Financial Year 2013 Media and Analysts Conference

Transcription

1 Financial Year Media and Analysts Conference Zurich, 25 February 2014 A. Affentranger / B. Fellmann

2 Media and Analysts Conference Highlights Implenia Media and Analysts Conference February 2014 Page 2

3 Highlights Daring to Shape our Future characterizes our Performance in CHF million Record figures FY13 Consolidated revenue % EBIT Business Units % Consolidated profit % Higher order intake with improved quality % Solid net cash position reflects healthy balance sheet % Daring to Shape our Future has set accents Customers and markets Employee orientation Internationalisation Implenia Media and Analysts Conference February 2014 Page 3

4 Highlights Trend continuous improvement in CHF million Consolidated revenue +257,0 (+9%) EBIT Business Units +10,6 (+5%) ,0 77,0 93,5 108,8 114,0 3,5% 3,2% 3,7% 3,9% 3,7% Consolidated profit 52,5 47,1 2,1% 2,2% 61,4 2,4% 76,9 2,7% +10,6 (+7%) 82,6 2,7% Dividend 0,70 0,90 1,10 1,40 +0,20 (+14%) 1, Restated Implenia Media and Analysts Conference February 2014 Page 4

5 Highlights Key aspects Daring to Shape our Future Topics Daring to Shape our Future Specific successes Course set Positive response from customers and employees Leaner structures Strategic road maps defined Business Processes Risk management Integrated business model practised Buildings well positioned in the market International major orders won Norway and Modernisation on track Lean management and construction Occupational health and safety before EBIT New D-A-CH organisation for tunnel business Enhanced one company processes Risk Management Buildings introduced across Switzerland Technical Support as technical conscience Selective project acquisition Administration Comprehensive IFRS adjustments (IAS 19/IFRS11) SAP revised and simplified Implenia Academy live Implenia Media and Analysts Conference February 2014 Page 5

6 Media and Analysts Conference Real estate and construction market Implenia Media and Analysts Conference February 2014 Page 6

7 Real estate and construction market Diversified market diversified Implenia Breakdown Implenia Revenue Construction Spending Switzerland Building/Infrastructure Construction Spending Switzerland New/Renovation Private 45% Residential 48% Residential New 35% Residential Renovation 13% Public 55% Non-Residential 31% Road 8% Railway 6% Infrastructure 7% Non-Residential New 15% Non-Residential Renovation 16% Infrastructure New 8% Infrastructure Renovation 13% Source: Euroconstruct Dez Dec 13 Implenia Media and Analysts Conference February 2014 Page 7

8 Real estate and construction market Sound fundamentals basis for optimism Low vacancy rate possible decline in demand absorbable (in 000) Immigration Addition Homes Avg. Migration Avg. Homes Vacancy rate (r.s.) GDP growth solid (in %) Low unemployment rate (in %) Interests continuously low (in %) Y M Implenia Media and Analysts Conference February 2014 Page 8

9 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 Real estate and construction market Stable market development predicted Growth short term remains positive Growth medium term Compensation effect 2015/16 temporary impact (capital buffer / self regulation) Construction Index Building Index Infrastructure Index 8% 6% 4% 2% 0% -2% -4% -6% -8% 3.5% 2.8% 2.6% 2.6% 2.8% 3.6% 1.2% 1.2% Building Civil Engineering Total Construction Source: Credit Suisse/Societé Suisse des Entrepreneurs Dec 13 Source: Euroconstruct/KOF Dec 13 Implenia Media and Analysts Conference February 2014 Page 9

10 -9.2% -5.4% -6.7% -0.1% 0.3% 1.1% 2.0% 1.7% 1.3% 0.7% 0.3% 0.0% 2.3% 1.6% 2.5% 2.4% 1.8% 2.3% 1.6% 2.5% 2.9% 6.5% 6.1% 3.2% 5.8% 4.2% 4.3% 3.4% 8.2% 5.8% 6.9% 15.8% Real estate and construction market Refurbishment with a great potential for Implenia Building construction is stabilizing on a high level Secured funding (FABI) and refurbishment as a catalyst in the infrastructure market 8.0% 20.0% 6.0% 15.0% 4.0% 10.0% 2.0% 0.0% 5.0% 0.0% -5.0% -2.0% -10.0% -4.0% % Buidling New Building Renovation Building Total Infrastructure New Infrastructure Renovation Infra Total Source: Euroconstruct/KOF Dec 13 Source: Euroconstruct/KOF Dec 13 Implenia Media and Analysts Conference February 2014 Page 10

