Imtech continues to grow: EBITA +23%, order book +11% in the first
half of 2009
(Thomson Reuters ONE) - HY 2009 HY 2008 GrowthRevenue (in millions.) 2,022 1,761 +15%EBITA (in millions) 101.8 82.9 +23% (organic: +6.4%)EBIT (in millions) 91.7 77.5 +18%Net profit (in millions) 51.5 46.1 +12%Profit per share (before 0.80 0.67 +19%amortisation)Operational EBITA margin 5.4% 5.1%Order book (in millions) 4,809 4,341 +11%Number of employees (on 30 22,747 19,082 +19%June) * An order book of 4.8 billion euro (+11%) gives confidence for the second half of 2009 * 'Green' technology and a broad portfolio of services enable a robust double-digit growth to be achieved despite the economic crisis. Germany is the 'star performer' * Significantly improved working capital (-20%) despite growth * Maintaining long-term strategic plan: revenue of 5 billion euro in 2012, operational EBITA margin target of 6% * Maintaining outlook for the whole of 2009: further EBITA growth through organic growth and acquisitionsRené van der Bruggen, CEO of the European technical services providerImtech N.V. 'Despite the fact that we are also not immune to theconsequences of the economic crisis, Imtech delivered an excellentperformance during the first half of 2009. The EBITA rose by 23% to101.8 million euro. The organic EBITA growth amounted to 6.4%, whichmeans that even if the effects of the acquisitions are excludedImtech achieved growth. The operational EBITA margin rose from 5.1%to 5.4% and profit per share (before amortisation) rose by 19%. Thisexcellent performance is due to our strong positions in Europe andthe global marine market with well spread activities in manycountries and markets. Imtech also reaped the benefits of thesubstantial increase in demand for 'green' technology, for examplepower plants, decentralised energy facilities, bio-energy and 'green'buildings. Additionally, some cost-reduction measures have beenimplemented, for example reducing the number of temporary staff.''The star performer was the Germany & Eastern Europe cluster whichachieved an organic EBITA growth of 35%. High-tech solutions withhigh added-value and the spread across growth segments such asenergy, 'green revitalisation' and airports led to extremely robustgrowth. But even in the UK, Ireland & Spain where the effects of theeconomic crisis are very obvious Imtech succeeded in maintaining itsposition and achieve an EBITA growth of 6%. This was possible thanksto the clear focus on energy, water and maintenance in the(petro)chemical industry plus the positive effects of the 2012 LondonOlympic Games. Imtech also achieved further growth in the Benelux(EBITA growth of 3%) and in the European and partly globally ICT,Traffic & Marine markets (EBITA growth of 5%). The lower resultsImtech achieved in the European ICT market were offset by growth inthe European Traffic market and in the global Marine market. Imtechalso achieved good results in Scandinavia where it has been activesince the acquisition of NVS in November 2008.''Its excellent performance in the first half of 2009 combined withthe increasing demand for 'green' technology, Imtech's broadportfolio and its successful strategy gives Imtech faith in its ownstrength even in difficult market conditions. During the first halfof 2009 the order book rose by 11% to over 4.8 billion euro, anexcellent performance. For the whole year 2009 - as stated earlier -Imtech expects further EBITA increase through organic growth andacquisitions. Imtech is therefore looking forward to the second halfof 2009 with confidence. Imtech is also maintaining its long-termstrategic targets of achieving revenue of 5 billion euro in 2012while maintaining an operational EBITA margin target of 6%.'An excellent performance in difficult market conditionsImtech can look back on an excellent first half of 2009. Despitebeing surrounded by a gripping economic crisis Imtech's net profit,EBITA, revenue, order book and operational EBITA margin all developedpositively. In a nutshell; under difficult market conditions Imtechachieved an excellent performance, particularly in Germany.The EBITA rose by 23% to 101.8 million euro and the EBIT rose by 18%to 91.7 million euro. Higher interest payments resulting fromacquisitions in 2008 and the amortisation of intangible assets meantnet profit rose by a, relatively speaking, slightly lower 12% to 51.5million euro. Revenue rose to 2,022 million euro, an increase of 15%.The fact that the EBITA rose organically by 6.4% indicates that evenwhen market conditions are difficult Imtech continues to achieveorganic growth in its relevant markets. Half way through 2009 theorder book was at a high 4,809 million euro - 11% higher than 12months earlier. This gives confidence in the second half of 2009. Theoperational EBITA margin rose from 5.1% to 5.4%, a substantialimprovement. Profit per share (before amortisation) rose by 19% to0.80 euro.The effects of the economic crisisDuring the second half of 2008 the global economic playing fieldchanged dramatically. At the end of 2008 the effects of theinternational credit crisis spread across a broad front and were alsofelt by Imtech. During the first half of 2009 Imtech noticed that, asmentioned earlier, it was not immune from the effects of thiseconomic crisis. In the first half of 2009 difficulties withfinancing meant a number of orders were postponed and, in some cases,the scope of maintenance contracts was changed. The competitionincreases, partly due to the fact that customers tender new projectsin segments rather than an integrated whole.On the other hand the demand for technology has not decreased. Infact, there has been a considerable increase in the demand for'green' technology that contributes towards more energy-efficient andsustainable processes in, for example, 'green' data centres, offices,manufacturing