Imtech: a good first half of 2012, growth despite difficult market conditions; EBITA +12%, revenue +14%, order book +13%, profit per share +8%
(Thomson Reuters ONE) -
HY 2012|HY 2011|Growth|
| | |
Revenue (in millions) 2,615| 2,292| +14%|
| | |
EBITA (in millions) 134.4| 120.5| +12%|(organic +2%)
| | |
EBIT (in millions) 116.0| 107.5| +8%|
| | |
Net profit (in millions) 62.0| 60.7| +2%|
| | |
Net profit (in millions before | | |
amortisation) 80.4| 73.7| +9%|
| | |
Profit per share (before amortisation) 0.92| 0.85| +8%|
| | |
Operational EBITA margin 5.6%| 5.7%| |
| | |
Order book (in millions) 6,464| 5,709| +13%|
| | |
Number of employees (on 30 June) 29,128| 26,829| +9%|
* Order book up by 755 million euro (13%) to 6.5 billion euro
* Solid financial position
* Maintaining forecast of further EBITA growth over the full year 2012 through
organic growth and acquisitions
* Maintaining 2015 strategic growth plan targets: revenue 8 billion euro,
operational EBITA margin between 6% and 7%
René van der Bruggen, CEO Imtech: 'In the first half of 2012 Imtech showed
another solid performance and, despite difficult market conditions due to the
economic crisis, continued its tradition of continued growth. Revenue rose by
14% and the order book increased by 755 million euro (13%) to nearly 6.5 billion
euro. EBITA rose by 12%, of which 2% was based on organic growth. The organic
growth percentage was negatively influenced by reorganisations in the Benelux,
Spain and Marine. Reorganisation costs during the first half of 2012 amounted to
over 8 million euro. Normally, these costs amount to 3 to 5 million euro a
year.'
'Imtech performed particularly well in Germany, Eastern Europe (especially
Poland), the Nordic and the UK & Ireland, as well as in the European ICT market
in which we are an outperformer. Our performance in the European traffic market
was stable. Although the technical services market has also been affected by the
economic crisis, we held our ground very well. This was because our drivers for
growth remained unchanged and we can adapt well to changing market conditions.
Examples are new total solutions in care & cure, high-tech management solutions
in the traffic market, a marine life-cycle approach and the integration of
numerous sustainability solutions in our services portfolio. This enables us to
lower our customers' exploitation costs and, at the same time, boost
sustainability. We have also built-up a strong position in Turkey and are, step-
by-step, expanding our activities outside Europe. This, together with the size
of the order book and the improving order intake for our global marine
activities, gives us confidence for the second half of 2012.'
'We maintain our forecast of further EBITA growth for the full year 2012 through
organic growth and acquisitions. In line with our 2015 strategic growth plan,
during the first half of this year we once again acquired a number of strong
companies which will grow further under our strong financial wings and through
collaboration with our existing portfolio. Our financial position remains solid.
Despite the difficult market conditions we look forward to the future with
confidence.'
A good first half of 2012
At 5.6% the operational EBITA margin was virtually the same as for the first
half of 2011 (5.7%). On 30 June 2012 the order book was 13% higher (+755 million
euro) at 6,464 million euro. The operating result before amortisation and
impairment of intangible assets (EBITA) increased by 12% to 134.4 million euro
(first half of 2011: 120.5 million euro) of which 2% was organic. Revenue rose
by 14% to 2,615 million euro (first half of 2011: 2,292 million euro).
Amortisation expenses rose by 5.4 million euro to 18.4 million euro as a result
of the acquisitions of 2011 and in the first half of 2012. The net financing
result rose by 3.6 million euro to 29.9 million euro negative, primarily due to
higher interest charges as a result of the settlement of acquisitions. Income
tax amounted to 23.1 million euro (2011: 21.8 million euro) while the effective
tax rate went slightly up to 26.3% (2011: 26.0%). Net profit rose by 2% to 62.0
million euro (2011: 60.7 million euro). This net profit growth is more limited
than the growth of the EBITA due to higher amortisation expenses and higher
interest charges.
Net profit before amortisation and impairment of intangible assets increased by
9% to 80.4 million euro (first half of 2011: 73.7 million euro). Profit per
share before amortisation and impairment of intangible assets rose by 0.07 euro
to 0.92 euro (+8%), based on the weighted average number of issued shares of
87,782,642 shares (first half 2011: 87,048,926 shares). The exchange rate of
foreign currency compared to the euro had a positive effect of 0.3 million euro
on the EBITA and 25.6 million euro on revenue.