11 Real estate and construction market Norway continues a path of growth National Transport Plan +58% (in CHF billion) Breakdown National Transport Plan % 2% 52 33% Railway Road Sea/Coast Collective 61% NTP Increase NTP Construction spending Norway (indexed) Residential Non-Residential Civil Engineering Total Source: Euroconstruct 13 Implenia Media and Analysts Conference February 2014 Page 11

12 Real estate and construction market Conclusion: markets are strong Public sector Financing secured portfolio effect through federal government, cantons and communities Considerable pent-up demand, especially in renovation FABI (long-distance expansion of rail infrastructure) offers additional investment security Private sector Norway Order book reflects solid demand Demand and supply-side key figures consolidating at a healthy level Mass immigration initiative: appropriate implementation for business and society expected New transport plan will secure investments in the infrastructure market Opportunities in Sweden, Germany and Austria Implenia Media and Analysts Conference February 2014 Page 12

13 Media and Analysts Conference Our segments Implenia Media and Analysts Conference February 2014 Page 13

14 Our segments Our segments reflect the clout of our organisation Modernisation Development Buildings Tunnelling & CE Construction Switzerland Norge Consulting TC/GC Execution Real estate project development TC/GC Complex building construction Underground construction Civil engineering Foundation engineering Civil works Roads Regional building construction Underground construction Infrastructure Niches Refurbishment Plants One company, one goal, one spirit Implenia Media and Analysts Conference February 2014 Page 14

15 Our segments Modernisation reaches break even in CHF million Revenue EBIT EBIT / EBIT margin ,8-1,6-3,4 0,6 1,2-0,6 2 4% ,1 0,1% -2,8% -3,7% -2,5-3,4 0,8% 0,6 0% -4% -8% nd half-year 1st half-year 2nd half-year 1st half-year EBIT EBIT margin (in %) 1 Restated Implenia Media and Analysts Conference February 2014 Page 15

16 Our segments Modernisation impressive order intake Development of order book in CHF million Flurpark Zurich Secured revenue Market Ongoing growth in demand Key drivers: ageing housing stock, building shell and construction standard requirements 72,5% 46,1% 9,8% 5,5% Highlights Successful development of the organisation Break-even point exceeded Order backlog tripled Largest single order (CHF >50 million) as proof of GC/construction model Actual year Prior year Implenia Media and Analysts Conference February 2014 Page 16

17 Our segments Development new record result in CHF million Invested capital EBIT EBIT / ROIC ,6 21,0 36,5 22, % ,3 20,9 14,7% 11,5% 31,6 36,5 15% 23,7% 16,4% 10% ,6 14, % 0% Other balance sheet positions Real estate transactions 2nd half-year 1st half-year EBIT ROIC (in %) 1 Restated Implenia Media and Analysts Conference February 2014 Page 17

18 Our segments Development prudent investment policy Real estate portfolio in CHF million Health Sunnewies Islikon/TG 2009 Portfolio Market Investment properties: ongoing high demand at stable level Condominium ownership: underlying demand still high but self-regulation of banks and higher capital requirements visible Highlights Well positioned for large and complex projects Major sales successes: private + institutional Existing projects Value-generating projects 2014 Implenia Media and Analysts Conference February 2014 Page 18

19 Our segments Buildings strong momentum in CHF million Revenue EBIT EBIT / EBIT margin ,7 23, ,9 19,7 23,6 3% ,9 13, ,7 1,3% 1,4% 1,4% 2% 1% ,4 6,8 10,4-6,7 4 0,8% 0 0% nd half-year 1st half-year 2nd half-year 1st half-year EBIT EBIT margin (in %) 1 Restated Implenia Media and Analysts Conference February 2014 Page 19

20 Our segments Buildings relevance of internal projects is rising Development of order book in CHF million vierfeld Pratteln/BL Market Ongoing positive market environment Low interest rates favouring condominium ownership versus rental apartments Secured revenue 82,2% 69,7% 2014 Actual year Prior year 37,1% ,1% Highlights High order backlog underlines success of new business model combining GC and construction Major development projects are being realised ( roy in Winterthur, The Metropolitans East in Zurich, Düdingen, Petite Prairie in Nyon) Prosperous 'niche products' in Germany, Wooden Construction and Engineering. Implenia Media and Analysts Conference February 2014 Page 20

21 Our segments Tunnelling & Civil Engineering according to plan in CHF million Revenue EBIT EBIT / EBIT margin ,7 17,1 20, % ,6 21,6 35,7 20,4 20% 15% ,6-7,4 15,5-6,7 4, ,1% 11,3% 10,7% 7,0% 10% 5% 0% nd half-year 1st half-year 2nd half-year 1st half-year EBIT EBIT margin (in %) 1 Restated Implenia Media and Analysts Conference February 2014 Page 21