facilities, ships and public lighting. Imtech canrespond to this demand with a wide variety of 'green' solutions, suchas: * Energy management: multi-year responsibility for an optimum energy supply; * Increased efficiency: the 'fine-tuning' of customers' technology and processes; * Energy saving: metering, consultancy and implementation; * Power plants and decentralised energy facilities, including high-tech co-generation plants; * Thermal energy, energy storage, bio-energy, etc.; * High-tension and energy technology: total solutions for network managers and network companies including the installation/replacement/up-grading of (digital) energy meters; * Diesel-electric propulsion and energy reduction on board ships.This broad spectrum of 'green' technological solutions helps Imtechto resist the effects of the economic crisis.In addition Imtech serves around 19,500 customers and occupies strongmarket positions in Europe and the global marine market. Also itsextensive portfolio of widely-spread activities in many countries,market segments and niches acts as a counterweight against theeffects of the economic crisis.Imtech is also noticing the first positive effects of increasinggovernment investment aimed at combating the crisis. These governmentactivities account for around 30% of Imtech's total activities.Imtech is especially well positioned in the infrastructure, care &cure, education and public buildings markets. In addition, Imtech'srecurring business model, which is relevant for around 55% of itstotal activities with thousands of maintenance contracts and manyregular customers, offers a high degree of continuity.At the same time Imtech is keeping its finger on the pulse throughthe monitoring of its own cash position, working capital, indirectcosts and order book development. A sharp eye is also being kept onthe (financial) position of customers, sub-contractors and suppliers.Imtech also has an flexible project organisation in which somecost-reduction measures have already been implemented. Also Imtech isable to benefit from available market opportunities in the field ofprocurement.Imtech is well balanced and prepared for further growthThe net result of an opportunities and threats analysis is thatImtech is well balanced. Despite the difficult economic conditionsthe focus remains on further growth. The Benelux achieved a modest 3%growth of organic EBITA. German & Eastern Europe excelled with anextremely robust organic EBITA growth of over 35%. In the UK, Ireland& Spain, where the effects of the economic crisis are most apparent,Imtech succeeded in maintaining its position with an almost entirelyorganic EBITA growth of 6%. In the Nordic division NVS, which wasacquired in 2008, performed well - the achieved 6.4% EBITA margin wasin-line with expectations. In the European and partly global ICT,Traffic & Marine markets lower results in the ICT market were offsetby positive developments in the Traffic and Marine market. Theoverall result was an EBITA growth of 5% achieved through acombination of organic growth and acquisitions.The combination of an excellent performance in the first half of2009, the increasing demand for 'green' technology, its broadportfolio and its successful strategy means Imtech has faith in itsown strength even in difficult market conditions and is prepared forfurther growth in 2009.The Benelux: organic growthIn the Benelux Imtech is holding its position reasonably wellorganically. The sharp focus on energy and the environment is payingoff with a great number of orders, for example for 'green' datacentres, energy-savings and 'green' public lighting. Imtech was alsoable to benefit from governmental infrastructure investmentprogrammes. In the buildings market the lower investment level incommercial buildings was partly offset by growth in 'green'buildings, the care & cure sector, the airport market and education.There was, however, a steep decline in investments in the industrymarket. Imtech concentrates on the energy, water and environmentmarkets as well as maintenance and management. The overall picture isone of organic growth and a still growing order book.Total performance in the Benelux HY 2009 HY 2008 GrowthRevenue (in millions) 574 553 +4%EBITA (in millions) 20.4 19.9 +3%EBITA margin 3.6% 3.6%Order book (in millions) 1,411 1,371 +3%Number of employees (on 30 June) 7,575 7,130 +6%Revenue rose by 4% to 574 million euro and the EBITA rose by 3% to20.4 million euro. The order book also showed further growth risingby 3% to 1,411 million euro. In the Netherlands market conditionswere particularly difficult in the north and south. In the west ofthe country (Randstad) Imtech was able to maintain a good position.In Belgium and Luxembourg Imtech performed well despite being underpressure. The overall operational EBITA margin was maintained at3.6%. The number of employees rose by 6% to 7,575 partly as a resultof a successful recruitment campaign.Major orders for buildings provide a firm foundationLarge on-going projects, such as the new Home Affairs and JusticeMinistries in the Netherlands, the Jeroen Bosch Hospital in DenBosch, the 'Palais des Congres' and the extension of the Ministry ofJustice building in Brussels and the extensive multidisciplinary'Belval Plaza' project in Luxembourg provide a firm foundation for2009.The energy market: continued growthIn the (alternative) energy market Imtech is active across a broadfront. A start was made on the energy-generating incineration linefor waste incineration company HVC in the Netherlands. The high-techpower plant in the Academisch Medisch Centrum Amsterdam (academichospital centre of Amsterdam) is a new order. Imtech is also makinggood progress with 'green' public lighting and is involved in over100 European projects for its energy-efficient 