Imtech investigates Polish projects and postpones publication of its 2012 financial statements
(Thomson Reuters ONE) -
· Substantial write-off of at least 100 million euro expected on Polish projects
· Board of Management orders forensic investigation into possible irregularities
· Local Polish management suspended
· Reclassification of cash and cash equivalents in 2012 half-yearly financial
statements
· Write-off will lead to non-fulfilment of covenants with lenders
· EBITA for 2012, before write-off on Polish projects and extraordinary items,
higher than in 2011
· No dividend distribution over 2012 expected
· Annual General Meeting of Shareholders on 3 April 2013 postponed
Gouda, the Netherlands - Royal Imtech N.V. (IM-AE, technical services provider
in and outside Europe) has been severely harmed by lack of financing of its
largest customer in Poland and possible irregularities in respect of Imtech
projects in Poland. Imtech has ordered a forensic investigation into the
situation that has arisen. Pending the findings of this investigation the local
Polish management has been suspended. Imtech's Board of Management expects at
least 100 million euro in already incurred costs will be written-off. Because
the exact amount of the write-off cannot be accurately determined at this
moment, Imtech's financial statements for 2012 cannot be drawn-up. As a result
the presentation of the 2012 financial statements planned for tomorrow, 5
February 2013, and the Annual General Meeting of Shareholders, scheduled for 3
April 2013, have been postponed until further notice. The expectation is that no
dividend will be distributed over 2012.
The consequence of the expected write-off will be that, when its 2012 financial
statements are drawn-up, Imtech will no longer fulfil its covenants with lenders
- average ratios of 3.0 maximum for net debt/EBITDA and 4.0 minimum for interest
coverage. As a result Imtech will begin consultations with its lenders. Imtech
has retained Rabobank as its financial advisor for these consultations.
The write-off of at least 100 million euro relates to three projects for
Adventure World Warsaw and one project involving energy-generating bio power
stations, also in Warsaw. These projects have a combined value of 757 million
euro.
Imtech has established that the advanced payments for the four Polish projects
do not comply with the agreements made with the customer regarding the
availability of the payments to Imtech. This is because the customer has not
secured its financing.
After an initial investigation, and partly based on the annual audit by KPMG,
the Board of Management has decided that a forensic investigation of the
circumstances under which the projects concerned were accepted and executed
should be carried out. Irregularities in these or other Imtech projects in
Poland cannot be ruled out. Pending the findings of this investigation the local
management in Poland has been suspended.
The Board of Management has also determined that a promissory note and pledged
accounts related to the Adventure World Warsaw project - amounting to around
200 million euro - that had been recognised in the half-yearly 2012 financial
statements under cash and cash equivalents must, according to IFRS, be
reclassified under current financial assets. Most of this amount was recognised
as an advance payment under work in progress for the four projects concerned.
This advance payment was considerably higher than the incurred costs. As stated
above, the advance payments have not become available to Imtech. The effect of
this is incorporated in the expected write-off of at least 100 million euro.
Before the write-off on the Polish projects and the reorganisation expense as
announced in October 2012, the EBITA for 2012 was higher than the EBITA in
2011. As at 31 December 2012 the net debt position was around 800 million euro.
Excluding the Polish projects the order book as at 31 December 2012 amounted to
around 6.4 billion euro.
The 'lock-up period' will be extended until the date on which the financial
statements for 2012 are published.
For more information
Media: Analysts & investors:
Mark Salomons Jeroen Leenaers
General Counsel Director Investor Relations
T: +31 182 543 514 T: +31 182 54 35 04
E: mark.salomons(at)imtech.com E: jeroen.leenaers(at)imtech.com
www.imtech.com www.imtech.com
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.
Pdf: Press Release:
http://hugin.info/130755/R/1675160/545624.pdf
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Source: Imtech via Thomson Reuters ONE
[HUG#1675160]
Unternehmensinformation / Kurzprofil:
Datum: 04.02.2013 - 07:31 Uhr
Sprache: Deutsch
News-ID 225650
Anzahl Zeichen: 6640
contact information:
Town:
Gouda
Kategorie:
Business News
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