Imtech in the first half of 2006: well on track with double digit growth

Tuesday, 15. August 2006 07:30



Highlights:
* Double digit growth in 2006:
- EBITA: 45.1 million euro (+25%)
- Net profit: 26.9 million euro (+31%)
- Revenue: 1,290 million euro (+21%)
- Order portfolio: 2,978 million euro (+12%)
* The beginnings of a recovery in the Benelux, continuing growth in
Germany, robust growth in the UK &
Spain and in ICT & Technology, strengthening through good
acquisitions
* Maintaining outlook: higher organic EBITA growth

Mr. R.J.A. (René) van der Bruggen, Chairman Imtech Board of
Management: 'With double digit growth, achieved through both a
substantial organic EBITA growth and through a good contribution by
acquired companies, we are well on track. Imtech is performing better
than expected. In addition, our order portfolio has almost reached
the 3 billion euro level and Imtech has again been strengthened by
the acquisition of several high-performance companies that fit well
within our strategic portfolio. This creates confidence for the
future, all the growth lights are on green.'

Double digit growth
Imtech N.V. (technical services provision in Europe) can look back on
a strong first half of 2006. It booked double digit growth for the
net result, EBITA, revenue and order portfolio. Organic EBITA growth
is substantial and the acquired companies are making a good
contribution.

EBITA (after deduction of Holding company costs) rose by 25% from
36.2 million euro to 45.1 million euro. In the first half of 2006 net
profit rose by 6.4 million euro to 26.9 million euro - an increase of
31%. Revenue rose to 1,290 million euro (first half of 2005: 1,063
million euro), an increase of 21%. The order portfolio grew by 12%
and reached the high, for Imtech, level of nearly 3 billion euro
(2,978 million euro) - 318 million higher than the 2,660 million euro
achieved in the first half of 2005. The operating margin (before
deduction of Holding company costs) rose to 4.0% (first half of 2005:
3.9%). This relatively modest margin increase reflects the fact that
the conditions in various markets (segments) can still not be called
'normal'. In view of the quality of the order portfolio, this means
further margin improvement will be expected in the future.

In the Benelux the anticipated initial recovery of the result (EBITA)
after the difficult market conditions of recent years became apparent
(+16%). Germany (including the activities in Eastern Europe) showed
continuing growth (+10%). In the UK and Spain the activities
generated a robust increase in result (+33%). The strongest result
growth (42%) was achieved by the activities in the ICT & Technology
cluster.

The strategic portfolio of activities in various European countries
and technology markets proves that Imtech can develop well in
improving market conditions. The combination of technologies
(electrical engineering, ICT and mechanical engineering),
geographical spread, acquired positions in the various markets
(segments) and scale enables Imtech to make robust growth.

Acquisitions
With a view to strengthening the strategic portfolio and further
growth in the future, so far this year Imtech has made the following
acquisitions:
* Strengthening of the marine activities through the acquisition of
Radio Holland Group - an international specialist in
marine satellite and radio communications, automation,
observation and navigation systems (annual revenue: 150
million euro, around 700 employees) and acquisition of a
majority interest in Tess - a small maintenance and
services company for luxury (mega) yachts in Florida, the USA
(annual revenue: 2 million euro, 15 employees);
* Strengthening of the ICT activities through the acquisition of
Fritz & Macziol - a fast-growing ICT company in
Germany (annual revenue: 115 million euro, around 300
employees);
* Strengthening of the mechanical engineering competence in the
Dutch industrial market through the acquisition of
the Industrial Maintenance unit of Emmtec Services (part of
NUON) and the Dutch industrial maintenance
activities of A. Hak Industrie (combined annual revenue of 32
million euro and 285 employees).

The combined annual revenue of all these acquisitions amounts to
around 300 million euro and, in total, they employ around 1,300
staff. The total purchase price (including earn-out) was 109 million
euro. Annual EBITA is expected to be around 17 million euro. The 2006
half-year figures do not include the results of Fritz & Macziol or
the maintenance activities of A. Hak Industrie (envisaged
acquisitions) or Emmtec Services (concluded acquisition).

Segmentation
As of 2006 the information regarding the business development of the,
until now, combined cluster Germany / the UK / Spain will be given in
more detail. Here follows an explanation of business development in
four separate clusters:

* Geographical clusters:

* Benelux;
* Germany (including Eastern Europe);
* UK & Spain;

* Technological cluster:

* ICT & Technology.