'Innolumis' lighting.Other examples are the use of solar and wind energy for car parklighting, bio-energy, energy-savings in industry and sustainabledrainage in the waste industry. Sustainable buildings are also agrowth segment and an order was received for the sustainabletechnology in the Dutch Army's new headquarters in Utrecht. GreenOffice 2015®, a concept for energy-efficient and ecological areadevelopment introduced by Imtech among others, was worked out in moredetail. Energy and sustainability offset the reduction in technologyinvestments in buildings.'Green' data centres: robust growth'Green' data centres are another niche market in which there isrobust growth and Imtech is one of the strongest players in thismarket. New orders were received from Dutch financial institutionsand telecommunications providers and will make the digital paymentand Internet traffic more secure and energy-efficient.High and medium tension and energy metering: further growthImtech's responsibilities included transformers and switchingstations for energy companies and network managers, such as Eneco'snetwork company and Belgian network manager Elia. In the Netherlandsnearly 15,000 electricity and gas meters were replaced, digitised orchecked.Infrastructure: increasing government investmentIn the context of the economic crisis governments are investing ininfrastructure and a substantial portion of this investment involvestechnology. One sizeable new project is the total technologysolutions in the new double-decker tunnel under the A2 in Maastricht.Security in the Velser tunnel is also improved and the operation ofvarious sluices and bridges was automated. Imtech strengthened itsposition at Amsterdam Schiphol Airport still further, for examplewith the renovation of technical sub-stations around the landingrunways.Continuity in care & cure, security and educationImtech once again performed well in the care & cure market. Neworders included the renovation of operating theatres andrapid-response assistance facilities. Imtech holds thousands ofcontracts for the maintenance of technical provisions in the field ofaccess technology and fire security. These contracts are relativelyinsensitive to the effects of the economic crisis. New orders werereceived for technical solutions in a number of schools and for thefire security in various educational establishments.Oil & gas: export level maintainedImtech specialises in 'power', process optimisation and output andquality analysis in the international oil & gas industry. Thesespecialities have maintained their level of work with orders inseveral countries including Oman and Qatar. Thanks to Imtech'savailable expertise a position is slowly but surely being generatedin the CO2 storage market.Industry: a steep declineThere has been a steep decline in the level of investment in theindustry market. Despite orders from, for example, Total, Vitelia andCargill, the effects of the economic crisis can be seen very clearlyin this sector.Maintenance: under pressureImtech carries out hundreds of maintenance contracts not only inbuildings and infrastructure but also in industry. These contractsmake an important contribution towards continuity and are often thecause of additional investments. The market is in motion and thisoffers both opportunities and threats. New contracts were won from,among others, Inbev and the City of Brussels; other contracts wereamended, re-tendered or postponed. On balance Imtech experiencespressure in this segment.Germany & Eastern Europe: a very strong position leads to highorganic growthImtech occupies a very strong position in Germany and offerscustomers high added-value. There is an extensive long-list ofpotential projects in markets such as energy, 'green' revitalisation,airports, care & cure, data centres, pharmaceuticals and theautomotive industry. Imtech is also more focused on technicalmaintenance. All of this enabled the margin to be raised seriouslyhigher and a robust organic growth to be achieved. In Eastern Europealthough Imtech felt more of the effects of the economic crisis itwas still able to maintain its position, partly thanks to its focuson high-tech projects and the positive effects of Poland's hosting ofthe EURO 2012 European Football Championship.Total performance in Germany & Eastern Europe HY 2009 HY 2008 GrowthRevenue (in millions) 494 470 +5%EBITA (in millions) 28.9 21.4 +35%EBITA margin 5.9% 4.6%Order book (in millions) 1,635 1,453 +13%Number of employees (on 30 June) 4,407 4,114 +7%With revenue increasing by 5% to 494 million euro the EBITA rose by35% to 28.9 million euro. As a result the margin rose substantiallyfrom 4.6% to 5.9%. The order book showed a substantial 13% growth toa record 1,635 million euro. The number of employees rose by 7% to4,407.Energy: a growth marketThe German energy market is a growth market for Imtech. New orderswere acquired for a high-tech power plant in Stade (order from Dowand EnBW), a biomass plant in Witgenstein and a thermal power plantin Erding. The order for an RWE power plant in Hamm proceeded well.Imtech was also active in the decentralised power plant market, forexample with a new power plant for Audi in Brussels. Imtech'sexpertise in energy management and energy contracting achievedfurther growth. Existing contracts for a number of customersincluding Caterpillar in Kiel and the Bundesnachrichtendienst (GermanNational Security Service) in Berlin are on schedule. New contractswere signed with Friesland Foods in Germany and Daimler in Hungary.'Green' revitalisation: Imtech leads the wayImtech stands out in the 'green' revitalisation growth market - thereplacement of the entire existing, generally out-dated, technicalinfrastructure with 'green' total solutions. The result is savings ofaround 50% on energy, CO2 emissions and water. The most