Imtech in 2010: breakthrough 6% margin, EBITA +10%, order book +10%, further EBITA growth in 2011
(Thomson Reuters ONE) -
2010 | 2009 |Growth|
| | |
Revenue (in mln.) 4,481 |4,323 |+ 4%|(organic: 0%)
| | |
EBITA (in mln.) 259.3 |235.9 |+ 10% |(organic: 6%)
| | |
EBIT (in mln.) 234.2 |213.0 |+ 10% |
| | |
Net profit (in mln.) 140.4 |126.2 |+ 11% |
| | |
| | |
| | |
Earnings per share before amortisation 2.00 | 1.92 |+ 4%|
| | |
Dividend per share 0.65 | 0.64 |+ 2%|
| | |
| | |
| | |
Operational EBITA margin 6.2% | 5.8% | |
| | |
Order book (in mln.) 5,204 |4,748 |+ 10% |
| | |
Number of employees (FTE, at year end) 25,075|22,955|+ 9% |
* Operational EBITA margin 6.2%: breaks through the 6% barrier
* 2010 another good year: EBITA up by 10% of which 6% organic
* Order book at end of 2010 up by 10% to 5.2 billion euro
* 2015 Strategy: revenue 8 billion euro, operational EBITA margin 6% - 7%
* Outlook for 2011: a further increase of EBITA through organic growth and
acquisitions
CEO René van der Bruggen: 'Imtech is well on course for further growth'
René van der Bruggen, CEO of technical services provider Imtech: 'Our original
target for the operational EBITA margin in 2012 was 6%. In 2010 we exceeded this
with a margin of 6.2%. In 2007 this margin was still 5.1%, in 2008 it was 5.5%
and in 2009 it was 5.8%. This impressive series of figures is indicative for
Imtech's good business progress. 2010 was another good year. Profit (EBITA) rose
by 10%, of which 6% was organic. Net profit rose by 11%. Revenue increased by
4% to nearly 4.5 billion euro. Because of severe and prolonged periods of frost
at the beginning and end of the year, organic revenue growth was zero.The order
book increased by 10% to 5.2 billion euro - a good starting point for 2011.
Earnings per share before amortisation rose by 4%. And the proposed dividend
rose by 2% despite a share issue in 2010.'
'The clusters that excelled most were Germany & Eastern Europe (EBITA +34%) and
Nordic (EBITA +35%). Due to continuing difficult market conditions the
performance in the Benelux remained under pressure. Market conditions in the UK,
Ireland & Spain also remained challenging as a consequence of the economic
crisis. Despite this, Imtech achieved good results. Good progress was made in
the European ICT (information and communication technology) and traffic (high-
tech mobility solutions) markets. In the marine market Imtech fell back just a
fraction but, given the market conditions, achieved a good performance.'
'There was a structural increase in the demand for green technology and Imtech
was ideally positioned to respond by integrating high-tech energy solutions into
its total technology approach. Imtech was, for example, involved in projects to
make stadiums 'greener', make European automobile manufacturing more
sustainable, reduce pollution in the river Thames in London, realise high-tech
sustainable energy and biomass power plants, build 'green' ships and improve
energy performance in buildings.'
'Because the original targets for 2012 had already partially been achieved,
Imtech formulated a new, ambitious growth strategy for the period 2011 - 2015.
The target for 2015 is revenue of 8 billion euro with an operational EBITA
margin of between 6% and 7%. This implies a substantial increase of the
operational EBITA. The growth will be divided equally between organic growth and
growth through acquisitions. To finance this growth, and in a refinancing
context, Imtech arranged a bank credit facility of 700 million euro.
Furthermore, an equity offering of 183 million euro has been placed. Imtech is
well on course. According to current views, in 2011 Imtech expects a further
increase of its EBITA through organic growth and acquisitions.'
2010 - another good year for Imtech
Despite market conditions remaining challenging in a number of countries and
technology markets, 2010 was another good year for Imtech. The Imtech
proposition - multidisciplinary technical total solutions through the
combination of electrical services, ICT (information and communication
technology) and mechanical services - once again proved its worth.
