Imtech in the first half of 2007: robust growth, heading for 5 billion revenue in 2012

Tuesday, 21. August 2007 07:30

Highlights first half of 2007
* Robust growth:
o EBITA: +38%, 62.1 million euro (organic +16%)
o Net profit: +30%, 35.1 million euro
o Revenue: +18%, 1,517 million euro
o Order portfolio: +19%, 3,549 million euro
o Operational EBITA margin: up from 4.0% to 4.6%
* Recovery continued in the Benelux, Germany profited from
the positive effects of economic growth, robust growth in the UK &
Spain and explosive growth in ICT & Marine
* An update of the successful growth strategy and
refinancing enable further growth
* Objective: revenue of 5 billion euro in 2012, whilst
maintaining an operational EBITA margin of 6%
* Intended share split (3:1)

21 August 2007
René van der Bruggen, Chairman of the Board of Management of the
European technical services provider Imtech N.V.: 'During the first
half of this year our development was excellent with a 38% increase
in EBITA, of which 16% was organic. This robust growth was the result
of our strong market positions in growing markets, our technological
expertise and our successful acquisition policy. The operational
EBITA margin rose from 4.0% to 4.6%. In the Benelux business
continued to improve, in Germany we profited from the positive
effects of the economic growth, in Spain, and in particular the UK,
Imtech's growth was excellent. In the technological market of ICT &
Marine our growth was explosive - EBITA rose by 66%. And we once
again acquired a number of successful companies that fit in well with
Imtech. The order portfolio reached a record high of over 3.5 billion
euro. Our strategy is paying off. We want to continue this growth in
the future, which is why we have updated our growth strategy. Our
objectives: revenue of 5 billion euro in 2012 while maintaining our
target of an operational EBITA margin of 6%.

Robust growth
Imtech N.V. can look back on an excellent first half of 2007 with
EBITA, net profit, revenue and the order portfolio all making robust
growth. The organic growth was robust and the contribution of the
companies acquired last year and during the first half of this year
was good.

EBITA rose by 38% (17.0 million euro) from 45.1 million euro to 62.1
million euro, of which 16% was organic. Net profit in the first half
of 2007 rose by 8.2 million euro to 35.1 million euro, an increase of
30%. Revenue rose to 1,517 million euro (first half of 2006: 1,290
million euro), an increase of 18%. This shows that EBITA growth was
far greater than revenue growth. The order portfolio grew by 19% and
reached the historic high of over 3.5 billion euro (3,549 million
euro) compared with 2,978 million euro in the first half of 2006 (an
increase of 571 million euro). There has also been a further
improvement in the quality of this portfolio. The operational EBITA
margin (before deducting group management expenses) rose from 4.0% to
4.6%. The combination of technologies (electrical engineering, ICT -
information and communications technology - and mechanical
engineering), innovation and positions attained in the various
geographical and technological markets as well as technological
expertise, rapidly increasing size and successful acquisition
strategy meant that with improving market conditions Imtech's
development during the first half of 2007 was excellent. The Imtech
strategy, which has once again proven its worth, has been updated to
enable us to continue to grow in the future. Imtech has also
undergone a refinancing to create the right conditions for a healthy
financing of its growth strategy.

To further strengthen Imtech's strategic portfolio and achieving
future growth, the following acquisitions, which fitted in with
Imtech's strategy, were completed:
* Strengthening of the position in the mobility market
through the acquisition of Peek Traffic (April 2007). Peek Traffic
offers high-tech and intelligent solutions to the fast-growing
mobility markets in the UK, Ireland, the Netherlands, Belgium,
Germany and (parts of) Eastern Europe. Peek Traffic's annual
revenue, with over 600 employees, is around 90 million euro;
* Strengthening of the position in the UK through the
acquisition of Aqua Group - a multidisciplinary technical services
provider and maintenance specialist in the East England region (May
2007). Aqua Group's annual revenue is around 60 million euro with
over 210 employees;
* Strengthening of the marine position in the USA through
the acquisition of Seacoast Electronics (March 2007). Seacoast is a
full-service marine contractor and service provider with a strong
position in the marine market of the USA. Seacoast's annual
revenue, with 50 employees, is over 11 million euro;
* Strengthening of the ICT activities in Germany through the
acquisition of BMS Systems IT Solutions (May 2007). BMS is a strong
regional player (Frankfurt) in the field of IBM software. BMS'
annual revenue is around 6 million euro with 25 employees;
* Strengthening of the position in Luxembourg through the
acquisition of part of the activities of Cegelec (maintenance
services and energy, January 2007) and all the activities of
Hoffmann (specialist in electrical engineering and security, June
2007). Combined annual revenue of nearly 3 million euro and 53

