impel group - Grupa Impel

IMPEL GROUP
Performance in 2012
IMPEL GROUP – MISSION, VISION, STRATEGY
MISSION:
We take care of our clients.
Our common success depends on that.
VISION:
Our objective is to develop our company in a responsible manner.
Our operations are characterized by partnership, mutual honesty, respect for
business environment and support for creativity.
STRATEGIC PRIORITIES FOR THE YEARS 2012-2014:
1. Dynamic growth in sales – PLN 2 billion in 2014.
2. Development of our foreign operations.
3. Product and organizational innovation as our competitive advantage on the market.
4. Development of product synergies within the Client’s business as the potential for growth.
misja, wizja, strategia
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KEY FACTS
Revenue from sales (PLN million)
4,500 clients
50,000 employees
42 locations in Poland, Latvia and Ukraine
20 entities acquired, 3 entities sold
Management in line with the
BSC (Balanced Scored Card) strategy
Earnings per share - EPS (PLN)
IT systems for customer service:
SAP – in 46 companies / 21 functional modules
Contact Center
ICSS (Internet Customer Self-Service)
CSI (Customer Satisfaction Index)
(1) tax asset related to the optimisation of the Impel trade mark
- PLN 23.8 million (comparable) EPS = 2.9
CRM
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PRODUCTS
From two simple products
- cleaning and security to 18 PRODUCTS,
including those in the area of BPO
(Business Process Outsourcing).
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IMPEL ON THE MARKET
Impel S.A.
Parent undertaking.
WSE listed since 2003.
Responsible for strategic and
corporate issues.
BUSINESS SEGMENTS OF THE IMPEL GROUP
Composition of the Management Board of
Impel S.A.
48%
GRZEGORZ DZIK
President of the Management Board
JÓZEF BIEGAJ
Vice President responsible for Commercial Function
WOJCIECH REMBIKOWSKI
Vice President responsible for Finance
31%
DELIVERY & BUSINESS SOLUTIONS
Distribution
SAFETY SOLUTIONS
Security
MAINTENANCE SOLUTIONS
Facility Management
DANUTA CZAJKA
Vice President responsible for Development
21%
PLN 443.5 million1)
PLN 682.8 million1)
PLN 290.5 million1)
IMPEL’S COMPETITIVE POSITION2)
TON (Technical
Maintenance of
Facilities)
NUMBER 1
UPC (Cleaning)
Impel
17%
Impel
ISS
3%
Dalkia
Dozorbud
2%
Cofely
Grupa EVER
2%
Clar System
OCH (Security)
CAT
3)
Solid
16%
9%
1%
Impel
8%
DTZ Polska
1%
G4S
ZST
1%
Juwentus
20%
2%
NUMBER 3-4
Konsalnet
1%
0%
3%
NUMBER 3
0%
4%
7%
Eurest
4%
3%
0%
Sodexo
20%
3%
Lyreco
Work Service
6%
Randstad
2%
Impel
Gastropol
2%
Impel
(1) Share in the Impel Group’s revenue in 2012 (percentage and value
(2) Data from the Marketing Office of Impel S.A.
