2009 again an excellent year for Imtech: EBITA +20%, order book +5%, further EBITA growth forecast in 2010
(Thomson Reuters ONE) - | | | 2009 |2008 |Growth| | | | Revenue (in millions) 4,323 |3,859 |+ 12% | (organic: 3%) | | | EBITA (in millions) 235.9 |197.2 |+ 20% | (organic: 7%) | | | EBIT (in millions) 212.9 |183.8 |+ 16% | | | | Net profit (in millions) 126.2 |113.3 |+ 11% | | | | | | | | | | Earnings per share before amortisation 1.92 |1.64 |+ 17% | | | | Dividend per share 0.64 |0.59 |+ 8%| | | | | | | | | | Operational EBITA margin 5.8% |5.5% | | | | | Order book (in millions) 4,748 |4,514 |+ 5%| | | | Number of employees (at year end) 22,955|22,510|+ 2%| | | |· Order book at end of 2009 up by 5% to over 4.7 billion euro, a good startingposition for 2010· Despite challenging market conditions 2009 again is an excellent year forImtech: EBITA up by 20% of which 7% organic· Operational EBITA margin up from 5.5% to 5.8%· Long-term targets maintained: revenue of 5 billion euro in 2012, whilemaintaining the target of an operational EBITA margin of 6%· Outlook 2010: a further increase of EBITA through organic growth andacquisitionsCEO Ren?an der Bruggen: 'The focus remains on growth''2009 was again an excellent year for Imtech', says Ren?an der Bruggen, CEO oftechnical services provider Imtech. 'The order book grew by 5% to over 4.7billion euro - while the quality remained stable. This gives us a good startingpoint for 2010. The EBITA rose by 20%, of which 7% was organic. Earnings pershare before amortisation rose by 17%. The dividend proposed rises by 8% to0.64 euro per ordinary share. The operational EBITA margin rose yet again: from5.1% in 2007 and 5.5% in 2008 to 5.8% in 2009. Revenue rose by 12% to over 4.3billion euro, of which 3% was organic and net profit rose by 11%. Despite marketconditions being challenging as a result of the economic crisis, Imtechperformed extremely well in 2009.''Imtech's differentiating proposition - technical total solutions through thecombination of electrical engineering, ICT (information and communicationtechnology) and mechanical engineering - once again demonstrated its strength.It meant Imtech could make the most of the, still growing, demand for integratedtotal solutions in Europe and in the global marine market. All the clusters madea contribution towards the result. The Germany & Eastern Europe clusterperformed exceptionally well achieving a high organic EBITA growth of 36% andraising its EBITA margin from 5.7% to 7.3%. An important driver for Imtech'sgrowth is its strong position in the growth segment of 'energy & environment'(energy, water, environment and fine particles) with a sharp increase in thedemand for 'green' technology. Other drivers are the Imtech business model inwhich around 55% of the activities are recurring (partly thanks to the thousandsof maintenance contracts) and a broad portfolio with strong market positions(with approx. 20,000 customers) in Europe and the global marine market. Imtech'sfinancial position is very solid and Imtech is also noticing the first tentativesigns of a recovery in several market segments.''Imtech performed well in 2009, but that does not mean we didn't experience thenegative effects of the economic crisis. The difficult financial position inwhich some customers found themselves led to projects being deferred or delayedand competition increased. Imtech has, however, proved it has enough resilienceto grasp opportunities and withstand threats. Bolstered by its successfulstrategy and 'track record' of robust growth in recent years Imtech has faith inits own strength. Imtech is, and will remain, well balanced. The focus, even inthe current market situation, remains on growth.''This is why Imtech has not changed its strategic goals - a revenue target of 5billion euro in 2012, while maintaining an operational EBITA margin target of6%. According to current views, in 2010 Imtech will achieve a further increaseof its EBITA through organic growth and acquisitions.'2009 again an excellent year for ImtechDespite market conditions being challenging as a result of the economic crisis,2009 was again an excellent year for Imtech. The order book for 2010 stands atover 4.7 billion euro and the quality has remained stable. This instilsconfidence in the future. The Imtech proposition - multidisciplinary technicaltotal solutions through the combination of electrical engineering, ICT andmechanical engineering - has proven its worth even in the current market.All the clusters made a contribution towards the result. Very robust growth