Implenia revises EBITDA forecast upwards
Implenia expects an operating result (EBITDA) of around CHF -5 million for the 2020 financial year. In October 2020, the construction group was still forecasting a loss of CHF 70 million.
According to Implenia, the reason for this significantly higher EBITDA than forecast is the positive development of projects compared to the estimate in October 2020. Restructuring costs were also lower than expected, and positive one-off effects, mainly from reduced costs under IAS19, also contributed to the improvement in earnings.
However, the company is sticking to its restructuring plans. Savings of at least CHF 50 million per year are planned from 2023, and a total of around 2,000 full-time positions are to be cut.
According to Implenia, 2020 was characterized by various one-off effects that had an impact on the company's profitability. The company cites impairments and revaluations of legacy projects and legal disputes, a restructuring program, the spin-off of part of the development portfolio to Ina Invest and a challenging market environment due to Covid-19.
Implenia will publish a detailed review of the 2020 financial year and the outlook for 2021 on March 3, 2021. (ah)