The operational EBITA margin rose to 6.2% (2009: 5.8%). The order book as at 31
December 2010 stood at 5,204 million euro, an increase of 10% (2009: 4,748
million euro). The operating result before amortisation and impairment of
intangible assets (EBITA) rose by 10% to 259.3 million euro (2009: 235.9 million
euro), 6% of this increase was organic. Revenue increased by 4% to 4,481 million
euro (2009: 4,323 million euro). Net financing expenses rose by 2.8 million euro
to 44.9 million euro, primarily due to lower returns from pension schemes under
our own control and an increased level of working capital. Taxes rose by 4.3
million euro to 48.3 million euro. The tax rate fell slightly to 25.4% (2009:
25.7%). Net profit rose by 11% to 140.4 million euro (2009: 126.2 million euro).
Earnings per share before amortisation and impairment of intangible assets rose
by 0.08 euro to 2.00 euro (+4%), based on the average number of issued shares
during the year under review which, as a result of a share issue and the stock
dividend, rose by 6% to 82,644,290. The exchange rate of non-euro related
currencies (primarily British pounds, Polish zloty and Swedish and Norwegian
kroner) against the euro had a positive effect of 5.8 million euro on the EBITA
and 84 million euro on revenue.
2010 dividend: 0.65 euro per share
A dividend of 0.65 euro per share (2009: 0.64 euro), in cash or shares, will be
proposed to the Annual General Meeting of shareholders, based on the number of
shares issued at the end of the financial year. Due to the share issue and the
stock dividend this number of shares issued was 87,373,851 as per end 2010. This
proposal reflects a pay-out of 40% of the net profit, which is in line with the
dividend policy.
A solid financial position
Net cash flow from operating activities amounted to 40 million euro positive
(2009: 150 million euro positive). The increase in EBITA (up by 23 million euro)
was more than negated by the commitment of 163 million euro more working capital
than in 2009. Net cash flow from investment activities was 174 million euro
negative, primarily due to acquisitions. Other investments in property, plant
and equipment amounted to 40.4 million euro (2009: 41.3 million euro). A similar
investment level is anticipated in 2011. Net cash flow from financing activities
was 289 million euro positive (2009: 48 million euro negative) primarily due to
the share issue in June 2010 and the increased net debt. On 31 December 2010
Imtech had over 110 million euro in cash and cash equivalents at its disposal
(2009: 109 million euro) and a net interest-bearing debt of 431 million euro
(2009: 420 million euro). The interest cover improved to 7.6 (2009: 7.3). The
leverage ratio also improved to 1.4 (2009: 1.7). The equity offering (183
million euro) and the added unappropriated profit (140 million euro)
strengthened shareholders' equity by 315 million euro and improved solvency to
0.27 (2009: 0.19).
Nine acquisitions in 2010, a major step in Nordic
The following companies were acquired during 2010:
* in Scandinavia (Nordic):
- NEA: the second largest player in the electrical engineering services
provision market in Sweden with 2,200 employees and revenue of around
250 million euro;
- FCC Sprinkler & Service: a specialist in high-tech sprinkler technology
in Sweden with 60 employees and revenue of 8 million euro;
- Spitsbergen VVS: one of the 'greenest' technical services providers in
Norway, located in the Arctic circle, with 20 permanent employees and
revenue of 4 million euro;
- LIT, to strengthen the market position in the Finnish industrial market,
with 25 employees and revenue of 3 million euro;
* in Spain:
- Medical Engineering: one of the larger Spanish technical implementation
and maintenance specialists of medical apparatus and equipment in the
care & cure market with 40 employees and revenue of over 3 million euro;
* in the European ICT market:
- Sapphir: an Austrian SAP consultancy specialist with an office in
Romania, 20 employees and revenue of over 2.5 million euro;
- Penta: a strong player in the Swiss market for managed services with 20
employees and revenue of over 4 million euro;
* in the European traffic market:
- YSP: a Finnish high-tech traffic-control specialist with 25 employees
and revenue of 3 million euro;
* in the global marine maintenance market:
- Elkon: one of the most innovative marine technical services providers in
Turkey with over 200 employees and revenue of over 15 million euro.
All the acquisitions were paid for in cash. The total purchase price of these
acquisitions (including earn-out) was 146 million euro. The overall annual
revenue of these acquisitions amounts to around 290 million euro with
approximately 2,600 new employees. The acquired companies made an immediate
contribution towards earnings per share. The annual EBITA from the 2010
acquisitions amounts to 20.6 million euro of which 9.4 million euro was
accounted for in 2010. Imtech will continue its active acquisition strategy.
