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Financial Year 2013: Media and Analyst's Conference

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Company Spotlight

Implenia reported record figures for FY2013 with consolidated revenue increasing 9.2% to CHF 3.057 billion and consolidated profit rising 7.5% to CHF 83 million. The company's order intake also increased 8.5% to CHF 3.317 billion. Implenia's strategy of "Daring to Shape our Future" focused on customers, employees, and internationalization has set the company on a course for continued growth and success.

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Financial Year 2013 Media and Analysts’ Conference Zurich, 25 February 2014 A. Affentranger / B. Fellmann
© Implenia | Media and Analysts’ Conference | February 2014 | Page 2 Media and Analysts’ Conference Highlights 2013
© Implenia | Media and Analysts’ Conference | February 2014 | Page 3 Highlights 2013 “Daring to Shape our Future” characterizes our Performance Record figures FY13 Δ Consolidated revenue 3.057 +9.2% EBIT Business Units 114 +4.7% Consolidated profit 83 +7.5% Higher order intake with improved quality 3.317 +8.5% Solid net cash position reflects healthy balance sheet 371 +15.5% “Daring to Shape our Future” has set accents Customers and markets Employee orientation Internationalisation in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 4 3.057 20121 2013 2.800 2011 2.523 2010 2.388 2009 2.280 2013 82,6 2,7% 20121 76,9 2,7% 2011 61,4 2,4% 2010 52,5 2,2% 2009 47,1 2,1% Trend – continuous improvement 2013 114,0 3,7% 20121 108,8 3,9% 2011 93,5 3,7% 2010 77,0 3,2% 2009 80,0 3,5% Highlights 2013 Consolidated revenue Consolidated profit EBIT Business Units Dividend 1 Restated 2013 1,60 2012 1,40 2011 1,10 2010 0,90 2009 0,70 +257,0 (+9%) +10,6 (+5%) +10,6 (+7%) +0,20 (+14%) in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 5 Topics Risk management Risk Management Buildings introduced across Switzerland Technical Support as “technical conscience” Selective project acquisition Specific successes Highlights 2013 Key aspects “Daring to Shape our Future” Administration Business Comprehensive IFRS adjustments (IAS 19/IFRS11) SAP revised and simplified Implenia Academy “live” Integrated business model practised Buildings well positioned in the market International major orders won Norway and Modernisation on track Processes Lean management and construction Occupational health and safety before EBIT New D-A-CH organisation for tunnel business Enhanced “one company” processes Daring to Shape our Future Course set Positive response from customers and employees Leaner structures Strategic road maps defined
© Implenia | Media and Analysts’ Conference | February 2014 | Page 6 Media and Analysts’ Conference Real estate and construction market
© Implenia | Media and Analysts’ Conference | February 2014 | Page 7 Diversified market – diversified Implenia Real estate and construction market Breakdown Implenia Revenue Source: Euroconstruct Dez 13 Construction Spending Switzerland Building/Infrastructure Construction Spending Switzerland New/Renovation Infrastructure Renovation 13% Infrastructure 7% Infrastructure New 8% Railway 6% Non-Residential Renovation 16% Road 8% Non-Residential New 15% Public 55% Non-Residential 31% Residential Renovation 13% Private 45% Residential 48% Residential New 35% Dec
© Implenia | Media and Analysts’ Conference | February 2014 | Page 8 80 46 58 40 1.3 0.96 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0 20 40 60 80 100 120 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Immigration Addition Homes Avg. Migration Avg. Homes Vacancy rate (r.S.) Sound fundamentals – basis for optimism Real estate and construction market Low vacancy rate – possible decline in demand absorbable 1.9 2.2 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 96 98 00 02 04 06 08 10 12 14 3.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 96 98 00 02 04 06 08 10 12 14 0.12 1.41 0.0 0.5 1.0 1.5 2.0 2.5 08 09 10 11 12 13 14 GDP growth solid (in %) Low unemployment rate (in %) 2013 2015 Interests continuously low (in %) (in ‘000) 10-Y 3-M
© Implenia | Media and Analysts’ Conference | February 2014 | Page 9 Stable market development predicted Real estate and construction market Source: Credit Suisse/Societé Suisse des Entrepreneurs Dec 13 Source: Euroconstruct/KOF Dec 13 3.5% 2.8% 2.6% 2.6% 2.8% 3.6% 1.2% 1.2% -8% -6% -4% -2% 0% 2% 4% 6% 8% 2009 2010 2011 2012 2013 2014 2015 2016 Building Civil Engineering Total Construction 80 100 120 140 160 180 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 Construction Index Building Index Infrastructure Index Growth short term – remains positive Growth medium term – Compensation effect 2015/16 – temporary impact (capital buffer / self regulation)
