Share and financing

Review

The average number of shares traded each day fell to approximately 42,500 in 2021, compared with approx. 91,000 in the previous year. This reduced the average daily trading volume to CHF 1.0 million (from CHF 3.0 million). Implenia’s closing price at the end of 2021 was CHF 20.76 (closing price 2020: CHF 24.04), a decline of 13.6%.

Source: Bloomberg

1 Share price before 2020 adjusted for Ina Invest spin-off

No dividend to be paid for 2021 financial year

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 is recommending to the General Meeting of Shareholders on 29 March 2022 that no dividend be paid out for the 2021 financial year.

Index membership

• SPI
• SPI ESG
• SPI ESG Select
• SPI ex SLI
• SPI EXTRA
• Swiss All Share

1 Share price before 2020 adjusted for Ina Invest spin-off

2 2019: Plus dividend in kind from the Ina Invest trasaction of max. CHF 1.20 per share
2021: Subject to approval by the Annual General Meeting

3 Based on number of outstanding shares as at 31.12.

Coverage of Implenia’s shares

Investment specialists continuously analyse Implenia’s business performance, results and market situation. Five analysts regularly publish studies on Implenia shares.

Credit ratings

Implenia Ltd. has no official credit rating from a credit rating agency. The listed ratings are based on each bank’s internal criteria. Please note that credit ratings can change at any time.

Outstanding bonds

Implenia Ltd. has issued the following CHF bonds and listed them on the SIX Swiss Exchange.

Implenia placed a CHF 175 million issue of a 2.00% 4–year bond in November 2021. The proceeds of the issue will be used exclusively to repay the outstanding convertible bond due on 30 June 2022. The successful issue enables Implenia to extend its maturity profile and further strengthen the company’s financing structure.

The CHF 175 million subordinated convertible bond has a conversion price of CHF 66.15 (conversion price reduced from CHF 75.06 to CHF 66.15 on 12 June 2020 as a result of the Ina Invest transaction). In the event of conversion, 2.3 million registered shares of Implenia AG would be convertible, corresponding to 12.6% of outstanding registered shares. These would be made available by creating new shares from conditional capital.

Outstanding promissory note loans

In June 2017, Implenia issued a promissory note loan (private placement), for a total amount of EUR 60 million. The three EUR-denominated tranches have fixed interest rates and maturities of four, six and eight years. The first tranche of EUR 10 million was repaid in 2021.

Syndicated loan agreement

On 22 August 2012 Implenia signed a revolving syndicated loan agreement for CHF 800 million, which was adjusted to CHF 650 million in 2021. The unsecured credit facility, with a term to 31 December 2023, consists of a revolving credit of CHF 100 million and a guarantee facility of CHF 550 million. No liquidity had been drawn from the cash part of the credit facility as of the balance sheet date.

1 Incl. subordinated convertible bond

2 Excl. temporary staff

1 Basis: consolidated revenue IFRS

Increasing value through sustainability

Sustainability is an integral component of our business and our value system. This makes Implenia’s shares and bonds attractive to those investors who take a socially responsible approach to investment (SRI).

Certification and ratings

Implenia is certified under the ISO 14001 standard – Environmental Management – and has pursued its own sustainability strategy since 2009. Our sustainability reporting is based on the Global Reporting Initiative (GRI).

Our commitment has been recognised by numerous external rating agencies. We are one of the leading construction companies for sustainability. Sustainalytics, the world’s leading provider of research and ratings on environmental, social and governance (ESG) issues, most recently awarded Implenia an outstanding 84 points. This marks an improvement of five points on the previous year and strengthens Implenia’s position as industry leader within the “Construction & Engineering” sector. Implenia has also become the first company in the Construction & Engineering index to be awarded an AAA rating by MSCI ESG; it has been awarded a B rating by Inrate, and silver status by EcoVadis.

The use by Implenia of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Implenia by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided “as-is” and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

Pioneer of “green” credit financing

Implenia is the first industrial company in Switzerland to have a syndicated loan partially linked to its Sustainalytics rating, making it a pioneer of “green” credit financing. Implenia enjoys better borrowing conditions thanks to its current good rating.
For more details see the  Sustainability chapter.

The fact that Implenia’s many years of sustainability work are having a clear monetary impact on its funding situation marks a very important milestone.

Communications

Implenia follows an open, transparent and timely information policy in the interests of its shareholders, investors and the general public. In its periodic and ad hoc reporting, Implenia is committed to equal treatment of all stakeholder groups with regard to timing and content. Comprehensive information is available to all investors, journalists and interested members of the public on the “Investors”and “Media” pages at  implenia.com.

Interested parties can subscribe to our ad hoc communications by clicking through to the “Media/News Service” page on the site. As in previous years, in 2021 the CEO, CFO and Investor Relations presented the company at roadshows, conferences and meetings. In 2021 Implenia held its two customary conferences on the financial results – half-year and full-year – for analysts and the media.

Contacts

For ongoing communication with shareholders, investors, journalists and analysts:

Franziska Stein

Head Investor Relations

T + 41 58 474 35 04

ir@implenia.com

Silvan Merki

Chief Communications Officer

T + 41 58 474 74 77

communication@implenia.com