semester1st semestermargin* incl. sale of Privera CHF 11.3 million.
Consolidated key figures 1.1. – 30.6.2010 1.1. – 30.6.2009 1.1. – 31.12.2009CHF 1,000 CHF 1,000 CHF 1,000
Group revenue (like for like) 1,062,862 1,039,534 2,279,835
EBIT before special charges (like for like) 16,836 13,585 75,534
Special charges and income 2,533 (3,115) (7,891)
Operating income 19,370 10,470 67,643
Profi t 12,468 6,188 47,055
EBITDA 36,619 29,127 104,603
Free cash fl ow (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
Headcount (full time equivalents) 5,252 5,346 5,115
Net cash position 47,380 25,220 85,896
Equity 457,916 426,666 426,340
HALF-YEARREPORT2010 3
ExecutiveSummary 4
RealEstate 8
InfrastructureConstruction 12
IndustrialConstruction 16
CorporateCenter 20
Sustainability 22
26 REPORT
26 NEATconstructionsiteatSedrun
36 QuotesfromstaffabouttheNEAT
39 FINANCIALREPORT
40 ImpleniaGroup’sconsolidatedfinancial statements
84 Locations,contactsandkeydates
ThisHalf-YearReportisalsoavailablein
FrenchandGerman.TheoriginalGerman
versionisbinding.
CONTENTS
2-3Half-YearReport2010Executive 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
DearShareholderImpleniacanlookbackonasuccessfulfirsthalfyear2010.Withrevenueupslightly,bothoperatingincomeandprofitexceededthelevelsrecordedthepreviousyear.WemaintainedourstrongorderbookandtheImpleniamanagementteamhasbeenroundedoutandrenewed.Thissituationgivesusreasontoviewthefuturewithoptimism.
ImpleniaiswellontrackWhilerevenueinthefirsthalfof2010wasupapproximately2%onthepreviousyearatCHF1.06
billion,Impleniasucceededinsubstantiallyraisingincome,withoperatingincomereachingCHF19.4million(previousyear:CHF10.5million)andconsolidatedprofittoppingCHF12.5million(previousyear:CHF6.2million).Thankstoaconstantstreamofincomingorders,ImpleniawasabletokeepitsorderbookacrossthegroupabovethehighofCHF3.5billionreportedinspring2010.
Thestableconstructionsectorcertainlyhelpedourpositiveperformanceinthefirsthalfoftheyear.Themarkedimprovementinincomecannot,however,beattributedsolelytotheeconomicsitua-tion.Indeed,Implenia’ssustainedincreaseinprofitabilityoverthepastseveralyearsdespiteunrelent-ingpricepressureismuchmoretheresultofourstrictcostmanagement,continuousoptimisationmeasuresandpioneeringstrategicpositioning.ThestrategicexpansionoftheProjectDevelopmentsegmentoftheRealEstatedivisionthatwasinitiatedseveralyearsagoisstartingtobearfruit.Wesucceededindiversifyingtheportfolioandtherebyreducethevolatilityofourresults.Thehigherhalf-yearprofitreportedbyProjectDevelopmentmadeasubstantialcontributiontothegoodhalf-yearresults.
ManagementteamcompleteAsannouncedlastyear,weappointedanewCEOinthehalfyearunderreview−HanspeterFässler
−whohasmanyyearsofmanagementexperienceintheindustry.HejoinedImpleniaon1Julyandwillassumehisnewpositionon1September.Inkeepingwiththeprinciplesofgoodcorporategover-nance,IwillgobacktoconcentratingonmyroleasChairmanoftheBoardofDirectors.WefilledthepositionofHeadoftheRealEstateDivisioninternallywithRenéZahnd,whoon1Marchsimultane-ouslywasappointedamemberofImpleniaGroupManagement.RenéZahndhasasoundtrackrecordintherealestatesectorandcancontributetheidealknow-howneededtofurtherexpandtheProjectDevelopmentsegment.
EXECUTIVESUMMARY 4-5
WethusfoundseasonedexpertstofillourvacantGroupManagementpositionsandarewellpre-paredtorisetothechallengesofthefuture.Theseappointmentstothecompany’shighestmanage-mentlevelareanopportunityforustopushaheadwiththeculturalchangesalreadyunderwayintheGroup.
Implenia’spositionwithregardtoLetzigrundStadiumImpleniaconfirmedthattheroofsupportsofZurich’sLetzigrundStadiumwereabletoberemoved
withouttheneedforanysignificantrenovationwork.Thisisforusclearconfirmationofthestancewehaveadoptedsincethebeginningoftheyear,namelythatthesecuritymeasuresimplementedbytheCityofZurichwereuncalledfor.ThelegalproceedingsinstitutedbyImpleniawithregardtocon-structioncostoverrunsarenowunderwayintherelevantcourts.
RealignmentofourGroupstructureInthecourseofredefiningtheGroupdivisions,on1January2010Impleniastartedtorealignits
organisationalstructurewiththecreationofthenewIndustrialConstructionDivision.ThisdivisionencompassestheactivitiesoftheformerTunnel+TotalContractingdivisionsandGlobalSolutions,withtheaimofbecomingtheinternationalpartnerofchoiceforsustainedandcomplexinfrastructureandrealestateorders.Insodoing,Impleniaisrespondingtothedecliningdemandfortunnelcon-structioninSwitzerlandand–equippedwithitscutting-edge,competitiveexpertiseandprovenknowledgeoftappingintonewmarkets–layingthegroundworkforentryintothetunnelconstructionmarketoutsideSwitzerland.ThenewdivisionwillbeheadedbyLuziR.Gruber.TheformerHeadofGlobalSolutions,PeterE.Bodmer,nowheadsupthedivision’sinternationalactivitiesandislikewiseamemberofourGroupManagement.
0
3,000
4,000
1,000
2,000
3,4
45
2,9
59
2,5
13
2,1
98
3,5
40
31.1
2.2
00
7
31.1
2.2
00
8
31.1
2.2
00
9
30
.6.2
010
31.1
2.2
00
6
ConcretestepsformoresustainabilityInrecognitionofourresponsibilitytowardssocietyandbasedonourcorporatestrategy,Implenia
isdrivingdevelopmentsinthedirectionofsustainabilityforthebenefitofallourstakeholders.Weembracesustainabilityinallofitsthreedimensions:theenvironment,theeconomyandsociety.Inad-ditiontofocusingonitsownsustainabledevelopment,Impleniawantstobethefirstpointofcontactforcustomersintherealisationoftheirownsustainabilitygoalsby,forexample,providingthemwiththerequisiteproductsandservices.Inthisrespectwewanttoserveasarolemodelfortheentirein-dustry,becauseweareconfidentthatonlycompaniesthataresustainablehaveaviablefuture.
Thefirsthalfof2010sawthelaunchofour“SustainableImplenia”groupinitiative,whichhasgivenrisetoaseriesofsustainabilityprojectswhich,inviewoftheirstrategicimportance,arebeingman-ageddirectlybyGroupManagement.Youcanfindmoredetailsonpage22.
EXECUTIVESUMMARY
20
10
20
11
20
12e
t se
q.
0
2,000
2,500
500
1,000
1,500
99
0
133
3
1217
Orderbook(distributedoverfollowingyears)(inCHFmillion)
Orderbook(development)(inCHFmillion)
Orderbook Orderbookdistributedoverfollowingyears
6-7
OptimisticoutlookImpleniaviewsthecomingmonthswithoptimism.Allthreeoperationalgroupdivisionsareontrack,
withtheresultthatourconsolidatedprofitissettoslightlyexceedthepreviousyear’slevel.Thisposi-tiveforecastisbasedaboveallonourstrongorderbook,whichwillserveusfarbeyondthecurrentyear(seechartonpage6).Impleniaenjoysnotonlytheconfidenceofitscustomers,butalsothatofthecapitalmarket,asevidencedinthehalfyearunderreviewbythesuccessfulplacementofabondforthefirsttimeinourcompanyhistory.Withaviewtothefuture,wecansaythatImpleniahasdoneitshomeworkandiswellpreparedforthefuturewithitsintegratedbusinessmodelstrategy–“Onecompany,onegoal,onespirit.”
ThankyouWeaskedalotofouremployeesduringtheperiodunderreview,andIwouldliketotakethisop-
portunityonbehalfoftheBoardofDirectorsandGroupManagementtothankthemforalltheirhardworkandcommitment.Abigthankyoualsotoourcustomersandtoyou,dearshareholders,forthetrustthatyouhaveplacedinus.
AntonAffentrangerChairmanoftheBoardandCEO
EUROPAALLEE,PLOTA
As the total contrac-tor 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 SBBandtheBuildingDepartmentofCantonZurich
Architect MaxDudler,Zurich/Berlin/Frankfurt
Floor space 180,000m2
Building volume 466,000m3
Contract value CHF250million
Realisation May2009toJuly2012
REALESTATE
RealEstateDivisionTheRealEstateDivisionrecordedadisproportionatelyhighriseinprofitsforthefirsthalfof2010.Therealestatesegment(projectdevelopment)inparticularpostedexcellentresults.
8-9
Anotherkeyproject
Coupe Gordon-Bennet, Geneva–OnaformerindustrialsitebelongingtoImpleniaintheVerniersuburbofGeneva,anewdistrictisunderconstructionthatwillofferahighqualityoflifeandspaceforworking,livingandshopping.ImpleniaRealEstateiscontributingitsexpertiseintheareasofrealestatedevelopment,market-ing,salesandastotalcontractor.
RightintheheartofthecityofZurich,notfarfromthemainstationbetweentheSihlpostbuildingandLangstrasse,anew80,000squaremetreurbanlivingspaceisbeingcreated.TheZurichUniversityofTeacherEducation(PHZH),6,000workplaces,400apartmentsaswellasshops,restaurantsandleisurefacilitieswillprovideforamultifacetedneighbourhood.Thiscityarea,whosemainaxiswillbethewideEuropaallee,whichgivesititsname,istobebuiltby2020.
Astotalcontractor,ImpleniaRealEstateisresponsiblefortheturnkeyconstructionofthefirstphase,PlotA,comprisingthePHZH,ashoppingcenterandthenewheadquartersofbankClaridenLeu.Inparallel,theInfrastructureConstructionDivisionisinvolvedinworkontheexcavationtrenchandspecialinsulation.
PlotAisalreadyamajorprojectinitsownright:thefloorspace,equivalenttothesizeof18footballpitches,willbelinedwith144,100tonsofconcreteandreinforcedwith7,200tonsofsteel–roughlyasmuchaswasusedfortheEiffelTower!Thelocationinthecitycenterposesparticularlogisticalchallenges.TheImpleniaGroupcancapitalisehereontheexperienceithasaccumulatedinrealisingcomplexconstructionprojects.
RiseinprofitsInthefirsthalfof2010,theRealEstateDivisionreporteda4%riseinnon-consolidatedrevenueto
CHF574.2million(firsthalfyear2009:CHF552.0million),whichtranslatedintoasubstantialincreaseinProjectDevelopmentandaslightincreaseintheBuildingssegmentofGeneralContracting.IntheConversionssegment,bycontrast,wereportedasharp60%declineinrevenue.ThestrongriseinEBITbeforenon-recurringitemsof24%toCHF16.4million(previousyear:CHF13.3million)isattribut-abletoprofitsarisingdirectlyfromtheRealEstatesegment(ProjectDevelopment).TheorderbookofjustshortofCHF1.8billionasattheendofJune2010,up21%onthepreviousyear(CHF1.5billion),givesusreasontolooktothefuturewithoptimism.
