Imtech in the first half of 2008: a strong performance in attractive markets

Thursday, 14. August 2008 07:00
+-------------------------------------------------------------------+
| | HY 2008 | HY | Growth |
| | | 2007 | |
|-------------------------+-------------+---------+-----------------|
| Revenue (in mio) | 1,761 | 1,517 | +16% |
|-------------------------+-------------+---------+-----------------|
| EBITA (in mio) | 82.9 | 62.1 | +33% |
|-------------------------+-------------+---------+-----------------|
| organic | | | +22% |
|-------------------------+-------------+---------+-----------------|
| EBIT (in mio) | 77.5 | 58.4 | +33% |
|-------------------------+-------------+---------+-----------------|
| Net profit (in mio) | 46.1 | 35.1 | +31% |
|-------------------------+-------------+---------+-----------------|
| | | | |
|-------------------------+-------------+---------+-----------------|
| Net profit per share | | | |
| (before amortisation) | 0.67 | 0.49 | +37% |
|-------------------------+-------------+---------+-----------------|
| | | | |
|-------------------------+-------------+---------+-----------------|
| Operational EBITA | 5.1% | 4.6% | |
| margin | | | |
|-------------------------+-------------+---------+-----------------|
| Order portfolio (in | 4,341 | 3,549 | +22% |
| mio) | | | |
|-------------------------+-------------+---------+-----------------|
| Number of employees (at | | | |
| end of period) | 19,082 | 17,626 | +8% |
+-------------------------------------------------------------------+



* Increasing demand for technology and a broad portfolio
make a strong performance possible

* Size and quality of the order portfolio give confidence
for the future

* Outlook for 2008 remains unchanged: further EBITA growth
through organic growth and acquisitions

* Strategic plan 2012 is on track: revenue of 5 billion and
an operational EBITA margin of 6%

René van der Bruggen, CEO of the European technical services provider
Imtech N.V.: 'Our development during the first half of this year was
excellent - the EBITA rose by 33%, of which 22% was organic. The
EBITA amounted to 82.9 million euro. Net profit per share (before
amortisation) rose by 37%. This strong performance was brought about
by the structurally increasing demand for technology, our broad
portfolio in attractive markets, our extensive existing customer base
and the scale of our activities in Europe and in the global marine
market.'

'The most robust growth was achieved in the Germany & Eastern Europe
and Benelux clusters', according to Van der Bruggen. 'Imtech
performed exceptionally well in Germany & Eastern Europe where the
EBITA rose by 35% and the order portfolio by a good 30%. We made a
breakthrough in Russia with the acquisition of the innovative
technology in the most up-to-date stadium in Russia - the Gazprom
Arena in St. Petersburg. Good progress was also made in the
industrial market in the Benelux. Imtech's strength in the Benelux,
Germany and Eastern Europe is the broad scope of its activities
spread across a large number of attractive markets including energy,
data centres, airports and pharma.'

'Imtech also achieved growth - through a combination of organic
growth and acquisitions - in the clusters UK, Ireland & Spain (EBITA
growth of 23%) and ICT, Mobility & Marine (EBITA growth of 30%)',
according to Van der Bruggen. 'Six acquisitions with a total annual
revenue of 81 million euro were completed in these clusters. The
broad base of Imtech's portfolio and investments related to the 2012
Olympic Games compensated the hesitation in the UK & Ireland,
particularly in the property sector. In Spain Imtech profited from
the oil and gas industry's expansion and upgrading. In the ICT niches
in which Imtech operates demand for high-tech solutions remained
high. Increasing traffic volumes meant a sharp increase in the
European demand for Imtech's high-tech mobility solutions. The marine
market was, and still is, 'booming' with robust growth in oil and gas
vessels and mega-yachts.'

René van der Bruggen: 'Overall Imtech's operational EBITA margin rose
from 4.6% to 5.1%. The order portfolio increased by 22% - a new
record - to over 4.3 billion euro and the quality of this portfolio
is good. As we forecast earlier, Imtech expects a further EBITA
growth in 2008, both organic and through acquisitions. Imtech is
looking forward to the second half of 2008 with confidence.'