importantproject (120 million euro) involves the 'green' revitalisation of thetwo 155 metres high towers of the Deutsche Bank's headquarters inFrankfurt on the basis of platinum LEED certification (Leadership inEnergy and Environment Design).Sustainable buildings: on the increaseImtech is in a very good position in the growth segment ofsustainable buildings. One project involves the total sustainabletechnical infrastructure, including a co-generation plant and anenergy-efficient hydrogen cooling system, in the new energy-efficientoffice building for Victoria Versicherungen in Düsseldorf.Airports: multi-year continuityImtech will be active at Berlin's Brandenburg International airportfor several years. This airport will, in time, handle around 45million passengers a year, which will make it the third largestairport in Germany. In the new terminal (floor area of 280,000 m²)Imtech is responsible for all the energy solutions, the innovativeheat recapturing, the high and medium tension and all relatedtechnical solutions. The overall value of the orders is well over 100million euro. Imtech is also active at Berlin's Tegel airport.The pharmaceutical industry: continued investmentsThe pharmaceutical industry remains important for Imtech, for examplewith special clean room solutions. The customers that awarded neworders to Imtech included Novartis in Marburg (Germany) and Novartisand Merck Serono in Switzerland.Health care and data centres: a growth marketImtech is acting as the expert technology partner in the growinghealth care market with orders being received from a number of healthcentres including hospitals in Stuttgart and Neukirchen. Virtuallyall the German energy companies, banks and insurance companies areinvesting in extra bandwidth for data traffic. Imtech is the marketleader in this data centres segment with new orders from E-shelter.The automotive industry: important for ImtechDespite the economic crisis the German automotive industry continuesto invest in new research and test centres for the development ofenergy-efficient automobiles with low emissions. High-tech testtechnology with which wind, weather and environmental-influences aresimulated is one of Imtech's strengths. Customers include BMW andDaimler. Imtech also supplies end-to-line test facilities. These arealso exported, for example to China, Thailand and India. Imtechimplemented an innovative fire protection system for Audi.Eastern Europe: a focus on high-tech leads to growthPoland's hosting of the 2012 UEFA European Football Championship hasled to extensive investments. Imtech is one of the strongest Polishtechnical services providers with a focus on high-tech solutions, forexample in hotels, department stores and cinemas. Imtech also focuseson high-tech buildings, such as the Zebra Tower in Warsaw. Orderswere also received from Volkswagen and Selgros. Imtech remainsselectively active in Russia, for example with technical solutions ina new Media Market store.UK, Ireland & Spain: further, mainly organic, growthAs a result of the economic crisis market conditions in the UK,Ireland and Spain vary from difficult to very difficult. Despite thisImtech performed very well. Although the order book was slightlylower further, mainly organic, EBITA growth was achieved. In the UKthe steep decline in the real estate market was offset by the breadthof Imtech's portfolio, the sharp focus on energy and water and theinvestment related to the 2012 Olympic Games. In Ireland investmentsin the pharmaceutical sector continues at a reasonable level. Heretoo the focus on energy is bearing fruit. The export of technology isalso being intensified. In Spain there are large on-going projects inthe (petro) chemical sector and Imtech occupies a strong, andgrowing, position in maintenance, management and up-grading in boththe oil & gas industry and the buildings market.Total performance in the UK, Ireland & Spain HY 2009 HY 2008 GrowthRevenue (in millions) 270 236 +14%EBITA (in millions) 17.5 16.5 +6%EBITA margin 6.5% 7.0%Order book (in millions) 542 553 (2%)Number of employees (on 30 June) 3,377 3,164 +7%Revenue rose by 14% to 270 million euro. The EBITA rose, virtuallyentirely organically, by 6% to 17.5 million euro, despite thenegative effect of the depreciation of the British pound against theeuro. The order book fell by 2% to 542 million euro and at 6.5% themargin was slightly lower than the 7% of last year. As a result of amedium-sized acquisition in Spain the number of employees rose by 7%to 3,377.A broad market scope in the UK & IrelandIn the UK & Ireland Imtech's hallmark is its broad market scope interms of both geography (active in Greater London, South EastEngland, the Midlands and Yorkshire and, in the water industry,nationwide and in Ireland) and its activities in various segments(the water industry, pharmaceuticals, education, hotels, shoppingcentres, care & cure, penitentiaries, museums, inner-cityredevelopment, technological renovation, etc.). This means Imtech canrespond flexibly to the available market opportunities.Water and water treatment: further growthImtech expanded its position in the UK water industry, in which itwas already one of the strongest players. Imtech is the technologypartner of a number of customers including large water companies suchas Welsh Water and Anglian Water Services. In this context variouswater treatment improvement projects were carried out. Imtech'scustomers also include smaller water companies such as UnitedUtilities Water. The construction of a new water treatment plant inEast Anglia is on schedule.From water treatment to energy: a logical stepThe water treatment expertise available within Imtech has, in recentyears, enabled a position in the energy market to be built up. Thisposition was once again confirmed by the order from Welsh Water fortwo