© Implenia | Media and Analysts’ Conference | February 2014 | Page 10 -5.4% 0.0% -6.7% 1.6% 6.5% 2.4% 2.3% 3.2% 15.8% -9.2% 8.2% 2.5% 6.1% 1.8% 1.6% 5.8% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 2009 2010 2011 2012 2013 2014 2015 2016 Infrastructure New Infrastructure Renovation Infra Total Refurbishment with a great potential for Implenia Real estate and construction market Building construction is stabilizing on a high level Secured funding (FABI) and refurbishment as a catalyst in the infrastructure market Source: Euroconstruct/KOF Dec 13 Source: Euroconstruct/KOF Dec 13 4.2% 6.9% 1.1% 2.5% 2.0% 4.3% 1.3% 0.3% 0.3% 2.3% 5.8% 2.9% 1.7% 3.4% 0.7% -0.1% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 2009 2010 2011 2012 2013 2014 2015 2016 Buidling New Building Renovation Building Total
© Implenia | Media and Analysts’ Conference | February 2014 | Page 11 52 30 82 NTP 2010-19 Increase NTP 2014-23 Norway continues a path of growth Real estate and construction market Construction spending Norway (indexed) National Transport Plan +58% (in CHF billion) Breakdown National Transport Plan 2014-23 100 119 116 123 131 139 147 149 98 97 104 107 111 115 118 80 100 120 140 160 2009 2010 2011 2012 2013 2014 2015 2016 Residential Non-Residential Civil Engineering Total Source: Euroconstruct 13 33% 61% 4% 2% Railway Road Sea/Coast Collective
© Implenia | Media and Analysts’ Conference | February 2014 | Page 12 Conclusion: markets are strong Real estate and construction market 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 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 Norway New 2014-23 transport plan will secure investments in the infrastructure market Opportunities in Sweden, Germany and Austria
© Implenia | Media and Analysts’ Conference | February 2014 | Page 13 Media and Analysts’ Conference Our segments
© Implenia | Media and Analysts’ Conference | February 2014 | Page 14 Our segments Our segments reflect the clout of our organisation “One company, one goal, one spirit” 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 Refurbishment Civil works Roads Regional building construction Plants Underground construction Infrastructure Niches
© Implenia | Media and Analysts’ Conference | February 2014 | Page 15 Our segments Modernisation – reaches break even -4 -2 0 2 4% 0% -4% -8% 2013 0,8% 20121 -3,4 -3,7% 2011 -2,5 -2,8% 2010 0,1 0,1% EBIT margin (in %) EBIT 47 29 46 46 75 20121 93 2013 1st half-year 2nd half-year 0,6 2013 -0,6 1,2 20121 -3,4 -1,6 -1,8 2nd half-year 1st half-year 1 Restated Revenue EBIT EBIT / EBIT margin 0,6 in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 16 Our segments “Flurpark” Zurich Modernisation – impressive order intake 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 Market  Ongoing growth in demand  Key drivers: ageing housing stock, building shell and construction standard requirements Secured revenue Development of order book in CHF million 120 39 42 53 30.06.12 31.12.12 30.06.13 31.12.13 46,1% 2015 9,8% 5,5% 2014 72,5% Actual year Prior year
© Implenia | Media and Analysts’ Conference | February 2014 | Page 17 Our segments Development – new record result 2013 154 215 -61 20121 192 248 -56 Invested capital EBIT / ROIC 2013 36,5 14,3 22,2 20121 31,6 10,6 21,0 EBIT 1st half-year 2nd half-year 0 5 10 15 20 25 30 35 40 20% 15% 10% 5% 0% 2013 36,5 23,7% 20121 31,6 16,4% 2011 25,3 14,7% 2010 20,9 11,5% Real estate transactions Other balance sheet positions 1 Restated ROIC (in %) EBIT in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 18 Our segments Real estate portfolio Health “Sunnewies” Islikon/TG Highlights  Well positioned for large and complex projects  Major sales successes: private + institutional 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 Existing projects Value-generating projects 2014 Development – prudent investment policy in CHF million Portfolio 247 252 218 169 217 2009 2010 2011 2012 2013
© Implenia | Media and Analysts’ Conference | February 2014 | Page 19 Our segments Buildings – strong momentum Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 0 4 8 12 16 20 24 0% 3% 2% 1% 2013 23,6 1,4% 20121 19,7 1,4% 2011 17,9 1,3% 2010 10,7 0,8% EBIT margin (in %) EBIT 2013 23,6 10,4 13,2 20121 19,7 6,8 12,9 1st half-year 2nd half-year 1 Restated 1.660 806 854 20121 1.408 661 747 2013 1st half-year 2nd half-year in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 20 Our segments “vierfeld” Pratteln/BL Buildings – relevance of internal projects is rising Market  Ongoing positive market environment  Low interest rates favouring condominium ownership versus rental apartments 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. Secured revenue Development of order book 31.12.13 1.848 30.06.13 2.026 31.12.12 1.832 30.06.12 1.833 2015 37,1% 35,1% 2014 69,7% 82,2% Actual year Prior year in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 21 Our segments Tunnelling & Civil Engineering – according to plan Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 2013 292 129 163 20121 333 148 185 1st half-year 2nd half-year 2013 20,4 4,9 15,5 20121 35,7 18,6 17,1 1st half-year 2nd half-year 1 Restated 0 10 20 30 40 25% 20% 15% 10% 5% 0% 20121 35,7 10,7% 2011 34,6 11,3% 2010 21,6 7,1% 2013 20,4 7,0% EBIT margin (in %) EBIT in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 22 Our segments “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) Secured revenue Development of order book 415 492 605 679 30.06.12 31.12.12 30.06.13 31.12.13 2015 28,2% 15,9% 2014 71,2% 36,4% Actual year Prior year excl. Semmering Tunnelling & CE – international expansion works in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 23 Our segments Construction Switzerland – doing well in highly competitive market Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 2013 925 368 557 20121 866 344 522 1st half-year 2nd half-year 2013 22,5 -7,0 29,5 20121 22,3 -6,6 28,9 1st half-year 2nd half-year 1 Restated 0 10 20 30 0% 4% 6% 2% 2013 22,5 2,4% 20121 22,3 2,6% 2011 19,0 2,5% 2010 23,7 3,0% EBIT margin (in %) EBIT in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 24 Our segments Construction Switzerland – confident thanks to market & “lean” 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 Market  "Wet weather" in the first half of the year  Altogether relatively stable market  No structural changes but intense Secured revenue local competition Development of order book 352 481 386 520 30.06.12 31.12.12 30.06.13 31.12.13 8,2% 2015 6,8% 2014 38,0% 33,4% Actual year Prior year in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 25 Our segments Norge – Implenia as success model Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 84 2013 321 160 161 20121 218 134 1st half-year 2nd half-year 2013 10,3 4,7 5,6 20121 3,0 -0,9 3,9 1st half-year 2nd half-year 1 Restated -5 0 5 10 15 0% -2% 6% 4% 2% -1,0% 2010 2013 10,3 3,2% 20121 3,0 1,4% 2011 EBIT margin (in %) EBIT -0,8 in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 26 Our segments Norge – market position and know how pays off “E6 Vinstra-Sjoa” Norway Market  Many projects in the market  Growing project size  Large increase of the “National Transport Plan” predicted  Increasing competition due to international players Highlights  Record order book levels and many large project acquisitions  Impressive „smart brand“ recruitment momentum Secured revenue Development of order book 456 200 251 197 30.06.12 31.12.12 30.06.13 31.12.13 2015 13,7% 53,7% 2014 63,8% 60,7% Actual year Prior year in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 27 Our segments EBIT Business Units – new record level 1 Restated in CHF millionDec 13Dec 121+/- in % Modernisation & Development37.2 28.1 32.0% Buildings23.6 19.7 19.6% Tunnelling & Civil Engineering20.4 35.7 -42.8% Construction Switzerland22.5 22.3 1.1% Norge10.3 3.0 242.5% EBIT Business Units114.0 108.8 4.7%
© Implenia | Media and Analysts’ Conference | February 2014 | Page 28 Media and Analysts’ Conference IFRS Reporting
© Implenia | Media and Analysts’ Conference | February 2014 | Page 29 IFRS Reporting Consolidated profit has increased significantly in CHF million Dec 13 Dec 121 +/- in % EBIT Business Units 114.0 108.8 4.7% Miscellaneous / Holding 1.6 1.5 7.2% Operating income 115.5 110.3 4.8% 3.8% 3.9% Financial result -7.9 -11.5 -31.1% Tax -25.1 -21.9 14.9% Consolidated profit 82.6 76.8 7.5% 2.7% 2.7% EBITDA 158.4 153.6 3.0% 1 Restated / Impact from IFRS 11: Revenue 104,7 CHF million, EBIT 4,8 CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 30 IFRS Reporting Holding and Miscellaneous – stable despite volume growth 840 Impact on operating income 1,663 Amortisation of intangible assets 10,298 Amortisation of investment property 1,249 Holding IAS 19 costs -6,546 2013 20121 Amortisation of intangible assets 11,057 Amortisation of investment property 1,205 IAS 19 1,283 Holding costs -7,111 Impact on operating income 1,458 1 Restated in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 31 IFRS Reporting Assets – moderate increase in CHF million Dec 13 Dec 121 +/- in % Cash and cash equivalents, securities 582.7 537.6 Trade receivables 513.5 476.1 Work in progress / Joint ventures (equity method) 367.3 277.3 Real estate transactions 217.5 251.7 Other current assets 101.4 116.2 Total current assets 1,782.4 1,658.9 7.4% Total non-current assets 414.0 415.2 -0.3% Total ASSETS 2,196.4 2,074.1 5.9% 1 Restated / Effect from IFRS 11: Balance Sheet Total 91,0 CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 32 IFRS Reporting Liabilities – good equity ratio of almost 30 per cent in CHF million Dec 13 Dec 121 +/- in % Current financial liabilities 3.5 4.5 Trade payables 362.7 240.7 Work in progress / Joint ventures (equity method) 678.0 706.5 Other non-current liabilities 232.2 