Implenia makes a leap in profits
Construction group Implenia increased both revenue and profit in the 2019 financial year. In addition, the spin-off of part of the development portfolio was announced.
For the 2019 financial year, Implenia reports Ebitda of CHF 186.8 million (excl. IFRS 16: 130.8 million) compared with 89.7 million in the previous year. The Group's operating result (excl. PPA) reached 67.6 million (2018: 31.0 million), and net profit increased significantly from 0.5 million in the previous year to now 33.9 million.
The order backlog is approximately 6.2 billion (2018: 6.3 billion). Sales in fiscal 2019 increased by 1.5% from 4.36 million to 4.43 million. The dividend is expected to increase by 50% to CHF 0.75 per share.
Spin-off of the development portfolio
Implenia has also announced that it will transfer half of its development portfolio at market value to the real estate company Ina Invest in the second quarter of this year and list the company on the stock exchange. The construction group intends to retain a stake of at least 40% of the shares in the company, and Implenia shareholders are also to receive shares in Ina Invest. The Annual General Meeting will vote on the spin-off.
According to an indicative third-party valuation, the development portfolio has a current market value of over 600 million, or over three billion on completion, Implenia adds.
The other half of the development portfolio is to remain with Implenia; both portfolios are to be expanded through acquisitions. Implenia intends to provide project, portfolio and asset management services for Ina Invest at market conditions. (ah)