Benelux
Imtech developed positively in the Benelux. In the first half of last
year the revenue had already shown an increase, but the EBITA still
dropped. In the first half of this year revenue rose by 20% (74
million euro) to 439 million euro (first half of 2005: 365 million
euro) and EBITA rose by 16% (1.7 million euro) to 12.1 million euro
(first half of 2005: 10.4 million euro). The order portfolio showed a
healthy development and increased by 7% to 1,015 million euro. In
Belgium and Luxembourg continuing growth was achieved in a market
that was more or less stable. By contrast, in the Netherlands, where
market conditions have been difficult in recent years, a turning
point was reached and the volume of work on offer began to increase.
Although prices here continued to lag behind they were better than in
2005. Progress in both the buildings and industry markets was
satisfactory, but business development in the infrastructure market
was disappointing. Which is why the EBITA margin was the same as for
the first half of 2005 (2.8%). The number of employees rose by 7% to
6,127 (first half of 2005 5,746).

Buildings
In the Dutch buildings market there is a growing demand for a total
approach - an area in which Imtech is ahead of the competition.
Imtech is, for example, responsible for a multi-disciplinary
expansion and upgrading, which included the security, for British
Telecom in Amsterdam. The scale of the Dutch maintenance market is
increasing. Imtech is well prepared for this and is participating in
several (including some European) tenders. An umbrella contract for
all its Dutch offices has been signed with ABN AMRO. The Care & Cure
and Security competence centres develop well. To date orders worth
over 40 million euro have been acquired in the care sector and
innovative projects have been set-up, for example in the field of
automation, security and the digital storage of medical data. In the
area of security, the National Institute of Public Health and the
Environment has been equipped with state-of-the-art security.

In Belgium too Imtech is more and more frequently being involved as a
technology partner in the care sector. Customers included the
Psychiatric Hospital in Velzeke. In the office market Imtech was
responsible for the technology in Toyota's new head-office. Imtech is
also active in the leisure market. Further growth was achieved in the
Belgian maintenance market. A ten-year maintenance contract has been
signed with the Leuven Catholic University.

In Luxembourg public sector investment is increasing, especially in
the education segment. New contracts have been acquired for large
school buildings.

Industry
In the Dutch industry market Imtech focusses on strengthening the
mechanical engineering competence, both organically through utilising
expertise acquired in the buildings market and through acquisitions
(a unit of Emmtec Services and the industrial mechanical engineering
activities of A. Hak Industrie). By combining this competence with
the decades-long expertise gained in the fields of electrical
engineering, instrumentation and automation Imtech is responding to
the growing market demand for the industrial contracting of complete
projects. With the volume of work in this field also at a record
high, faster growth can be achieved. Imtech has acquired maintenance
contracts from, among others, Solvay Chemicals, Alsthom and Cargill.
The Food & Feed competence centre develops well. The international
oil and gas market is improving significantly - a situation from
which Imtech has been able to make good progress. At Nerefco (joint
venture BP and Texaco) Imtech is replacing the complete automatic
control systems related to oil processing and transportation. The
export of technology to countries with oil and gas resources
increased substantially.

Industrial investment is also rising in Belgium and Imtech has
strengthened its industrial position. Projects were executed for
General Motors, Volvo, Rendec and Tale & Lyle. Imtech's excellent
reputation in the pharmaceutical industry has led to orders from
Janssens Pharma and GlaxoSmithKline.

In the Benelux Imtech is increasingly developing into a stronger
player in the energy market. Imtech is working on biomass power
stations, including Belgium's largest biomass power station, and
innovative combined power & heat power stations. Imtech also measures
energy usage for the Dutch Railways.

Infrastructure
The infrastructure market is also improving with a higher volume of
work. Due to the quality of the orders acquired in the past, the
result development lags behind.

In the Netherlands the position in the lighting market is
strengthened through various maintenance contracts and an extension
to the activities for the NUON and Westland energy companies. Imtech
is also working at Maastricht-Aachen Airport. The traffic technology
market is improving, but prices are still under pressure. Imtech is
responsible for the renovation of the technology in and around the
bridges on various motorways. Last year Imtech acquired the
multi-year maintenance contract for the Oudenrijn Traffic Management
Centre. Imtech has now acquired the contract for the Geldrop Traffic
Management Centre. Good progress has been made in the market for the
automatic management of pumping- stations and sewage systems, for
example with the renovation of the control technology in the Emmen
sewage and water treatment plant. Imtech has strengthened its
position in the railway market with the installation of EMC measures
(Electro Magnetic Compatibility) along the High-Speed line. This will
eliminate the negative effects of electromagnetic disruptions on
train security.