The total annual revenue of these acquisitions amounts to around 170
million euro. The acquired companies employ over 900 staff. The total
purchase price (including earn-out) was 116 million euro. All these
acquisitions contribute towards earnings per share. The expected
annual EBITA of the companies acquired during the first half of 2007
is around 15 million euro. Only a small portion of this is included
in the 2007 half-yearly figures.

Imtech is segmented into four clusters:
* The Benelux (Buildings, Industry, Infra);
* Germany & Eastern Europe (Buildings, Industry);
* The UK & Spain (Buildings, Industry);
* ICT & Marine (ICT, Technology, Marine, Mobility).

Benelux: the recovery continues
Imtech is one of the largest technical services providers in the
Benelux. In the first half of 2007 the activities developed well and
the good market position provides a solid basis for further growth.
Revenue rose by 11% to 487 million euro (first half of 2006: 439
million euro) and EBITA rose by 31% to 15.9 million euro (first half
of 2006: 12.1 million euro). The order portfolio showed a healthy
development and increased by 8% to 1,100 million euro (first half of
2006: 1,015 million euro). In Belgium and Luxembourg growth continued
while in the Netherlands, where market conditions have been difficult
in recent years, the recovery continued and prices improved although
competition remained fierce. Partly due to more selective project
acquisition EBITA rose faster than revenue and resulted in an EBITA
margin of 3.3% (first half of 2006: 2.8%). The 'Imtech heading for
the top' recruitment campaign was successful and, in part due to this
campaign the number of technical staff rose by 793 (13%) to 6,920 (30
June 2006: 6,127).

The demand for a total approach increased, as did the number of
building teams, partnering with customers and co-operation with
suppliers. A successful start was made on the maintenance contract
for all the Shell offices in the Netherlands. This contract is worth
100 million euro. For Corus a total approach was developed. Imtech is
the technology partner for the new Stedelijk Museum (Museum of Modern
Art) that will be built in Amsterdam. In Brussels orders were
received for the Sheraton hotel, the technological renovation of a
Fortis building and the upgrading of the Swedish Embassy. The mix of
projects reflects Imtech's broad spectrum. Energy saving and improved
air quality are key areas of interest. The acquisition of part of
Cegelec and all the activities of Hoffmann has strengthened the
position in Luxembourg. In the care sector Imtech is developing well,
for example with orders for the large Jeroen Bosch hospital in the
Netherlands and the Sint-Trudo hospital in Belgium. Excellent
progress has been made in the field of security, for example in the
financial sector. Imtech also maintains the X-ray security systems in
several premises of the European Parliament in Luxembourg.

The industry market improved across a broad front. Once again Imtech
was able to strengthen its position in this market. The large (300
million euro) maintenance contract for Shell in Pernis and Moerdijk
was started successfully. New orders were received from Teijin
Twaron, BASF and for a bio-ethanol factory for sugar producer
Südzucker. Growth was achieved in the industrial automation market
with orders from, among others, Opel, Volvo and Audi. Growth was
robust in the international oil and gas market. The export of
technological solutions from the Netherlands to oil and gas producing
countries increased. Special attention was paid to Eastern Europe and
Imtech is now the technology partner for the Romanian national oil
company, Petrom.

Imtech focussed, with success, on innovative solutions in the fields
of energy (saving) and the environment, such as biomass, heat/power
combination and integrated power stations. At Schiphol airport Imtech
is working on an innovative solution whereby harmful kerosene
emissions are converted into electricity - a technology in which
there is worldwide interest.

