Imtech publishes audited financial statements 2012
(Thomson Reuters ONE) -
* Final waiver and amendment agreement with main financiers
* Rights issue preparations on track
* Publication of audited financial statements 2012 important next step in
recovery plan
* Audited results in line with preliminary figures 2012
Key figures FY2012 FY2011 Change
in ? million, unless otherwise indicated Restated
-----------------------------------------------------------------------------
Revenue and other income 5,432.9 5,064.8 7%
EBITDA -51.7 257.1
EBITDA excluding restructuring cost -1.7 268.1
Operating result (EBIT) -158.5 192.8
Net result -226.3 99.5
Order book 6,409 5,811
Net interest-bearing debt 773.1 575.7
Margins
EBITDA margin -1.0% 5.1%
EBITDA margin (excluding restructuring cost) -0.0% 5.3%
Employees 29,473 27,412 8%
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Note: 2011 restated in accordance with IAS8
Gerard van de Aast, CEO: 'The publication of the audited results brings a
difficult and turbulent period to an end. Imtech must now look forward and
implement the recovery plan. Imtech's core value proposition based on its
technological capabilities and market coverage is still intact. The people at
Imtech will move forward and continue to make serving their customers their top
priority. To all our stakeholders we truly apologize for the turmoil and
disappointment we have caused.'
Final agreement with main financiers
After the identification of the irregularities in Germany and Poland, it was
clear that Imtech was not going to meet its year-end 2012 financial covenants.
On 15 June, Imtech reached final agreement with its main financiers (including
the lenders of the syndicated bank loans, the holders of unsecured senior notes
and its largest guarantee providers) regarding a waiver and amendment agreement
for the outstanding facilities. The main financiers will continue to make their
current facilities available, under amended conditions as stated below. This
agreement gives an important signal to our customers, suppliers, employees and
shareholders and enabled us to finalise the 2012 financial statements. The
amended conditions include:
* No testing of financial covenants for 2013, quarterly testing from Q1 2014
* Step-up in margins: 300 basis points (of which 100 basis point PIK) until
leverage < 2.0x, 175 basis points thereafter.
* Restrictions in relation to new debt, acquisitions, disposals and dividend.
* Security from pledge of shares of material subsidiaries.
Rights issue update
On 27 February, 2013 Imtech announced the intention to strengthen its
shareholders' equity with a rights issue of 500 million Euro. The proceeds of
the rights issue (after the deduction of costs) will be fully utilized for debt
reduction, resulting in a reinforcement of Imtech's capital structure. A more
extensive explanation of the rights issue is included in the agenda of the
Annual General Meeting of shareholders, published on the company's website
(imtech.com). Approval for the rights issue will be requested in the Annual
General Meeting of shareholders on 28 June, 2013. The announced rights issue is
expected to be completed this summer.
Restatement of comparative figures 2011
The financial statements 2012 include the financial effects of several
significant events. These financial effects relate to the financial year 2012
itself and, to a lesser extent, to prior years. These prior year effects have
been corrected in the financial statements 2012, by restating the comparative
figures 2011, in accordance with IAS 8. For further information reference is
made to the notes to the consolidated financial statements 2012 in the annual
report 2012.
Preliminary Annual figures for 2012
Compared to the preliminary annual figures 2012, as published on 21 May 2013,
total equity as at 31 December 2012 and the result for the year 2012 have
remained unchanged. Certain reclassifications have been applied, which are
described below.
Total revenue and total operating expenses have both been adjusted downward,
which has - on balance- no effect on the result from operating activities
(EBIT).
Total working capital has remained unchanged, however with some changes between
individual items within working capital.
Net debt has remained unchanged, but the presentation in the balance sheet has
changed. In accordance with IFRS, upon not meeting the covenants as per 31
December 2012, the total carrying values of the syndicated loans and senior note
facilities have been presented as current liabilities in the financial
statements 2012. This presentation is required, despite having obtained waivers
as per 15 June 2013. Reference is made to note 25 to the consolidated financial
statements in the annual report 2012.