Strong performance
Imtech can look back on a very good first half of 2008 with a
substantial growth not only of net profit but also of the EBITA,
revenue, order portfolio and operational EBITA margin. Not only was
there a strong organic EBITA growth (22%) but the companies acquired
during the past twelve months also made a good contribution.

Net profit per share (before amortisation) rose by 37% to 0.67 euro.
The EBITA rose by 33% to 82.9 million euro. Net profit rose to 46.1
million euro, an increase of 31% and revenue rose by 16% to 1,761
million euro. These figures show that, in line with Imtech's
strategy, EBITA growth was clearly higher than revenue growth. An
organic EBITA increase of 22% indicates that substantial organic
growth is being achieved in the markets relevant to Imtech. The order
portfolio grew by 22% to 4,341 million euro and is of a good quality,
which gives confidence for the future. The operational EBITA margin
rose from 4.6% to 5.1%.

Acquisitions
With a view to a further strengthening of the strategic portfolio and
future growth, during 2008 the following acquisitions were completed:

* the position in the ICT market was strengthened by the
acquisition of a total of three ICT companies in the UK, Belgium
and Switzerland. In the UK REAL Solutions was acquired. REAL
Solutions has a broad mix of activities within the IBM portfolio.
In Belgium the associated companies Fit IT¹ (IBM Premier Partner
and Microsoft Gold Certified Partner), Ebit¹ (IBM Business Partner
and software specialist on the basis of Java and Open Source
technology) and Thinking Solutions¹ (IBM Partner and SAP Partner)
were acquired. In Switzerland IT&T (Microsoft Partner) was
acquired. All the companies fit extremely well into the ICT
services portfolio that Imtech also offers elsewhere in Europe.
These ICT companies achieve an annual revenue of over 59 million
euro with 175 ICT specialists;
* the position in the global marine market was strengthened
by the acquisition of Pertec - a full-service marine services
provider in South Africa, an asset deal with Seatroniks - a small
local marine services provider in Panama, and the acquisition of
Van Berge Henegouwen - a specialist in on-board high-tech
multimedia solutions especially for luxury yachts. The acquired
companies achieve an annual revenue of around 22 million euro with
120 marine specialists.

The total annual revenue of these acquisitions amounts to around 81
million euro and between them the acquired companies employ 295
staff. The total acquisition price, including earn-out, was 49
million euro. All acquisitions made a positive contribution towards
net profit per share. The expected EBITA from the companies acquired
during 2008 amounts to around 7 million euro on an annual basis.

¹ The acquisition was completed on 16 July and is not consolidated in
the interim figures.

Benelux: organic growth
In the Benelux Imtech, one of the largest technical services
providers, achieved good organic growth. Technological investments in
the buildings market remained at a good level while there was further
growth in the industry market. There was a noticable increase in
technological investments in the infrastructure market. The broad
scope of the portfolio formed a firm foundation for further growth.
Imtech concentrated, successfully, on growth markets and niches such
as (alternative) energy, rail, water & environment, tunnels, the
(re)equipping of high-tech laboratories and data centres, the export
of oil & gas technology and the pharmaceutical industry. In addition,
an order (worth 80 million euro) for the new Dutch Ministries of
Justice and the Interior in The Hague was acquired.

Total performance in the Benelux


+------------------------------------------------------------------------+
| | HY | HY | |
| |2008 |2007 | Growth |
|-----------------+-----------------+-----------------+------------------|
|Revenue (in mio) | 553| 487| +14%|
|-----------------+-----------------+-----------------+------------------|
|EBITA (in mio) | 19.9| 15.9| +25%|
|-----------------+-----------------+-----------------+------------------|
|EBITA margin | 3.6%| 3.3%| |
|-----------------+-----------------+-----------------+------------------|
|Order portfolio | 1,371| 1,100| +25%|
|(in mio) | | | |
|-----------------+-----------------+-----------------+------------------|
|Number of | | | |
|employees (at end| 7,130| 6,920| +3%|
|of period) | | | |
+------------------------------------------------------------------------+


Revenue rose by 14% to 553 million euro and the EBITA rose by 25% to
19.9 million euro. The order portfolio showed a healthy development
increasing by 25% to 1,371 million euro. Development was positive not
only in the Netherlands but also in Belgium and Luxembourg. Profit
increased faster than revenue and the margin rose from 3.3% to 3.6%,
partly due to more selective project acquisition and a sharp focus on
(potential) growth markets. The number of employees rose by 210 to
7,130.