Solid financial position
As usual the characteristic seasonal pattern of the working capital meant net
cash flow from operating activities was negative during the first half of the
year. Net cash flow amounted to 59.5 million euro negative - an improvement of
20.6 million euro compared with the first half of 2011. An important cause of
this is a reduction in working capital to 468 million euro (30 June 2011: 496
million euro). As a consequence the working capital improved to 8.6% of revenue
from the last twelve months, which is significantly lower than 9.9% as at 30
June 2011. Imtech expects to meet its target of a year-end working capital
amounting to between 6.0% and 6.5% of the annual revenue.
Net cash flow from investing activities was 132.6 million euro negative,
primarily due to acquisitions. Net cash flow from financing activities was 66.9
million euro positive on the one hand due to borrowings and on the other hand
due to the payment of dividend to shareholders and the purchase of own shares to
cover the shares and share option schemes.
The net interest-bearing debt amounted to 761 million euro (30 June 2011: 624
million euro). The leverage ratio (average net interest-bearing debt / EBITDA)
was 1.9 (30 June 2011: 1.7) and the interest coverage was 6.7 (30 June
2011: 7.2). This means Imtech has a solid financial position and remains well
within the agreed financial covenants. At the same time, this implies Imtech has
sufficient financial means at its disposal to finance future acquisitions
envisaged in the 2015 strategic growth plan. A private placement of 100 million
euro with a term of 7 and 9 years has further strengthened and diversified the
long-term financing structure. Shareholders' equity rose to 959 million euro,
partly due to the addition of 62.0 million euro net profit in the first six
months of the year. Solvency was 0.23 (30 June 2011: 0.26). Of the total
dividend over the previous financial year 31.7 million euro was paid out in cash
(52% of the total dividend) and the remaining 48% was paid out in stock for
which 1,313,134 new shares were issued. As at 30 June 2012 the issued share
capital amounted to 94,059,916 shares.
Benelux: structural challenging market conditions, a slight overall decrease
The Benelux technical services market is characterised by structural challenging
market conditions and keen competition, especially in the buildings market. This
has put the EBITA under pressure for a number of years. Restructurings and a
strategic re-orientation help to turn the tide, but in 2012 this not yet lead to
the desired result. Imtech is also under some pressure in the infrastructure
market, which has been affected by governmental cutbacks. Against this, Imtech
is doing well in Luxembourg, technological export from the Netherlands is
increasing and the results in the industrial market are improving slightly. The
overall EBITA has decreased slightly EBITA (-3%).
Key figures Benelux
HY 2012 | HY 2011 | Growth |
| | |
Revenue (in millions of euro) 468 | 471 | -1% |
| | |
EBITA (in millions of euro) 12.7 | 13.1 | -3% |
| | |
EBITA margin 2.7% | 2.8% | |
| | |
Order book (in millions of euro) 1,231 | 1,263 | -3% |
| | |
Number of employees (on 30 June) 6,239 | 6,546 | -5% |
In the buildings market Imtech is working on reducing costs, improving
efficiency, clustering competencies and restructuring. In addition the strategic
focus is on growth markets such as energy, care & cure, export, data centres and
maintenance. Examples include solar energy at Schiphol Airport, co-generation in
Lisse, smart health care (an integrated technological approach in the care
market) in a hospital in Capelle a/d IJssel, new care concepts at the Leuven
University Hospital, data centres for a number of customers, including Telecity,
and distinctive maintenance concepts, such as security solutions in the European
Parliament building in Brussels. A differentiating vision of the 'green' airport
terminal of the future has been developed. In the industry sector growth has
been achieved through a combination of long-term maintenance contracts (for
example with Shell, KPE and Huntsman) and new projects (including Zeeland
Refinery and DAF in Belgium). Innovative projects are a natural gas buffer
project for the Gasunie and underground gas storage near Alkmaar. In the field
of HSE (Health, Safety & Environment), Imtech won the prestigious Benelux Safe
Maintenance Award. The technological upgrading of a FrieslandCampina cheese
factory, the largest in Europe, is an exceptional project. Imtech commands
unique competencies in the field of power electronics in the energy and oil &
gas markets. In view of the market conditions the export of these competences
has been intensified successfully with orders being received from customers
including Total in Gabon and Shell in Brunei and for a biogas power plant
(energy from chicken manure) in Moldavia. In the infrastructure market Imtech is
involved in two outstanding projects. One of these is the virtually fully
automatically controlled and unmanned new, energy-efficient, container terminal
of AP Møller Terminals (Maersk Group) on the second Maasvlakte - one of the
world's safest terminals. The other is the innovative sludge reduction for a
water company in Garmerwolde. Imtech is also involved in the technological
upgrading of a large number of Dutch traffic tunnels, a light-rail project in
Antwerp and the technical realization of the new Grouft Tunnel in Luxembourg.