Financial performance
Profit and loss statement FY2012 FY2011 Change
in ? million, unless otherwise indicated Restated
-------------------------------------------------------------------------------
Revenue 5,432.9 5,064.8 7%
EBITDA -51.7 257.1
Depreciation -39.9 -35.3
Amortisation intangible assets -43.6 -29.0
Impairments -23.3 -
Operating result (EBIT) -158.5 192.8
Net finance result -65.9 -52.0
Share of results of associates, joint ventures and 2.9 -
other investments
Income tax expense -4.8 -41.3
Net result -226.3 99.5
-------------------------------------------------------------------------------
Note: 2011 restated in accordance with IAS8
Revenue
In 2012 revenue increased by 7% to 5,432.9 million euro. In the Benelux revenue
decreased by 7% due to difficult market circumstances, especially in the
buildings and infra markets. In Germany & Eastern Europe revenue decreased 9%,
also primarily due to significant events. The revenue in UK & Ireland increased
by 49% also impacted by the acquisition of Capula in the UK. In Spain & Turkey
revenue increased by 27% due to the acquisition of AE Arma-Elektropanç in Turkey
offset by a decrease in Spain. Revenue in Nordic increased by 15% and in ICT,
Traffic & Marine increased by 13%.
EBITDA
For 2012 EBITDA was a loss, primarily due to the write-offs in Poland, Germany
and the Netherlands as well as difficult market conditions in Benelux, Spain and
Marine. The EBITDA in Spain & Turkey was negative. ICT, Traffic & Marine EBITDA
decreased 25%, mainly as a result of margin pressure. The EBITDA of UK & Ireland
increased by 67% and also Nordic EBITDA increased by 9%.
Depreciation, Amortisation and Impairments
The increase of the depreciation to 39.9 million euro is in line with the growth
of the company. Amortisation of intangible assets amounted to 43.6 million euro.
The year-on-year increase was due to the impact of acquisitions in 2012 and
first full year impact of 2011 acquisitions. The impairments of in total 23.3
million euro are related to an impairment on Spanish goodwill of 20 million
euro, 1.0 million euro impairment loss on other intangible assets and 2.3
million euro is an impairment loss on property, plant and equipment.
Net finance result
In 2012, the net finance result decreased by 13.9 million euro to -65.9 million
euro. The net finance result includes the net interest expenses on the net
interest-bearing debt position, as well as net interest expenses on employee
benefits, currency effects, other finance expenses, such as bank guarantees and
factoring fees, and adjustments in the valuation of certain assets and
liabilities.
The net interest expenses amounted to 43.5 million euro compared to 34.2 million
euro in 2011. The increase is related to the increase of net interest-bearing
debt. The net result on employee benefits improved by 1.0 million euro to -8.4
million euro. Foreign currency loss was 4.3 million euro compared to a loss of
1.8 million euro in 2011. The remaining negative effect of 9.7 million euro
(2011: 6.6 million euro) was mainly due to adjustments in the valuation of
certain assets and liabilities.
Tax
In 2012, tax expense of 4.8 million euro was significantly lower compared to
2011 mainly due to write-offs for which potential tax benefits could not be
fully recognised.