The infrastructure market improved, a situation from which Imtech was
able to benefit. After several slow years revenue and EBITA rose.
Particularly good progress was made in the Dutch energy-saving
lighting market, for example with an order for tailor-made
energy-economical and safe lighting along the A50 motorway and public
lighting based on sustainable LED technology (Light Emitting Diode).
The market for traffic solutions also improved. Imtech developed
innovative and safe traffic systems for the A2 motorway and, in
co-operation with the acquired Peek Traffic, carried out a traffic
signal project. This acquisition has considerably strengthened
Imtech's market position. The 75 million euro maintenance contract at
Schiphol airport started smoothly. Imtech acquired the technological
maintenance of the flood barrier, which protects millions of
residents from possible flooding. A good track record is being
built-up in the railway infrastructure market. One new order is for
the doubling of the track on the Woerden-Harmelen route. The
co-operation with the Belgian network managers Eandis and Elia was

Germany & Eastern Europe: positive effects from German economic
Imtech experienced the first effects of the improving German economy
right across the market. In 2006 the investment climate in the
industry market improved as a result of a rising domestic demand and
increasing exports. In the first half of 2007 the buildings market
also improved. Imtech's position in several Eastern European
countries was strengthened. With revenue 4% higher at 404 million
euro (first half of 2006: 389 million euro) EBITA rose 21% to 15.9
million euro (first half of 2006: 13.1 million euro). As a result the
EBITA margin also increased from 3.4% to 3.9%. The order portfolio
showed a healthy 14% growth and reached well over a billion euro
(1,117 million euro) compared with 984 million euro in the first half
of 2006. At 4,062 the number of employees remained virtually
unchanged (30 June 2006 4,031).

Progress was achieved in several German market segments. Imtech is
involved with the technological expansion of Frankfurt airport. In
the banking segment more and more digital payment traffic is
necessitating the renewal/expansion of existing computer capacity and
Imtech offers total solutions, such as the one for Citibank's
Frankfurt data centre. But Imtech is also active in the cultural
sector (Deutsche Opera Düsseldorf), the education sector (Martin
Luther University Halle-Wittenberg), the leisure sector (high-tech
Wellness centre in Berlin-Zehlendorf) and the private office market
(an office of the music channel MTV). In the care sector Imtech also
developed into a strong partner in Germany, for example through the
acquisition of all the energy solutions in the Bayreuth hospital
which, thanks to the Imtech approach, has reduced its energy
consumption by 15% per annum.

In Poland Imtech has built up a strong position organically and was,
for example, responsible for all the technological solutions in a
number of Polish mega-cinemas.

The market potential showed further growth and Imtech was active on
many fronts. For Siltronic in Freiburg Imtech was responsible for the
extension of a factory producing mono-crystals, which form the basis
for micro and nano electronics. The core of the project was high-tech
clean room technology, a technology with which Imtech is also active
in the bio-technology and pharmaceutical segments. In the automotive
industry Imtech, the market leader in the development, construction
and exploitation of advanced test technology, equipped a high-tech
research and innovation centre in Munich for BMW and also worked for
Audi. Imtech is a major player in the growing energy management
market. The demand for energy-economic, alternative and decentralised
energy supplies is increasing. Imtech offers total solutions that
lead to substantial energy savings and reduced greenhouse gas
emissions. Imtech was responsible for the technology in a bio-mass
power station in Wittenberg-Piesteritz and also upgraded existing
energy supplies for the city of Munich.

Imtech is increasingly active in a number of Eastern European
countries including Poland, Bulgaria, the Czech Republic and Romania.
The orders from existing German customers carried out by Imtech in
these countries included the technology in a new factory in Bulgaria
for Liebherr and test technology in the Czech Republic for Skoda.

