Imtech publishes first quarter 2013 results
(Thomson Reuters ONE) -
* Imtech had a difficult first quarter 2013
* Revenue at 1,211 million euro, stable versus Q1 2012
* Operational EBITDA of -13.6 million euro versus -48.0 million euro in Q1
2012 (restated)
* Net loss of 59.6 million euro versus a net loss of 79.4 million euro in Q1
2012 (restated)
* Net debt of 1,220 million euro versus 950 million at the end of Q1 2012 and
773 million euro at the end of Q4 2012
* Imtech set new medium term targets
Key figures
in ? million, unless otherwise indicated Q1 2013 Q1 2012* Change
------------------------------------------------------------------------
Revenue and other income 1,210.5 1,220.1 -1%
Operational EBITDA -13.6 -48.0
EBITDA -25.6 -48.0
Operating result (EBIT) -48.8 -66.9
Net result -59.6 -79.4
Order book 6,400 6,400 0%
Net interest-bearing debt 1,220 950
Margins
Operational EBITDA margin -1.1% -3.9%
EBITDA margin -2.1% -3.9%
Employees 30,180 27,674 9%
------------------------------------------------------------------------
Unaudited figures
* Note: restated for comparison purposes
Gouda - Royal Imtech N.V. had a difficult first quarter. Revenue remained stable
despite difficult trading in the Benelux and Germany. Imtech has announced a
restructuring program to improve its cost structure and bring capacity in line
with market conditions in particular in the Benelux and Germany. Usually, Imtech
does not publish detailed first quarter results but is doing so now to provide
shareholders full information in light of recent events.
Gerard van de Aast, CEO: 'The last quarter was a turbulent and difficult one for
Imtech. The investigations in Germany and Poland have been a burden for the
company and a distraction for management and the organisation. Besides difficult
trading, results in the quarter were also impacted by costs associated with the
investigations and financial restructuring related to obtaining a waiver and
amendment from our current main financiers. Imtech now needs to move forward. We
will do so with a new set of management targets and a strengthened set of
business controls in place.'
Comparative figures Q1 2012
The comparative figures for Q1 2012 have been adjusted where relevant and
appropriate in line with the 2012 financial statements. This impact is
particularly relevant in the Benelux and Germany & Eastern Europe. See also the
appendix with the financial summaries for more information.
Net interest-bearing debt and working capital
The net interest-bearing debt in Q1 2013 increased by 448 million euro versus
year-end 2012. The comparative fluctuation in Q1 2012 amounted to 374 million
euro. The increase in net debt is the result of a negative EBITDA in Q1 2013,
the normal Q1 seasonal pattern in working capital, the reversal of year-end
factoring in ICT, pay-out of severance related to the 2012 restructuring plans,
costs associated with the investigations and financial restructuring costs, a
small acquisition impact as announced in December 2012 (paid in January 2013)
and capital expenditure. Within the working capital, the payment terms with
creditors have, to a large extent, been normalised.
Financial performance
Profit and loss statement
in ? million, unless otherwise indicated Q1 2013 Q1 2012* Change
--------------------------------------------------------------------------------
Revenue 1,210.5 1,220.1 -1%
Operational EBITDA -13.6 -48.0
Non-operational costs -12.0 -
EBITDA -25.6 -48.0
Depreciation -11.9 -9.9
Amortisation intangible assets -11.3 -9.0
Operating result (EBIT) -48.8 -66.9
Net finance result -19.1 -13.9
Share of results of associates, joint ventures and other
investments -2.2 0.2
Income tax expense 10.4 1.3
Net result -59.6 -79.4
--------------------------------------------------------------------------------
Unaudited figures
* Note: restated for comparison purposes
Revenue
In Q1 2013, which is seasonally a weak quarter, the revenue remained stable
compared to Q1 2012 despite difficult trading conditions in particular in the
Benelux and Germany & Eastern Europe. These conditions resulted in a revenue
decrease of 18% in Benelux and 12% in Germany. In the UK & Ireland revenue
increased by 18% also impacted by the acquisition of Capula in 2012. In Spain &
Turkey revenue increased by 81% due to the acquisition impact of Turkey. The
revenue in Nordic increased by 9% also impacted by the acquisition of EMC
Talotekniikka in Finland. In ICT, Traffic & Marine the revenue decreased by 2%.
