Implenia AG

euro adhoc: Implenia AG
Financial Figures/Balance Sheet
First half of 2007: Implenia continues its momentum

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@

6-month report


D i e t l i k o n, 13 September 2007 -  The Implenia Group, created with the merger of the two most important Swiss construction companies, Zschokke and Batigroup, achieved excellent results  -  in line with the high expectations - in the first half of 2007. The operating result (EBIT) amounts to CHF 12.8 million. Taking  into account integration costs, exceptional fees and depreciation of intangible assets, amounting to a total of CHF 6.7 million, the Group result stands at CHF 3.5 million. Turnover in the first half-year progressed by 5% over the same period last year, reaching CHF 1.444 billion. For the whole year, thanks to the good level of the order books in all fields of activity, the Group Management is counting on a turnover of about CHF 3.0 billion and, after extraordinary charges, a good result for the Group.

"Developments since the merger decision have confirmed our expectations and convictions", underlined Christian Bubb, CEO of Implenia, adding: "Implenia is now able to consolidate its position as undisputed leader in all of its fields of activity in Switzerland, but also to capture specifically targeted and very attractive markets abroad".

As at 30 June, equity reached CHF 369.8 million. At the end of July 2007, the order volume of the entire Group amounted to CHF 2696 million, spread over a number of years.

Adaptation of the operational structure Considering the present and future market needs, the operational structure of the Group has been changed: Implenia is now structured in four Divisions. The Real Estate Division, including the company General Contractor, groups the services provided upstream and downstream of the actual construction activity, such as project development, engineering and real estate services. In construction, the Infra Division groups traditional activities, i.e. building, civil engineering, roads and special construction works. The Tunnels and Total Contractor Division is specialised in major  infrastructure projects, in particular tunnels and railway engineering. The Global Solutions Division is responsible for all activities abroad.

Real Estate Division Over the whole year 2007, the Real Estate Division (real estate, engineering, general contracting) should achieve a turnover of about CHF 1305 million and an operating result (EBIT), before extraordinary charges, of about CHF 33.2 million. At the end of July, the volume of orders amounted to CHF 1196 million. The Division is positioned as a provider of innovative, global or partial solutions to private or institutional real estate investors.

Infra and Tunnels/Total Contracting Divisions (construction works) Over the whole year, the turnover of construction activities should amount to CHF 1682 million. The expected operating result (EBIT), before extraordinary charges, amounts to about CHF 40 millions. At the end of July, the volume of orders amounted to CHF 1499 million, mainly in underground construction works, spread over a number of years. The net improvement over the year 2006 is mainly due to the impact of synergies, which are becoming notable.

Global Solutions Division This division leads and coordinates all international activities. It groups all available expertise within the Group, offering it to an international clientele in carefully targeted regions and segments of activity. It concentrates on two key areas of competence: infrastructure solutions and services for the construction of High Quality Buildings. A number of orders have already been booked or developed in Russia and the Middle East. Notably, Global Solutions has been entrusted with the preliminary study, including design, for the construction of two stadiums, in the Russian city of Sotchi, to host the Winter Olympics of 2014.

Still no agreement with Laxey Partners In the spring of this year, 2007, the British fund Laxey Partners, acquired, in secret, a block of shares, and then officially announced that its holding amounted to 22.9%. As its intentions still remain rather unclear, the Board of directors persists in its refusal to register the shares held by Laxey Partners beyond the 4.9% of the share capital already registered. Indeed, considering the legislation in force (Lex Koller), the registration of the entire holding would entail the destruction of the values created so far and would threaten, or prevent the development of Implenia in line with the strategy adopted, which has now demonstrated its worth. The Board of directors remains determined to uphold its decision not to register any other shares held by Laxey and thus protect the interests of the majority of our shareholders.

Favourable prospects Thanks to our strong order books, in all divisions of the Group, the 2007 turnover should exceed last year's and reach about CHF 3000 million. Despite the extraordinary charges posted to the entire accounting period, the Management expects a good full-year result. For 2007, the balance of the costs of integration and depreciation of intangible assets should amount to about CHF 19.5 million. In coming years, the effects of the synergies created by the merger should also contribute to an improvement of the results in the low margin construction activities.

@@start.t2@@end of announcement                                                 euro adhoc 13.09.2007 07:00:00

ots Originaltext: Implenia AG
Im Internet recherchierbar:

Further inquiry note:
Christian Bubb, CEO Implenia
Phone +41 44 805 45 55,  Mobile +41 79 219 86 80

Roger Merlo, CFO Implenia
Phone +41 22 787 03 17,  Mobile +41 79 353 78 10

Branche: Building materials
ISIN:      CH0023868554
WKN:        2386855
Index:    SPI, SSCI, SPIEX
Börsen:  SWX Swiss Exchange / official market

Plus de communiques: Implenia AG

Ces informations peuvent également vous intéresser: