euro adhoc: Implenia AG / Financial Figures/Balance Sheet / Implenia exceeds expectations A successful first year: a positive result, a firm earning capacity, and a solid cash flow

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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22.03.2007

D i e t l i k o n, 22 March 2007. Born from the merger of the two
most important Swiss construction enterprises, Zschokke and
Batigroup, the Implenia Group, reports a successful first operational
year as the unchallenged leader in construction services. The
integration effort has been largely completed with success. The
operational result (EBIT) stands at a good level: CHF 50.3 million.
Despite the exceptional one-time costs due to the merger, the free
cash flow reached CHF 23.8 million, and the net cash and equivalents
position in the balance sheet is positive. The Group result, also
positive, amounts to CHF 6.1 million. Turnover reached CHF 2.8
billion, while the order book at the end of December 2006 stood at
CHF 2.3 billion. Thanks to a strong general economic climate, job
cuts were less drastic than had been expected. A proposal will be
submitted to the General Meeting for a reimbursement of CHF 0.35 of
the nominal share value (CHF 4.85). Management's outlook for the
current year - 2007 - is optimistic.

"The objectives set for the first operational year have been reached,
or even exceeded", underlined Christian Bubb, CEO of Implenia.
"These good results confirm that our decision to merge was indeed the
right choice. In all the segments where we operate, Implenia has
positioned itself as the unchallenged leader."

Due to many exceptional factors related to the merger, it is
difficult to make meaningful comparisons from one year to the other.
The transparency of the annual results is also made more difficult
because the IFRS accounting standards do not offer an adequate
presentation framework for a merger: the integration of the two
entities is thus presented as an acquisition of Batigroup by
Zschokke, on 2 March 2006. The figures for turnover and results
published for the year 2006 therefore apply only to the period from
1st January to 31 December 2006, for the ex Zschokke group, and from
3 March to 31 December 2006 for the ex Batigroup group. After
deducting the costs of the merger (CHF 39.9 million) and taking into
account the depreciation of intangible assets, amounting to CHF 5.3
million, the consolidated EBIT result for 2006 amounts to CHF 19.8
million, while the EBITDA result amounts to CHF 57.1 million. Taking
into account the exceptional costs due to the merger, the overall
Group result reached the satisfactory level of CHF 6.1 million. The
free cash flow, at the end of the year, amounted to CHF 23.8 million,
while the net cash and equivalents position was CHF 10.5 million. As
at 31 December 2006, the Group's equity capital amounted to CHF 369.5
million, this represents an equity-ratio of 28.7%.

At the end of December 2006, the Group order book stood at CHF 2304
million (against a cumulative figure of CHF 3022 million for Zschokke
and Batigroup in the previous year), about 1671 million of which will
be realised as sales during the current year. The balance is spread
over a number of years, starting from 2008. This reduction relative
to the previous year can be explained mainly by the reduction of the
work volume in the NLFA projects and the completion of the
contractual works as total contractor for the Lötschberg railway
tunnel.

General Contractor Division In 2006, the turnover of the General
Contractor Division amounted to CHF 1144 million (against a
cumulative figure of 1063 million for Zschokke and Batigroup in
2005), with an operational result (EBIT) of CHF 13.3 million (against
a cumulative figure of 13.5 million in 2005). At the end of December
2006, the order book stood at CHF 1107 million (against a cumulative
figure of 1436 million in the previous year), 829 million of which
will be realised as sales in 2007. The integration of the two general
contractor units was completed successfully by mid 2006 and has
continued to strengthen the Group's market leadership position.

Construction Division (Infrastructure and industrial Construction) In
2006, the two units of the Construction Division achieved a very good
operating result (EBIT), before exceptional costs, with an increase
to CHF 32.3 million (against a cumulative figure of 27.3 million for
Zschokke and Batigroup in 2005). The turnover reached CHF 1607
million (against a cumulative figure of 1719 million for Zschokke and
Batigroup in 2005). At the end of December 2006, the order book
amounted to CHF 1076 million (against a cumulative figure of 1477
million for Zschokke and Batigroup in 2005), of which about 769
million will be realised as sales in 2007. The integration effort has
been largely completed, and the rest will be completed in 2007.

Real Estate Division Created in 2006, the Real Estate Division groups
together all the activities carried on upstream and downstream of
actual construction work.

At the end of December 2006, the order book of the companies Reuss
Group AG, Robert Aerni Engineer AG and Privera AG stood at CHF 120
million (against 108 million at the end of December 2005), 73 million
of which will be realised as sales in 2007, with a budget of 108
million. In 2006, the turnover amounted to CHF 107 million (against
66 million in 2005), with an operating result (EBIT) before
exceptional costs of CHF 1.8 million (against 1.2 million in 2005).

The Project Development / Real Estate Promotion unit achieved last
year an operating result (EBIT) before exceptional costs of CHF 5.0
million (11.7 million in 2005). Various investments and disposals are
also planned for 2007. Disposals amounted to CHF 76.9 million in 2006
(against 69.4 million in 2005), and investments to CHF 42.8 million
(against 48.6 million in 2005).

Outlook According to plan, the last activities related to integration
will be completed by the end of 2007. As expected, they will entail
further exceptional one-time costs amounting to approximately CHF 10
million. Implenia continues to pursue the optimisation of its
organisation to further improve its operational capability.
Essentially, this involves the integration of the General Contracting
unit (with the exception of Privera AG) into the Real Estate
Division, the creation of a Corporate Centre at the Holding Company
level, and the establishing of the necessary structures for selective
and targeted access to attractive service markets abroad. Excluding
drastic changes in the general economic climate, Management projects
positive progression of both turnover and results in 2007.

Distribution to the shareholders Based on this good result and the
promising outlook for the Group, a proposal will be submitted to the
General Meeting for a payment of CHF 0.35 per share, as a partial
refund of the nominal share value (CHF 4.85).

Elections to the Board of Directors The Board of Directors proposes
to the General Meeting the election as board members of Dr Ian
Goldin, French and South African, who previously held senior
positions at the World Bank, and of Mr. Jim Cohen, British, who
brings with him the extensive experience he acquired at Balfour
Beatty, one of the world leading construction services groups. These
new members will enhance the Board competencies in the development of
international projects and PPP transactions (public/private
partnerships).

end of announcement euro adhoc 22.03.2007 06:45:00
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ots Originaltext: Implenia AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Christian Bubb, CEO Implenia
Phone + 41 44 805 45 55, Mobile phone +41 79 219 86 80
E-mail: christian.bubb@implenia.com

Roger Merlo, CFO Implenia
Phone +41 22 787 03 17, Mobile phone +41 79 353 78 10
E-mail: roger.merlo@implenia.com

Branche: Building materials
ISIN: CH0023868554
WKN: 2386855
Index: SPI, SSCI, SPIEX
Börsen: SWX Swiss Exchange / official market


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