Non-operational costs
In Q1 2013 the non-operational costs amounted to 12.0 million euro and relate to
costs made for restructuring, predominantly in Nordic, and 9 million euro for
advisory costs related to the investigations and financial restructuring.
EBITDA
As a result of the write-offs recorded in 2012, a comparison of EBITDA at group
level is less meaningful. In UK & Ireland, EBITDA increased by 9%. The Nordic
EBITDA decreased by 64% as a result of integration costs, increased margin
pressure and slight delays at a number of new projects. For ICT, Traffic &
Marine, EBITDA decreased by 23% as a result of margin pressure within ICT and
disappointing project results in Traffic which results in a loss and Marine
improved its EBITDA although impacted by lower results in the services
activities and some delays at large projects. Group management costs increased
by 3.6 million euro, including the 9 million euro for advisory costs related to
the investigations and financial restructuring.
Depreciation and Amortisation
The increase in depreciation to 11.9 million euro is in line with the growth of
the company. Amortisation of intangible assets amounted to 11.3 million euro by
an increase of 2.3 million euro, primarily due to the impact of acquisitions.
Net finance result
In Q1 2013, the net finance result decreased by 5.2 million euro to -19.1
million euro. The net finance result includes the net interest expenses on the
net interest-bearing debt position, part of financial restructuring costs, 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 12.2 million euro compared to 10.1 million
euro in Q1 2012. The increase is related to the increase of net interest bearing
debt. The financial restructuring costs, consisting mainly of bank fees,
included in the net finance results amounted to 3.6 million euro.
Tax
In Q1 2013 the tax expense (credit) increased compared to Q1 2012 due to fewer
losses for which potential tax benefits could not be fully recognized.
Result for the period, result per share
in ? million, unless otherwise indicated Q1 2013 Q1 2012*
---------------------------------------------------------------
Net result -59.6 -79.4
Non-controlling interests 1.4 1.1
---------------------
Net result for shareholders -60.9 -80.5
Amortisation intangible assets 11.3 9.0
---------------------
Adjusted net result for shareholders -49.7 -71.5
Basic earnings per share -0.70 -0.90
---------------------------------------------------------------
Unaudited figures
* Note: restated for comparison purposes
Balance sheet
Selected balance sheet items
in ? million, unless otherwise indicated Q1 2013 Q4 2012
----------------------------------------------------------------
Intangibles 1,319.9 1,299.7
Other fixed assets 244.3 237.3
Assets held for sale 27.6 27.6
Working capital 430.3 68.4
----------------------
Capital employed 2,022.1 1,633.1
Equity 503.8 556.6
Net interest-bearing debt 1,220.7 773.1
Other LT liab. / liab. held for sale 44.4 49.8
Provisions 253.1 253.6
----------------------
2,022.1 1,633.1
----------------------------------------------------------------
Unaudited figures
Working capital
in ? million, unless otherwise indicated Q1 2013 Q4 2012
----------------------------------------------------------------
Work in progress 341.7 264.9
Trade receivable 1,106.5 1,132.1
Other current assets 348.4 283.6
Accounts payable -709.4 -890.8
Other current liabilities -656.9 -721.4
Working capital 430.3 68.4
As % of LTM revenue 8.0% 1.3%
----------------------------------------------------------------
Unaudited figures
The net interest-bearing debt in Q1 2013 increased by 448 million euro versus
year-end 2012. The comparative fluctuation in Q1 2012 amounted to 374 million
euro. The increase in net debt is the result of a negative EBITDA in Q1 2013,
the normal Q1 seasonal pattern in working capital, the reversal of year-end
factoring in ICT, pay-out of severance related to the 2012 restructuring plans,
costs associated with the investigations and financial restructuring costs, a
small acquisition impact as announced in December 2012 (paid in January 2013)
and capital expenditure. Within the working capital, the payment terms with
creditors have, to a large extent, been normalised.