In Belgium the maintenance contract has been, later than expected,
extended for the public lighting in the province of Flanders.

Germany (including Eastern Europe)
Imtech has developed well in Germany where its size and composition
of its portfolio enable consistent growth to be achieved. Revenue
rose by 9% (31 million euro) to 389 million euro (first half of 2005:
358 million euro) and EBITA rose by 10% (1.2 million euro) to 13.1
million euro (first half of 2005: 11.9 million euro). This meant the
EBITA margin increased from 3.3% in the first half of 2005 to 3.4% in
the first half of 2006. The order portfolio showed a slight growth
and increased by 2% to 984 million euro. The number of employees rose
by 5% to 4,031 (first half of 2005 3,841).

Buildings
Imtech targets, with success, profitable niche markets, such as
health care, in which good progress has been made with orders from,
among others, Diaconie Mannheim (hospital) and the Eppendorf
University Hospital. Major buildings projects include an extension
for IKEA and a new office for the Commerzbank in Frankfurt. Another
niche market - one in which Imtech has built-up a good track record -
is the execution of technological renovations whilst exploitation
continues. One new project is the renovation of Alcatel in Stuttgart.

Industry
Imtech's industrial customer base is extensive and growing. A growing
domestic demand and, primarily, more exports have resulted in a
substantial increase in activities, for example, technological
expansions for chemicals manufacturer BASF Coatings and washing power
manufacturer Henkel. In the pharmaceutical sector Imtech carried out
the upgrading of Sanofi-Aventis' high-tech laboratory. The German
automotive industry forms a major customer group. Imtech is
responsible for equipping technological testing centres for advanced
engine, emissions and bodywork testing under extreme climate
conditions at Audi in Ingolstadt. This Imtech speciality is now
renowned world-wide and this has resulted in exports to a number of
countries including the USA.

In the energy management market Imtech has attained the position of a
strong market player and takes total responsibility for all a
customer's strategically important energy provisions. In the first
half of 2006 Imtech has been very successful and the acquired orders
include a multi-year contract for energy management and contracting
from the cigarette manufacturer Reemtsma (Imperial Tobacco Group).
Imtech also provides the technical solutions for the expansion of the
Flensburg power station.

Imtech's activities in various Eastern European countries are
growing. In order to build-up positions via existing customer
contacts Imtech has support centres in Poland, the Czech Republic and
Romania. Orders from German customers have been acquired in both the
buildings and industry sectors. The order portfolio has grown yet
again, for example with an order for Lauris Seafood in Poland.

Marine
The German passenger liner market continues to improve and various
large projects are 'in the pipeline'. The market for luxury (mega)
yachts also showed further growth.

UK & Spain
In the UK and Spain Imtech developed positively both organically and
through the 2005 acquisitions of Goodmarriott & Hursthouse (the UK)
and Mavisa (Spain). Revenue rose by 55% (56 million euro) to 157
million euro (first half of 2005: 101 million euro). EBITA rose by
33% (2.8 million euro) to 11.3 million euro (first half of 2005: 8.5
million euro). The order portfolio developed positively increasing by
33% to 305 million euro. The EBITA margin was 7.2% (first half of
2005: 8.4%). The lower margin was due to Mavisa: only the
(traditionally strong) second quarter results were included in the
2005 half-year report, which made the 2005 figures artificially high.
The number of employees rose by 9% to 1,786 (first half of 2005
1,639).

Buildings
The market for technical re-development in the Greater London area is
growing. Existing monuments are being converted for different uses
and luxury department stores are being technologically readied for
the future. Imtech takes responsibility for the technological
infrastructure. One example is the conversion of the old London Stock
Exchange Building into offices. In Oxford Street, home of many
prestigious shops, Imtech carries out the technological renovation of
the Selfridges and John Lewis department stores. The successful
execution and delivery of the Arsenal Emirates Stadium and the
Wembley Arena music venue have enhanced Imtech's reputation.

In the Midlands both the market and Imtech's market position are
stable. A combined project comprising the Dakota Office and the
Eurocentral Hotel is executed in Nottingham. Imtech's involvement
with the new Wealstun Prison in Leeds helped towards Imtech being
awarded the order for the Doncaster Moorland Prison.

In Spain Imtech is concentrating more and more on shopping centres,
hotels, museums, exhibition centres and laboratories. Imtech has
received the order for a 100.000 m² shopping centre in Cartagena and
is also active for CIDAUT - Spanish automotive industry's R&D centre.

