Annual report 2020

Consolidated financial statements of the Implenia Group

Consolidated income statement

in CHF t

 

Notes

 

1.1.‑31.12.2020

 

1.1.‑31.12.2019

Group revenue

 

6

 

3,988,946

 

4,430,833

Materials and third party services

 

7

 

(2,720,370)

 

(2,861,232)

Personnel expenses

 

8

 

(1,083,492)

 

(1,116,055)

Other operating expenses

 

10

 

(312,191)

 

(268,957)

Income from associates

   

11,114

 

2,179

Income from Ina Invest transaction

 

3

 

111,102

 

‑

EBITDA

 

 

 

(4,891)

 

186,768

Depreciation and amortisation

   

(101,945)

 

(123,261)

Goodwill impairment

 

20

 

(39,921)

 

‑

EBIT

 

 

 

(146,757)

 

63,507

Financial expenses

 

11

 

(20,226)

 

(20,736)

Financial income

 

11

 

3,234

 

1,536

Result before tax

 

 

 

(163,749)

 

44,307

Tax

 

12

 

31,697

 

(10,387)

Consolidated result

 

 

 

(132,052)

 

33,920

Attributable to:

   

 

  

Shareholders of Implenia Ltd.

   

(134,702)

 

29,651

Non-controlling interests

   

2,650

 

4,269

Earnings per share (CHF)

   

 

  

Basic earnings per share

 

26

 

(7.30)

 

1.61

Diluted earnings per share

 

26

 

(7.30)

 

1.57

Consolidated statement of comprehensive income

in CHF t

 

Notes

 

1.1.‑31.12.2020

 

1.1.‑31.12.2019

Consolidated result

 

 

 

(132,052)

 

33,920

Remeasurement of post-employment benefits

 

23

 

(14,586)

 

(14,163)

Income tax on remeasurement of post-employment benefits

   

3,214

 

3,413

Fair value adjustments on financial instruments

   

(38)

 

99

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

 

 

 

(11,410)

 

(10,651)

Changes from cash flow hedges

   

30

 

(39)

Changes from net investment hedges

   

268

 

2,390

Foreign exchange differences

   

(11,639)

 

(12,169)

Total items that will be reclassified to income statement in the future

 

 

 

(11,341)

 

(9,818)

Other comprehensive income

 

 

 

(22,751)

 

(20,469)

Attributable to:

   

 

  

Shareholders of Implenia Ltd.

   

(22,720)

 

(20,434)

Non-controlling interests

   

(31)

 

(35)


Total comprehensive income

 

 

 


(154,803)

 


13,451


Attributable to:

   

 

  

Shareholders of Implenia Ltd.

   

(157,422)

 

9,217

Non-controlling interests

 

 

 

2,619

 

4,234

Consolidated balance sheet

Assets

      

in CHF t

 

Notes

 

31.12.2020

 

31.12.2019

Cash and cash equivalents

   

719,990

 

912,317

Derivative financial instruments

   

172

 

126

Trade receivables1

 

13

 

611,796

 

560,994

Contract assets1

 

14

 

311,898

 

377,773

Joint ventures (equity method)

 

15

 

24,843

 

27,830

Income tax receivables

   

992

 

5,104

Other receivables

   

42,513

 

46,713

Raw materials and supplies

   

86,827

 

80,438

Real estate transactions

 

16

 

137,130

 

189,486

Accrued income and prepaid expenses

   

14,671

 

25,855

Total current assets

 

 

 

1,950,832

 

2,226,636

Property, plant and equipment

 

17

 

261,202

 

287,052

Rights of use from leases

 

18

 

167,306

 

146,491

Investment property

 

2

 

5,662

 

13,785

Investments in associates

 

3,19

 

196,084

 

52,624

Other financial assets

   

15,346

 

9,615

Pension assets

 

23

 

546

 

5,699

Intangible assets

 

20

 

266,676

 

304,373

Deferred tax assets

 

24

 

79,557

 

36,988

Total non-current assets

 

 

 

992,379

 

856,627

Total assets

 

 

 

2,943,211

 

3,083,263

1 In the reporting period, the former balance sheet positions work in progress assets and liabilities were reclassified to the positions trade receivables, contract assets, -liabilities, trade payables, and provisions. The prior year figures were adapted accordingly.

Equity and liabilities

      

in CHF t

 

Notes

 

31.12.2020

 

31.12.2019

Financial liabilities

 

21

 

126,660

 

48,247

Derivative financial instruments

   

1,279

 

668

Trade payables1

   

935,416

 

952,769

Contract liabilities1

 

14

 

324,303

 

383,682

Joint ventures (equity method)

 

15

 

69,114

 

75,297

Income tax liabilities

   

11,679

 

25,479

Other liabilities

   

106,157

 

98,979

Prepaid income and accrued expenses

   

126,877

 

128,410

Provisions1

 

22

 

213,519

 

83,493

Total current liabilities

 

 

 

1,915,004

 

1,797,024

Financial liabilities

 

21

 

606,177

 

591,506

Deferred tax liabilities

 

24

 

49,151

 

48,706

Pension liabilities

 

23

 

21,421

 

22,713

Provisions

 

22

 

48,431

 

32,845

Total non-current liabilities

 

 

 

725,180

 

695,770

Share capital

 

25

 

18,841

 

18,841

Treasury shares

 

25

 

(955)

 

(540)

Reserves

   

395,558

 

514,737

Consolidated result attributable to shareholders

   

(134,702)

 

29,651

Equity attributable to shareholders

 

 

 

278,742

 

562,689

Non-controlling interests

   

24,285

 

27,780

Total equity

 

 

 

303,027

 

590,469

Total equity and liabilities

 

 

 

2,943,211

 

3,083,263

1 In the reporting period, the former balance sheet positions work in progress assets and liabilities were reclassified to the positions trade receivables, contract assets, -liabilities, trade payables, and provisions. The prior year figures were adapted accordingly.

