2011 First Half Results

Transcription

1 Paris, 28 September First Half Results ALTEN Group

2 Contents ALTEN, European leader in Technology Consulting and Engineering (TCE) 2011 First Half Results Outlook for Paris, September 2011 Page 2

3 ALTEN, European leader in Technology Consulting and Engineering (TCE)

4 ALTEN, European leader in Technology Consulting and Engineering g( (TCE) Engineers An Engineering and IS Technology offer European company 67% France 33% International S ,9 M Revenue +14, 000 employees OPA(Ebit) O.P.A : 10.2% Paris, September 2011 Page 4

5 12,600 Engineers in 14 countries, almost 40% outside France Paris, September 2011 Page 5

6 Solutions: offers complementary to ALTEN core business Paris, September 2011 Page 6

7 ALTEN s two businesses: NTIS and TCE Networks and Technological linformation Systems (NTIS): 26% of revenue Technology ogy Consulting and Engineering (TCE): 74% of revenue Information Systems & Production Engineering systems Networks & Life cycle IS Technology S&N Architecture Consulting and Program Industrialisation Technical publication Customer support Payroll, HR Management Purchasing and logistics Operation, Deployment, Outsourcing Studies and Conception Production management Finance, and accounting Sales Management Help Desk Design facilities Production Paris, September 2011 Page 7

8 Organization ALTEN Group Group entity Operating Divisions Structured Projects Division DRCA Sl Sales Development POM Process, Tools and Methods ADC ALTEN Delivery Center DT Technical Divisions DPO Performance and Offers TCE Paris NTIS Paris Regions International Studies & Conception Projects are carried out in the Production Centers, led by the ADC. Network in France and abroad Solutions MIGSO Program & Project Management ATEXIS Customer Support AVENIR CONSEIL Training ANOTECH Oil & Gas Operations B2i, ELYTIS Engineering Control Performance and Offers Network in France and abroad PEGASE, WINWISE Microsoft Technologies, SAP ID APPS Mobile applications Paris, September 2011 Page 8

9 ALTEN will manage 70% of its projects in 2014 (Alten already manages 45% of its projects in 2011) June 2010 June 2011 Dec (est.) Sales Development Division Consulting support for the successful completion of studies and projects, on a time spent basis 6, 600 7, 000 7, 000 5, 100 Programme Management PMO 900 1, 100 1, 100 2, 200 Structured Projects Development Division Work Package (project team and dedicated structure) Fixed price package, based on detailed specifications 1, 750 2, 500 6, , 100 1, % Near Shore : Romania Off Shore : India , 000 Total Engineers 10, , , , 000 Paris, September 2011 Page 9

10 The major Solutions of the Alten Group, companies positioned on a specific business and a particular expertise July 2011 Obj Expertise Major sectors Countries PMO Aerospace, France, ce,u UK, Programme Automotive Germany management Support Engineering Exploration, Production, Refining, Part of Paris ECT Customer Aerospace France, Spain, Educational engineering and tai trainingi Control Powertrain Engineering g Oil & Gas Automotive, Telecom Automotive Germany, Romania, India France, UK, Russia, Brazil, Africa (40 countries) France France Paris, September 2011 Page 10

11 Acceleration of organic growth Activity has remained strong this half year thanks to: technological breakthrough projects, deployment of projects in workpackage mode, increased use of outsourcing. Clients continue their shortlist rationalization policy based on: plurality of engineering skills and offers, ability to manage projects in workpackage mode and make productivity gains, international presence and access to offshore/nearshore. Alten will continue to increase its market share thanks to its positioning and know how in structured projects (workpackage) Paris, September 2011 Page 11

12 Breakdown of turnover per sector (as a %) 1 st half 2011 Aerospace Automotive Aerospace 1 st half 2010 Automotive Defence Multimedia Electronics 9% 2% 16,50% 17,50% 4,50% Rail Naval Defence Multimédia Electronics Telecom 2,5% 8,0% 14,0% 16,0% 20,0% 0% 14,0% 5,0% 6,0% 14,5% Rail Naval Energy Other Industries Telecom eeco 13% 17,50% Banking Services 5,50% 14,50% Other industries Energy Banking Services Paris, September 2011 Page 12