Industry
In de UK the focus is on existing customers many of which are in the
health care and pharmacy markets. A new project is the upgrading of a
medical development centre for AstraZeneca.

In Spain growth is being achieved via the office in Valladolid
(north-west Spain). The extension of a research and manufacturing
facility for Renault is a major project.

Mavisa, acquired in 2005, appears successful in its core business:
maintenance, shut-downs and revamping services. The focus is on
existing large customers, such as Repsol-YPF, Cepsa and Acerinox.
Several projects are in the preparation or execution phase.

Infrastructure
Imtech has a substantial backlog in the UK (waste) water treatment
market thanks to long-term performance contracts with, for example,
Welsh Water and South Staffordshire Water.

ICT & Technology
Imtech has developed very well in this cluster and achieved robust
growth: revenue rose by 28% (66 million euro) to 305 million euro
(first half of 2005: 239 million euro) and EBITA rose by 42% (4.4
million euro) to 15.0 million euro (first half of 2005: 10.6 million
euro). As a result, the margin rose from 4.4% in the first half of
2005 to 4.9%. The order portfolio also showed a healthy growth and
increased by 32% to 675 million euro. The number of employees rose by
17% to 3,304 (first half of 2005 2,831).

ICT
The most important development is the envisaged acquisition of Fritz
& Macziol which will create a domestic ICT market for Imtech in
Germany. The German Competition Authority is expected to approve the
acquisition within the next few weeks. Fritz & Macziol is a strong
(top-10) and fast-growing player in the German ICT market. This
acquisition is a major step for Imtech, for one reason because ICT is
rapidly developing into the core of the technical services offered by
Imtech. More and more often total technological solutions are being
dominated by ERP, Business Intelligence and ICT applications. The
partnerships with IBM and Microsoft are being strengthened
substantially.

Although prices in the Dutch ICT infrastructure market are under some
pressure, Imtech is able to maintain its good position. Imtech is
responding to and is active in current themes such as the total
out-sourcing of ICT management, for example for Daimler Chrysler.
Imtech, together with the Willem I College in Den Bosch, is also
equipping the 'school of the future' with an advanced ICT
environment. In the IT market Imtech performs very well and is making
a strong recovery compared with the first half of 2005. Prices in
this market have risen slightly. Imtech is involved in tens of
challenging projects, for example in-product software for Philips and
in complex migration management for the Dutch Police. Two additional
Gold Certified Partner Awards have been received from Microsoft.
Growth is continuing in the field of project management and
consultancy.

Marine
The most important development has been the acquisition of Radio
Holland Group, which specialises in satellite and radio
communications, automation and navigation and has a network of over
fifty international offices along all the major global shipping
routes. This acquisition has doubled both marine revenue (to around
350 million euro) and the number of employees (to over 1,700 marine
specialists) and has gained Imtech a position in the global top-5.

Imtech has acquired a majority interest in Tess Electrical Marine
Inc. in Florida, the USA. This has strengthened its position in the
fast-growing luxury (mega) yacht maintenance and services market.

In the marine market the workload has increased considerably. Imtech
is active in virtually every international concentration centre
including Europe and China. New projects include various luxury
(mega) yachts in the Netherlands and Germany, the technology on board
a wide variety of vessels in Germany and China, corvettes in the Far
East and Poland and the automation of various dredgers. The improving
international oil and gas market has generated additional growth, for
example through the 40 million euro order for the automation of the
'Audacia' pipeline layer.

Technology
The Technology activities, which comprise international niche
activities, show an on balance further net growth. Imtech achieves
good progress in the field of access technology and, in cooperation
with Philips, has launched the innovative IM-Tag® access system. The
Imtech solutions in the field of process technology (Fluid Bed
Technology) achieve record sales. The activities in the field of fire
protection decrease slightly. The international parking activities
show a stable picture. In Liverpool Imtech is responsible for the
parking technology for 3,000 parking spaces in the Paradise Street
shopping area.

Telecom
The secondment activities of Imtech Telecom have been transferred to
a third party. In Western Europe Imtech Telecom is concentrating on
its core business - high-value network solutions for the
telecommunications and broadcasting market - and, working in close
co-operation with international system suppliers, is offering
customers added-value. The success of this strategy has been
sustained by the improving results. Imtech has been successful with
Wireless Indoor projects (optimum coverage and broadband within large
buildings). Imtech, in co-operation with Juniper and Lucent, is
responsible for an advanced knowledge network for Lancaster
University in the UK.