Operational and financial restructuring 2013
Operational restructuring
Taking into account the ongoing difficult market conditions in the Netherlands,
it has been decided to implement a restructuring programme in order to
strengthen the competitiveness and profitability of our companies in the
Netherlands as announced on 23 April 2013. This mainly concerns capacity
reductions in the office buildings and Infra businesses in response to the
structurally lower market volumes and outlook.
Further, a cost-savings and efficiency programme has also commenced in Germany.
The planned personnel and cost reductions will further support our German
operations' effectiveness and profitability.
Various smaller efficiency programmes will be implemented at other Imtech
companies. The total anticipated restructuring charges in 2013 will amount to
approximately 80 million euro and will lead to a loss of approximately 1,300
jobs, particularly in the Netherlands (550 jobs) and Germany (550 jobs). This
charge will be included in Q2 2013. Imtech is in consultation with the Works
Council and trade unions regarding implementation of the restructuring plan.
Implementation has started and will principally be completed before the end of
2013.
Financial restructuring
Due to the situation that has arisen in the beginning of 2013, we had to make
substantial out of pocket costs for approximately 110 million euro. These costs
include fees for (forensic) investigations, financial advisors, cost of the
auditor, underwriting of the rights issue, arrangement for the bridge facility,
one-off waiver fees for lenders and miscellaneous other costs.
Performance by operating cluster
Benelux
in ? million, unless otherwise indicated Q1 2013 Q1 2012* Change
------------------------------------------------------------------------
Revenue 208.6 252.9 -18%
EBITDA -4.8 -14.0
EBITDA margin -2.3% -5.6%
Order book 1,201 1,288 -7%
Number of employees 5,914 6,294 -6%
------------------------------------------------------------------------
Unaudited figures
* Note: restated for comparison purposes
The revenue in Benelux decreased by 18%, reflecting ongoing difficult market
circumstances and adverse weather conditions. The ongoing difficult market
conditions have given the necessity for an additional restructuring (in addition
to the restructuring programme 2012) to reduce our headcount by another 550 jobs
to reduce our cost structure and bring the capacity in line with market
conditions. The restructuring costs are not included yet. The order book
decreased by 7%. The headcount decreased 6% due to the 2012 restructuring
program.
Germany & Eastern Europe
in ? million, unless otherwise indicated Q1 2013 Q1 2012* Change
------------------------------------------------------------------------
Revenue 253.0 287.8 -12%
EBITDA -25.5 -45.8
EBITDA margin -10.1% -15.9%
Order book 2,400 2,600 -8%
Number of employees 5,635 5,443 4%
------------------------------------------------------------------------
Unaudited figures
* Note: restated for comparison purposes
In Germany & Eastern Europe, the revenue decreased by 12% as a result of the
difficult circumstances for the cluster Germany & Eastern Europe. To bring the
cost structure in line with the current market conditions and target margin
range, we have announced earlier a costs-savings programme and restructuring to
reduce our headcount by 550 jobs. The order book decreased by 8%.
UK & Ireland
in ? million, unless otherwise indicated Q1 2013 Q1 2012 Change
-----------------------------------------------------------------------
Revenue 182.6 154.3 18%
EBITDA 7.2 6.7 9%
EBITDA margin 4.0% 4.3%
Order book 582 541 8%
Number of employees 3,758 3,217 17%
-----------------------------------------------------------------------
Unaudited figures
In the UK & Ireland the revenue increased by 18% also impacted by the
acquisition of Capula in May 2012. The EBITDA margin decreased as a consequence
of weak performance of the UK engineering services, which was partly off-set by
the strong performance of the international business. The order book increased
by 8%.
