Information for investors

  • We are international
  • We are growing profitably
  • We are sustainable

Urbanisation and mobility megatrends offer attractive growth potential

0.28 (1.95)

Earnings per share, CHF

0.50 (2.00)

Dividend per share, CHF

611 (1,217)

Market capitalisation, CHF m

3.2 (2.8)

Daily trading volume, CHF m

 

  • Implenia N
  • SPI
  • Source: Bloomberg

Information about Implenia’s shares

Review

The average trading volume rose to around 54,000 shares per day in 2018, compared to about 40,000 in the previous year. This increased the shares’ average daily liquidity by CHF 0.4 million to CHF 3.2 million. The free float remained unchanged in 2018 at 78.3%.

Share performance

     
 

2018

2017

2016

2015

2014

Year-high (in CHF per share)

81.05

78.95

75.45

68.20

72.40

Year-low (in CHF per share)

29.50

60.10

41.15

45.55

47.30

Price at 31.12.
(in CHF per share)

33.08

65.90

75.25

51.10

57.75

Annual performance in %

(49.8%)

(12.4%)

47.3%

(11.5%)

(11.2%)

Average number of shares
traded per day

53,506

39,775

34,010

46,814

42,782

Stock market capitalisation at 31.12.
(in CHF 1,000)

611,054

1,217,305

1,390,018

943,919

1,066,758

Source: Bloomberg

Dividend policy and returns

Position of strength

The Board of Directors is asking the General Meeting of Shareholders of 26 March 2019 to approve an ordinary dividend of CHF 0.50 per share for the 2018 financial year. The proposed total dividend payout for 2018 is around CHF 9.2 million. This means that Implenia will have made almost CHF 273 million in dividend payments overall since its IPO in 2006.

Key data

Ticker symbol

IMPN

Security number

2 386 855

ISIN

CH002 386 8554

Share capital

     
 

31.12.2018

31.12.2017

31.12.2016

31.12.2015

31.12.2014

Share capital (in CHF 1,000)

18,841

18,841

18,841

18,841

18,841

Number of registered
shares issued

18,472,000

18,472,000

18,472,000

18,472,000

18,472,000

Of which treasury shares

67,054

210,223

94,042

163,105

155,301

Number of outstanding
registered shares

18,404,946

18,261,777

18,377,958

18,308,895

18,316,699

Par value of each
registered share (in CHF)

1.02

1.02

1.02

1.02

1.02

Conditional / Authorised capital
(in CHF 1,000)

3,768

3,768

4,710

4,710

9,421

Key figures

     
 

31.12.2018

31.12.2017

31.12.2016

31.12.2015

31.12.2014

Earnings per share (in CHF)

(0.28)

1.95

3.27

2.64

3.77

Price-earnings ratio

(118.1)

33.8

23.0

19.4

15.3

Equity per share (in CHF)

30.44

34.67

35.08

33.07

33.62

Gross dividend1 (in CHF)

0.50

2.00

2.00

1.90

1.80

Dividend yield

1.5%

3.0%

2.7%

3.7%

3.1%

Distribution ratio2

n.a.

102.1%

61.4%

71.9%

47.6%

1 2015 CHF 1.80 ordinary dividend, CHF 0.10 one-off anniversary dividend

2 Based on number of outstanding shares at 31.12.

Shareholder structure

Major shareholders / nominees owning more than 3% of share capital
(as at 31 December 2018)

Name

Number of shares

Percentage of
share capital

Parmino Holding AG / Max Rössler

3,002,000

16.3%

Chase Nominees Ltd.

1,015,998

5.5%

Rudolf Maag

1,000,000

5.4%

Credit Suisse Funds AG

568,481

3.1%

Dimensional Holdings Inc.

555,019

3.0%

Analyst recommendations

Coverage of Implenia’s shares

Investment specialists continuously analyse Implenia’s business performance, results and market situation. Six analysts regularly publish studies on Implenia’s shares.

Broker / bank

Rating

Bank Vontobel

Sell

HSBC

Hold

Kepler Cheuvreux

Hold

Mainfirst

Hold

Research Partners

Outperform

Zürcher Kantonalbank

Market Perform

Status: 21.1.2019

Credit ratings

Implenia Ltd. has no official credit rating from a credit rating agency. The listed ratings are based on each bank’s internal criteria. Please note that credit ratings can change at any time.

Rating agency / bank

Rating

Outlook

Credit Suisse

Mid BBB

Stable

UBS

BBB

Stable

Zürcher Kantonalbank

BBB-

Stable

Fedafin

Baa-

Stable

Status: 21.1.2019

Bonds / promissory note loans

Outstanding bonds

Implenia Ltd. has issued the following CHF bonds and listed them on the SIX Swiss Exchange:

Coupon

Term

Nominal

Issue price

Due

ISIN code

1.625%

2014 – 2024

CHF 125 million

101.06%

15.10.2024

CH0253592767

0.500%

2015 – 2022

CHF 175 million

100.00%

30.6.2022

CH0285509359

1.000%

2016 – 2026

CHF 125 million

100.74%

20.3.2026

CH0316994661

The CHF 175 million issue (0.500% coupon) is a subordinated convertible bond, which has an unchanged conversion price of CHF 75.06. The convertible bond will be convertible into 2.33 million registered shares of Implenia Ltd., which is equivalent to around 12.6% of outstanding registered shares. The shares to be delivered as a result of conversion will be made available by providing new shares from conditional capital.