Capital and financing
On 30 June 2006 the equity : total equity and liabilities ratio was
21% (end of 2005: 22%). Interest coverage was 10 (end of 2005: 7).
The debt/equity ratio amounted to 24% (end of 2005 there was a net
cash position) and indicates there is ample room for borrowing.

The total equity remained the same. Net profit was 27 million euro
whilst the dividend pay-out for 2005 amounted to 29 million euro.
During the first half of 2006 the Company sold 327,000 shares. This
sale was related to the exercise of employee option rights. To cover
newly awarded options 133,575 shares were repurchased. The net
balance of shares purchased and options exercised amounted to 3
million euro positive. There was also an exchange rate loss on
foreign participations amounting to 1 million euro.

The balance sheet total rose by 55 million euro, mainly due to an
increase in the balance of the work in progress and the intangible
assets. The net cash position amounted to 69 million euro negative
(June 2005: 28 million euro negative). At the start of the financial
year this position was 102 million euro positive. Net cash flow from
operating activities amounted to 54.3 million euro negative and was
23.0 million euro lower than last year, mainly due to an increase in
the working capital used. Net cash flow from investment activities
amounted to 64.4 million euro negative, primarily as a result of the
acquisitions and an increase in non-current assets. Net cash flow
from financing activities amounted to 45.0 million euro negative,
primarily due to the pay out of the dividend to shareholders and the
repayment of outstanding loans. On balance the cash resources
decreased by 163.7 million euro, which meant that at the end of the
period under review cash and bank overdrafts on balance amounted to
28.1 million euro negative.

Personnel
The number of employees on 30 June 2006 was 15,279 compared with
14,519 at the end of 2005 - an increase of 5.2%. This increase was
caused mainly by the acquired companies. The main concern for the
future is the availability of qualified and experienced employees.

Strategy
Imtech's growth strategy is aimed at achieving higher added-value
with a further European expansion. This will be achieved through both
the acquisition of high-value services with corresponding high
margins in ICT, design & consultancy, and technical maintenance &
management, and through strengthening its position, particularly in
the UK, Spain and Eastern Europe. The combination of a wide range of
high-tech skills, a horizontal and flexible organisation that is
'close' to the market, and strong market positions means that in an
improving economy Imtech is well positioned for further growth - both
organic and through acquisitions.

Concrete action points for implementing this strategy are:
* A focus on growth markets, such as health care, energy and
integrated security;
* Strengthening of the industrial activities in the Netherlands;
* Strengthening its base position in UK and Spain;
* Acquisitions in the field of ICT in Belgium, UK, Spain and Germany;
* Expansion of the activities in Eastern Europe;
* Strengthening of the infrastructure activities (geographically and
technologically);
* Further internationalisation and strengthening of the international
marine position.
As announced, good progress has been made on a number of points.

Outlook
Imtech is well positioned for further growth - both organic and
through acquisitions. We look forward to the second half of 2006 with
confidence. The quality of the order portfolio improves. Imtech has a
well-proven strong strategic portfolio of cohesive activities in
Europe. High-quality acquisitions have strengthened its European
position still further. The current view is that market conditions
will continue to improve in the countries and technology segments in
which Imtech is active.

According to its current views and based on developments in the first
half of 2006, the Board of Management maintains its outlook of
February 2006 of an increase in organic EBITA growth over the whole
of 2006.

* * *
For further information


Public Relations Investor Relations
M.E.J. (Mark) Salomons C.A. (Kees) van Rooden RA
Company Secretary Financial Director
Telephone: Int. + 31 (0)182 54 Telephone: Int. + 31 (0) 182 54 35 04
35 14 E-mail: investors@imtech.nl
E-mail: pers@imtech.nl www.investors.imtech.nl
www.imtech.nl


Imtech profile
Imtech N.V. is a European technical services provider in the field of
electrical engineering, ICT and mechanical engineering. Imtech
achieves annual revenues of 2.5 billion euro with around 15,000
employees. Imtech occupies strong positions in the buildings,
industry, marine, infrastructure and telecom markets in Belgium,
Germany, Luxembourg, the Netherlands, Spain and the UK and is also
increasingly active in Eastern Europe. Imtech's shares are quoted on
the Euronext Stock Exchange where Imtech is listed in the Amsterdam
Small Cap Index (AScX) and the Next 150 index.