wasachieved in Germany & Eastern Europe and both the UK, Ireland & Spain and theNordic clusters performed well and achieved further growth. The performance inthe Benelux remained stable. The slight drop in the results of the ICT, Traffic& Marine cluster was mainly due to volume and margin pressure in the EuropeanICT market. Overall Imtech has shown itself to be resilient in the face of therecession. Despite the bad market conditions with pressure on market volumesImtech, thanks to all its 23,000 employees, achieved a strong performance bothorganically and through acquisitions.The order book as at 31 December 2009 was 5% higher at 4,748 million euro (2008:4,514 million euro). The operating result before amortisation and impairment ofintangible assets (EBITA) rose by 20% to 235.9 million euro (2008: 197.2 millioneuro), of which 7% was organic. Revenue rose by 12% to 4,323 million euro (2008:3,859 million euro), of which 3% was organic. The operating result (EBIT) roseby 16% to 212.9 million euro (2008: 183,8 million euro). Net profit rose by 11%to 126.2 million euro (2008: 113.3 million euro). Earnings per share beforeamortisation and impairment of intangible assets rose by 0.28 euro to 1.92 euro(+ 17%) based on the average number of issued shares during the year underreview. The overall operational EBITA margin rose to 5.8% (2008: 5.5%). Theexchange rate of the non-euro-related currencies (primarily the British pound,Polish zloty and Swedish and Norwegian kroner) compared to the euro had anegative effect of 6.7 million euro on the EBITA and 94 million euro on revenue.Dividend over 2009 up by 8%A dividend of 0.64 euro per share, 8% higher than in 2008 (2008: 0.59 euro), incash or shares whichever the shareholder prefers, will be proposed to theGeneral Meeting of Shareholders. This amounts to a dividend pay-out of 40% ofthe net profit, which is in line with the dividend policy. The dividend yieldbased on the 2009 closing price amounts to 3.4% (2008: 4.9%).Solid financial positionImtech's financial position is solid. Net finance expenses rose by 12.8 millioneuro to 42.1 million euro. This increase was due primarily to the financingarranged in November 2008 for the acquisition of NVS in the Nordic region.Taxation amounted to 44.0 million euro, 2.8 million euro more than in 2008. Theeffective tax rate was 25.7% (2008: 26.6%). At the end of 2009 the balance sheettotal was 111 million euro higher at 2,584 million euro (2008: 2,473 millioneuro). Most of this increase was due to organic growth and acquisitions.Net cash flow from operation activities rose by 102 million euro to 150 millioneuro.Net cash flow from investment activities amounted to 92 million euro negative(2008: 337 million euro negative) mainly as a result of the acquisitions andinvestment in non-current property, plant and equipment. These investmentsamounted to 41.3 million euro (2008: 39.2 million euro). Depreciation amountedto 30.8 million euro (2008: 29.3 million euro).On 31 December 2009 Imtech had 109 million euro in cash and cash equivalents atits disposal (2008: 102 million euro) and the net interest-bearing debt positionwas 420 million euro (2008: 445 million euro). Interest coverage amounted to7.3 (2008: 7.7) and the average net debt/EBITDA ratio was 1.7 (2008: 1.6).Drivers for growthIn addition to its solid financial position the drivers for Imtech's growth are:A broad portfolio with strong market positions and considerable sizeThe increasing role of technology in solving economic and social issues is anunderlying trend from which Imtech has proven itself able to profit for manyyears. One of Imtech's strengths in this respect is its diverse portfolio inlarge areas of Europe and in the global marine market plus its very diverse baseof nearly 20,000 customers in a wide variety of market segments.Recurring business: a basis for long term continuityAround 55% of Imtech's activities involve recurring business. Despite thedifficult market conditions the thousands of maintenance contracts Imtech hasbeen awarded in many market segments provide a good basis for long termcontinuity.A growing demand for 'green' technologyThe growth market of energy & environment' (energy, environment, fine particlesand water) is a major 'driver' for further growth. Imtech is one of Europe'sstrongest technical players in this segment. By integrating energy solutionsinto the total approach Imtech delivers extra added value. The increase in thedemand for 'green' technology is particularly noticeable and Imtech's responsehas been very effective. Examples include