Consolidated financial statements of the Implenia Group

Consolidated income statement

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
and supplies

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
cash equivalents

(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.