SoundprospectsforGeneralContractinginthesecondhalfoftheyearGeneralContractinggeneratedoperatingincomeofCHF6.1millionintheperiodunderreview(pre-
viousyear:CHF9.1million).ThedeclineisnotlinkedtotheoverallpositivedevelopmentofbusinessintheBuildingssegment,butinsteadcanbetracedbacktotheabove-mentionedreductioninvolumeintheConversionssegment.Inthesecondhalfof2010weshouldbeabletosucceedinhaltingtheeffectsofthenegativeresultsfromConversionsandthusbenefitfromgoodBuildingsbusiness.Whilerevenueremainedatthesamelevel,engineeringandsustainableconstructionspecialistReusswasabletomorethanconfirmitssoundannualresultofthepreviousyearduringthefirsthalf.
SuccessfulProjectDevelopmentTheRealEstateDivision(ProjectDevelopment)morethandoubleditsoperatingincomeinthefirst
halfof2010comparedwiththesameperiodthepreviousyeartoCHF10.3million(firsthalfyear2009:CHF4.2million).ThepleasingresultisaffirmationthatweareontherighttrackwithourstrategyofexpandingthisbusinessandcreatingastructurallybalancedprojectportfoliowithaslowvolatilityaspossibleintheRealEstateDivision.Impleniahasbecomeappreciablyclosertothisaimoverthelastone-and-a-halfyearsintermsofthenumber,sizeanddurationofindividualprojects−adevelopmentwhichalsolookssettocontinueintheforeseeablefuture.
REALESTATE
KeyfiguresRealEstate
1.1. – 30.6.2010 1.1.–30.6.2009 1.1.–31.12.2009CHF 1,000 CHF 1,000 CHF 1,000
Turnover(IFRS,likeforlike) 574,173 552,028 1,238,755
EBITGeneralContracting/Services 6,137 9,064 17,448
EBITRealEstate(ProjectDevelopment) 10,264 4,191 21,407
EBIT before special charges (like for like) 16,401 13,255 38,855
Orderbook 1,782,933 1,473,044 1,799,006
Headcount(FTE) 457 511 488
0
4
8
16
18
2
6
12
10
14
–1.5
3.5
1.0
2.0
2.5
3.0
1.5
0.5
–1.0
–0.5
0
[in %]
6.1
17.4
15.5
10.2
12.1
20
07
20
08
20
09
Jun
e2
010
20
06
10
.9%
1.4% 1.
6%
1.1%
–4
0
4
20
22
–2
12
8
16
2
18
10
6
14
21.4
10.3
15.4
6.0
20
07
20
08
20
09
Jun
e2
010
20
06
10.3
EBIT(beforespecialcharges)GeneralContracting/Services(inCHFmillion)
EBIT(beforespecialcharges)RealEstate(ProjectDevelopment)(inCHFmillion)
2ndhalf1sthalfEBITmargin
2ndhalf1sthalf
“ImpleniaRealEstatehasinvestedagreatdealofenergyoverthepastfewyearsinexpandingitsprojectdevelopmentbusiness.Nowwecanreapthebenefits:morestableandpredictablebusinessdevelopmentandthusanincreaseinprofitsinthefirsthalfof2010.”René ZahndHeadofRealEstateDivision
10-11
BRIDGEOVERTHEAARE(HAUSMATTBRIDGE)
Evidence of the good performance rendered by Implenia Infrastructure Construction is its re-sponsibility for a project of national importance: the future Hausmatt Bridge, the starting point for the new relief road in the town of Olten.
Customer BuildingandJusticeDepartmentofCantonSolothurn
Engineers BänzigerPartner,Baden,andACS-Partner,Zurich
Architects EduardImhof,Lucerne,andDavid&vonArx,Solothurn(landscaping)
Length 88.5metres
Width 15.6metres
Realisation August2009toMarch2011
INFRASTRUCTURECONSTRUCTION
InfrastructureConstructionDivisionTheInfrastructureConstructionDivisionreportedgoodresultsinthefirsthalfoftheyear.Turnoverandorderbookvolumeincreasedandthedivisionconsolidateditsleadingpositioninthechallengingcivilengineeringsegment.
12-13
TheHausmattBridge,whichwillstretchalmost90metresacrosstheRiverAare,willbeanewland-markforthetownofOlten.Thebridgewillliterallygrowoutofthehillonthewesternbankwithastrikingtunnelentranceandstretchelegantlyacrosstotheoppositebank.Concrete-encasedcablesanchoredinthetunnelwallswillgivethebridgethenecessaryload-bearingcapacityandenableittospantheriverwithouttheneedforanysupportingpillars.
Impleniaisresponsiblefortheconstructionofthebridge,alltheconcrete-relatedworkonthe30-metrelongopencasttunnelandformakingmodificationstothesurroundingsalongtheriverbanksandsurroundingroads.Thebridge’sstaticsystemisparticularlydemanding.Enormousforcescon-vergeinthetunnelentrance,whichcarriestheentirebridge.Reinforcementtothenearestmillimetreisnecessarywhenworkingwiththesebuildingcomponents,whichcallsformaximumprecisionandquality.HereImpleniacancountonthevastexperienceofitsstaff;afterall,Impleniahasbeenbuild-ingbridgesformorethan20years.
Otherkeyprojects
Roche Diagnostics Tower, Rotkreuz–Standing68metrestall,thenewheadquartersofRocheDiagnosticsinRotkreuzwillbecomeanewlandmarkoftheZugregion.Impleniaiscarryingoutdiversebuildingworkthatisextremelydemandingintermsoftechnology,quality,safetyanddeadlines.
City-West, Chur –Impleniahasreceivedtheordertoexcavateatrenchof85,000m³fortheconstructionoftheCity-WestshoppingandbusinesscenterinChur.Thegeologicalconditionsmaketheuseofgroundstabili-sationandpilesnecessary.
INFRASTRUCTURECONSTRUCTION
KeyfiguresInfrastructureConstruction
1.1. – 30.6.2010 1.1.–30.6.2009 1.1.–31.12.2009CHF 1,000 CHF 1,000 CHF 1,000
Turnover(IFRS) 534,776 504,694 1,123,329
EBIT before special charges (like for like) (6,695) (7,362) 24,639
Productionoutput 607,684 573,385 1,292,545
Orderbook 950,813 911,518 825,413
Headcount(FTE) 3,959 3,996 3,793
PositivedevelopmentofrevenueandorderbookTheInfrastructureConstructionDivisionraisedbothitsrevenueandorderbookinthefirsthalfof
2010.Whilenon-consolidatedprofitwasup6%toCHF534.8millioncomparedwiththefirsthalfof2009(CHF504.7million),asoftheendofJunetheorderbookstoodatCHF950.8million,some4%aboveitsmid-yearlevel(CHF911.5million).EBITbeforenon-recurringitemsamountedtoCHF–6.7millionforfirsthalf-year2010(previousyear:CHF–7.4),Thefirst-halfresultsare,however,ofonlylimitedsignificanceasoperatingincomeisseasonalinnatureandgeneratedprimarilyinthesecondhalfoftheyear.
MeetingpricepressurewithdifferentiationThepriceandmarginpressurethathasbeenaccumulatingforseveralyearsprovedunrelentingin
thefirstsixmonthsof2010,affectingtheclassicalroadandbuildingsbusinessinparticular.ImpleniaInfrastructureConstructionwasatleastpartlyabletoeludethispressureandreportariseinrevenue,especiallyinthechallengingengineeringconstructionsegmentwhichcallsforspecificknow-howandmachinesandthushigherlevelsofinvestment.Inordertofurtherconsolidateitspositioninthisarea,theInfrastructureConstructionDivisiononceagainincreaseditsinvestmentsinmachinerycomparedtotheprioryearperiod.
StrictcostmanagementTheInfrastructureConstructionDivisionhasregularlyincreasedannualoperatingincomeinrecent
years.Againstthebackdropofsustainedpricepressure,thechallengeforthesecondhalfof2010willbetomaintainthestrongperformanceofpastyearsandkeepprofitabilityattheprioryear’slevel.Strictcostmanagementthuscontinuestobeassignedthehighestpriority.
“ImpleniaInfrastructureConstructionhelditsowninthefirsthalfof2010inachallengingenvironment.WehaveachievedrobustgrowthandareclosertoouraimofbecomingtheSwissinnovationleaderincivilengineering.”Arturo Henniger HeadofInfrastructureConstructionDivision
14-15
20
07
20
08
20
09
Jun
e2
010
20
06
–20
–10
0
30
35
–15
–5
20
10
15
5
25
–1.5
3.5
1.0
2.0
2.5
3.0
1.5
0.5
–1.0
–0.5
0
[in %]
–6
.7
24
.6
24
.4
21.5
8.8
0.8
%
1.9%
2.2
%
2.2
%
EBIT(beforespecialcharges)Infrastruc-tureConstruction(inCHFmillions)
2ndhalf1sthalfEBITmargin
INDUSTRIALCONSTRUCTION
IndustrialConstructionDivisionTheIndustrialConstructionDivisionwascreatedatthebeginningoftheyearfromtheamalgamationoftheformerTunnel+TotalContractingandGlobalSolutionsdivisions.ImpleniaaimstopositionitselfoutsideSwitzerlandasanexpertpartnerforchallengingindustrialconstructionprojects.
NEWHEADQUARTERSOFBANCAINTESASANPAOLO,TURIN
One example of these activities outside Switzer-land is the new headquarters of the banking group Intesa Sanpaolo in Turin, designed by re-nowned architect Renzo Piano, which Implenia is constructing together with Italian general contractor Rizzani de Eccher.
Customer BancaIntesaSanpaolo
Architect RenzoPianoBuildingWorkshop(RPBW)
Height 166.3metres
Floor space 107,500m2
Total contract value of the project EUR235million
Implenia share EUR72million
Realisation of building April2010toApril2013
16-17
Thehigh-risebuilding(oneofthetallestbuildingsinItaly)with37floorsabovegroundlevelwillaccommodatemorethan2,000staff.Cafés,barsandarestaurantonthetopfloorofthe166metreconstructionwillalsobeaccessibletothepublic.
ConstructionisbeingcarriedoutbyaconsortiumofImpleniaandtheItaliancompanyRizzanideEccher.Asgeneralcontractors,bothpartnersareresponsibleforconstruction.ImpleniaandRizzanideEccherarealsoinvolvedinthesurveyandinpartofthedetailedplanning.Theprojectisbeingopera-tionallymanagedbyImpleniaItaliaS.p.A.
ThisprojectisanextraordinaryopportunityforImpleniaasthecustomerisoneofItaly’smostimpor-tantbanksanditwillinvolvecollaborationwiththerenownedarchitectsRenzoPianoBuildingWork-shop(RPBW).ThefoundationswillbelaidbySeptember2010andthefloorswillbebuiltfollowingthecompletionofthelowerfloorsfromthesecondhalfof2011.
Anotherkeyproject
Nant de Drance pumped-storage power plant, Emosson –ImpleniaispartofaconsortiumconstructingtheshelloftheNantdeDrancepumped-storagepowerplantinValais,whichcomprisesseveralcavernsandpressureshaftsconnectedbyasevenkilometre-longsystemoftunnels.