The acquisition of NEA means a major step forward in Nordic. NEA has been
strategically clustered with NVS, which was acquired in 2008. NVS specialises in
mechanical services and NEA in electrical services. NVS is focussed more on the
buildings market and NEA on the industry market. Together they serve over 2,000
clients. Clustering means technical total solutions can now be offered in
Sweden, Norway and Finland. The successful Imtech business model, based on the
combination of technical competencies with high added value for customers, is
now also coming to life in Nordic. This has led to a structurally sound position
and substantial growth potential in the coming years.
In the context of the 2015 strategy non-core activities in the field of fire
extinguisher products and systems were sold. The total annual revenue of the
companies that were sold amounted to around 36 million euro with approximately
230 employees.
Benelux: still no recovery
In the Benelux, where Imtech is one of the strongest technical players, there
were still no signs of a recovery. Revenue fell by 14%, the EBITA fell by 23%
and the EBITA margin dropped to 3.5%. The order book did, however, remain at a
good level at 1.3 billion euro.
2010 | 2009 | Growth |
| | |
Revenue (in mln.) 1,021 | 1,190 | - 14% |
| | |
EBITA (in mln.) 35.4 | 46.1 | - 23% |
| | |
EBITA margin 3.5% | 3.9% | |
| | |
Order book (in mln.) 1,308 | 1,306 | 0% |
| | |
Number of employees (as at 31 December) 6,788 | 7,313 | - 7% |
The reasons behind the lower performance were the long periods of severe frost
at the beginning and end of the year, structurally challenging market conditions
in the buildings and industry sectors, fierce competition and customers
postponing investment decisions. In several regions the negative effects of the
economic crisis worsened. Imtech did, nevertheless, well in the technical
infrastructure market. Examples include high-tech security technology for the
metro in Rotterdam and along various routes, technological maintenance in
tunnels in the Province of South Holland and the electrical renovation of the
Oosterschelde flood barrier.
In response to the difficult market conditions Imtech carried out efficiency
operations in several parts of the organisation. The number of employees fell by
7%, including the effect of the sale of the non-core activities. Imtech focused
even more on offering added value and, in this context, many initiatives were
started. The Dutch Province of Limburg gave Imtech the order for two sustainable
power plants. Imtech also worked in the Eemshaven on the most sustainable
traditional power plant in the Netherlands and in Eindhoven on a sustainable
bio-energy power plant. Amsterdam Airport Schiphol chose Imtech as its
technology partner to achieve its ambition of being CO2 neutral in 2012 and in
2020 to generate 20% of its required energy sustainably. Imtech is also involved
in the largest smart grid pilot project in the Netherlands. Another major order
was for green data centres for BT. In the market for sustainable public LED
lighting Imtech stood out with Innolumis® and energy savings of up to 80%.
Germany & Eastern Europe: again excellence
In Germany & Eastern Europe, where Imtech is one of the leading technical
players, Imtech's organic growth performance was once again excellent. EBITA
rose by a substantial 34%, revenue increased by 18%, the EBITA margin rose to
8.3% and the order book amounted to over 1.8 billion euro (+14%).
2010 | 2009 | Growth |
| | |
Revenue (in mln.) 1,306 | 1,103 | + 18% |
| | |
EBITA (in mln.) 107.8 | 80.3 | + 34% |
| | |
EBITA margin 8.3% | 7.3% | |
| | |
Order book (in mln.) 1,843 | 1,620 | + 14% |
| | |
Number of employees (as at 31 December) 4,880 | 4,497 | + 9% |
In and also outside Germany Imtech is now a leading energy partner and during
2010 was involved in numerous energy projects. Examples include the 'green'
revitalisation of the two 155-metre-high towers of the Deutsche Bank's head
office in Frankfurt, a high-tech power plant in Hamm and the high-tech heat
recovery system for the new Berlin Brandenburg International airport.
The automotive industry, with its increasing export, remains important. Imtech
occupies a strong position in this sector and supplies advanced test technology
for new and efficient car models with low CO2 emissions. Imtech was responsible
for high-tech test centres in Munich for the BMW Group, equipped test centres
for VW and Audi and supplied high-tech test facilities worldwide. Substantial
orders were also received from Porsche and Daimler. In the context of the growth
strategy there was additional focus on export. Other growth sectors were care &
cure, education, clean rooms, green data centres and green stadiums. In Eastern
Europe Imtech performed very well, especially in Poland, which will host the
2012 European football Championship: Imtech was active in the three stadiums
that will be used in Warsaw, Gdansk and Wroclaw.