Result for the period, result per share FY2012 FY2011
in ? million, unless otherwise indicated Restated
------------------------------------------------------------------
Net result -226.3 99.5
Non-controlling interests 6.7 3.7
--------------------
Net result for shareholders -233.0 95.8
Amortisation & impairment intangible assets 64.6 29.0
--------------------
Adjusted net result for shareholders -168.4 124.8
Basic earnings per share -2.64 1.09
------------------------------------------------------------------
Note: 2011 restated for comparison purposes
Balance sheet
Selected balance sheet items FY2012 FY2011
in ? million, unless otherwise indicated Restated
------------------------------------------------------------------------
Intangibles 1,299.7 1,187.5
Other fixed assets 237.3 231.0
Assets held for sale 27.6 -
Working capital 68.4 229.7
---------------------
Capital employed 1,633.1 1,648.2
Equity 556.6 823.1
Net interest-bearing debt 773.1 575.7
Other LT liabilities / liabilities held for sale 49.8 3.2
Provisions 253.6 246.2
---------------------
1,633.1 1,648.2
------------------------------------------------------------------------
Note: 2011 restated for comparison purposes
Working capital FY2012 FY2011
in ? million, unless otherwise indicated Restated
----------------------------------------------------------------
Work in progress 264.8 306.3
Trade receivable 1,132.1 1,141.9
Other current assets 211.3 283.8
Accounts payable -890.8 -846.6
Other current liabilities -721.4 -583.2
---------------------
Working capital 68.4 229.7
As % of LTM revenue 1.3% 4.5%
----------------------------------------------------------------
Note: 2011 restated for comparison purposes
In 2012, intangibles increased to 1,299.7 million euro due to the acquisitions
in 2012, which are mainly goodwill related. Working capital reduced to 68.4
million euro primarily due to the write-offs in Germany, Poland and the
Netherlands, as well as extension of payment terms to creditors. Total equity
decreased by 266.5 million to 556.6 million euro due to the reported net loss
2012 of 226.3 million euro, paid dividends over 2011 of 34.2 million euro and
6.0 million euro for other items. The net interest-bearing debt increased by
197.4 million euro to 773.1 million euro is primarily a result of the
acquisitions and paid earn-outs for in total 104.2 million euro, capital
expenditures for 80 million euro and a weak cash flow from operating activities.
The assets and liabilities held for sale relate to a developed data centre in
Germany.
Cash flow statement
Selected cash flow statement items FY2012 FY2011
in ? million, unless otherwise indicated Restated
----------------------------------------------------------------------------
Operating cash flow before changes in working capital -58.1 248.0
Changes in working capital 174.6 -41.6
--------------------
Cash flow from operating activities 116.5 206.4
Interest paid -64.8 -45.3
Income tax paid -43.4 -20.2
--------------------
Net cash flow from operating activities 8.3 140.9
Net cash flow from investing activities -156.4 -221.6
Net cash flow from financing activities 7.8 182.8
--------------------
-140.3 102.1
----------------------------------------------------------------------------
Note: 2011 restated for comparison purposes
In 2012 the operating cash flow before changes in working capital was 58.1
million euro negative, primarily due to the reported net loss of 226.3 million
euro. The cash flow from operating activities was 116.5 million euro primarily
due to extending the payment terms with creditors. The net cash flow from
investing activities was 156.4 million euro negative primarily due to
acquisitions and capital expenditures partly offset by proceeds of divestments
of assets.
Performance by operating cluster
Benelux FY2012 FY2011* Change
in ? million, unless otherwise indicated Restated
----------------------------------------------------------------------------
Revenue and other income 957.6 1,027.1 -7%
EBITDA -54.6 26.9
EBITDA excluding restructuring cost -18.9 29.9
EBITDA margin (excluding restructuring cost) -2.0% 2.9%
Order book 1,167 1,241 -6%
Number of employees 6,122 6,434 -5%
----------------------------------------------------------------------------
* Note: 2011 restated for comparison purposes
In Benelux, revenue decreased in 2012 by 7% to 957.6 million euro. The decrease
reflects the difficult market circumstances especially in the buildings and
infra markets. As a result of these difficult markets, a restructuring was
announced in October 2012 to reduce the workforce by 730 employees which led to
costs relating to redundancy payments. The restructuring charge of 35.7 million
euro was recorded in 2012. The restructuring was completed in first half-year
2013. The EBITDA changed into a loss of 54.6 million euro. The order book at the
end of 2012 was 1,167 million euro, a decrease of 6%. The number of employees
was reduced by 5% to 6,122, due to the restructuring programme started in 2012.
