Imtech's growth continues: EBITA +6%, net profit +11%, order book +8%
(Thomson Reuters ONE) -
HY 2010 HY 2009 Growth
Revenue (in millions) 2,025 2,022 0%
EBITA (in millions) 107.5 101.8 + 6% (organic 5%)
EBIT (in millions) 96.0 91.7 + 5%
Net profit (in millions) 57.0 51.5 +11%
Profit per share (before amortisation) 0.88 0.80 +10%
Operational EBITA margin 5.7% 5.4%
Order book (in millions) 5,171 4,809 + 8%
Number of employees (on 30 June) 22,684 22,747 0%
* Organic EBITA growth of 5% and an order book worth 5.2 billion euro (+8%)
instil confidence for the second half of 2010
* Imtech excels in the European energy and environment markets and achieves an
excellent performance in Germany & Eastern-Europe and in the Nordic region
* The Nordic region: a large acquisition strengthens the foundations for a
strong market position
* Maintaining the outlook for the whole of 2010: a further EBITA increase
through organic growth and acquisitions
* Maintaining long-term growth targets: a revenue level of 5 billion euro in
2012, while maintaining the target of achieving an operational EBITA margin
of 6%
René van der Bruggen, CEO of the European technical services provider Imtech
N.V.: 'Imtech can look back on a good first half of 2010. The overall EBITA
growth is 6% and organic EBITA growth amounts to 5%. Net profit is up by 11%.
This is an excellent performance, especially as the market conditions in many
countries and markets remained challenging. Imtech performs excellent in Germany
& Eastern-Europe and in the Nordic region. Imtech also achieves a solid
performance in the UK, Ireland and Spain, despite difficult market conditions.
In the Benelux, however, the results fell back. Growth is achieved in the
European ICT market and the European traffic market. In contrast there is a
slow-down in the order intake on the global marine market.'
'Imtech stands out by achieving an excellent performance in the European energy
and environment markets where it is one of the front-runners. Partly thanks to
this the order book, for the first time, passes the 5 billion euro milestone and
amounts to 5.2 million euro - an increase of 8%. The quality of this order book
is nearly comparable to that of last year. This is indicative of Imtech's
strength and instils confidence for the second half of 2010. At the same time,
thanks to a large acquisition in Sweden (nearly 2,200 employees, revenue of
around 2.5 billion Swedish Kroner, consolidated as of July 2010) the foundations
have been strengthened for the structural development of a strong market
position in the Nordic region (Sweden, Norway and Finland). This also instils
confidence in the company's future growth.'
'For the whole year 2010 - as stated earlier - Imtech expects further EBITA
increase through organic growth and acquisitions. Imtech is also maintaining its
long-term target of achieving a revenue of 5 billion euro in 2012, while
maintaining an operational EBITA margin target of 6%. Meanwhile Imtech started
the update for its strategic plan 2010 - 2015.'
Good performance in the first half of 2010
Imtech looks back on a good first half of 2010. Although market conditions
remain challenging, net profit, EBITA, order book and operational EBITA margin
all develop positively and revenue remains on level. This reflects Imtech's
focus on profitability. Virtually all the growth is organic. In a nutshell, and
also taking into account the still challenging market conditions, Imtech's
overall performance was good. Imtech excels in Germany & Eastern-Europe and in
the Nordic region. The Benelux lags behind. In the UK, Ireland & Spain Imtech is
able, despite difficult market conditions, to put in a good performance. Further
growth is achieved in the European ICT market, especially in Germany, Austria
and Belgium. In the European traffic market Imtech very clearly succeeds in
benefiting from the growing demand for high-tech solutions. In the global marine
market Imtech, despite its long list of potential projects, is not immune to the
negative impact of drawn-out decision-making processes of customers. Imtech's
performance in the European energy and environment markets is excellent.
The EBITA rises by 6% to 107.5 million euro. Organic EBITA growth amounts to
5%. Net profit rises by 11% to 57.0 million euro. Revenue remains virtually the
same at just over 2 billion euro (2,025 million euro). This proves that the
strategic focus on yield and increasing higher operational EBITA margins is
successful even in economically difficult times. As a result, the operational
EBITA margin for the comparable period rises from 5.4% to 5.7%. Half way through
2010 the order book was 8% higher than 12 months previously, which means, for
the first time ever, it is over 5 billion euro and reaches a level of 5.2
billion euro. The quality of this order book is nearly comparable to that of
last year. This instils confidence in the second half of 2010. Earnings per
share (before amortisation) rise by 10% to 0.88 euro.
Drivers for (future) growth
The following growth drivers are relevant for Imtech now and also in the future:
A broad portfolio with strong market positions and substantial scale
Technology is increasingly playing a role in solving economic and social issues.
Imtech, with its unique multidisciplinary technical proposition, has for many
years proven its ability to respond to this fundamental trend. One of Imtech's
strengths in this respect is its broad portfolio with strong market positions in
large areas of Europe and in the global marine market with around 21,000
customers in a wide variety of market segments.