22 Our segments Tunnelling & CE international expansion works Development of order book in CHF million excl. Semmering Secured revenue 71,2% 36,4% 2014 Actual year Prior year ,9% 28,2% 2015 Semmering Austria Market Postponement of many larger tunnel projects in Switzerland Power plant construction suffering from low electricity prices Increasing safety requirements having a positive impact on tunnel and bridge renovation Highlights Completion of NEAT (Sedrun, Bodio/Faido) Success rate (tenders) of 60% in tunnel renovation Withdrawal from Middle East Successful internationalisation strategy in Germany and Austria with the founding of an unit in Salzburg and an initial major project success (Semmering base tunnel) Implenia Media and Analysts Conference February 2014 Page 22

23 Our segments Construction Switzerland doing well in highly competitive market in CHF million Revenue EBIT EBIT / EBIT margin ,3 22, ,7 22,3 22,5 6% ,9 29, ,0% 19,0 2,5% 2,6% 2,4% 4% 2% ,4-6,6-6,7-7,0 0 0% nd half-year 1st half-year 2nd half-year 1st half-year EBIT EBIT margin (in %) 1 Restated Implenia Media and Analysts Conference February 2014 Page 23

24 Our segments Construction Switzerland confident thanks to market & lean Development of order book in CHF million Secured revenue Market "Wet weather" in the first half of the year Altogether relatively stable market No structural changes but intense local competition 33,4% 38,0% 6,8% 8,2% Highlights New organisation was well received in the market in all language regions Introduction of lean construction gaining momentum Many large and complex projects in road and rail construction were completed Actual year Prior year Implenia Media and Analysts Conference February 2014 Page 24

25 Our segments Norge Implenia as success model in CHF million Revenue EBIT EBIT / EBIT margin ,3 15 6% , ,3 4% 134 3,0 5 3,0 3,2% 2% 160 3,9 4,7 0-0,8 1,4% 0% 84-7,4-0,9-6,7-5 -1,0% -2% nd half-year 1st half-year 2nd half-year 1st half-year EBIT EBIT margin (in %) 1 Restated Implenia Media and Analysts Conference February 2014 Page 25

26 Our segments Norge market position and know how pays off Development of order book in CHF million E6 Vinstra-Sjoa Norway Secured revenue Market Many projects in the market Growing project size Large increase of the National Transport Plan predicted Increasing competition due to international players 63,8% 60,7% 53,7% 13,7% Highlights Record order book levels and many large project acquisitions Impressive smart brand recruitment momentum Actual year 2014 Prior year 2015 Implenia Media and Analysts Conference February 2014 Page 26

27 Our segments EBIT Business Units new record level in CHF million Dec 13 Dec /- in % Modernisation & Development % Buildings % Tunnelling & Civil Engineering % Construction Switzerland % Norge % EBIT Business Units % 1 Restated Implenia Media and Analysts Conference February 2014 Page 27

28 Media and Analysts Conference IFRS Reporting Implenia Media and Analysts Conference February 2014 Page 28

29 IFRS Reporting Consolidated profit has increased significantly in CHF million Dec 13 Dec /- in % EBIT Business Units % Miscellaneous / Holding % Operating income % 3.8% 3.9% Financial result % Tax % Consolidated profit % 2.7% 2.7% EBITDA % 1 Restated / Impact from IFRS 11: Revenue 104,7 CHF million, EBIT 4,8 CHF million Implenia Media and Analysts Conference February 2014 Page 29

30 IFRS Reporting Holding and Miscellaneous stable despite volume growth in CHF million 1, ,663 1,205 1,283 1,458 10,298 11,057-6,546-7,111 Holding costs IAS 19 Amortisation of investment property Amortisation of intangible assets Impact on operating income Holding costs IAS 19 Amortisation of investment property Amortisation of intangible assets Impact on operating income 1 Restated Implenia Media and Analysts Conference February 2014 Page 30

31 IFRS Reporting Assets moderate increase in CHF million Dec 13 Dec /- in % Cash and cash equivalents, securities Trade receivables Work in progress / Joint ventures (equity method) Real estate transactions Other current assets Total current assets 1, , % Total non-current assets % Total ASSETS 2, , % 1 Restated / Effect from IFRS 11: Balance Sheet Total 91,0 CHF million Implenia Media and Analysts Conference February 2014 Page 31

