Implenia shines with record Ebitda level
Construction group Implenia has closed the 2015 financial year with increases in operating profit and operating cash flow. Ebitda generated reached record levels and Bilfinger Construction was "successfully integrated" following the acquisition, according to the company.
Implenia generated consolidated sales of CHF 3.288 billion in the 2015 financial year, 368.4 million more than in the previous year. 487.9 million of the revenue is attributable to the acquisition of Bilfinger Construction. Ebitda increased by 6.7 percent to 161.4 million in the reporting period. Implenia Group achieved an operating profit of 102.6 million for 2015, slightly exceeding the previous year's result of 101.2 million, as announced. After taking into account amortization costs of 22.7 million, the Group's reported operating result is 79.9 million. The Development, Switzerland and Infrastructure segments achieved results at or above the previous year's level. According to Implenia, the home market of Switzerland was particularly convincing, while the International segment fell short of expectations. However, the traditional general and total contracting business in German-speaking Switzerland also posted lower-than-expected results. In particular, business performance in the first six months fell short of the targets set.
Equity ratio falls to below 23 percent
Free cash flow for the 2015 financial year amounts to CHF 103.6 million before the acquisition of Bilfinger Construction, 37.1 percent higher than in the previous year 2014 (CHF 75.5 million). After taking the acquisition into account, there is still a positive free cash flow of 16.2 million. The acquisition of Bilfinger Construction was thus "fully financed from current business," Implenia writes. Despite charges arising from the acquisition of Bilfinger Construction, the return on invested capital is a high 29.2 percent, well above the average cost of capital of 9.5 percent. At the end of 2015, the Group's equity was slightly below the previous year's level at 623.8 million (2014: CHF 629.8 million). The acquisition of Bilfinger Construction increased total assets to CHF 2.725 billion (2014: CHF 2.358 billion). The equity ratio fell accordingly to 22.9 percent, compared with 26.7 percent at the end of 2014. Implenia is still aiming for a target EBIT of 140 to 150 million for 2016/2017.
Three more new members nominated for the Board of Directors
The Board of Directors will propose to the Annual General Meeting of Implenia Ltd. on 22 March 2016 the distribution of an ordinary dividend of CHF 1.80 per share (exactly the same as last year) and, in addition, an anniversary dividend of CHF 0.10 per share to mark Implenia's tenth anniversary this year. At the same time, the construction group is announcing changes to its Board of Directors: The current members of the Board of Directors Patrick Hünerwadel and Hans-Beat Gürtler will not stand for re-election at the Annual General Meeting. The Board of Directors proposes that Laurent Vulliet (born 1958, Swiss), Professor of Soil Mechanics at the Swiss Federal Institute of Technology in Lausanne (EPFL), Ines Pöschel (born 1968, Swiss), lawyer and partner in the law firm Kellerhals Carrard, and Kyrre Olaf Johansen (born 1962, Norwegian), CEO of the Norwegian private company Norsk Mineral AS, be newly appointed to the Board. It had already become public at the beginning of February that Hans-Ulrich Meister proposed to the Annual General Meeting for election as new Chairman of the Board of Directors is to become. (mr)