13 Automobile: 17.5% of revenue + 45% versus S Major customers: France : PSA, Renault, Valeo, Delphi, Infineon, Volvo Trucks, Visteon Germany: BMW, Daimler, Audi, Continental, Bosch, GM, Magneti, Porsche, VDO Spain: PSA, Valeo, Mecaplast, Delphi Belgium: Valeo, Inergy, Daimler Italy: Magneti, Fiat, WW Sweden: Volvo, Scania, Delphi, Bosch Examples of projects Integration, validation, evolution and maintenance of embedded software, Development of an MMI simulator for comfort functions and driving assistance, Development of the hybrid engine traction chain steering software. Deauville Septembre 2011 Ingénierie et Conseil en Technologies Paris, September 2011 Page 13

14 ASD [Aeronautics, Space and Defence] : 18.5% of revenue +14% versus S % 15% Major customers : France : Airbus, Thalès Avionics, Eurocopter, Astrium, CNES Germany: Airbus, Astrium, Eurocopter, MTU Spain: Airbus Military (EADS Casa) UK : Airbus, Astrium Belgium: Techspace (Safran) Italy: Thales Alenia Space Examples of projects Designing cockpit systems and equipment (ice and rain protection, fire protection, engine interface ) for Airbus aircrafts. Design of a reactor mass in composite material. Production of flight simulators. Deauville Septembre 2011 Ingénierie et Conseil en Technologies Paris, September 2011 Page 14

15 Energy and Life Sciences: 20% of revenue +16% versus S Examples of projects Major customers: France : Total, Technip, Saipem, EDF, Areva, Airliquide, Veolia, GSK, Sanofi Hydro electricity: multi location research and monitoring project for the renovation work on installed French hydro electric plants (engineering, civil engineering, command & control). Spain: Gamesa, Gas Natural, Red Electrica Belgium: GSK, GDF SUEZ, SNC Lavallin, Nuclear power: overseeing the reactor pool construction work at the EPR OL3 site in Finland. Electabel Oil & Gas : assisting with the project management and coordination of the structural studies for the Netherlands: Shell, GDF SUEZ, sub sea project (underwater infrastructure) in the Sweden: Atlas Copco, Vtt Vattenfall, fllfmc Aseng field. Paris, September 2011 Page 15

16 Telecommunications: 13% of revenue +9% versus S Major customers: France : Orange, Bouygues Telecom, SFR, Alcatel, Spain: Telefonica, Ericsson, Alcatel Belgium: Orange, Belgacom UK : Nokia, T Mobile Italy: NSN, Vodaphone Sweden: Ericsson Netherlands : Vodaphone, Qualcomm Examples of projects Development of mobile and multimedia applications: set top box digital TV, virtual and augmented reality. Study of superfast broadband deployment (fibre) and LTE (wireless)). Provision of M2M (machine to machine) communications services for communicating vehicles. Paris, September 2011 Page 16

17 Banking, Insurance & Public Administration: 17.5% of revenue + 3% versus S Major customers: France : SG, Calyon, BNP, Natixis, BPCE HSBC, Axa Spain: La Caixa, Axa, Caja Madrid, Belgium: BNP Fortis Italy: Intesa San Paolo, Banca du Milano, Unicredit, BNP Examples of projects Design and development of risk management and control applications in the trading room. Development of a credit data management and valuation application in a dot.net environment Implementation and set up of a joint securities settlement/delivery platform under the aegis of the ECB (European Central Bank) Paris, September 2011 Page 17

18 External growth: acquisition iti of Calsoft ftlabs Establishment in the United States and India Specialization in the fields of electronics, embedded software, telecom networks and mobile platforms 640 employees at the end of June 2011 (including 590 engineers), $22.3M in turnover in 2010/2011 with an operational margin close to 10% (consolidated company as of 1st April 2011). Alten has become one of the best established European ETC companies in India Paris, September 2011 Page 18