Other orders are for energy-efficient lighting in car parks around Schiphol, the
technical infrastructure at Eelde airport, various combined maintenance
contracts for public lighting and traffic equipment, for example in Maastricht
and Nijmegen. Imtech will supply Toyota with a network of charging posts for
electrical vehicles and in Belgium Imtech is responsible for solar energy
solutions and high-tech pumping stations for drinking water companies and
telecom solutions for the Flemish government.
Germany & Eastern Europe: another excellent growth performance
In Germany Imtech is the leading technology partner in the growing energy
market. The focus is on energy savings, power plants, energy management (energy
contracting), co-generation, green buildings and waste-to-energy. In addition,
thanks to high-value technical expertise - in most cases combined with
sustainability - Imtech excels in markets such as care & cure, airports, R&D,
data centres and the aviation and automobile industries. Imtech has developed
equally well in Poland. As a result the EBITA has risen by 19%.
Key figures Germany & Eastern Europe
HY 2012 | HY 2011 | Growth |
| | |
Revenue (in millions of euro) 740 | 658 | +12% |
| | |
EBITA (in millions of euro) 57.3 | 48.3 | +19% |
| | |
EBITA margin 7.7% | 7.3% | |
| | |
Order book (in millions of euro) 2,497 | 2,273 | +10% |
| | |
Number of employees (on 30 June) 5,480 | 5,202 | +5% |
Numerous hospitals, care institutions and medical research centres are switching
to an efficient energy infrastructure. Imtech is the market leader in this
segment. Examples include the Rems-Murr Kliniken in Winnenden and the Rheinische
Kliniken in Bonn. Imtech is also excelling in the fields of R&D and education
buildings, such as a new research and teaching building for the University of
Münster and the Max-Planck-Institut für Eisenforschung (MPIE) in Düsseldorf.
Imtech is 'greening up' numerous of stadiums, including Bayern Munich's Allianz
Arena and VfB Stuttgart's Mercedes-Benz Arena. Imtech is also setting the tone
in green buildings. One major order involves the energy management of around
800 Deutsche Post buildings. This extensive project, which is proceeding on
schedule, has been proclaimed the best European Energy Service Project. New
developments include Smart Cities (the combination of energy efficiency, smart
grids and decentralised sustainable energy solutions in the urban environment)
and Power-to-Gas (converting electricity into methane gas that can be stored in
existing gas networks). In the industry sector Imtech commands virtually unique
competencies that guarantee continuity, for example in the fields of clean room
solutions and fire protection. In the automotive industry Imtech is active
across a broad front and is working for all the major German automotive
manufacturers, including specific test facilities for Daimler, Porsche and VW.
In the airport market Imtech is the technology partner for the extension of
Frankfurt Airport and for the new Berlin Brandenburg Airport. In the data centre
market one project after another is obtained, for example for Lidl. In Austria
Imtech is slowly but surely building-up a position and is, for example, involved
in the technical equipping of a geriatric department in a hospital in Vienna. In
Eastern Europe the performance is very well. In Hungary Imtech is working on new
Audi and Mercedes manufacturing facilities. In Poland Imtech has nationwide
coverage (seven regions). This has led to robust growth which, increasingly, is
also related to energy efficiency. Examples include green buildings (Katowice
station and the Eurocenter building in Warsaw - the greenest office building in
Poland), and one of the world's most advanced waste-to-energy power plants.
Imtech has also made progress in other Polish market segments including care &
cure. Imtech is also involved in the mega-project Adventure World Warsaw. From
its German base Imtech is also working more and more outside of Europe in
specific areas of expertise, such as the supply of testing solutions to the
automotive industry in the Far East, special care buildings in Russia and
projects for BMW and Airbus in China.
