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Medien- und Finanzanalystenkonferenz 2012 E zum Jahresbericht 2011
Citation preview
Media and Financial Analysts
Conference
Zurich, 6 March 2012
A. Affentranger / B. Fellmann
© Implenia | Corporate Center | March 2012 | Page 2
Media and Financial Analysts Conference
Highlights
© Implenia | Corporate Center | March 2012 | Page 3
Highlights 2011
"Best Year Ever"
Outstanding operating performance
1. Record figures
EBIDTA (+24.8%)
Operating income (+21.5%)
Consolidated profit (+17.0%)
2. Strong free cash flow
3. Excellent return on
invested capital (ROIC approx. 27%)
4. Full order book in all divisions
Operating income
77,7
67,6 3,7%
3,3%
93,7
2,6%
59,0
3,0%
38,7
1,6%
2009 2007 2011 2010 2008
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 4
Goals
Ongoing optimisation of the
"integrated business model"
Cautious but systematic
expansion of project development
Operational challenges tackled Intensified both customer focus and risk management
Management team strengthened
Milestones achieved
Highlights 2011
Strategy systematically implemented
International growth
Sustainability brought to life
High-quality project portfolio expanded
Sulzer portfolio actively developed
Growing synergies
Successful project acquisition
Successful market entry in Norway
First projects executed at operational level in the Middle East
Numerous customer projects in realisation
Value-based Management
© Implenia | Corporate Center | March 2012 | Page 5
Swiss Construction and Real Estate Market
Media and Financial Analysts Conference
© Implenia | Corporate Center | March 2012 | Page 6
0
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09
in C
HF
billio
n
Total real construction spending in Switzerland in CHF billions (based on 2006 CPI) Source: BfS (data), SBV (graphic))
A CHF 50 billion p.a. industry
Stable trend over the last few years
© Implenia | Corporate Center | March 2012 | Page 7
Real change in the construction index
At a high level, unchanged stable outlook
© Implenia | Corporate Center | March 2012 | Page 8
Interest rates trend Switzerland
Forecasts from January 2012
Outlook
Source: Thomson Reuters, UBS WMIR
Interest three-month investments, in %
Interest 10-year government bonds, in %
Historical low levels continue
© Implenia | Corporate Center | March 2012 | Page 9
Net immigration
Switzerland stays attractive
© Implenia | Corporate Center | March 2012 | Page 10
Vacancy rates
Total Swiss market < 1%
CH: 0.94%
© Implenia | Corporate Center | March 2012 | Page 11
» Sustained public investments
» Private sector
Low interest rates
Positive net migration
Despite strength of Swiss Franc, general
economic conditions remain optimum
In good shape
Conclusion to the Swiss construction and real estate market
© Implenia | Corporate Center | March 2012 | Page 12
Annual Financial Statements 2011
Key figures and operating income
© Implenia | Corporate Center | March 2012 | Page 13
in CHF million 20111 2010 +/- in %
Consolidated revenue 2'522.6 2'388.4 5.6%
Operating income 93.7 77.7 20.6%
3.7% 3.0%
Consolidated profit 61.4 52.5 17.0%
2.4% 2.2%
EBITDA 140.5 112.6 24.8%
5.6% 4.7%
Key figures and operating income
New records set
1 inclusive first consolidation Norway from 18.07.2011
© Implenia | Corporate Center | March 2012 | Page 14
General contracting / Services – revenue and EBIT
EBIT: 20 million mark reached
2011
1.188
555
633
2010
1.137
501
636
Revenue
2011
19,7
1,7%
2010
15,4
1,4%
2009
17,4
1,6%
2008
15,5
1,4%
2007
10,2
0,9%
EBIT margin
EBIT
EBIT / EBIT margin
HY 1
HY 2
2010 2011
19,7
9,4
10,3
15,4
6,1
9,3
EBIT
HY 1
HY 2
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 15
