Information for investors

The urbanisation and mobility megatrends offer attractive growth potential

Share price since 6 March 2006 (first trading day)

Total shareholder return +105.2% (SPI Total Shareholder Return: 111.7%)

Information about Implenia’s shares

Review

Average trading volume increased to around 100,000 shares per day in 2019, compared with 54,000 in the previous year. This increased the shares’ average daily liquidity by CHF 0.1 million to CHF 3.3 million. In 2019, the free float went down 5.3% to 73%.

Share performance

2019

2018

2017

2016

2015

Year-high (in CHF per share)

40.74

81.05

78.95

75.45

68.20

Year-low (in CHF per share)

25.32

29.50

60.10

41.15

45.55

Price at 31.12.
(in CHF per share)

39.26

33.08

65.90

75.25

51.10

Annual performance in %

18.7 %

(49.8 %)

(12.4 %)

47.3 %

(11.5 %)

Average number of shares
traded per day

99,524

53,506

39,775

34,010

46,814

Stock market capitalisation at 31.12.
(in TCHF)

725,210

611,054

1,217,305

1,390,018

943,919

Source: Bloomberg

Cash dividend

in CHF per share

Dividend yield

in %

Dividend policy and returns

The Board of Directors is asking the General Meeting of Shareholders of 24 March 2020 to approve an ordinary dividend of CHF 0.75 per share for the 2019 financial year. The proposed total dividend payout for 2019 is CHF 13.9 million. This means that Implenia will have made almost CHF 287 million in overall dividend payments since its IPO in 2006.

Key data

Ticker symbol

IMPN

Security number

2 386 855

ISIN

CH002 386 8554

Share capital

31.12.2019

31.12.2018

31.12.2017

31.12.2016

31.12.2015

Share capital (in TCHF)

18,841

18,841

18,841

18,841

18,841

Number of registered
shares issued

18,472,000

18,472,000

18,472,000

18,472,000

18,472,000

Of which treasury shares

13,851

67,054

210,223

94,042

163,105

Number of outstanding
registered shares

18,458,149

18,404,946

18,261,777

18,377,958

18,308,895

Par value of each
registered share (in CHF)

1.02

1.02

1.02

1.02

1.02

Conditional / Authorised capital
(in TCHF )

3,768

3,768

3,768

4,710

4,710

Key figures

31.12.2019

31.12.2018

31.12.2017

31.12.2016

31.12.2015

Earnings per share, undiluted (in CHF)

1.61

(0.28)

1.95

3.27

2.64

Price-earnings ratio

24.4

(118.1)

33.8

23.0

19.4

Equity per share (in CHF)

30.48

30.44

34.67

35.08

33.07

Gross dividend1 (in CHF)

0.75

0.50

2.00

2.00

1.90

Dividend yield

1.9 %

1.5 %

3.0 %

2.7 %

3.7 %

Distribution ratio2

46.7 %

n.a.

102.1 %

61.4 %

71.9 %

1 2015 CHF 1.80 ordinary dividend, CHF 0.10 one-off anniversary dividend
2019: Plus dividend in kind from the Ina invest transaction of max. CHF 1.20 per share; subject of approval by the AGM.

2 Based on number of outstanding shares at 31.12.

Share capital by type of shareholder

(shares with and without voting rights) in %

Shareholders by size of shareholding

(shares with and without voting rights) in %

Shareholder structure

Major shareholders / nominees owning more than 3 % of share capital
(as at 27 December 2019)

Name

 

Number of shares

 

Percentage of
share capital

Parmino Holding AG / Max Rössler

 

3,048,970

 

16.5 %

Rudolf Maag

 

1,000,000

 

5.4 %

Credit Suisse Funds AG

 

932,675

 

5.1 %

Norbert Ketterer

 

930,000

 

5.0 %

Chase Nominees Ltd.

 

596,592

 

3.2 %

Dimensional Holdings Inc.

 

555,019

 

3.0 %

Analyst recommendations

Coverage of Implenia’s shares

Investment specialists continuously analyse Implenia’s business performance, results and market situation. Five analysts regularly publish studies on Implenia shares.

Bank Vontobel

Hold

HSBC

Hold

Kepler Cheuvreux

Buy

Research Partners

Buy

Zürcher Kantonalbank

Outperform

Status: 29.1.2020

Credit ratings

Implenia Ltd. has no official credit rating from a credit rating agency. The listed ratings are based on each bank’s internal criteria. Please note that credit ratings can change at any time.

Credit Suisse

Low BBB

stable

UBS

BBB‑

stable

Zürcher Kantonalbank

BBB‑

negative

Fedafin

Baa‑

negative

Status: 29.1.2020

Bonds/promissory note loans

Implenia Ltd. has issued the following CHF bonds and listed them on the SIX Swiss Exchange.

1.625 %

2014 ‑ 2024

CHF 125 million

101.06 %

15.10.2024

CH0253592767

0.500 %

2015 ‑ 2022

CHF 175 million

100.00 %

30.6.2022

CH0285509359

1.000 %

2016 ‑ 2026

CHF 125 million

100.74 %

20.3.2026

CH0316994661

The CHF 175 million issue (0.500% coupon) is a subordinated convertible bond, which has an unchanged conversion price of CHF 75.06. The convertible bond will be convertible into 2.3 million registered shares of Implenia Ltd., which is equivalent to around 12.6% of outstanding registered shares. The shares to be delivered as a result of conversion will be made available by providing new shares from conditional capital.

In June 2017, Implenia issued a promissory note loan (private placement), for a total amount of EUR 60 million. The three EUR tranches have fixed interest rates and maturities of four, six and eight years.