Germany & Eastern Europe FY2012 FY2011* Change
in ? million, unless otherwise indicated Restated
-----------------------------------------------------------------------------
Revenue 1,372.1 1,490.4 -9%
EBITDA -132.5 82.2
EBITDA excluding restructuring cost -132.5 82.7
EBITDA margin (excluding restructuring cost) -9.7% 5.6%
Order book 2,485 2,099 18%
Number of employees 5,479 5,326 3%
-----------------------------------------------------------------------------
* Note: 2011 restated for comparison purposes
In Germany & Eastern Europe, the revenue decreased by 9% and EBITDA changed into
a loss primarily due to the write-offs earlier announced, resulting in both a
decrease of revenue and an increase in cost. The expected effect on the
structural profitability of the activities in Germany & Eastern Europe is a
normalised EBITDA level of 4-6%, in line with the industry and group average.
The order book increased by 18% to 2,485 million euro.
UK & Ireland
in ? million, unless otherwise indicated FY2012 FY2011 Change
--------------------------------------------------------------------------
Revenue 750.6 503.4 49%
EBITDA 44.2 26.4 67%
EBITDA excluding restructuring cost 44.2 26.2 69%
EBITDA margin (excluding restructuring cost) 5.9% 5.2%
Order book 575 514 12%
Number of employees 3,598 3,217 12%
--------------------------------------------------------------------------
In the UK & Ireland revenue increased by 49% also impacted by the acquisition of
Capula in May 2012 and some roll-over effect of two acquisitions in 2011. The UK
buildings market was affected by a lack of economic growth and investment driven
by a combination of government cut-backs and the reluctance of the private
sector. In this context, over-capacity in the UK buildings industry has led to a
significant increase in competition and a change in behaviour amongst main
contractors. Despite difficult market conditions in the UK, the company achieved
a good performance, supported by the activities in the UK water market. Despite
the challenging state of the Irish economy, here too a good performance was
achieved. The export of technical solutions to emerging markets was also
substantial. The EBITDA increased in 2012 by 67% to 44.2 million euro and the
EBITDA margin improved to 5.9% compared to 5.2% in 2011. The order book
increased by 12% to 575 million euro.
Spain & Turkey FY2012 FY2011* Change
in ? million, unless otherwise indicated Restated
----------------------------------------------------------------------------
Revenue 234.2 184.3 27%
EBITDA -2.3 4.9
EBITDA excluding restructuring cost 3.1 5.8 -47%
EBITDA margin (excluding restructuring cost) 1.3% 3.2%
Order book 334 210 59%
Number of employees 3,260 1,825 79%
----------------------------------------------------------------------------
* Note: 2011 restated for comparison purposes
The revenue in Spain & Turkey increased by 27% to 234.2 million euro. The
revenue in Spain decreased by 28 million euro to 156 million euro, reflecting
difficult market conditions. Given these conditions, medium and long term
expectations were adjusted and a restructuring programme was executed to adjust
the organisation to the lower market volumes and lower market expectations.
Also, an impairment loss of 20 million euro was taken in 2012. In March 2012,
the Turkish technical services provider AE Arma-Elektropanç was acquired,
contributing 78 million euro to revenue 2012. The EBITDA in 2012 changed into a
loss, due to the loss in Spain which was only partially offset by the EBITDA
profit in Turkey. The order book increased by 59% to 334 million euro.