Update Bild
Europaallee, Zurich
34,5%
9,6% 15,6%
2014
86,7%
2013 2012
84,8%
39,6%
prior year
actual year
17%
42%
41%
30%
13% 2%
38%
18%
Zurich (356.0m)
East (151.8m)
Reuss (18.6m)
West (445.9m)
Central (215.3m)
Public sector
and agencies
Third parties AAA
Third parties
Secured revenue
Production output
Order book by customer category
in CHF millions
GC / Services – regional distribution and orders at 31.12.2011
2012 volumes secured
© Implenia | Corporate Center | March 2012 | Page 16
Real Estate (project development) – Invested Capital and EBIT
ROIC clearly improved
183
2011
172
2010
Invested Capital EBIT / ROIC
2011
25,3
8,9
16,4
2010
20,9
10,3
10,6
EBIT
HY 1
HY 2
12,0%
2008
10,3
2011
25,3
5,7%
14,7%
2010 2007
20,9
11,4%
15,4
2009
21,4
7,7%
ROIC
EBIT
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 17
Infrastructure – revenue and EBIT
Measures had an impact – "back on track"
Revenue EBIT / EBIT margin
-6,7 -7,4
EBIT
2,2%
2008
24,4
2011
18,1
2,2%
1,6%
2010 2007
25,1
2,1%
21,5
2009
24,6
1,9%
EBIT margin
EBIT
511
637
2010
1.201
2011
1.148
535
666
HY 1
HY 2
-12,8
30,9
2010
25,1
2011
18,1
-6,7
31,8
HY 1
HY 2
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 18
Capital efficiency
+ 0,8
Cost efficiency
- 4,5
Growth
-10,0
Economic
Profit 2011
- 0,9
Economic
Profit 2010
-5,4
Infrastructure – "Economic Profit"
Price pressure continues in CHF millions
© Implenia | Corporate Center | March 2012 | Page 19
Infrastructure – further flexibilisation of fixed costs
Thanks to leased inventory, costs only occur if necessary
Advantages through outsourcing
Right product in the right place
Reduction of capacity pressure
No repair and maintenance costs
Reduction of investment
Reduction of warehouse /storage costs
Efficient deployment thanks to modern inventory
Cost reduction of approx. CHF 800,000 per year
Elimination of planned investments
of CHF 20-30 million
Proceeds from sales of cranes: CHF 4.5 million
Share of net asset value: approx. 5% Seasonality Production output
Production output over course of the year
© Implenia | Corporate Center | March 2012 | Page 20
Infrastructure – regional distribution and order book at 31.12.2011
Promising start thanks to good positioning
Pont de la Poya, Fribourg
2013
10,2% 13,7%
2012
45,1% 48,0%
prior year
actual year
61%
27% 12% Third parties
Public sector
and agencies
Third parties AAA
8%
14% 14%
14%
23% 27%
Others (38.9m)
Civil engineering whole
Switzerland (181.0m)
Alps (179.0m)
Central (183.3m)
East (296.4m)
West (350.7m)
Update Bild
Secured revenue
Production output
Order book by customer category
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 21
Industrial Construction – revenue and EBIT
Tunnel our “gem"
80
2011
263
84
179
2010
166
86
Revenue EBIT / EBIT margin
HY 1
HY 2
2011
30,5
10,4
20,1
2010
15,6
9,4
6,2
EBIT
HY 1
HY 2
in CHF millions
12,6%
18,0
12,6%
19,9
(6,6)
(4,1)
2007
(2,3)
2010
9,4%
(3,1)
2009
11,5%
2011
(7,9)
2008
11,6%
EBIT margin
EBIT IIC
EBIT Tunnelling absolute
15,5
16,5
30,5
© Implenia | Corporate Center | March 2012 | Page 22
Tunnelling – EBIT performance
Growth abroad
0
5
10
15
20
25
30
35
20,0
2014 2013 2012 2011
32,8
8,1
Tunnel International Tunnel CH NEAT
Our target:
100 Mio. CHF
Contribution
Tunnelling 24,7
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 23
Industrial Construction – growth market Norway
Strongly growing infrastructure market
Our service portfolio matches demand
Establishment of local branches in the growth
regions
Excellent platform for regional development in
Scandinavia
Compensates the NEAT revenues
Bergen
Stavanger
Ålesund
Trondheim
National Transport Plan 2010 – 2019
published by the Norwegian Ministry of Transport Infrastructure Investments
