Annual Report 2023

Consolidated financial statements

Content

Income statement Comprehensive income Balance sheet Changes in equity Cash flow statement

Consolidated income statement

in TCHF

 

Notes

 

1.1.-31.12.2023

 

1.1.-31.12.20221

Group revenue1

 

6

 

3,595,909

 

3,538,344

Materials and third party services

 

7

 

(2,098,577)

 

(2,125,762)

Personnel expenses

 

8

 

(1,027,876)

 

(961,667)

Other operating expenses

 

10

 

(260,155)

 

(256,017)

Income from associates and joint ventures1

   

17,103

 

38,175

EBITDA

   

226,404

 

233,073

Depreciation and amortisation

   

(103,784)

 

(94,212)

EBIT

 

6

 

122,620

 

138,861

Financial expenses

 

11

 

(28,853)

 

(27,173)

Financial income

 

11

 

17,402

 

11,495

Result before tax

   

111,169

 

123,183

Tax

 

12

 

30,588

 

(17,220)

Consolidated result

   

141,757

 

105,963

Attributable to:

      

Shareholders of Implenia Ltd.

   

140,958

 

104,751

Non-controlling interests

   

799

 

1,212

Earnings per share (CHF)

      

Basic earnings per share

 

27

 

7.69

 

5.68

Diluted earnings per share

 

27

 

7.57

 

5.59

1 Restated. The share of results from joint ventures (equity method) is newly integrated in «income from associates and joint ventures» and disclosed separately in note 15. The prior year figures were adjusted accordingly.

Consolidated statement of comprehensive income

in TCHF

Notes

1.1.-31.12.2023

1.1.-31.12.2022

Consolidated result

141,757

105,963

Remeasurement of post-employment benefits

24

(11,991)

(4,026)

Fair value adjustments on financial instruments

(1,248)

1,023

Fair value adjustments on property, plant and equipment with revaluation model

18

6,063

56,298

Income tax on items that will not be reclassified to income statement

2,155

(10,144)

Total items that will not be reclassified to income statement in the future

(5,021)

43,151

Changes from net investment hedges

2,152

2,207

Foreign exchange differences

(31,894)

(12,794)

Foreign exchange differences reclassified to the income statement

141

-

Total items that can reclassified to income statement

(29,601)

(10,587)

Other comprehensive income

(34,622)

32,564

Attributable to:

Shareholders of Implenia Ltd.

(34,833)

32,573

Non-controlling interests

211

(9)

Total comprehensive income

107,135

138,527

Attributable to:

Shareholders of Implenia Ltd.

106,125

137,324

Non-controlling interests

1,010

1,203

Consolidated balance sheet

Assets

in TCHF

Notes

31.12.2023

31.12.2022

Cash and cash equivalents

478,809

608,775

Fixed short-term deposits

-

265

Trade receivables

13

577,354

568,329

Contract assets

14

326,372

313,482

Joint ventures (equity method)

15

43,467

30,964

Other current assets

16

77,060

85,944

Raw materials and supplies

77,835

82,808

Real estate transactions

17

149,136

141,026

Non-current Assets Held for Sale

18

54

2,997

Total current assets

1,730,087

1,834,590

Property, plant and equipment with revaluation model

18

82,174

75,695

Property, plant and equipment

18

185,586

178,815

Rights of use from leases

19

173,939

156,657

Investment property

5.8

3,634

5,323

Investments in associates

20

202,947

195,161

Other financial assets

5.8

19,434

15,027

Pension assets

24

444

444

Intangible assets

21

418,620

240,615

Deferred tax assets

25

88,676

51,099

Total non-current assets

1,175,454

918,836

Total assets

2,905,541

2,753,426

Equity and liabilities

      

in TCHF

 

Notes

 

31.12.2023

 

31.12.20221

Financial liabilities

 

22

 

248,201

 

72,660

Trade payables1

   

744,957

 

695,681

Contract liabilities

 

14

 

409,968

 

454,392

Other current liabilities

 

16

 

113,959

 

134,393

Prepaid income and accrued expenses

   

122,715

 

126,674

Provisions

 

23

 

97,587

 

116,211

Total current liabilities

   

1,737,387

 

1,600,011

Financial liabilities

 

22

 

462,699

 

581,819

Deferred tax liabilities

 

25

 

82,859

 

54,036

Pension liabilities

 

24

 

8,956

 

9,903

Provisions

 

23

 

37,865

 

24,987

Total non-current liabilities

   

592,379

 

670,745

Share capital

 

26

 

18,841

 

18,841

Treasury shares

 

26

 

(9,382)

 

(1,863)

Reserves

   

417,876

 

354,469

Consolidated profit attributable to shareholders

   

140,958

 

104,751

Equity attributable to shareholders

   

568,293

 

476,198

Non-controlling interests

   

7,482

 

6,472

Total equity

   

575,775

 

482,670

Total equity and liabilities

   

2,905,541

 

2,753,426

1 Restated. Net liabilities towards joint ventures (equity method) are newly integrated in «trade payables» and disclosed separately in note 15. The prior year figures were adjusted accordingly.