238.1 Total current liabilities 1,276.4 1,189.8 7.3% Non-current financial liabilities 208.0 211.5 Other non-current liabilities 2.2 7.0 Deferred taxes, provisions, pension assets 81.1 116.3 Total non-current liabilities 291.3 334.8 -13.0% Equity and non-controlling interests 628.7 549.5 14.4% Total LIABILITIES 2,196.4 2,074.1 5.9% 1 Restated / Effect from IFRS 11: Balance Sheet Total 91,0 CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 33 Cash flow statement – revenue growth ties up working capital Free cash flow 78,9 Investments and M&A (44,4) Interest and taxes (30,1) Real estate transactions 33,3 Work in progress / joint ventures (equity method) (129,2) Liabilities 134,5 Receivables (28,0) Profit before changes in NWC 142,8 IFRS Reporting 2012 138,3 72,4 (64,8) 48,9 (4,7) (12,0) (44,5) 133,6 in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 34 Return on investment (ROIC) substantially above capital costs IFRS Reporting ROIC before tax ROIC after tax 251 267 340 346 343 0 50 100 150 200 250 300 350 60% 50% 40% 30% 20% 10% 0% 70% 2013 9,5% 46,0% 20121 9,5% 41,3% 2011 9,5% 27,3% 2010 9,3% 22,4% 2009 9,4% 19,9% WACC before tax ROIC (Operating income / Invested capital) Invested capital (in CHF million) 251 267 340 346 343 0 50 100 150 200 250 300 350 60% 50% 40% 30% 20% 10% 0% 70% 2013 7,3% 36,0% 20121 7,3% 33,1% 2011 7,6% 21,4% 2010 7,6% 17,9% 2009 7,6% 15,3% Invested capital (in CHF million) ROIC (NOPAT / Invested capital) WACC after tax 1 Restated
© Implenia | Media and Analysts’ Conference | February 2014 | Page 35 80% 100% 120% 140% 160% 180% Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Share price development – again clearly outperformed SPI IFRS Reporting 1st day of trading (6 March 2006) until 31 December 2013 Performance in 2013 Total Shareholder Return 65.4% +63.0% +147.3% Implenia SPI +41.1% 50% 100% 150% 200% 250% 300% 2006 2007 2008 2009 2010 2011 2012 2013 +118.1% Implenia SPI Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
© Implenia | Media and Analysts’ Conference | February 2014 | Page 36 Dividend policy IFRS Reporting Dividend higher by about 15 per cent 2013 1,60 2012 1,40 2011 1,10 2010 0,90 Dividend in CHF per share 2013 38,9% 20121 36,6% 2011 33,3% 2010 31,3% 2,50% 20121 3,50% 2011 4,70% 2010 2,80% 2013 1 Restated Higher dividend again Pay-out ratio above target range Attractive yield
© Implenia | Media and Analysts’ Conference | February 2014 | Page 37 Media and Analysts’ Conference Outlook
© Implenia | Media and Analysts’ Conference | February 2014 | Page 38 4.000 3.500 3.000 2.500 2013 3.190 2012 3.101 2011 3.154 2010 3.070 2009 3.447 High visibility thanks to well-filled order book Outlook High order backlog Secured revenue 2014/2015 2015 28,6% 22,4% 2014 62,5% 62,4% Actual year Prior year 3.629 Actual in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 39 3.101 3.190 3.236 1.573 1.752 2012 2013 Quality of the order book inspires confidence for the result Outlook Diversified order book Projects > 10 mn Projects < 10 mn 49 2925 projects processed Solvent order book 36,9% 31,2% 36,9% 31,9% AAA Public sector Third parties Higher target margin in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 40 Outlook Main themes for 2014 to achieve EBIT of 140-150 CHF million Modernisation Good order backlog – ongoing positive further development Development Solid demand for investment properties Buildings Good order backlog – focus on improving margin situation Tunnelling & CE Further development of internationalisation strategy and refurbishment Construction Switzerland Stability – sustainable public expenditure and good regional diversification Norge Optimistic for sales and profitability thanks to record order backlog level Focus Group On course: medium term goal of EBIT of CHF 140 to 150 million 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
© Implenia | Media and Analysts’ Conference | February 2014 | Page 41 Outlook Our mid term target – since February 2013 Growth Profitability + CHF 200 mn in Modernisation + CHF 300 mn abroad EBIT CHF 140-150 mn Margin +/- 4.5% 2012 2013 2.800 3.057 109 114 3.9% 3.7% Goal in CHF million
© Implenia | Media and Analysts’ Conference | February 2014 | Page 42 Agenda & IR Keep in touch Contacts for investors Beat Fellmann, CFO Phone +41 44 805 45 00 E-Mail beat.fellmann@implenia.com Serge Rotzer, Head Investor Relations Phone +41 44 805 46 22 E-Mail serge.rotzer@implenia.com Contact for the media Philipp Bircher, Head of Communications Phone +41 44 805 45 23 E-Mail philipp.bircher@implenia.com 2014 Annual General Meeting of Shareholders 25 March 2014 Half-year results 2014 21 August 2014 Full-year results 2014 24 February 2015 2015 Annual General Meeting of Shareholders 24 March 2015
© Implenia | Media and Analysts’ Conference | February 2014 | Page 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.