bio-fermentation plants in Wales. Using high-tech co-generationtechnology these plants generate 5.5 MW of green electricity whilereducing the customer's carbon footprint by 15%. Imtech also receivedan order from the University of East Anglia for energy generated frombiomass, co-generation technology and concrete core activation(heating and cooling the building's mass via systems of channelsinstalled within the concrete). At Dublin Airport Imtech isresponsible for a power plant.English education: a growth marketEducation is one of the market segments in the UK that, partly thanksto increasing government investment, is showing substantial growth.Imtech is one of the strongest players in this segment. Projectsinclude the expansion of Nottingham Trent University, theredevelopment of the Colchester Institute and the technology in aCambridge University R&D centre.The effect of the 2012 Olympic GamesLondon's hosting of the 2012 Olympic Games has cleared the way for anextensive investment programme in which Imtech has pre-qualified forthe technology solutions in a number of sporting venues andaccommodation projects. At the same time hotels and shop chains inparticular are investing in expansions and/or large-scaletechnological renovation and upgrading.The Irish pharmaceutical industry: continued investmentIn Ireland the level of investments in the pharmaceutical industryhas remained at a reasonable level although there has been a shiftfrom large to medium-sized projects, such as a new R&D centre withclean room facilities for Genzyme in Waterford. Imtech is exportingmore and more its pharmaceutical combined electrical engineering andinstrumentation expertise to other European Imtech countries.Spain: further growth in the industry marketImtech is one of the strongest players in the Spanish industrialassembly, maintenance and shut-downs markets, particularly in the(petro) chemical sector. Imtech is responsible for doubling thecapacity of Repsol's refinery in Cartagena and Cepsa's refinery inHuelva (orders worth over 130 million euro). Imtech also managesnumerous shut-downs and upgrades. The focus is on the growth ofindustrial maintenance services with a multidisciplinary focus.Imtech is responsible for the multidisciplinary industrialmaintenance for steel manufacturer Acerinox and the Cepsa refinery inAlgeciras. Imtech is also responsible for the maintenance of theCepsa refineries in La Rábida and Tenerife and the BP refinery inCastellón.Spanish buildings: a focus on maintenanceThe Spanish real estate market is going through a deep depression.Imtech focused successfully on a growing base of regular customers inmajor economic centres. This approach is bearing fruit. There hasalso been a radical shift in the focus towards maintenance in theform of multidisciplinary performance contracts with 24/7 services.Examples include the maintenance of all the AC Hotels in Andalusiaand Catalonia, the 'Reina Sofia' Hospital in Tudela and the 75,000 m²'Las Mercedes Business Park' in Madrid. The market situation does,however, mean that the margins are under pressure.Nordic: a good performanceIn November 2008 Imtech acquired NVS. NVS is one of the largestplayers in the technical services market in Sweden and Norway and hasa base position in Finland. This acquisition has laid the foundationsfor a strong Imtech position in Scandinavia. NVS offers a wide rangeof activities in the field of energy, heating, air and climatetechnology, fire protection, sprinkler technology, industrialservices and maintenance. The focus is on many medium-sized andsmaller projects evenly spread across a large number of marketsegments, from public and private buildings to education, care & cureand industry. In addition to new construction NVS concentratesprimarily on technological redevelopment and maintenance. Thisstrategically focus proved advantageous in worsening marketconditions - NVS performed well.Total performance in Nordic HY 2009Revenue (in millions) 145EBITA (in millions) 9.3EBITA margin 6.4%Order book (in millions) 207Number of employees (on 30 June) 2,281As NVS was acquired in November 2008 there are no figures for thecomparable period. Revenue amounted to 145 million with, asanticipated at the moment of acquisition and according toseasonality, an EBITA margin of 6.4%. At 207 million euro the orderbook was also healthy. Nordic employs 2,281 staff.Position strengthening through acquisitionsTo further strengthen the position in Scandinavia three companieshave been acquired: * AT Furustad: an all-round technical services provider in the Vestfold region in Norway, specialised in mechanical processes, energy and air and climate solutions; * Sundsvalls Rörteknik: a Swedish industrial services provider specialised in high-value process technology; * Olav C. Jensen & Søn: a technical services provider specialised in maintenance in Ski in Norway - a region that lies in a strategic position between the cities of Oslo and Fredrikstad.The total annual revenue amounts to around 11 million euro with atotal of around 80 employees. All the acquisitions will make animmediate contribution towards profit per share.The energy market offers opportunitiesNorway, Sweden and Finland want to reduce their dependence onelectricity and oil. This policy has led to (government) investmentin the optimisation of energy performance and the use of alternativeenergy. Imtech (NVS) is active in energy services, energy saving,alternative energy and decentralised energy facilities. Theseservices are offered in both the industry and buildings markets. Inthe industry market various orders for energy optimisation wereacquired. Imtech was also responsible for a part of the technicalinfrastructure in Elkem Solar's solar cell factory in Norway. In thebuildings market Imtech (NVS) is involved in the sustainable'Stockholm