Financial calendar
* Publication of annual figures 2006, press conference and
analysts' meeting: 27 February 2007
* General Meeting of
Shareholders:
10 April 2007

Press conference and analysts' meeting 15 August 2006, Hilton Hotel,
Amsterdam
A press conference will be held in the Hilton Hotel, Apollolaan 138,
1077 BG Amsterdam 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 of 15 August 2006 will be transmitted live via
the internet (www.imtech.nl) from 12.00 hours until around 13.00).
This presentation will be transmitted simultaneously in both Dutch
and English. Both presentations remain available afterwards.



Half-year figures 2006[1]


+-------------------------------------------------------------------+
| CONSOLIDATED | 1st half of 2006 | | 1st half | | Year |
| PROFIT AND LOSS | | | of 2005 | | 2005 |
| ACCOUNT | | | | | |
|-------------------+------------------+---+----------+---+---------|
| in million of | | | | | |
| euro | | | | | |
|-------------------+------------------+---+----------+---+---------|
| | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Total revenue | 1,289.6 | | 1,063.0 | | 2,379.2 |
|-------------------+------------------+---+----------+---+---------|
| | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Raw and auxiliary | 418.8 | | 324.2 | | 725.0 |
| materials and | | | | | |
| trade goods | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Work by third | 338.2 | | 276.4 | | 677.1 |
| parties and other | | | | | |
| external costs | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Personnel costs | 376.8 | | 333.5 | | 688.6 |
|-------------------+------------------+---+----------+---+---------|
| Depreciation of | 9.1 | | 8.8 | | 18.7 |
| property, plant | | | | | |
| and equipment | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Amortisation of | 1.4 | | 0.9 | | 2.3 |
| intangible assets | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Impairment of | 0.0 | | 0.0 | | 0.8 |
| intangible assets | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Other operating | 101.6 | | 83.9 | | 183.5 |
| expenses | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Total operating | | | 1,027.7 | | 2,296.0 |
| expenses | 1,245.9 | | | | |
|-------------------+------------------+---+----------+---+---------|
| | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Operating result | 43.7 | | 35.3 | | 83.2 |
| before financing | | | | | |
| costs | | | | | |
|-------------------+------------------+---+----------+---+---------|
| | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Net financing | (4.4) | | (5.5) | | (11.4) |
| costs | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Results from | 0.0 | | 0.5 | | 0.7 |
| associates and | | | | | |
| joint ventures | | | | | |
|-------------------+------------------+---+----------+---+---------|
| | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Profit before | 39.3 | | 30.3 | | 72.5 |
| taxation | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Income tax | (11.7) | | (9.2) | | (20.4) |
| expense | | | | | |
|-------------------+------------------+---+----------+---+---------|
| | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Profit for the | 27.6 | | 21.1 | | 52.1 |
| period | | | | | |
|-------------------+------------------+---+----------+---+---------|
| | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Attributable to: | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Own shareholders | 26.9 | | 20.5 | | 50.8 |
| (net profit) | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Minority | 0.7 | | 0.6 | | 1.3 |
| interests | | | | | |
|-------------------+------------------+---+----------+---+---------|
| Profit for the | 27.6 | | 21.1 | | 52.1 |
| period | | | | | |
+-------------------------------------------------------------------+





+-------------------------------------------------------------------+
| DATA PER | 1st half of | | 1st half of | | Year 2005 |
| ORDINARY SHARE | 2006 | | 2005 | | |
| WITH A NOMINAL | | | | | |
| VALUE OF 2.40 | | | | | |
| EURO (in euro) | | | | | |
|------------------+-------------+---+-------------+---+------------|
| | | | | | |
|------------------+-------------+---+-------------+---+------------|
| Average number | 26,282,066 | | 26,128,132 | | 26,150,651 |
| of outstanding | | | | | |
| shares | | | | | |
|------------------+-------------+---+-------------+---+------------|
| Net profit | 1.02 | | 0.78 | | 1.94 |
|------------------+-------------+---+-------------+---+------------|
| Net profit | 1.08 | | 0.82 | | 2.06 |
| before | | | | | |
| amortisation and | | | | | |
| impairment of | | | | | |
| intangible | | | | | |
| assets | | | | | |
|------------------+-------------+---+-------------+---+------------|
| Cash flow | 1.43 | | 1.16 | | 2.78 |
+-------------------------------------------------------------------+