Consolidated statement of changes in equity

      

Reserves

      

in CHF t

 

Share capital

 

Treasury shares

 

Capital reserves

 

Foreign exchange
differences

 

Cash flow
hedge reserves

 

Retained earnings

 

Total share-
holders' equity

 

Non-controlling
interests

 

Total equity

Equity as at 1.1.2020

 

18,841

 

(540)

 

87,978

 

(44,868)

 

(30)

 

501,308

 

562,689

 

27,780

 

590,469

Consolidated result

 

‑

 

‑

 

‑

 

‑

 

‑

 

(134,702)

 

(134,702)

 

2,650

 

(132,052)

Other comprehensive income

 

‑

 

‑

 

‑

 

(13,724)

 

30

 

(9,025)

 

(22,719)

 

(31)

 

(22,750)

Total comprehensive income

 

‑

 

‑

 

‑

 

(13,724)

 

30

 

(143,727)

 

(157,421)

 

2,619

 

(154,802)

Dividends

 

‑

 

‑

 

‑

 

‑

 

‑

 

(13,850)

 

(13,850)

 

(1,550)

 

(15,400)

Dividend in kind Ina Invest Holding AG

 

‑

 

‑

 

‑

 

‑

 

‑

 

(112,388)

 

(112,388)

 

‑

 

(112,388)

Change in treasury shares

 

‑

 

(415)

 

127

 

‑

 

‑

 

(1,070)

 

(1,358)

 

‑

 

(1,358)

Share-based payments

 

‑

 

‑

 

‑

 

‑

 

‑

 

1,070

 

1,070

 

‑

 

1,070

Change in non-controlling interests

 

‑

 

‑

 

‑

 

‑

 

‑

 

‑

 

‑

 

(4,564)

 

(4,564)

Total other changes in equity

 

‑

 

(415)

 

127

 

‑

 

‑

 

(126,238)

 

(126,526)

 

(6,114)

 

(132,640)


Total equity as at 31.12.2020

 


18,841

 


(955)

 


88,105

 


(58,592)

 


‑

 


231,343

 


278,742

 


24,285

 


303,027



Equity as at 1.1.2019

 



18,841

 



(4,468)

 



90,414

 



(35,119)

 



9

 



490,620

 



560,297

 



24,878

 



585,175

Consolidated result

 

‑

 

‑

 

‑

 

‑

 

‑

 

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

Consolidated cash flow statement

in CHF t

 

Notes

 

1.1.‑31.12.2020

 

1.1.‑31.12.2019

Consolidated result

 

 

 

(132,052)

 

33,920

Tax

 

12

 

(31,697)

 

10,387

Financial result

 

11

 

16,992

 

19,200

Depreciation and amortisation

   

141,866

 

123,261

Result from sale of non-current assets

   

(4,301)

 

(12,063)

Income and distribution from associates

   

(6,771)

 

1,586

Change in provisions

   

96,605

 

14,756

Change in pension assets and liabilities

   

(10,183)

 

(11,485)

Change in net working capital

   

 

  

        Change in trade and other receivables

   

(54,353)

 

(59,311)

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

   

(21,096)

 

35,219

        Change in real estate transactions

   

(13,694)

 

(4,199)

        Change in trade payables and other liabilities

   

(3,948)

 

(32,058)

        Change in accruals and joint ventures (equity method)

   

1,112

 

54,541

Expenses / income not affecting liquidity relating to the Ina Invest transaction

 

3

 

(111,102)

 

‑

Other expenses / income not affecting liquidity

   

(371)

 

(3,554)

Interest paid

   

(12,222)

 

(11,866)

Interest received

   

1,457

 

849

Tax paid

   

(17,775)

 

(15,634)

Cash flow from operating activities

 

 

 

(161,533)

 

143,549

in CHF t

 

Notes

 

1.1.‑31.12.2020

 

1.1.‑31.12.2019

Investments in property, plant and equipment

   

(52,609)

 

(70,998)

Disposals of property, plant and equipment

   

29,349

 

21,445

Investments in other financial assets and associates

   

(6,343)

 

(5,785)

Disposals of other financial assets and associates

   

5,063

 

4,159

Investments in intangible assets

   

(8,279)

 

(7,499)

Sale of subsidiaries

   

1,010

 

‑

Cash flow from investing activities

 

 

 

(31,809)

 

(58,678)

Increase in financial liabilities

 

21

 

111,702

 

1,611

Repayment of financial liabilities

 

21

 

(91,853)

 

(72,301)

Purchase of treasury shares

   

(2,289)

 

(16,430)

Sale of treasury shares

   

2,001

 

17,808

Dividends

   

(13,850)

 

(9,202)

Cash flow with non-controlling interests

   

(1,550)

 

(1,218)

Cash flow from financing activities

 

 

 

4,161

 

(79,732)

Foreign exchange differences on cash and
cash equivalents

   

(3,146)

 

(6,055)

Change in cash and cash equivalents

 

 

 

(192,327)

 

(916)

Cash and cash equivalents at the beginning
of the period

   

912,317

 

913,233

Cash and cash equivalents at the end
of the period

 

 

 

719,990

 

912,317

The entire Financial Report can be found in the Annual Report.

PDF Annual Report 2020