Royal Imtech publishes first quarter 2014 results

Thursday, 15. May 2014 07:00

Stable market positions in the quarter; debt reduction program in progress

· Revenue in the first quarter of 1,120 million euro
· Operational EBITDA in the first quarter of 6 million euro negative (Q1 2013: -15 million euro)
· Order intake in the first quarter 1,137 million euro, slightly higher than revenue
· Net loss in the first quarter 77 million euro significantly impacted by finance costs
· Net debt end of first quarter 895 million euro
· Update on financial restructuring costs

Key figures   
    
in € million, unless otherwise indicatedQ1 2014Q1 2013*
Revenue and other income1,119.9 1,179.8
Operational EBITDA-5.9 -15.1
Non-operational costs-9.9 -12.0
EBITDA-15.8 -27.1
Operating result (EBIT)-33.5 -49.2
Result from continuing operations-77.3 -59.4
Net result-77.3 -59.6
Order intake1,136.7 1,181.0
Working capital78.3 464.8
Net interest-bearing debt894.7 1,220.7
    
Margins   
Operational EBITDA margin-0.5% -1.3%
EBITDA margin-1.4% -2.3%
    
Employees26,07528,605
Unaudited figures   
* Restated (based on continuing operations)   

Gerard van de Aast, CEO: "Imtech's key focus continues to be on operational and financial recovery. While the quarter showed mixed results by region, operational EBITDA for the group showed an improvement. Satisfactorily progress was also made on order intake and working capital development for the group. In Germany the implementation of the 'Neue Imtech'-program continued. While in Germany satisfactorily progress was made on EBITDA, working capital development needs improvement. The quality of our work continues to be a main driver for customer satisfaction and customers rewarded us across the group with good orders in 2014. Increased finance costs were largely the reason for the net loss in the quarter. We announced the first step of the debt reduction program through the divestment of the ICT division and the divestment process is on track. A significant debt reduction will benefit all stakeholders given the expense associated with the current debt level."

More information

Media: Analysts & investors:
Dorien Wietsma
Director Corporate Communication & CSR
T: +31 182 54 35 53
E: dorien.wietsma@imtech.com
www.imtech.com
Jeroen Leenaers
Director Investor Relations
T: +31 182 54 35 04
E: jeroen.leenaers@imtech.com
www.imtech.com

Imtech profile
Royal Imtech N.V. is a European technical services provider in the fields of electrical solutions, ICT and mechanical solutions. With approximately 26,000 employees, Imtech is active attractive positions in the buildings and industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland and Spain, the European markets of ICT and Traffic as well as in the global marine market. In total Imtech serves 24,000 customers. Imtech offers integrated and multidisciplinary total solutions that lead to better business processes and more efficiency for customers and the customers they, in their turn, serve. Imtech also offers solutions that contribute towards a sustainable society - for example, in the areas of energy, the environment, water and traffic. Imtech shares are listed on the NYSE Euronext Amsterdam.





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