Financial Year 2013: Media and Analyst's Conference

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Financial Year 2013: Media and Analyst's Conference

  • 1. Financial Year 2013 Media and Analysts’ Conference Zurich, 25 February 2014 A. Affentranger / B. Fellmann
  • 2. © Implenia | Media and Analysts’ Conference | February 2014 | Page 2 Media and Analysts’ Conference Highlights 2013
  • 3. © Implenia | Media and Analysts’ Conference | February 2014 | Page 3 Highlights 2013 “Daring to Shape our Future” characterizes our Performance Record figures FY13 Δ Consolidated revenue 3.057 +9.2% EBIT Business Units 114 +4.7% Consolidated profit 83 +7.5% Higher order intake with improved quality 3.317 +8.5% Solid net cash position reflects healthy balance sheet 371 +15.5% “Daring to Shape our Future” has set accents Customers and markets Employee orientation Internationalisation in CHF million
  • 4. © Implenia | Media and Analysts’ Conference | February 2014 | Page 4 3.057 20121 2013 2.800 2011 2.523 2010 2.388 2009 2.280 2013 82,6 2,7% 20121 76,9 2,7% 2011 61,4 2,4% 2010 52,5 2,2% 2009 47,1 2,1% Trend – continuous improvement 2013 114,0 3,7% 20121 108,8 3,9% 2011 93,5 3,7% 2010 77,0 3,2% 2009 80,0 3,5% Highlights 2013 Consolidated revenue Consolidated profit EBIT Business Units Dividend 1 Restated 2013 1,60 2012 1,40 2011 1,10 2010 0,90 2009 0,70 +257,0 (+9%) +10,6 (+5%) +10,6 (+7%) +0,20 (+14%) in CHF million
  • 5. © Implenia | Media and Analysts’ Conference | February 2014 | Page 5 Topics Risk management Risk Management Buildings introduced across Switzerland Technical Support as “technical conscience” Selective project acquisition Specific successes Highlights 2013 Key aspects “Daring to Shape our Future” Administration Business Comprehensive IFRS adjustments (IAS 19/IFRS11) SAP revised and simplified Implenia Academy “live” Integrated business model practised Buildings well positioned in the market International major orders won Norway and Modernisation on track Processes Lean management and construction Occupational health and safety before EBIT New D-A-CH organisation for tunnel business Enhanced “one company” processes Daring to Shape our Future Course set Positive response from customers and employees Leaner structures Strategic road maps defined
  • 6. © Implenia | Media and Analysts’ Conference | February 2014 | Page 6 Media and Analysts’ Conference Real estate and construction market
  • 7. © Implenia | Media and Analysts’ Conference | February 2014 | Page 7 Diversified market – diversified Implenia Real estate and construction market Breakdown Implenia Revenue Source: Euroconstruct Dez 13 Construction Spending Switzerland Building/Infrastructure Construction Spending Switzerland New/Renovation Infrastructure Renovation 13% Infrastructure 7% Infrastructure New 8% Railway 6% Non-Residential Renovation 16% Road 8% Non-Residential New 15% Public 55% Non-Residential 31% Residential Renovation 13% Private 45% Residential 48% Residential New 35% Dec
  • 8. © Implenia | Media and Analysts’ Conference | February 2014 | Page 8 80 46 58 40 1.3 0.96 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0 20 40 60 80 100 120 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Immigration Addition Homes Avg. Migration Avg. Homes Vacancy rate (r.S.) Sound fundamentals – basis for optimism Real estate and construction market Low vacancy rate – possible decline in demand absorbable 1.9 2.2 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 96 98 00 02 04 06 08 10 12 14 3.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 96 98 00 02 04 06 08 10 12 14 0.12 1.41 0.0 0.5 1.0 1.5 2.0 2.5 08 09 10 11 12 13 14 GDP growth solid (in %) Low unemployment rate (in %) 2013 2015 Interests continuously low (in %) (in ‘000) 10-Y 3-M
  • 9. © Implenia | Media and Analysts’ Conference | February 2014 | Page 9 Stable market development predicted Real estate and construction market Source: Credit Suisse/Societé Suisse des Entrepreneurs Dec 13 Source: Euroconstruct/KOF Dec 13 3.5% 2.8% 2.6% 2.6% 2.8% 3.6% 1.2% 1.2% -8% -6% -4% -2% 0% 2% 4% 6% 8% 2009 2010 2011 2012 2013 2014 2015 2016 Building Civil Engineering Total Construction 80 100 120 140 160 180 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 Construction Index Building Index Infrastructure Index Growth short term – remains positive Growth medium term – Compensation effect 2015/16 – temporary impact (capital buffer / self regulation)
  • 10. © Implenia | Media and Analysts’ Conference | February 2014 | Page 10 -5.4% 0.0% -6.7% 1.6% 6.5% 2.4% 2.3% 3.2% 15.8% -9.2% 8.2% 2.5% 6.1% 1.8% 1.6% 5.8% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 2009 2010 2011 2012 2013 2014 2015 2016 Infrastructure New Infrastructure Renovation Infra Total Refurbishment with a great potential for Implenia Real estate and construction market Building construction is stabilizing on a high level Secured funding (FABI) and refurbishment as a catalyst in the infrastructure market Source: Euroconstruct/KOF Dec 13 Source: Euroconstruct/KOF Dec 13 4.2% 6.9% 1.1% 2.5% 2.0% 4.3% 1.3% 0.3% 0.3% 2.3% 5.8% 2.9% 1.7% 3.4% 0.7% -0.1% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 2009 2010 2011 2012 2013 2014 2015 2016 Buidling New Building Renovation Building Total
