Excellent results 2011 On track for Presentation FY2011 results René van der Bruggen, CEO

Transcription

1 Excellent results 2011 On track for 2015 Presentation FY2011 results René van der Bruggen, CEO

2 Agenda Continuation of growth Business performance Financial performance Progress in GreenTech & CSR Strategy & Outlook 2012 Technology solutions in 3 Polish stadiums EC Football

3 Continuation of growth EBITA (EURm) Organic +5% % 3,346 3,859 Revenue (EURm) Organic +5% 5,114 4,323 4, % Operational EBITA margin 6.2% 6.1% 5.8% 5.5% 5.1% -10 bps Net profit (EURm) %

4 Solid increase order book 4,514 4,748 Order book (EURm) 5,204 5,811 3, %

5 Continuation of growth Business performance Financial performance Progress in GreenTech & CSR Strategy & Outlook 2012 Preparing IT infrastructure BBC for peak visit Olympic Games

6 Benelux: challenging buildings market Key figures (EURm) FY11 FY10 Change Revenue 1,027 1,021 +1% EBITA % EBITA margin 2.6% 3.5% Order book 1,241 1,308-5% Employees 6,433 6,788-5% Revenue Belgium & Luxembourg 20% Highlights Structurally challenging market conditions Buildings market: steep decline Industry market: gradual recovery Infrastructure market: stable Focus on: sustainable growth markets, operational excellence, regional reorganisations Netherlands 80% 6

7 Example projects Benelux Technical maintenance de Bijenkorf Three-year contract for all retail shops Energy reduction of 20% Scope: 3 million euro Technological completion Amsterdam North/South metro line Eight stations 9.7-kilometre-long rail track Scope: 100 million euro 7

8 Germany & Eastern Europe: again excellent Key figures Revenue Eastern Europe 11% (EURm) FY11 FY10 Change Revenue 1,530 1, % EBITA % EBITA margin 8.3% 8.3% Order book 2,099 1, % Employees 5,326 4,880 +9% Germany 89% Highlights Extremely well positioned Excellent organic growth Leading technology partner in energy efficiency and energy contracting Strong progress in Eastern Europe, in particular Poland and Hungary 8

9 Example projects Germany & Eastern Europe Leader in mechanical-biological waste treatment Energy by processing residual waste Southwest Germany, Plymouth and Warsaw Scope: 125 million euro Poland s most energy-efficient Green Building All technical solutions, LEED Gold certificate 65,000 m 2 building in Warsaw Scope: 33 million euro 9

10 UK, Ireland & Spain: relatively good performance Key figures (EURm) FY11 FY10 Change Revenue % EBITA % EBITA margin 4.9% 6.0% Order book % Employees 5,042 3, % Revenue Spain 27% UK & Ireland 73% Highlights Good performance, despite challenging markets UK & Ireland Strategic acquisitions, focus on sustainability, London is picking up, progress in waste water treatment, export out of Ireland Spain Buildings market: steep decline Industry market: under pressure Focus on: long-term maintenance, energy and care 10

11 Example projects UK, Ireland & Spain Technical maintenance British Film Institute All buildings, including the iconic BFI IMAX London Scope: 18 million euro (3-year contract) Acquisition Inviron: nationwide coverage, life-cycle solutions for clients Improved position Spanish care market Infrastructure + services around medical equipment New hospital Burgos, long-term maintenance contracts in Madrid, Cartagena and Tudela Scope: 35 million euro 11

12 Nordic: strong growth Key figures (EURm) FY11 FY10 Change Revenue % EBITA % EBITA margin 6.8% 7.0% Order book % Employees 4,746 4,561 +4% Revenue Highlights Stable market conditions Good performance, both organic growth and acquisitions Focus on: energy solutions, care, industry Breakthrough in high-tech research centres Norway & Finland 15% Sweden 85% 12