INDUSTRIALCONSTRUCTION
NewlystructureddivisionAtthebeginningoftheyearImpleniaamalgamateditsformerTunnel+TotalContractingandGlobal
SolutionsdivisionsintoanewIndustrialConstructionDivisionandreorganiseditsinternalstructures.BydoingthisImpleniaplanstopositionitselfinselectedforeignmarketsasanexpertpartnerforcom-plexprojectsintheareasofinfrastructureandrealestate.Thepreviousyear’shighresultswereallbutmatchedthankstomajortunnelprojectsthatarerunningonschedule:non-consolidatedrevenueroseby21%toCHF86.5million(firsthalfyear2009:CHF71.2million),whileEBITbeforenon-recurringitemsreachedCHF9.4million,comparedtoCHF10.2millioninthefirsthalfofthepreviousyear.TheorderbookstoodatCHF806millionasattheendofJune,comparedtoCHF984millioninmid-2009.
PersistentlyhighprofitabilityintunnelconstructionWithoperatingincomeofCHF11.5million,theTunnel+TotalContractingDivisionvirtuallymatched
thehighlevelofprofitabilityachievedthepreviousyear(CHF13.2million).ThepositiveeffectsofacourtrulingrelatingtoinflationincreasesontheLötschbergprojectwillnolongerbeaccruedinthesecondhalfoftheyear.Thedivisioncontinuestohaveastrongorderbookwhichsecuresitsbusinessforseveralyearstocome.Onekeymilestone–notonlyforImpleniabutalsoforEuropeand,indeed,theworld–willbeOctober’sbreakthroughoftheGotthardBaseTunnel,thelongestrailwaytunnelintheworld.
“TheIndustrialConstructionDivisiongotofftoagoodstartinthefirsthalf-year2010,post-ingariseinrevenueofmorethan20%.ThebreakthroughoftheGotthardBaseTunnelwillmarkanewhighlightinthesecondhalfoftheyear.”Luzi R. GruberHeadofIndustrialConstructionDivision
KeyfiguresIndustrialConstruction
1.1. – 30.6.2010 1.1.–30.6.2009 1.1.–31.12.2009CHF 1,000 CHF 1,000 CHF 1,000
Turnover(IFRS) 86,452 71,179 143,047
EBITTunnel+TotalContractingConstructionWorks 11,462 13,163 24,381
EBITGlobalSolutions (2,103) (2,985) (7,904)
EBIT before special charges (like for like) 9,359 10,178 16,477
Productionoutput 179,136 163,007 331,274
Orderbook 806,228 983,996 820,765
Headcount(FTE) 656 652 655
“Manyyearsofcarefulpreparationforourforeignexpansionculminatedinthefirstsuccessfulconsultingprojectsinthefirsthalfof2010–confirmingthatthestrategywehaveadoptedistherightone.”Peter E. Bodmer HeadofInternationalActivitiesoftheIndustrialConstructionDivision
18-19
ForeignactivitiesontrackInGlobalSolutions,ImpleniaisproceedingasplannedwithitsprojectsacquiredinRussiasofar.
Theassociatedprepaymentsweremadeinviewofthelong-termattractivenessofbusinessopportuni-tiesinthemarketsinquestion.Goodprofitmarginshavealsobeengeneratedbyanumberofadvisorymandates.Theconstructionofa37-storeyhigh-risebuildinginTurin(seepages16–17)willmakeasolidcontributiontoprofitsoverthecourseofthenextfewyears.
0
8
24
28
4
16
12
20
–10
40
10
20
30
0
[in %]
11.5
24
.4
26
.5
22
.1
20
.7
20
07
20
08
20
09
Jun
e2
010
20
06
16.1
%
16.2
%
17.4
%
17.8
%
–9
–6
–1
0
–7
–8
–4
–5
–3
–2
–4
.1
–2.1
–7.9
–6
.6
20
07
20
08
20
09
Jun
e2
010
EBIT(beforespecialcharges)Tunnel+TotalContracting(inCHFmillion)
EBIT(beforespecialcharges)GlobalSolutions(inCHFmillion)
2ndhalf1sthalfEBITmargin
1sthalf2ndhalf
CORPORATECENTER
CorporateCenterProcessesintheCorporateCenterwerefurtherstreamlinedoverthepastsixmonthsinordertomakethemsleekerandmoreefficient.Thefollowingfivetopicsprovideasnapshotofthenumerouspleasingresults.
FirstImpleniabondprovesanoutstandingsuccessImpleniaissuedabondforthefirsttimeinitscompanyhistory.TheCHF200millionbondwitha
3.125%couponandsix-yeartermstrengthenstheGroup’sfinancingstructure.Itsplacementonthecapitalmarketmetwithstrongdemandfrominvestorsandtheadvisedamountwasoversubscribedsixfold.AbankingconsortiumconsistingofZürcherKantonalbankandUBSAGofferedthebondatanissuepriceof100.269%.Byleveragingthisnewsourceoffinancing,Impleniawillreduceitsdepend-enceonthebanklendingmarketandsubstantiallyimprovethematurityprofileofitsfinancialdebts.
SustainablesalarysystemWiththeintroductionofanewsalarysystembeginning2011,Impleniaisensuringfairandsustainable
salarymanagementinlinewithfuturemarketdevelopments.Salarieswillbefixedbasedoncriteriarelatedtothefunctioninquestionaswellasobjectiveassessmentcriteria.Theaimsofthissustainablesalarypolicyistofosterapositive,entrepreneurialteamspiritandencouragetheshortandlong-termparticipationofemployeesinbusinessperformance.
NewsponsorshipconceptWithanewsponsorshipandeventstrategythatisfocusedfirmlyonourvalues,Impleniaiscomple-
mentingclassicaladvertisingwitheye-catchingevent,personalityandambientmarketing.Themaingoalofthisnewstrategyisclientandemployeeretention.Thefocuswillbeontrackandfieldathletics,nationalmarathonevents,Alpinewrestlingfestivalsandnetworkingplatforms,whilesportsperson-alitieswillplayasupportingroleandadvertiseforImpleniaatspecialevents.
“Thesuccessfulplacementandthehighlevelofdemandforourfirstbondconfirmthatourfinancialstrategyistherightoneandisanotherindicationoftheconfidenceourinvestorshaveinus.“Beat Fellmann HeadoftheCorporateCenterandCFO
20-21
EmployeesbenefitfromashareparticipationprogrammeAllofouremployeesaretoparticipatedirectlyinImplenia’sbusinesssuccessatfavourablecondi-
tionsviaacompletelyrevisedshareparticipationprogramme.Thelaunchofthenewprogrammehasmetwithgreatinterest.
AnnualreportawardedamedalThedecisiontogivetheannualreportanewlookalsopaidoff.Thehandypaperbackformat,a
financialsectionstructuredinlinewiththelatestreportingstandards,interestingbackgroundmaterialonImpleniaandtheamusingandsurprisingphotographsofconstructionprojectsconvincedthejuryoftheEuropeanBestofCorporatePublishingcompetitiontoawardImpleniaasilvermedal.Atthesametimetheannualreport’saddedvalueforreadersanditsmodernpresentationisacallingcardforpotentialcustomers,shareholdersandinterestedbankingandfinancialanalysts.Finally,thenewan-nualreportisalsoanalmostidealillustrationoftheupbeatmoodprevailingatImplenia.
SUSTAINABILITY
HavingaviablefuturemeansactingsustainablyCompaniesonlyhaveaviablefutureiftheycreatesustainablevalue.ForthisreasonImpleniafullyassumesitsresponsibilitytotheenvironment,itsstaffandsociety.ThemembersofGroupManagementandstaffbelievethatsuccessinbusinessdoesnotconflictwithsocialandecologicalresponsibility.Onthecontrary,sustain-abilityisthekeytoImplenia’sfuturesuccessandisthereforeembeddedinitsstrat-egy,visionandvalues.Inthefirsthalfof2010,Impleniamadesomeimportantstepstowardspracticingsustainabilityconsistentlyandactivelybydefiningspecificobjectivesandperformanceindicators.
ImpleniacontributestosustainabledevelopmentImpleniapracticessustainabilityacrosstheboard,notonlyrequiringsustainabilityinitsbusiness
activitiesbutinallareasofthecompanyaswell.Because,asSwitzerland’slargestconstructionandconstructionservicescompanywithanannualturnoverofsomeCHF2.3billion,Impleniaalsohasaspecialresponsibilitytoothercompanystakeholderssuchasitscustomers,theenvironmentandsociety(seeFigurepage23).
Impleniamaintainsaninterdependentrelationshipwiththeenvironment.WhiletheenvironmentisakeymainstayofImplenia’svaluecreationbecauseitprovidesthegroundonwhichImpleniabuildsandtherequiredmaterialresources,Impleniahasamajorinfluenceontheenvironmentthroughtheconstructionandoperationofbuildingsandinfrastructureworks.AnexampleofCO2emissions:theconstructionindustryinSwitzerland,whichisresponsiblefor40%ofthecountry’senergyconsump-tion,produces30%ofitscarbondioxideemissions.Inaddition,Implenia’sbusinesshasasignificantimpactonsociety.Thefactthattheconstructionmarketisresponsibleforprovidingapprox.1.5mil-lionbuildings,3.4millionapartments,70,000kmofroadsand5,000kmofrailwaytracksnationwideisimpressivetestimonytothisfact.Throughitsoperations,Impleniacreatesattractiveplacestoliveandwork–forexample,aspartoftheNEATProject–andcontributestowardssafeguardingandexpandinginfrastructureandtherebytothemobilityofsociety.Finally,withaworkforceinexcessof6,000,Impleniaisanimportantemployerandthereforeattachesgreatimportancetotheissuesofhealthandsafetyatwork.Asanexample:50,000occupationalaccidentshappeneachyearintheconstructionindustry.Implenia’stoppriorityistoreducethenumberofaccidentsonitsownbuildingsitesevenfurther.
FromvisiontosustainabilityinactionAwareofitsresponsibilityandbasedonitscorporatestrategy,Impleniapursuesaclearvision:to
keepevolvingasacompanytowardsincreasedsustainabilityforthebenefitofallstakeholders.Atthesametime,thankstosustainableproductsandservices,Impleniaaimstobethefirstpointofcontactforitscustomersintherealisationoftheirownsustainabilitygoals.InthisrespectImpleniaisnotsatis-fiedmerelywithmaintainingthestatusquoandwithreproducingcurrentdevelopments.Onthecon-trary,thecompanyaimstodriveinnovationandbecomearolemodelfortheentireindustry.Forthisreason,Implenialaunchedits“SustainableImplenia”groupinitiative,whichhastriggeredaprocessofreflectionthroughoutthecompany.Thisinvolvedtheformulationofkeyissuesinaseriesofwork-shopswithGroupManagement(seeTablepage24).Inafurtherstep,theresultsoftheworkshopformedthebasisforprojectsaimedatgivingshapetoabstractissuesandembeddingthemindailybusinessatImplenia.Giventhestrategicsignificanceoftheirwork,theprojectgroups,consistingofstafffromalldivisionsandmanagementlevels,willbeheadedupbythemembersoftheManagementBoardthemselves.