Nordic
in ? million, unless otherwise indicated FY2012 FY2011 Change
--------------------------------------------------------------------------
Revenue 804.9 698.3 15%
EBITDA 60.3 55.3
EBITDA excluding restructuring cost 60.3 55.3 9%
EBITDA margin (excluding restructuring cost) 7.5% 7.9%
Order book 761 641 19%
Number of employees 4,937 4,746 4%
--------------------------------------------------------------------------
The Nordic revenue increased by 15% to 804.9 million euro. As the level of
integration of the acquisitions has been too low, a new strategy for further
integration was started at the end of 2012. This new strategic direction
includes (1) rebranding of the acquired companies by adapting the Imtech brand
name, (2) co-location of smaller branches in order to facilitate coordination
and reduce costs through economies of scale and (3) setting up a new sales
organisation for nation-wide service customers. The EBITDA increased by 9% to
60.3 million euro. The margin decrease to 7.5% reflects the pressure in some
areas of the cluster. The order book increased by 19% to 761 million euro.
ICT, Traffic & Marine
in ? million, unless otherwise indicated FY2012 FY2011 Change
----------------------------------------------------------------------------
Revenue 1,313.5 1,161.5 13%
EBITDA 62,8 83.9
EBITDA excluding restructuring cost 71.9 84.4 -15%
EBITDA margin (excluding restructuring cost) 5.5% 7.3%
Order book 1,087 1,106 -2%
Number of employees 6,028 5,817 4%
----------------------------------------------------------------------------
In ICT, Traffic & Marine the revenue amounted to 1,313.5 million euro in 2012
compared to 1,161.5 million euro in 2011. For ICT the revenue increased by 20%
to 667.0 million euro also impacted by the acquisition of Capula and the
remaining 50% of F&M Asia in 2011. In Traffic the revenue was 155 million euro
in 2012 compared to 154 million euro in 2011 as a result of two small
acquisitions against a revenue decline in governmental business in some
countries. The Marine business generated a revenue of 492 million euro in 2012,
an increase of 8% compared to 2011. The EBITDA decreased by 23% to 64.5 million
euro. Within ICT the EBITDA increased although the EBITDA margin decreased. The
EBITDA in Traffic and Marine decreased but remained at a positive level. In
2012, a restructuring programme was implemented and finished for the Marine
activities to reduce the workforce in the Dutch and German operations and bring
the cost level in line with the order book levels and market volumes. The order
book decreased by 2% to 1,087 million euro.
Group management
The group management costs increased by 7.1 million euro to 29.6 million euro.
Total number of employees in group management at year-end 2012 are 49 (2011: 48
employees).
Outlook
2013 will be a year of transition. In several markets, in particular the Benelux
and Germany, Imtech has to deal with lower market volumes and has to adjust its
cost base to these market conditions. On 23 April 2013, Imtech announced a
restructuring programme of 80 million euro. As a result of the recent events,
Imtech is in the process of a financial restructuring for which it expects out
of pocket costs of approximately 110 million euro and increased interest margins
going forward. No specific forecasts are being made regarding 2013.
Acquisitions in 2012
In 2012 Imtech acquired 10 companies of which the most important one are in
Turkey, UK & Ireland, Nordic and Traffic.
* In Turkey, Imtech acquired 80% of the shares in the technical services
provider AE Arma-Elektropanç with 1,200 employees and a revenue of
approximately 90 million euro on annual basis. The remaining 20% of the
shares are still owned by the sellers, some of them are member of the
management team of the acquired company.
* In UK & Ireland, the UK system integrator Capula Group with 180 employees
and around 50 million euro revenue on annual basis was acquired.
* In Traffic, Imtech acquired two related Finnish companies SSR and Polar with
in total 50 employees and an annual revenue of approximately 15 million
euro.
The total acquisition price of all acquisitions including earn-outs based on
enterprise value amounted to 107.2 million euro. The total annualised revenue
amounted to around 155 million euro. Total costs made for these acquisitions are
3.8 million euro, which are included in group management costs.
Dividend
No dividend will be paid out for the financial year 2012. As a result of the
waiver and amendment agreement with our main financiers, Imtech will not pay any
dividends as long as it has not reached a leverage ratio of below 2.0x. As soon
as the leverage is below 2.0x, Imtech aims to pay out dividend of 40% of the net
result.