Recurring business: a basis for long-term continuity
Around 55% of Imtech's activities involve recurring business and, despite the
challenging market conditions, the thousands of maintenance contracts Imtech has
been awarded in many market segments provide a good basis for long-term
continuity.
Imtech excels in the energy and environment markets
The energy and environment markets (energy, environment, fine particles and
water) are the most important 'driver' for Imtech's future growth. Imtech is one
of Europe's strongest players in this segment and has positioned itself
extremely well. By integrating energy solutions into its total approach Imtech
delivers extra added-value. This is recognised by the market and in many
(sub)segments Imtech has been able to develop a preferred supplier position.
Examples include:
* energy management: multi-year responsibility for an optimum energy supply;
* increased efficiency: the 'fine tuning' of energy usage in relation to
customers' primary and secondary processes;
* energy savings: metering, consultancy, implementation;
energy plants and decentralised energy facilities, high-tech co-generation
plants (combined heat & power);
* thermal energy, solar energy, bio-energy and innovative energy storage;
* differentiating solutions in the field of high-tension and energy
technology;
* 'Zero emission' ships, diesel-electric propulsion and energy reduction on
board of ships.
Differentiating technological expertise
In a number of market segments the differentiating technological expertise
Imtech has at its disposal is the reason why customers involve Imtech in
virtually every project (renovation, upgrading, extension). Examples include:
specific test technology for the automotive industry, high-tech data centre
technology, clean-room technology and technology for laboratories. This
virtually unique competitive position supports the continuity of Imtech's
business model.
Benelux: in a transition phase
In the Benelux revenue and profit fell for the first time in many years. Revenue
fell by 14% and the EBITA by 21%. As a result the operational EBITA margin drops
from 3.6% to 3.3%. The order book remains stable at 1.4 billion euro. The number
of employees fell by 8% to 6,959 partly due to the divestment of non-core
activities in the field of fire extinguisher products and systems and efficiency
improvements.
Benelux key figures for the first half of 2010
HY 2010 HY 2009 Growth
Revenue (in millions) 491 574 14%
EBITA (in millions) 16.1 20.4 - 21%
EBITA margin 3.3% 3.6%
Order book (in millions) 1,404 1,411 0%
Number of employees (on 30 June) 6,959 7,575 - 8%
An analysis of the reduction in profit generates a mixed picture. A major cause
is the nearly two months period of severe frost at the beginning of the year.
Especially in the infrastructure market this has a negative impact on the
results. Besides this, market conditions in the Benelux remained challenging,
partly due to the lack of smaller orders. The effects of the economic crisis
also worsened in a number of regions and segments. On top there is fierce
competition from local competitors as well as from technical services providers
out of Southern and Central Europe. When it comes to larger investments the
customer's decision-making process is exceptionally long.
Imtech expects these market conditions to continue in the near future and has
decided to accelerate its focus on markets such as energy, sustainability,
environment, data centres, care & cure and security. These are markets in which
Imtech's differentiating technological profile really comes into its own. Imtech
is also willing to further strengthen its position in the maintenance market. As
a result Imtech is in a transition phase in the Benelux. The objective is to
achieve a substantial increase of added-value in the market segments mentioned
above. Imtech will focus on providing total technological services and intensive
co-operation relationships with customers.
Progress in the energy market
Imtech has made good progress in this transition. There are numerous examples of
newly acquired long-term orders, such as the order - including the technical
maintenance - from the Dutch province of Limburg for two sustainable energy
plants based on co-generation (combined heat and power), sun, wind, biomass and
water power in Venlo and Maastricht. In Venlo Imtech was also responsible for
the sustainable energy supply for a large multi-disciplinary project and in the
Eemshaven Imtech Netherlands, in co-operation with Imtech Deutschland, is
responsible for a new high-yield 800 MW energy plant fired by both coal and
bio-mass. Amsterdam Airport Schiphol has chosen Imtech to be its technology
partner in theGROUNDS project - a platform for the achievement of a sustainable
airport. Schiphol's aim is to be CO2 neutral in 2012 and by 2020 to be
generating 20% of its energy requirement sustainable. To this end innovative
sustainable technologies, such co-generation, biomass and an IT-based 'smart
grid' for targeted energy distribution and electricity transportation, are being
used. Here too Imtech will realise a sustainable energy plant based on
co-generation, sun, wind and biomass. Other energy examples include a
sustainable bio-energy plant in Eindhoven and innovative CSR nurseries that grow
flowers, plants, vegetables and fruit with minimal CO2 emissions and on an
extremely small surface.
'Green' technology in industry and laboratories
Imtech's 'green' technology also enables it to stand out from the competition in
the industry market. Imtech was responsible for an innovative solution that
converts the emissions released by Shell Moerdijk into electricity. In the
(animal) feed industry Imtech acts a partner in Living Lab - a high-tech,
sustainable facility in which new energy-efficient products and production
methods for the animal feed market are developed. For the automotive producer
Citroën Imtech is realising several sustainable solutions. Good progress has
also been achieved in the laboratory market, for example with the technological
equipment for an advanced laboratory at the Leiden University Medical Centre
(LUMC). Imtech is responsible for the technology for underground gas storage for
Nuon. More 'traditional' orders include multi-year maintenance contracts for
Neste, Vopak and the ETA Tank terminal.