32 IFRS Reporting Liabilities good equity ratio of almost 30 per cent in CHF million Dec 13 Dec /- in % Current financial liabilities Trade payables Work in progress / Joint ventures (equity method) Other non-current liabilities Total current liabilities 1, , % Non-current financial liabilities Other non-current liabilities Deferred taxes, provisions, pension assets Total non-current liabilities % Equity and non-controlling interests % Total LIABILITIES 2, , % 1 Restated / Effect from IFRS 11: Balance Sheet Total 91,0 CHF million Implenia Media and Analysts Conference February 2014 Page 32

33 IFRS Reporting Cash flow statement revenue growth ties up working capital in CHF million 134,5 (129,2) 142,8 (28,0) 33,3 (30,1) (44,4) 78,9 Profit before changes in NWC Receivables Liabilities Work in progress / joint ventures (equity method) Real estate transactions Interest and taxes Investments and M&A Free cash flow 38,3 72,4 (64,8) 48,9 (4,7) (12,0) (44,5) 133,6 Implenia Media and Analysts Conference February 2014 Page 33

34 IFRS Reporting Return on investment (ROIC) substantially above capital costs ROIC before tax ROIC after tax % % ,9% 22,4% 27,3% ,3% ,0% 60% 50% 40% 30% 20% ,3% 17,9% 21,4% ,1% ,0% 60% 50% 40% 30% 20% ,4% ,3% ,5% ,5% 9,5% 10% 0% ,6% ,6% ,6% ,3% 7,3% 10% 0% Invested capital (in CHF million) ROIC (Operating income / Invested capital) WACC before tax Invested capital (in CHF million) ROIC (NOPAT / Invested capital) WACC after tax 1 Restated Implenia Media and Analysts Conference February 2014 Page 34

35 IFRS Reporting Share price development again clearly outperformed SPI Performance in 180% Implenia 160% 140% 120% SPI Total Shareholder Return 65.4% +63.0% +41.1% 100% 80% Jan Feb Mrz Mar Apr Mai May Jun Jul Aug Sep Okt Oct Nov Dez Dec 1st day of trading (6 March 2006) until 31 December 300% Implenia SPI 250% % 200% 150% 100% % 50% Implenia Media and Analysts Conference February 2014 Page 35

36 IFRS Reporting Dividend higher by about 15 per cent Dividend policy Dividend in CHF per share 0,90 1,10 1,40 1,60 Higher dividend again ,3% 33,3% 36,6% 38,9% Pay-out ratio above target range ,70% 2,80% 3,50% 2,50% Attractive yield Restated Implenia Media and Analysts Conference February 2014 Page 36

37 Media and Analysts Conference Outlook Implenia Media and Analysts Conference February 2014 Page 37

38 Outlook High visibility thanks to well-filled order book in CHF million High order backlog Secured revenue 2014/ Actual ,5% 62,4% 28,6% 22,4% Actual year Prior year Implenia Media and Analysts Conference February 2014 Page 38

39 Outlook Quality of the order book inspires confidence for the result in CHF million Solvent order book Diversified order book ,9% 36,9% 31,9% ,2% Third parties AAA Public sector Projects > 10 mn Projects < 10 mn processed projects 2012 Higher target margin Implenia Media and Analysts Conference February 2014 Page 39

40 Outlook Main themes for 2014 to achieve EBIT of CHF million Focus Modernisation Development Buildings Tunnelling & CE Construction Switzerland Norge Good order backlog ongoing positive further development Solid demand for investment properties Good order backlog focus on improving margin situation Further development of internationalisation strategy and refurbishment Stability sustainable public expenditure and good regional diversification Optimistic for sales and profitability thanks to record order backlog level Group Implenia optimistic for the current year Order book equivalent to more than one year's sales good visibility Further growth at sales and earnings level expected On course: medium term goal of EBIT of CHF 140 to 150 million Implenia Media and Analysts Conference February 2014 Page 40

41 Outlook Our mid term target since February in CHF million Growth Profitability Goal + CHF 200 mn in Modernisation + CHF 300 mn abroad EBIT CHF mn Margin +/- 4.5% % 3.7% Implenia Media and Analysts Conference February 2014 Page 41

42 Agenda & IR Keep in touch 2014 Annual General Meeting of Shareholders 25 March 2014 Half-year results August 2014 Full-year results February Annual General Meeting of Shareholders 24 March 2015 Contacts for investors Beat Fellmann, CFO Phone Serge Rotzer, Head Investor Relations Phone Contact for the media Philipp Bircher, Head of Communications Phone Implenia Media and Analysts Conference February 2014 Page 42

43 Disclaimer Cautionary note regarding forward-looking statements 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. Implenia Media and Analysts Conference February 2014 Page 43

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