orders for the technology in the'green' stadium for the 2012 Olympic Games in London, 'green' data centres, the'green' 150-metre-high towers of the Deutsche Bank in Frankfurt (one of the'greenest' buildings in Europe), the 'green' renovation of BNP Paribas Fortis'head office in Brussels and the 'Rainbow Warrior III' - Greenpeace's new 'green'flagship. In addition to 'green' projects Imtech is also active right across theboard in the market for (decentralised) energy plants, bio energy, oil and gas,the provision of clean drinking and waste water, the reduction of fine particleemissions and the prevention of other forms of environmental pollution. In 2009activities in the field of energy & environment generated around 25% of Imtech'stotal revenue and further growth is foreseen. Imtech is well on course. This isone of the reasons behind Imtech's participation in the successful CleantechFund I, which aims to nurture young and opportunity-rich 'clean technology'companies.Responding to increasing government investmentImtech is well positioned in government-financed markets such as navalprogrammes, mobility, infrastructure, rail, environment, water, care & cure andeducation. In 2009 around 30% of the revenue was generated viagovernment-initiated or supported projects. In economically less favourabletimes governments follow an anti-cyclic investment policy in which technology isone of the mainsprings. Imtech can benefit from these investments.Integration of the acquisitions of 2008, several new acquisitions in 2009One large acquisition in Nordic (NVS with 2,300 employees) and ten other mediumand smaller acquisitions (total revenue: 550 million euro) made 2008 a very busyyear for acquisitions. In 2009 all these acquisitions were integrated andseveral new acquisitions in Romania, Spain and Nordic were completed.The acquisition of Arconi leads to further growth in RomaniaRomania is a strategic growth market for Imtech. Which is why Arconi - a strongmultidisciplinary Romanian player with which Imtech has worked via Germany formany years - was acquired. In the fullness of time Imtech will be able to offerthe total package of Imtech services to Romanian customers via Arconi.Smaller acquisitions strengthen local positions in ScandinaviaThree smaller technical specialists were acquired, two in Norway and one inSweden: AT Furustad, Olav C. Jensen & S?nd Sundsvalls R?knik. Theseacquisitions have strengthened local positions.The acquisition of two Huguet companies widens the scope of the servicesprovision in SpainIn 2008 the acquisition of the first Huguet electrical engineering company andthe commencement of organic electrical engineering activities was the first steptowards building-up multidisciplinary activities in the Madrid, Barcelona andNavarra regions. In 2009 this was followed by the acquisition of two more Huguetelectrical engineering companies operating in the Valencia and Murcia regions.The objective of both acquisitions was further growth through synergy,cross-selling between the electrical engineering and mechanical engineeringservices and the offering of higher added value.All the acquisitions were paid for in cash. The overall annual revenue of theseacquisitions amounts to around 40 million euro with around 525 new employees.The acquired companies contributed towards earnings per share. The annual EBITAfrom the 2009 acquisitions amounts to around 4.8 million euro of which 0.9million euro was accounted for in 2009. The total purchase price of theseacquisitions (including maximum earn-out) was 31 million euro. Imtech sees goodopportunities for further strengthening its portfolio through acquisitions inthe coming years.Benelux: growth despite challenging market conditionsIn the Benelux, where it is one of the strongest technical players, Imtechexperienced the effects of the worsening economic situation. Although revenueand EBITA both rose by 2% and the EBITA margin held at (3.9%), the order bookwas under pressure and fell by 3%. | | | 2009 | 2008 | Growth | | | | Revenue (in millions) 1,190 | 1,167 | + 2% | | | | EBITA (in millions) 46.1 | 45.1 | + 2% | | | | EBITA margin 3.9% | 3.9% | | | | | Order book (in millions) 1,306 | 1,352 | (3%) | | | | Number of employees (at year end) 7,313 | 7,239 | + 1% | | | |Although considerably reduced investment was the key feature of the buildingsand industry markets, this was partly offset to a degree by the market for'green' buildings. Orders included the 'green' renovation of BNP Paribas Fortis'head office in Brussels and the 'green' technology in the Dutch Army's