published by Prognosesenteret
Oslo West
South Oslo
Midt -
5'000
10'000
15'000
20'000
25'000
2002-2005 2006-2009 2010-2013 2014-2019
Ann
ual a
vera
ge ,
in
NO
K m
illio
n
Road
Railway
Inland
Implenia Norge well positioned
© Implenia | Corporate Center | March 2012 | Page 24
Microtunnelling-Project, Al Ain (Abu Dhabi, UAE)
75%
23%
2%
Switzerland (267.7m)
Norway (81.4m)
Other (7.1m)
Infrastructure trend remains
Tunnelling – regional distribution and order book at 31.12.2011
2014
54,6%
25,1%
2013
76,0%
58,5%
2012
87,2% 89,7%
prior year
actual year
Third parties
Public sector
and agencies
Secured revenue (like for like)
Production output
Order book by customer category
in CHF millions
2%
98%
© Implenia | Corporate Center | March 2012 | Page 25
in CHF million 2011 2010 +/- in %
Real Estate 44.9 36.3 23.7%
Infrastructure Construction 18.1 25.1 -27.8%
Industrial Construction 30.5 15.6 95.7%
EBIT Divisions 93.5 77.0 21.5%
3.7% 3.2%
EBIT per division
Summary
© Implenia | Corporate Center | March 2012 | Page 26
Annual Financial Statements 2011
IFRS Reporting
© Implenia | Corporate Center | March 2012 | Page 27
in CHF million 2011 2010 +/- in %
EBIT Divisions 93.5 77.0 21.5%
Miscellaneous / Holding 0.2 0.7
Operating income 93.7 77.7 20.6%
3.7% 3.3%
Financial result -12.0 -9.6
Tax -20.3 -15.6
Consolidated profit 61.4 52.5 17.0%
2.4% 2.2%
Operating income – consolidated profit
Result approximately 20% higher
© Implenia | Corporate Center | March 2012 | Page 28
Holding company and other
Holding costs under control
147
Impact on
operating
income
Amortisation
of intangible
assets
-2,818
Depreciations
of investment
property
-5,428
IAS 19
12,862
Holding-
overhead
costs
-4,469
2011
661
Impact on
operating
income
Amortisation
of intangible
assets
IAS 19
-4,348
Holding-
overhead
costs
6,880
Depreciations
of investment
property
0 -1,871
2010
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 29
Income statement – key figures
Trend continues
EBITDA
2011
140,5
29,4
111,1
5,6%
2010
112,6
36,6
76,0
4,7%
2009
104,6
29,1
75,5
4,6%
2008*
98,5
43,7
54,8
4,2%
2007
84,7
24,2
60,5
3,6%
1st half-year 2nd half-year EBITDA margin
2011
61,4
4,2
57,1
2,4%
2010
52,5
12,5
40,0
2,2%
2009
47,1
6,2
40,9
2,1%
2008*
40,0
16,8
1,7%
2007
25,5
3,5
1,1%
Consolidated profit
* 1. Semester incl. sale of Privera CHF 11.3 million
22,0
23,2
in CHF millions
2nd half-year 1st half-year margin
© Implenia | Corporate Center | March 2012 | Page 30
in CHF million 2011 2010 +/- in %
Cash and cash equivalents, securities 403.0 349.6
Trade receivables 472.8 395.2
Work in progress / joint ventures 253.7 252.7
Real estate transactions 247.0 218.0
Other current assets 93.1 86.0
Total current assets 1'469.6 1'301.5 12.9%
Total non-current assets 418.1 375.5 11.3%
Total ASSETS 1'887.7 1'677.0 12.6%
Balance sheet – assets
Balance sheet growth
© Implenia | Corporate Center | March 2012 | Page 31
Required for:
Increased NWC as a result of
seasonal business
Investments in machinery and
land bank
Liquidity required for operations
Strategic developments
Balance sheet – liquidity
Cash is king in CHF millions
403
349
129118
47
31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007
© Implenia | Corporate Center | March 2012 | Page 32
in CHF million 2011 2010 +/- in %
Current financial liabilities 3.8 1.6
Trade payables 272.5 217.3
Work in progress / joint ventures 604.4 543.4
Other current liabilities 166.9 142.9
Total current liabilities 1'047.6 905.2 15.7%
Non-current financial liabilities 205.3 198.2
Other non-current liabilities 91.3 78.1
Total non-current liabilities 296.6 276.3 7.3%
Equity and non-controlling interests 543.5 495.5 9.7%
Total LIABILITIES 1'887.7 1'677.0 12.6%
