Trading update Royal Imtech
(Thomson Reuters ONE) -
* Performance in the first half year of 2015
* Revenue, order intake and operational working capital satisfactory
* Operational EBITDA lower compared to prior year
* Non-operational costs significantly lower compared to prior year
* Net finance result significantly improved compared to prior year
* Constructive and advanced dialogue with financiers
* Alvarez & Marsal engaged and Chief Restructuring Officer appointed
* Return to profitability takes more time than anticipated; achieving positive
operational EBITDA in 2015 will be very challenging
Royal Imtech provides a trading update on the basis of preliminary unaudited
figures for the first half year 2015 ahead of its final reviewed half year
figures announcement on August 25(th), 2015.
Performance in the first half year of 2015
Revenue for the first six months of 2015 is around a satisfactory ?1.8 billion.
This revenue is circa 8% lower than last year, which is largely attributable to
the planned reduction of the German division. The other Imtech divisions,
combined, deliver revenue comparable to the 2014 period.
Order intake for the first six months of 2015 is around a satisfactory 100% of
revenue.
Operational EBITDA for the first six months of 2015 will be ?45-?50 million
negative compared to ?25 million negative for the comparable period in 2014. The
performance in Germany, the UK, Nordic and Traffic & Infra business have
declined and the performance in Benelux, Spain and Marine business have
improved.
Non-operational costs in the first half year were significantly lower compared
to comparable period in 2014.
Net finance result improved significantly for the first six months of 2015
compared to 2014. Net finance result in Q2 2015 remained stable compared to Q1
2015.
Operational working capital came in at around a satisfactory 0.5% of revenue
reflecting a normal seasonal pattern.
Net interest-bearing debt at the end of June 2015 was approximately ?545
million. Imtech's total credit facility is around ?700 million. Of the total
available liquidity of circa ?150 million, ?50 million is committed liquidity in
support of joint ventures and guarantees.
Constructive and advanced dialogue with financiers
To address the slower than anticipated return to profitability, Imtech and its
financiers are in a constructive dialogue about all possible long term
structural solutions and are in a constructive and advanced dialogue about an
amendment to the financing arrangements including an increase in liquidity
headroom for the group and its subsidiaries. A liquidity facility of ?75
million, in addition to the existing facility of ?700 million, has been agreed
to, subject to credit committee approval of certain financiers.
Imtech agreed with its main financiers, subject to credit committee approval of
certain financiers, to utilise a portion of its available guarantee headroom to
facilitate such liquidity facility. The liquidity facility will be available
until the end of December 2015 in two tranches of ?37.5 million. The first
tranche is expected to become available within the next week. The second tranche
will be available within four weeks, provided that certain conditions are met.
Final processing and signoff on this amendment of the financing arrangements is
expected within a week and Imtech will update the markets in due course.
Hiring of Alvarez & Marsal and appointment of a Chief Restructuring Officer
In an effort to accelerate Imtech's turnaround, the company has hired Alvarez &
Marsal, a leading global professional services firm specialised in providing
comprehensive performance improvement, turnaround management and interim
management services. Mr. Stefaan Vansteenkiste, an experienced turnaround
manager and country head of Alvarez & Marsal Benelux, will assist and complement
Imtech's management board as Chief Restructuring Officer effective the second
half of August. Mr. Vansteenkiste will be responsible for reviewing and
overseeing the implementation of Imtech's restructuring and performance
improvement initiatives.
Outlook for the rest of the year
Based on the performance of the first half year and an updated forecast for the
remaining of the year, Imtech announces that the return to profitability takes
more time than previously anticipated. Particularly, this applies to the
performance in Germany (challenges in downsizing the business and higher than
expected losses in old projects), the Dutch building services business (higher
than expected project losses and lower margins) and the water business in the UK
(project losses in closure of several larger older contracts and market related
start-up delays of new projects). For those reasons, achieving a positive
operational EBITDA for the year will be very challenging.
Imtech will report its reviewed results for the first half year of 2015 as
scheduled on August 25(th), 2015.
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 54 35 04
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, automation and mechanical solutions. With approximately
22,000 employees, Imtech holds attractive positions in the buildings and
industry markets in the Netherlands, Belgium, Luxembourg, Germany, Eastern
Europe, Sweden, Norway, Finland, the UK, Ireland and Spain, the European market
of Traffic as well as in the global marine market. 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 Euronext Amsterdam.
PDF: Press Release:
http://hugin.info/130755/R/1941623/701868.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Imtech via GlobeNewswire
[HUG#1941623]
Unternehmensinformation / Kurzprofil:
Datum: 28.07.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 409448
Anzahl Zeichen: 7664
contact information:
Town:
Gouda
Kategorie:
Business News
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