Consolidated financial statements
Consolidated income statement
in TCHF | Notes | 1.1.‑31.12.2021 | 1.1.‑31.12.2020 | |||
Group revenue | 6 | 3,764,670 | 3,988,946 | |||
Materials and third party services | 7 | (2,258,492) | (2,720,370) | |||
Personnel expenses | 8 | (1,025,377) | (1,083,492) | |||
Other operating expenses | 10 | (280,153) | (312,191) | |||
Income from associates | 24,137 | 11,114 | ||||
Income from Ina Invest transaction | 3 | ‑ | 111,102 | |||
EBITDA | 224,785 | (4,891) | ||||
Depreciation and amortisation | (109,959) | (101,945) | ||||
Goodwill impairment | 20 | ‑ | (39,921) | |||
EBIT | 114,826 | (146,757) | ||||
Financial expenses | 11 | (30,532) | (20,226) | |||
Financial income | 11 | 6,194 | 3,234 | |||
Result before tax | 90,488 | (163,749) | ||||
Tax | 12 | (26,532) | 31,697 | |||
Consolidated result | 63,956 | (132,052) | ||||
Attributable to: | ||||||
Shareholders of Implenia Ltd. | 61,157 | (134,702) | ||||
Non-controlling interests | 2,799 | 2,650 | ||||
Earnings per share (CHF) | ||||||
Basic earnings per share | 26 | 3.31 | (7.30) | |||
Diluted earnings per share | 26 | 3.04 | (7.30) |
Consolidated statement of comprehensive income
in TCHF | Notes | 1.1.‑31.12.2021 | 1.1.‑31.12.2020 | |||
Consolidated result | 63,956 | (132,052) | ||||
Remeasurement of post-employment benefits | 23 | (3,169) | (14,586) | |||
Income tax on remeasurement of post-employment benefits | 725 | 3,214 | ||||
Fair value adjustments on financial instruments | 543 | (38) | ||||
Total items that will not be reclassified to income statement in the future | (1,901) | (11,410) | ||||
Changes from cash flow hedges | ‑ | 30 | ||||
Changes from net investment hedges | 2,500 | 268 | ||||
Foreign exchange differences | (6,418) | (11,639) | ||||
Total items that will be reclassified to income statement in the future | (3,918) | (11,341) | ||||
Other comprehensive income | (5,819) | (22,751) | ||||
Attributable to: | ||||||
Shareholders of Implenia Ltd. | (5,810) | (22,720) | ||||
Non-controlling interests | (9) | (31) | ||||
Total comprehensive income | 58,137 | (154,803) | ||||
Attributable to: | ||||||
Shareholders of Implenia Ltd. | 55,347 | (157,422) | ||||
Non-controlling interests | 2,790 | 2,619 |
Consolidated balance sheet
Assets | ||||||
in TCHF | Notes | 31.12.2021 | 31.12.2020 | |||
Cash and cash equivalents | 621,913 | 719,990 | ||||
Fixed short-term deposits | 174,982 | ‑ | ||||
Derivative financial instruments | 368 | 172 | ||||
Trade receivables | 13 | 551,540 | 611,796 | |||
Contract assets | 14 | 396,267 | 311,898 | |||
Joint ventures (equity method) | 15 | 37,540 | 24,843 | |||
Income tax receivables | 1,813 | 992 | ||||
Other receivables | 34,436 | 42,513 | ||||
Raw materials and supplies | 78,861 | 86,827 | ||||
Real estate transactions | 16 | 149,269 | 137,130 | |||
Accrued income and prepaid expenses | 35,709 | 14,671 | ||||
Total current assets | 2,082,698 | 1,950,832 | ||||
Property, plant and equipment | 17 | 219,456 | 261,202 | |||
Rights of use from leases | 18 | 148,929 | 167,306 | |||
Investment property | 5,415 | 5,662 | ||||
Investments in associates | 3, 19 | 194,699 | 196,084 | |||
Other financial assets | 12,767 | 15,346 | ||||
Pension assets | 23 | 444 | 546 | |||