13 Example projects Nordic Energy solutions for ESS research centre A new climate-neutral particle accelerator in Lund Comparable to CERN in Geneva Scope: 20 million or more Long-term maintenance contracts Stora Enso Complex electrical installations in pulp & paper industry Extra energy savings up to 25% Scope: 12 million euro (3-year contract) 13

14 ICT, Traffic & Marine: growth on balance Key figures (EURm) FY11 FY10 Change Revenue 1,168 1,150 +2% EBITA % EBITA margin 6.4% 6.1% Order book 1,106 1,062 +4% Employees 5,817 5, % Revenue ICT Marine 48% 39% Highlights ICT Excellent performance by distinctive strategy Focus on cloud computing Strong entrance into Swedish market Traffic Good performance Growth (inter) urban traffic management Breakthrough in Russia Marine Low order intake in new-build Growth in services Breakthrough in Canada Traffic 13% 14

15 Example projects ICT, Traffic & Marine Upgrading of data centre food retailer Edeka Cloud-ready SAP infrastructure based on IBM technology Capacity expansion by 250% Scope: 5 million euro Long-term maintenance oil platforms Technical maintenance for dozens of oil platforms Automation, electrical, mechanical, e.g. NAM and Kebabangan Petroleum Scope: 30 million euro 15

16 Continuation of growth Business performance Financial performance Progress in GreenTech & CSR Strategy & Outlook 2012 Preparing High-tech IT infrastructure traffic control BBC for center peak visit in the Olympic Netherlands Games

17 Income statement (EURm) Growth Revenue 5,114 4, % organic +5% Operational EBITA Operational EBITA margin 6.1% 6.2% Group management EBITA % organic +5% Amortisation Financing results Income tax expense Minority interests Net profit % EPS before amortisation (EUR) % Dividend per share (EUR) %

18 Balance sheet (EURm) Non-current assets 1,419 1,175 Current assets 2,300 1,871 TOTAL ASSETS 3,719 3,046 Total equity Non-current liabilities Current liabilities 1,860 1,473 TOTAL EQUITY & LIABILITIES 3,719 3,046 Working capital (excl. cash) Senior net debt Leverage ratio * Interest cover Solid financial position to execute strategic plan 2015 Diversification long-term funding structure Bank facility: EUR 700 million (2015) USPP: USD 300 million ( ) Working capital to revenue ratio 5.6% (2010: 6.9%) Target working capital to revenue at year-end 6.0%-6.5% Number of employees (FTE) 27,412 25,075 * Average senior net debt/ebitda 18

19 Acquisitions 2011: securing future growth 250 Acquired revenue (EURm, on annual basis) Acquisitions & divestments acquisitions consolidated in 2011 Most important acquisitions: UK: Inviron, Smith Group Nordic: Sydtotal ICT: Qbranch, F&M Asia Marine: Group Techsol Marine Divestment technical wholesale Sweden Key figures acquisitions 2011 (on annual basis) Revenue: 450 million euro Employees: 2,610 FTE Purchase price (including earn-out): 198 million euro Expected EBITA (based on earn-out): 30 million euro 19

20 Continuation of growth Business performance Financial performance Progress in GreenTech & CSR Strategy & Outlook 2011 Integrating technical infrastructure with medical systems 20

21 GreenTech: increase to 30% of revenue Growth market: strong volume increase, unique portfolio Green technology in e.g. offices, data centres, industry, ships, airports, water New energy sources: bioenergy, waste-to-energy Lower emissions Green R&D Market leader in Green Buildings in Europe, e.g. Hamburg, Katowice, Brussels Green Stadiums, e.g HSV, Bayern Munich, Olympic Games London Energy efficiency in automotive industry, e.g. BMW, Daimler, VW, Audi Residual waste to energy, e.g. Warsaw and Plymouth 21

22 Imtech and CSR Priorities CSR policy: Code of Sustainable Supply Carbon footprint Waste management Corporate Citizenship HSE: Health, Safety & Environment ISO 26000, ISO * * Take precautions, use Personal Protective Equipment 22