Balance sheet – liabilities
Financing secured throughout the next 4 years
© Implenia | Corporate Center | March 2012 | Page 33
Implenia generates cash and invests in disciplined manner
117,1
35,1
Interest/
tax/others
13,8
Real estate
transactions
47,0
Work in progress/
joint ventures
53,8
Liabilities
44,7
Receivables
(52,4)
Profit before
change in NWC
67,3
Free Cash Flow Investments
and M&A
Cash flow statements
2010: 101,7 (8,8) (17,8) 10,2 54,1 (0,9) (98,6) 39,9
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 34
Remarkable value creation goes on
Return on Invested Capital (ROIC)
350.1346.0340.4
386.6
522.1
0
50
100
150
200
250
300
350
400
450
500
550
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
2009
9.4%
19.9%
2008
9.4%
15.3%
2007
9.6%
7.4%
2011
9.5%
26.8%
2010
9.3%
22.4%
WACC before tax
ROIC (operating income / Invested Capital)
Invested Capital
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 35
General Meeting of 4 April 2012
Media and Financial Analysts Conference
© Implenia | Corporate Center | March 2012 | Page 36
Dividend policy
Increased dividend follows
operational performance
Dividend
Sustainable and attractive
0,50
2011 2009
0,70
2008
0,90
2010
1,10
23,1%
31,7%
2008
27,5%
2009 2010
33,1%
2011
2011
4,70%
2010
2,80%
2009
2,40%
2008
1,70%
Payout ratio according to
dividend policy
Attractive dividend yield
Dividend in CHF per share
© Implenia | Corporate Center | March 2012 | Page 37
General Meeting of 4 April 2012
Board of Directors
Board members elected until 2013
Moritz Leuenberger
Theophil H. Schlatter
Board members for re-election
Markus Dennler
Hans-Beat Gürtler
Patrick Hünerwadel
No longer standing for re-election
Philippe Zoelly
Toni Wicki
© Implenia | Corporate Center | March 2012 | Page 38
Our development continues
Media and Financial Analysts Conference
© Implenia | Corporate Center | March 2012 | Page 39
Outlook
1.1
2011
2.7
1.3
0.3
2.7
1.4
2011
1.3
Breakdown Order intake
Order Intake
projects > 10m CHF
46 projects
Order Intake
projects < 10m CHF
2544 projects
GC/Reuss
Infrastructure
IIC (without
Norway)
1.2
1.0
0.2
2.5
2010
Order intake 2011
Projects City DivisionVolume in
CHF millions
Groupement Marti-Implenia (Zusatzauftrag NdD+) Wallis IIC 109.5
Parktower Zug Zug Real Estate 86.0
Baufeld E Zurich Real Estate 83.3
WüB Neugrüen Mellingen Mellingen Real Estate 78.9
ARGE GATE OERLIKON Zurich INFRA 76.5
Alterswohnungen City Gate Basel Basel Real Estate 34.3
WüB "Wright-House" Glattpark, Opfikon (Anlageteil) Opfikon Real Estate 33.5
Neubau Kestenholz Truck Center Pratteln Pratteln Real Estate 26.5
Kasernenareal Herisau Herisau Real Estate 26.3
Cité universitaire Genève Genève Real Estate 25.4
ARGE EquiTec Gotthard Los E Uri IIC 23.8
Ev. Alterssiedlung Masans, Chur Chur Real Estate 22.7
Muharraq Bahrain Bahrain IIC 21.1
WüB Due Torri, Locarno Locarno Real Estate 19.9
Riedmühlestrasse , Anlageteil Dietlikon Real Estate 19.3
ARGE Bahntechnik DML Zurich IIC 15.8
Vieux Emosson Staumauererhöhung Le Châtelard INFRA 15.8
Zentrumsüberbauung Seuzach, Winterthurerstrasse 1 Seuzach Real Estate 12.5
Zürich-Oerlikon, Gleis 7+8 Zürich INFRA 12.0
ARGE Kraftwerk Rüchlig, Los A Aarau INFRA 11.8
Total 754.9
Order intake > 10 million. CHF 2nd half-year 2011
in CHF billions
© Implenia | Corporate Center | March 2012 | Page 40
Good prospects – good quality
30%
44%
26% Public sector
and agencies
Third parties AAA
Third parties 3'1283'154
3.500
3.000
2.500
2.000
Feb
2012
Dec
2011
Dec
2010
Dec
2008
Dec
2007
Dec
2009
Order book trend
Order book at 31.12.2011
2012
66,5% 69,8%
2013 2014
10,8% 13,8%
30,1% 28,0%
prior year
actual year
Order book Dec. 2011 Dec. 2010
Real Estate 1'616 1'663