Outstanding promissory note loans

In June 2017, Implenia issued a promissory note loan (private placement), for a total amount of EUR 60 million. The three EUR tranches have fixed interest rates and maturities of four, six and eight years.

Coupon

Term

Nominal

Due

Fixed

2017 – 2021

EUR 10 million

9.6.2021

Fixed

2017 – 2023

EUR 20 million

9.6.2023

Fixed

2017 – 2025

EUR 30 million

9.6.2025

Overview of key figures

Five-year Implenia Group overview

 

2018

2017

2016

2015

2014

 

1,000 CHF

1,000 CHF

1,000 CHF

1,000 CHF

1,000 CHF

Order book (as at 31.12.)

6,248,291

6,043,261

5,171,795

5,133,513

3,001,753

Income statement

     

Production output

4,452,761

3,926,727

3,320,418

3,430,459

3,087,216

Consolidated revenue

4,364,473

3,859,478

3,266,986

3,288,200

2,919,760

EBIT Business Units

22,558

65,474

102,282

86,173

103,407

Miscellaneous / Holding

(9,623)

(1,883)

(4,375)

(6,237)

5,057

Operating income

12,935

63,591

97,907

79,936

108,464

Depreciation and amortisation

76,791

110,244

68,277

81,424

42,788

EBITDA

89,726

173,835

166,184

161,360

151,252

Consolidated profit

504

39,033

64,453

52,018

73,006

Cash flow statement

     

Cash flow from operating activities

16,052

197,345

62,429

145,194

116,901

Cash flow from investment activities

(68,638)

(34,810)

(34,487)

(129,016)

(49,733)

Cash flow from financing activities

(14,872)

23,112

(114,573)

136,119

85,778

Free cash flow

(52,586)

162,535

27,942

16,178

67,168

Investment activities

     

Investments in real estate transactions

62,821

39,802

49,016

65,381

54,974

Real estate disposals

(35,584)

(67,378)

(59,472)

(98,648)

(42,598)

Investments in fixed assets

80,025

70,050

61,243

58,843

49,151

 

31.12.2018

31.12.2017

31.12.2016

31.12.2015

31.12.2014

 

1,000 CHF

1,000 CHF

1,000 CHF

1,000 CHF

1,000 CHF

Balance sheet

     

Cash and cash equivalents

913,233

985,443

791,703

877,108

731,534

Real estate transactions

185,292

158,055

185,631

196,087

229,777

Other current assets

1,044,098

1,043,616

1,087,291

1,068,281

982,649

Non-current assets

718,732

709,880

564,552

589,190

413,699

Total assets

2,861,355

2,896,994

2,629,177

2,730,666

2,357,659

Financial liabilities

516,022

496,930

415,406

489,002

330,057

Other liabilities

1,760,158

1,745,155

1,548,265

1,617,888

1,397,813

Equity

585,175

654,909

665,506

623,776

629,789

Total equity and liabilities

2,861,355

2,896,994

2,629,177

2,730,666

2,357,659

Net cash position

397,211

488,513

376,297

388,106

401,477

Capital structure

     

Equity ratio in %

20.5

22.6

25.3

22.8

26.7

Equity ratio in %1

26.2

28.2

31.4

28.6

 

Long-term liabilities in %

21.1

21.6

19.9

16.1

17.3

Short-term liabilities in %

58.4

55.8

54.8

61.1

56.0

Workforce (FTE; as at 31.12.)2

8,765

8,391

7,388

7,445

5,777

 

2018

2017

2016

2015

2014

 

1,000 CHF

1,000 CHF

1,000 CHF

1,000 CHF

1,000 CHF

Key figures

     

EBITDA margin in %3

2.1

4.5

5.1

4.9

5.2

Operating income margin in %3

0.3

1.6

3.0

2.4

3.7

Return on Invested Capital (ROIC) in %

6.8

26.8

34.5

32.1

45.6

1   Incl. subordinated convertible bond

2   Excl. temporary staff

3   Basis: consolidated revenue IFRS

Sustainable investment

Increasing value through sustainability

Sustainability is an integral component 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.

Global Compact

Implenia is certified under the ISO 14000 standard – Environmental Management – and has pursued its own sustainability strategy since 2009. Our sustainability reporting is based on the Global Reporting Initiative (GRI).

Our commitment has been recognised in a series of external ratings. We are one of the leading construction companies for sustainability. Implenia received an AA rating from MSCI ESG (2018) and is covered by sustainability research units at various Swiss banks.

Bank coverage

Sustainability rating

J. Safra Sarasin

above average

Vescore / Vontobel

Zürcher Kantonalbank

A

 

Pioneer of “green” credit financing

At the end of June 2018, Implenia increased the credit facility it maintains with its existing Swiss bank syndicate, led by UBS, by CHF 150 million to CHF 800 million. Implenia is the first industrial company in Switzerland to link its applicable credit margin in part to its sustainability performance as measured by Sustainalytics. Thanks to its current good rating, Implenia enjoys better borrowing conditions.

The world’s leading provider of research and ratings on environmental, social and governance (ESG) issues, most recently awarded Implenia an outstanding 77 points. This was a further improvement on the previous year’s rating. Implenia is an industry leader and a pioneer of “green” credit financing. The fact that Implenia’s many years of sustainability work are now having a clear monetary impact on its funding situation marks a very important milestone.

Urbanisation and mobility megatrends offer attractive growth potential

0.28 (1.95)

Earnings per share, CHF

0.50 (2.00)

Dividend per share, CHF

611 (1,217)

Market capitalisation, CHF m

3.2 (2.8)

Daily trading volume, CHF m