UK, Ireland & Spain: a solid EBITA margin
In the UK, Ireland & Spain market conditions were challenging due to the
economic crisis. As a result both revenue and EBITA fell by 7%. Imtech did
succeed in maintaining its EBITA margin at 6.0%. The order book increased by 6%
to 579 million euro.
2010 | 2009 | Growth |
| | |
Revenue (in mln.) 517 | 558 | - 7% |
| | |
EBITA (in mln.) 31.1 | 33.5 | - 7% |
| | |
EBITA margin 6.0% | 6.0% | |
| | |
Order book (in mln.) 579 | 546 | + 6% |
| | |
Number of employees (as at 31 December) 3,622 | 3,714 | - 2% |
In the UK Imtech focused on high-tech solutions, partnering and unique expertise
at the cutting edge of waste water treatment and energy. Imtech also supplied a
wide range of technological solutions for the 2012 Olympic Games, including
energy efficient technology in the new Olympic Stadium. Imtech is a specialist
in innovative high-tech bio-gas power plants. Northumbrian Water placed a new
order. Imtech was also responsible for a (process) upgrade of the drain water
management in London that means less polluted water flows into the Thames. Wind
turbines produce the required energy. The asset management contract with Welsh
Water for the management of all the waste water treatment in Wales was extended
by five years.
Ireland was in a state of economic crisis. Imtech's technical competencies in
the field of electrical engineering & instrumentation (E&I) are unique. The
focus was on exporting this expertise to the rest of Europe and beyond. This
strategy was successful with orders including a new factory in Saudi Arabia for
food manufacturer Almarai.
In Spain Imtech managed to perform well, partially thanks to its large
maintenance contracts and a multidisciplinary approach with an increasing focus
on energy efficiency. This generated spin-offs, such as energy efficiency for
Cepsa and thermal solar energy projects for Acciona. Imtech is also the
technology partner for the doubling of Repsol's refinery capacity in Cartagena
where the spin-off was the order for the high-tech instrumentation. Maintenance
was also the focus in the buildings market, for example with a maintenance
contract for the 250-metre-high 'Torre de Cristal' in Madrid - the highest tower
in Spain. In care & cure Imtech is making great strides. In the energy market
Imtech stands out in the 'green' buildings market. One exceptional project was
the 'Zielo' shopping centre in Pozuelo (Madrid), which was awarded a LEED® Gold
certificate.
Nordic: an excellent performance
Sweden and Norway are experiencing a slight market recovery, the first signs of
which became apparent towards the end of 2010. As a result of the acquisition of
NEA, both revenue (+56%) and EBITA (+35%) rose substantially. The acquisition of
NEA, which has a lower operational EBITA margin than NVS, resulted in the
operational EBITA margin dropping to 7.0%. Thanks to the acquisition and an
increase in the average size of projects, the order book rose sharply by 70% to
412 million euro.
2010 | 2009 | Growth |
| | |
Revenue* (in mln.) 487 | 313 | + 56% |
| | |
EBITA* (in mln.) 34.2 | 25.4 | + 35% |
| | |
EBITA margin 7.0% | 8.1% | |
| | |
Order book (in mln.) 412 | 243 | + 70% |
| | |
Number of employees (on 31 December) 4,561 | 2,378 | + 92% |
* In 2010 six months of revenue and EBITA of NEA were included in the
consolidation
New energy concepts were developed. A maintenance contract that includes
reducing the energy requirement was signed with Wasabröd, the world's largest
manufacturer of crispbread. The strategic focus on the care & cure market is
reaping rewards, for example with a thermal energy storage project in the
hospital in Härnösand. With the acquisition of Spitsbergen VVS, located in the
Arctic Circle, Imtech has penetrated the economically interesting polar region.
One new polar project was the technical infrastructure in a new, Indian research
institute. The demand for industrial energy services rose. Imtech' customers
included steel manufacturer Outocompu, paper manufacturer Stora Enso and energy
company Vattenfall. In the automotive industry Imtech was active for Volvo and
Scania. The demand for 'green' energy-efficient buildings also rose and Imtech
gained an important reference: the 'green' revitalisation of the bank SEB's head
office in Stockholm.
ICT, Traffic & Marine: modest growth
Good progress was made in the European technology markets of ICT (information
and communication technology) and Traffic (high-tech mobility solutions). In the
marine market Imtech fell back just a fraction but, given the market conditions,
achieved a good performance. The overall revenue fell slightly by 1%, the EBITA
rose by 4% and the EBITA margin rose to 6.1%. The order book amounted to nearly
1.1 billion euro (+3%).
