Dear Shareholders

2016 marked Implenia’s tenth anniversary. Ever since our Company was created at the beginning of 2006 from the merger of Zschokke and Batigroup, it has generated sustainable value by unlocking more and more of its potential.
It has also gathered great momentum: Implenia is Switzerland’s leading construction company and now also a significant player in European infrastructure construction. By pursuing a clear vision and creating a common culture as “One Company”, we have won and maintained the trust of our customers. We lead the way in our industry when it comes to the deployment of new technologies and sustainable solutions. And we are especially proud to say that over the last ten years Implenia has successfully built countless buildings and structures. Most spectacular of all, perhaps, is Switzerland’s “project of the century”, the Gotthard Tunnel. Implenia did most of the work on the tunnel, and it is particularly pleasing that it was opened during our anniversary year.

Successful anniversary year

We can look back on a successful 2016. Implenia reported a good operational performance for the year. Our key EBITDA and EBIT benchmarks reached new record levels, and our efforts to increase margins succeeded. Once again, our Development Segment performed impressively and produced excellent results. Thanks to the successful turnaround of the “Buildings” unit and the healthy performance of Swiss regional business, our Switzerland Segment was able to report record results. Our Infrastructure Segment recorded a stable performance and strengthened its position. In the International Segment, results from our Norway unit were disappointing. We have taken the necessary action and are optimistic about the future, not least because of the very good demand in the Norwegian market. Business in Germany and Austria was positive.

Implenia also did well at winning new orders in 2016. The order backlog at group level matched the previous year’s record level, largely thanks to our Group’s good market positioning.

Acquisition of Bilfinger Hochbau strengthens position in Germany

Towards the end of the year under review, we took another important step towards strengthening our market position in Germany: the acquisition of German company Bilfinger Hochbau gives us critical mass in Europe’s biggest construction market. Bilfinger Hochbau is well established in the different regions of its home market. It provides services ranging from planning to turnkey building construction, and it has excellent technical capabilities, including many years of experience in Building Information Modelling (BIM). The acquisition also gives us access to an attractive and long-established portfolio of customers. By coming together, Implenia and Bilfinger Hochbau have gained a broader base in Germany and can make better use of existing market opportunities. The transaction is scheduled for completion at the start of March 2017.


Bilfinger Hochbau’s proven expertise in Building Information Modelling (BIM) will also help us advance more quickly along the road to digitalisation. Over recent months we have built up a community of around 100 people from different areas and functions within the Group. This will allow us to bring the topic of BIM and digitalisation closer to our projects and help embed it more firmly in our operational units.


The Board of Directors is proposing to the Annual General Meeting of Implenia Ltd. on 22 March 2017 that it pay an ordinary dividend of CHF 2.00 per share, following the dividend of CHF 1.80, plus anniversary dividend of CHF 0.10, paid in the previous year.

Optimistic outlook

Implenia is looking forward with confidence to 2017 and the years beyond. This optimism is based on our full order books and operational progress, and on the fact that we have emerged stronger from the last year in terms of our geographical reach and our technical capabilities. Implenia is very well positioned to continue its growth trajectory and to achieve our declared earnings targets.

Swiss construction activity should remain as lively as it was in 2016. Growth will continue to be driven by the positive overall economic picture, as well as by the infrastructure investments planned by the public sector. We expect a continued high demand for infrastructure construction in the core markets of Germany, Austria, Norway and Sweden.


The fact that Implenia can look back with such pride on the last ten years is due mainly to our employees. It is their energy, knowledge and commitment that have brought Implenia to where it is today. We would like to thank them very much for all they have done. Thanks also to our customers for the trust they have placed in us, and to you, our valued shareholders, for your loyalty. We look forward to writing the next chapters in Implenia’s history with you.

Hans Ulrich Meister
Chairman of the Board of Directors

Anton Affentranger