The UK & Spain: robust growth
Imtech developed positively in the UK & Spain cluster. Revenue and
EBITA rose substantially, particularly in the UK, and further growth
was also achieved in Spain. Revenue rose by 22% to 192 million euro
(first half of 2006: 157 million euro) and EBITA rose by 19% to 13.4
million euro (first half of 2006: 11.3 million euro). The order
portfolio showed robust growth and increased by 36% to 416 million
euro (first half of 2006: 305 million euro). Because revenue rose
faster than EBITA and the proportion of high-return maintenance
contracts decreased, the EBITA margin fell slightly to a, still high,
7.0% (first half of 2006: 7.2%). The number of employees rose by 33%
to 2,377 (30 June 2006: 1,786).

In the UK, Imtech's excellent reputation and broad market scope made
further growth possible. Imtech is active in the Greater London, the
Midlands (around Nottingham) and south east England (around
Cambridge). The prestigious redevelopment of the building which had
formerly housed the Ministry of Defence (North Cumberland House
Hotel) was completed. New projects included the technological
renovation of the Royal Court Theatre and an extension of the Natural
History Museum. In the Midlands various new buildings in the
large-scale Clarence Dock development (an attractive urban
waterfront) were acquired. Aqua Group, acquired in May 2007, made a
good start as part of Imtech and was able to expand its position with
Cambridge University.

In Spain investments in offices continued to rise and the renovation
and maintenance market improved. The newly-established separate
maintenance unit made a good start by acquiring maintenance contracts
for a large shopping centre in Cartegena and three hotels in
Barcelona. New projects were the technology in an underground bus
station in Madrid and the Alcalá Magna shopping centre. A new office
was opened in the important Seville economic region.

Imtech's industrial activities are still only of a modest size in the
UK. An automatic warehouse was equipped for manufacturer Boots.

In Spain Imtech is one of the strongest players in the industrial
assembly, maintenance, shutdowns and revamping market with a
concentration on the (petro)chemical and steel industries. The
customer base was expanded yet again. Many customers are preparing
for major shutdowns and upgrading so as to meet the growing demand
for oil products. Substantial tenders were prepared. Ongoing projects
were major shutdowns for BP and Cepsa.

Imtech occupies a very strong position in the UK water (treatment)
market. One new project was the technology in a new water treatment
centre to the northeast of London for the regional drinking water
producer Anglian Water Services. This centre will provide around one
million people with clean water produced in an
environmentally-friendly manner.

ICT & Marine: explosive growth
Explosive growth was achieved in this technological cluster. Revenue
rose by 42% to 434 million euro (first half of 2006: 305 million
euro) and EBITA rose by 66% to 24.9 million euro (first half of 2006:
15.0 million euro). As a result, the EBITA margin increased
substantially from 4.9% in the first half of 2006 to 5.7% in the
first half of 2007. The order portfolio also showed good growth - it
increased by 36% and, at 916 million euro (first half of 2006: 674
million euro), is approaching the one billion euro milestone. The
number of employees rose by 28% to 4,232 (30 June 2006: 3,304) partly
due to the acquisitions.

In the ICT market a growth spurt was achieved. ICT (information and
communication technology) is increasingly forming a major component
of Imtech's total solutions. The goals are to build-up an organic ICT
position, improve profitability and develop innovative ICT solutions
for and in co-operation with other Imtech companies. In this context
the internal co-operation was intensified. The need for storage and
bandwidth increased and this went hand-in-hand with a growing
complexity in software, hardware and innovative web services. Both
Imtech ICT Netherlandsand Imtech ICT Germany(the last year acquired
Fritz & Macziol) responded to this trend. Partnerships with global
market leaders IBM and Microsoft were strengthened, partly through
the acquisition of BMS Systems IT Solutions in Frankfurt. Imtech
received three prestigious Awards from IBM. Growth was achieved in
the Swiss financial services for the public institutions segment. The
demand for Service Oriented Architecture (SOA) increased. This is an
ICT concept that supports companies to analyse business processes and
adapt them to changing market conditions. In the field of Business
Intelligence Imtech, one of the strongest players, received a
platinum Reseller Award from Cognos. The demand for ERP solutions
also increased. Imtech developed innovative IBM solutions for
companies in the paper industry. The fading of the line between
'home' and 'work' is increasing the need for mobility of information,
for example through web 2.0 services and VoIP solutions (information
and telephony via the Internet) for various lawyers and solicitors'

The Technology activities achieved further growth, especially in the
fields of access technology, energy-economical process technology
(Fluid Bed Technology) and fire security. Imtech maintained all TNT's
vehicle accesses. Imtech was also responsible for the fire security
of oil tanks in Tunisia. The international parking activities showed
a modest growth.