Waterfront' project. This is an ecological project with awide range of innovative energy solutions and extremely low CO2emissions, including via ice cooling.Investments in public buildings remain highInvestment in care & cure and education has remained high, partlythanks to additional government investment. Imtech (NVS) wasresponsible for the sustainable air and climate solutions and firesecurity in various buildings including the 'Drammen' educationalinstitution building in Oslo - a former architectural monument builtin the 19th century. In Sweden Imtech (NVS) was involved with theregional Kalmar hospital and the Skansa hospital. Progress was alsomade in other public buildings, for example with the sustainable airand climate technology in a new penitentiary in Sollentuna, north ofStockholm. Part of this prison was prefabricated on the basis of IFDB(Industrial Flexible Dismountable Building). Imtech was alsoresponsible for the technology in this section.Infrastructure: a growth marketInvestments in new infrastructure are being made in variouslocations, for example in Stockholm where a new railway tunnel isbeing constructed that will transform Malmö Central from adead-end-station into a through-connection. Imtech (NVS) isresponsible for the sustainable climate solutions in the station.A strong position in technological renovation and redevelopmentImtech (NVS) occupies a strong position in the technologicalrenovation and redevelopment market. A number of larger projects wereacquired including the technological redevelopment of variousbuildings around the Liljeholmen Square in Stockholm. This is amultidisciplinary project comprising medical facilities, shops andoffices. Another example is the redevelopment of a former monumentalaircraft hangar in Stockholm into a shopping centre.Hotels: continuing investmentThe level of investment in hotels has remained more or less the same.Imtech (NVS) projects include the sustainable technology and firesecurity in the new Rezidor Park Inn Hotel near Oslo Airport and thenew Scandic hotel in Karlskrona.Industry: cost savingsInvestments in industry are under pressure. With the focus on costsavings and improved efficiency, technology is playing a key role.Fiskeby Board, a packaging manufacturer in Norrköping in Sweden, andNynas, a Swedish oil and bitumen products manufacturer, worked withImtech (NVS) to improve their primary processes.Fire protection: business as usualInvestments in fire protection have remained good. Imtech (NVS) wasresponsible for all the fire and sprinkler solutions in a new, largeprinting works in Landvetter, just outside Gothenburg in Sweden.ICT, Traffic & Marine: further growth both organically and throughacquisitionsThis European, and partly globally, operating cluster achievedfurther growth both organically and through acquisitions. Althoughdemand decreased in the ICT market, the growing volume of traffic andgovernment investment led to an increase in European Trafficactivities. Imtech also achieved better results from its globalMarine market activities.Total performance in ICT, Traffic & Marine HY 2009 HY 2008 GrowthRevenue (in millions) 539 502 +7%EBITA (in millions) 34.0 32.4 +5%EBITA margin 6.3% 6.5%Order book (in millions) 1,014 964 +5%Number of employees (on 30 June) 5,062 4,631 +9%Revenue rose by 7% to 539 million euro and the EBITA rose by 5% to34.0 million euro. As a result the margin fell slightly from 6.5% to6.3%. The order book rose by 5% to 1,014 million euro. The number ofemployees rose by 9% to 5,062, in part due to acquisitions in 2008.ICT: the economic crisis has a negative impactImtech is active in the ICT markets in the Netherlands, Belgium,Germany, Switzerland, Austria and the UK. Intensive co-operation withworld market leaders such as IBM, Microsoft, Cisco and SAP makes highadded-value possible. The economic crisis has had a negative effecton revenue. Competition has sharpened and margins have come underpressure. A lower EBITA in the Netherlands, Germany and the UK waspartially offset by the activities in Austria and Belgium.Two prestigious IBM Beacon Awards were won and Imtech was awardedvarious titles by the trade press (including 'best telecommunicationsservices provider in the Netherlands').Developments in the Dutch ICT market were negative, with theexception of investments in government, care & cure and education.The demand for business intelligence, performance software and'technical software' rose. The good performance achieved by Imtech'sdifferentiating network and communications solutions included thewinning of an order for a high-tech backbone for the integration ofimages from the Ministry of Public Works' cameras on the highwaysaround Rotterdam. This is improving traffic safety. Imtech was alsosuccessful in the field of ICT outsourcing, for example with afive-year agreement for the newly developed DeskCare® services (theflexible out-sourcing of ICT management services) in the ZuweHofpoort Hospital in Woerden.Germany is in a decline. Several investment decisions were postponed.Although there was growth in the field of virtualisation and ITconsolidation, CRM (Customer Relationship Management) and businessintelligence, there was a decline in the ICT total solutions market(software, hardware and IT services). A number of orders wereacquired from customers including Deutsche Bahn, Merck, Nobel BiocareDeutschland, Lufthansa Air Plus, Amadeus Data and the DeutscheBundestag.In Germany and Switzerland Imtech achieved good results with softwaresolutions for financial services to the public sector. The StadtRemscheid was a new customer. Imtech has decided to offer theseservices in the Netherlands as well.In Austria Imtech is doing relatively well, for example withhigh-tech tailor-made SAP software and logistical IT solutions forvarious European