Focus on care & cure successful
Technology is becoming increasingly important in the care & cure market. Imtech
focuses on technological solutions that meet the most stringent hygiene and
safety standards. Large orders were received from the Erasmus Medical Centre in
Rotterdam, the AMC (Academic Medical Centre) in Amsterdam and the OCMW, Openbaar
Centrum voor Maatschappelijk Welzijn (Public Centre for Social Health) in Genk.
'Green value maintenance', a new, sustainable maintenance concept was launched
successfully.
Advances in the infrastructure market
Imtech is making clear progression in the infrastructure market. The large
orders acquired included high-tech security technology for various train routes
and for metro routes in Rotterdam. A maintenance contract for the tunnels along
the Betuweroute is also obtained. Imtech realizes via WiFi the opportunity for
wireless high-speed Internet in the high speed Thalys trains. Growth is achieved
in the market for sustainable ('green') LED lighting (Innolumnis®).
Germany & Eastern-Europe: an excellent growth performance
In Germany & Eastern-Europe, where it is one of the leading technical services
providers, Imtech achieves an excellent organic growth performance in a market
in which some segments are showing an upward trend. The EBITA shows a
substantial 41% growth, the EBITA margin rises to 7.2% and both the revenue
(+14%) and order book (+16%) increase considerably. The number of employees
rises by 8% to 4,743.
Germany & Eastern-Europe key figures for the first half of 2010
HY 2010 HY 2009 Growth
Revenue (in millions) 562 494 +14%
EBITA (in millions) 40.7 28.9 +41%
EBITA margin 7.2% 5.9%
Order book (in millions) 1,895 1,635 +16%
Number of employees (on 30 June) 4,743 4,407 + 8%
In Germany & Eastern-Europe Imtech has become the leading implementation partner
in the growing energy market. Thanks to this, and additional technological
competencies such as test engineering for the automotive industry, building
automation, stadium, data centre and clean-room technology as well as high-tech
fire protection and care & cure solutions, Imtech is excelling. There is an
extensive long-list of potential projects in markets such as energy, 'green'
revitalisation, airports, care & cure, data centres, stadiums, pharmaceuticals
and the automotive industry. Imtech also offers professional technological
maintenance concepts. The combination of these factors enables a high organic
growth to be achieved and, at the same time, the margin further increases.
Although the consequences of the economic crisis were more apparent in
Eastern-Europe, here too Imtech achieves growth, partly thanks to large orders
related to the 2012 European Football Championship in Poland.
Large, on-going energy projects form the basis for growth
Imtech is involved in large projects such as the 'green' revitalisation of the
two 155 metre high towers of the Deutsche Bank's head office in Frankfurt, the
extension of the energy-efficient office building for Victoria Versicherungen in
Düsseldorf, high-tech energy plants in Hamm in Germany and the Eemshaven in the
Netherlands, the construction of a sustainable energy plant for the
Bundesnachrichtendienst (the Federal German Intelligence Service) in Berlin, the
energy technology in the new head office of the media group and publisher
Spiegel in Hamburg and the high-tech technology (including an innovative
energy-recovery-system) for the new Berlin Brandenburg International airport -
Germany's third airport. These orders prove that in Germany and to a certain
extent also in other European countries, Imtech has developed into a leading
energy partner.
'Green' technology for the automotive industry
The automotive industry is, and will remain, an important engine for the German
economy. Imtech occupies a strong position in this market with activities that
include advanced test technology with which new and economical models of cars
with low CO2 emissions can be developed. Imtech supplied the world's most
up-to-date automotive test centre - the BMW Group's new Aerodynamic Test Centre
(ATC) in Munich - as well as other worldwide exported high-tech end-to-line
solutions and test facilities for bodywork tests. From this strong German
position Imtech has increased its activities related to energy-efficient
manufacturing processes throughout Europe. Imtech was responsible for the
energy-efficient technology in a new paint shop for Porsche and the total,
optimally energy-efficient, technical infrastructure in a new bodywork
manufacturing hall for Audi. In Hungary Imtech is the implementation partner in
a comparable order for a new assembly hall for Daimler.
Differentiating proposition for energy issues in the care & cure market
The German care & cure market is an important growth market for Imtech. Imtech
focuses on a broad package of energy services and is in a position to accept
total multi-year responsibility for the supply, maintenance and management of
all energy facilities. Imtech also uses innovative technology to integrate the
complete energy process in complex business and care production processes. This
approach is successful. The LVR Clinic in Bonn extended an energy-savings
contract. In part thanks to its energy competence Imtech is involved in the
upgrading of a large number of medical clinics, for example in Stuttgart,
Kaiserslautern, Aachen and Kirchheim-Nürtingen.