23 Continuation of growth Business performance Financial performance Progress in GreenTech & CSR Strategy & Outlook 2012 High-tech control room for waste processor Twence, the Netherlands 23

24 Solid growth drivers Strong market and technology positions Unique competences LEADING MARKET POSITIONS SOLID GROWTH POTENTIAL Structural high demand for Technology and IT Green technology Neither construction, nor residential 55% recurring business Visibility order book 23,000 customers RESILIENT BUSINESS MODEL STRONG FINANCIAL PROFILE Solid balance sheet Strong cash generation 24

25 Strategic progress Growth strategy 2015 Progress in 2011 Strengthening existing European positions UK, Sweden, Poland and European ICT market Acquiring positions in new European countries International growth in traffic technology and ICT niches Growth in global marine market Robust growth in GreenTech Following key customers outside Europe Growth in specific technology domains Strong position in Hungary Traffic: strengthening export positions ICT: cloud technology, Southeast Asia Breakthrough in Canada, increase to 80 service centres Increase to 30% of revenue: biogas, green data centres, waste-to-energy, green buildings Kazakhstan, Middle East, Africa, China Strong growth in markets for data centres and care 25

26 Solid belief in targets strategy % 8,000 Targets strategy 2015: 7% 7,000 Revenue 2015: 8 billion 50% organic growth 6% 6,000 50% acquisitions Operational EBITA margin 5% 4% 3% 2% 1% 0% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 5,000 4,000 3,000 2,000 1,000 0 Revenue (EURm) Operational EBITA margin between 6% and 7% Based on: Double digit growth rate : Revenue CAGR 12% Operational EBITA CAGR 12-15% Revenue: base case progress strategy growth target strategy 26

27 Managing growth in challenging environment Focus on early indicators Visibility & development order book (EURbn) Revenue Order book Cost management Pro-active policy Financial position of all project partners Payment conditions contracts Renegotiation supplier frame contracts 12% 9% 6% Cash & working capital focus >60% of total costs is flexible Employees Materials & Goods 31% 35% 3% 0% '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Working capital / Revenue Other costs 9% Subcontractors 25% 27

28 Outlook 2012 Well-positioned to achieve further growth in 2012 Order book: 5.8 billion euro High growth potential GreenTech Solid financial position Further increase EBITA 2012 through organic growth and acquisitions On track for strategy

29 2010 year of progress Q&A Q&A 29

30 Appendices Unique profile & results strategy Business characteristics Imtech share 30

31 Making of Imtech since

32 Unique profile: competence pyramid ELECTRICAL ICT MECHANICAL ADDED VALUE DESIGN CONSULTANCY ENGINEERING MAINTENANCE MANAGEMENT IMPLEMENTATION MAINTENANCE SERVICES BUILDINGS INDUSTRY TRAFFIC & INFRA MARINE 32

33 Unique profile: position in relation to competitors Energy Companies MECHANICAL SOLUTIONS ELECTRICAL SOLUTIONS ICT Installation Companies ICT Companies Companies Product Companies 33

34 Strong focus on organic EBITA growth 25% 20% 15% 10% RANGE 5% 0%

35 Strong track record of delivering results EBITA (EURm) Revenue (EURm) 300 CAGR 93-11: 21% 7% 5,500 CAGR 93-11: 13% % 5,000 4, % 4% 4,000 3,500 3, % 2% 2,500 2,000 1, % 1, % Dutch GAAP IFRS 35

36 Appendices Unique profile & results strategy Business characteristics Imtech share 36

37 Development revenue per market segment Marine 7% Infra & Traffic 13% bn Buildings 55% Marine 10% Traffic & Infra 12% 2011 Commercial buildings 29% Industry 25% 5.1 bn Industry 27% Public Buildings 13% Specials 3% Care 6% 37