newheadquarters in Utrecht. Imtech was responsible for several 'green' data centresfor financial services providers. There was also an upswing in the energymarket. Orders included an energy plant in the Amsterdam University MedicalCentre. The performance in the maintenance market held its level and, partlythanks to the effects of government economic incentive programmes, growth wasachieved in the infrastructure market, for example with the technicalinfrastructure for the widening of the carriageways along Dutch motorways.Growth was also apparent in the infra energy market. Imtech supplied high-techtransformers to one of the Dutch network managers, Stedin. The market for energymetering also improved, for example via orders from the Belgian energy supplierEandis and the installation of thousands of digital energy meters for Dutchenergy companies. Imtech was also the technology partner in a European programmeaimed at improving safety in tunnels including the Velser tunnel, the Statentunnel and the Botlek tunnel. In Luxembourg Imtech continued to perform well.Germany & Eastern Europe: an excellent growth performance in a difficult marketIn Germany & Eastern Europe where Imtech is one of the leading technicalplayers, an excellent organic performance was achieved in a difficult market.The EBITA showed a substantial growth of 36%, the EBITA margin rose to 7.3% andboth revenue and the order book grew by 6%. | | | 2009 | 2008 | Growth | | | | Revenue (in millions) 1,103 | 1,037 | + 6% | | | | EBITA (in millions) 80.3 | 59.1 | + 36% | | | | EBITA margin 7.3% | 5.7% | | | | | Order book (in millions) 1,620 | 1,529 | + 6% | | | | Number of employees (at year end) 4,497 | 4,212 | + 7% | | | |In Germany & Eastern Europe Imtech made the most of its strong market positionand carried out an impressive number of successful projects in a wide range ofmarkets, including energy, 'green' buildings, airports, stadiums, care & cure,data centres, the pharmaceutical and the automotive industry. In the Germanenergy market, an unmistakable growth market for Imtech, orders included energyplants for energy company RWE in the Eemshaven (the Netherlands) and for DowDeutschland Anlagengesellschaft and EnBW in Stade (Germany). Imtech also led theway in 'green' buildings, for example with the 'green' technology in offices forVictoria Versicherungen in D?ldorf and media concern Spiegel in Hamburg.Imtech is the market leader in 'green' data centres and projects included theupgrading and/or expansion of data centres for Lidl and Finanz Informatik.Imtech was also responsible for a substantial portion of the technology forGermany's third airport - the new Berlin Brandenburg International airport. InPoland Imtech's focus on high-tech solutions led to success. In 2012 thefootball European Championship will be held in Poland and Imtech won the ordersfor the high-tech climate technology in both the National stadium in Warsaw andthe PGE Baltic Arena in Gdansk. Romania is a strategic growth market for Imtech,which is why Arconi was acquired. Germany was also the base from which a startwas made on building up a position in Austria.UK, Ireland & Spain: a solid performance in difficult market conditionsIn the UK, Ireland & Spain, where Imtech occupies strong market positions, theeconomic crisis had a very negative impact on market conditions. Despite thisImtech proved very capable of holding its own and delivered a solid performance.The EBITA margin stayed at a good 6.0% and the revenue (+ 8%), EBITA (+3%) andorder book (+4%) all rose. | | | 2009 | 2008 | Growth | | | | Revenue (in millions) 558 | 519 | + 8% | | | | EBITA (in millions) 33.5 | 32.4 | + 3% | | | | EBITA margin 6.0% | 6.2% | | | | | Order book (in millions) 546 | 524 | + 4% | | | | Number of employees (at year end) 3,714 | 3,539 | + 5% | | | |Imtech was able to offset the steep decline in the British real estate marketthanks to its broad market scope, sharp focus on the water, energy and educationmarkets and investments related to the 2012 Olympic Games. Imtech is one of thestrongest players in the UK (waste) water industry. Orders were received from,among others, the Anglian Water Services and United Utilities water companies.In the energy market Imtech achieved growth, for example with the order for twoenergy-generating bio digestion plants from water company Welsh Water andhigh-tech energy technology for the University of East Anglia. Imtech won theorder for the sustainable climate technology in the 'green' Olympic Stadium andthe Olympic shopping centre 'Westfield Stratford City' (150,000 