(3) Solid Group’s revenue includes total revenue, together with the activities other than security
6%
Berendsen
Henry Kruse
10%
CWS Boco
2%
2%
0%
4%
Merida
Impel
Bardusch
1%
0%
HR+PAYROLL
& ACCOUNTING
REN+LAUNDRY
LOG
6%
3%
16%
Adecco
1%
0%
20%
10%
Impel
10%
5%
0%
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30%
STRATEGY FOR GROWTH ON THE COMPETITIVE MARKET –
MAINTAINING THE INCREASE IN THE REVENUE LEVEL ABOVE 14%
Group’s consolidated financial results
PLN million
2011
2012
1 240,4
1 416,7
Subsidies
37,9
35,0
EBITDA
85,3
76,9
6,9%
5,4%
53,9
40,5
EBIT margin
4,3%
2,9%
Amortization/Depreciation
(31,4)
(36,4)
58,9
28,2
Revenue from sales
EBITDA margin
EBIT
Net profit
Assets
660,0
722,5
Equit and reserves
333,2
268,5
Net debt
69,0
133,1
one off:
PLN 2.5 million sale of Autogrill
Polska, comparable margin of 4.1%
one off:
PLN 3.2 million – non-recurrent expenses in the Security
BU, including PLN 1.6 million incurred on the implementation of
acquired companies
comparable margin of 3.4%
+ PLN 176.3 million ( +14.2 %)
external factors influencing the drop in
EBIT 2012 vs. 2011
increase in the disability pension contribution by
2%, payable by the employer (since 1 February 2012)
reduction in the subsidy to the remuneration of
employees with moderate disability (1 January
2012, 1 July 2012)
increase in the minimum wages to PLN 1,500, i.e.
by 8.2% (since 1 January 2012)
+ PLN 63.4 million
including the net debt:
of the acquired companies – PLN 6.8 million
related to the acquisition of the Impel Group’s
registered office – the consequence of the separation
of the property development activity – PLN 10.4
million
of the companies making the acquisitions –
PLN 24 million
related to the financing of the organic growth
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DROP IN EBIT RESULTING FROM THE CHANGES IN THE LEGAL
REGULATIONS AND THE LOWEST PRICE IMPERATIVE
Comparison of consolidated results
2011
PLN million
2012
Q1
Q2
Q3
Q4
Y
Q1
Q2
Q3
Q4
Y
288,9
304,9
316,9
329,6
1 240,4
333,4
355,7
358,2
369,4
1416,7
Subsidies
10,5
10,7
9,6
7,1
37,9
7,6
8,5
8,8
10,1
35,0
EBITDA
17,9
23,9
26,9
16,7
86,0
16,8
23,0
28,6
8,4
76,9
EBIT
10,3
16,1
18,6
8,9
53,9
8,2
14,0
19,6
(1,4)
40,5
3,6%
5,3%
5,9%
2,7%
4,4%
2,5%
3,9%
5,5%
(0,4%)
2,9%
(7,6)
(7,8)
(8,1)
(7,9)
(31,4)
(8,6)
(9,0)
(8,9)
(9,8)
(36,4)
7,9
34,1
14,3
2,6
58,9
5,8
8,7
12,9
0,1
28,2
Revenue from
sales
EBIT margin
-
Net result
one off:
PLN 2.5 million sale of
Autogrill Polska
comparable margin of 4.4%
PLN 23.8 million tax asset related to the
optimisation of the Impel trade mark
one off:
PLN 3.2 million non-recurrent expenses in the Security
BU, including PLN 1.6 million incurred on the implementation
strona_07
of acquired companies
comparable margin of 3.1%
DIFFICULT SECURITY MARKET. STABLE GROWTH IN THE OTHER
SEGMENTS
Business segments
Total
Facility Management
Security
Distribution
PLN million
Revenue
from sales
BUSINESS
SEGMENT’S
RESULT
2011
2012
change
2011
2012
change
2011
2012
change
2011
2012
change
1 240,4
1 416,7
+ 177
14,3%
612,7
682,8
+ 70
11,5%
405,4
443,5
+ 38
9,4%
222,4
290,5
+ 68
31%
60,6
45,5
29,3
32,6
22,8
5,3
8,5
7,6
45,12)
EBIT
margin1)
4,9%
3,2%
4,8%
4,8%
6,6%2)
(1) relative to ‘Revenue from sales’, taking account of internal service settlements
(2) comparable data, taking account of the modified internal service conditions
12,42)
5,6%
1,2%
2,8%2)
10,92)
3,8%
2,6%
3,7%2)
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DIVISION OF IMPEL S.A.
