Consolidated financial statements of the Implenia Group
in TCHF | Notes | 1.1.‑31.12.2019 | 1.1.‑31.12.2018 | |||
Group revenue | 5 | 4,430,833 | 4,364,473 | |||
Materials and third party services | 6 | (2,861,232) | (2,890,774) | |||
Personnel expenses | 7 | (1,116,055) | (1,050,510) | |||
Other operating expenses | 9 | (268,957) | (338,341) | |||
Income from associates | 2,179 | 4,878 | ||||
EBITDA | 186,768 | 89,726 | ||||
Depreciation and amortisation | (123,261) | (76,791) | ||||
Operating income | 63,507 | 12,935 | ||||
Financial expenses | 10 | (20,736) | (15,011) | |||
Financial income | 10 | 1,536 | 2,739 | |||
Profit before tax | 44,307 | 663 | ||||
Tax | 11 | (10,387) | (159) | |||
Consolidated profit | 33,920 | 504 | ||||
Attributable to: | ||||||
Shareholders of Implenia Ltd. | 29,651 | (5,059) | ||||
Non-controlling interests | 4,269 | 5,563 | ||||
Earnings per share (CHF) | ||||||
Basic earnings per share | 26 | 1.61 | (0.28) | |||
Diluted earnings per share | 26 | 1.57 | (0.28) |
The consolidated income statement for the reporting period from 1 January 2019 to 31 December 2019 is comparable with the previous year if note 2 is taken into account.
Consolidated statement of comprehensive income
in TCHF | Notes | 1.1.‑31.12.2019 | 1.1.‑31.12.2018 | |||
Consolidated profit | 33,920 | 504 | ||||
Remeasurement of post-employment benefits | 23 | (14,163) | (22,296) | |||
Income tax on remeasurement of post- employment benefits | 3,413 | 5,077 | ||||
Fair value adjustments on financial instruments | 99 | (121) | ||||
Total items that will not be reclassified to income statement in the future | (10,651) | (17,340) | ||||
Changes from cash flow hedges | (39) | (110) | ||||
Changes from net investment hedges | 2,390 | 2,678 | ||||
Foreign exchange differences | (12,169) | (10,756) | ||||
Total items that will be reclassified to income statement in the future | (9,818) | (8,188) | ||||
Other comprehensive income | (20,469) | (25,528) | ||||
Attributable to: | ||||||
Shareholders of Implenia Ltd. | (20,434) | (25,477) | ||||
Non-controlling interests | (35) | (51) | ||||
Total comprehensive income | 13,451 | (25,024) | ||||
Attributable to: | ||||||
Shareholders of Implenia Ltd. | 9,217 | (30,536) | ||||
Non-controlling interests | 4,234 | 5,512 |
Consolidated balance sheet
Assets | ||||||
in TCHF | Notes | 31.12.2019 | 31.12.2018 | |||
Cash and cash equivalents | 912,317 | 913,233 | ||||
Derivative financial instruments | 126 | 1,144 | ||||
Trade receivables | 12 | 538,700 | 494,988 | |||
Work in progress | 13 | 400,067 | 357,531 | |||
Joint ventures (equity method) | 14 | 27,830 | 39,069 | |||
Income tax receivables | 5,104 | 9,360 | ||||
Other receivables | 46,713 | 46,488 | ||||
Raw materials and supplies | 80,438 | 73,941 | ||||
Real estate transactions | 15 | 189,486 | 185,292 | |||
Accrued income and prepaid expenses | 25,855 | 21,577 | ||||
Total current assets | 2,226,636 | 2,142,623 | ||||
Property, plant and equipment | 16 | 287,052 | 301,688 | |||
Rights of use from leases | 2,17 | 146,491 | ‑ | |||
Investment property | 18 | 13,785 | 14,381 | |||
Investments in associates | 19 | 52,624 | 53,061 | |||
Other financial assets | 9,615 | 9,669 | ||||
Pension assets | 23 | 5,699 | 5,707 | |||
Intangible assets | 20 | 304,373 | 308,045 | |||
Deferred tax assets | 24 | 36,988 | 26,181 | |||
Total non-current assets | 856,627 | 718,732 | ||||
Total assets | 3,083,263 | 2,861,355 |
The consolidated balance sheet as at 31 December 2019 is comparable with the previous year if note 2 is taken into account.