Growth in the energy-related data centre market
Imtech is a specialist in the energy and technological (re)equipping and
upgrading of data centres. A sharp increase in digital payment traffic volume
and information stream bandwidth means that financial data providers, insurance
companies and the retail and automotive industries opt to renovate and/or expand
existing data centres. This capacity increase results in heat emissions reaching
a critical level, which makes energy savings, cooling and heat dispersal
necessary. Imtech's high-tech solutions offer optimum possibilities for energy
savings and fit seamlessly with customers' primary and secondary processes.
Various orders are acquired and many prospects are upcoming.
Other energy-related growth segments
The combination of energy technology and specific expertise in the field of
clean-room technology and stadium technology has led to Imtech excelling in
other sectors. The development of 'green' stadiums is an outstanding example. In
the Imtech Arena, the home stadium of the German premier football club HSV
(Hamburger Sport Verein), Imtech has taken the first steps towards achieving
considerable energy savings and reduced CO2. 'Green' stadium technology is an
interesting future growth market both in Europe and further abroad. Imtech is
also making good progress with energy-related orders in education and the market
for the technology in research centres and laboratories. Finally, Imtech is
excelling in the market for biomass energy plants with a large number of orders
and prospects.
Further growth in Eastern Europe thanks to EURO 2012 in Poland
The strength of Imtech's total proposition and its strong market position in
Poland has led to large orders for the 2012 European Football Championship.
Imtech is responsible for the technology in all three stadiums for this
Championship: the National Stadium in Warsaw (55,000 spectators), the PGE Baltic
Arena in Gdansk (44,000 spectators) and the stadium in Wroclaw (44,000
spectators). Partly due to these successes Imtech has also acquired the order
for the technology in the new stadium of the Polish football club Bialystok
(22,500 spectators). Imtech established itself in an excellent position in
Poland where it offers customers the highest achievable quality of technology,
for example in the Jewish Museum in Warsaw and the film academy in Lodz. Despite
difficult market conditions in Romania, Arconi, which was acquired in 2009,
developed well.
UK, Ireland & Spain: a solid performance in difficult market conditions
As a result of the economic crisis market conditions in the UK, Ireland & Spain
range from difficult to extremely difficult. Market volumes fell dramatically,
especially in Ireland. Despite this Imtech produces a solid performance. Revenue
and EBITA fell by 1% and 2% respectively. As a result the operational EBITA
margin fell from 6.5% to the, still very respectable, level of 6.4%. By contrast
the order book rises by 2% to over 0.5 billion euro. In part due to acquisitions
at the end of 2009 the number of employees rises by 8% to 3,641.
The UK, Ireland & Spain key figures for the first half of 2010
HY 2010 HY 2009 Growth
Revenue (in millions) 267 270 -1%
EBITA (in millions) 17.2 17.5 -2%
EBITA margin 6.4% 6.5%
Order book (in millions) 553 542 +2%
Number of employees (on 30 June) 3,641 3,377 +8%
UK: The Olympic Games, energy and water compensate for the drop in real estate
In the UK large projects connected to the 2012 Olympic Games offset the drop in
the real estate sector, which was especially noticeable in the London region.
Imtech is involved in various Olympic projects including the energy-efficient
air and climate technology in the new Olympic Stadium and Olympic Velodrome as
well as a large number of technical solutions in the participants' and
officials' accommodation. Imtech is also responsible for the energy-efficient
air and climate technology in the enormous (150,000 m²) Olympic shopping centre
'Westfield Stratford City'. Other major projects in London are the technology
for the extension of the BBC's head office and the multi-disciplinary Bridges
Wharf project in Battersea, which includes an energy-efficient biomass energy
plant.
Thanks to its technological expertise in both energy and water Imtech is
developing into one of the strongest players in the waste and sewage water
management processing market. Imtech is responsible for upgrading the technology
of the sewage water management systems in Crossness and Beckton in London, which
together serve a total of four million residents. The upgrade means considerably
more waste water can be processed. This will reduce the volume of contaminated
water that, due to capacity problems, flows into the Thames after heavy rainfall
- a major step towards improving the quality of the river's water. Wind turbines
are being installed that generate the energy required for the primary process.
In the water treatment industry the extension of the framework contract with
Welsh Water to cover the period 2010-2015 means Imtech will continue to act as
the technology partner for the maintenance, upgrading and improvement of all the
water and waste water assets in Wales. Here too the protection of the water
quality as a consequence of storms and floods plays a major role. To this end
various improvements will be implemented including the use of ultraviolet light.
One of the focal points is the provision of sustainable energy facilities and a
reduction of the carbon footprint.
Education is another important market for Imtech. Orders are received for new
R&D and education facilities for 'The Physics of Medicine' in Cambridge - part
of Cambridge University's world-famous Cavendish Laboratory. Imtech is also
responsible for the high-tech technology that will be used to conserve millions
of (copies of) scientific books and publications held by Oxford University's
Bodleian Library in Swindon.
