Implenia: Ebitda up, sales down
Construction company Implenia increased Ebitda by 39% in the first half of 2020. However, due to the Corona pandemic, sales declined by around 12% compared to the same period last year.
The positive effect of the Ina Invest spin-off outweighed the negative impact of Covid-19, Implenia wrote in publishing its half-year results. The group increased Ebita by 39% from 72.9 to 101.6 million - partly due to the spin-off of part of the development portfolio into the new Ina Invest. This transaction had resulted in a one-off revaluation gain of 107.1 million.
Due to the pandemic, sales in the first half of 2020 fell by 11.8% to CHF 1.93 billion (previous year: 2.18 billion). The order backlog amounts to 6.2 billion, the statement continues. The bottom line is a net profit of 53.61 million (previous year: 0.5 million).
From Covid-19, the Civil business unit of the Civil Engineering division was most affected by the temporary closure of construction sites and lower productivity, Implenia said. The division's Ebitda was -16.2 million (PY: 18.4 million) and sales were 926.7 million (PY: 1.12 billion).
At the Buildings division, the construction company also cites the Corona pandemic and related construction site closures as the main reason for declining sales. It fell from 1.1 billion in the first half of 2019 to 1.0 billion.
For the full year, Implenia confirms the guidance at Group level before pandemic effects. The company also maintains its medium-term Ebitda target margin of around 6.5%. (ah)