Equity and liabilities | ||||||
in TCHF | Notes | 31.12.2019 | 31.12.2018 | |||
Financial liabilities | 2,21 | 48,247 | 21,739 | |||
Derivative financial instruments | 668 | 364 | ||||
Trade payables | 367,942 | 370,602 | ||||
Work in progress | 13 | 1,034,699 | 980,350 | |||
Joint ventures (equity method) | 14 | 75,297 | 29,573 | |||
Income tax liabilities | 25,479 | 26,700 | ||||
Other liabilities | 98,979 | 98,864 | ||||
Prepaid income and accrued expenses | 128,410 | 127,669 | ||||
Provisions | 22 | 17,303 | 15,672 | |||
Total current liabilities | 1,797,024 | 1,671,533 | ||||
Financial liabilities | 2,21 | 591,506 | 494,283 | |||
Deferred tax liabilities | 24 | 48,706 | 49,309 | |||
Pension liabilities | 23 | 22,713 | 20,678 | |||
Provisions | 22 | 32,845 | 40,377 | |||
Total non-current liabilities | 695,770 | 604,647 | ||||
Share capital | 25 | 18,841 | 18,841 | |||
Treasury shares | 25 | (540) | (4,468) | |||
Reserves | 514,737 | 550,983 | ||||
Consolidated profit attributable to shareholders | 29,651 | (5,059) | ||||
Equity attributable to shareholders | 562,689 | 560,297 | ||||
Non-controlling interests | 27,780 | 24,878 | ||||
Total equity | 590,469 | 585,175 | ||||
Total equity and liabilities | 3,083,263 | 2,861,355 |
Consolidated statement of changes in equity
Reserves | ||||||||||||||||||
in TCHF | Share capital | Treasury shares | Capital reserves | Foreign exchange differences | Cash flow hedge reserves | Retained earnings | Total shareholders' equity | Non-controlling interests | Total equity | |||||||||
Equity as at 1.1.2019 | 18,841 | (4,468) | 90,414 | (35,119) | 9 | 490,620 | 560,297 | 24,878 | 585,175 | |||||||||
Consolidated profit | ‑ | ‑ | ‑ | ‑ | ‑ | 29,651 | 29,651 | 4,269 | 33,920 | |||||||||
Other comprehensive income | ‑ | ‑ | ‑ | (9,749) | (39) | (10,646) | (20,434) | (35) | (20,469) | |||||||||
Total comprehensive income | ‑ | ‑ | ‑ | (9,749) | (39) | 19,005 | 9,217 | 4,234 | 13,451 | |||||||||
Dividends | ‑ | ‑ | ‑ | ‑ | ‑ | (9,202) | (9,202) | (1,218) | (10,420) | |||||||||
Change in treasury shares | ‑ | 3,928 | (2,550) | ‑ | ‑ | (1,730) | (352) | ‑ | (352) | |||||||||
Share-based payments | ‑ | ‑ | ‑ | ‑ | ‑ | 2,615 | 2,615 | ‑ | 2,615 | |||||||||
Change in non-controlling interests | ‑ | ‑ | 114 | ‑ | ‑ | ‑ | 114 | (114) | ‑ | |||||||||
Total other changes in equity | ‑ | 3,928 | (2,436) | ‑ | ‑ | (8,317) | (6,825) | (1,332) | (8,157) | |||||||||
Total equity as at 31.12.2019 | 18,841 | (540) | 87,978 | (44,868) | (30) | 501,308 | 562,689 | 27,780 | 590,469 | |||||||||
Equity as at 1.1.2018 | 18,841 | (14,090) | 91,938 | (27,064) | 119 | 549,611 | 619,355 | 21,358 | 640,713 | |||||||||
Consolidated profit | ‑ | ‑ | ‑ | ‑ | ‑ | (5,059) | (5,059) | 5,563 | 504 | |||||||||
Other comprehensive income | ‑ | ‑ | ‑ | (8,055) | (110) | (17,312) | (25,477) | (51) | (25,528) | |||||||||
Total comprehensive income | ‑ | ‑ | ‑ | (8,055) | (110) | (22,371) | (30,536) | 5,512 | (25,024) | |||||||||
Dividends | ‑ | ‑ | ‑ | ‑ | ‑ | (36,620) | (36,620) | (1,669) | (38,289) | |||||||||