• Division pursuant to Art. 529.1.4 of the Code of Commercial Partnerships and Companies, by
transferring a part of assets of Impel S.A., i.e. Zakład Ecoimpel, to Vantage Development S.A., in
exchange for Vantage shares,
• 1 March 2012 – registration of the division by the Court,
• 6 March 2012 – establishing the reference share price for IMPEL shares – adjustment of the share price
by 30.12%,
• 7 March 2012 – adjusted price of IMPEL shares = PLN 20.47,
• 9 March 2012 – reference day,
• 20 March 2012 – allocation of shares according to the parity 1:3.2109,
• 26 March 2012 – IPO of Vantage Development S.A.,
• fair value of 1 division share of Vantage Development S.A. = PLN 4.72,
• increase in the value of 1 share of Impel S.A. after adjustment, from PLN 20.47 to PLN 24.99 (by 22%).
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PRIVATE PLACEMENT OF SERIES E SHARES
Structure of the
transaction
issue of 713,715 Series E shares at the issue price of PLN 25
offer addressed only to selected investors, excluding the preemption rights – private placement,
Offer
agreements on the acquisition of Series E shares signed with 13
entities,
PLN 17,842,875 – value of the placement
28 September 2012 - listing of subscription warrants for Series E
shares
23 October 2012 - listing of Series E shares
proceeds from the issue of Series E shares will be allocated to:
acquisitions - 80%
Objectives of the issue
working capital - 20%
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ACQUISITIONS EFFECTED IN Q4 2012
Adding new competences to the Group’s service offer, increasing the market share
and entering into the new service market
cleaning of industrial installations and facilities
Climbex S.A.
revenue in 2012: about PLN 34 million
value of investment: over PLN 20 million
participation in the share capital: 62.5%
manned guarding, escorting, electronic security systems
revenue in 2012: about PLN 33.7 million
Gwarant Agencja Ochrony S.A.
value of investment: PLN 11.6 million
participation in the share capital: 73.1%
security for documentation management
revenue in 2012: about PLN 1.5 million
Ad Akta S.A.
value of investment: about PLN 1.3 million
participation in the share capital: 100%
cash processing, cash transport
revenue in 2012: about PLN 62.5 million
Brink’s C.L. Polska Sp. z o.o.
value of investment: up to PLN 10 million
participation in the share capital: 100%
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WSE LISTING OF IMPEL’S SHARES
29 February 2012 – report of DM Millennium with the ‘BUY’ recommendation and the valuation of the Company’s shares prior
to its division at PLN 45.60
25 October 2012 – report of DM AmerBrokers with the ‘BUY’ recommendation and the target price for the Company’s shares
at the level of PLN 35.85
28 December 2012 – report of DM TRIGON – the shares of Impel S.A. included in the investment recommendation for 2013
kurs
Impel
S.A. price
(zł) (PLN)
Impel’s
share
36,00
indeks
WIG(points)
(pkt)
WIG index
50 000
Price adjustment
Korekta
kursu
resulting
fromw
the
wyniku
transakcji
division
and
podziału
i of the
separation
property
wydzielenia
części
development part
deweloperskiej
z
from the Group
Grupy
34,00
32,00
48 000
46 000
44 000
30,00
42 000
40 000
28,00
38 000
26,00
36 000
24,00
34 000
22,00
32 000
20,00
sty 12
30 000
lut 12
mar 12
kwi 12
maj 12
cze 12
lip 12
sie 12
wrz 12
paź 12
lis 12
gru 12
sty 13
lut 13
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OUR INVOLVEMENT IS NOT LIMITED TO BUSINESS
We provide support for those experiencing difficulties. Our intention is to ensure
the durability and countrywide reach of such support. Therefore, we not only
assist the Foundation in its current activity, but we also make donations and
motivate others to commit to the idea of building
PRZYLĄDEK NADZIEI.
Sport is an important element of the local community’s life. It enables people
to identify with success and teaches them how to stay loyal under
unfavourable circumstances.
WE SUPPORT CHAMPION LIFESTYLE.
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