38 More diversified and balanced portfolio UK & Spain 6% ICT & Marine 19% Benelux 35% 2.1 bn ICT, Traffic & Marine 23% Benelux 20% Germany 40% Nordic 14% 5.1 bn UK, Ireland & Spain 13% Germany & Eastern Europe 30% 38

39 Margin development per cluster Benelux 4.9% 5.3% 3.1% 4.0% 3.6% 3.1% 3.3% 3.8% 3.9% 3.9% 3.5% 2.6% Germany & Eastern Europe UK, Ireland & Spain 3.4% 3.3% 3.1% 3.9% 4.4% 3.7% 3.9% 4.5% 5.7% 7.3% 8.3% 8.3% 7.4% 6.7% 6.8% 6.2% 6.0% 6.0% 4.9% Nordic % 8.1% 7.0% 6.8% ICT, Traffic & Marine 9.3% 8.6% 5.4% 4.0% 4.0% 4.6% 5.6% 6.5% 6.6% 5.8% 6.1% 6.4% 5.0% 4.4% 3.9% 4.0% 4.1% 4.1% 4.5% 5.1% 5.5% 5.8% 6.2% 6.1% Operational EBITA margin 39

40 Seasonality pattern in order book 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Dec'01 Jun'02 Dec'02 Jun'03 Dec'03 Jun'04 Dec'04 Jun'05 Dec'05 Jun'06 Dec'06 Jun'07 Dec'07 Jun'08 Dec'08 Jun'09 Dec'09 Jun'10 Dec'10 Jun'11 Dec'11 Order book (EURm)

41 Improved working capital position Working capital (EURm) Successful implementation of working capital program Strategic working capital range at year-end 6.0%-6.5% 41 Dec'01 Jun'02 Dec'02 Jun'03 Dec'03 Jun'04 Dec'04 Jun'05 Dec'05 Jun'06 Dec'06 Jun'07 Dec'07 Jun'08 Dec'08 Jun'09 Dec'09 Jun'10 Dec'10 Jun'11 Dec'11 15% Working capital / LTM revenue 12% 9% 6% 3% 0% Dec'01 Jun'02 Dec'02 Jun'03 Dec'03 Jun'04 Dec'04 Jun'05 Dec'05 Jun'06 Dec'06 Jun'07 Dec'07 Jun'08 Dec'08 Jun'09 Dec'09 Jun'10 Dec'10 Jun'11 Dec'11

42 Solid financial profile Debt (EURm) 0 FY08 HY09 FY09 HY10 FY10 HY11 FY11 Senior gross debt Senior net debt '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Loan maturity Redemption profile (EURm) Financing policy FY08 HY09 FY09 HY10 FY10 HY11 FY11 Leverage ratio Internal range for leverage ratio Breakdown gross debt USD 14% USD amounts hedged into EURO GBP 8% EUR 78% 42

43 Appendices Unique profile & results strategy Business characteristics Imtech share 43

44 The Imtech Share Share price Chart development Title (EUR) 30 Share price in , Imtech +223% Share price (EUR) ,500 2,000 1,500 1,000 Volume (x1,000) Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec Stoxx % AEX -36% 0 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 2,246 Increasing liquidity (x EUR 1,000 per day) 5,058 6,732 5,838 9,852 11,

45 Imtech s shareholder structure Germany 9% Wide spread shareholder base (Institutional investors) Rest of Europe 14% Netherlands 36% Substantial holders (per 31 December 2011) Ameriprice Financials Inc. 5.9% Delta Lloyd 5.8% ING Groep 5.2% Delta Deelnemingen Fonds 5.1% United Kingdom 11% France 15% United States 15% 45

46 Increasing results per share Earnings before amortisation (EUR) Dividend (EUR) CAGR +16% CAGR +8% '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Stable dividend to transform the company to Imtech As from 2007: 40% payout of net profit Proposed dividend per share 2011: 0.70 euro (+8%) 46