Royal Imtech publishes half year 2013 figures
(Thomson Reuters ONE) -
Previously announced one-off items and financial expenses largely drive net loss
Imtech
* Revenue slightly down at 2,485 million euro (-2%).
* Operational EBITDA of -46 million euro excluding earlier announced 40
million euro write downs in Benelux and Marine
* Satisfactory order intake of 2,509 million euro
* Net debt end of June, stable at 1,206 million euro compared to Q1 2013
despite cash out for restructuring
* Net proceeds of equity issues of 507 million euro have been used to reduce
net debt
* Improvement programs on track:
- Restructuring program on schedule
- Continued progress on business controls
- Working capital reduced by 133 million euro in second quarter
- 60% of senior management is new
Key figures |
in ? million, unless otherwise indicated HY 2013 HY 2012* / |Q2 2013
--------------------------------------------------------------+-------
Revenue and other income 2,484.9 2,532.0 -2%|1,274.4
|
Operational EBITDA -46.3 -42.3 | -32.6
|
Write downs in Benelux and Marine -40.0 0.0 | -40.0
|
Refinancing and restructuring charges -62.0 0.0 | -50.1
|
EBITDA -148.3 -42.3 | -122.7
|
Operating result (EBIT) -197.7 -82.9 | -148.9
|
Net result -230.5 -112.6 | -170.9
|
Order intake 2,509.0 - |1,437.2
|
Working capital 332.3 - | 332.3
|
Net interest-bearing debt 1,205.9 - |1,205.9
|
|
|
Margins |
|
Operational EBITDA margin -1.9% -1.7% | -2.6%
|
EBITDA margin -6.0% -1.7% | -9.6%
|
|
|
Employees 29,770 29,128 +2%| 29,770
--------------------------------------------------------------+-------
* Note: restated for comparative reference
Gerard van de Aast, CEO: 'The net result in the first half of 2013 at Imtech is
largely driven by several one-off items and financial expenses as previously
announced. Revenue is slightly down and working capital is beginning to decline
in the second quarter. The order intake is satisfactory, given market
circumstances, and in line with revenue. Good new orders are won amongst others
at Shell in the Netherlands, Carl Zeiss in Germany, Merseytravel (Liverpool
based transport authority) in the UK and Marine orders in China. We are well on
track with the implementation of the strengthened business controls and the
restructuring programs are on schedule and will be finalized in the second half
of this year. However, this is just the beginning of the necessary change and
business improvements at Imtech. In particular, we need to improve operational
performance and further reduce working capital. We will do so with a new senior
management team and 29,000 dedicated, highly skilled employees'
Review KPMG
The interim financial statements for 2013 have been reviewed by KPMG Accountants
N.V. Their review report is included on page 22 of these financial statements.
Comparative figures HY 2012
The comparative figures for HY 2012 have been adjusted where relevant and
appropriate in line with the 2012 financial statements. As previously announced
we have consistently allocated the write downs over the quarters pro rata for a
more meaningful comparative reference. See also the appendix with the interim
financial statements for more information.
Change in cluster reporting
In line with the change in internal reporting and managerial division
responsibilities on management board level, we have adjusted our cluster
reporting as from Q2 2013. The activities relating to Infra, which were
previously reported in the cluster Benelux, are now reported in the segment
Traffic & Infra. Furthermore, ICT and Marine, which were previously included in
the cluster ICT, Traffic & Marine are shown as separate segments. The
comparative figures for the HY 2012 and Q1 2013 have been adjusted accordingly.
See also note 5 of the appendix with the interim financial statements for
adjusted comparative figures of the segment reporting.