Ireland: a focus on technology export
In Ireland there is a substantial reduction in investment in technology. This
had a negative impact on both revenue and profit. Imtech has virtually unique
technological competencies in the field of electrical engineering and
instrumentation (E&I) at its disposal. The focus is on exporting this
technological expertise both within Europe and abroad. The first results of this
reinvigorating focus strategy are apparent: Imtech is selected as the E&I
partner for a new baby food factory in Saudi Arabia.
Spain: a good performance in a difficult market
Although market conditions were also very difficult in Spain, Imtech was able to
reap the benefits of recent strategic choices. Imtech specialises in industrial
maintenance, industrial shut-downs, technical upgrading, renovation and
industrial services in various sectors including the oil & gas industry, the
(petro)chemical industry and the steel industry. This strategic focus is now
paying off. Imtech's position in the industrial maintenance market was always
strong, but this position in mechanical services has - both organically and
through acquisitions in 2008 and 2009 - been expanded to include electrical
services. New multi-disciplinary technical maintenance orders have been received
from Repsol in Puertollano and Bayer in Tarragona.
Recently a maintenance position has been built up in the buildings market and
here too Imtech acts as a multi-disciplinary technical maintenance partner.
Imtech has proven that there is a need for a professional technological
maintenance company with technical maintenance and management as a core
activity. Step by step the number of customers and contracts is increasing to a
substantial level. Imtech provides its services 24/7 with virtual nationwide
coverage in both the profit and non-profit sectors. New multi-year
multi-disciplinary maintenance orders have been received for, among others, the
'Torre de Cristal' (Crystal Tower) in Madrid (at 250 metres the highest
skyscraper in Spain), 637 offices and various data centres of telecoms company
Telefónica, dozens of care & cure centres in the Seville North and Aljarafe
areas of Andalusia and the large (115,000 m²) 'Màgic' shopping centre in
Badalona in Barcelona.
Nordic: the first signs of a market recovery, robust growth in order book
In the Nordic region (Sweden, Norway and Finland) the market has begun a
recovery. Imtech made optimum use of the opportunities and achieves an increase
in both revenue (+15%) and EBITA (+18%). The operational EBITA margin rose from
6.4% to 6.6%. Partly due to the increasing average project size the order book
rises by a very substantial 43% to nearly 300 million euro. Overall the Nordic
region achieves an excellent performance, most of which was generated
organically. The number of employees rises by 2% to 2,331.
Nordic region key figures for the first half of 2010
HY 2010 HY 2009 Growth
Revenue (in millions) 167 145 +15%
EBITA (in millions) 11.0 9.3 +18%
EBITA margin 6.6% 6.4%
Order book (in millions) 296 207 +43%
Number of employees (on 30 June) 2,331 2,281 + 2%
A broad market scope leads to growth, focus on energy, care & cure, education
and research
The combination of a wide geographical spread (nearly 100 offices), a broad
market scope, an extensive spectrum of technological competencies, a focus on
medium-sized projects, and a strong position in the maintenance market are
bearing fruit as market conditions improve.
Energy is also an important theme in the Nordic region where Imtech is involved
in the development of energy-efficient concepts for housing associations and
managers and with a number of energy projects in Stockholm. Care & cure remains
important for Imtech and, as a spin-off from the multi-year involvement with the
Göteborg University Hospital (Sahlgrenska Universitetssjukhuset), the order for
an energy-efficient extension is acquired. Imtech is responsible for a unique
solar energy project incorporating not only heating and energy storage but also
innovative cooling for Härnösand hospital. Imtech is also carrying out the
technological upgrading of the Ekbacken Lammhult health centre, including the
technical equipment for various medical facilities. In the education sector
Imtech is involved with a high-tech pilot project in Oslo and is responsible not
only for the energy-efficient climate technology but also the innovative
building automation. Imtech supplies all the technology for a high-tech
automatic warehouse for the Norwegian Post Office. Imtech was already involved
with technology solutions in the Swedish national football stadium 'Swedbank
Arena', but will now also supply some of the (energy) technology for the 'Kalmar
Arena'. More and more often Imtech is being selected as the implementation
partner for R&D facilities, for example a high-tech research facility for the
Swedish University of Agricultural Science. Experience with ensuring
technological solutions work, and continue to work, under extremely cold weather
conditions means Imtech is more and more frequently being involved in
exceptional technological projects such as the technical infrastructure for the
largest sauna in the world and the technology for high-tech research facilities
in polar regions.
Acquisition of NEA, structurally strong market position in the Nordic region
At the end of June 2010 Imtech strengthened its top-3 position in the Nordic
region quite considerably with the acquisition of NEA. NEA, the second largest
player in the Swedish electrical services market, is consolidated as of July
2010.
