Letter from the Chairman of the Board of Directors
2022 was a successful year for Implenia: The annual result was significantly better than in 2021 – despite rising interest rates and inflation – proving that Implenia is on the right track. All Divisions improved their underlying performance and contributed to the strong result. The Group’s equity grew again and its liquidity situation also improved significantly.
Thanks to a clear focus on large, complex real estate and infrastructure projects and the strict application of Value Assurance – Implenia’s risk management system – the Group was able to acquire a large number of relevant orders with a significantly improved risk and margin profile in 2022. This clearly shows that clients trust Implenia. With its extensive expertise, many years of experience, its services and competencies, the company is in an excellent position for sustainable success.
The Group successfully completed its transformation last summer, marking an important milestone in the implementation of its strategy. 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.
Implenia’s position as an industry leader in sustainability was confirmed in 2022 by significant environmental, social and governance (ESG) rating agencies. Implenia shapes increasingly digitalised, industrialised and partnership-based development, planning and construction services – and it now uses BIM and Lean Construction methods on all major projects.
Implenia’s portfolio of services is strategically oriented towards the demand driven by population growth, urbanisation, infrastructure investment and renewable energies. Despite economic uncertainty and a challenging market environment, there is still high demand for large-scale real estate projects in attractive urban locations, as well as for complex infrastructure projects. The Group will develop high-margin business areas through organic and inorganic growth. The focus is on sector-oriented specialisation and integration along the value chain.
Implenia wants its shareholders to participate in the company’s success following the successful completion of its transformation, so it is cautiously resuming dividend payments. The Board of Directors will therefore ask the AGM of 28 March 2023 to approve a dividend of CHF 0.40 per share. The Board of Directors anticipates that Implenia will be able to continue distributing dividends in future.
Laurent Vulliet, Member of our Board of Directors, will not be standing for re-election at the AGM on 28 March 2023. He has been a Member of the Board of Directors and of its Nomination and Compensation Committee since 2016. On behalf of our shareholders, the Board of Directors and all Implenia employees, I would like to thank Laurent Vulliet for his great dedication and commitment to the company.
Raymond Cron (1959, Swiss, non-executive and independent) will be proposed to the AGM as a new Member of the Board of Directors. With his many years of experience in management at real estate development and construction companies, he will bring comprehensive industry expertise and leadership skills to the Board. He has held various board and management mandates since 2015. Raymond Cron graduated in civil engineering from the ETH and completed a postgraduate degree in business administration at BWI ETH Zurich. I very much look forward to working with him.
The new provisions of the Swiss Code of Obligations relating to the revised Swiss Corporate Law came into force on 1 January 2023. Among other things, this will improve protection for minority shareholders and modernise the rules on holding AGMs. Based on the new provisions, the Board of Directors will ask Implenia’s AGM to approve a revision of the Articles of Association to reflect the revised corporate law reform and take account of current best practices in corporate governance.
On behalf of the Board of Directors, I would like to thank all employees for their strong commitment during the year, and to thank you for your trust. I look forward to your continued support as a shareholder.