postal services. Software orders in Austria andBelgium were received from banks such as the Austrian Raiffeisenbankand the Belgian Fortis bank.In the UK Imtech has a history of being highly active in thefinancial market. In the first half of 2009 the crisis in the Englishbanking sector put the acquisition of orders under severe pressure.The telecommunications activities did, however, perform well. Onesubstantial order was for high speed broadband at remote spots, whichwill mean regions with a low population density will also be able toreap the optimum benefits from the Internet.Traffic: high demand leads to growthIn the UK, the Netherlands and parts of Eastern Europe and SwedenImtech, via Imtech Infra & Traffic and Peek Traffic (acquired twoyears ago), is extremely well positioned in the fast-growing mobilityand innovative traffic solutions market.In the UK government investment increased. The Highway Agency(manager of motorways and connecting roads in England) awards Imtechthe order for the integration of access dosage with the existingtraffic control systems. Orders are also acquired for high-techdigital camera systems for dynamic speed control and improved trafficsafety on various motorways. Further progress was made with themulti-year maintenance and upgrading contract for NRTS (NationalRoads Telecommunications Services), the high-tech data-backbone towhich all the Highway Agency's roads are connected. Imtech isresponsible for the innovative traffic management on the motorwaysaround Birmingham and Coventry. The multi-year maintenance contractwith Transport for London (manager of the road network in and aroundLondon) for the 'Keeping London Moving' programme generated extraactivities. Imtech is responsible for the maintenance and upgradingof all the traffic systems in the eastern region of London, includingthe Olympic area. This involves around 40% of all the technicaltraffic solutions in London.In the Netherlands Imtech was responsible for the intelligent trafficinfluencing systems that are improving traffic throughput andreducing the pressure on the environment in a number of citiesincluding Tilburg, Breda, Apeldoorn and Amsterdam. An order wasreceived from the Dutch Department of Waterways and Public Works forthe introduction of dynamic maximum speed control ('Dynamax') on theA1 and A12 motorways.In Poland and Croatia, where traffic problems are worsening veryquickly, Imtech achieved further growth and was awarded substantialmaintenance contracts in a number of cities including Warsaw, Karkow,Wroclaw, Rudwana and Zagreb. A break-through was achieved in Swedenwith orders for a digital 'Travel Time System' in Stockholm and forhigh-tech vehicle detection systems at a number of locations. Anoffice was opened in Finland.Imtech is involved in the first European tests of two new innovativetraffic technologies - CVIS (Co-operative Vehicle InfrastructureSystems) and SAFESPOT (Co-operative Systems for Road Safety). CVIS isa communications platform through which vehicles can communicate witheach other and with existing traffic technology. SAFESPOT isinvestigating how by working together intelligent vehicles andintelligent infrastructures can contribute towards reducing trafficaccidents by recognising and drawing drivers' attention topotentially hazardous situations in good time.Marine: continued growthImtech's strong market position (global top-5), broad portfolio ofactivities in every shipping sector and sharp focus on service,maintenance and management have made continued growth possible.On-going naval programmes and increasing government spending were twoof the reasons why Imtech succeeded in winning orders from severalnavies including the Dutch Royal Navy (upgrading hardware), theGerman Navy (technology on board new F-125 frigates), the SouthKorean Navy (a Rudder Roll stabilisation system for keeping frigateson course and preventing oscillation) and the British Royal Navy(engineering for new aircraft carriers).Demand for 'green technology', such as innovative andenvironmentally-friendly (diesel)electric propulsion, has increased.This technology leads to reduced fuel consumption (10 to 20%) andenvironmentally-harmful emissions (15 to 20%), for example on boardthe working ship 'Jascon' in Shanghai. Imtech was also involved inthe technical infrastructure on enormous converter platforms thatform the link for transferring the energy generated by 80 windturbines in the North Sea to the shore.Orders for technological solutions on-board a number of luxury (mega)yachts, some of which are over 100 metres long, were received fromvarious ship owners and wharves in Europe, Canada and the Far East.Imtech also won large orders for retrofits (the replacement oftechnically out-dated systems) and technology upgrading on boardluxury mega-yachts including 'Swift' (in Abu Dhabi) and 'Blackhawk'(in the United States). The cruise and passenger liner marketremained good as was proven by orders for the energy-efficientclimate technology on board a Solstice Class passenger liner and therenovation and upgrading of the technology on the passenger liner 'deRavel'.Imtech provides marine services and maintenance to over 750 regularcustomers in 25 countries and from 70 different locations. Theseactivities achieved further growth, for example in the Middle East,Egypt, Hong Kong and South Africa.The number of employees rises mainly due to acquisitionsThe number of employees has risen mainly as a result of acquisitions.On 30 June 2009 Imtech employed 22,747 staff compared with 19,082 on30 June 2008, an increase of 19%. Due to cost-reductions the numberof temporary staff has been and will be reduced. In spite of thecrisis, the main concern for the future remains the availability ofqualified and experienced employees. This is why Imtech continues toinvest in training