2010 | 2009 | Growth |
| | |
Revenue (in mln.) 1,150 | 1,159 | - 1% |
| | |
EBITA (in mln.) 70.0 | 67.1 | + 4% |
| | |
EBITA margin 6.1% | 5.8% | |
| | |
Order book (in mln.) 1,062 | 1,033 | + 3% |
| | |
Number of employees (as at 31 December) 5,184 | 5,008 | + 4% |
ICT
The importance of ICT is increasing structurally. Imtech's strategic focus is on
Business Intelligence, Data centre Technology, Managed Services and ERP software
in co-operation with world market leaders such as IBM, Microsoft, and Cisco. The
volume of data is becoming immense. Without Business Intelligence it would be
impossible to translate this data into valuable information. More than 1,000
customers throughout Europe are using this kind of Imtech solutions. Imtech's
vision for the 'data centres of the future' combines sustainability and cost
savings with performance and efficiency improvements and optimum security.
Imtech integrated the total data centre infrastructure for ASP4all. ICT supports
every type of business. Imtech's data centre in Vienna plays a major role in the
technical support of many customers' complex SAP environments. Nearly every
company uses ERP software to manage its business processes. And nearly 1,500
customers use Imtech's ERP solutions. Positions in Switzerland, Austria and
Romania were strengthened through acquisitions.
Traffic
Technology is THE solution for many mobility problems. Imtech offers a broad
palette of high-tech traffic solutions in and outside Europe and is active
worldwide in the parking technology market. The strategy is focused on an
integrated technological approach, increasing added value, more intensive co-
operation with customers, the reduction of harmful emissions and international
up-scaling. In this context Imtech acquired YSP, a high-tech traffic specialist
in Finland. Maintenance is a major driver for growth. In the inter-urban market
Imtech has large performance contracts for the technological maintenance along
many motorways in the Netherlands, the UK and Poland and in various high-tech
traffic centres, including the high-tech data-backbone for all the motorways in
the UK. These contracts have generated spin-off, such as the supply and
maintenance of the dynamic traffic signals along the Rotterdam ring road. In
Sweden the impact is increasing, for example via Motorway Traffic Management
along the E4 motorway. Imtech also holds substantial maintenance contracts in
the urban market, including the contract for 40% of the traffic lights in
London. Imtech is a partner in FREILOT®, an EU pilot programme for a new
generation of urban traffic technology. Emission and fuel savings of up to
around 20% are possible. Parking systems are becoming multifunctional and Imtech
knows how to stand out in this field. Technological innovation, often with a
'green' character, is contributing towards growth. Examples include a new
generation of energy-efficient traffic lights and technology for recharging
electric cars in parking garages.
Marine
As an independent full service provider with integrated solutions, Imtech is one
of the strongest players in the global marine market. Imtech focuses on
achieving added value for customers. With a view to further
internationalisation, Turkish marine technical services provider Elkon was
acquired. The oil & gas market is slowly starting to recover although investment
decisions are only being reached very slowly. In 2011 the flow of orders is
expected to be substantial. Ongoing naval programmes are responsible for a
substantial stock of work in the naval vessel market, including the technology
on board German frigates, Royal Navy aircraft carriers and a new logistics
support ship for the Dutch Navy. Imtech performed extremely well in the cruise
liner market with orders from several customers including TUI and Norwegian
Cruise Lines. In the luxury yacht market Imtech held its own reasonably well,
for example with a technology package for a 141-metre-long super-yacht. The
reduction in ship movements put some pressure on the market for service,
maintenance and management. In China and Singapore, which are becoming major
shipping centres, Imtech is well positioned for further growth. Imtech is
benefiting from the increasing demand for green ships and is, for example,
involved in the futuristic PlanetSolar project - a high-tech catamaran covered
with thousands of solar panels.
Progress in Corporate Social Responsibility (CSR)
Imtech accepts its responsibility and accountability for the consequences of its
activities for mankind, the environment and society. To maximise the impact of
sustainability as much as possible, Imtech is focusing on reducing its carbon
footprint, optimising waste management and expanding its role in the business
chain by making its procurement policy more sustainable. Imtech is also carrying
out many sustainability initiatives, such as green offices for its own use and
energy savings in its employees' homes. Imtech is also taking responsibility for
its corporate citizenship. In South Africa, in co-operation with the South
African Government and the Dutch Embassy, Imtech worked free of charge and with
its own employees to improve the water and waste water treatment in the Gert
Sibande district. Imtech also participated in the Cleantech investment funds ICF
(Icos Cleantech early stage Fund) I and II. The objective of the funds is to
provide the financial support that will enable new initiatives for green
technology in the fields of energy, food, recycling and water to be brought to
profitable development.