Financial performance
Profit and loss statement |
in ? million, unless otherwise indicated HY 2013 HY 2012*|Q2 2013
-----------------------------------------------------------------------+-------
Revenue 2,484.9 2,532.0|1,274.4
|
Operational EBITDA -46.3 -42.3| -32.6
|
Write downs Benelux and Marine -40.0 0.0| -40.0
|
Refinancing and restructuring charges -62.0 0.0| -50.1
|
EBITDA -148.3 -42.3| -122.7
|
Depreciation -19.6 -20.2| -7.7
|
Amortisation intangible assets -29.8 -20.4| -18.5
|
Operating result (EBIT) -197.7 -82.9| -148.9
|
Net finance result -56.7 -28.4| -35.2
|
Share of results of associates, joint ventures and |
other |
investments 0.3 1.9| 0.0
|
Income tax expense 23.6 -3.2| 13.2
|
Net result -230.5 -112.6| -170.9
-----------------------------------------------------------------------+-------
* Note: restated for comparative reference
Revenue
In HY 2013, which is seasonally a weak half year, revenue is slightly down
compared to HY 2012 due to difficult trading conditions in the Benelux, Germany
& Eastern Europe and Marine.
Operational EBITDA
As a result of the write-offs recorded in 2012, a comparison of EBITDA at group
level is less meaningful. The operational EBITDA loss equals 46.3 million euro,
excluding the earlier announced write downs of 40 million euro for Benelux and
Marine.
Non-operational costs
The non-operational costs in HY 2013 amounted to 62.0 million euro. In line with
previously announced operational and financial restructuring costs, the total
costs made for restructuring amounted to 49.5 million euro (mainly in Benelux
and Traffic & Infra) and to 12.5 million euro for advisory costs related to the
investigations and financial restructuring.
Depreciation and Amortisation
The depreciation amounted to 19.6 million euro and is in line with the
development of the property, plant and equipment amount on the balance sheet.
Amortisation of intangible assets amounted to 29.8 million euro. The accelerated
amortisation of the brand name NVS in Nordic, as our business in Nordic is
implementing the Imtech brand name, counts for 5.6 million euro of the increase.
Net finance result
In HY 2013, the net finance result decreased by 28.3 million euro to -56.7
million euro. The net finance result includes amongst other net interest
expenses (HY 2013: 25.9 million euro, HY 2012: 21.3 million euro), waiver fees
(13.2 million euro), employee benefits (HY 2013: 3.6 million euro, HY 2012: 4.3
million euro) and other.
Tax
The effective tax rate for HY 2013 amounted to 9.3% positive (HY 2012: 2.9%
negative). The effective tax rate is significantly impacted by losses made in
2013. Part of these losses do not result in a direct tax credit.
Result for the period, result per share |
in ? million, unless otherwise indicated HY 2013 HY 2012* | Q2 2013
----------------------------------------------------------------+---------
Net result -230.5 -112.6 | -170.9
|
Non-controlling interests 2.7 2.9 | 1.3
---------------------+---------
Net result for shareholders -233.2 -115.5 | -172.2
|
Amortisation intangible assets 29.8 20.4 | 18.5
---------------------+---------
Adjusted net result for shareholders -203.4 -95.1 | -153.7
|
|
|
Basic earnings per share[1] -2.62 -1.32 |
----------------------------------------------------------------+---------
* Note: restated for comparative reference
[1] Based on the average number of outstanding shares per 30 June 2013.
Order intake
Order intake Revenue Order book
in ? million, unless otherwise indicated HY13 HY13 HY13
-----------------------------------------------------------------------------
Benelux 296.0 328.9 936.8
Germany & Eastern Europe 452.0 513.5 2,200.8
UK & Ireland 339.1 374.7 512.1
Nordic 508.3 451.8 772.2
Spain & Turkey 154.7 125.5 348.9
ICT 312.8 302.8 187.8
Traffic & Infra 211.8 189.2 451.6
Marine 234.3 192.7 801.1
Other 5.8
--------------------------------
Total 2,509.0 2,484.9 6,211.3
-----------------------------------------------------------------------------
During HY 2013 the order intake at group level has been satisfactory at 2,509
million euro and in line with revenue. The order intake in Benelux and Germany &
Eastern Europe was lower than revenue in HY 2013. In the UK & Ireland order
intake was lower than revenue as a result of high production levels at projects
in Kazakhstan. For Nordic, Spain & Turkey, ICT, Traffic & Infra and Marine the
order intake was higher than revenue HY 2013. The order book at the end of June
2013 was negatively impacted by 70 million euro currency exchange rates.