programmes at both a management and a technicallevel, ensures it stands out from the competition through labourmarket recruitment campaigns and wants to retain its employees.Capital and financingThe ratio of 'average net debt / EBITDA (last 12 months)' was 1.8 (30June 2008: 0.9) well within the standards specified in the covenantsagreed with banks. The increase was the result of a loan taken out atthe end of 2008 in connection with the acquisition of NVS. Interestcoverage, based on the past 12 months, amounted to 8.5 (as at 30 June2008: 10.2).Compared with 30 June 2008 total shareholders' equity was higher at413 million euro. The net profit achieved in the first half of theyear was 51.5 million euro and the dividend over the previousfinancial year paid out in cash amounted to 29.2 million euro. Tocover the stock dividend over 2008 1,427,836 shares were issued and1.1 million euro was charged to the agio reserve. During the firsthalf of 2009 the Company as a result of employee options beingexercised sold 261,000 shares. To cover the balance of exercisedoptions, newly granted options and conditionally awarded shares1,115,296 shares were purchased during the first half of 2009.The balance sheet total was 554 million euro higher than on 30 June2008. This increase was due primarily to the acquisitions that havetaken place since that date. The net debt position (excludingderivates) amounted to 466 million euro (30 June 2008: 269 millioneuro). At the beginning of the financial year the net debt positionwas 444 million euro. At 51.4 million euro the net cash flow fromoperating activities was 123.6 million euro higher than in the sameperiod last year, mainly due to the continued focus on workingcapital. This resulted in a working capital 47 million euro lowerthan last year - a reduction of over 20% despite the Company'sgrowth. Net cash flow from investing activities amounted to 31.5million euro negative mainly due to acquisitions and investments inproperty, plant and equipment. Net cash flow from financingactivities was 47.2 million euro negative due to the payment ofdividend to shareholders and the purchase of own shares to cover theshare and share option schemes. Net cash, cash equivalents and bankoverdrafts fell by 23.5 million euro compared with 31 December 2008,which meant the balance on 30 June was 100.4 million euro negative.Maintaining long-term growth objectivesImtech's maintains its long-term growth objective of achieving arevenue level of 5 billion euro in 2012, while maintaining anoperational EBITA margin of 6%.Outlook for the whole of 2009The outlook for the whole of 2009 expressed in February 2009 remainsunchanged: according to its current views the Board of Managementexpects a further EBITA increase through organic growth andacquisitions. 0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0BOARD OF MANAGEMENT DECLARATIONThe interim financial statements give a true and fair view of theassets, 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 thesituation on the balance sheet date, business development during thefirst half of the financial year and the anticipated businessdevelopment of Imtech N.V. and its associated companies for which theinformation is recognised in the interim financial statements.Gouda, 10 August 2009Board of ManagementR.J.A. van der Bruggen, CEOB.R.I.M. Gerner, CFOFor more informationMedia: Analysts & investors:Mark Salomons Jeroen LeenaersCompany Secretary Manager Investor RelationsT: +31 (0)182 543 514 T: +31 (0)182 543 504E: mark.salomons(at)imtech.eu E: jeroen.leenaers(at)imtech.euwww.imtech.eu www.imtech.euImtech profileImtech N.V. is a European technical services provider in the fieldsof electrical engineering, ICT and mechanical engineering. With over22,500 employees, Imtech achieves annual revenue of around 3.8billion euro. Imtech holds strong positions in the buildings,industry and infrastructure/traffic markets in the Netherlands,Belgium, Luxembourg, Germany, Eastern Europe, Nordic, the UK, Irelandand Spain and in the global marine market. In total Imtech serves19,500 customers. Imtech offers added value in the form of integratedand multidisciplinary total solutions that lead to better businessprocesses and more efficiency for customers and the customers they,in their turn, serve. Imtech also offers solutions that contributetowards a sustainable society, for example in the areas of energy,the environment, water and mobility. Imtech shares are listed on theEuronext Stock Exchange Amsterdam, where Imtech is included in theMidkap Index. Imtech shares are also included in the Dow Jones STOXX600 index.Financial calendar * Trading update third quarter of 2009: 28 October 2009 * Publication of 2009 annual figures, press conference and analysts' meeting: 16 February 2010 * General Meeting of Shareholders: 7 April 2010Pres conference and analysts' meeting 11 August 2009, MövenpickHotel, AmsterdamFrom 10.00 hrs a press conference will be held in the MövenpickHotel, Piet Heinkade 11, 1019 BR Amsterdam. The analysts' meetingwill start at 12.00 hrs. To register call Astrid Marré, telephone +31(0)6 11 39 69 98.Live-transmission via Internet (Webcast)The analysts' meeting on 11 August 2009 will be transmitted live viathe internet (www.imtech.eu) from 12.00 hrs until around 13.00 hrsand after this time will also be available on the website.PhotographyPhotographs of the Chairman of the Board of Management are availableto the media via Fotopersbureau Dijkstra. For further information:Fotopersbureau Dijkstra, telephone + 31 (0)297 56 68 83, E-mail:dykfoto(at)wxs.nl.For the complete press release, including tables, see the attachedpdf.http://hugin.info/130755/R/1333754/316259.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 11.08.2009 - 07:01 Uhr
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