Imtech trading update for Q3 2009: further growth of order book
(Thomson Reuters ONE) - Gouda, the Netherlands - The order book development of Imtech(technical services provider in Europe) exhibited further growth inthe third quarter of 2009 compared with 2008's corresponding period.Imtech fully maintains its full-year forecast for 2009 and expects toincrease its EBITA further through organic growth and acquisitions.Imtech CEO René van der Bruggen said: 'Once again we more than heldour own in the third quarter of 2009. Compared with last year'scorresponding period our order book exhibited further growth.Moreover, we continue to have a healthy financial position. We areobviously not immune to the consequences of the economic crisis. Butour portfolio of core technical competences - the broadly-basedcombination of electrical engineering, ICT and mechanical engineering- together with our strong positions in numerous market segments andalmost 20,000 customers make us less sensitive to the currenteconomic conditions. We are also noticing positive impact fromeconomic stimulation programmes in a number of European countries.Imtech's hallmark is a project organisation capable of respondingflexibly to changing market conditions. Furthermore, we are becomingincreasingly active in the growth market of 'energy & environment',including power plants and 'green' buildings, 'green' data centresand 'green' ships. We believe in our own strength and that is why weare maintaining our forecast for a further increase in EBITA thisyear and also our long-term growth targets for 2012.'BeneluxImtech focuses in the Benelux countries on 'green' (total) technicalsolutions. Examples of this approach include the 'green' headquartersof the Royal Netherlands Army and the 'green' technologicalrenovation of the head office of Fortis BNP Paribas in Brussels.Imtech is also increasingly active in the market of 'green' datacentres. One must take into account that the market for buildings andindustry in the Netherlands is weak outside the Randstad (the heavilyurbanised western part of the country) which results in intensivecompetition. On the other hand, the infrastructure market in theNetherlands is reviving on the back of economic stimulationprogrammes. Imtech is responding prudently to these circumstances,for example in the markets of tunnels, technical infrastructures onand alongside motorways and a variety of projects in the market ofenergy and high voltage solutions.Germany & Eastern EuropeImtech is developing robustly in Germany against the economic tide.The broadly-based Imtech portfolio, the high level of technicalcapabilities and strong market positions are the drivers behind thisdevelopment. Sizeable contracts that Imtech has won include ahigh-tech power plant and a 'green' building for insurer VictoriaVersicherungen. But Imtech is also developing positively in theGerman pharmaceutical industry (clean rooms), energy market, healthcare sector and airports segment. In Eastern Europe, Imtech hasacquired Romanian technical services provider Arconi, which has awell-filled multi-year order book. Together with Imtech Deutschlandthe objective is to achieve further growth and to widen the portfolioof services. The organisation of the UEFA European Championships 2012in Poland will be conducive to Imtech's activities, both directlythrough orders for technical solutions for sports facilities andindirectly through technology for amenities like hotels and shoppingcentres.UK, Ireland & SpainImtech has secured several orders in the UK related to the 2012Olympic Games in London, including the 'green' Olympic Stadium. Thiswill help to counterbalance the poor situation in the buildingsmarket. At the same time Imtech continues to perform well in theeducation, waste treatment and energy markets. The market in Irelandis best described as 'not easy', but here the energy market ishelping to compensate as well. What's more, some specific technicalcompetences in the pharmaceutical market are increasingly beingexported to other European countries. In Spain, Imtech has grown intoone of the strongest players in the maintenance market, especially inindustry (oil and gas industry as well as the (petro)chemicalindustries). This provides multi-year continuity. Spain is anothercountry where Imtech has successfully penetrated the growing energymarket. This helps to compensate for the poor real estate market,although Imtech continues to perform well in that market as well.NordicNVS, acquired by Imtech last year, is developing favourably inSweden, Norway and Finland despite the economic headwinds. The marginremains on a high level. This is due to a wide stream of medium-sizedand smaller contracts and a healthy position in the energy market,among other things with an order for an energy-friendly districtheating system in Hedströms in Sweden. Imtech is continuing to searchactively for acquisition candidates in order to add electricalengineering to the portfolio of services that at present is stillfocused predominantly on mechanical engineering. The objective forImtech is to be able to offer its multidisciplinary total technicalsolutions also in the Nordic countries.ICT, Traffic & MarineImtech is being hampered in the European ICT market by the economicsituation, but is relatively speaking more than holding its own,thanks in part to its strong portfolio that combines hardware,software and managed IT services in a wide variety of marketsegments. The large number of long-term maintenance contracts and thegrowing demand for intelligent traffic solutions in the Trafficmarket generate continuity. Continuity is also in evidence in theMarine market, mainly through a larger volume of maintenancecontracts, the growing market for 'green' ships and several ordersfor naval vessels from customers including the German and Dutchnavies. Investments are somewhat hesitant in the international oiland gas market. But the market for cruise ships and luxury yachts(including mega-yachts) remains on level.Solid financial positionImtech's financial position is solid and remains well within thecovenants agreed with the banks. Given the prevailing economicconditions Imtech is devoting considerable attention to thedevelopment of its cash position and to controlling its workingcapital and indirect costs.Faith in own strengthObviously Imtech is not immune to the consequences of the economiccrisis and a few of the almost 20,000 customers have time-shifted or(temporarily) postponed projects There is pressure on prices in someplaces due to increasing competition. Against this, however, Imtechis resilient thanks to its portfolio (a strong combination ofelectrical engineering, ICT and mechanical engineering spread acrossnumerous countries and market segments) and its flexible projectorganisation. What's more, the excellent performance by the Germany &Eastern Europe cluster and the growth market of 'energy &environment' provide a counterbalance. Imtech has well-balancedactivities and faith in its own strength.Maintaining forecasts and long-term growth targetBased on current insights Imtech expects a further increase in itsEBITA in 2009 through organic growth and acquisitions. Imtech iskeeping fully in place its long-term strategic plan for achieving2012 revenues of 5 billion euro (2008: more than 3.8 billion euro)while maintaining an operational EBITA margin of 6% (2008: 5.5%). 0-0-0-0-0-0-0-0-0-0Financial agenda* 16 February 2010 : Annual results 2009* 7 April 2010 : Annual General Meeting of Shareholders* 26 April 2010 : Trading update for 2010 first quarter* 3 August 2010 : Half-year results 2010* 26 October 2010 : Trading update for 2010 third quarterMore informationMedia: Analysts & investors:Mark Salomons Jeroen LeenaersCompany Secretary Manager Investor RelationsT: +31 182 54 35 14 T: +31 182 54 35 04E: 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.http://hugin.info/130755/R/1350552/325914.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 07:00 Uhr
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