Impleniaaimstoactsustainablywithrespecttoallitsstakeholders
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 sustain- able consumer preferences
Shareholders• Short-term performance• Growing importance of sustainable investments
22-23
SUSTAINABILITY
TenkeyareasillustrateImplenia’sprioritieswithrespecttosustainability
Keyaccountmanagement
CodeofConduct Value-basedmanagement
Externalandinternalcommu-nication
Sustainableproductsandservices
Preservingtheenvironment
Trainingandde-velopment/Talentmanagement
Healthandsafetyatwork
Relationshipswithsuppliers
Innovation
Forexample,oneprojectgroupisworkingoncreatingalistofallofImplenia’sexisting,sustain-ableproductsandservices,includingtheresponsiblecontactpersons.Thiswillformthebasisforthecontinuousdevelopmentandexpansionoftheserviceportfoliointermsofsustainability.Inaddition,inthiswayImpleniaisincreasingthetransparencyofitsorganisationandevenbetterabletodemon-strateitsexpertisetocustomers.Anotherteamisworkingonthekeyareaof“Preservingtheenviron-ment”andidentifyingthemainenergyandCO2driversonImplenia’ssites,productionplantsandproperties,onthebasisofwhichitwillintroducespecificoptimisationmeasures.Furthermore,withinthekeyareaof“CodeofConduct”,oneprojectgrouphasbeenworkingoncorporateandbehav-iouralguidelinesandhasputthemdowninwritinginaCodeofConduct.ThisCodeofConductwasdrawnupbasedontheconvictionthatagoodreputationisoneofImplenia’smostvaluableassetswhichisultimatelysustainedbytheconductofallstaff.StaffacrossthecompanywereintroducedtotheCodeofConduct.Impleniahasalsoprovidedstaffwithtrainingonthesubject.
SustainabilityofprojectsmeasurablethankstotransparentindicatorsQuantitativeandqualitativeindicatorsarerequiredtomonitortheachievementofsustainability-
relatedprojectgoals.Atthesametime,pioneeringdecisionsmustbetakenwithregardtosustainablebuildingsatanearlystageoftheplanningprocess.ForthisreasonImpleniareliesonits“Gesamtbe-wertungNachhaltigesBauen”,orGeNaB,(totalevaluationofsustainableconstruction),whichwasdrawnupbyitsownspecialists,fordevelopingandmonitoringprojects.Aprojectisevaluatedandoptimisedintermsof18criteria(seeTablepage25),whichinturnarebasedonrecommendation112/1–SustainableBuildingConstruction–issuedbytheSwissSocietyofEngineersandArchitects.Eachofthese18criteriaareevaluatedintermsofthreelevels(e.g.energyconsumption:0=legalminimum,1=Minergiestandard,2=MinergiePstandardandbetter;microclimate:0=exposedtonoise/principalarterialroads(PAR)lessthan200m,1=littlenoise/PARbetween200–500m,2=quiet/PARmorethan500m).Ineachcasethethreeindividualcriteriaaresubsequentlysummarisedinonecharacteristicandevaluated.The18individualcriteriathusbecomesixcharacteristics(seeFigurepage25)thatarethensummarisedinonetotalevaluation.ThisevaluationassumesanimportantroleintheinvestmentprocessasImpleniaonlyaimstorealiseprojectsthatcanclearlymeetorexceeditssustainabilitycriteria.
24-25
TheGeNaBprojectevaluationhasanumberofadvantages.Firstly,the18criterianecessitateanin-depthexaminationofsustainabilityissuesatanearlystageofaproject.Secondly,sustainabilityindicatorsrevealthedegreeoffulfilmentaswellastheoptimisationpotential.Finally,thetotalevalu-ationrevealsthequalityoftheprojectinrelationtotherequirementsforsustainablebuildingcon-struction.ItmustbenotedthatGeNaBdoesnotreplacethecreativeprojectdevelopmentprocessbutrathersupportsthedevelopmentprocessbyraisingcriticalquestions.
The18sustainabilitycriteriaaccordingtoGeNaB
Environment Business Society
Resources Costs Location & architecture
–Buildingmaterials/Pollutants–Energyrequirement–Climate/CO2
–Marketpricespectrum–Costmodel–Vacancyrate
–Attractiveness–Microclimate–Architecturalexpression
Ground Value retention Community
–Spatialplanning/Mobility–Grounduse–Ecologicalsystem/Biodiversity
–Marketdevelopment–Flexibilityofuse–Durability
–Generationmix–Acceptance/Participation–Comfort
Resources
Value retention
CostsLocation &
architecture
GroundCommunity
65
43
21
0
Totalevaluationofsustainableconstruction(GeNaB)withthesixcharacteristics
Working on the longest tunnel in the world. Impleniaemploy-eesaremakingakeycontributiontocompletingtheSedrun,FaidoandBodiosectionsofthemonu-mentalfeatofcivilengineering:theGotthardBaseTunnel.
FerdinandEibelknowsexactlyhowthe“PortaAlpina”(AlpineGate)mustfeel.Hegoespast iteverydayonhiswaytowork.Fromtheconstruc-tionsiterailwaystationatSedrun,theforemanfromFürstenfeldinStyria,Austria,travelssome1,000me-tresthroughablackabyssdeepintothecoreoftheTgommountain.Therehegetsintothelift:ittakeshimlittlemorethanaminutetoshootmorethan800metresverticallydownataspeedoftwelvemetres per second through pitch darkness andrushingair.JustlikegoingupintheliftattheBurjKhalifa,thehighestbuildingintheworldinDubai–butintheoppositedirection.TheGotthardBaseTunnelislocatedatthebottomoftheshaft,540metresabovesealevel.Sedrunisoneofthemostspectacularconstructionsitesofthismonumentalfeatofcivilengineering.
Shuttlingthroughtheshaft—Eibelboardstheconstructionrailwayinabrightlylitcaverndeepinsidethemountain,andheadsintotheeastboreholerighttothefrontofthetunnel,knownasthe
tunnel face.Nota jobforanyonewithclaustro-phobia.Freshair issucked innon-stopfromthesurfaceandcooledbywaterasitblowsdowntheshaftintothetwoboreholesbeforebeingdistrib-utedtothedifferentworkingareas.Thisservesasbreathableairandlowersthetemperaturetoapleasant24–28°C.Withoutcooling,theairwouldbeupto60°C.Everyhundredmetres, theearthgetsthreedegreeswarmer.Waterdripsfromtheceiling,rivuletsofwaterrundownthewallsandsometimesthewaterisankle-deep.Itistropicallyhumid.Workinginshifts,thetunnelminersblasttheirwaythroughtherock.Theyworkthreeshiftsaday,ideallymakingoneblastingpershift.Ageo-logicalfaultpreventstheuseoffasttunnelboringmachineslikethoseinFaidoorBodio.
Report|NEAT construction site at Sedrun
Picture right: Atthetunnelfaceinthewestboreholeminers
preparethenextblasting.Theyuseaspecialmachinetobore
uptoonehundredholes intherock,whichare laterfilled
withexplosives.
26-27
Story|Containerdorf Faido Sedrun
28-29
Hardworkunderground—Itwaschancethat ledFerdinandEibel toworkunderground.Ajoinerbytrade,hestartedlookingforabetterpaidjobyearsagoandendedupworkingon tunnelconstructionprojects.“And I’vebeendoingthiseversince,”hesays,shrugginghisshoulders.Themanwiththebroad,Styriandialecthasworkedonanumberoftunnelsovertheyears, includingthePlabutschTunnel inGrazor tunnels for theDortmundandNurembergundergroundrailways.EibelhasbeenworkingforImpleniainSedrunsince2007.He lives inthecontainervillageabovetheconstructionsite.Hehasmadehimselfathomein
hiscontainer,whichheconsidersagoodsolution:“Youarealoneandhaveeverythingyouneed.”
Thecanteen is thesocialhubofthecontainervillage.Herepeoplemeettoeat,haveachat,watchtelevision,playcardsortohaveacigaretteinthefumoir.Youcanbuycigarettesoraglassofhardliquoratthekiosk,whichiswherethefewwomenatthesitework.“Thereisaspiritofcamaraderie,butsomehowweareallvery independenthere,”saysEibel.He likesskiing inwinterandridinghismountainbikeinthesummer.HeandthreefellowAustrianshaveorganisedacarpool.Theytaketurnsdrivinghometovisitfamilyandfriendsforfourdaysaftereachten-dayshift.
“Thereisaspiritofcamara-derie,butsomehowweareallveryindependenthere.”FerdinandEibel,foreman
Picture left: FerdinandEibelisatunnellingforemaninSedrun.
HecomesfromStyriainAustria,atraditionalEuropeanmining
region.Above right:Oneofthetwofullyextendedemergency
stopsunderneathSedrun,wherepassengerscanleavethetrain.
EkremIslamihasashortcommutehome.Hemi-gratedfromMacedoniatoFribourgtwentyyearsago,wherehestill liveswithhiswifeandthreechildren.JustlikeFerdinandEibel,hestartedwork-ingintunnelconstructionbychance.“Multi-skilledelectricians”wereneededfortheLesVignesroadtunnel.EkremIslami,whohadtrainedandqualifiedasanelectricalengineerinhishomecountry,ap-pliedforthejob.HestartedoffatthebottomrungoftheladderinhisnewhomecountryanddidalotoffurthertraininguntilhisdegreewasrecognisedinSwitzerland.
Electricityastheelixiroflife—IslamihasbeeninSedrunsince1998.Asheadoftheelectricalworkshop,the Impleniaprofessionalhashisownofficecontainer.Countlesstechnicaldrawingshangonthewalls.“Tunnelconstructionwouldgrindtoahaltwithoutelectricity,”hesays.Lighting,drills,transport systems suchas conveyerbelts, stonecrushers togrindout the stone, ventilationandcoolingsystems–theentirenervoussystemofanundergroundconstructionsiteisoperatedbyelec-tricity. Islamiandhiscrewinstall,expand,repairandmaintainthisinfrastructure.Theydraw16,000voltmedium-voltagecablesfromthesurfacedowntheshaftallthewaytotheboringsites.Theyuseafibre-opticnetworkforcommunicationandtooperateallpossibletypesofdevice.
“Nothingwouldworkwith-outelectricity–fromthelightingtothestonecrusher.”EkremIslami,headoftheelectricalworkshop
Picture above left: Inordertopreventfallingrockthetunnel
is immediatelysprayedwithconcrete.Right:EkremIslami,
originallyfromMacedonia,hasworkedhiswayuptoheadof
theelectricalworkshop.
31-3130-31
32-33
FerdinandEibelandEkremIslamiarejusttwoofsome500employeesworking inSedrun,whomconstructionsitemanagerChristianKrauerfromImpleniamanageseveryday.“Weareamulticul-turalsocietymadeupofdifferentnationalitiesandethnicgroupsandonebigfamily,”saystheboss.Everyonereliesoneachotherdowninthehole:KosovarsonSerbs,GermansonAustrians,ItaliansonPortuguese.Manyminersoriginatefromtradi-tionalminingregionssuchasFriaulorThuringia.There iscompetitionfortheofficialconstructionsite languageof Italian.AlongsideAustriansandSwiss, theminersfromformerEastGermany justaboutconstituteaGerman-speakingmajority.“Ourconstructionsiteisnowbilingual,”jokesKrauer.
NobodyreceivespreferentialtreatmentItisKrauer’sjobtoensurethatallprocessesonthemainconstructionsiterunsmoothly:“Idealwithengineering issues,negotiatewiththeprincipalsandamthepersonourminerscometowiththeirworriesandneeds.”Hehimselfregularlygoesdowntotheface,greetingandexchangingafewwordswitheveryonehemeets:“Everybodyshouldbe
abletotalktome,evenifjustbriefly.”Thehighestofdemandsareplacedontheworkers.Krauer isastrictbutfairmanager.Nonationalityreceivespreferentialtreatment.Safetyisahighpriority:fore-menandemployeesinkeyfunctions,suchasthedriversoftheconstructionrailway,receiveregularsafetytraining.
Picture left: ConstructionsitemanagerChristianKrauerstand-
inginfrontofthesheerrockfaceafterablasting.Aplacewhere
noonehaseverbeenbefore.Above left: Queuingupforthe
lift.Above right: SaintBarbara,thepatronsaintofminers,
watchesoverthematthebaseoftheshaft.