Change in treasury shares | ‑ | 9,622 | (1,524) | ‑ | ‑ | (3,505) | 4,593 | ‑ | 4,593 | |||||||||
Share-based payments | ‑ | ‑ | ‑ | ‑ | ‑ | 3,505 | 3,505 | ‑ | 3,505 | |||||||||
Change in non-controlling interests | ‑ | ‑ | ‑ | ‑ | ‑ | ‑ | ‑ | (323) | (323) | |||||||||
Total other changes in equity | ‑ | 9,622 | (1,524) | ‑ | ‑ | (36,620) | (28,522) | (1,992) | (30,514) | |||||||||
Total equity as at 31.12.2018 | 18,841 | (4,468) | 90,414 | (35,119) | 9 | 490,620 | 560,297 | 24,878 | 585,175 | |||||||||
Consolidated cash flow statement
in TCHF | Notes | 1.1.‑31.12.2019 | 1.1.‑31.12.2018 | |||
Consolidated profit | 33,920 | 504 | ||||
Tax | 11 | 10,387 | 159 | |||
Financial result | 2,10 | 19,200 | 12,272 | |||
Depreciation and amortisation | 2 | 123,261 | 76,791 | |||
Result from sale of non-current assets | (12,063) | (3,612) | ||||
Income and distribution from associates | 1,586 | (617) | ||||
Change in provisions | (4,825) | (12,855) | ||||
Change in pension assets and liabilities | (11,485) | (14,924) | ||||
Change in net working capital | ||||||
Change in trade and other receivables | (55,102) | (32,359) | ||||
Change in work in progress (net), raw materials | 12,603 | 37,245 | ||||
Change in real estate transactions | (4,199) | (27,237) | ||||
Change in trade payables and other liabilities | 5,930 | 25,649 | ||||
Change in accruals and joint ventures (equity method) | 54,541 | 2,901 | ||||
Other expenses / income not affecting liquidity | (3,554) | (3,153) | ||||
Interest paid | 2 | (11,866) | (5,549) | |||
Interest received | 849 | 524 | ||||
Tax paid | (15,634) | (39,687) | ||||
Cash flow from operating activities | 143,549 | 16,052 |
in TCHF | Notes | 1.1.‑31.12.2019 | 1.1.‑31.12.2018 | |||
Investments in property, plant and equipment | (70,998) | (75,082) | ||||
Disposals of property, plant and equipment | 21,445 | 9,289 | ||||
Investments in other financial assets and associates | (5,785) | (2,112) | ||||
Disposals of other financial assets and associates | 4,159 | 1,846 | ||||
Investments in intangible assets | (7,499) | (2,579) | ||||
Cash flow from investing activities | (58,678) | (68,638) | ||||
Increase in financial liabilities | 2,21 | 1,611 | 19,565 | |||
Repayment of financial liabilities | 2,21 | (72,301) | (4,386) | |||
Purchase of treasury shares | (16,430) | (1,124) | ||||
Sale of treasury shares | 17,808 | 9,222 | ||||
Dividends | (9,202) | (36,620) | ||||
Cash flow with non-controlling interests | (1,218) | (1,529) | ||||
Cash flow from financing activities | (79,732) | (14,872) | ||||
Foreign exchange differences on cash and | (6,055) | (4,752) | ||||
Change in cash and cash equivalents | (916) | (72,210) | ||||
Cash and cash equivalents at the beginning of the period | 913,233 | 985,443 | ||||
Cash and cash equivalents at the end of the period | 912,317 | 913,233 |
The consolidated cash flow statement for the reporting period from 1 January 2019 to 31 December 2019 is comparable with the previous year if note 2 is taken into account.