m²) and is alsoinvolved in other Olympic facilities. In Ireland reduced investment in thepharmaceutical industry put pressure on revenue and margin, but here too thefocus on energy bore fruit, for example at Dublin Airport, where Imtech wasresponsible for a new energy plant. The export of technology from Ireland alsointensified.In Spain, where the economic situation was very bad, Imtech added electricalengineering services to its portfolio with the aim of being able to offer totaltechnical solutions. Despite the crisis, and as a result of considerable effort,further growth was achieved in the industry sector and especially in the oil &gas and steel sectors. Sizeable on going orders from the major Spanish oil andgas companies, Repsol-YPF (in Cartagena) and Cepsa (in Huelva) for doublingtheir refinery capacity and industrial maintenance contracts for steelmanufacturer Acerinox and various Cepsa refineries contributed towards this.Imtech was also active across a broader front in the growing energy market. Inthe real estate market the situation could best be described as 'challenging'.Even so Imtech did well, partly thanks to the strategic focus on technicalmaintenance and management started two years ago.Nordic: a strong strategic portfolioIn November 2008 Imtech acquired NVS Installation AB (NVS). NVS is one of thelargest players in the Swedish and Norwegian technical services provision marketand also occupies a base position in Finland. This acquisition laid a foundationfor a strong Imtech position in the Nordic region. Imtech (NVS) performed welland, despite the difficult market situation, the operational EBITA margin roseto 8.1%. More and more larger projects are being acquired in Nordic and, as aresult, the order book showed robust growth (+54%). | | | 2009 | 2008 | Growth | | | | Revenue (in millions) 313 | 63 | * | | | | EBITA (in millions) 25.4 | 5.0 | * | | | | EBITA margin 8.1% | 7.9% | | | | | Order book (in millions) 243 | 158 | + 54% | | | | Number of employees (at year end) 2,378 | 2,274 | + 5% | | | |* Consolidation based on only the last two months of 2008 means comparison with2009 is impossible.Although the economies of Sweden, Norway and Finland were also confronted withthe negative effects of the recession in 2009, Imtech (NVS) achieved progress.The broad, well- spread and strategic portfolio offered 'protection' from thedifficult market conditions. The focus was on improving productivity and growthin the energy, care & cure and fire security markets. A framework contract forimproving the energy efficiency in 120 buildings was signed with MicasaFastigheter - the property manager of the city of Stockholm. Imtech (NVS) wasalso involved in the sustainable, ecological 'Stockholm Waterfront' project.Imtech (NVS) is the multi-year technology partner for a number of care & cureprojects including the Sahlgrenska Universitetssjukhuset (university hospital inG?org) and the L?sjukhuset (regional hospital in Kalmar). In StockholmImtech (NVS) was responsible for the sustainable climate technology in a formeraircraft hangar that is being converted into a modern shopping centre andinstalled a high-tech sprinkler system in the Swedbank Arena - Sweden's new,multifunctional national football and events stadium that will be opened in thesummer of 2012. Sustainable technology was also implemented in a penal institutenear Stockholm. In Norway the stately Royal Christiania Hotel in the centre ofOslo was equipped with state-of-the-art technology. The considerable holding ofmaintenance contracts offered continuity. Various smaller acquisitions in 2009also contributed towards the growth.ICT, Traffic & Marine: a mixed pictureDue to the challenging economic situation, overall the European and globalactivities in the ICT, Traffic & Marine cluster performed less well than in2008. The picture is mixed. In the European ICT market substantially lowerinvestment led to pressure on revenue and margin. In the European andinternational Traffic and Marine markets further growth was achieved despitedifficult market conditions. Although overall revenue rose by 8.0% and the orderbook rose by 9.0% the EBITA fell by 5%. | | | 2009 | 2008 | Growth | | | | | | | Revenue (in millions) 1,159 | 1,073 | + 8% | | | | EBITA (in millions) 67.1 | 70.8 | (5%) | | | | EBITA margin 5.8% | 6.6% | | | | | Order book (in millions) 1,033 | 951 | + 9% | | | | Number of employees (at year end) 5,008 | 5,202 | (4%) | | | |ICTThe considerable reduction in volume and the pressure on margins caused by theeconomic conditions led to a lower