“Weareamulticulturalsocietyandonebigfamily.”ChristianKrauer,constructionsitemanager
Themonumentalfeatofcivilengineering:theGotthardBaseTunnel
TheGotthardBaseTunnelisthecenterpieceoftheNewAlpineTransverse(NEAT).Theprincipaloftheworld’s longest railway tunnel (57 kilometres) isAlpTransitGotthard,awhollyownedsubsidiaryofSwiss Federal Railways SBB. The tunnel comprisestheErstfeld,Amsteg,Sedrun,FaidoandBodiosec-tions.Constructionisbeingcarriedoutbyconsortiaofanumberofcompanies.Overseenby Implenia,the consortia TRANSCO and TAT Sedrun are re-sponsibleforconstructingthreeofthefivetunnels:Sedrun,FaidoandBodio.At8.6kilometres,Sedrun(TRANSCO) is the shortest section of the tunnel,albeit themost complex,as thereare somemajorlogisticalchallengesthathavetobeovercome:theboringsitesdeep insidethemountainareonlyac-cessiblefromSedrunviaa1,000-metreaccesstun-nelandtwo800-metreverticalshafts.
WorkstartedontheGotthardBaseTunnelin1996.The engineers expect to break through the facebetween Sedrun and Faido in autumn 2010. Thecompletedtunnelisscheduledtobeputintoopera-tion in2017. Includingallcrosswaysandconnect-ingtunnels,atotalof153.5kmoftunnelsisunderconstruction. The tunnel from Erstfeld to Bodio,whichisatthesameelevationasthecityofBerne(540 metres above sea level), will cut travel timefromZurich toMilanby60minutes to2.4hours.Trainswilltravelatamaximumspeedof250km/hinthetunnel.
Despiteall thetechnicalprogress,surprisesarepartoftunnelbuilding life.Whilegeologistscanpredictthecompositionoftherock,theycan’tx-raythemountain.Nobodyknowswhat’sbehindthenextmetreofrock.“Youcanmakegoodmaterialprovisionforeventssuchasfallingrockorcuttingintoawaterartery,”saysKrauer.Butit’suptoSaintBarbara,thepatronsaintofminers,toprovidepro-tectionagainstanythingmoreserious.Herstatuestandsatthebaseoftheshaftinasmallchamberintherock.Thetunnelminershavepresentedherwithalotofflowers.Krauerhasobservedadherentsofotherreligionscrossingthemselveswhentheypassbyher:“Barbaraiswhatconnectsusalldownhere.”
Picture above left: ForzaItaliacheekbyjowlwithPortugal
andGermany:DuringtheWorldCup,thetunnelminersflew
theflagsoftheirhometeamsintheconstructionsitevillage.
Right: ThecanteenisthesocialhubfortheSedrunworkers.
35-35
A project with impact. Thecon-structionoftheNEATtunnelisnotonlyhavinganimpactonexternaltargetgroups,butoninternalonesaswell.WhatdoestheGotthardconstructionsitemeantostaffinthevariousImpleniadivisions?
Sustainabilityisatoppriority“WiththeNEATprojectwehavenotonlycreatedastructurethatwillhaveamajorinfluenceonthesustainabilityofmobilityinourcountrybuthavealsointheprocessfollowedtheprinciplesoffullysustainableconstruction,suchastheefficientuseofnaturalresources.”StéphaneDufour,ProjectManagerRealEstate
Ourvisioninaction“ImpleniaisdevelopingandbuildingtheSwitzerlandoftomorrow–theNEATprojectistestimonytothisvision.Onceagainwehavedemonstratedourpowersofinnovationandoursustainability.”AlainPerrenoud,GroupManagementRealEstate,RegionalManagerGeneralContracting
In demand| Quotes from staff about the NEAT
Respectforextraordinaryperformance“Ihavethegreatestrespectformycolleagueswhoareworkingontherealisationofsuchasignificantandcomplexproject.WhatIfindespeciallyimpressiveistheproject’stimehorizonofalmost20years.Sophisticatedplanningandcoordinationeffortsareneed-edtoensureitgoesintooperationonschedulein2017.”ErnstWaldburger,BranchOfficeManager,InfrastructureConstructionDivision
Onemajorproject–onecompany“Whatfascinatesmeaboutthisprojectisthesuccessfulcollabora-tionbetweenstafffromallovertheworldwho,aspartofConsorzioTATandTRANSCO-Sedrun,areaccomplishingsomethinggreatandhavebroughttolifeourcompany’smotto“Onecompany,onegoal,onespirit.”DanieleGimnetti,ProjectManagement,IndustrialConstruction
Excellentreference“TheNEATisaconstructionprojectwithinternationalimpactandanimportantreferenceprojectforImplenia,whichhasassumedamajorroleinthetechnicalmanagementofthemainsections.Impleniacanproudlypublicisethistremendousachieve-mentaspartofitsexpansionabroadandbydoingsoproveitsexpertiseintunnelconstructionandinthemanagementofmajorprojects.”RolandDubach,HeadofFinance&Controlling,CorporateCenter
Know-howandteamworkgohandinhand“Thisprojectinvolvesextremelyhightechnical,logisticalandper-sonalchallenges.ButnotonlygoodcoordinationbutalsoworkingforandwitheachotherontheNEATconstructionsitecanbeafabulousexampleforallofus!”SusannePellnitz,SiteManagement,InfrastructureConstructionDivision
36-37
38-39Financial Report 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 state-
ments 46 – Notes to the consolidated financial statements of Implenia 48
consolidated financial statements of the implenia group
1.1.–30.6.2010 1.1.–30.6.2009Notes CHF 1,000 CHF 1,000
Consolidated revenue 3 1,062,862 1,039,534
Materials and sub-contractors (629,681) (615,501)
Staff costs (319,022) (315,640)
Other operating expenses (79,713) (79,058)
Depreciation and amortisation (17,249) (18,657)
Income from associates 2,173 (208)
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
Attributable to:
Shareholders of Implenia AG 12,099 5,851
Non-controlling interests 369 337
Basic earnings per share (CHF)
Continuing operations 0.68 0.32
The accompanying notes form part of the consolidated financial statements.
consolidated income statements
40-41
1.1.–30.6.2010 1.1.–30.6.2009CHF 1,000 CHF 1,000
Consolidated profit 12,468 6,188
Foreign exchange differences (8,252) 1,418
Consolidated comprehensive income 4,216 7,606
Attributable to:
Shareholders of Implenia AG 3,847 7,269
Non-controlling interests 369 337
consolidated comprehensive income
consolidated financial statements of the implenia group
consolidated balance sheets
ASSETS 30.6.2010 31.12.2009 30.6.2009Notes CHF 1,000 CHF 1,000 CHF 1,000
Cash and cash equivalents 5 248,674 128,749 105,101
Marketable securities 1,390 1,042 1,121
Trade receivables 6 500,740 408,903 447,324
Work in progress 7 266,513 246,836 256,455
Joint ventures 8 17,479 2,613 14,867
Other receivables 25,766 20,809 22,875
Raw materials 19,695 20,754 19,544
Real estate transactions 9 169,913 168,732 169,222
Prepaid expenses and accrued income 25,225 25,812 19,248
Total current assets 1,275,395 1,024,250 1,055,757
Property, plant and equipment 10 215,733 222,574 223,685
Investments in associates 34,599 36,274 32,201
Other financial investments 14,760 15,755 14,087
Pension assets 8,816 5,177 5,470
Intangible assets 11 74,296 75,269 76,251
Deferred tax assets 4,393 2,495 1,244
Total non-current assets 352,597 357,544 352,938
Total assets 1,627,992 1,381,794 1,408,695
The accompanying notes form part of the consolidated financial statements.
42-43
consolidated balance sheets(continued)
EQUITY AND LIABILITIES 30.6.2010 31.12.2009 30.6.2009Notes CHF 1,000 CHF 1,000 CHF 1,000
Financial liabilities 12 3,196 42,180 78,620
Trade payables 246,831 240,579 257,512
Work in progress 7 512,895 477,452 440,984
Joint ventures 8 40,131 45,113 52,593
Other current liabilities 34,054 37,018 33,086
Current tax payables 10,326 7,007 4,951
Prepaid income and accrued expenses 82,328 64,510 83,218
Provisions 13 – – 638
Total current liabilities 929,761 913,859 951,602
Financial liabilities 12 198,098 673 1,261
Deferred tax liabilities 30,301 30,299 20,387
Provisions 13 11,916 10,623 8,779
Total non-current liabilities 240,315 41,595 30,427
Share capital 14 64,652 64,652 73,888
Treasury shares 14 (15,134) (38,890) (8,059)
Reserves 390,010 348,757 349,840
Net profit attributable to shareholders 12,099 45,918 5,851
Share capital and reserves attributable to shareholders 451,627 420,437 421,520
Non-controlling interests 6,289 5,903 5,146
Total equity 457,916 426,340 426,666
Total equity and liabilities 1,627,992 1,381,794 1,408,695
The accompanying notes form part of the consolidated financial statements.
consolidated financial statements of the implenia group
statement of changes in consolidated equity
Reserves
Share capital Treasury shares Capital reservesRevaluation
reserve
Foreign exchange
differencesRetained earnings
Total shareholders’
equityNon-controlling
interests Total equity
Notes 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
Equity as at 1.1.2010 64,652 (38,890) 127,120 2,906 (4,302) 268,951 420,437 5,903 426,340
Consolidated comprehensive income (8,252) 12,099 3,847 369 4,216
Dividends – – – – – – – – –
Par-value repayments 16 – – – – – – – – –
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
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
Consolidated comprehensive income 1,418 5,851 7,269 337 7,606
Dividends – – – – – – – (174) (174)
Par-value repayments 16 – – – – – – – – –
Change in treasury shares – (2,747) – – – (2,260) (5,007) – (5,007)
Share-based payment – – – – – 1,003 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)
Total equity as at 30.6.2009 73,888 (8,059) 127,120 2,906 (2,725) 228,390 421,520 5,146 426,666
The accompanying notes form part of the consolidated financial statements.
