Paris, March 2, ALTEN Group

Transcription

1 Paris, March 2, Annual lresults ALTEN Group

2 Contents ALTEN, European leader in Technology Consulting and Engineering (TCE) 2010 Annual Results Outlook : the market environment Paris, March 2, 2011 Page 2

3 ALTEN, a Technology Consulting and Engineering g( (TCE) leader Engineering and IS Technology Offer 88% engineers European company 70% France 30% International End of m Revenue Over 12,600 employees Ebit :10,2% Paris, March 2, 2011 Page 3

4 ALTEN, a Technology Consulting and Engineering g( (TCE) leader With 11,200 engineers, ALTEN is a European leader in Technology Consulting and Engineering i Size and profitability Growth in France & abroad Quality of the organisation Project Management know how Paris, March 2, 2011 Page 4

5 11,200 engineers spread over 12 countries (3,800 outside France) 590 USA India Paris, March 2, 2011 Page 5

6 ALTEN's positioning A high value added offer thanks to the expertise of our engineers Paris, March 2, 2011 Page 6

7 ALTEN's positioning IT Systems Systems & Networks Division Engineering Production & Life cycle IS Technology Payroll, HR management Purchasing & Logistics S&N Architecture Administration and exploitation Facility Management Consulting & programs Studies & Conception Industrialisation TechDoc Training Production management Finance & Accounting Sales Management Help Desk Design firms Production 26% of revenue 74% of revenue Alten s positioning Paris, March 2, 2011 Page 7

8 Streamlined organization ts projec ion uctured Divisi Stru Engineering i IT Paris Paris French Regions nternat tional I Soluti ions Paris, March 2, 2011 Page 8

9 ALTEN will manage 70% of the projects in 2014 Dec Déc % Dec (prev.) % Consulting support for the successful completion of studies and projects, on a time spent basis 6,530 6,870 61% 4,900 30% Program management PMO 800 1,000 2,300 Work Package (project team and dedicated structure) t Fixed price package, based on detailed specifications Near Shore : Romania Off Shore : India 1,600 2,100 6,400 39% 70% 810 1,000 1, ,000 TOTAL ENGINEERS 9,900 11,200 16,000 Paris, March 2, 2011 Page 9

10 The Group has strengthened its structured Projects Department Roll out of the ALTEN Delivery Centre (ADC), supporting the Performance & Offer Department and 5 Technical Department Deployment of CMMI certification Systematic training of managers and experienced consultants in the management of Structured Projects Management of transnational work packages ALTEN is known as a leader in Structured Projects activities Paris, March 2, 2011 Page 10

11 Ground Transportation Rungis (France) Göteborg (Sweden) Bucharest (Romania) Engine control Computation & digital simulation Vehicle electronics Mechanical design Supply chain hi Membership of the GENIVI Alliance: development of an embedded bdddopen source In Vehicle Infotainment platform Paris, March 2, 2011 Page 11

12 Aeronautics & Defence Toulouse, Eragny y( (France) Hamburg (Germany) Bucharest (Romania) Bangalore (India) PMO/Program Management Aerostructure t Avionics systems Equipment integration Support engineering A rated EADS supplier for engineering and IT services Customer Service Engineering activities managed under the ATEXIS brand Paris, March 2, 2011 Page 12

13 Energy and Life Sciences Reliability Control and command General installations Radiation protection Project management Strategic acquisition of a 19% stake in Phoebe Ingenica Development of Oil & Gas business in Russia through Anotech subsidiary Paris, March 2, 2011 Page 13

14 Telecommunications Rennes, Boulogne (France) Madrid (Spain) Milan (Italy) Convergence Mobile applications Software for testing Service platforms Networks ALTEN creates ID.apps to enter the mobile applications market and ALTEN SIR GTS to market software for testing Paris, March 2, 2011 Page 14

15 Banking, Insurance & Public Administration Boulogne (France) Madrid (Spain) Brussels (Belgium) Bucharest (Romania) Security of transactions Electronic signature Process security Management of financial risks 1800 engineers spread over all of our delivery centres Paris, March 2, 2011 Page 15

16 Change in business sectors between 2009 and ,0% 14,5% 16,5% 3,5% 4,0% 5,5% 8,5% 85% 8,5% 19,5% 13,0% Paris, March 2, 2011 Page 16

17 Key features 2010: increasing organic growth Acceleration of organic growth in every business sectors Growing share of workpackage business, which strengthens market leaders and constitutes a barrier to entry Increased staff turnover in the second half of 2010, nevertheless, ALTEN managed to attract t the skills required for its development At the end of 2010, ALTEN exceeded the historical high set in 2008 Paris, March 2, 2011 Page 17

18 Shareholding as at 31 December 2010 Treasury stock 1,26% Founder + Holding 64,15% Public 33,46% 1,13% Mutual fund Breakdown of % of shares Founder + Holding 33.46% Mutual fund 1.13% Public 64.15% Treasury stock 1.26% Breakdown as % of voting rights Founder + Holding 50.34% Mutual fund 0.86% Public 48.78% Paris, March 2, 2011 Page 18

19 2010 Annual Results Paris, March 2, 2011 Page 19

20 Change in turnover ,6% +1,3% +6,9% 69% In M ,3% % 25% 26.3% 30.7% 26,3% 30,7% 30.9% International France % 73.7% 69.3% 69.1% Paris, March 2, 2011 Page 20

