Letter from the Chairman of the Board of Directors
2021 was a good year for Implenia. After a challenging transformation phase, the Group has achieved some important milestones on the path to sustainable profitability. All Divisions and relevant markets contributed positively to the result, underlying performance at EBIT level was significantly improved, there was a healthy increase in equity, and the convertible bond maturing in 2022 was successfully refinanced. These results show that Implenia is well on track with the execution of its strategy.
With a clear focus on profitable, complex projects, and by strictly applying Value Assurance – Implenia’s risk management system – the Group was able to acquire several strategically relevant assignments with significantly improved risk and margin profiles in 2021. This clearly shows that clients trust Implenia and that the company is well positioned with its expertise and experience along with its services and competencies.
Measures to intensify and accelerate strategy execution were adopted in October 2020 and are set to run until 2023. These have largely been completed. Implenia continues to focus on integrated construction and real estate services in Switzerland and Germany and offers tunnelling and related infrastructure projects in other markets. In order to further improve profitability, the Group is constantly reviewing further portfolio adjustments and opportunities to outsource asset-heavy activities.
Implenia’s position as an industry leader in sustainability was confirmed in 2021 by significant environmental, social and governance (ESG) ratings. Implenia is also noted for its increasingly digitalized, industrialised and partnership-based development, planning and construction services – and it now uses Lean Construction methods and BIM on all major projects.
As a result of the portfolio adjustments, a more focused geographical presence and application of the Value Assurance process, all Divisions are well positioned to further increase profitability. As communicated in autumn 2021, we want to strengthen our equity by at least CHF 80 million in the current year. Consequently, the Board of Directors will propose to the Annual General Meeting of 29 March 2022 to refrain from paying a dividend.
On behalf of the Board of Directors, I would like to thank all our employees for their hard work during the year, and to thank you for your trust. I look forward to your continued support as a shareholder.