Imtech's solid market position (global top-5) enabled it to respond
successfully to the trend towards further internationalisation. This
meant Imtech was able to profit from the booming luxury mega-yacht
market. Orders for a total of ten luxury mega-yachts (a length of
between 100 and 160 metres) from Dutch, Russian, Chinese and German
shipyards. Imtech worked on a number of large oil and gas projects
(such as the high-tech 'Audacia' pipe layer for Allseas and
mega-pontoons for Fairmount) and has several interesting tenders'
outstanding. More and more navies are discovering the advantages of
the innovative Imtech technology on board of their ships, for example
the Turkish navy. The acquisition of Seacoast Electronics increased
the number of marine offices in the USA to sixteen. The order
portfolio in China increased to 240 vessels (tankers, crane ships
etc.) with a combined value of over 120 million euro and Imtech is
now active in tens of Chinese shipyards. Imtech has opened its own
manufacturing facility which, as a result of the substantial order
portfolio, has been busy right from the start.

The acquisition of Peek Traffic has gained Imtech an excellent
position in the fast-growing market for mobility, in which the ICT
component is a major factor, in the UK, the Netherlands and parts of
Eastern Europe. ICT is a fundamental driver for innovation and
further margin increases. Co-operation with Imtech Infra and Imtech
ICT will lead to a noticeable further strengthening of Imtech's
position in the mobility market and this will generate a strong
position for the development and execution of integrated projects in
Europe. Imtech stands out due to its advanced project management,
traffic management, and intelligent mobility solutions, ICT and
execution capability.

Peek Traffic's UK customers include the Highways Agency (manager of
England's motorways and connecting roads) and Transport for London
(manager of the road network in and around London). One important
project is the NRTS project (National Roads Telecommunications
Services), the high-tech data-backbone to which all the Highways
Agency's roads are connected. This project is worth over 100 million
euro. Imtech's position in the dynamic traffic solutions market is
improving - 300 junctions in Glasgow, Edinburgh and Coventry were
equipped with this type of intelligent solutions.

Peek Traffic is one of the first players offering digital speed
cameras to the Dutch mobility market. At many road junctions in for
example Brussels and Eindhoven Imtech's high-tech mobility solutions
are ensuring a minimum number of stops and improving throughput,
which reduces emissions of harmful gasses. In Eastern Europe,
especially Poland and Croatia, further growth was realised.

On 30 June 2007 the number of employees was 17,626 compared with
15,279 on 30 June 2006 - an increase of 15%. This increase was the
result of both organic growth (10%) and acquisitions (5%). The
availability of qualified and experienced staff is the primary
concern for the future and in view of this new activities and
recruitment campaigns have been implemented on many fronts. This
resulted in hiring hundreds of new employees. Contacts with education
establishments have been strengthened further.

Capital and financing
On 30 June 2007 the shareholders' equity : total shareholders' equity
and liabilities ratio was 19% (30 June 2006: 21%). Interest coverage
was 7.2 (first half of 2006: 9.9).

The shareholders' equity rose to 344 million euro. The profit over
the first half of 2007 amounted to 36 million euro and the dividend
paid out over the previous financial year amounted to 29 million
euro. During the first half year the Company sold 99,000 shares for
the exercising of staff option rights and, to cover a portion of the
balance of exercised and newly awarded options, purchased 27,313

The balance sheet total was 440 million euro higher than on 30 June
2006. This increase was mainly due to the acquisitions completed
during the past twelve months and also the result of the organic
growth of work in progress and receivables. The net cash position was
200 million euro negative (30 June 2006: 69 million euro negative).
At the beginning of the year under review this position was 25
million euro negative. At 20 million euro negative the net cash flow
from operating activities was 35 million euro higher than in the same
period of the preceding year, mainly due to a relative reduction of
the working capital commitment. The net cash flow from investment
activities was 98 million euro negative, mainly as a result of
acquisitions and investments in property, plants and equipment. The
net cash flow from financing activities was 68 million euro negative
due to the payment of dividend to shareholders and loans repaid at
acquisitions. Overall, cash and overdrafts decreased by 186 million
euro, which meant that on 30 June 2007 the balance of cash and
overdrafts was 157 million euro negative.