  • 11. © Implenia | Media and Analysts’ Conference | February 2014 | Page 11 52 30 82 NTP 2010-19 Increase NTP 2014-23 Norway continues a path of growth Real estate and construction market Construction spending Norway (indexed) National Transport Plan +58% (in CHF billion) Breakdown National Transport Plan 2014-23 100 119 116 123 131 139 147 149 98 97 104 107 111 115 118 80 100 120 140 160 2009 2010 2011 2012 2013 2014 2015 2016 Residential Non-Residential Civil Engineering Total Source: Euroconstruct 13 33% 61% 4% 2% Railway Road Sea/Coast Collective
  • 12. © Implenia | Media and Analysts’ Conference | February 2014 | Page 12 Conclusion: markets are strong Real estate and construction market 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 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 Norway New 2014-23 transport plan will secure investments in the infrastructure market Opportunities in Sweden, Germany and Austria
  • 13. © Implenia | Media and Analysts’ Conference | February 2014 | Page 13 Media and Analysts’ Conference Our segments
  • 14. © Implenia | Media and Analysts’ Conference | February 2014 | Page 14 Our segments Our segments reflect the clout of our organisation “One company, one goal, one spirit” 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 Refurbishment Civil works Roads Regional building construction Plants Underground construction Infrastructure Niches
  • 15. © Implenia | Media and Analysts’ Conference | February 2014 | Page 15 Our segments Modernisation – reaches break even -4 -2 0 2 4% 0% -4% -8% 2013 0,8% 20121 -3,4 -3,7% 2011 -2,5 -2,8% 2010 0,1 0,1% EBIT margin (in %) EBIT 47 29 46 46 75 20121 93 2013 1st half-year 2nd half-year 0,6 2013 -0,6 1,2 20121 -3,4 -1,6 -1,8 2nd half-year 1st half-year 1 Restated Revenue EBIT EBIT / EBIT margin 0,6 in CHF million
  • 16. © Implenia | Media and Analysts’ Conference | February 2014 | Page 16 Our segments “Flurpark” Zurich Modernisation – impressive order intake 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 Market  Ongoing growth in demand  Key drivers: ageing housing stock, building shell and construction standard requirements Secured revenue Development of order book in CHF million 120 39 42 53 30.06.12 31.12.12 30.06.13 31.12.13 46,1% 2015 9,8% 5,5% 2014 72,5% Actual year Prior year
  • 17. © Implenia | Media and Analysts’ Conference | February 2014 | Page 17 Our segments Development – new record result 2013 154 215 -61 20121 192 248 -56 Invested capital EBIT / ROIC 2013 36,5 14,3 22,2 20121 31,6 10,6 21,0 EBIT 1st half-year 2nd half-year 0 5 10 15 20 25 30 35 40 20% 15% 10% 5% 0% 2013 36,5 23,7% 20121 31,6 16,4% 2011 25,3 14,7% 2010 20,9 11,5% Real estate transactions Other balance sheet positions 1 Restated ROIC (in %) EBIT in CHF million
  • 18. © Implenia | Media and Analysts’ Conference | February 2014 | Page 18 Our segments Real estate portfolio Health “Sunnewies” Islikon/TG Highlights  Well positioned for large and complex projects  Major sales successes: private + institutional 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 Existing projects Value-generating projects 2014 Development – prudent investment policy in CHF million Portfolio 247 252 218 169 217 2009 2010 2011 2012 2013
  • 19. © Implenia | Media and Analysts’ Conference | February 2014 | Page 19 Our segments Buildings – strong momentum Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 0 4 8 12 16 20 24 0% 3% 2% 1% 2013 23,6 1,4% 20121 19,7 1,4% 2011 17,9 1,3% 2010 10,7 0,8% EBIT margin (in %) EBIT 2013 23,6 10,4 13,2 20121 19,7 6,8 12,9 1st half-year 2nd half-year 1 Restated 1.660 806 854 20121 1.408 661 747 2013 1st half-year 2nd half-year in CHF million
  • 20. © Implenia | Media and Analysts’ Conference | February 2014 | Page 20 Our segments “vierfeld” Pratteln/BL Buildings – relevance of internal projects is rising Market  Ongoing positive market environment  Low interest rates favouring condominium ownership versus rental apartments 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. Secured revenue Development of order book 31.12.13 1.848 30.06.13 2.026 31.12.12 1.832 30.06.12 1.833 2015 37,1% 35,1% 2014 69,7% 82,2% Actual year Prior year in CHF million
  • 21. © Implenia | Media and Analysts’ Conference | February 2014 | Page 21 Our segments Tunnelling & Civil Engineering – according to plan Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 2013 292 129 163 20121 333 148 185 1st half-year 2nd half-year 2013 20,4 4,9 15,5 20121 35,7 18,6 17,1 1st half-year 2nd half-year 1 Restated 0 10 20 30 40 25% 20% 15% 10% 5% 0% 20121 35,7 10,7% 2011 34,6 11,3% 2010 21,6 7,1% 2013 20,4 7,0% EBIT margin (in %) EBIT in CHF million