NEA serves around 1,000 customers from its nearly 70 offices in Sweden. The fact
that less than 10% of these customers are top-10 customers implies that NEA has
a very diverse order and customer base, which makes a significant contribution
towards continuity. In 2010 NEA, with around 2,200 employees, is expected to
achieve revenue of around 2.5 billion SEK (Swedish kroner), an EBITA of around
150 million SEK and an EBITA margin of 5.9%. Around 50% of NEA's revenue is
generated from the industry sector (including energy, nuclear energy, steel,
timber and mining) and the remainder from the business sector, care & cure and
the government and municipal sector. NEA also holds a 38% interest in Elajo,
another electrical services provider with activities that, to a great extent,
complement those of NEA. Elajo is active in both Sweden and Norway, has around
1,000 employees and achieved revenue of nearly 1 billion SEK in 2009.
Strategically NEA fits extremely well with NVS (the current Imtech Nordic). NEA
specialises in electrical services, NVS in mechanical services. Clustering both
companies will - totally in-line with the Imtech strategy - enable technical
total solutions to be offered in the Nordic region. This will created
substantial growth and strengthens the basis for a structurally strong position
in this region. In other European countries (Germany, the UK and Spain) Imtech
has proven that this approach has lead to accelerated growth. The expectation is
that in 2010 the NVS/NEA combination with around 4,500 employees and 170 offices
will achieve an annual revenue of around 5.9 billion SEK, an EBITA of around
412 million SEK and an EBITA margin of 7.0%. In addition to NEA two smaller
Nordic companies were acquired.
ICT, Traffic & Marine: a mixed picture
In this cluster that operates at a European and to an extent global level the
picture is mixed. In the European ICT market and the European traffic market
modest growth is achieved. By contrast, in the global marine market there is a
slight slow-down in the order intake. Although the overall revenue level is
maintained, the EBITA fell by 9% and this reduces the operational EBITA margin
from 6.3% to 5.8%. The order book, however, increases by 1% to over 1 billion
euro. The number of employees fell by 2% to 4,965.
ICT, Traffic & Marine key figures for the first half of 2010
HY 2010 HY 2009 Growth
Revenue (in millions) 538 539 0%
EBITA (in millions) 31.1 34.0 -9%
EBITA margin 5.8% 6.3%
Order book (in millions) 1,023 1,014 +1%
Number of employees (on 30 June) 4,965 5,062 -2%
ICT: growth despite the impact of the economic crisis
The economic crisis in Europe had a negative effect on revenue and profit in the
ICT market. Increasing competition puts pressure on margins. Despite this Imtech
performed well. Lower results in the Netherlands and the UK were more than
offset by the good business progress achieved in Germany, Austria and Belgium.
In Germany the business sectors increasing export activities led to challenging
ICT demands which Imtech could answer. Imtech was, for example, responsible for
the entire ICT 'collaboration' for communication between Lotus Notes and
Blackberry for the pharmaceutical company Merck and for the renovation of the
total IT storage capacity of agricultural machinery manufacturer Michael Weinig.
Imtech's customers in the cement industry, for which it offers specific
ERP-based high-tech solutions (VAS®), included cement manufacturers Nostra
Cement and Lafarge. In Germany and Switzerland Imtech achieved good results with
software solutions for financial services to the public sector. The municipality
of Wittenberge joined Imtech's list of customers. In Austria Imtech performed
very well, for example with high-tech SAP tailor-made software and logistic IT
solutions for various European postal services. To further strengthen the
activities Sapphir, a SAP consultancy specialist with offices in both Austria
and Romania, was acquired early July. In Belgium Imtech's virtually unique
combination of software development, performance solutions and managed services
enabled it to achieve excellent results, especially in the field of IT
infrastructure. In the Netherlands Imtech lost ground slightly due to market
pressure. Good results were achieved in the markets for ICT infrastructure and
performance solutions for the care & cure sector, for example for Alysis. Imtech
was responsible for a virtual desktop organisation for the Amsterdam RAI
exhibition centre. More and more often the various Imtech ICT companies in the
Netherlands work together to offer customers total solutions. The UK also
declined slightly. A large UK order came from the British satellite company
Avanti.
Traffic: strong demand led to growth
In the Netherlands, the UK and some parts of Eastern Europe and the Nordic
region Imtech is well positioned in the fast-growing mobility and innovative
traffic solutions market. This increasing demand enabled Imtech to achieve
further growth. Major new orders from the Dutch Department of Waterways and
Public Works involve realising dynamic traffic signalling and enforcement along
the Rotterdam ring road and the technological renovation of the traffic control
centre for the Northwest of the Netherlands. Imtech is also responsible for a
Dynamic Passenger Information System (DRIS) in the Dutch province of Overijssel
that enables passengers waiting at stations and stops to see real-time
information regarding arrival and departure times. In the UK the Highways Agency
(manager of the motorways around London) gave Imtech the responsibility for
realising a high-tech communications network along the nearly 64 kilometre long
M6 motorway. Although the level of investment dropped in Eastern-Europe this was
offset by the good business progress achieved in the Nordic region. To
strengthen Imtech's position in this region, at the end of July YSP - a leading
traffic control specialist in Finland - was acquired. Imtech introduced a new
generation of energy-efficient traffic lights (Supreme®) to the market and also
launched Park and Recharge®, globally available Imtech technology for the
recharging of electrical cars in parking garages.