Balance sheet
Selected balance sheet items
in ? million, unless otherwise indicated Q2 2013 Q1 2013 Q4 2012
------------------------------------------------------------------------
Property, Plant & Equipment 162.7 170.9 170.8
Goodwill & other intangible assets 1,277.9 1,320.0 1,299.7
Other non-current assets 76.5 73.3 66.5
Assets held for sale 26.5 27.6 27.6
Working capital 332.3 464.8 106.3
-------------------------
Capital employed 1,875.9 2,056.6 1,670.9
Equity 291.6[2] 467.9 524.5
Net interest-bearing debt 1,205.9 1,222.4 773.0
Other (non-interest bearing) LT liabilities 25.1 25.1 25.1
Restructuring provisions 50.5 22.1 24.1
Other liabilities 302.8 319.1 324.2
-------------------------
Funding 1,875.9 2,056.6 1,670.9
------------------------------------------------------------------------
[2] Total equity before completion at 31 July 2013 of the rights issue of
ordinary shares and the issue of cumulative financing preference shares in the
first week of August.
Working capital
in ? million, unless otherwise indicated Q2 2013 Q1 2013 Q4 2012
----------------------------------------------------------------------------
Inventories 81.8 94.5 80.0
Work in progress 347.5 341.7 264.8
Trade receivables 938.7 1,094.8 1,128.6
Other receivables 245.0 255.6 194.0
Income tax receivables 10.9 10.0 13.3
------------------------------
1,623.9 1,796.6 1,680.8
Trade payables 722.6 689.5 890.8
Other payables 544.4 607.6 652.9
Income tax payables 24.6 34.7 30.8
------------------------------
1,291.6 1,331.8 1,574.5
Working capital 332.3 464.8 106.3
As % of LTM revenue 6.2% 8.6% 2.0%
----------------------------------------------------------------------------
Net amount trade receivables (aging)
in ? million, unless otherwise indicated Q2 2013 Q1 2013 Q4 2012
---------------------------------------------------------------------------
Not past due 664.3 707.2 767.8
Past due <180 days 146.6 252.2 228.7
Past due >180 days 127.8 135.4 135.5
------------------------------
Total 938.7 1,094.8 1,132.0
---------------------------------------------------------------------------
Capital employed increased by 204.9 million euro in HY 2013, mainly impacted by
the increase of working capital and a decrease of goodwill & other intangible
assets. The working capital increased in HY 2013 by 226.0 million euro due to
normal HY seasonal pattern in working capital and a release of the payment
stretch to creditors. During the second quarter, progress has been made on
working capital management by reducing working capital with 132.5 million euro.
This reduction is realised by more focus on cash collection, in particular
reducing the overdue trade receivables less than 180 days by 105.6 million euro.
In our trading update of 18 July 2013, we announced to update the impairment
test for both Benelux and Marine based on the lower than expected results HY
2013. The result of this impairment test is that no impairment is necessary at
this moment, although for Marine the headroom has decreased. For more
information, see the appendix with the interim financial statements note 11.
The equity decreased by 232.9 million euro due to the net loss realised in HY
2013. Furthermore, as previously announced we have adopted IAS 19 Employee
Benefits as per financial year 2013. For more information, see also note 4 in
the appendix with the interim financial statements.
The net interest-bearing debt increased by 432.8 million euro to 1,205.9 million
euro as a result of the negative EBITDA HY 2013, the normal HY seasonal pattern
in working capital, de-stretching of creditors, pay-out of severance related to
the 2012 restructuring plans, costs associated with the investigations and
financial restructuring costs, capital expenditure and acquisition impact.
On 31 July 2013, we have completed the rights issue of ordinary shares followed
by the issue of cumulative financing preference shares in the first week of
August to strengthening our balance sheet. With the net proceeds of 507 million
euro we have reduced the net interest-bearing debt position on our balance
sheet.
Cash flow statement
The net cash flow from operating activities in first half year was 359.2 million
euro negative. The cash flow was highly impacted by a net loss of 230.5 million
euro and 175.3 million euro cash out flow on working capital.
The net cash flow from investing activities was -39.1 million euro impacted by
the decision not to do acquisitions as long as the leverage ratio is above 2.0.