Infrastructure Construction 744 712
Industrial Construction* 667 695
Implenia Norge 127 -
TOTAL Order book 3'154 3'070
*excl. Implenia Norway
Secured revenue (like for like)
Order book by customer category
in CHF millions
© Implenia | Corporate Center | March 2012 | Page 41
Goals
Risk management as core
competency
Strengthened customer and
market orientation
Optimisation of processes
Setup central procurement with international competency
Systematic centralisation of logistics in infrastructure division
Intensification of the "integrated business model“
Improved risk & project management in general contracting division
Implementation IT tools
Action taken
Growth initiatives
Employee orientation
Reorganisation of Structural Engineering (buildings) in German-speaking Switzerland
Expansion of account management
Know-how & resource transfer Switzerland - Norway
Expansion of “modernisation” business area
Implenia "Academy" – for qualified employees
Talent management and succession planning
We are on a sustainable development path
Outlook
© Implenia | Corporate Center | March 2012 | Page 42
Strategic focus in Switzerland
Cautious but systematic expansion of portfolio towards high-
margin services upstream and downstream of construction
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Ris
e in
prod
uctiv
ity
Invest -
grow Invest - grow
Development Realisation Management
© Implenia | Corporate Center | March 2012 | Page 43
Strategic focus international
In addition, growth through expansion in selected markets
with sustainable growth
Strategic positioning
Discounter Premium
Expert &
Premium
Builder
Infra-
structure specialist E
xper
t G
ener
alis
t
Target markets
Scandinavia
Middle East
Central & Eastern Europe
Europe
© Implenia | Corporate Center | March 2012 | Page 44
Our vision
We act
We develop and build the Switzerland
of tomorrow.
We establish ourselves as an expert
for complex international
infrastructure projects.
Sustainability is our passion.
We are the partner of choice for
customers and employees alike.
© Implenia | Corporate Center | March 2012 | Page 45
Disclaimer
THESE MATERIALS DO NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY
SOLICITATION OR INVITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES,
NOR SHALL PART, OR ALL, OF THESE MATERIALS OR THEIR DISTRIBUTION FORM THE BASIS OF, OR BE
RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION IN RELATION TO ANY
SECURITIES.
THESE MATERIALS ARE BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND ARE
STRICTLY CONFIDENTIAL AND MUST NOT BE REPRODUCED, DISCLOSED OR FURTHER DISTRIBUTED
TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.
THE MATERIALS MIGHT CONTAIN FORWARD-LOOKING STATEMENTS BASED ON THE CURRENTLY HELD
BELIEFS AND ASSUMPTIONS OF THE MANAGEMENT OF IMPLENIA AG (THE "COMPANY", AND
TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP"), WHICH ARE EXPRESSED IN GOOD FAITH AND, IN
THE MANAGEMENT’S OWN OPINION, REASONABLE. FORWARD-LOOKING STATEMENTS INVOLVE
KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH MAY CAUSE THE
ACTUAL RESULTS, FINANCIAL CONDITION, PERFORMANCE, OR ACHIEVEMENTS OF THE GROUP, OR
INDUSTRY RESULTS, TO DIFFER MATERIALLY FROM THE RESULTS, FINANCIAL CONDITION,
PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS. GIVEN THESE RISKS, UNCERTAINTIES AND OTHER FACTORS, RECIPIENTS OF THIS
DOCUMENT ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING
STATEMENTS. THE GROUP DISCLAIMS ANY OBLIGATION TO UPDATE THESE FORWARD-LOOKING
STATEMENTS TO REFLECT FUTURE EVENTS OR DEVELOPMENTS. OPINIONS AND FORWARD-LOOKING
INFORMATION PRESENTED HEREIN ARE BASED ON GENERAL INFORMATION GATHERED AT THE TIME
OF WRITING.