Implenia repositions itself
Implenia reports a sharp drop in profits for the 2018 financial year despite growth in sales. To position itself well for the future, the Group is giving itself a new structure.
In the 2018 financial year, Implenia significantly increased consolidated revenue from around CHF 3.86 billion to CHF 4.36 billion - thanks in particular to the Infrastructure segment. However, profitability was reduced due to the Impairment losses announced in December significantly burdened. EBITDA amounts to 89.7 million compared to 173.8 million in the financial year 2017. EBIT of the business units excl. PPA is listed at 40.6 million (previous year: 103.2 million). The equity ratio amounts to 20.5%.
The review of business and economic risks has revealed problems in isolated units and projects, the construction group says. This relates in particular to Norway, South Baden and a subsidiary of Implenia Construction Germany in Poland.
Shifting chairs on the management floor
In future, Implenia intends to organize itself into entrepreneurial divisions as well as global functions and a competence center. The new management - the Executive Committee - consists of André Wyss (CEO), Adrian Wyss (Head of Development Division and Head of Specialties Division a.i.), Jens Vollmar (Head of Building Construction Division), René Kotacka (Head of Civil Engineering Division), German Grüniger (General Counsel) and Matthias Jacob (Head Country Management).
Beat Fellmann, previously CFO, is leaving the company. Marco Dirren (born 1973) has been recruited as his successor; he is currently CFO at SBB's Infrastructure Division. Christelle Beneteau will be Implenia's new Chief Human Resources Officer (CHRO); she was most recently Global Head of HR Business Partnering and Corporate HR Head at LafargeHolcim. Benetau and Dirren will take up their new roles at Implenia from 1 May 2019.
There are further changes to the Executive Board: Christof Gämperle, Business Unit Head Austria & Romania, will be leaving Implenia but will continue in his role on an interim basis until then. Thomas Foery, Head of Human Resources, and Stefan Roth, Business Unit Head Construction Germany, will be leaving the extended Executive Board. Foery will continue in his function on an interim basis. André Métral, Head of the Construction Switzerland Business Unit, is leaving the Executive Board. However, he will remain with Implenia and retain his current role.
2019 will be a "transition year" in which it will be important to stabilize the business and create the conditions for profitable growth, the company added. For the current fiscal year, EBITDA is expected to exceed 150 million before investments in strategy implementation. These investments are currently estimated at around 20 million. In the medium term, the Group confirms its target of an EBITDA margin of between 5.25% and 5.75%.
The Board of Directors has decided to propose to the Annual General Meeting of Implenia Ltd. on 26 March 2019 the payment of a reduced dividend of CHF 0.50 per share (2017: CHF 2.00 per share). (ah)