Marine: a reticent market, long list of potential projects
Imtech occupies a firm market position in the global marine market (global
top-5) with a broad portfolio of activities in all shipping segments and a sharp
focus on service, maintenance and management. Although the economic crisis led
to reticence in the marine market in Europe and the United States, in some
markets this reticence is slowly but surely turning into new initiatives and
Imtech has many prospects, although the final customers' decisions have yet to
be made. There is a substantial decline in the European container and cargo
vessel market. The European cruise liner remains at virtually the same level,
but there is a decline in the global market for luxury yachts with the exception
of the top segment. By contrast, the market for special ships for the oil and
gas industry rises sharply and larger definite orders are expected during the
second half of 2010. The market for naval vessels is very promising. As, from a
global perspective, there were fewer ship movements the market for service,
maintenance and management came under pressure. The marine economic climate in
China and Singapore, however, improved. In this region, which has developed into
a major centre for the global shipping industry, Imtech is in a good position
for further growth with offices in Hong Kong, Shanghai and Singapore and six
branch offices in other marine centres and good contacts with a large number of
Chinese wharves.
Overall Imtech's performance worsened slightly, despite the long list of
potential projects. Imtech suffers the negative effect of long decision-making
processes by customers. This means a lower order intake which, in turn, has a
negative effect on revenue and result.
In the container and cargo vessel market new orders were received for technical
solutions on board a Boskalis stone-sorter, an Acergy 'heavy lift' crane
ship/pipe layer, a Drydocks World Singapore offshore support ship and various
coastal tugs. On-going naval programmes ensure a substantial stock of work in
the naval vessel market including the technology on-board new German F-125
frigates and the air and climate technology on board two Royal Navy aircraft
carriers in the UK. New orders were received for the supply of spare parts to
the South Korean navy, integrated platform management systems for mine sweepers
for the Singapore Navy and navigation and communication systems for the navy in
Alaska. In the cruise line market Imtech is involved with the energy-efficient
climate technology on the cruise liner 'Disney'. In the luxury yacht market
Imtech is working on the 141 metre long super-yacht 'Swift 141' and the
technology on board two high-tech 'Porsche Design' catamarans in Vietnam as well
as various smaller yachts being built at European wharves. The demand for
'green' technology is rising and Imtech is in an ideal position to answer this
demand.
Acquisitions: an accelerator for future growth
Thus far in 2010 Imtech has acquired the following companies:
in the Nordic division:
* NEA: the second largest player in the Swedish electrical services provision
market. Revenue around 2.5 billion SEK, 2,200 employees;
* FCC Sprinkler & Service, a high-tech sprinkler technology company in Sweden.
Revenue 8 million euro, 60 staff;
* Spitsbergen VVS, one of the 'greenest' technical services providers in
Norway, located in the north of the Arctic Circle. Revenue 4 million euro,
20 permanent employees;
in the European ICT market:
* Sapphir, an Austrian SAP consultancy specialist. Revenue over 2.5 million
euro, 20 employees;
in the European traffic market:
* YSP, a Finnish high-tech traffic control specialist. Revenue 3 million euro,
25 employees.
Of these acquisitions only FCC Sprinkler & Service has been included in the
consolidation as of June 2010. All the acquisitions were paid for in cash. The
total revenue from these acquisitions amounts to around 270 million euro per
annum with around 2,325 new employees. All the acquired companies have made an
immediate contribution towards profit. Imtech emphasises that the objective of
all acquistions is to achieve future strategic growth through integration or
intensive co-operation with existing Imtech activities. In the second half of
2010 Imtech will keep on focussing on further strengthen its position by
strategic acquistions.
Divestment of non-core activities fire extinguisher products and systems
Within the context of its 2012 strategic growth plan, Imtech has divested its
non-core activities in the field of fire extinguisher products and systems. The
activities affected were Saval (the Netherlands and Belgium) and Knowsley (UK).
The total revenue from the companies amounts to around 36 million euro per annum
with around 230 employees.
The number of employees decreases slightly
The number of employees on 30 June 2010 was 22,684, slightly lower than the
22,747 employees in the first half of 2009. This was partly due to acquisitions
during the previous year, the consolidation of the acquisition of FCC Sprinkler
& Service and the divestment of the activities in the field of fire extinguisher
products and systems as well as efficiency improvements in the Benelux. Despite
the effects of the economic crisis, which are visible on a number of fronts, the
main concern for the future remains the availability of qualified and
experienced employees. This is why Imtech will continue to invest in training
programmes at both a management and a technical level. In addition, Imtech
ensures it stands out from the competition through labour market recruitment
campaigns and makes every effort to retain its existing employees.