Intangible assets | 20 | 253,344 | 266,676 | |||
Deferred tax assets | 24 | 70,084 | 79,557 | |||
Total non-current assets | 905,138 | 992,379 | ||||
Total assets | 2,987,836 | 2,943,211 |
Equity and liabilities | ||||||
in TCHF | Notes | 31.12.2021 | 31.12.2020 | |||
Financial liabilities | 21 | 236,513 | 126,660 | |||
Derivative financial instruments | 1,261 | 1,279 | ||||
Trade payables | 679,361 | 935,416 | ||||
Contract liabilities | 14 | 518,220 | 324,303 | |||
Joint ventures (equity method) | 15 | 61,566 | 69,114 | |||
Income tax liabilities | 15,613 | 11,679 | ||||
Other liabilities | 127,916 | 106,157 | ||||
Prepaid income and accrued expenses | 131,321 | 126,877 | ||||
Provisions | 22 | 117,317 | 213,519 | |||
Total current liabilities | 1,889,088 | 1,915,004 | ||||
Financial liabilities | 21 | 651,940 | 606,177 | |||
Deferred tax liabilities | 24 | 57,328 | 49,151 | |||
Pension liabilities | 23 | 15,626 | 21,421 | |||
Provisions | 22 | 27,936 | 48,431 | |||
Total non-current liabilities | 752,830 | 725,180 | ||||
Share capital | 25 | 18,841 | 18,841 | |||
Treasury shares | 25 | (1,246) | (955) | |||
Reserves | 255,204 | 395,558 | ||||
Consolidated profit attributable to shareholders | 61,157 | (134,702) | ||||
Equity attributable to shareholders | 333,956 | 278,742 | ||||
Non-controlling interests | 11,962 | 24,285 | ||||
Total equity | 345,918 | 303,027 | ||||
Total equity and liabilities | 2,987,836 | 2,943,211 |
Consolidated statement of changes in equity
Reserves | ||||||||||||||||||
in TCHF | Share | Treasury | Capital | Foreign | Cash flow | Retained | Total | Non- | Total | |||||||||
Equity as at 1.1.2021 | 18,841 | (955) | 88,105 | (58,592) | ‑ | 231,343 | 278,742 | 24,285 | 303,027 | |||||||||
Consolidated result | ‑ | ‑ | ‑ | ‑ | ‑ | 61,157 | 61,157 | 2,799 | 63,956 | |||||||||
Other comprehensive income | ‑ | ‑ | ‑ | 2,050 | ‑ | (7,860) | (5,810) | (9) | (5,819) | |||||||||
Total comprehensive income | ‑ | ‑ | ‑ | 2,050 | ‑ | 53,297 | 55,347 | 2,790 | 58,137 | |||||||||
Dividends | ‑ | ‑ | ‑ | ‑ | ‑ | ‑ | ‑ | (10,153) | (10,153) | |||||||||
Change in treasury shares | ‑ | (291) | (271) | ‑ | ‑ | ‑ | (562) | ‑ | (562) | |||||||||
Share-based payments | ‑ | ‑ | ‑ | ‑ | ‑ | 1,924 | 1,924 | ‑ | 1,924 | |||||||||
Change in scope of consolidation | ‑ | ‑ | ‑ | ‑ | ‑ | (1,496) | (1,496) | (4,959) | (6,455) | |||||||||
Total other changes in equity | ‑ | (291) | (271) | ‑ | ‑ | 428 | (134) | (15,112) | (15,246) | |||||||||
Total equity as at 31.12.2021 | 18,841 | (1,246) | 87,834 | (56,542) | ‑ | 285,068 | 333,955 | 11,963 | 345,918 | |||||||||
Equity as at 1.1.2020 | 18,841 | (540) | 87,978 | (44,868) | (30) | 501,308 | 562,689 | 27,780 | 590,469 | |||||||||
Consolidated result | ‑ | ‑ | ‑ | ‑ | ‑ | (134,702) | (134,702) | 2,650 | (132,052) | |||||||||
Other comprehensive income | ‑ | ‑ | ‑ | (13,724) | 30 | (9,025) | (22,719) | (31) | (22,750) | |||||||||
Total comprehensive income | ‑ | ‑ | ‑ | (13,724) | 30 | (143,727) | (157,421) | 2,619 | (154,802) | |||||||||
Dividends | ‑ | ‑ | ‑ | ‑ | ‑ | (13,850) | (13,850) | (1,550) | (15,400) | |||||||||
Dividend in kind Ina Invest Holding AG | ‑ | ‑ | ‑ | ‑ | ‑ | (112,388) | (112,388) | ‑ | (112,388) | |||||||||