Alternative energy
Imtech's activities in the (alternative) energy solutions market
include 'green' offices as well as energy metering and the issuing of
energy labels for hundreds of buildings. At Schiphol Airport the
innovative Imtech-solution which converts kerosene vapour into usable
energy was opened by the Dutch Minister of Transport & Public Works.
Imtech distinguished itself through the provision of the technology
in new bio-diesel plants, bio-ethanol plants and innovative heat &
power plants. Imtech supplied high-tech converters for energy
generation in Southern France and the United States to customers
SET-Areva and the Urenco Group. Another example is 'green' lighting
in the form of energy-efficient 'Innolumis' lighting. Successful
initial projects (London, Rotterdam, Breda) have led to a
considerable demand for this technology.

Rail
Rail is a growth market. Imtech is a partner in Asset RAIL which has
acquired the order for the asset management (monitoring,
maintenance, fault repair) of the railway infrastructure in the
Arnhem-Nijmegen region. The six-year contract, which is worth over 90
million euro, is the first Dutch performance-oriented railway
infrastructure maintenance contract awarded in competition.

Water & environment
There is considerable activity in the market for water and the
environment. Imtech stands out due to its unique integrated sewerage
management which enables the sewerage system to be utilised more
efficiently and the contamination of surface water to be combated.
Orders for hundreds of pumping stations were received from the
municipalities of Utrecht and Breda.

Tunnels, locks & roads
Imtech is one of the strongest players in the technical tunnels,
locks and roads market. There were substantial additions to the order
for the improvement of security in a large number of Dutch tunnels.
Imtech carried out the full technical renovation of the Prins
Bernardsluis (lock) and also acquired the order for the total
technical renovation of all the technical infrastructure along the
A12 (Gouda - Zoetermeer) motorway.

Data centres & high-tech laboratories
Imtech offers advanced solutions for the upgrading of data centres -
a fast growing market due to the increased density of data traffic.
Customers from whom orders were received included ING and the Dutch
Police. Demand for the re-equipping of high-tech control rooms and
laboratories is also growing, customers included Total and Shell.

Oil & gas
Imtech offers total solutions for measuring and analysing the quality
of extracted oil and gas and billing to users. Imtech also
specialises in automation and process security in the international
oil and gas industry. This export market has developed well thanks to
the rising price of oil. A number of orders were acquired including
from Shell in Nigeria and Malaysia.

Pharmaceuticals
The pharmaceutical industry is continuing to invest in the
acceleration of the research process, quality improvement and more
efficient logistics. Imtech is a strong player in this segment. In
Belgium growth was robust with major orders from a number of
customers including Johnson & Johnson, GlaxoSmithKline and Schering
Plough.

Germany & Eastern Europe: high organic growth
Imtech occupies a very strong position in Germany and profited from
the increasing technological investments across the full spectrum of
the industry and buildings markets. Imtech's position in Poland was
strengthened and in Russia a breakthrough was achieved. The result
was robust organic growth and a sharp increase of the order portfolio
in growth markets such as energy, airports & the aircraft industry,
the care & cure sector, inner city (re)development, data centres and
the automotive industry.

Total performance in Germany & Eastern Europe


+-------------------------------------------------------------------------+
| | HY | HY | Growth|
| | 2008 | 2007 | |
|----------------+-----------------+-----------------+--------------------|
|Revenue (in mio)| 470| 404| +16%|
|----------------+-----------------+-----------------+--------------------|
|EBITA (in mio) | 21.4| 15.9| +35%|
|----------------+-----------------+-----------------+--------------------|
|EBITA margin | 4.6%| 3.9%| |
|----------------+-----------------+-----------------+--------------------|
|Order portfolio | 1,453| 1,117| +30%|
|(in mio) | | | |
|----------------+-----------------+-----------------+--------------------|
|Number of | | | |
|employees (at | 4,114| 4,062| +1%|
|end of period) | | | |
+-------------------------------------------------------------------------+


While revenue rose by 16% to 470 million euro, the EBITA rose by 35%
to 21.4 million euro. This meant the margin increased significantly
from 3.9% to 4.6%. The order portfolio showed a strong growth
increasing by 30% to 1,453 million euro. The number of employees rose
slightly to 4,114 (+1%).