44-45
Reserves
Share capital Treasury shares Capital reservesRevaluation
reserve
Foreign exchange
differencesRetained earnings
Total shareholders’
equityNon-controlling
interests Total equity
Notes 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
Equity as at 1.1.2010 64,652 (38,890) 127,120 2,906 (4,302) 268,951 420,437 5,903 426,340
Consolidated comprehensive income (8,252) 12,099 3,847 369 4,216
Dividends – – – – – – – – –
Par-value repayments 16 – – – – – – – – –
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
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
Consolidated comprehensive income 1,418 5,851 7,269 337 7,606
Dividends – – – – – – – (174) (174)
Par-value repayments 16 – – – – – – – – –
Change in treasury shares – (2,747) – – – (2,260) (5,007) – (5,007)
Share-based payment – – – – – 1,003 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)
Total equity as at 30.6.2009 73,888 (8,059) 127,120 2,906 (2,725) 228,390 421,520 5,146 426,666
The accompanying notes form part of the consolidated financial statements.
consolidated financial statements of the implenia group
consolidated cash flow statements
1.1.–30.6.2010 1.1.–30.6.2009Notes CHF 1,000 CHF 1,000
Consolidated profit for the year 12,468 6,188
Depreciation and amortisation 17,249 18,657
Changes in pension assets (3,639) 1,126
Other positions without impact on liquidity 17 (9,108) (2,330)
Distributions from associates 2,118 2,503
Profit on sale of fixed assets (1,159) (73)
Change in current assets 17 (66,821) (22,399)
Interest paid (1,316) (449)
Interest received 1,607 364
Taxes paid (1,948) (1,628)
Cash flow from operating activities (50,549) 1,959
Investments in property, plant and equipment 10 (16,455) (17,493)
Disposals of property, plant and equipment 10 1,983 3,484
Investments in other financial investments and associates (1,036) (518)
Disposals of other financial investments 4,566 5,690
Investments in intangible assets 11 (17) (261)
Disposals of intangible assets 11 – –
Cash flow from investment activities (10,959) (9,098)
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 16 – –
Non-controlling interests (change in scope of consolidation, dividens paid) 160 (174)
Cash flow from financing activities 178,771 (6,977)
Foreign exchange differences 2,662 853
Change in cash and cash equivalents 119,925 (13,263)
46-47
consolidated cash flow statements(continued)
1.1.–30.6.2010 1.1.–30.6.2009Notes CHF 1,000 CHF 1,000
Cash and cash equivalents at the start of the period 5 128,749 118,364
Cash and cash equivalents at the end of the period 5 248,674 105,101
Change in cash and cash equivalents 119,925 (13,263)
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 6,549 9,174
Free cash flow (61,508) (7,139)
The accompanying notes form part of the consolidated financial statements.
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 non-binding 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 Pricewater-houseCoopers AG, Zurich
Unless indicated otherwise, the figures in the interim financial statements are presented in thousands of Swiss francs.
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 Re-port. 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 dur-ing 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 Sepa-
rate 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. Amend-ments 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.
48-49
The following new standards, as well as amendments to and interpretations of existing standards, were intro-duced 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
2.1 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.
consolidated financial statements of the implenia group
notes to the consolidated financial statements of the implenia group
2.2 Change in scope of consolidation
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).
Following the dissolution of the joint venture in Russia, Implenia acquired the partner’s stake (50% of Rus-sian 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.
50-51
2.2 Change in scope of consolidation (continued)
Net assetsCHF 1,000
Cash and cash equivalents 160
Trade receivables –
Other receivables –
Work in progress and inventories –
Real estate transactions –
Prepaid expenses and accrued income 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 290
Purchase Price –
Fair Value of equity 290
Net assets (290)
Profit from sale of subsidiaries –
Cash received 160
Cash paid –
Net inflow of cash 160
consolidated financial statements of the implenia group
notes to the consolidated financial statements of the implenia group
2.3 Consolidation principles
The annual reporting period of the single-entity financial statements ends on 31 December. The interim report is drawn up as at 30 June.
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 stand-ard 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.
Investments in joint ventures are accounted for using the equity method.
2.3.1 Factors affecting the comparability of annual resultsImplenia 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 posi-tions “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”.
52-53
2.4 Segment reporting
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:
2.4.1 Real EstateThe 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 implementa-tion, to operational optimisation and promotion.
2.4.1.1 General Contracting / Services This business area includes activities such as the general contracting of projects, general and total contract-
ing 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 comprehen-
sive network of relationships with banks and investors looking for investment opportunities in the real estate sector.
2.4.2 Infra Construction WorksInfra 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 compe-
tences 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.
consolidated financial statements of the implenia group
notes to the consolidated financial statements of the implenia group
2.4.4 Miscellaneous / HoldingThis 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 “Miscellane-ous / Holding”. These include Risk Management, Accounts Department, Treasury, Group Controlling, Corpo-rate 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.
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.
54-55
2.5 Foreign currencies The consolidated financial statements of the Implenia Group are denominated in Swiss francs (CHF). The func-tional 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. Trans-actions 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 invest-ments 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 com-prehensive 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 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.
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
3 Segment reporting
Segment reporting as submitted to the Board of Directors asat 30 June 2010
Real Estate IIC
Gen. con./servicesReal Estate
(Project dev.)
Infrastructure Construction
Works
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 CHF 1,000 CHF 1,000 CHF 1,000
Segment revenues 501,214 72,959 534,776 82,811 3,641 1,195,401 30,630 1,226,031
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
of which goods 10,319 37,901 7,090 262 – 55,572 – 55,572
Operating income before non-recurring items, as calculated internally 6,137 10,264 (6,695) 11,462 (2,103) 19,065 (2,229) 16,836
Operating income includes:
Depreciation on property, plant and equipment (16,257)
Writedowns on financial assets (1)
Income from associates 2,173
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
Total assets 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)
56-57
3 Segment reporting
Segment reporting as submitted to the Board of Directors asat 30 June 2010
Real Estate IIC
Gen. con./servicesReal Estate
(Project dev.)
Infrastructure Construction
Works
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 CHF 1,000 CHF 1,000 CHF 1,000
Segment revenues 501,214 72,959 534,776 82,811 3,641 1,195,401 30,630 1,226,031
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
of which goods 10,319 37,901 7,090 262 – 55,572 – 55,572
Operating income before non-recurring items, as calculated internally 6,137 10,264 (6,695) 11,462 (2,103) 19,065 (2,229) 16,836
Operating income includes:
Depreciation on property, plant and equipment (16,257)
Writedowns on financial assets (1)
Income from associates 2,173
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
Total assets 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)
Notes to the consolidated financial statements of the Implenia Group
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./servicesReal Estate
(Project dev.)
Infrastructure Construction
Works
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 CHF 1,000 CHF 1,000 CHF 1,000
Segment revenues 512,930 39,098 504,694 70,672 507 1,127,901 27,196 1,155,097
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
of which goods 24,172 28,523 5,171 230 – 58,096 1 58,097
Operating income before non-recurring items, as calculated internally 9,064 4,191 (7,362) 13,163 (2,985) 16,071 (2,486) 13,585
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 106 2 13,508 3,655 – 17,271 484 17,755
Total assets 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)
58-59
3 Segment reporting (continued)
Segment reporting as submitted to the Board of Directors as at 30 June 2009
Real Estate IIC
Gen. con./servicesReal Estate
(Project dev.)
Infrastructure Construction
Works
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 CHF 1,000 CHF 1,000 CHF 1,000
Segment revenues 512,930 39,098 504,694 70,672 507 1,127,901 27,196 1,155,097
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
of which goods 24,172 28,523 5,171 230 – 58,096 1 58,097
Operating income before non-recurring items, as calculated internally 9,064 4,191 (7,362) 13,163 (2,985) 16,071 (2,486) 13,585
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 106 2 13,508 3,655 – 17,271 484 17,755
Total assets 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)
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
3 Segment reporting (continued)
30.6.2010 30.6.2009CHF 1,000 CHF 1,000
Reconciliation of total segment assets to total assets 1,627,992 1,410,585
IFRIC 15 restatement – (1,890)
Total assets 1,627,992 1,408,695
Reconciliation of total segment liabilities to total liabilities (1,170,076) (982,029)
IFRIC 15 restatement – –
Total current and non-current liabilities (1,170,076) (982,029)
Reconciliation of operating income before non-recurring costs to consolidated profit
Operating income before non-recurring items, as calculated internally 16,836 13,585
Non-recurring costs Laxey – (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)
Financial income 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
The difference between pension costs for the 2010 financial year calculated in accordance with IAS 19 “Em-ployee Benefits” and pension expense calculated in accordance with the Federal Law on Occupational Retire-ment, 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.
60-61
3 Segment reporting (continued)
Implenia Ltd. is domiciled in Switzerland. Revenue from third parties generated by companies domiciled in Swit-zerland 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). Rev-enue with this customer was generated in the GC / Services and Infrastructure Construction Works segments.
4 Financial income and expense
30.6.2010 30.6.2009CHF 1,000 CHF 1,000
Financial expense
Interest expense 1,823 1,588
Bank charges 286 239
Financial guarantees fixed costs 621 284
Other financial expense 1,641 926
Foreign exchange losses 2,043 (100)
Total 6,414 2,937
Financial income
Interest income 295 456
Income from marketable securities 227 578
Other financial income 1,773 410
Foreign exchange gains 897 211
Total 3,192 1,655
Net financial income / expense (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.
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
5 Cash and cash equivalents
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
Cash 483 398
Bank and Post Office accounts 227,218 113,746
Other cash equivalents 20,973 14,605
Total 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
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
Customers 405,568 338,714
Joint ventures 70,003 49,597
Associates 3,887 999
Related parties – 683
Guarantee retentions 33,856 31,513
Value adjustment for doubtful receivables (12,574) (12,603)
Total 500,740 408,903
Allowance is made for receivables that are in arrears by taking specific and general value adjustments calcu-lated 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.
62-63
6 Trade receivables (continued)
Value adjustment for doubtful receivables
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
1 January 12,603 12,539
Added 3,324 8,301
Applied (78) (1,685)
Reversed (3,131) (6,552)
Foreign exchange differences (144) –
Total 12,574 12,603
Age breakdown of receivables 2010
Overdue
Book Value
30.6.2010 Not due1–30 days
31–60 days
61–90 days >90 days
CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000
Customers 405,568 268,948 36,401 20,031 5,116 75,072
Joint ventures 70,003 39,371 9,130 3,142 1,893 16,467
Associates 3,887 3,129 297 422 – 39
Related parties – – – – – –
Total 479,458 311,448 45,828 23,595 7,009 91,578
Guarantee retentions 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.
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
6 Trade receivables (continued)
Age breakdown of receivables 2009
Overdue
Book Value
31.12.2009 Not due1–30 days
31–60 days
61–90 days >90 days
CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000
Customers 338,714 216,794 31,290 12,411 9,804 68,415
Joint ventures 49,597 26,172 4,281 3,577 3,336 12,231
Associates 999 694 9 – – 296
Related parties 683 – – – – 683
Total 389,993 243,660 35,580 15,988 13,140 81,625
Guarantee retentions 31,513
Value adjustment for doubtful receivables (12,603)
Total 408,903
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.
64-65
7 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.