19 External growth: Alten has taken a 15% stake in the Phinergy company, specializing in the design and development of batteries for electric vehicles (Z.E.V). Phinergy develops Metal Air, Zinc Air and Aluminium Air technology. Alten has taken over a German company (in Munich) in the telecom sector (estimated turnover in 2011: 2.3 M, 35 engineers, consolidated as of 1 st July 2011). Paris, September 2011 Page 19

20 Share ownership as of 30 June 2011 Treasury stock 1,24% Founder + holding 33,17% 64,56% Public 1,03% Mutual fund Breakdown of % of shares Founders + Holding 33,17% Mutual fund 1,03% Public 64,56% Treasury 1,24% Breakdown as % of voting rights Founders + Holding 50,04% Mutual fund 0,78% Public 49,18% Paris, September 2011 Page 20

21 Half year results The procedures of limited examination of the half yearly financial statements have been carried out. The limited examination report will be issued after finalisation of the procedures required for the purpose of publication i of the half yearly l financial i report. Paris, September 2011 Page 21

22 Growth Revenue In M +5,6% 443,4 420, % +1,7% ,9% 30,7% 30,9% % International France 75,1% 69.3% 69.1% 67.7% 1st half 1st half 1st half 1st half Paris, September 2011 Page 22

23 Sequential change in Revenue +17% M +17.3% +16.8% Q Q Q Q st half st half 2011 Acceleration of organic growth in first half of 2011 Paris, September 2011 Page 23

24 Consolidated revenue by country (in M) Country June10 % June 2011 % var % Spain % % 8.2% Sweden % 5.0% % 6.7% 59.4% Germany % % 14.0% Netherlands % % 43.2% Belgium % % 8.6% United Kingdom % % 37.4% Italy % % 17.3% USA % % 358.3% Others % % 57.1% International % % 23.3% France % % 15.2% TOTAL % % 17.7% Paris, September 2011 Page 24

25 Condensed income statement In M H H Var % Revenue % 7% Operating profit on activity As % of turnover % % Payment in shares % Operating profit before exceptionals % Non recurrent profit 3.1 Disposal of assets Amortization of Goodwill Operating profit As % of turnover Net cost of financial debt Financial cost on debt present value % % Net financial income Corporate income tax Profit of associated companies (equity method) Minority interests Net profit group share As % of turnover % Audit in progress Paris, September 2011 Page % % +26.7%

26 Condensed income statement per geographic zone In M H H H H France Interna. Group France Interna. Group (1) (1) (2) (1) (1) (2) Revenue Operating profit on activity As % of turnover % % % % % % Payment in shares Operating profit before exceptionals Non recurrent profit Disposal of assets Amortization of Goodwill Operating profit As % of turnover % % % % % % Net financial income Corporate income tax Profit of associated companies (equity method) SME and minority interests Net profit As % of turnover 5.1% 6.0% 5.6% 4.5% 8.4% 6.0% Audit in progress Paris, September 2011 Page

27 Condensed balance sheet ASSETS LIABILITIES In M Dec (Net) Goodwill Other intangible assets Tangible fixed assets Associated companies 2.6 Non current financial assets June 2011 (Net) In M SHAREHOLDERS EQUITY Minority interest Dec (Net) June 2011 (Net) Contingency Provisions Non current financial liabilities Tax assets NON CURRENT ASSETS Other non current liabilities NON CURRENT LIABILITIES CURRENT ASSETS CURRENT LIABILITIES CASH AND CASH EQUIVALENTS FINANCIAL LIABILITIES TOTAL ASSETS TOTAL LIABILITIES Audit in progress Paris, September 2011 Page 27

28 Cash Flow Statement In M H H Cash Flow Corporation tax paid Change in working capital Cash from operations Acquisitions / sales of fixed assets Change in scope and earn out Cash flow from investments Cash flow from financing activities Exchange rate variation Net change in cash position NET CASH POSITION Audit in progress Paris, September 2011 Page 28