performance being achieved in the EuropeanICT market. Even so Imtech withstood the effects of the economic crisisreasonably well, especially when compared to the competition. This was thanks tothe strategic European axis of ICT activities with a broad spread across manysegments and countries, strong positions in software niches and intensiveco-operation with world-market leaders such as IBM, Microsoft, SAP and Cisco.Cost savings and a limited reorganisation were also implemented. Larger orderswere received from, among others, DHL, the airports in Vienna and Stuttgart, theGerman retail chain Edeka, Deutsche Bahn, the Dutch Hofpoort Hospital and ING.TrafficTechnology is THE solution for numerous mobility issues. Once again the demandfor integrated traffic solutions rose. Imtech is a strong European player. Inline with the strategy organic growth was achieved. Some of this growth derivedfrom the firm foundation of multi-year maintenance contracts. These include thecontract from the Highways Agency for the maintenance of the technicalinfrastructure along all the motorways in eastern England and Imtech'sparticipation in the 'Keeping London Moving' programme for Transport for London(manager of London's road network) which involves the management of 42% ofLondon's total technical traffic infrastructure, including the Olympic area.Although there was a slight decline in the urban and Eastern European markets,the inter-urban and Nordic markets developed well thanks to economic incentiveprogrammes. Imtech's export position was also strengthened. The internationalparking and payment activities achieved further growth despite variable successin various countries.MarineIn the Marine market the crisis resulted in reduced volumes in the oil & gas,container ships, bulk transport and inland waterway shipping segments. Bycontrast the demand for 'green' ships and activities related to naval programmesincreased. Imtech, one of the world's strongest players, carried out orders forthe navies of Germany, the Netherlands, South Korea, Thailand and various GulfStates. A large design & build order (130 million euro) was received from theRoyal Navy for the climate technology on board two 280-metre-long aircraftcarriers. Although the volume of service, maintenance and management activitiescame under pressure due to the global reduction in container and bulk shipping,Imtech performed very well and achieved growth in this area thanks to itsextensive and strategically strong service network. The market for luxury yachtsand cruise liners remained good. Imtech was for example responsible for theenergy-efficient climate technology on board cruise liners (350 metre) beingbuilt for the Celebrity Cruises company at the Meyer Wharf in Germany. Overallgrowth was achieved.Corporate Social ResponsibilityImtech made good progress in the field of Corporate Social Responsibility (CSR),for example with the development of quantifiable CSR data. One development inthis context was a tool with which to measure Imtech's own 'carbon footprint'that complies with the ISO 14064 standard. In 2010 Imtech is in a position toreport these data in a reliable and consistent manner. As far as chainresponsibility is concerned, Imtech has its own 'Code of Supply' for suppliersand its own general and technical services suppliers. Imtech separates andrecycles waste in order to create new raw materials and works with reputablewaste services providers. The resulting understanding of the data related towaste has helped in the drawing up of an active waste policy. Sustainable energyis generated by the incineration of residual waste and used as 'green'electricity for Imtech's own offices. In 2009 Imtech's Dutch fleet of leasedvehicles ran on environment-saving fuel, which prevented nearly 1 million kilosof harmful CO2 emissions. This initiative has been followed up in other Imtechcountries. As a component of Imtech's Corporate Citizenship programme theCompany's own employees helped The Ubuntu Company in South Africa improve itsprocesses and develop machinery. The Ubuntu Company manufactures trendy designflip-flops for the European market from discarded car tyres that previously weredumped in the countryside. The flip-flops are a source of income for nearly1,000 people and the profit is used for projects for South African children.Imtech, in co-operation with the NOVA foundation, which is supported by theDutch development organisation ICCO, also started a unique initiative tostimulate energy awareness in South Africa. A similar initiative was a programmeaimed at energy savings