Implenia: Real estate division held back on sales in 2024
Implenia increased EBIT at Group level. However, the Real Estate division recorded a lower EBIT and will be merged with the Construction division.
Implenia increased EBIT from CHF 122.6 million to CHF 130.5 million and the EBIT margin from 3.4 to 3.7% in the 2024 financial year. At CHF 3.6 billion, Group sales reached the previous year's level, while the order backlog fell slightly from around CHF 7 billion to CHF 6.8 billion. Consolidated net profit, on the other hand, fell significantly from CHF 141.8 million to CHF 93.4 million, which Implenia attributes to tax effects.
In the Real Estate division, EBIT fell from CHF 40.5 million to CHF 37.2 million. "Due to the market situation, the division only made a few sales last year, thereby retaining the flexibility to sell its projects at the ideal time, depending on the stage of development and market demand," writes Implenia. The book value of the real estate portfolio increased from CHF 149 million to CHF 191 million. This was due to "significant new investments" in the first half of the year and divestments in the second half.
Ina Invest with high net loss due to one-off effect
EBIT includes a net profit contribution of CHF 16.4 million from the subsidiary Ina Invest. As reported, the company is merging with the Cham Group. Because Ina Invest has to make a one-off payment to the previous parent company as part of the termination of the contract with Implenia, there was a negative one-off effect of CHF -34.7 million. As a result, the subsidiary's income statement for 2024 shows EBIT of CHF -14.2 million and a net loss of CHF -17.4 million. Ina Invest will present its business figures in the next few days.
Real Estate division becomes part of the Buildings division
Meanwhile, Implenia's real estate division will not continue in its current form. The Group has announced that the Real Estate and Buildings divisions will be merged into one Buildings division under the leadership of Adrian Wyss. The division comprises the real estate portfolio as well as building construction in Switzerland and Germany. Wyss is currently Head of the Real Estate division. (aw)