+-------------------------------------------------------------------+
| CONSOLIDATED BALANCE | | 30 June | | 30 June | | 31 Dec. |
| SHEET | | 2006 | | 2005 | | 2005 |
|-------------------------+---+---------+---+---------+---+---------|
| in million of euro | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Property, plant and | | 102 | | 95 | | 94 |
| equipment | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Intangible assets | | 157 | | 120 | | 123 |
|-------------------------+---+---------+---+---------+---+---------|
| Investments in | | 2 | | 1 | | 2 |
| associates and joint | | | | | | |
| ventures | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Long-term receivables | | 30 | | 11 | | 27 |
|-------------------------+---+---------+---+---------+---+---------|
| Deferred tax assets | | 18 | | 18 | | 18 |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Total non-current | | 309 | | 245 | | 264 |
| assets | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Stocks | | 60 | | 32 | | 32 |
|-------------------------+---+---------+---+---------+---+---------|
| Due from customers | | 345 | | 292 | | 268 |
|-------------------------+---+---------+---+---------+---+---------|
| Trade and other | | 600 | | 504 | | 584 |
| receivables | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Income tax receivables | | 1 | | 4 | | 2 |
|-------------------------+---+---------+---+---------+---+---------|
| Cash and cash | | 50 | | 83 | | 160 |
| equivalents | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Current assets | | 1,056 | | 915 | | 1,046 |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Total assets | | 1,365 | | 1,160 | | 1,310 |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Equity attributable to | | 288 | | 262 | | 288 |
| own shareholders | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Minority interest | | 5 | | 4 | | 5 |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Total equity | | 293 | | 266 | | 293 |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Interest-bearing loans | | 33 | | 20 | | 33 |
| and borrowings | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Employee benefits | | 135 | | 133 | | 134 |
|-------------------------+---+---------+---+---------+---+---------|
| Provisions | | 10 | | 8 | | 8 |
|-------------------------+---+---------+---+---------+---+---------|
| Deferred tax | | 31 | | 24 | | 29 |
| liabilities | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Total non-current | | 209 | | 185 | | 204 |
| liabilities | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Bank overdraft | | 78 | | 88 | | 21 |
|-------------------------+---+---------+---+---------+---+---------|
| Interest-bearing loans | | 8 | | 3 | | 4 |
| and borrowings | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Due to customers | | 189 | | 131 | | 180 |
|-------------------------+---+---------+---+---------+---+---------|
| Trade creditors and | | 562 | | 460 | | 586 |
| other payables | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Income tax payables | | 14 | | 10 | | 8 |
|-------------------------+---+---------+---+---------+---+---------|
| Provisions | | 12 | | 17 | | 14 |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Total current | | 863 | | 709 | | 813 |
| liabilities | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| | | | | | | |
|-------------------------+---+---------+---+---------+---+---------|
| Total equity and | | 1,365 | | 1,160 | | 1,310 |
| liabilities | | | | | | |
+-------------------------------------------------------------------+