During the first half year we spent in total 18.6 million euro, which is related
to the acquisition of the Finnish technical services provider EMC Talotekniikka
as announced already in December 2012 and the earn-outs of previous
acquisitions.
Improvement programs on track
Restructuring program on schedule
The restructuring program in order to strengthen the competitiveness and
profitability of our companies is on track. The anticipated restructuring
charges in 2013 will amount to approximately 80 million euro and will lead to a
loss of approximately 1,300 jobs. At the end of June, 585 jobs have been
reduced, mainly in Benelux and Traffic & Infra, with a total cost of 49.5
million euro. The remaining part of the restructuring program will be executed
in the second half of 2013.
Continued progress on business controls
In the first half year a new set of business controls have been announced and
implementation has been started. Further roll out of these business controls in
the organisation is in progress.
60% of senior management is new
Since 1 January the board of management is new and expanded to four board
members. The new Board of Management has a more operational focus with clear
responsibilities for each of the individual board members.
Within the eight divisions, the managing directors and financial directors of
the Benelux, Germany & Eastern Europe and Marine have been replaced, the
financial director of Nordic has been replaced and the managing directors of UK
& Ireland and Traffic & Infra have been replaced due to retirement. Further, the
corporate staff has been strengthened with new directors of Governance, Risk &
Compliance, Corporate Finance and Corporate Communication & CSR.
Financial restructuring
Due to the situation that has arisen in the beginning of 2013, we estimated to
make substantial expenditures for approximately 110 million euro as previously
announced. These costs include fees for (forensic) investigations, financial
advisors, audit fees, underwriting fees for the rights issue, arrangement fees
for the bridge facility, one-off waiver fees for lenders and miscellaneous other
costs. In the 1st half year 2013 an amount of 63 million euro has been recorded,
of which 14.7 million is allocated to the rights issue and 13.6 million to the
amortised cost of the loans. Included in the profit- and loss account are 12.5
million euro in operating expenses and 13.1 million euro in net finance result.
The remainder of the amount is included in prepaid expenses.
Performance by division
Benelux |
in ? million, unless otherwise indicated HY 2013 HY 2012* | Q2 2013
------------------------------------------------------------------+---------
Revenue 328.9 368.5 | 165.8
|
Operational EBITDA -16.7 -6.5 | -12.9
|
Operational EBITDA margin -5.1% -1.8% | -7.8%
|
Write downs -15.0 0.0 | -15.0
|
EBITDA -48.5 -6.5 | -44.7
|
EBITDA margin -14.7% -1.8% | -27.0%
|
Order intake 296.0 - | 157.2
|
Order book 936.8 - | 936.8
|
Number of employees 4,533 4,975 | 4,533
------------------------------------------------------------------+---------
* Note: restated for comparative reference
In HY 2013 the revenue amounted to 328.9 million euro, reflecting on-going
difficult market circumstances in the buildings services markets in both the
Netherlands and Belgium and the international industry services business. The
local industrial services business remains stable. The decreasing revenue in
combination with fierce competition, project losses and delays in execution
resulted in an operational EBITDA of -16.7 million euro. The write downs in
Benelux amounts to 15 million euro, as announced on 18 July 2013. The previously
announced additional restructuring program is well on track. The related non-
operational costs amounted to 16.8 million euro.
The order intake in the first half year amounted to 296 million euro and was
lower than the revenue as a result of the difficult markets we are operating in.
In HY 2013 good orders have been awarded, like the renewal of the 5 years
maintenance contract for Shell in the Netherlands which represents job
opportunities for hundreds of employees and the DBFMO contract (together with
Ballast Nedam) for a new penitentiary building for the Netherlands Government
Building Agency with a nominal size of approximately 300 million euro, including
25 years maintenance and operating contract. The latter contract will be
included in Q3 2013 order book.