  • 22. © Implenia | Media and Analysts’ Conference | February 2014 | Page 22 Our segments “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) Secured revenue Development of order book 415 492 605 679 30.06.12 31.12.12 30.06.13 31.12.13 2015 28,2% 15,9% 2014 71,2% 36,4% Actual year Prior year excl. Semmering Tunnelling & CE – international expansion works in CHF million
  • 23. © Implenia | Media and Analysts’ Conference | February 2014 | Page 23 Our segments Construction Switzerland – doing well in highly competitive market Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 2013 925 368 557 20121 866 344 522 1st half-year 2nd half-year 2013 22,5 -7,0 29,5 20121 22,3 -6,6 28,9 1st half-year 2nd half-year 1 Restated 0 10 20 30 0% 4% 6% 2% 2013 22,5 2,4% 20121 22,3 2,6% 2011 19,0 2,5% 2010 23,7 3,0% EBIT margin (in %) EBIT in CHF million
  • 24. © Implenia | Media and Analysts’ Conference | February 2014 | Page 24 Our segments Construction Switzerland – confident thanks to market & “lean” 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 Market  "Wet weather" in the first half of the year  Altogether relatively stable market  No structural changes but intense Secured revenue local competition Development of order book 352 481 386 520 30.06.12 31.12.12 30.06.13 31.12.13 8,2% 2015 6,8% 2014 38,0% 33,4% Actual year Prior year in CHF million
  • 25. © Implenia | Media and Analysts’ Conference | February 2014 | Page 25 Our segments Norge – Implenia as success model Revenue EBIT / EBIT margin -7,4 -6,7 EBIT 84 2013 321 160 161 20121 218 134 1st half-year 2nd half-year 2013 10,3 4,7 5,6 20121 3,0 -0,9 3,9 1st half-year 2nd half-year 1 Restated -5 0 5 10 15 0% -2% 6% 4% 2% -1,0% 2010 2013 10,3 3,2% 20121 3,0 1,4% 2011 EBIT margin (in %) EBIT -0,8 in CHF million
  • 26. © Implenia | Media and Analysts’ Conference | February 2014 | Page 26 Our segments Norge – market position and know how pays off “E6 Vinstra-Sjoa” Norway Market  Many projects in the market  Growing project size  Large increase of the “National Transport Plan” predicted  Increasing competition due to international players Highlights  Record order book levels and many large project acquisitions  Impressive „smart brand“ recruitment momentum Secured revenue Development of order book 456 200 251 197 30.06.12 31.12.12 30.06.13 31.12.13 2015 13,7% 53,7% 2014 63,8% 60,7% Actual year Prior year in CHF million
  • 27. © Implenia | Media and Analysts’ Conference | February 2014 | Page 27 Our segments EBIT Business Units – new record level 1 Restated in CHF millionDec 13Dec 121+/- in % Modernisation & Development37.2 28.1 32.0% Buildings23.6 19.7 19.6% Tunnelling & Civil Engineering20.4 35.7 -42.8% Construction Switzerland22.5 22.3 1.1% Norge10.3 3.0 242.5% EBIT Business Units114.0 108.8 4.7%
  • 28. © Implenia | Media and Analysts’ Conference | February 2014 | Page 28 Media and Analysts’ Conference IFRS Reporting
  • 29. © Implenia | Media and Analysts’ Conference | February 2014 | Page 29 IFRS Reporting Consolidated profit has increased significantly in CHF million Dec 13 Dec 121 +/- in % EBIT Business Units 114.0 108.8 4.7% Miscellaneous / Holding 1.6 1.5 7.2% Operating income 115.5 110.3 4.8% 3.8% 3.9% Financial result -7.9 -11.5 -31.1% Tax -25.1 -21.9 14.9% Consolidated profit 82.6 76.8 7.5% 2.7% 2.7% EBITDA 158.4 153.6 3.0% 1 Restated / Impact from IFRS 11: Revenue 104,7 CHF million, EBIT 4,8 CHF million
  • 30. © Implenia | Media and Analysts’ Conference | February 2014 | Page 30 IFRS Reporting Holding and Miscellaneous – stable despite volume growth 840 Impact on operating income 1,663 Amortisation of intangible assets 10,298 Amortisation of investment property 1,249 Holding IAS 19 costs -6,546 2013 20121 Amortisation of intangible assets 11,057 Amortisation of investment property 1,205 IAS 19 1,283 Holding costs -7,111 Impact on operating income 1,458 1 Restated in CHF million
  • 31. © Implenia | Media and Analysts’ Conference | February 2014 | Page 31 IFRS Reporting Assets – moderate increase in CHF million Dec 13 Dec 121 +/- in % Cash and cash equivalents, securities 582.7 537.6 Trade receivables 513.5 476.1 Work in progress / Joint ventures (equity method) 367.3 277.3 Real estate transactions 217.5 251.7 Other current assets 101.4 116.2 Total current assets 1,782.4 1,658.9 7.4% Total non-current assets 414.0 415.2 -0.3% Total ASSETS 2,196.4 2,074.1 5.9% 1 Restated / Effect from IFRS 11: Balance Sheet Total 91,0 CHF million
  • 32. © Implenia | Media and Analysts’ Conference | February 2014 | Page 32 IFRS Reporting Liabilities – good equity ratio of almost 30 per cent in CHF million Dec 13 Dec 121 +/- in % Current financial liabilities 3.5 4.5 Trade payables 362.7 240.7 Work in progress / Joint ventures (equity method) 678.0 706.5 Other non-current liabilities 232.2 238.1 Total current liabilities 1,276.4 1,189.8 7.3% Non-current financial liabilities 208.0 211.5 Other non-current liabilities 2.2 7.0 Deferred taxes, provisions, pension assets 81.1 116.3 Total non-current liabilities 291.3 334.8 -13.0% Equity and non-controlling interests 628.7 549.5 14.4% Total LIABILITIES 2,196.4 2,074.1 5.9% 1 Restated / Effect from IFRS 11: Balance Sheet Total 91,0 CHF million
