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Implenia_HJB2012_e.pdf
million from CHF –101.4 million to CHF –29.4 million. On the General Contracting side in particular, as well as at Infrastructure Construction, we were able to contribute to a lean balance sheet during the period under review. Invested capital was reduced by 12.1% relative to the same period of 2011. dear [...] high level thanks to new projects such as the JTI head- quarters in Geneva. We continued to invest in Project Development activities, and have been able to maintain the value of our land bank in line with the figure for the end of 2011. Thanks to our integrated business model, this will help generate [...] better course of business in the foundation engineering business which was due to the stabilisation of the market situation. In general, we were also able to better variabilise our fixed personnel costs. Our building construc- tion business benefitted from this in particular, as the earnings situation[...]