Germany & Eastern Europe |
in ? million, unless otherwise indicated HY 2013 HY 2012* | Q2 2013
------------------------------------------------------------------+---------
Revenue 513.5 661.3 | 260.5
|
Operational EBITDA -55.2 -79.2 | -29.5
|
Operational EBITDA margin -10.7% -12.0% | -11.3%
|
EBITDA -61.2 -79.2 | -35.6
|
EBITDA margin -11.9% -12.0% | -13.7%
|
Order intake 452.0 - | 252.0
|
Order book 2,200.8 - | 2,200.8
|
Number of employees 5,461 5,480 | 5,461
------------------------------------------------------------------+---------
* Note: restated for comparative reference
The market situation is positive and has even improved slightly compared to the
first quarter. We still see good projects in industrial areas, specifically in
smaller projects and services. Within the building services, the market is under
pressure. Currently we are executing an extensive customer relations program to
discuss recent events at Imtech with our customers. The response of our
customers is encouraging. Also our technology competences have not changed.
Nevertheless, the decreased revenue HY 2013 reflects the difficult circumstances
for the division Germany & Eastern Europe. The operational EBITDA of -55.2
million euro in HY 2013 is a combination of project losses as well as it
indicates that our cost structure in Germany is not in line. The previously
announced cost-savings program of 40 million euro has started and the
restructuring program to reduce our headcount by 550 jobs will be implemented in
the second half year 2013.
The order intake of 452 million euro results in a decline of the order book. The
lower level order intake is also the result of the current situation we have to
deal with in Germany and Poland, but is picking up in Q2 compared to Q1. Good
new orders are awarded based on long term relationships with Airbus and Carl
Zeiss. For Airbus we have received an order for the mechanical and electrical
infrastructure for the assembly hangar for the new Airbus A350 in Hamburg
(Germany). For Carl Zeiss, we are building the mechanical and electrical
infrastructure for their new location in Oberkochen (Germany) for in total 54
million euro.
UK & Ireland |
in ? million, unless otherwise indicated HY 2013 HY 2012 | Q2 2013
-----------------------------------------------------------------+---------
Revenue 374.7 341.8 | 192.1
|
Operational EBITDA 14.7 18.7 | 7.4
|
Operational EBITDA margin 3.9% 5.5% | 3.9%
|
EBITDA 14.6 18,7 | 7.3
|
EBITDA margin 3.9% 5.5% | 3.8%
|
Order intake 339.1 - | 153.3
|
Order book 512.1 - | 512.1
|
Number of employees 3,797 3,498 | 3,797
-----------------------------------------------------------------+---------
In UK & Ireland the revenue increased by 10% in the first half year, driven by
the acquisition of Capula in May 2012, high production levels in Kazakhstan,
partly offset by negative currency impact. The businesses in Water Waste &
Energy, Systems Integration and the international businesses gives us
opportunities to off-set the weaker UK market for engineering contracting.
The order intake of 339.1 million euro was lower than the revenue due to high
production levels and weak market conditions for our engineering contracting
business in the UK. An interesting new order is the mechanical and electrical
services for redeveloping the Olympic stadium and surrounding podium areas in
London into a high quality multi-use facility for a total value approximately
20 million euro.
Nordic |
in ? million, unless otherwise indicated HY 2013 HY 2012 | Q2 2013
-----------------------------------------------------------------+---------
Revenue 451.8 372.4 | 240.6
|
Operational EBITDA 15.7 29.0 | 9.6
|
Operational EBITDA margin 3.5% 7.8% | 3.9%
|
EBITDA 11.6 29.0 | 8.6
|
EBITDA margin 2.6% 7.8% | 3.6%
|
Order intake 508.3 - | 256.4
|
Order book 772.2 - | 772.2
|
Number of employees 5,588 5,038 | 5,588
-----------------------------------------------------------------+---------
The revenue in Nordic increased by 21% to 451.8 million euro in the first half
year. This increase is also related to the acquisition of EMC Talotekniikka as
well as four small acquisitions in 2012. In HY 2013, Imtech Nordic faced changes
in the Swedish and Finnish market and the internal structure. The most affected
market is the building services market in Sweden and Finland. In Norway the
market circumstances are better with interesting opportunities. The operational
EBITDA decreased by 46% due to weaker performance in Sweden as well as a loss at
EMC. The non-operating costs of 4.1 million euro are related to the
restructuring and rebranding costs.