UK & Ireland, Spain & Turkey: on balance further growth
The UK & Ireland have achieved a robust EBITA growth, both organically and
through acquisitions in 2011 and 2012. In Spain, where the technical services
market has been hit hard by the economic crisis, Imtech is experiencing serious
pressure on its results. The acquisition of the Turkish technical services
provider AE Arma-Elektropanç, which has been consolidated since April 2012, has
extended this cluster. The new Imtech company is working in several growth
markets and is performing extremely well. On balance, EBITA growth amounts to
14%.
Key figures UK & Ireland, Spain & Turkey
HY 2012 | HY 2011 | Growth |
| | |
Revenue (in millions of euro) 425 | 320 | +33% |
| | |
EBITA (in millions of euro) 19.6 | 17.2 | +14% |
| | |
EBITA margin 4.6% | 5.4% | |
| | |
Order book (in millions of euro) 987 | 605 | +63% |
| | |
Number of employees (on 30 June) 6,415 | 5,129 | +25% |
Robust growth in the UK & Ireland
Despite complicated market conditions the UK's performance can be classified as
excellent. Both the 2011 acquisitions - Inviron (technical maintenance and
management) and the Smith Group UK (a regional player in Manchester) - are
developing well. The strategic focus was broadened from the buildings market to
include the water, energy and environmental markets. This has led to growth. The
acquisition of Capula, a specialist in solutions for process automation in the
industry and energy market (power plants, power distribution and networks), at
the end of May 2012, has strengthened Imtech's position in the industry and
energy market. Imtech has also achieved robust organic growth in the water and
energy market and is specialised in the innovative anaerobic digestion
technology with which sewage is converted into sustainable energy in biogas
power plants. Large projects are on-going for Welsh Water, Thames Water, Anglian
Water Services and Northumbrian Water. In technical maintenance and airports
Imtech is doing very well. A number of new maintenance contracts have been
acquired including one from the Capital Shopping Centre. Imtech is responsible
for renovating the runway lighting at both Heathrow and Gatwick Airport. Further
growth has been achieved in the buildings market in the Greater London region
where Imtech is involved in numerous technical facilities and stand-by services
related to the Olympic Games and is also active on a broad front. Examples
include the Canadian Water Library in Southwark, a multifunctional development
in Lambeth, sustainable government buildings such as for Croydon Council and the
technological upgrading of department stores including John Lewis. Imtech is
also involved in many projects outside London, including the sustainable head
office of Waters Corporation in Wilmslow.
In Ireland investments in the pharmaceutical industry are gradually increasing.
With specific competencies in electrical services and instrumentation (E&I),
Imtech is playing a role in this, for example for Pfizer. These solutions are
also being exported, mainly to the oil & gas industry in Kazakhstan but also to
the Middle East and Norway. The overall picture is one of further growth.
Spain & Turkey: Spain hit by economic crisis, Turkey a new growth market
Spain has been hit hard by the economic crisis and market conditions are
extremely challenging. Public and private investments in the buildings market
have dropped sharply. Increasing competition has put the margins in the
industrial sector under pressure and the volume has also decreased
significantly. Imtech's strategy is to offer more efficient forms of contracts,
such as a total maintenance plan for container terminals for AP Møller
Terminals. New concepts for effective (economical) maintenance are also being
developed for the oil & gas market. In the energy market a position has been
built-up with energy (maintenance) contracts, including for power plants for the
energy supplier Endesa and the Molina de Segura Hospital in Murcia. The care &
cure sector is another spearhead. Imtech offers a combination of technical
infrastructure and technical services around medical equipment, for example in
Burgos hospital. Other markets are tank storage, thermal solar energy and data
centres. Imtech is also focusing on restructuring measures such as reducing the
number of employees, improving efficiency and the clustering of regional
offices. On balance, the overall EBITA is considerably lower than for the first
half of last year. The first steps have been taken to follow existing clients
who are also active outside Spain, for instance in South America.
The acquisition of AE Arma-Elektropanç in Turkey (80% of the shares) offers
Imtech the possibility to penetrate new, opportunity-rich markets. The new
multidisciplinary Imtech company is a top-3 player in the Turkish technical
services market where there is a high demand for high-value technical solutions.