+-------------------------------------------------------------------+
| SUMMERISED | | 1st half | | 1st half | | Year |
| CONSOLIDATED CASH FLOW | | of | | of 2005 | | 2005 |
| STATEMENT | | 2006 | | | | |
|------------------------+---+----------+---+----------+---+--------|
| In million of euro | | | | | | |
|------------------------+---+----------+---+----------+---+--------|
| | | | | | | |
|------------------------+---+----------+---+----------+---+--------|
| Net cash from | | | | | | |
| operating activities | | (54.3) | | (31.3) | | 121.4 |
|------------------------+---+----------+---+----------+---+--------|
| Net cash from | | | | | | |
| investing activities | | (64.4) | | (52.2) | | (72.0) |
|------------------------+---+----------+---+----------+---+--------|
| Net cash from | | | | | | |
| financing activities | | (45.0) | | (31.0) | | (22.8) |
|------------------------+---+----------+---+----------+---+--------|
| | | | | | | |
|------------------------+---+----------+---+----------+---+--------|
| Net change in cash and | | | | | | |
| bank overdrafts | | (163.7) | | (114.5) | | 26.6 |
|------------------------+---+----------+---+----------+---+--------|
| | | | | | | |
|------------------------+---+----------+---+----------+---+--------|
| Cash and bank | | | | | | |
| overdrafts of | | | | | | |
| acquired subsidiaries | | | | | | |
| and deconsolidations | | (3.0) | | (6.6) | | (3.3) |
|------------------------+---+----------+---+----------+---+--------|
| Cash and bank | | | | | | |
| overdrafts at 1 | | | | | | |
| January | | 139.1 | | 115.0 | | 115.0 |
|------------------------+---+----------+---+----------+---+--------|
| Effect of exchange | | | | | | |
| rate fluctuations on | | | | | | |
| cash and bank | | | | | | |
| overdrafts held | | (0.5) | | 1.4 | | 0.8 |
|------------------------+---+----------+---+----------+---+--------|
| | | | | | | |
|------------------------+---+----------+---+----------+---+--------|
| Cash and cash | | | | | | |
| equivalents and bank | | | | | | |
| overdraft at 31 | | | | | | |
| December | | (28.1) | | (4.7) | | 139.1 |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| CONSOLIDATED STATEMENT | | 1st half | | 1st half | | Year |
| OF RECOGNISED INCOME | | of | | of 2005 | | 2005 |
| AND EXPENSE | | 2006 | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| In million of euro | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| Foreign exchange | | | | | | |
| translation differences | | (1.0) | | 1.1 | | 0.6 |
|-------------------------+---+----------+---+----------+---+-------|
| Costs of option rights | | | | | | |
| and share scheme | | 0.4 | | 0.1 | | 0.3 |
|-------------------------+---+----------+---+----------+---+-------|
| Cash flow hedges: | | | | | | |
| effective portion of | | | | | | |
| changes in fair value | | (0.3) | | (0.1) | | (0.3) |
|-------------------------+---+----------+---+----------+---+-------|
| | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| Net profit recognised | | | | | | |
| directly in equity | | (0.9) | | 1.1 | | 0.6 |
|-------------------------+---+----------+---+----------+---+-------|
| | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| Profit | | 27.6 | | 21.1 | | 52.1 |
|-------------------------+---+----------+---+----------+---+-------|
| | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| Total recognised income | | | | | | |
| and expense | | 26.7 | | 22.2 | | 52.7 |
|-------------------------+---+----------+---+----------+---+-------|
| | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| Attributable to: | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| Shareholders of the | | | | | | |
| parent | | 26.0 | | 21.6 | | 51.4 |
|-------------------------+---+----------+---+----------+---+-------|
| Minority interest | | 0.7 | | 0.6 | | 1.3 |
|-------------------------+---+----------+---+----------+---+-------|
| | | | | | | |
|-------------------------+---+----------+---+----------+---+-------|
| Total recognised income | | | | | | |
| and expense for the | | | | | | |
| period | | 26.7 | | 22.2 | | 52.7 |
+-------------------------------------------------------------------+


Specifications per cluster


+------------------------------------------------------------------------------------------------+
|REVENUES, EBITA AND MARGIN PER HALF YEAR |
|(in million of euro) |
|------------------------------------------------------------------------------------------------|
| | 1st half of 2006 | 1st half of 2005 | 2nd half of 2005 |
|------------+---------------------------+---------------------------+---------------------------|
| | Revenues | EBITA | Margin | Revenues | EBITA | Margin | Revenues | EBITA | Margin |
|------------+----------+-------+--------+----------+-------+--------+----------+-------+--------|
|Benelux | 439| 12.1| 2.8%| 365| 10.4| 2.8%| 432| 14.3| 3.3%|
|------------+----------+-------+--------+----------+-------+--------+----------+-------+--------|
|Germany | 389| 13.1| 3.4%| 358| 11.9| 3.3%| 476| 18.9| 4.0%|
|------------+----------+-------+--------+----------+-------+--------+----------+-------+--------|
| UK / Spain | 157| 11.3| 7.2%| 101| 8.5| 8.4%| 161| 10.8| 6.7%|
|------------+----------+-------+--------+----------+-------+--------+----------+-------+--------|
|ICT & | 305| 15.0| 4.9%| 239| 10.6| 4.4%| 247| 11.9| 4.8%|
|Technology | | | | | | | | | |
|------------+----------+-------+--------+----------+-------+--------+----------+-------+--------|
|Sub total | 1,290| 51.5| 4.0%| 1,063| 41.4| 3.9%| 1,316| 55.9| 4.2%|
|------------+----------+-------+--------+----------+-------+--------+----------+-------+--------|
|Holding | -| (6.4)| -| -| (5.2)| -| -| (5.8)| -|
|company | | | | | | | | | |
|costs | | | | | | | | | |
|------------+----------+-------+--------+----------+-------+--------+----------+-------+--------|
|Total | 1,290| 45.1| 3.5%| 1,063| 36.2| 3.4%| 1,316| 50.1| 3.8%|
+------------------------------------------------------------------------------------------------+


[1] The figures in this document have not been audited.


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