Financial calendar
* 28 June 2013: Annual General Meeting of shareholders in Rotterdam.
The agenda includes discussion of the 2012 annual figures, discussion of the
report to shareholders about the results of the investigations, amendment to
the articles of association and issue of shares for the rights issue, and
amendment of the remuneration policy;
* 2 August 2013: Extraordinary General Meeting of shareholders in Rotterdam.
The agenda includes the adoption of the 2012 Annual Accounts, appointment of
two new supervisory board members;
* 27 August 2013: publication of 2013 semi-annual figures.
Press conference
Today at 10.00 hours (CET) Imtech will organize a press conference in the
Novotel Amsterdam City hotel, Europaboulevard 10 in Amsterdam. This meeting will
be video webcasted via www.imtech.com.
Analyst meeting
Today at 12.00 hours (CET) Imtech will organize a sell-side analyst meeting in
the Novotel Amsterdam City hotel, Europaboulevard 10 in Amsterdam. This meeting
will be video webcasted via www.imtech.com.
More information
Media: Analysts & investors:
Dorien Wietsma Jeroen Leenaers
Director Corporate Communication & CSR Director Investor Relations
T: +31 182 54 35 53 T: +31 182 543 504
E: dorien.wietsma(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
approximately 5.4 billion euro. Imtech holds attractive 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 24,000 customers. Imtech offers 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 AEX Index.
Disclaimer
Please read this carefully as it applies to all persons who read this press
release. This press release contains information and documents relating to an
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eligible to view the contents of that information and those documents.
Accordingly, if you wish to read this information you must first inform yourself
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This press release is for information purposes only and is not intended to
constitute, and should not be construed as, an offer to sell or a solicitation
of any offer to buy securities of Royal Imtech N.V. (the "Company", and such
securities, the "Securities") in the United States, Australia, Canada or Japan
or in any other jurisdiction in which such offer, solicitation or sale would be
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The Securities have not and will not be registered under the U.S. Securities Act
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any authority competent with respect to securities in any state or other
jurisdiction of the United States of America. The Securities may not be offered
or sold in the United States of America absent registration or an exemption from
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of the offering of the Securities in the United States of America or any other
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make a public offering of Securities in the United States.
The Company has not authorized any offer to the public of Securities in any
Member State of the European Economic Area other than the Netherlands. With
respect to any Member State of the European Economic Area, other than the
Netherlands, and which has implemented the Prospectus Directive (each a
"Relevant Member State"), no action has been undertaken or will be undertaken to
make an offer to the public of Securities requiring publication of a prospectus
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Relevant Member States (i) to any legal entity which is a qualified investor as
defined in the Prospectus Directive; or (ii) in any other circumstances falling
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paragraph, the expression "offer of securities to the public" means the
communication in any form and by any means of sufficient information on the
terms of the offer and the Securities to be offered so as to enable the investor
to decide to exercise, purchase or subscribe for the securities, as the same may
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Directive in that Member State and the expression "Prospectus Directive" means
Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to
the extent implemented in the Relevant Member State), and includes any relevant
implementing measure in the Relevant Member State.
The release, publication or distribution of this press release in certain
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inform themselves about, and observe, such restrictions.
This press release does not constitute a prospectus within the meaning of the
Dutch Financial Markets Supervision Act (Wet op het financieel toezicht) and
does not constitute an offer to acquire securities.
Any offer to acquire Securities pursuant to the proposed offering will be made,
and any investor should make his investment, solely on the basis of information
that will be contained in the prospectus to be made generally available in the
Netherlands in connection with such offering. When made generally available,
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PDF: Press Release:
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Source: Imtech via Thomson Reuters ONE
[HUG#1710087]
Unternehmensinformation / Kurzprofil:
Datum: 18.06.2013 - 06:01 Uhr
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