Alternative performance measures

The order book is defined as services that have been contractually agreed but not
yet performed, valued by contract amount on the balance sheet date. Approved
contractual changes are also included in the book. The order book increases when
orders are secured, and decreases by the level of production output during the
period. This measure helps predict the future development of Implenia's construc-
tion activities.

The equity ratio is the ratio of equity to total assets on the balance sheet date.

The reported equity ratio takes account of the subordinated convertible bond.
Our equity ratio reflects Implenia Group's financing situation.

Free cash flow is defined as cash flow from operating activities minus the acquisiton
and sale of fixed assets (excl. flows from time deposits). The free cash flow figure
reflects our ability to generate cash, repay liabilities, make acquisitions and pay
dividends.

Implenia shows like-for-like figures (currency-adjusted) in order to measure changes
since the previous reporting period without the distorting effect of exchange rate
fluctuations. The adjustment is made by recalculating balance sheet items at the
closing exchange rate on the last day of the previous year. Meanwhile, figures for
the consolidated companies' income, expenditure and cash flows are recalculated
at the average exchange rates for the previous period converted into CHF.
These like-for-like figures allow an assessment of Implenia's performance over time
without the influence of exchange rate effects.

Operating performance at EBIT level is a measure of Implenia's operating perfomance
excluding the impact of one-off effects, such as special transactions,
restructuring provisions and other non-recurring effects.

Performance measures excl. IFRS 16 adjust for the impact of the IFRS 16 leasing
standard. Performance reports made to the Implenia Executive Committee and
Board of Directors contain figures that exclude the impact of IFRS 16.

Production output is calculated as IFRS revenue plus the proportionate revenue
from joint ventures (JVs) valued using the equity method. Production output is a
purely statistical measure that reflects the work actually done by the Group for its
clients.

This measure is defined as the ratio between EBIT and average capital invested,
excl. rights of use from leasing, during the period under review. It is a measure of
profitability and capital efficiency.