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
Margins and costs incurred from the start of projects, and future losses related to work in progress: 5,989,047 5,122,058
Invoiced to customers since the start of the project (6,235,429) (5,352,674)
Net receivables from customers (net debt owed to customers) (246,382) (230,616)
Presentation in balance sheet (by project):
Work in progress – Assets 266,513 246,836
Work in progress – Liabilities (512,895) (477,452)
Balance sheet item (246,382) (230,616)
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
8 Joint ventures
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. Distri-butions 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 2010
Net asset 2009
Net liability 2010
Net liability 2009
CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000
As at 1.1 2,613 13,642 45,113 54,968
Change 14,866 (11,029) (4,982) (9,855)
Total 17,479 2,613 40,131 45,113
Net amount receivable from (payable to) joint ventures
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
Joint ventures, assets 17,479 2,613
Joint ventures, liabilities (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
66-67
Implenia’s share in partnership assets, liabilities, revenue and expenses is as follows:
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
Current assets 312,931 337,401
Non-current assets 66,217 80,154
Total assets 379,148 417,555
Current liabilities 337,722 361,382
Non-current liabilities 10,706 10,981
Equity 30,720 45,192
Total equity and liabilities 379,148 417,555
Revenue 3,083,588 3,055,527
Expenses (3,052,868) (3,010,335)
Profit or loss 30,720 45,192
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%
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
9 Real estate transactions
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
Cost of acquisition as at 1.1 181,556 196,417
Additions 28,100 88,317
Disposals (28,719) (103,104)
Reclassifications 13,525 –
Foreign exchange differences (3,036) (74)
Cumulative cost of acquisition 191,426 181,556
Cumulative value adjustments as at 1.1 (12,824) (16,260)
Additions – –
Disposals 741 3,434
Reclassifications (9,595) –
Foreign exchange differences 165 2
Cumulative value adjustments (21,513) (12,824)
Net carrying amount 169,913 168,732
of which pledged 15,267 19,691
of which capitalised borrowing expense – –
The gain / loss on real estate sales during the period is as follows:
Sale proceeds 48,362 136,823
Carrying amount of assets sold (27,978) (99,670)
Gain / loss on real estate1 20,384 37,153
1 Excluding the expense of the Real Estate segment
68-69
10 Property, plant and equipment
Property Plant Equipment, IT Total
CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000
30.6.2010
Cost of acquisition at 1.1.2010 135,155 48,322 243,360 426,837
Additions 2,451 841 13,163 16,455
Disposals (3,402) (57) (6,113) (9,572)
Reclassifications (13,525) – – (13,525)
Foreign exchange differences (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 (47,146) (26,339) (130,778) (204,263)
Additions (2,141) (1,420) (12,696) (16,257)
Disposals 1,863 3 5,378 7,244
Reclassifications 9,595 – – 9,595
Foreign exchange differences 146 639 1,317 2,102
Cumulative depreciation as at 30.6.2010 (37,683) (27,117) (136,779) (201,579)
Net carrying amount as at 30.6.2010 82,656 21,172 111,905 215,733
of which finance leases – – 325 325
of which pledged 39,233 – – 39,233
of which under construction 8,022 – – 8,022
of which capitalised borrowing expense – – – –
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
10 Property, plant and equipment (continued)
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 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)
Reclassifications 506 152 (658) –
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
Reclassifications (182) (121) 303 –
Foreign exchange differences 1 – 8 9
Cumulative depreciation as at 31.12.2009 (47,146) (26,339) (130,778) (204,263)
Net carrying amount as at 31.12.2009 88,009 21,983 112,582 222,574
of which finance leases – – 2,247 2,247
of which pledged 35,406 – – 35,406
of which under construction 5,806 – – 5,806
of which capitalised borrowing expense – – – –
No interest was capitalised in the “Property, plant and equipment” position (2009: none).
70-71
10 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 bal-ance sheet date):
Future minimum lease instalment
Net present value minimum lease instalment
2010 2009 2010 2009CHF 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
Operating leases: Future minimum lease instalments for non-terminable leases and lease-like contracts:
Future minimum lease instalment
2010 2009CHF 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).
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
11 Intangible assets
IT Projects
Licences and
softwareTrade-marks
Customer list and
order book Goodwill Total
CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000
Cost of acquisition at 1.1.2010 3,812 3,666 2,881 13,290 69,193 92,842
Additions – 17 – – – 17
Disposals – – – – – –
Foreign exchange differences – (1) – – – (1)
Cumulative cost of acquisition as at 30.6.2010 3,812 3,682 2,881 13,290 69,193 92,858
Cumulative depreciation as at 1.1.2010 (3,812) (3,329) (2,482) (7,950) – (17,573)
Additions – (111) (100) (779) – (990)
Disposals – – – – – –
Foreign exchange differences – 1 – – – 1
Cumulative depreciation as at 30.6.2010 (3,812) (3,439) (2,582) (8,729) – (18,562)
Net carrying amount as at 30.6.2010 – 243 299 4,561 69,193 74,296
of which pledged – – – – – –
of which with unlimited useful life – – – – 69,193 69,193
Residual life (years) – 2 2 3 n.a. –
72-73
11 Intangible assets (continued)
IT Projects
Licences and
softwareTrade-marks
Customer list and
order book Goodwill Total
CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000
Cost of acquisition at 1.1.2009 3,812 3,395 2,881 13,290 69,193 92,571
Additions – 271 – – – 271
Disposals – – – – – –
Foreign exchange differences – – – – – –
Cumulative cost of acquisition as at 31.12.2009 3,812 3,666 2,881 13,290 69,193 92,842
Cumulative depreciation as at 1.1.2009 (3,600) (3,110) (2,282) (6,391) – (15,383)
Additions (212) (219) (200) (1,559) – (2,190)
Disposals – – – – – –
Foreign exchange differences – – – – – –
Cumulative depreciation as at 31.12.2009 (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. –
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
12 Current and non-current financial liabilities
30.6.2010 31.12.2009CHF 1,000 CHF 1,000
As at 1.1 42,853 81,677
Additions 488,462 647,876
Disposals (330,075) (686,700)
Change in scope of consolidation 54 –
Total financial liabilities 201,294 42,853
Due dates:
Current financial liabilities (less than one year) 3,196 42,180
Non-current financial liabilities (between 1 and 5 years) 198,098 673
Total financial liabilities 201,294 42,853
of which finance leases 531 854
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.
In addition, Implenia has bilateral loan agreements with various banks worth CHF 29.4 million (2009: CHF 34.5 million).
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%.
74-75
13 Current and non-current provisionsPerform-
ance guaran-
t eesOnerous
contractsIntegra-
tion costs Litigation
Repair and
legacy claims 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
Balance as at 1.1.2010 3,688 575 – 3,613 1,771 976 10,623
Added – – – 200 1,005 247 1,452
Applied – – – – – (7) (7)
Reversed – – – – – – –
Reclassifications – – – – – – –
Foreign exchange differences (31) 1 – (3) – (119) (152)
Total provisions 30.6.2010 3,657 576 – 3,810 2,776 1,097 11,916
of which non-current – – – – – – –
31.12.2009
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)
Reclassifications – – (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.
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
14 Share capital
31.12.2008Change
2009 31.12.2009Change
2010 30.6.2010Number of
sharesNumber of
sharesNumber of
sharesNumber of
sharesNumber of
shares
Total number of Implenia AG shares 18,472,000 – 18,472,000 – 18,472,000
Shares reserved for equity-linked remuneration – 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)
31.12.2008Change
2009 31.12.2009Change
2010 30.6.2010Par value of
sharesPar value of
sharesPar value of
sharesPar value of
sharesPar value of
shares
Share capital 73,888 (9,236) 64,652 – 64,652
Treasury shares (656) (4,686) (5,342) 3,302 (2,040)
Total share capital outstanding 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).
76-77
15 Earnings per share
30.6.2010 30.6.2009
Data for calculating earnings per share:
Net profit attritbutable to shareholders CHF 1,000 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
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 outstand-ing. 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 pay-ment was made on 6 July 2010. The balance sheet shown as at 30 June 2010 does not reflect the par value repayment.
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
17 Details on the consolidated cash flow statement
30.6.2010 30.6.2009CHF 1,000 CHF 1,000
Change in receivables (96,794) (49,561)
Changes in work in progress (net), raw materials 16,825 (13,295)
Change in real estate transactions 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
Total change in working capital (66,821) (22,399)
30.6.2010 30.6.2009CHF 1,000 CHF 1,000
Result from associates (1,568) –
Change in deferred tax (2,392) 341
Change in provisions 553 (1,618)
Result from joint ventures and change in other positions (5,701) (1,053)
Total changes in other positions without impact on liquidity (9,108) (2,330)
Cash flow from operating activitiesCash 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 activitiesCash flow from investing activities mainly includes consolidated cash flow from the purchase and sale of prop-erty, 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.
78-79
17 Details on the consolidated cash flow statement (continued)
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 Balance sheet closing rate
2010 2009 30.6.2010 31.12.2009
European Union 1 EUR CHF 1.41 CHF 1.51 CHF 1.32 CHF 1.49
Ivory Coast 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
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
20 Key fully consolidated companies
NameShare-
holding Registered office Country Currency Capital SegmentActive / Inactive Held by
