Financial report

Implenia's consolidated financial statements were produced in conformity with the International Financial Reporting Standards (IFRS). The consolidated financial statements are based on historical costs with the exception of balance sheet items recognised at market value or fair value.

Consolidated income statement

  

1.1.–31.12.2018

 

1.1.–31.12.2017

 

Notes

 

CHF 1,000

 

CHF 1,000

Group revenue

6

 

4,364,473

 

3,859,478

Materials and third party services

7

 

(2,890,774)

 

(2,432,499)

Personnel expenses

8

 

(1,050,510)

 

(984,174)

Other operating expenses

10

 

(338,341)

 

(275,749)

Depreciation and amortisation

 

 

(76,791)

 

(110,244)

Income from associates

20

 

4,878

 

6,779

Operating income

 

 

12,935

 

63,591

Financial expenses

11

 

(15,011)

 

(15,541)

Financial income

11

 

2,739

 

4,643

Profit before tax

 

 

663

 

52,693

Tax

12

 

(159)

 

(13,660)

Consolidated profit

 

 

504

 

39,033

      

Attributable to:

 

 

 

 

 

Shareholders of Implenia Ltd.

 

 

(5,059)

 

35,779

Non-controlling interests

 

 

5,563

 

3,254

      

Earnings per share (CHF)

 

 

 

 

 

Basic earnings per share

27

 

(0.28)

 

1.95

Diluted earnings per share

27

 

(0.28)

 

1.87

Consolidated statement of comprehensive income

   

1.1.–31.12.2018

 

1.1.–31.12.2017

 

Notes

 

CHF 1,000

 

CHF 1,000

Consolidated profit

 

 

504

 

39,033

      

Remeasurement of post-employment benefits

24

 

(22,296)

 

(16,669)

Income tax on remeasurement of post-employment benefits

 

 

5,077

 

3,404

Fair value adjustments on financial instruments

 

 

(121)

 

Total items that will not be reclassified to income statement in the future

 

 

(17,340)

 

(13,265)

      

Fair value adjustments on financial instruments

 

 

 

173

Changes from cash flow hedges

 

 

(110)

 

261

Changes from net investment hedges

 

 

2,678

 

(5,104)

Foreign exchange differences

 

 

(10,756)

 

15,469

Total items that will be reclassified to income statement in the future

 

 

(8,188)

 

10,799

      

Other comprehensive income

 

 

(25,528)

 

(2,466)

      

Attributable to:

 

 

 

 

 

Shareholders of Implenia Ltd.

 

 

(25,477)

 

(2,501)

Non-controlling interests

 

 

(51)

 

35

      

Total comprehensive income

 

 

(25,024)

 

36,567

      

Attributable to:

 

 

 

 

 

Shareholders of Implenia Ltd.

 

 

(30,536)

 

33,278

Non-controlling interests

 

 

5,512

 

3,289

Consolidated balance sheet

ASSETS

  

31.12.2018

 

31.12.2017

 

Notes

 

CHF 1,000

 

CHF 1,000

Cash and cash equivalents

 

 

913,233

 

985,443

Derivative financial instruments

 

 

1,144

 

444

Trade receivables

2,13

 

494,988

 

547,353

Work in progress

2,14

 

357,531

 

304,535

Joint ventures (equity method)

15

 

39,069

 

51,916

Income tax receivables

 

 

9,360

 

10,765

Other receivables

16

 

46,488

 

52,830

Raw materials and supplies

 

 

73,941

 

56,276

Real estate transactions

17

 

185,292

 

158,055

Accrued income and prepaid expenses

 

 

21,577

 

19,497

Total current assets

 

 

2,142,623

 

2,187,114

      

Property, plant and equipment

18

 

301,688

 

291,860

Investment property

19

 

14,381

 

15,014

Investments in associates

20

 

53,061

 

51,294

Other financial assets

 

 

9,669

 

10,390

Pension assets

24

 

5,707

 

5,745

Intangible assets

21

 

308,045

 

332,314

Deferred tax assets

25

 

26,181

 

3,263

Total non-current assets

 

 

718,732

 

709,880

      

Total assets

 

 

2,861,355

 

2,896,994

EQUITY AND LIABILITIES

  

31.12.2018

 

31.12.2017

 

Notes

 

CHF 1,000

 

CHF 1,000

Financial liabilities

22

 

21,739

 

3,935

Derivative financial instruments

 

 

364

 

211

Trade payables

 

 

370,602

 

372,606

Work in progress

2,14

 

980,350

 

942,894

Joint ventures (equity method)

15

 

29,573

 

25,154

Income tax liabilities

 

 

26,700

 

42,088

Other liabilities

 

 

98,864

 

79,014

Prepaid income and accrued expenses

 

 

127,669

 

136,739

Provisions

23

 

15,672

 

14,651

Total current liabilities

 

 

1,671,533

 

1,617,292

      

Financial liabilities

22

 

494,283

 

492,995

Deferred tax liabilities

2,25

 

49,309

 

62,258

Pension liabilities

24

 

20,678

 

19,080

Provisions

23

 

40,377

 

50,460

Total non-current liabilities

 

 

604,647

 

624,793

      

Share capital

26

 

18,841

 

18,841

Treasury shares

26

 

(4,468)

 

(14,090)

Reserves

2

 

550,983

 

592,618

Consolidated profit attributable to shareholders

 

 

(5,059)

 

35,779

Equity attributable to shareholders

 

 

560,297

 

633,148

      

Non-controlling interests

 

 

24,878

 

21,761

Total equity

 

 

585,175

 

654,909

      

Total equity and liabilities

 

 

2,861,355

 

2,896,994

The consolidated balance sheet as at 31 December 2018 is comparable with the previous year if note 2 is taken into account.

