2012 First Half Results

Transcription

1 2012 First Half Results Paris, September PAGE

2 CONTENTS ALTEN, European leader in Technology Consulting and Engineering (TCE) 2012 First Half Results Prospects and strategy PAGE 2

3 ALTEN, European leader in Technology Consulting and Engineering (TCE) ET DU CONSEIL EN TECHNOLOGIES (ICT) Revenue: M % Based in14 countries 64% France 36% International 15,500 employees 88% engineers ROA: 59 M 9.9% du CA Profitable growth PAGE 3

4 13,750 Engineers spread over 14 countries almost 40% outside France PAGE 4

5 ALTEN'S POSITIONING Alten s positioning mainly addresses upstream studies And also accompanies its clients for industrial process and customer support PAGE 5

6 ALTEN S TWO BUSINESS LINES: TCE AND NTIS Technology Consulting and Engineering (TCE) Networks and Telecom Information Systems (NTIS) 78% of Revenue 22% of Revenue Engineering Production & Life cycle Network Systems & Telecom Information systems Consulting, Expertise & Programs Studies & Conception Industrialisation, Customer support engineering, Training Production management NTIS Architecture Operations, Deployment, Facility Management IS Technology CRM Sales Management Test and prototyping Production Help Desk Purchases HR Finance Paris, 25 th September 2012 l Activity & 1st half results 2012 PAGE 6

7 OPERATIONAL ORGANIZATION ICT Paris PAGE 7

8 BREAKDOWN OF TURNOVER PER SECTOR (AS A % OF REVENUE) Aerospace Automotive Defence Multimedia Telecom Aerospace Automotive 16% 18% 2.5% 9% 12.5% S % 4% 15% 5.5% Rail /Naval Energy Defence Multimedia Telecom 4% 9.5% 13.5% 15% 17.5% 4.5% S % 13.5% 6.5% Rail/Naval Energy Tertiary /Finance Others Industries Tertiary /Finance Others industries PAGE 8

9 AUTOMOTIVE Market context Difficulties in the automotive sector in France (PSA) Dynamism in Europe (Sweden/Germany) Projects in Engine studies, nonpolluting vehicles Major customers PSA, Renault, Valeo, Delphi, Volvo, Daimler, Audi, BMW 17.5% of revenue PAGE 9

10 AERONAUTICS, SPACE AND DEFENCE Market context E2S listings Tier one renewed for the period (EADS) Development of transnational projects A380/A350 studies A320/A330 production series Partner of the Eurocopter Foccus program Major customers Airbus, Thales, Eurocopter, Safran, Astrium, Dassault Aviation 19% of revenue PAGE 10

11 ENERGY AND LIFE SCIENCES Market context Listing renewals, (TOTAL, AREVA, EDF..) Sharp rise in oil and fossil fuel exploration, extraction and operating projects in extreme conditions Projects in the nuclear sector: maintaining operating conditions in power stations, reinforcing safety, command control Major customers Total, Technip, Saipem, EDF, Areva, Air Liquide, Veolia, GSK, Sanofi 16% of revenue PAGE 11

12 TELECOMMUNICATIONS & MULTIMEDIA Market context Listing renewals. Development of activities with all operators inside and outside of France. 4G projects; mobility (mobile applications and services). Contraction of the turnover with parts manufacturers (ALCATEL, NOKIA ). Major customers Orange, Bytel, SFR, Alcatel, Nokia, Ericsson, Mobistar, Telefonica 23% of revenue PAGE 12

13 FINANCE TERTIARY Market context Listing renewals Rationalization (and reduction) of supplier panels Reduction of IT budgets productivity gains Pressure on prices Development of the workpackage offer Major customers SG, Calyon, BNP, Natixis, BPCE, HSBC, Axa, Generali, Intesa 13.5% of revenue PAGE 13

14 HIGHLIGHTS A dynamic first halfyear, despite a very uncertain economic context. ALTEN has renewed all its listings, and gained new ones (SNCF IT, AIR LIQUIDE, ROLLS ROYCE ). An acceleration of international development (Germany, Sweden). Alten confirms its status as a European leader in Technology Consulting and Engineering and as a firstchoice technological partner for the major client companies PAGE 14

15 INTERNATIONAL ACQUISITIONS At the beginning of last February, Alten finalized the acquisition of the Telecommunications subsidiaries of Enea Consulting, based in Sweden (Turnover 2011: 260MSEK, 250 engineers). This company is consolidated with effect from January 1 st At the end of July 2012, Alten finalized the acquisition of a company in China specialized in embedded systems for the Telecom and Automotive sectors (less than100 engineers). PAGE 15

16 INTERNATIONAL ACQUISITIONS Alten has signed three letters of intent in view to acquiring: The goodwill of a PLM/PMO activity in Germany (40 engineers), A company specialized in the Energy sector in Italy (180 engineers), A company specialized in electronics and embedded systems in the USA (100 engineers). PAGE 16

17 SHAREHOLDING AS AT 30 JUNE ,59 % Founder + Holding 1,01 % Mutual fund % of voting rights 68,40 % Public Founder + Holding 46,84% Mutual fund 0,77% Public 52,39% PAGE 17

18 2012 Halfyear results The procedures of limited examination of the halfyearly financial statements have been carried out. The limited examination report will be issued after finalisation of the procedures required for the purpose of publication of the halfyearly financial report. PAGE