Fixed

2017 ‑ 2021

EUR 10 million

9.6.2021

Fixed

2017 ‑ 2023

EUR 20 million

9.6.2023

Fixed

2017 ‑ 2025

EUR 30 million

9.6.2025

Overview of key figures

Five-year Implenia Group overview

in TCHF

2019

2018

2017

2016

2015

Order book (as at 31.12.)

6,157,507

6,248,291

6,043,261

5,171,795

5,133,513

Income statement

Production output

4,517,550

4,452,761

3,926,727

3,320,418

3,430,459

Consolidated revenue

4,430,833

4,364,473

3,859,478

3,266,986

3,288,200

EBITDA

186,768

89,726

173,835

166,184

161,360

Depreciation and amortisation

(123,261)

(76,791)

(110,244)

(68,277)

(81,424)

Operating income

63,507

12,935

63,591

97,907

79,936

Consolidated profit

33,920

504

39,033

64,453

52,018

Cash flow statement

Cash flow from operating activities

143,549

16,052

197,345

62,429

145,194

Cash flow from investment activities

(58,678)

(68,638)

(34,810)

(34,487)

(129,016)

Cash flow from financing activities

(79,732)

(14,872)

23,112

(114,573)

136,119

Free cash flow

84,871

(52,586)

162,535

27,942

16,178

Investment activities

Investments in real estate transactions

53,170

62,821

39,802

49,016

65,381

Real estate disposals

(48,951)

(35,584)

(67,378)

(59,472)

(98,648)

Investments in fixed assets

70,635

80,025

70,050

61,243

58,843

in TCHF

31.12.2019

31.12.2018

31.12.2017

31.12.2016

31.12.2015

Balance sheet

Cash and cash equivalents

912,317

913,233

985,443

791,703

877,108

Real estate transactions

189,486

185,292

158,055

185,631

196,087

Other current assets

1,124,833

1,044,098

1,043,616

1,087,291

1,068,281

Non-current assets

856,627

718,732

709,880

564,552

589,190

Total assets

3,083,263

2,861,355

2,896,994

2,629,177

2,730,666

Financial liabilities

639,753

516,022

496,930

415,406

489,002

Other liabilities

1,853,041

1,760,158

1,745,155

1,548,265

1,617,888

Equity

590,469

585,175

654,909

665,506

623,776

Total equity and liabilities

3,083,263

2,861,355

2,896,994

2,629,177

2,730,666

Net cash position excl. lease liabilities

420,500

405,540

495,270

381,035

392,804

Capital structure

Equity ratio in %

19.2

20.5

22.6

25.3

22.8

Equity ratio in %1

24.6

26.2

28.2

31.4

28.6

Long-term liabilities in %

22.6

21.1

21.6

19.9

16.1

Short-term liabilities in %

58.2

58.4

55.8

54.8

61.1

Employees (FTE; as at 31.12.)2

8,867

8,765

8,391

7,388

7,445

1 Incl. sobordinated convertible bond

2 Excl. temporary staff

in %

2019

2018

2017

2016

2015

Key figures

EBITDA margin in %1

4.2

2.1

4.5

5.1

4.9

Operating income margin in %1

1.4

0.3

1.6

3.0

2.4

Return on Invested Capital (ROIC) in %

32.5

6.8

26.8

34.5

32.1

1 Basis: consolidated revenue

Sustainable investment

Sustainability is an integral component of our business and our value system. This makes Implenia’s shares and bonds attractive to investors who take a socially responsible approach to investment.

Implenia is certified under the ISO 14000 standard – Environmental Management – and has pursued its own sustainability strategy since 2009. Our sustainability reporting is based on the Global Reporting Initiative (GRI).

Our commitment has been recognised in a series of external ratings. We are one of the leading construction companies for sustainability. Implenia received an AA rating from MSCI ESG (2019) and is covered by sustainability research units at various Swiss banks.

J. Safra Sarasin

Above average

Zürcher Kantonalbank

A

The world’s leading provider of research and ratings on environmental, social and governance (ESG) issues, most recently awarded Implenia an outstanding 79 points. This was a further improvement on the previous year’s rating. It makes Implenia an industry leader, as well as a pioneer of “green” credit financing. Implenia is the first industrial company in Switzerland to have a syndicated loan partially linked to its Sustainalytics rating. Thanks to its current good rating, Implenia enjoys better borrowing conditions.

The fact that Implenia’s many years of sustainability work are having a clear monetary impact on its funding situation marks a very important milestone.

Communication, contacts, dates

Implenia follows an open, transparent and timely information policy in the interests of its shareholders, investors and the general public. In its periodic and its ad hoc reporting, Implenia is committed to equal treatment of all stakeholder groups with regard to timing and content. Comprehensive information is available to all investors, journalists and interested members of the public at www.implenia.com under the “Investors” link. All the latest investor presentations are also available at this address.

Interested parties can subscribe to our ad hoc communications by clicking through to the “Media/News Service” page on the site. As in previous years, in 2019 the CEO, CFO and Head of Investor Relations presented the company to institutional investors at roadshows, conferences and meetings, as well as at a Capital Market Day. In 2019 Implenia held its two customary conferences on the financial results – half-year and full-year – for analysts and the media.

For ongoing communication with shareholders, investors, journalists and analysts:

Head of Investor Relations

T +41 58 474 29 99

ir*Den Text zwischen den * loeschen, dies ist ein Spamschutz*@implenia.com

Chief Communication Officer

T +41 58 474 74 77

communication*Den Text zwischen den * loeschen, dies ist ein Spamschutz*@implenia.com

Dates

2020 Annual General Meeting

24.3.2020

Ex-date (dividend distribution)

30.3.20201

Record date (dividend distribution)

31.3.20201

Payment date (dividend distribution)

1.4.20201

Media and analysts' conference on the 2020 first-half results

19.8.2020

1 Dates subject to approval of dividend distribution by AGM.