The Nordic order intake amounted to 508.3 million euro. In Nordic we received
orders for two new to be build hospitals in Gothenburg (Sweden) and Sarpsborg
(Norway) to install electricity systems, fire alarm systems and passage control
systems.
Spain & Turkey |
in ? million, unless otherwise indicated HY 2013 HY 2012 | Q2 2013
----------------------------------------------------------------+---------
Revenue 125.5 88.3 | 63.7
|
Operational EBITDA 0.1 0.0 | -0.4
|
Operational EBITDA margin 0.1% 0.0% | -0.6%
|
EBITDA -0.2 0.0 | -0.6
|
EBITDA margin -0.2% 0.0% | -1.0%
|
Order intake 154.7 - | 84.0
|
Order book 348.9 - | 348.9
|
Number of employees 3,139 2,917 | 3,139
----------------------------------------------------------------+---------
In Spain & Turkey the revenue increased by 42% in the first half year as a
consequence of the acquisition of the Turkish technical services provider AE
Arma-Elektropanç, which was consolidated in April 2012.
In Spain, our industrial business and building business see lower investment
volumes in new projects as well as delays in execution. A positive element are
the first export orders. In the first half year the total revenue of Imtech
Spain was 64.4 million euro.
Our Turkish company AE Arma-Elektropanç is delivering revenue growth
particularly in larger projects in Russia, Azerbaijan and Abu Dhabi. In the
first half year the total revenue of AE Arma-Elektropanç was 61.0 million euro.
The operational EBITDA remains flat in HY 2013 due to difficult market
conditions in Spain as well as low results of AE Arma-Elektropanç due to project
cost overruns and delays in execution.
The order intake for Spain & Turkey was mainly driven by growth of our Turkish
subsidiary and starting up the international business from our Spanish business.
Interesting new international projects of Imtech Spain are a 5 million euro
project for the Four Seasons Hotel in Morocco and in Chile a three years
maintenance contract of 11 million euro for the copper mining company Codelco.
ICT |
in ? million, unless otherwise indicated HY 2013 HY 2012 | Q2 2013
-----------------------------------------------------------------+---------
Revenue 302.8 317.7 | 162.2
|
Operational EBITDA 12.3 18.3 | 5.0
|
Operational EBITDA margin 4.1% 5.8% | 3.1%
|
EBITDA 11.7 18.3 | 4.4
|
EBITDA margin 3.9% 5.8% | 2.7%
|
Order intake 312.8 - | 165.4
|
Order book 187.8 - | 187.8
|
Number of employees 2,435 2,398 | 2,435
-----------------------------------------------------------------+---------
Revenue reduced by 4% in HY 2013 mainly due to the postponement of a number of
major deals in Germany and the UK. The market conditions in most of our
countries are tough and the economic uncertainties make our customers reluctant
to commit long term investments. A result is a decrease of 33% in the
operational EBITDA.
The order intake was 312.8 million euro. Orders have been awarded in the
Netherlands by the pharmaceutical distribution company Mediq for business
analytics, in Austria a managed services contract for several millions euro at
the retailer SPAR and software deals in Germany by Deutsche Bahn and Hartmann.
Traffic & Infra |
in ? million, unless otherwise indicated HY 2013 HY 2012 | Q2 2013
-----------------------------------------------------------------+---------
Revenue 189.2 163.1 | 110.1
|
Operational EBITDA 2.2 3.5 | 4.5
|
Operational EBITDA margin 1.2% 2.2% | 4.1%
|
EBITDA -18.6 3.5 | -16.3
|
EBITDA margin -9.8% 2.1% | -14.8%
|
Order intake 211.8 - | 108.2
|
Order book 451.6 - | 451.6
|
Number of employees 2,234 2,262 | 2,234
-----------------------------------------------------------------+---------
The revenue increase of 16% in the first six months is related to the acquired
Finnish companies SSR and Polar in July 2012. Due to reduced spending levels in
our traffic and infrastructure markets, we notice a further increase in
competition. This is particularly the case for the Dutch infrastructure market.
The previously announced restructuring program is well on track and the related
non-operational costs amounted to 20.8 million euro. The operational EBITDA of
2.2 million euro includes lower project results in the first quarter.