Consolidated statement of changes in equity

Reserves

in TCHF

Share
capital

Treasury
shares

Capital
reserves

Foreign
exchange
differences

Revaluation
reserve

Retained
earnings

Total
shareholders'
equity

Non-con-
trolling
interests

Total
equity

Equity as at 1.1.2023

18,841

(1,863)

87,634

(67,991)

45,601

393,976

476,198

6,472

482,670

Consolidated result

-

-

-

-

-

140,958

140,958

799

141,757

Other comprehensive income

-

-

-

(29,766)

4,786

(9,853)

(34,833)

211

(34,622)

Total comprehensive income

-

-

-

(29,766)

4,786

131,105

106,125

1,010

107,135

Dividends

-

-

-

-

-

(7,341)

(7,341)

-

(7,341)

Purchase of treasury shares

-

(17,178)

373

-

-

-

(16,805)

-

(16,805)

Sale of treasury shares

-

7,103

404

-

-

-

7,507

-

7,507

Share-based payments

-

2,556

590

-

-

(537)

2,609

-

2,609

Total other changes in equity

-

(7,519)

1,367

-

-

(7,878)

(14,030)

-

(14,030)

Total equity as at 31.12.2023

18,841

(9,382)

89,001

(97,757)

50,387

517,203

568,293

7,482

575,775

Equity as at 1.1.2022

18,841

(1,246)

87,834

(56,542)

285,068

333,955

11,963

345,918

Consolidated result

-

-

-

-

104,751

104,751

1,212

105,963

Other comprehensive income

-

-

-

(10,577)

45,601

(2,451)

32,573

(9)

32,564

Total comprehensive income

-

-

-

(10,577)

45,601

102,300

137,324

1,203

138,527

Dividends

-

-

-

-

-

-

(100)

(100)

Purchase of treasury shares

-

(5,219)

(64)

-

-

(5,283)

-

(5,283)

Sale of treasury shares

-

4,602

(136)

-

-

4,466

-

4,466

Share-based payments

-

-

-

-

4,175

4,175

-

4,175

Change in scope of
consolidation

-

-

-

(872)

2,433

1,561

(6,594)

(5,033)

Total other changes in equity

-

(617)

(200)

(872)

-

6,608

4,919

(6,694)

(1,775)

Total equity as at 31.12.2022

18,841

(1,863)

87,634

(67,991)

45,601

393,976

476,198

6,472

482,670

Consolidated cash flow statement

in TCHF

Notes

1.1.-31.12.2023

1.1.-31.12.20221

Consolidated profit

141,757

105,963

Tax

12

(30,588)

17,220

Financial result

11

11,451

15,678

Depreciation and amortisation

103,784

94,212

Result from sales of non-current assets and subsidiaries

(19,048)

(17,725)

Income from associates and joint ventures1

15, 20

(17,103)

(38,175)

Distributions from associates and investments received

20

1,933

2,197

Change in provisions

(3,058)

(3,496)

Change in pension assets and liabilities

(16,025)

(5,310)

Change in net working capital

Change in trade and other receivables

(15,126)

(51,146)

Change in contract assets and liabilities (net), raw materials and supplies

(22,648)

37,002

Change in real estate transactions

(8,795)

7,691

Change in trade payables and other liabilities

(118,696)

(56,330)

Change in accruals and joint ventures (equity method)1

(5,433)

45,604

Other expenses / income not affecting liquidity 2

(8,864)

4,536

Other expenses / income affecting liquidity2

(4,583)

(3,958)

Interest paid

(17,073)

(18,199)

Interest received

2,516

1,714

Tax paid

(4,772)

(9,352)

Cash flow from operating activities

(30,371)

128,126

in TCHF

 

Notes

 

1.1.-31.12.2023

 

1.1.-31.12.2022

Investments in property, plant and equipment

   

(51,641)

 

(37,145)

Disposals of property, plant and equipment

   

22,262

 

20,039

Investments in other financial assets and associates

   

(10,419)

 

(4,123)

Disposals of other financial assets and associates

   

5,168

 

179,303

Investments in intangible assets

   

(8,127)

 

(1,570)

Proceeds from sale of intangible assets

   

8

 

50

Acquisition of subsidiaries, net of cash and cash equivalents acquired

 

3

 

60,461

 

-

Sale of subsidiaries

   

-

 

14,317

Cash flow from investing activities

   

17,712

 

170,871

Increase in financial liabilities

 

22

 

34,023

 

-

Repayment of financial liabilities

 

22

 

(116,463)

 

(291,518)

Purchase of treasury shares

   

(16,805)

 

(5,283)

Sale of treasury shares

   

7,507

 

4,466

Dividends

   

(7,341)

 

-

Cash flow with non-controlling interests

   

-

 

(2,000)

Cash flow from financing activities

   

(99,079)

 

(294,335)

Foreign exchange differences on cash and
cash equivalents

   

(18,228)

 

(17,800)

Change in cash and cash equivalents

   

(129,966)

 

(13,138)

Cash and cash equivalents at the beginning
of the period

   

608,775

 

621,913

Cash and cash equivalents at the end
of the period

   

478,809

 

608,775

1 Restated. The share of results from joint ventures (equity method) is newly integrated in «income from associates and joint ventures» and disclosed separately in note 15. The prior year figures were adjusted accordingly.

2 Restated. Other expenses / income are split into cash and non-cash items.

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