In addition to activities in its own country the company is also active in
emerging markets such as the Middle East, Russia and former Soviet republics. A
well spread of customers, countries and market segments in a fast-growing market
is leading to numerous growth opportunities. Recent large orders are the
technical infrastructure in two new, 335 metre high, office buildings in the
centre of Moscow, the extension of the marine faculty of Piri Reis University in
Istanbul, all the electrical services in an Unilever ice-cream factory in Konya
in Turkey and the extension of Pulkovo Airport in Saint Petersburg. The exchange
of knowledge within the existing Imtech portfolio has led to activities in the
data centre market. Further growth is expected.
Nordic: clustering competencies leads to growth
In the Nordic region in general economic conditions are good and there is a
growing demand for technical services, although development in several regions
in Sweden is somewhat hesitant. Imtech is able to respond to this growing demand
with a broad pallet of technical services. More and more often the Imtech
companies NVS (mechanical services), NEA (electrical services), and Sydtotal
(energy, high-quality air and climate solutions) are working together with the
objective to offer multidisciplinary technical total solutions. This is leading
to significant growth - the EBITA in this cluster has risen by 14%. This growth
is the result of organic growth, growth resulting from acquisitions in 2011 and
2012 and the deconsolidation of technical trading activities in Sweden in 2011.
Key figures Nordic
HY 2012 | HY 2011 | Growth |
| | |
Revenue (in millions of euro) 370 | 322 | +15% |
| | |
EBITA (in millions of euro) 22.6 | 19.8 | +14% |
| | |
EBITA margin 6.1% | 6.1% | |
| | |
Order book (in millions of euro) 651 | 523 | +24% |
| | |
Number of employees (on 30 June) 5,038 | 4,718 | +7% |
Good examples of multidisciplinary cooperation between the various Imtech
companies are ESS (European Spallation Source, a particle accelerator comparable
to CERN in Geneva), the MaxLab IV (a research centre for synchronous radiation
research), the expansion of a factory for high voltage products in Ludvika and
the Hotel Gothia Towers in Gothenburg. Care & cure is a growth segment. The
Swedish government in particular is investing in the modernisation of hospitals.
Imtech's response has resulted in a large number of orders including from the
Karolinska Hospital in Stockholm and the University Hospital in Linköping.
Imtech is also involved in the expansion of the Vasa Museum in Stockholm. In
Norway significant growth has been achieved. In the energy market Imtech has
further extended the breadth and depth of its activities. Examples include
energy-saving projects for regional authorities (including Regi Council in
Karlstad) and advanced thermal energy solutions in the 'Tältlägret 7' apartment
complex in Stockholm. Imtech is also active in several large power plants. New
important customers include industrial manufacturer Atlas Copco and Medicon
Valley in Lund. In the industrial market Imtech also works for Outokumpu
Stainless and ABB. Imtech is responsible for a number of electrical services
upgrades for Volvo in Skövde and has started a trial project in the broadband
market with telecom provider Telia. During the first half of 2012 the activities
in the Nordic were strengthened by the acquisition of four smaller technical
services providers (around 100 employees in total) - the Norwegian Steinar
Holbæk and the Swedish technical services providers Värnamo Elservice, VVS
Montage i Dalarna and Fagersta Industri EL. These smaller acquisitions have
either added supplementary technical competencies to Imtech's portfolio or have
strengthened Imtech's regional presence.
ICT, Traffic & Marine: on balance a slight growth
Imtech is an outperformer in the European ICT market and has, once again,
achieved an excellent growth performance. In the European traffic market Imtech
has performed stable despite governmental cutbacks. In the global marine new
build market the decrease in volume in the Northwest Europe region has not been
sufficiently compensated by continued growth in services and management. At the
end of the first half year the marine order intake showed a recovery. On
balance, the picture is one of slight growth. The EBITA has risen by 6%.
