Implenia: Loss in Corona year, but full order books
Implenia reports a loss for the year 2020. The Group aims to return to profit in the current year.
The Corona year also left its mark on Implenia AG. In 2020, the construction group recorded a decline in sales of 10% to CHF 3.9 billion (2019: 4.4 billion), which, according to the annual report, was mainly due to the Covid 19 pandemic. The operating result at EBITDA level was a minus of 4.9 million (previous year: 186.8 million); EBIT amounted to -146.8 million (previous year: +63.5 million). The bottom line was a net loss of -132.1 million (previous year: 33.9 million). Based on the result for the 2020 financial year, which was impacted by various negative one-off effects, Implenia's Board of Directors intends to propose to the Annual General Meeting (30.03.21) that no dividend be paid this year.
The equity ratio temporarily decreased to 10.3% in the reporting year (2019: 19.2%). According to the annual report, this was due to negative one-off effects and the distribution of a dividend in kind from the Ina Invest transaction (112.4 million). The upside potential of the development portfolio remaining with Implenia would lead to an equity ratio of well over 15%, according to Implenia's management. In the medium term, the company is aiming for an equity ratio of over 20% - based on "the strong operating business, rising service revenues from Ina Invest and expected dividends from the 42.5% stake in Ina Invest AG".
Implenia reports an order backlog of 6.4 billion (2019: 6.2 billion). The increase is mainly based on newly won flagship projects in Switzerland and Germany. More than 80% of the forecast revenue for 2021 has already been secured through orders, Implenia management said.
Implenia's management is targeting a return to profitability in the 2021 financial year. In the current year, EBIT is expected to exceed 100 million, which would correspond to EBITDA of over 200 million. Implenia is sticking to its medium-term EBIT target margin of 4.5%. (bw)