Financial position and capital structure
Compared to 30 June 2009 total shareholders' equity has increased to 718 million
euro. This increase was due to the net profit of 57 million euro achieved in the
first half of 2010. In addition, the issuing of 8,324,850 new shares - in
connection with the acquisition of NEA, other future acquisitions and the
financing of the company's organic growth - generated 183 million euro after the
deduction of costs. Of the total dividend over the previous financial year 22
million euro was paid out in cash (46% of the total dividend). The remaining
54% of the dividend was paid out in stock for which 1,161,507 new shares were
issued and 1 million euro was charged to the share premium reserve. As at 30
June 2010 the issued share capital amounted to 91,573,840 shares.
Net debt amounted to 385 million euro on 30 June 2010 (30 June 2009: 466 million
euro). The ratio of 'average net debt / EBITDA (last 12 months)' was 1.5 (30
June 2009: 1.8) well within the standards specified in the covenants agreed with
banks. The decrease was the result of the share issue. Interest coverage, based
on the past 12 months, amounted to 8.1 (as at 30 June 2009: 8.5).
The balance sheet total was 194 million euro higher than on 30 June 2009. Due to
the share issue the solvency raised to 27% (31 December 2009: 19%). Net cash
flow from operating activities was 95 million euro negative, primarily as a
result of the increased capital employed. Net cash flow from investing
activities amounted to 16 million euro negative mainly due to acquisitions and
investments in property, plant and equipment and intangible assets. Net cash
flow from financing activities was 137 million euro positive as a result of the
share issue, the payment of dividend to shareholders and the purchase of own
shares to cover the share and share option schemes. On balance net cash, cash
equivalents and bank overdrafts rose by 36 million euro compared with 31
December 2009, which meant the balance on 30 June 2010 was 23 million euro
negative.
Maintaining long-term targets
Imtech maintains its long-term target of achieving a revenue level of 5 billion
euro in 2012, while maintaining the target of achieving an operational EBITA
margin of 6%. Meanwhile Imtech started the update of its strategic plan 2010 -
2015.
Maintaining outlook for the whole of 2010
The outlook for the whole of 2010 expressed in February 2010 remains unchanged:
according to its current views the Board of Management expects a further EBITA
increase through organic growth and acquisitions.
Board of management declaration
The interim financial statements give a true and fair view of the assets,
liabilities, financial position and results of Imtech N.V. and the companies
included in the consolidation.
The interim financial statements give a true and fair view of the situation on
the balance sheet date, the business development during the first half of the
financial year and the anticipated business development of Imtech N.V. and its
associated companies for which the information is recognised in the interim
financial statements.
Gouda, 2 August 2010
Board of Management
R.J.A. van der Bruggen, CEO
B.R.I.M. Gerner, CFO
For more information
Media: Analysts & investors:
Mark Salomons Jeroen Leenaers
Company Secretary Manager Investor Relations
T: +31 (0)182 543 514 T: +31 182 543 504
E: mark.salomons(at)imtech.eu E: jeroen.leenaers(at)imtech.eu
www.imtech.eu www.imtech.eu
Imtech profile
Imtech N.V. is a European technical services provider in the fields of
electrical engineering, ICT and mechanical engineering. This combination of
services makes it possible to offer total technological solutions. With
approximately 25,000 employees, Imtech achieves an annual revenue of around 4.5
billion euro. Imtech holds strong positions in the buildings and industry
markets in the Benelux, Germany, Eastern Europe, the Nordic region, the UK,
Ireland and Spain, as well as on the European markets of ICT and traffic, and in
the global marine market. Imtech has a client base of around 21,000 customers.
Imtech offers added value in the form of integrated and multidisciplinary total
solutions that lead to better business processes and more efficiency for its
clients and their customers. Imtech offers a wide range of solutions that
contribute towards a sustainable society, for example 'green' technology and
technical solutions in the markets of energy, the environment, water and
mobility. Imtech shares are listed on the Euronext Stock Exchange 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 2010: 26 October 2010
* Publication of 2010 annual figures, press conference and analysts' meeting:
15 February 2011
* Annual General Meeting of Shareholders: 6 April 2011
Press conference and analysts' meeting 3 August 2010, Mövenpick Hotel, Amsterdam
From 10.00 hrs a press conference will be held in the Mövenpick Hotel, Piet
Heinkade 11, 1019 BR Amsterdam. The analysts' meeting will start at 12.00 hrs.
To register call Astrid Marré, telephone +31 6 11 39 69 98.
Live-transmission via Internet (Webcast)
The analysts' meeting on 3 August 2010 will be transmitted live via the internet
(www.imtech.eu) from 12.00 hrs until around 13.00 hrs and after this time will
also be available on the website.
Photography
Photographs of the Chairman of the Board of Management are available to the
media via Fotopersbureau Dijkstra. For further information: Fotopersbureau
Dijkstra, telephone + 31 297 56 68 83, E-mail:dykfoto(at)wxs.nl.
[HUG#1435385]
Complete Press Release including tables:
http://hugin.info/130755/R/1435385/380761.pdf
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Source: Imtech N.V. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 03.08.2010 - 06:55 Uhr
Sprache: Deutsch
News-ID 38450
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Town:
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Kategorie:
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