Change in treasury shares | ‑ | (415) | 127 | ‑ | ‑ | (1,070) | (1,358) | ‑ | (1,358) | |||||||||
Share-based payments | ‑ | ‑ | ‑ | ‑ | ‑ | 1,070 | 1,070 | ‑ | 1,070 | |||||||||
Change in non-controlling interests | ‑ | ‑ | ‑ | ‑ | ‑ | ‑ | ‑ | (4,564) | (4,564) | |||||||||
Total other changes in equity | ‑ | (415) | 127 | ‑ | ‑ | (126,238) | (126,526) | (6,114) | (132,640) | |||||||||
Total equity as at 31.12.2020 | 18,841 | (955) | 88,105 | (58,592) | ‑ | 231,343 | 278,742 | 24,285 | 303,027 | |||||||||
Consolidated cash flow statement
in TCHF | Notes | 1.1.‑31.12.2021 | 1.1.‑31.12.2020 | |||
Consolidated profit | 63,956 | (132,052) | ||||
Tax | 12 | 26,532 | (31,697) | |||
Financial result | 11 | 24,338 | 16,992 | |||
Depreciation and amortisation | 109,959 | 141,866 | ||||
Result from sales of non-current assets and subsidiaries | (62,865) | (4,301) | ||||
Income from associates1 | (8,809) | (10,983) | ||||
Change in provisions | (121,219) | 96,605 | ||||
Change in pension assets and liabilities | (8,096) | (10,183) | ||||
Change in net working capital | ||||||
Change in trade and other receivables | 73,778 | (54,353) | ||||
Change in contract assets and liabilities (net), | 120,039 | (21,096) | ||||
Change in real estate transactions | (12,727) | (13,694) | ||||
Change in trade payables and other liabilities | (243,859) | (3,948) | ||||
Change in accruals and joint ventures (equity method) | (8,301) | 1,112 | ||||
Expenses / income not affecting liquidity relating to the Ina Invest transaction | 3 | ‑ | (111,102) | |||
Other expenses / income not affecting liquidity | (12,620) | (371) | ||||
Interest paid | (12,801) | (12,222) | ||||
Interest received | 1,388 | 1,457 | ||||
Tax paid | (2,050) | (17,775) | ||||
Distributions from associates received1 | 4,111 | 4,212 | ||||
Cash flow from operating activities | (69,246) | (161,533) |
in TCHF | Notes | 1.1.‑31.12.2021 | 1.1.‑31.12.2020 | |||
Investments in property, plant and equipment | (42,653) | (52,609) | ||||
Disposals of property, plant and equipment | 30,152 | 29,349 | ||||
Investments in other financial assets and associates | (177,307) | (6,343) | ||||
Disposals of other financial assets and associates | 23,910 | 5,063 | ||||
Investments in intangible assets | (4,440) | (8,279) | ||||
Acquisition of subsidiaries, net of cash and cash equivalents acquired | 3 | 6,657 | ‑ | |||
Sale of subsidiaries | 40,433 | 1,010 | ||||
Cash flow from investing activities | (123,248) | (31,809) | ||||
Increase in financial liabilities | 21 | 212,003 | 111,702 | |||
Repayment of financial liabilities | 21 | (93,919) | (91,853) | |||
Purchase of treasury shares | (3,276) | (2,289) | ||||
Sale of treasury shares | 2,770 | 2,001 | ||||
Dividends | ‑ | (13,850) | ||||
Cash flow with non-controlling interests | (10,153) | (1,550) | ||||
Cash flow from financing activities | 107,425 | 4,161 | ||||
Foreign exchange differences on cash and | (13,008) | (3,146) | ||||
Change in cash and cash equivalents | (98,077) | (192,327) | ||||
Cash and cash equivalents at the beginning | 719,990 | 912,317 | ||||
Cash and cash equivalents at the end | 621,913 | 719,990 |
1 The result and distrubtions received from associates are presented separately in the current reporting period. Prior year figures have been adjusted accordingly.