Home markets in good shape – Order books at record level and of good quality.
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After a strong share performance in 2016, when the price went up 47.3 percent, the initial trend in 2017 was stable. The first half of the year was challenging, however. In addition to the successful integration of Bilfinger Hochbau, various adjustments to projects hampered the half-year results. Despite the onset of a recovery, the share price failed to meet expectations in 2017, closing the year down 12.4 percent.
Average trading volume increased to over 39,000 shares per day, however, compared to about 34,000 shares in the previous year. This pushed up average daily liquidity by CHF 0.6 million to around CHF 2.7 million. The free float remained practically unchanged last year at 78.3 percent.
Implenia aims for a payout ratio of 50 percent of consolidated profit over time. The Board of Directors is proposing that the Annual General Meeting of 27 March 2018 approves an ordinary dividend of CHF 2.00 per share for the 2017 financial year. This corresponds to a payout ratio of 102.1 percent, or 58.7 percent of consolidated profit excluding PPA. The total amount paid out in dividends for 2017 would therefore be CHF 37 million. This means that Implenia would have paid out CHF 264 million in dividends since the IPO in 2006. Approximately 35 percent of this, or CHF 92 million, has been in the form of tax-free distributions (nominal value reductions and reserves from capital contributions).
Investment specialists continuously analyse Implenia’s business and results, as well as the market situation. Five analysts regularly publish studies on Implenia shares.
Implenia Ltd. does not have an official credit rating from any of the three largest rating agencies. The listed ratings accord with internal bank criteria. Please note that any credit rating can change at any time. All credit ratings were confirmed again last year.
Implenia Ltd. has issued the following CHF bonds and listed them on the SIX Swiss Exchange.
The CHF 175 million bond (0.500% coupon) is a subordinated convertible bond, which currently has a conversion price of CHF 75.06. This bond is convertible into 2.33 million registered shares of Implenia Ltd., which is equivalent to around 12.6 percent of outstanding shares. The shares to be delivered as a result of conversion will be made available by providing new shares from conditional capital.
In June last year, Implenia very successfully issued its first ever promissory note (private placement), which was worth EUR 60 million in total. The three fixed-interest EUR tranches have maturities of four, six and eight years.
Sustainability is part and parcel of our business and our value system. This makes Implenia’s shares and bonds attractive to investors who take a socially responsible approach to investment (SRI).
Implenia is certified under ISO 14000 – Environmental Management – and has followed its own sustainability strategy since 2009. Our company’s sustainability reporting is based on the guidelines of the Global Reporting Initiative (GRI).
Our commitment has been recognised by a whole series of external rating agencies. We are one of the leading construction companies in terms of sustainability.
Implenia received an AA rating from MSCI ESG (2017) and is covered by various Swiss banks through their sustainability research.