Human Resources: the best employer in the technical services provision market
To achieve its strategic growth objectives Imtech needs well-educated,
professional staff with vision and drive at every level in the organisation.
Passionate employees are the strength of 'people business' Imtech. Imtech wants
to become an employer of choice and to rank among the best technical employers
in Europe. This guiding principle is the cornerstone of the new HR strategy.
Successful recruitment and reduced outflow, but also leadership, a transparent
organisation and training, are strategic themes. In this context Imtech is
playing an active role in the development of new ways of working, the balance
between work & leisure and diversity.
In 2010 the number of employees rose by 9% to 25,075 (2009: 22,955).
2011 - 2015 strategy: moving towards revenue of 8 billion euro
Ambition and success characterise Imtech's growth strategy. Since Imtech was
formed in 1993 the company has achieved continuous robust growth: a compound
average annual growth of 21% in profit (EBITA) and 13% in revenue. Because the
targets for 2012 (revenue of 5 billion euro with an operational EBITA margin of
6%) have already partially been achieved, Imtech has updated its 2011 - 2015
strategy.
In the period 2011 - 2015 Imtech will focus on:
* achieving more added-value;
* strengthening positions in existing European countries and regions;
* acquiring positions in new European countries;
* expanding its global marine position;
* following key customers outside Europe;
* a robust growth of green technology;
* expansion in specific technology domains;
* international growth in traffic technology and in ICT niche markets.
Achieving more added value
The market wants technical services providers with a life-cycle approach focused
on lowering the total cost of ownership. Imtech embraced this philosophy several
years ago and will intensify its efforts in this area, for example by focusing
on more intensive multidisciplinary co-operation with customers and the
achievement of preferred technology partner positions. Asset management will
play a role.
Strengthening positions in existing European countries and regions
Imtech holds strong positions in the buildings, industry, traffic &
infrastructure and ICT markets in many European countries and regions, including
the Benelux, Germany, Eastern Europe, Nordic, the UK, Ireland and Spain. In
these countries the strategy is further growth.
Acquiring positions in new European countries
Depending on specific acquisition opportunities Imtech envisions expansion in
the buildings, industry, traffic & infrastructure and ICT markets in countries
such as for example Denmark, France, (Northern) Italy, Portugal and Turkey as
well as in Eastern Europe and the Baltic states.
Expanding its global marine position
Imtech holds a strong position in the global marine market. Between now and
until 2015 Imtech will open more service locations around the world (currently
70) and more production facilities including in China, the Singapore area,
Turkey, Canada and Brazil.
Following key customers outside Europe
Key customers are special relationships involving long-term partnerships,
intensive co-operation and the exchange of knowledge. More and more often these
customers are asking Imtech to provide its services internationally. The new
strategy foresees following these key customers internationally, for example in
the automotive and aerospace markets and the food & feed industry (in the USA
and emerging markets) and in the oil and gas industry (in Africa, the Middle
East and the so-called BRIC countries: Brazil, Russia, India and China).
Robust growth of green technology
More than a quarter of Imtech's revenue comes from the energy & environment
market: green technology in offices, factories, stadiums, data centres and
ships, but also from bio-energy, power plants, energy contracting, energy
efficiency and sustainable solutions for the mobility market. Imtech will
achieve further growth in these growth markets.
Expansion in specific technology domains
Imtech wants to achieve additional growth in the markets for:
* data centres (for which Imtech offers unique technological total solutions);
* sustainable waste water solutions (Imtech's expertise in waste water
treatment is unique);
* care & cure (Imtech technology makes care function more efficiently).
International growth in traffic technology and ICT niche markets
Imtech sees good opportunities for international growth in specific expertise
domains such as traffic technology (global export of mobility solutions) and
certain ICT niche markets, such as industrial software solutions in emerging
markets.
Targets for 2015
This strategy will lead to the following overall long-term targets in 2015:
* revenue of 8 billion euro;
* an operational EBITA margin between 6% and 7%.