19 TURNOVER DEVELOPMENT REGULAR PROGRESSION OF THE INTERNATIONAL CONTRIBUTION M % , ,9 30,7% 31% +17.7% 530, % 598, % 32,4% International France ,3% 69% 67,6% 64% 0 H H H H PAGE 19

20 STEADY ORGANIC GROWTH 600 M +8.8% % +5.3% H H H H H1 S S1 H Q Q Q Q PAGE 20

21 CONSOLIDATED REVENUE BY COUNTRY (IN M) Market June 2011 % Group June 2012 % Group % var Sweden % % 60.2% Germany % % 33.0% Spain % % 3.8% United Kingdom % % 53.7% Netherlands % % 3.9% Belgium % % 2.4% Italy % % 12.4% USA % % 98.1% Others % % 33.3% International % % 25.5% France % % 6.7% TOTAL % % 12.8% PAGE 21

22 CONDENSED INCOME STATEMENT In M H H Var % Revenue % Operating Profit on Activity As % of turnover 54.1* 10.2% % Payment in shares % Operating Profit before Exceptionals 53.9* % Nonrecurrent profit Disposal of assets 0.2 Amortization of Goodwill 3.1 Operating Profit As % of turnover % % +12.4% Net cost of financial debt Cost on debt present value and fin. asset Net financial Income Corporate income tax Profit of associated companies (equity method) & Minority interests Net Profit group share As % of revenue % % % PAGE 22

23 CONDENSED INCOME STATEMENT PER GEOGRAPHIC ZONE In M S S S S France (1) Interna. (1) Groupe (2) France (1) Interna. (1) Groupe (2) Revenue Operational Profit on Activity As % of revenue % % % % % % Stockoptions cost Operating Profit before Exceptionals Nonrecurring profit/loss Disposal of assets Goodwill impairment test Operating Profit As % of revenue % % % % % % Net debt income/loss Cost on debt present value and Fin. asset Net Financial Income Corporate income tax Profit of associated companies & Minority interests Net Profit Group share As % of revenue % (1)Net result by geographical area (2) consolidated net result after eliminations % % % % % PAGE 23

24 CONDENSED BALANCE SHEET ASSETS (in M ) Dec (Net) June 2012 (Net) Goodwill Other intangible assets Tangible fixed assets Noncurrent financial assets Tax assets NONCURRENT ASSETS LIABILITIES (in M ) SHAREHOLDERS EQUITY Minority interest Dec (Net) June 2012 (Net) Contingency Provisions Noncurrent financial liabilities Other noncurrent liabilities NONCURRENT LIABILITIES CURRENT ASSETS CURRENT LIABILITIES CASH AND CASH EQUIVALENTS TOTAL ASSETS FINANCIAL LIABILITIES TOTAL LIABILITIES PAGE 24

25 CASH FLOW STATEMENT In M H H CashFlow Corporation tax paid Change in working capital Cash from operations (free cash flow) Acquisitions / sales of fixed assets Change in scope and earn out Cash flow from investments Dividends paid to shareholders Capital increase Changes in short term financial debts Others Cash flow from financing activities Exchange rate variation NET CHANGE IN CASH POSITION Net cash position PAGE 25

26 FIRST HALF RESULTS 2012 SUMMARY The operational profit on activity for the first half 2012 is close to 10% despite the contribution of less profitable acquisitions, the rise in the social charges related to profit sharing plans and one less working day compared to the first half On a likeforlike basis, the operational profit on activity would have been higher in June 2012 than that at the end of 2011 (10.2%) both in France and abroad. The DSO has continued to decrease going down from 106 days at the end of 2011 to 102 days at the end of June 2012, despite a structurally unfavorable seasonality in the first halfyear. Paris. 25 September 2012 l Activity and first half results 2012 PAGE 26

27 FIRST HALF RESULTS 2012 SUMMARY Alten has entirely selffinanced its distribution of dividends and its acquisitions for the first halfyear and its financial structure is intact to continue its external growth (negative gearing). Alten confirms its capacity to generate profitable growth and cash. Paris. 25 September 2012 l Activity and first half results 2012 PAGE 27

28 Prospects and strategy PAGE

29 PROSPECTS and STRATEGY 2012 should be a satisfactory year: Continuing profitable organic growth Disappearance of the automotive on the bench in France in the second halfyear Rise of international business in the Group s activity Alten s recognized expertise in workpackages, positioning and international network strengthen its status as European leader in technology consulting and engineering The operational profit on activity should be at around 10% of the turnover in 2012 Paris. 25 September 2012 l Activity and first half results 2012 PAGE 29

30 STRATEGY To capitalize on Alten s expertise in workpackages to accelerate its international growth: 50% of Alten s turnover in 2014 To accelerate development in the Americas (USA/Canada/Brazil) and in Asia (India/China) To reach critical size in the main European countries (Sweden/Germany/Italy) Alten worldwide leader in Technology Consulting and Engineering in 2015 still with satisfactory margins and financial structure Paris. 25 September 2012 l Activity and first half results 2012 PAGE 30

31 APPENDICES PAGE 31

32 PAGE 32

33 PAGE 33

34 ANNEXES bilan passif PAGE 34

35 ANNEXES PAGE 35

36 Contact T : +33 (0) PAGE 36