Key figures ICT, Traffic & Marine
HY 2012 | HY 2011 | Growth |
| | |
Revenue (in millions of euro) 612 | 521 | +17% |
| | |
EBITA (in millions of euro) 33.8 | 32.0 | +6% |
| | |
EBITA margin 5.5% | 6.1% | |
| | |
Order book (in millions of euro) 1,098 | 1,045 | +5% |
| | |
Number of employees (on 30 June) 5,908 | 5,188 | +14% |
ICT: another excellent growth performance
Unlike many of its competitors Imtech has developed excellent in the European
ICT market, despite varied market conditions in various countries. Imtech has
also performed very well in the Asian growth market. The basis for this growth
performance is decentralised entrepreneurship combined with an unambiguous
strategic focus on business intelligence (strategic and tactical data streams),
cloud-based computing (sharing the available computer infrastructure), managed
services (management of business critical applications and complex IT
environments), ERP software (management of business processes) and collaboration
(cooperation in social networks). This strategy has led to further growth, both
organic and through acquisitions completed in 2011. Collaboration with Imtech
partners IBM, Microsoft and Cisco offer customers added value. In Germany, for
example, this has led to a strengthening of the position in the collaboration
and business analytics markets, including new orders from Deutsche Bahn, Edeka,
Bette and Lanxess. In the public sector Imtech (Fritz & Macziol) has a leading
position in Germany and Switzerland with accounting software in over 1,000
municipalities. The Swiss canton of Graubünden, which includes the cities of
Davos and St. Moritz, is a new customer. Imtech has also strengthened its
position in Asia, for example in the retail and telecommunications markets. In
the Netherlands Imtech has held fast to the robust growth of 2011. Orders
received include the IT infrastructure in the new Ministries of the Interior and
Justice building, the Rijksmuseum in Amsterdam and various education
establishments. Software orders came from Amsterdam Airport Schiphol and the
funeral company Monuta. Imtech is also doing well in Belgium, including with the
equipping of a high-tech data platform for Bayer Bioscience and outsourcing
services for BT. In Austria Imtech is supplying numerous IT services to yarn
manufacturer Coats and aluminium manufacturer Nemak and has received larger
orders for IBM technology for hosting and IT maintenance from various government
institutions and Sony. Imtech is developing dynamically in the logistics
software market. In Sweden Qbranch, which was acquired in 2011, has signed a
number of large IT outsourcing agreements including one with Swedavia, the owner
of Sweden's major airports. Konsumentverket, Vectura and TLV have also opted to
outsource their IT to Imtech. In the UK a sizeable multi-year order has been
received for the pan-European research and teaching network GÉANT to which
millions of researchers and students are connected. Imtech is also responsible
for the IT infrastructure behind numerous BBC internet services related to the
Olympic Games.
Traffic: technological integration, position extension, stable performance
Despite lower governmental investments Imtech's performance has remained stable.
The strategy is aimed, successfully, at the further broadening of positions. In
Dublin a multi-year contract has been won for the maintenance of 800 traffic
lights, including traffic management. In Copenhagen an order has been won for a
traffic management system covering all 365 road junctions. These projects open
the way to further approaches to the markets in Ireland and Denmark. Both
projects are examples of technological integration. This leads to higher added
value at competitive prices. This strategy has also resulted in an international
breakthrough for ImFlow, a high-tech, adaptive traffic management system that
won the prestigious Intertraffic Innovation Award. This integral traffic
solution makes the real-time translation of traffic policy possible, enables the
traffic infrastructure to be utilised more efficiently, improves traffic flow
and reduces pressure on the environment. The first international requests for
this innovation have been received. In the UK Imtech has acquired important
framework contracts for consultancy related to TMT002 (Traffic Management
Technology) and STSS (Specialist Technology Support Services). This will lead to
substantial spin-off. Orders for intelligent road junction management have been
received from Russia, Finland and Poland and form a basis for further growth.
South Africa is also interested in this Imtech technology. Imtech is a major
player in the traffic centre market and has recently completed various traffic
centres in the Netherlands and the UK. In Finland the position has been
strengthened by the acquisition of two related companies - SSR and Polar. SSR
provides total solutions in the traffic market, for example controllers and
traffic information, as well as urban and motorway traffic systems. SSR and
Imtech are already working together in several Finnish tunnels. SSR and Imtech
complement each other, which will strengthen the position in Finland and will
lead to further growth. Polar specialises in process automation, especially in
industry, and will be transferred to the Nordic in time. In the global parking
market Imtech's performance is excellent, for example in the USA, Canada and
Brazil.