Spain & Turkey
in ? million, unless otherwise indicated Q1 2013 Q1 2012 Change
-----------------------------------------------------------------------
Revenue 61.7 34.1 81%
EBITDA 0.5 -2.7
EBITDA margin 0.8% -8.0%
Order book 335 207 62%
Number of employees 3,278 1,909 72%
-----------------------------------------------------------------------
Unaudited figures
In Spain & Turkey the revenue increased due to the acquisition impact of the
Turkish technical services provider AE Arma-Elektropanç in March 2012. The
revenue in Spain increased by 1% compared to Q1 2012. The EBITDA increased by
3.2 million euro to 0.5 million euro. The order book in Spain was stable and in
Turkey the order book increased.
Nordic
in ? million, unless otherwise indicated Q1 2013 Q1 2012 Change
-----------------------------------------------------------------------
Revenue 211.2 192.9 9%
EBITDA 3.1 8.6 -64%
EBITDA margin 1.4% 4.4%
Order book 807 635 27%
Number of employees 5,529 4,894 13%
-----------------------------------------------------------------------
Unaudited figures
The revenue in Nordic increased by 9% to 211.2 million euro. This increase is
related to the acquisition of the Finnish technical services provider EMC
Talotekniikka, as announced on 18 December 2012, as well as four small
acquisitions in 2012. The EBITDA decreased by 64% reflecting one-off costs
relating to the integration plan carried out in Nordic (approximately 3 million
euro), increased pressure on margins in general as well as a number of new
projects have been slightly delayed. The order book has increased by 27%.
ICT, Traffic & Marine
in ? million, unless otherwise indicated Q1 2013 Q1 2012 Change
-----------------------------------------------------------------------
Revenue 293.3 298.1 -2%
EBITDA 5.9 7.7 -23%
EBITDA margin 2.0% 2.6%
Order book 1,110 1,126 -1%
Number of employees 6,012 5,869 2%
-----------------------------------------------------------------------
Unaudited figures
In ICT, Traffic & Marine the revenue decreased by 2% with a decline in ICT and
growth in Traffic and Marine. The revenue growth in Traffic is related to two
small acquisitions in 2012. ICT had to deal with some margin pressure. Traffic
realised a loss due to disappointing project results. Marine improved its EBITDA
although impacted by lower results in the services activities and some delays at
large projects.
Group management
The group management costs increased by 3.6 million euro to 11.9 million euro,
including 9 million euro for advisory costs related to the investigations and
financial restructuring and increase of number of employees to 54 employees
(2012: 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 2013
In December 2012 the acquisition of the Finnish technical services provider EMC
Talotekniika (EMC) was announced. The transfer of ownership took place in
January 2013. EMC generates approximately 100 million euro revenue on annual
basis with 580 employees.
Medium term targets
Imtech has set new medium term targets including an organic growth of GDP plus,
with additional growth through acquisitions in fragmented markets when the
leverage ratio is below 2.0x. For the EBITDA margin, Imtech aims for a range of
4.0% to 6.0%. With the announced focus on cash, Imtech targets a cash conversion
ratio, based on operational cash flow as percentage of EBITA, of 90% and a
leverage ratio of 1.5-2.0x by the end of 2015. Furthermore dividend pay-out will
be 40% of net result for shareholders as soon as the leverage is below 2.0x.
--------------------------------------------------------------------------------
Growth * Organic growth of GDP plus
* Additional growth through acquisitions in fragmented markets (when
leverage < 2.0x)
Margin * 4%-6% operational EBITDA margin
Cash flow * 90% cash conversion (EBITA)
Leverage * 1.5-2.0x net debt/EBITDA by end of 2015
Dividend * 40% pay-out when leverage is below 2.0x
--------------------------------------------------------------------------------
Open the pdf for the complete press release including appendix
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 30,000 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
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[HUG#1710089]
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Datum: 18.06.2013 - 06:03 Uhr
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News-ID 270517
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