21 Sequential change in turnover on a like for like basis 223, % +7.1% +11.6% +14.1% In M Q1 Q3 Q4 Q vs 2009 Strong rise in organic growth as from the second quarter Paris, March 2, 2011 Page 21

22 Consolidated turnover by country (in m) Country Dec. 09 % Dec. 10 % var % Spain % % 12.1% Germany % % 17.7% Sweden % % 45.6% Belgium % % 0.2% Netherlands % % 15.5% Italy % 2.7% % 2.4% 4.9% United Kingdom % % 26.0% Others % % 37.5% Europe (excl. France) % % 7.6% France % % 6.6% TOTAL % Paris, March 2, 2011 Page 22

23 Condensed Income Statement (in m) In Meuro Var % Revenue % Operational profit on activity 65.5 As % of revenue 76% 7.6% 10.2% 93.4* +42.6% Stock options cost Operating profit before exceptionals * +40.3% Non recurring profit/loss Disposal of assets Goodwill impairment test Operating profit * As % of revenue 3.7% 9.6% % Net debt income/loss Financial cost on debt present value Financial income Corporate income tax Minority interests Net profit As % of revenue % Paris, March 2, 2011 Page * % % * In 2010, the CVAE tax (tax on value added) has been reclassified as income tax instead of «tax other than on net income» Audit in progress

24 Summary Income Statement by Region (in m) In Meuro 2009 France (1) 2009 Interna. (1) 2009 Groupe (2) 2010 France (1) 2010 Interna. (1) 2010 Groupe (2) Turnover Operational profit on activity As % of revenue % % Stock options cost Operating profit before exceptionals * Non recurring profit/loss Disposal of assets Goodwill impairment test Operating profit As % of revenue Net debt income Financial cost on debt present value % ,9 15,7 5,6% 1.5 Financial income Corporate income tax Minority interests Net profit ,5 17, As % of revenue 1.5% 3,0% 2.2% 5.5% 6.1% 5.8% (1) Net result by geographical area (2) consolidated net result after eliminations * In 2010, the CVAE tax (tax on value added) has been reclassified as income tax instead of «tax other than on net income» Audit in progress Paris, March 2, 2011 Page % ,7 32,3 3.7% % % % % * 10.2% * 9.6% * 0.1

25 Condensed Balance Sheet (in M) ASSETS EQUITY AND LIABILITIES In M Dec (Net) Dec (Net) Goodwill Other intangible assets Tangible asset Non current financial assets Tax assets (Net) In M EQUITY (Group) Minority interests Dec (Net) Dec (Net) Contingency provisions Non current financial liabilities Other non current liabilities NON CURRENT ASSETS CURRENT ASSETS CASH AND CASH EQUIVALENTS NON CURRENT LIABILITIES CURRENT LIABILITIES FINANCIAL LIABILITIES TOTAL LIABILITIES AND TOTAL ASSETS SHAREHOLDERS' EQUITY Audit in progress Paris, March 2, 2011 Page 25

26 Cash Flows Statement (In M) En M Déc. 09 Déc. 10 Cash flow from operations Corporate tax paid Change in WCR Cash from operations Fixed asset acquisitions/disposals Changes in scope and earn outs Cash flow from investments Cash flow from financing activities Net change in cash position NET CASH POSITION Audit in progress Paris, March 2, 2011 Page 26

27 Market environment and outlook Paris, March 2, 2011 Page 27

28 Market environment and outlook Demand will remain strong in Europe during the period : Increase in investment in studies and innovation, supported by technological breakthrough programs (Energy, Automotive, Aeronautics, etc.) Rise in the outsourcing of R&D ALTEN will keep on gaining market share thanks to its appropriate it offer and organization Paris, March 2, 2011 Page 28

29 Market environment and outlook Client referencing policies bring new requirements: Management of large projects in a local and a transnational context Productivity gains on workpackages Capitalisation of identified client know how The size of the Group and the strengthening of the Structured Projects Department are key to meet these needs ALTEN's leadership will be strengthened and the market share of small players will decrease significantly ifi accordingly Paris, March 2, 2011 Page 29

30 Market environment and outlook Prices should rise this year due to sustained ddemand dand a scarcity of resources More business and increasing staff turnover willplacepressure pressure on salaries Cost control and ALTEN's ability to monitor its business guarantee its profitability Paris, March 2, 2011 Page 30

31 Market environment and outlook External growth remains an important part of ALTEN's development: Advanced discussions with a firm based in India and the US (Telecoms sector, 580 employees, $22m revenue) In France, complementing existing market positions Abroad, mainly in Germany and Northern Europe ALTEN has the financial resources to successfully pursue its targeted acquisition policy Paris, March 2, 2011 Page 31

32 Conclusion The relevance of ALTEN's business model, namely a "high end" positioning in Studies and Engineering, is illustrated by the 2010 results The size of the Group and its know how in Structured Projects management will boost its growth: 17,000 employees in 2014 Over Oe 70% of projects pojecscoo coordinated by Alten High operating margins Paris, March 2, 2011 Page 32

33 ALTEN, European Technology Consulting li and Engineering i leader Paris, March 2, 2011 Page 33