Marine: growth in services, mixed picture per segment and region
During this year the various marine business units have started working under a
single name: Imtech Marine. This creates the desired clarity, both internally
and externally, and strengthens Imtech's position as a leading player in the
global marine market with activities in more than 25 countries. The strategy is
focused on multi-facetted growth. On the one hand Imtech is opening additional
service stations along the major shipping routes and during the first half of
2012 amongst other in the USA, the UK and Africa. These service stations, which
used to focus on navigation and communication technology, now offer the full
Imtech maritime services package. This is leading to cross-selling and further
growth, for example in China where orders for a number of automated bridge
systems have been received. On the other hand, Imtech is growing by offering
life-cycle solutions; from consultancy in the design phase up to and including
servicing the ship during the operating phase. A new development is that these
services are now also offered remotely - digitally, 24/7, around the globe. Ship
owners are increasingly switching to this concept, for one reason because it
improves exploitation. All these initiatives are leading to the robust growth of
the services activities. In the new-build segment the picture varies per segment
and region. In the naval vessel market Imtech is firmly on course. There are new
international orders in South America, the Middle East and Asia. Recently, the
first of four new patrol vessels was transferred to the Dutch navy. Imtech is
also involved in the modernisation of Dutch submarines and a new Joint Support
Ship. The Turkish navy placed an order for a total package of electrical systems
on board three vessels. In the market for offshore and special ships orders have
been received for a deep-sea research ship and a seismic research ship. Imtech
is leading the way in the 'green' solutions market, for example with orders for
hybrid ferry boats in Scotland and energy management applications. Although
conditions in the market for luxury yachts, cruise liners and cargo vessels are
challenging, Imtech is involved in the engineering phase of several large
projects and has acquired a number of medium-sized and smaller projects. The
recent acquisitions in Turkey (2010) and Canada (2011) are developing extremely
well under the wings of financially strong Imtech. Imtech is performing well in
Turkey, Canada, the Middle East, Asia and China. Southern Europe is stable. The
Northwest Europe region (the Netherlands and Germany) has shown a decline. Here
restructuring has taken place, partly in the context of the integration of
services and new- build activities. At the end of the reporting period the order
intake showed a recovery.
Acquisitions - the accelerator for future growth
During the first half of 2012 Imtech, in-line with its 2015 strategic growth
plan, once again acquired a number of companies. The most important acquisitions
took place in:
* Turkey: a strong base position acquired
The acquisition of 80% of the shares in multidisciplinary technical services
provider AE Arma-Elektropanç (1,200 employees, annual revenue of around 90
million euro) has brought Imtech a top-3 position in Turkey. In addition to
activities in its own country the new Imtech company is increasingly active
in emerging markets such as the Middle East, Russia and various former
Soviet republics. AE Arma-Elektropanç has an excellent reputation for
providing technical services, mainly in large projects. The activities are
well spread across a range of market segments.
* The UK: the position in energy and industry strengthened
The acquisition of Capula (over 180 employees, annual revenue of around 40
million pounds sterling) has gained Imtech a strong position in process
automation in the energy and energy facilities markets. But the new Imtech
company is also active in and around complex technical facilities in the
environmental market, the waste water treatment market and the industrial
oil & gas market. Capula stands out through the high degree of IT
integration in its solutions and is a front-runner in new developments such
as waste-to-energy, CO2 capture and CO2 storage.
* Traffic: position in Finland strengthened
The acquisition of the associated technical services providers SSR and Polar
(in total 50 employees, annual revenue of around 15 million euro) has
further strengthened Imtech's position in Finland in both the traffic &
infra and industry markets. SSR is active in the traffic and public lighting
markets throughout Finland. Polar specialises in process automation in
sectors such as industry, energy, mining, steel, timber processing and
chemicals. SSR and Imtech Traffic & Infra are already working together in
various Finnish traffic projects, including tunnels. Polar will be
transferred to Imtech's existing industrial activities in Finland in time.
Several smaller technical services providers in the Nordic region have also been
acquired and the position in the Benelux care & cure market has been
strengthened by the acquisition of a leading technology specialist in the
growing medical equipment market (acquisition at the end of 2011, consolidation
as of January 2012).
The total acquisition price of the acquisitions (including earn-out) amounted to
99 million euro. The combined annual revenue of all the acquired companies
amounts to around 185 million euro. The number of new employees is around
1,500. All the acquired companies are contributing towards profit per share. The
total annual contribution towards the EBITA amounts to around 14 million euro.
Of the acquisition costs, recognised under Group management costs in the
financial appendix, 2.4 million euro has been charged to the result (first half
of 2011: 1.2 million euro).