In July 2007 a new multi-currency credit facility of 300 million euro
was arranged. This new, committed facility will be used to cancel or
repay existing (stand-by) facilities and, at the same time, provide
the financing for further growth, both organic and through
acquisitions. The facility is unsecured and the interest margin is
linked to the net debt/EBITDA ratio. The new credit facility also
serves the need for additional working capital arising from the rapid
increase in scale of the activities. Imtech will also set up a group
bank guarantee facility of around 550 million euro on behalf of the
divisions and operating companies. The existing uncommitted bilateral
credit facilities of around 200 million euro will be retained. The
group bank guarantee that will be set up will, like the credit
facility, benefit from Imtech's favourable credit profile and will
lead to a substantial reduction in bank guarantee costs. This
refinancing will enable Imtech to concentrate on the further
achievement of its ambitious growth strategy.

Intended share split
The price of an Imtech share, which is listed on the Euronext
Amsterdam stock exchange, rose by 75% in 2006 and 32% in the first
half of 2007. On 30 June 2007 the price of the share had risen to
64.26 euro. To increase the tradability of its shares Imtech is
intending a share split in the ratio of three new shares for each
existing share. This share split is partly based on Imtech's
confidence in its further growth and the achievement of its strategic
goals for 2012.

The amendment to the Articles of Association required for the share
split will be discussed during an Extraordinary General Meeting of
Shareholders that will take place on 1 October 2007 at the offices of
Imtech N.V. in Gouda.

Strategy update (scope: 2012)
Imtech provides a cohesive package of technical services with a
concentration on a number of European countries (the Benelux,
Germany, Eastern Europe, the UK and Spain) and the, to an extent,
international ICT & Marine market (ICT, Technology, Marine and
Mobility). The combination of the technological core competencies
electrical engineering, ICT (information and communication
technology) and mechanical engineering is offered throughout the full
depth (consultancy, design, engineering, implementation, maintenance
management and maintenance services) in four markets (Buildings,
Industry, Marine and Infrastructure/Mobility). This combination,
together with the size of the company, distinguishes Imtech from the
competition and gives it an unique profile.

Continued growth since 1993
Since 1993 Imtech's strategy has been focussed on achieving
increasing revenue with a higher EBITA margin and, therefore,
improved profitability through:
* robust organic growth in existing geographical and
technological home markets;
* strengthening its position through geographical
acquisitions in the 'home' countries selected by Imtech in order to
achieve at least a top-3 position in every Imtech country;
* the acquisition of high-tech services in the, to some
extent, international ICT & Marine market.

This strategy has been successful: Imtech's revenue and EBITA have
increased substantially every year since 1993. The CAGR (Compound
Annual Growth Rate) in the period 1993 - 2006 was as follows:
* revenue: 13.7%
* EBITA: 20.8%
This track record makes Imtech one of the fastest-growing technology
companies in Europe.

Scope for further growth
Imtech has updated this successful strategy for the period until
2012. The most important conclusion is that Imtech's strategy offers
sufficient scope for further growth until 2012. The geographical and
technological markets in which Imtech operates offer sufficient
possibilities for further organic growth and acquisitions.

Trends and Imtech's strategic response
The demand for technological services, and especially technical total
solutions, is increasing across a broad front and is characterised by
several trends. Imtech's strategy is aimed at responding actively to
these trends both organically from within existing competencies and
expertise and by intensifying internal co-operation and through the
acquisition of new companies.

Market trends
The following communal market trends, the consequence of which is a
rapid rise in investment in technology, are relevant for Imtech:
* an increased demand for energy saving, alternative
resources and solutions that contribute towards a better
* an increased demand for security from the authorities and
in both the business and domestic environment;
* an increased demand for care, health and welfare coupled
with changes in the way the care is organised;
* increased congestion and, as a result, an urgent demand
for mobility solutions.