in the homes of Imtech's employees. Imtech also beganworking towards the achievement of an energy-neutral cradle-to-cradle office forits own use in Eindhoven.Human Resources: the best employer in the technical services provision marketImtech wants to be one of the best employers in the technical services provisionmarket. Recruiting and selecting qualified technical staff remains a toppriority. The more abundant offering on the labour market improved the qualityof the recruitment and the Imtech brand has become more attractive, in partthanks to intensive communication campaigns. Special attention was paid to therecruitment of young potential, the position of employees aged 40+ and thechanging role of project managers. The number of employees rose by 2% to 22,955(2008: 22,510 employees) as a result of organic growth and acquisitions.The focus, even in the current market, remains on growthImtech started 2010, the year in which it celebrates its 150-year history, witha very well-filled order book of over 4.7 billion euro. A comfortable positionto be in. Although market conditions remain challenging, strong marketpositions, size, an extensive portfolio of services and a large and very diversebase of nearly 20,000 customers in numerous market segments make continuity, andwith it further growth, possible. Imtech's strong position in Germany (wortharound 25% of the total activities) instils additional confidence. Imtech isalso very well positioned in the growth market of energy & environment and inthe growing government-financed markets. In addition to a structural share ofrecurring business (55% of the activities), Imtech has seen the first signs of atentative recovery in several market segments. Imtech is also hallmarked by aflexible project organisation that can adapt to changing market conditions. Thiscombination of strengths instils confidence in the future.Against this Imtech has noticed the negative effects of the challenging economicsituation. Customers found themselves in a difficult financial position, whichled to projects being deferred or delayed. Competition is increasing and marketvolumes are under pressure. On top of this the potential shortage of experiencedemployees in the future remains an issue.Imtech believes itself to be resilient enough to seize the opportunities arisingfrom its broad portfolio and strong market positions and to avert the threats.Imtech's faith in its own strength is reinforced by its successful strategy andtrack record of robust growth in recent years. Weighing up the opportunities andthreats Imtech is, and will remain, well balanced. The focus, even in thecurrent market situation, remains on growth.In the context of the challenging market conditions Imtech is implementing a proactive financial policy. Considerable attention is being paid to managingworking capital, risk management, cost control, the financial position ofcustomers and co-operation partners and strengthening the internal Europeanco-operation. Imtech is also making the most of its strong procurement positionand if possible procurement contracts are being revised or renegotiated.Maintaining the long-term objectivesImtech has formulated the following long-term strategic objectives:· to be the best technical services provider in Europe and in the global marinemarket;· to achieve at least a top-3 position in every Imtech country and in everymarket relevant for Imtech;· to achieve revenue of 5 billion euro in 2012;· to maintain an operational EBITA margin of 6%.Despite the economic climate these growth targets remain unchanged.Financing the growthImtech has to its disposal 565 million euro credit facilities to finance its2012 strategic growth plan, which are partly unused. On 31 December 2009 Imtechhad 109 million euro in cash and cash equivalents at its disposal (2008: 102million euro) and the net interest-bearing debt position was 420 million euro(2008: 445 million euro). Interest coverage amounted to 7.3 (2008: 7.7) and theaverage net debt/EBITDA ratio was 1.7 (2008: 1.6). The balance sheet is solidand Imtech has sufficient financial room to carry out its growth strategy.Outlook 2010According to current views, in 2010 Imtech expects further EBITA increasethrough organic growth and acquisitions. 0-0-0-0-0-0-0-0-0-0-0-0-0-0For more information Media Investor Relations Mark Salomons Jeroen Leenaers Company Secretary Manager Investor Relations Telephone: +31 182 54 35 14 Telephone: +31 182 54 35 04 E-mail: pers(at)imtech.eu E-mail: investors(at)imtech.eu
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