Imtech emphasises that the objective of all the acquisitions is the achievement
of future strategic growth through their integration into and intensive
cooperation with existing Imtech activities. This will lead to additional growth
of both the acquired companies and the existing Imtech portfolio. Imtech will
continue seeking further strategic acquisitions in the second half of 2012.
The number of employees up by 9% to over 29,000
The overall effect of reorganisations and acquisitions was that on 30 June 2012
the number of employees was 29,128 - an increase of 9% compared with the 26,829
employees on 30 June 2011. The main concern for the future remains the
availability of qualified and experienced employees. This is why Imtech will
continue investing in training programmes at both a management and technical
level, ensuring it stands out from the competition through labour market
communication (for example through its sponsoring of the European beach
volleyball tour) and focusses on retaining its existing employees.
Dutch pension provisions transferred
After carefully weighing all the interests and after a statement of no objection
by De Nederlandsche Bank, the Imtech pension fund's Board and the Participants
Board decided to terminate the fund as of 1 June 2012. The pensions of some of
the participants have been placed with an insurance company and the pensions of
the remaining participants have been placed with the Pensioenfonds Metaal en
Techniek.
Maintaining the 2015 strategic growth plan targets
Imtech's long-term growth target for 2015 - revenue of 8 billion euro with an
operational EBITA margin of between 6% and 7% - remains unchanged.
Maintaining to the outlook for the full year 2012
Imtech is maintaining the forecast for the full year 2012 expressed in February
2012: according to its current views the Board of Management expects a further
EBITA increase for the full year 2012 through organic growth and acquisitions.
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For more information
Media: Analysts & investors:
Pieter Koenders Jeroen Leenaers
Director Group Communications Manager Investor Relations
T: +31 655 74 65 85 T: +31 182 543 504
E: pieter.koenders(at)imtech.eu E: jeroen.leenaers(at)imtech.eu
www.imtech.eu www.imtech.eu
Mark Salomons
General Counsel
T: +31 182 543 514
E: mark.salomons(at)imtech.eu
www.imtech.eu
Imtech profile
Royal Imtech N.V. is a European technical services provider in the fields of
electrical solutions, ICT (information and communication technology) and
mechanical solutions. With 29,000 employees, Imtech achieves annual revenue of
more than 5.1 billion euro. Imtech holds strong positions in the buildings and
industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria,
Eastern Europe, Sweden, Norway, Finland, the UK, Ireland, Turkey and Spain, the
European markets of ICT and Traffic as well as in the global marine market. In
total Imtech serves 23,000 customers. Imtech offers added value with integrated
and multidisciplinary total solutions that lead to better business processes and
more efficiency for customers and the customers they, in their turn, serve.
Imtech also offers solutions that contribute towards a sustainable society, for
example in the areas of energy, the environment, water and traffic. Imtech
shares are listed on the NYSE Euronext Amsterdam, where Imtech is included in
the Midkap Index. Imtech shares are also included in the Dow Jones STOXX 600
index.
Financial calendar
* Trading update third quarter of 2012: 30 October 2012
* Publication of 2012 annual figures, press conference and analysts' meeting:
5 February 2013
* General Meeting of Shareholders: 3 April 2013
Analysts' meeting 31 July 2012, live transmission via Internet (webcast)
From 11.00 hrs an analysts' meeting will be held in the Mövenpick Hotel, Piet
Heinkade 11, 1019 BR Amsterdam. This analysts' meeting will be transmitted live
via the Internet (www.imtech.com) from 11.00 hrs until around 12.00 hrs and
after this time will also be available on the website.
Photography
Photographs of several projects and the Board of Management are available to the
media via Fotopersbureau Dijkstra. For further information: Fotopersbureau
Dijkstra, telephone +31 (0)297 56 68 83, E-mail: dykfoto(at)wxs.nl.
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The pdf contains the complete press release, including tables
pdf version of press release:
http://hugin.info/130755/R/1630588/522597.pdf
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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 via Thomson Reuters ONE
[HUG#1630588]
Unternehmensinformation / Kurzprofil:
Datum: 31.07.2012 - 06:55 Uhr
Sprache: Deutsch
News-ID 169979
Anzahl Zeichen: 47281
contact information:
Town:
Gouda
Kategorie:
Business News
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"Imtech: a good first half of 2012, growth despite difficult market conditions; EBITA +12%, revenue +14%, order book +13%, profit per share +8%"
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