The growth will be divided more or less equally between organic growth and
growth through acquisitions.
Financing the growth
In June 2010 Imtech, partly in the context of the acquisition of NEA in Sweden,
issued 8.3 million shares. This equity offering raised 183 million euro. Most of
the proceeds from this offering were used to finance this acquisition. The
remainder will be used to finance the 2011 - 2015 strategic growth plan. In
November 2010 a syndicated bank facility of 700 million euro with a term until
November 2015 was agreed. This new facility will be used partly to repay an
existing syndicated bank facility of 265 million (term until November 2011) and
partly to finance the 2015 strategy. The share issue and the new syndicated bank
facility have improved Imtech's bank facility repayment profile and guaranteed
additional liquidity.
Outlook 2011
According to its current views, in 2011 the Board of Management expects a
further EBITA increase through organic growth and acquisitions.
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For more information
Media: Analysts & investors:
Mark Salomons Jeroen Leenaers
Company Secretary Manager Investor Relations
T: +31 654 61 22 89 T: +31 182 543 504
E:mark.salomons(at)imtech.eu E:jeroen.leenaers(at)imtech.eu
Pieter Koenders www.imtech.eu
Manager Corporate Communications
T: +31 655 74 65 85
E:pieter.koenders(at)imtech.eu
www.imtech.eu
Imtech profile
Imtech N.V. is a European technical services provider in the field of electrical
engineering, ICT and mechanical engineering. This combination enables Imtech to
offer total technological solutions. Imtech achieves annual revenue of around
4.5 billion euro with over 25,000 employees. Imtech occupies strong positions in
the buildings and industry markets in the Netherlands, Belgium, Luxembourg,
Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland and
Spain and in the European ICT and traffic markets and the global marine market.
Imtech serves around 21,000 customers. Imtech offers added-value in the form of
integrated and multidisciplinary total solutions that lead to better operating
processes and a higher return for our customers and, in their turn, our
customers' customers. Imtech also offers solutions that contribute towards a
sustainable society, for example green technology and technical solutions in the
area of energy, the environment, water and mobility. The Imtech share is listed
on the NYSE Euronext in Amsterdam where Imtech is included in the Midkap Index.
The Imtech share is also included in the Dow Jones STOXX 600 index.
Financial calendar
* Registration date for participation in the Annual General Meeting of
shareholders: 9 March 2011
* End of registration period for participation in the General Meeting of
shareholders: 30 March 2011
* Annual General Meeting of shareholders: 6 April 2011
* Quotation ex-dividend: 8 April 2011
* Dividend option period: 8 to 21 April 2011
* Record date (in accordance with stock exchange regulations): 12 April 2011
* Notification of swap ratio: 21 April 2011 (after stock exchange closes)
* Trading update first quarter of 2011: 26 April 2011
* Dividend made payable: 27 April 2011
* Half-yearly figures 2011: 2 August 2011
* Trading update third quarter of 2011: 25 October 2011
* Publication of 2011 annual figures: 7 February 2012
* Annual General Meeting of shareholders: 4 April 2012
Press conference, analysts' meeting and webcast
A telephone press conference will take place today from 7.30 hours to 9.30
hours. At 11.00 hours Imtech will organise an analysts' meeting in the Mövenpick
Hotel Amsterdam, Piet Heinkade 11, 1019 BR Amsterdam. This analysts' meeting can
also be followed via video webcast (www.imtech.eu) and, together with the Q&A
session, will be available immediately afterwards on the Imtech website. The
webcast of the analysts' meeting will be simultaneously translated into English.
The presentation will be available for downloading via the website from 10.00
hours.
Photography
Media photographs of the Board of Management and various projects are available
via Fotopersbureau Dijkstra. For further information: Fotopersbureau Dijkstra,
telephone +31 297 56 68 83, e-mail:dykfoto(at)wxs.nl.
Click here for the complete press release including tables
pdf version of press release:
http://hugin.info/130755/R/1488825/424155.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Imtech N.V. via Thomson Reuters ONE
[HUG#1488825]
Unternehmensinformation / Kurzprofil:
Datum: 15.02.2011 - 06:58 Uhr
Sprache: Deutsch
News-ID 51459
Anzahl Zeichen: 41862
contact information:
Town:
Gouda
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 190 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Imtech in 2010: breakthrough 6% margin, EBITA +10%, order book +10%, further EBITA growth in 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
Imtech N.V. (Nachricht senden)
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