In the energy and environment market Imtech has proven itself capable
of developing innovative concepts, for example for energy contracting
and the use of alternative energy sources. In the security market
Imtech focusses on integrated, certified solutions with a guaranteed
continuity and operational reliability. The challenge facing the care
sector is to reduce costs, improve the care process and
professionalise the maintenance of buildings and technology. Here too
Imtech's answer is the integration of all the technological
solutions. The same integration offers good solutions for improving
safe traffic throughput, for example in the field of traffic
management and intelligent traffic systems.

The positions already achieved in the energy & environment, security,
care & cure and mobility markets will be strengthened substantially
in the coming years.

Changing customer attitude
More often customers are specifying their desired output (generally
in the form of financial indices) and asking technical services
providers how and with which concepts, services and technologies they
can best achieve this output. Imtech is taking over more and more
responsibility from customers who are concentrating on their own
core-business. The trend towards the increasing outsourcing of the
responsibility for technology in customers' primary and secondary
processes is accelerating, generally combined with an up-scaling of
projects or trajectories. This is partly the result of the increasing
consolidation of the market through co-operation, mergers and

In this context Imtech wants to increase its added-value. In concrete
terms this means Imtech wants to make services like project
management, asset management, project financing, risk management and
energy contracting an integral component of the total services

ICT as dominant factor
The importance of software services in the technical services
provision market is growing fast. More and more frequently ICT is
forming the core of technological total solutions. From a strategic
point of view Imtech wants to operate at the heart of primary and
secondary processes in the buildings, industry, marine and
infrastructure/mobility markets where Imtech's solutions are
increasingly dominated by ERP, Business Intelligence and ICT
applications. Which is why partnerships with global market leaders
like IBM and Microsoft are gaining in importance. Imtech's strategic
portfolio contains two 'types' of ICT:
* 'hardcore' ICT: the spearhead of Imtech with ICT as a core
business and which acts as an innovation and knowledge centre;
* 'embedded' ICT: the integration of more or less standard
ICT solutions into Imtech's technology services.
Continuous transfer of knowledge and co-operation between both
'types' will result in Imtech achieving a dominant ICT position in
the market. ICT is becoming a driver for increasing success in both
the technological and geographical Imtech markets.

Imtech will focus on:
* creating internal co-operation and intensifying the
interaction between existing ICT activities;
* acquiring high-value ICT companies that fit within the
Imtech profile;
* strengthening existing partnerships with the global market
leaders IBM and Microsoft so as to develop into a leading European

The labour market
The shortage of technically qualified staff is a critical success
factor. Not only are the education centres delivering fewer young
qualified people, but slowly and surely a generation of older but
also extremely experienced technicians are reaching retirement age.
The technical know-how of people entering the labour market is
insufficient to answer the market's demands, which means
supplementary training is needed. Increasingly the available capacity
of trained and qualified staff is a determining factor when it comes
to awarding projects. Without human expertise, technological
innovation is almost impossible.

Imtech aspires to be the best employer in the technical services
provision market. Imtech will fight the 'war for talent' that exists
at every level of the scarce technical staff market. Additional
attention will be paid to reputation management, branding,
recruitment and training programmes and contacts with education

Expansion of the geographical and technological scope
In addition to the strategic strengthening of its position in
existing 'home' countries, especially the UK, Spain and Eastern
Europe, in the future Imtech wants to build-up a geographical
position that, in terms of both market volume and expectations
regarding the investment climate, business culture and availability
of good acquisition candidates, meets Imtech's stringent criteria in
several other countries:
* Ireland;
* Austria;
* Scandinavia: Norway, Sweden and Denmark.

Imtech also wants to further strengthen its technological position in
the ICT, Technology, Marine and Mobility markets both organically and
through acquisitions.