29 Outlook Paris, September 2011 Page 29

30 Outlook The financial crisis could slow down growth in Europe and cause a contraction tio in investment. e t To date, activity remains dynamic and activity rate is satisfactory Alten has operational steering indicators to forecast changes in the market trends in real time. Its rapid reaction capacity gives it real rebound power (cf 2009). Paris, September 2011 Page 30

31 Outlook The scarcity of engineers in Europe will continue, and even get worse, confirming the relevance of Alten s positioning. Studies and innovation form the basis of our customers development and competitiveness. Breakthrough technology programmes in the Automotive, Energy and Aerospace sectors confirm the strategic character of R&D investment. Strict referencing policies, combined with the globalization te trend, secure euecustomers uto and guarantee a their loyalty. Paris, September 2011 Page 31

32 Outlook for The probable evolution of the economic context should allow Alten to close other external growth operations. Thank s to its business model, size, positioning, rational organization and structured projects (workpackage) management know how, Alten will continue to win market share. Alten remains confident as to its development objective for 2014 European leadership a headcount of 17,000 70% in Structured Projects high profit margin Paris, September 2011 Page 32

33 APPENDICES BALANCE SHEET - ASSETS (In thousands of euros) ITEM Dec June 2011 GOODWILL INTANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS EQUITY AFFILIATES NON CURRENT FINANCIAL ASSETS DEFFERRED TAX ASSETS NON CURRENT ASSETS TRADE DEBTORS OTHERS RECEIVABLES CASH AND EQUIVALENTS CURRENT ASSETS TOTAL ASSETS

34 APPENDICES BALANCE SHEET - LIABILITIES (In thousands of euros) ITEM Dec June 2011 Capital Premiums Consolidated reserves Consolidated net profit SHAREHOLDERS' EQUITY MINORITY INTERESTS Contingency provisions Non current financial debts Other non current liabilities NON CURRENT LIABILITIES Provisions Currents financial debts Trade and other account payable Other current liabilities CURRENT LIABILITIES TOTAL LIABILITIES

35 APPENDICES PROFIT AND LOSS ACCOUNT (In thousands of euros) ITEM June 2010 June 2011 NET REVENUE PURCHASES PERSONNEL COSTS EXTERNAL CHARGES TAXES OTHER THAN ON NET INCOME AMORTISATION OTHER CHARGES AND INCOME OPERATING CHARGES OPERATING PROFIT ON ACTIVITY Payment in shares OPERATING PROFIT ON ACTIVITY BEFORE EXCEPTIONALS Non recurrent profit Capital loss on asset disposal -141 Goodwill impairment test OPERATING PROFIT Net financial cost on net debt Financial cost on liabilities present value FINANCIAL INCOME SHARE IN NET INCOME OF EQUITY AFFILIATES 386 CORPORATE INCOME TAX CONSOLIDATED NET PROFIT PROFIT ATTRIBUTABLE TO MINORITY INTERESTS PROFIT ATTRIBUTABLE TO THE GROUP

36 APPENDICES CASH FLOW STATEMENT (In thousands of euros) ITEM June 2010 June 2011 CASH FLOW Consolidated Net Profit Net contribution of associated companies (equity method) -386 Amortisation and Provisions Payment in shares Corporate income tax Other Financial charges Financial income Income tax paid Change in Working Capital Requirements NET CASH FLOW GENERATED BY ACTIVITY (FREE CASH FLOW) Acquisition / Disposal on fixed assets Impact of change in scope of consolidation and earn-outs paid NET CASH FLOW ON INVESTMENTS Net financial cost Dividends paid to shareholders Capital increase Buy back of shares Repayment of long term debt Changes in short term financial debts NET CASH FLOW FROM FINANCING OPERATIONS CHANGE IN CASH RELATED TO FOREIGN EXHANGE POSITION CHANGE IN CASH POSITION Cash on hand Overdrafts Bank loans NET CASH POSITION