  • 33. © Implenia | Media and Analysts’ Conference | February 2014 | Page 33 Cash flow statement – revenue growth ties up working capital Free cash flow 78,9 Investments and M&A (44,4) Interest and taxes (30,1) Real estate transactions 33,3 Work in progress / joint ventures (equity method) (129,2) Liabilities 134,5 Receivables (28,0) Profit before changes in NWC 142,8 IFRS Reporting 2012 138,3 72,4 (64,8) 48,9 (4,7) (12,0) (44,5) 133,6 in CHF million
  • 34. © Implenia | Media and Analysts’ Conference | February 2014 | Page 34 Return on investment (ROIC) substantially above capital costs IFRS Reporting ROIC before tax ROIC after tax 251 267 340 346 343 0 50 100 150 200 250 300 350 60% 50% 40% 30% 20% 10% 0% 70% 2013 9,5% 46,0% 20121 9,5% 41,3% 2011 9,5% 27,3% 2010 9,3% 22,4% 2009 9,4% 19,9% WACC before tax ROIC (Operating income / Invested capital) Invested capital (in CHF million) 251 267 340 346 343 0 50 100 150 200 250 300 350 60% 50% 40% 30% 20% 10% 0% 70% 2013 7,3% 36,0% 20121 7,3% 33,1% 2011 7,6% 21,4% 2010 7,6% 17,9% 2009 7,6% 15,3% Invested capital (in CHF million) ROIC (NOPAT / Invested capital) WACC after tax 1 Restated
  • 35. © Implenia | Media and Analysts’ Conference | February 2014 | Page 35 80% 100% 120% 140% 160% 180% Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Share price development – again clearly outperformed SPI IFRS Reporting 1st day of trading (6 March 2006) until 31 December 2013 Performance in 2013 Total Shareholder Return 65.4% +63.0% +147.3% Implenia SPI +41.1% 50% 100% 150% 200% 250% 300% 2006 2007 2008 2009 2010 2011 2012 2013 +118.1% Implenia SPI Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
  • 36. © Implenia | Media and Analysts’ Conference | February 2014 | Page 36 Dividend policy IFRS Reporting Dividend higher by about 15 per cent 2013 1,60 2012 1,40 2011 1,10 2010 0,90 Dividend in CHF per share 2013 38,9% 20121 36,6% 2011 33,3% 2010 31,3% 2,50% 20121 3,50% 2011 4,70% 2010 2,80% 2013 1 Restated Higher dividend again Pay-out ratio above target range Attractive yield
  • 37. © Implenia | Media and Analysts’ Conference | February 2014 | Page 37 Media and Analysts’ Conference Outlook
  • 38. © Implenia | Media and Analysts’ Conference | February 2014 | Page 38 4.000 3.500 3.000 2.500 2013 3.190 2012 3.101 2011 3.154 2010 3.070 2009 3.447 High visibility thanks to well-filled order book Outlook High order backlog Secured revenue 2014/2015 2015 28,6% 22,4% 2014 62,5% 62,4% Actual year Prior year 3.629 Actual in CHF million
  • 39. © Implenia | Media and Analysts’ Conference | February 2014 | Page 39 3.101 3.190 3.236 1.573 1.752 2012 2013 Quality of the order book inspires confidence for the result Outlook Diversified order book Projects > 10 mn Projects < 10 mn 49 2925 projects processed Solvent order book 36,9% 31,2% 36,9% 31,9% AAA Public sector Third parties Higher target margin in CHF million
  • 40. © Implenia | Media and Analysts’ Conference | February 2014 | Page 40 Outlook Main themes for 2014 to achieve EBIT of 140-150 CHF million Modernisation Good order backlog – ongoing positive further development Development Solid demand for investment properties Buildings Good order backlog – focus on improving margin situation Tunnelling & CE Further development of internationalisation strategy and refurbishment Construction Switzerland Stability – sustainable public expenditure and good regional diversification Norge Optimistic for sales and profitability thanks to record order backlog level Focus Group On course: medium term goal of EBIT of CHF 140 to 150 million 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
  • 41. © Implenia | Media and Analysts’ Conference | February 2014 | Page 41 Outlook Our mid term target – since February 2013 Growth Profitability + CHF 200 mn in Modernisation + CHF 300 mn abroad EBIT CHF 140-150 mn Margin +/- 4.5% 2012 2013 2.800 3.057 109 114 3.9% 3.7% Goal in CHF million
  • 42. © Implenia | Media and Analysts’ Conference | February 2014 | Page 42 Agenda & IR Keep in touch Contacts for investors Beat Fellmann, CFO Phone +41 44 805 45 00 E-Mail beat.fellmann@implenia.com Serge Rotzer, Head Investor Relations Phone +41 44 805 46 22 E-Mail serge.rotzer@implenia.com Contact for the media Philipp Bircher, Head of Communications Phone +41 44 805 45 23 E-Mail philipp.bircher@implenia.com 2014 Annual General Meeting of Shareholders 25 March 2014 Half-year results 2014 21 August 2014 Full-year results 2014 24 February 2015 2015 Annual General Meeting of Shareholders 24 March 2015
  • 43. © Implenia | Media and Analysts’ Conference | February 2014 | Page 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.