Balduin Weisser AG 100% Basel CH CHF 1 750 000 Overheads Holding Company and Miscellaneous Inactive Implenia Immobilien AGBâtiments industriels du Haut-Rhin Sàrl 100% Mulhouse F EUR 195 000 Overheads Holding Company and Miscellaneous Inactive Implenia AGDéveloppements transfrontaliers SA 100% Lyons F EUR 14 663 800 Real Estate Active Implenia Development AGGebr. Ulmer GmbH 100% Bruchsal D EUR 25 565 Overheads Holding Company and Miscellaneous Inactive Implenia AGGravière de La Claie-aux-Moines S.A. 66.67% Savigny CH CHF 1 500 000 Infra Construction Works Active Implenia AGGust. Stumpf GmbH 100% Bruchsal D EUR 1 533 876 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHGust. Stumpf Verwaltungs GmbH & Co KG 100% Bruchsal D EUR 511 292 Overheads Holding Company and Miscellaneous Inactive Implenia AGImplenia (Tessin) AG 100% Lugano CH CHF 150 000 Infra Construction Works Active Implenia AGImplenia Bau AG 100% Geneva CH CHF 40 000 000 Infra + Tunnel, TC Construction Works Active Implenia AGImplenia Bau GmbH 100% Rümmingen D EUR 2 556 459 Infra Construction Works Active Implenia Holding GmbHImplenia Generalunternehmung AG 100% Basel CH CHF 20 000 000 General Contracting / Services Active Implenia AGImplenia Development AG 100% Dietlikon CH CHF 30 000 000 Real Estate Active Implenia AGImplenia Global Solutions AG 100% Dietlikon CH CHF 100 000 Global Solutions Active Implenia AGImplenia Holding GmbH 100% Rümmingen D EUR 3 067 751 Infra Construction Works Active Implenia Immobilien AGImplenia Immobilien AG 100% Dietlikon CH CHF 30 600 000 Real Estate Active Implenia AGImplenia Investment Management AG 100% Dietlikon CH CHF 100 000 Real Estate Active Implenia AGImplenia Italia S.p.A. 100% Basiliano I EUR 250 000 Global Solutions Active Implenia Bau AGImplenia Management AG 100% Dietlikon CH CHF 500 000 Overheads Holding Company and Miscellaneous Active Implenia AGImplenia Österreich GmbH 100% Vienna A EUR 35 000 Tunnel + TC Construction Works Active Implenia AGM.F. Wachter Bauunternehmung GmbH 100% Stuttgart D EUR 1 000 000 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHReprojet AG 100% Zurich CH CHF 100 000 Infra Construction Works Active Implenia AGReuss Engineering AG 100% Dietlikon CH CHF 100 000 General Contracting / Services Active Implenia AGRussian Land Implenia Holding Ltd.1 100% Nicosia CY EUR 3 001 Global Solutions Active Implenia AGRussian Land Implenia Ltd.1 100% Moscow RU RUB 70 000 000 Global Solutions Active Russian Land Implenia Holding Ltd.SAPA, Société Anonyme de Produits Asphaltiques 75% Satigny CH CHF 500 000 Infra Construction Works Active Implenia AGSisag AG 100% Abidjan CI XOF 492 000 000 Infra Construction Works Active Implenia AGSocarco Bénin Sàrl1 100% Cotonou BJ XOF 1 000 000 Infra Construction Works Active SISAGSocarco Burkina Sàrl1 100% Burkina BF XOF 10 000 000 Infra Construction Works Active SISAGSocarco Mali Sàrl 100% Bamako RMM XOF 100 000 000 Infra Construction Works Active SISAGSonnrain Wohnbau GmbH 100% Rümmingen D EUR 255 646 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHStrassen und Tiefbau AG 100% Vaduz FL CHF 50 000 Overheads Holding Company and Miscellaneous Inactive Implenia Immobilien AGStuag Bauunternehmung GmbH 100% Rümmingen D EUR 306 775 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHSwiss Overseas Engineering Company 100% Geneva CH CHF 200 000 Overheads Holding Company and Miscellaneous Inactive Implenia AGTetrag Automation AG 100% Dietlikon CH CHF 100 000 General Contracting / Services Active Implenia AGTrachsel AG 100% Heimberg CH CHF 100 000 Infra Construction Works Active Implenia AGZschokke Construction Sàrl 100% Lyons F EUR 76 225 Infra Construction Works Active Zschokke France SAZschokke Développement SA 100% Lyons F EUR 457 347 Overheads Holding Company and Miscellaneous Inactive Zschokke France SAZschokke France SA 100% Lyons F EUR 914 694 Overheads Holding Company and Miscellaneous Inactive Implenia AGZschokke GmbH Leipzig 100% Leipzig D EUR 1 022 584 Overheads Holding Company and Miscellaneous Inactive Zschokke Holding Deutschland GmbHZschokke Holding Deutschland GmbH 100% Berlin D EUR 3 067 751 Overheads Holding Company and Miscellaneous Inactive Implenia AGZschokke Procédés Spéciaux Sàrl 100% Lyons F EUR 457 347 Overheads Holding Company and Miscellaneous Inactive Zschokke France SA
1 Fully consolidated as at 30 June 2010 (see 2.2)
80-81
20 Key fully consolidated companies
NameShare-
holding Registered office Country Currency Capital SegmentActive / Inactive Held by
Balduin Weisser AG 100% Basel CH CHF 1 750 000 Overheads Holding Company and Miscellaneous Inactive Implenia Immobilien AGBâtiments industriels du Haut-Rhin Sàrl 100% Mulhouse F EUR 195 000 Overheads Holding Company and Miscellaneous Inactive Implenia AGDéveloppements transfrontaliers SA 100% Lyons F EUR 14 663 800 Real Estate Active Implenia Development AGGebr. Ulmer GmbH 100% Bruchsal D EUR 25 565 Overheads Holding Company and Miscellaneous Inactive Implenia AGGravière de La Claie-aux-Moines S.A. 66.67% Savigny CH CHF 1 500 000 Infra Construction Works Active Implenia AGGust. Stumpf GmbH 100% Bruchsal D EUR 1 533 876 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHGust. Stumpf Verwaltungs GmbH & Co KG 100% Bruchsal D EUR 511 292 Overheads Holding Company and Miscellaneous Inactive Implenia AGImplenia (Tessin) AG 100% Lugano CH CHF 150 000 Infra Construction Works Active Implenia AGImplenia Bau AG 100% Geneva CH CHF 40 000 000 Infra + Tunnel, TC Construction Works Active Implenia AGImplenia Bau GmbH 100% Rümmingen D EUR 2 556 459 Infra Construction Works Active Implenia Holding GmbHImplenia Generalunternehmung AG 100% Basel CH CHF 20 000 000 General Contracting / Services Active Implenia AGImplenia Development AG 100% Dietlikon CH CHF 30 000 000 Real Estate Active Implenia AGImplenia Global Solutions AG 100% Dietlikon CH CHF 100 000 Global Solutions Active Implenia AGImplenia Holding GmbH 100% Rümmingen D EUR 3 067 751 Infra Construction Works Active Implenia Immobilien AGImplenia Immobilien AG 100% Dietlikon CH CHF 30 600 000 Real Estate Active Implenia AGImplenia Investment Management AG 100% Dietlikon CH CHF 100 000 Real Estate Active Implenia AGImplenia Italia S.p.A. 100% Basiliano I EUR 250 000 Global Solutions Active Implenia Bau AGImplenia Management AG 100% Dietlikon CH CHF 500 000 Overheads Holding Company and Miscellaneous Active Implenia AGImplenia Österreich GmbH 100% Vienna A EUR 35 000 Tunnel + TC Construction Works Active Implenia AGM.F. Wachter Bauunternehmung GmbH 100% Stuttgart D EUR 1 000 000 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHReprojet AG 100% Zurich CH CHF 100 000 Infra Construction Works Active Implenia AGReuss Engineering AG 100% Dietlikon CH CHF 100 000 General Contracting / Services Active Implenia AGRussian Land Implenia Holding Ltd.1 100% Nicosia CY EUR 3 001 Global Solutions Active Implenia AGRussian Land Implenia Ltd.1 100% Moscow RU RUB 70 000 000 Global Solutions Active Russian Land Implenia Holding Ltd.SAPA, Société Anonyme de Produits Asphaltiques 75% Satigny CH CHF 500 000 Infra Construction Works Active Implenia AGSisag AG 100% Abidjan CI XOF 492 000 000 Infra Construction Works Active Implenia AGSocarco Bénin Sàrl1 100% Cotonou BJ XOF 1 000 000 Infra Construction Works Active SISAGSocarco Burkina Sàrl1 100% Burkina BF XOF 10 000 000 Infra Construction Works Active SISAGSocarco Mali Sàrl 100% Bamako RMM XOF 100 000 000 Infra Construction Works Active SISAGSonnrain Wohnbau GmbH 100% Rümmingen D EUR 255 646 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHStrassen und Tiefbau AG 100% Vaduz FL CHF 50 000 Overheads Holding Company and Miscellaneous Inactive Implenia Immobilien AGStuag Bauunternehmung GmbH 100% Rümmingen D EUR 306 775 Overheads Holding Company and Miscellaneous Inactive Implenia Holding GmbHSwiss Overseas Engineering Company 100% Geneva CH CHF 200 000 Overheads Holding Company and Miscellaneous Inactive Implenia AGTetrag Automation AG 100% Dietlikon CH CHF 100 000 General Contracting / Services Active Implenia AGTrachsel AG 100% Heimberg CH CHF 100 000 Infra Construction Works Active Implenia AGZschokke Construction Sàrl 100% Lyons F EUR 76 225 Infra Construction Works Active Zschokke France SAZschokke Développement SA 100% Lyons F EUR 457 347 Overheads Holding Company and Miscellaneous Inactive Zschokke France SAZschokke France SA 100% Lyons F EUR 914 694 Overheads Holding Company and Miscellaneous Inactive Implenia AGZschokke GmbH Leipzig 100% Leipzig D EUR 1 022 584 Overheads Holding Company and Miscellaneous Inactive Zschokke Holding Deutschland GmbHZschokke Holding Deutschland GmbH 100% Berlin D EUR 3 067 751 Overheads Holding Company and Miscellaneous Inactive Implenia AGZschokke Procédés Spéciaux Sàrl 100% Lyons F EUR 457 347 Overheads Holding Company and Miscellaneous Inactive Zschokke France SA
1 Fully consolidated as at 30 June 2010 (see 2.2)
Notes to the consolidated financial statements of the Implenia Group
coNsolIdated fINaNcIal statemeNts of the ImpleNIa Group
21 Key associates
NameShare-
holding Registered office Country Currency Capital
Argo Mineral AG 50.0% Aarau CH CHF 300 000
Argobit AG 40.0% Schafisheim CH CHF 1 200 000
Asfatop AG 50.0% Unterengstringen CH CHF 1 000 000
Associés Poste Enrobage en Commun (APEC) SA 20.0% Hauterive CH CHF 300 000
Bawag, Belagsaufbereitungsanlage Wimmis AG 24.0% Wimmis CH CHF 100 000
Belagswerk Rinau AG 25.0% Kaiseraugst CH CHF 1 000 000
Betonwerk Vispe (EG) 20.0% Stalden CH CHF 89 659
Bewo Belagswerk Oberwallis (EG) 25.0% Niedergesteln CH CHF 1 500 000
Bioasfa SA 50.0% Bioggio CH CHF 900 000
Bipp Asphalt AG 27.5% Niederbipp CH CHF 1 000 000
BRZ Belags- und Recycling-Zentrum (EG) 33.3% Horw CH CHF 1 500 000
Catram AG 24.0% Chur CH CHF 1 000 000
Deponie Eglisau (EG) 37.0% Eglisau CH CHF –
Deponie Vorderland AG 33.3% Rehetobel CH CHF 150 000
Garage-Parc Montreux Gare SA 26.0% Montreux CH CHF 2 050 000
GU Kies AG 33.3% Schaffhausen CH CHF 450 000
Holcim Bétondrance SA 46.0% Martigny CH CHF 300 000
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
82-83
21 Key associates (continued)
NameShare-
holding Registered office Country Currency Capital
Reproad AG 33.3% Bremgarten CH CHF 1 500 000
Sebal Belagswerk Biel-Büttenberg (EG) 35.0% Biel-Büttenberg CH CHF –
Sebal Lyss AG 35.0% Lyss CH CHF 500 000
Seval – Société d’Enrobage du Valais central (EG) 83.0% Vétroz CH CHF –
SFR Freiburgische Abfallverwertungge-sellschaft AG 20.8% Hauterive CH CHF 1 200 000
Société Coopérative Les Terrasses (EG) 41.8% Versoix CH CHF 775 500
Société de recyclage de matériaux pierreux – SRMP (EG) 40.0% Savigny CH CHF 95 443
Société d’exploitation du Mégastore d’Archamps – SEMA (EG) 30.0% Archamps F EUR 37 000
Société Romande de Recyclage – SRREC (EG) 50.0% Satigny CH CHF –
Tapidrance (EG) 52.0% Martigny CH CHF 1 000 000
Unas Technology AG 21.6% Gisikon CH CHF 155 000
Urner Belagszentrum (UBZ) (EG) 50.0% Flüelen CH CHF 1 000 000
Valbéton (EG) 50.6% Sion CH CHF 100 000
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
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 be-cause 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
For details on individual locations, visit www.implenia.com
Contacts
Anton Affentranger, Chairman of the Board of Directors and CEOPhone +41 44 805 45 55 – Fax +41 44 805 45 56 – E-mail [email protected]
Contact for investorsBeat Fellmann, CFOPhone +41 44 805 45 00 – Fax +41 44 805 45 01 – E-mail [email protected]
Contact for the mediaClaude Vollenweider, Head of Marketing / CommunicationsPhone +41 44 805 45 43 – Fax +41 44 805 45 20 – E-mail [email protected]
Key dates
Media and analysts’ conference on the 2010 annual result – 10 March 2011Annual General Meeting 2011 – 19 April 2011
Alpnach
Andermatt
Chur
St. Moritz
Davos
Bioggio Lugano
Engelberg
La Chaux-de-Fonds
Delémont
Moutier
Fribourg
Echandens Renens
Genève/Onex
Sierre Visp
Sion
Martigny
Neuchâtel
Schaffhausen
Kreuzlingen
St. Gallen
HerisauGossau
Gams
Glarus
SiebnenPfäffikon/
Freienbach
Luzern
Zug/Cham
InwilGisikon
Steinhausen
Hergiswil
Baden
Diessenhofen
Aarau/Buchs
Rafz
St. Margrethen
Teufen
Appenzell
Buchs SG
GoldachKradolf/Schönenberg a.d.T.
Romanshorn
Wil
Grabs
Algetshausen
Bischofszell
Frauenfeld
Ebnat-Kappel
Uznach
Rümlang/Regensd.
Affoltern a.A.Oberentfelden
LenzburgDietlikon/Wallisellen
Winterthur
AltstättenBühler
Studen
Solothurn
OltenBalsthal
Liestal
Basel
Augst
Rümmingen (DE)
Wattenwil
InterlakenSpiez
Vétroz
Zweisimmen
Meiringen
Biel/Bienne
Mels
Zernez
Scuol
Bern
KonolfingenAltdorfSchattdorf
Schwyz
Reiden
Jona
Zürich/Oerlikon