Strategic action points
Concrete action points for implementing this strategy are:
* A focus on energy, environment, security, care and
* Strengthening the industrial activities in the
* Acquisitions in the field of ICT, especially in Belgium,
the UK and Spain;
* Strengthening the partnerships with IBM and Microsoft;
* Strengthening the position in the UK, both geographically
in the buildings and industry markets and in the water and waste
water treatment market;
* Strengthening the position in Spain, both technologically
and geographically;
* Building-up the desired positions in Ireland, Austria and
Scandinavia through acquisitions;
* Strengthening the position in a number of Eastern European
* Further strengthening of the position of the international
marine activities through both organic growth and acquisitions;
* Increasing the added-value by strengthening existing
activities in the field of project management, asset management,
project financing, risk management and energy contracting;
* The development of a preferred position in the technical
labour market.

On the basis of this strategic update Imtech has formulated the
following objective: revenue to reach 5 billion euro in 2012, whilst
maintaining an operational EBITA margin of 6%.

Imtech has a strong strategic portfolio of cohesive activities that
can profit from the, according to current expectations, improving
market conditions in the countries and technological markets relevant
for Imtech. Good quality acquisitions during the first half of 2007
have also resulted in a further strengthening of Imtech's European

Imtech is in a good position for further growth during the second
half of 2007, for one reason because the quality of the order
portfolio has also been improved.

The opinion regarding the outlook for 2007 expressed in February 2007
remains the same: according to its current views the Board of
Management expects a further increase of the EBITA through organic
growth and acquisitions.


For further information


Mark Salomons
Company Secretary

Telephone: Int. + 31 (0)182 54 35 14

Boudewijn Gerner
Telephone: Int. + 31 (0) 182 54 35 06

Imtech Profile
Imtech N.V. is a European technical services provider in the fields
of electrical engineering, ICT (information and communication
technology) and mechanical engineering. With approximately 17,000
employees, Imtech realises annual revenue of 3 billion euro. Imtech
holds strong positions in the buildings, industry, infrastructure and
telecom markets in Belgium, Germany, Luxembourg, the Netherlands,
Eastern Europe, Spain and the UK and in the global maritime market.
Imtech provides services to a total of 12,000 clients. Imtech offers
added value in the form of integrated and multidisciplinary total
solutions that lead to improved operating processes and higher yields
for clients and their clients in return. Imtech also provides
solutions that contribute to a sustainable, liveable society, for
example in the field of energy, mobility, safety and the environment.
Imtech shares are listed on the Euronext Stock Exchange (Amsterdam),
where Imtech is included in the Amsterdam SmallCap Index (AScX) and
the Next 150 index.

Financial calendar
* Extraordinary Meeting of Shareholders 1 October
* Publication annual figures 2007, press conference and
analysts' meeting: 26 February 2008
* General Meeting of Shareholders: 10 April 2008

Press conference and analysts' meeting 21 August 2007, Hilton Hotel,
A press conference will be held in the Hilton Hotel, Apollolaan 138,
1077 BG Amsterdam starting at 10.00 hours. The analysts' meeting will
commence at 12.00 hours. To register call Astrid Marré on Int. + 31
(0)6 11 39 69 98.

Live-transmission via Internet (Webcast)
The analysts' meeting on 21 August 2007 will be transmitted live via
the internet ( from 12.00 hours until around 13.00.

Photographs of the Chairman of the Board of Management are available
to the media via Fotopersbureau Dijkstra. For further information:
Fotopersbureau Dijkstra, telephone Int. + 31 (0) 297 56 68 83,

The following copyright free (high resolution) photographs are
available to the media via e-mail:
* At many of Brussels' road junctions Imtech's high-tech
mobility solutions are improving traffic throughput and reducing
harmful emissions.
* Imtech is the permanent technology partner of Audi in
Ingolstadt, Germany. Imtech ensures the supply of energy,
electricity, high-tension and low-tension, steam, water and cooling
to every part of the automated assembly line. But Imtech is also
responsible for the extraction of harmful materials and helps
create a good working environment. At Audi Imtech has also
installed innovative decentralised power stations that help reduce
energy consumption.

For more information: Imtech Corporate Communications, telephone:
Int. + 31 (0) 182 54 35 25, E-mail:

For the complete press release, including tables, see the attached

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