Consolidated statement of changes in equity

Reserves

Share capital

Treasury shares

Capital reserves

Foreign
exchange
differences

Cash flow
hedge
reserves

Retained
earnings

Total
shareholders'
equity

Non-
controlling
interests

Total
equity

 

Notes

 

CHF 1,000

 

CHF 1,000

 

CHF 1,000

 

CHF 1,000

 

CHF 1,000

 

CHF 1,000

 

CHF 1,000

 

CHF 1,000

 

CHF 1,000

Equity as at 31.12.2017

 

18,841

(14,090)

91,938

(27,064)

119

563,404

633,148

21,761

654,909

Implementation effect from first application of IFRS 15

2

(13,793)

(13,793)

(403)

(14,196)

Equity as at 1.1.2018

 

18,841

(14,090)

91,938

(27,064)

119

549,611

619,355

21,358

640,713

Consolidated profit

 

(5,059)

(5,059)

5,563

504

Other comprehensive income

 

(8,055)

(110)

(17,312)

(25,477)

(51)

(25,528)

Total comprehensive income

 

(8,055)

(110)

(22,371)

(30,536)

5,512

(25,024)

Dividends

 

(36,620)

(36,620)

(1,669)

(38,289)

Change in treasury shares

 

9,622

(1,524)

(3,505)

4,593

4,593

Share-based payments

 

3,505

3,505

3,505

Change in non‑controlling interests

 

(323)

(323)

Total other changes in equity

 

9,622

(1,524)

(36,620)

(28,522)

(1,992)

(30,514)

 

Total equity as at 31.12.2018

 

18,841

(4,468)

90,414

(35,119)

9

490,620

560,297

24,878

585,175

 
 

Equity as at 1.1.2017

 

18,841

(5,498)

91,642

(37,389)

(142)

577,324

644,778

20,728

665,506

Consolidated profit

 

35,779

35,779

3,254

39,033

Other comprehensive income

 

10,325

261

(13,087)

(2,501)

35

(2,466)

Total comprehensive income

 

10,325

261

22,692

33,278

3,289

36,567

Dividends

 

(36,612)

(36,612)

(933)

(37,545)

Change in treasury shares

 

(8,592)

296

(2,528)

(10,824)

(10,824)

Share-based payments

 

2,528

2,528

2,528

Change in non‑controlling interests

 

(1,323)

(1,323)

Total other changes in equity

 

(8,592)

296

(36,612)

(44,908)

(2,256)

(47,164)

 

Total equity as at 31.12.2017

 

18,841

(14,090)

91,938

(27,064)

119

563,404

633,148

21,761

654,909

Consolidated cash flow statement

  

1.1.–31.12.2018

 

1.1.–31.12.2017

 

Notes

 

CHF 1,000

 

CHF 1,000

Consolidated profit

 

 

504

 

39,033

Tax

12

 

159

 

13,660

Financial result

11

 

12,272

 

10,898

Depreciation and amortisation

 

 

76,791

 

110,244

Result from sale of non-current assets

 

 

(3,612)

 

(10,312)

Income and distribution from associates

 

 

(617)

 

(1,260)

Change in provisions

 

 

(12,855)

 

(1,736)

Change in pension assets and liabilities

 

 

(14,924)

 

(14,832)

Change in net working capital

 

 

 

 

 

Change in trade and other receivables

2

 

(32,359)

 

132,963

Change in work in progress (net), raw materials and supplies

2

 

37,245

 

46,919

Change in real estate transactions

 

 

(27,237)

 

27,610

Change in trade payables and other liabilities

 

 

25,649

 

(81,111)

Change in accruals and joint ventures (equity method)

 

 

2,901

 

(32,142)

Other expenses / income not affecting liquidity

 

 

(3,153)

 

(7,158)

Interest paid

 

 

(5,549)

 

(5,622)

Interest received

 

 

524

 

1,024

Tax paid

 

 

(39,687)

 

(30,833)

Cash flow from operating activities

 

 

16,052

 

197,345

Investments in property, plant and equipment

 

 

(75,082)

 

(65,618)

Disposals of property, plant and equipment

 

 

9,289

 

13,689

Investments in other financial assets and associates

 

 

(2,112)

 

(1,570)

Disposals of other financial assets and associates

 

 

1,846

 

5,975

Investments in intangible assets

 

 

(2,579)

 

(973)

Acquisition of subsidiaries

4

 

 

13,687

Cash flow from investing activities

 

 

(68,638)

 

(34,810)

Increase in financial liabilities

22

 

19,565

 

71,536

Repayment of financial liabilities

22

 

(4,386)

 

(2,583)

Change in treasury shares

 

 

8,098

 

(8,296)

Dividends

 

 

(36,620)

 

(36,612)

Cash flow with non-controlling interests

 

 

(1,529)

 

(933)

Cash flow from financing activities

 

 

(14,872)

 

23,112

Foreign exchange differences on cash and cash equivalents

 

 

(4,752)

 

8,093

Change in cash and cash equivalents

 

 

(72,210)

 

193,740

Cash and cash equivalents at the beginning of the period

 

 

985,443

 

791,703

Cash and cash equivalents at the end of the period

 

 

913,233

 

985,443