Traffic & Infra realised an order intake of 211.8 million euro which was higher
than the revenue for the same period. Interesting orders are the extension of
the rail yard at Maasvlakte near Rotterdam for high voltage, communication
systems and lighting systems, and the order for radar, power and communication
infrastructure in tunnels in Liverpool.
Marine |
in ? million, unless otherwise indicated HY 2013 HY 2012 | Q2 2013
------------------------------------------------------------------+---------
Revenue 192.7 218.9 | 73.7
|
Operational EBITDA -9.3 -5.5 | -9.3
|
Operational EBITDA margin -4.8% -2.5% | -12.6%
|
Write downs -25.0 0.0 | -25.0
|
EBITDA -32.9 -5.5 | -32.9
|
EBITDA margin -17.1% -2.5% | -44.6%
|
Order intake 234.3 - | 99.1
|
Order book 801.1 - | 801.1
|
Number of employees 2,527 2,511 | 2,527
------------------------------------------------------------------+---------
The Marine revenue HY 2013 decreased by 12%. Production levels are lower due to
some delays at large projects. The services activities remain stable. The
operational EBITDA turned into a loss which is a combination of lower production
levels and lower margins. The write downs in Marine amounts to 25 million euro,
as announced on 18 July 2013. A restructuring program to reduce the headcount
will start in Q3 2013.
The order intake amounted to 234.3 million euro. An interesting order is the
installation of navigation and communication equipment for several platform
supply vessels in China for in total approximately 7 million euro.
Group management
The group management operational EBITDA amounted to -10.1 million euro in HY
2013 (HY 2012: -20.6 million euro). The non-operational costs at group
management in HY 2013 are 14.7 million euro (HY 2012: 0 million euro) and
include mainly costs for the financial restructuring. The number of employees
increased to 57 employees (2012: 48 employees) as a result of strengthening our
corporate staff and business controls.
Outlook
2013 will be a year of significant transition. Given the size of this transition
and the challenging market circumstances, no specific forecasts are being made
regarding 2013.
Risks and uncertainties
In our Annual Report 2012, dated 18 June 2013, we have described our risk
management systems and our major risk factors. We consider this information to
be still valid with respect to the second half year 2013. Furthermore, we refer
to Note 3 in our interim financial statements HY 2013.
Board of Management declaration
The Board of Management of Royal Imtech N.V. hereby declares that, to the best
of their knowledge, the interim financial statements for the six months ended
30 June 2013, give a true and fair view of the assets, liabilities, financial
position and result of Royal Imtech N.V. and the undertakings included in the
consolidation as a whole, and the interim report of the Board of Management
gives a fair review of the information required pursuant to section 5:25d,
subsection 8 and, as far as applicable, subsection 9 of the Dutch Financial
Markets Supervision Act (Wet op het financieel toezicht)
Gouda, 26 August 2013
Board of Management Royal Imtech N.V.
G.J.A. van de Aast, CEO
J. Turkesteen, CFO
Appendix
Interim Financial Statements 30 June 2013.
Financial calendar
* 7 November 2013: publication of Q3 2013 figures.
* 18 March 2014: publication of FY 2013 figures.
Press conference
Today at 9.00 hours (CET) Imtech will organize a press conference in the
Mövenpick Hotel Amsterdam City Centre, Piet Heinkade 11 in Amsterdam.
Analyst meeting
Today at 10.30 hours (CET) Imtech will organize a sell-side analyst meeting in
the Mövenpick Hotel Amsterdam City Centre, Piet Heinkade 11 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 and mechanical solutions. With approximately 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
PDF: Press Release:
http://hugin.info/130755/R/1724933/575094.pdf
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originality of the information contained therein.
Source: Imtech via Thomson Reuters ONE
[HUG#1724933]
Unternehmensinformation / Kurzprofil:
Datum: 27.08.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 291050
Anzahl Zeichen: 49129
contact information:
Town:
Gouda
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 261 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Royal Imtech publishes half year 2013 figures"
steht unter der journalistisch-redaktionellen Verantwortung von
Imtech (Nachricht senden)
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