Energy
The German energy market is a growth market. An order (63 million
euro) for the technical infrastructure in and around the
energy-efficient coal fired power plants that will be built in Hamm
in Germany and the Eemshaven in the Netherlands was received from
energy concern RWE. This constituted a breakthrough in the market for
large (800 MW) power plants. Imtech was also active throughout the
market for smaller power plants and combined heat & power plants.
Imtech also acquired the order (140 million euro) for the total
energy management and control in the Bundesnachrichtendienst's
(German Federal Intelligence Service) new, 250,000 m² office.

Airports & the aircraft industry
Imtech has been involved in the technological expansion and upgrading
of the Frankfurt and Munich airports for a number of years. Other
airports, including Berlin Schönefeld, have announced extensive
investment programmes. For Airbus Imtech developed a copy of the
innovative paint shop in the Hamburg Airbus A320 production hall for
its factory near Beijing in China.

Care & cure
Customers in the care & cure and medical sector are asking for an
integrated technological approach that meets the highest hygiene and
security standards. That Imtech is perceived as a professional
technology partner in this growth market is apparent from the
numerous orders from leading hospitals, including the order for the
expansion/upgrading of a hospital in Kassel.

Inner city redevelopment
Considerable amounts are being invested in the redevelopment of the
hearts of many German cities. Where these, generally large and
complex, projects are concerned Imtech acts as the direct partner of
the local authority and takes responsibility for a multidisciplinary
approach. The cities in which Imtech is involved in projects include
Hamburg, Berlin, Munich, Frankfurt, Stuttgart and Dusseldorf.

Data centres
To cope with the increasing need for extra bandwidth nearly every
German bank and insurance company has announced an investment
programme for expanding or upgrading their data centres. Imtech, the
market leader in this growth segment in Germany, is carrying out
projects for, among others, Citibank, energy company EnBW and
insurance company Allianz.

Automotive industry
The German automotive industry is investing all-out in new research
and test centres. The objective is the development of
energy-efficient automobiles. Imtech enables new test models to be
analysed in simulated wind, weather and environmental conditions.
Currently Imtech is working for several manufacturers including
Daimler and BMW and the technology is also being exported to China
and India.

Eastern Europe: growth in Poland, a breakthrough in Russia
Poland is in the throws of an investment boom. The 2012 European
Football Championship is also generating extensive development
initiatives. Imtech, one of the strongest Polish technical services
providers, is profiting extremely well from the demand for
high-quality high-value technology. In Russia Imtech has been awarded
the order (100 million euro) for the first phase of the technical
infrastructure in the new Gazprom Arena to be built in St.
Petersburg. This order constitutes a breakthrough in the Russian
market.

UK, Ireland & Spain: strong growth both organically and through
acquisitions
Imtech's development in the UK, Ireland & Spain cluster was positive
with strong growth being achieved both organically and through the
2007 acquisitions. The broad base of Imtech's portfolio and
investments related to the 2012 Olympic Games compensated the
hesitation in the UK & Ireland, particularly in the property sector.
Investments in the British water & environment market continued to
rise while in Ireland the pharmaceutical industry's investment level
remained high. In Spain Imtech benefited from the expansion and
upgrading in the oil & gas industry.

Total performance in the UK, Ireland & Spain


+----------------------------------------------------------------------+
| | HY 2008| HY 2007| |
| | | | Growth |
|-------------+-------------------+-------------------+----------------|
|Revenue (in | 236| 192| +23%|
|mio) | | | |
|-------------+-------------------+-------------------+----------------|
|EBITA (in | 16.5| 13.4| +23%|
|mio) | | | |
|-------------+-------------------+-------------------+----------------|
|EBITA margin | 7.0%| 7.0%| |
|-------------+-------------------+-------------------+----------------|
|Order | | | |
|portfolio (in| 553| 416| +33%|
|mio) | | | |
|-------------+-------------------+-------------------+----------------|
|Number of | | | |
|employees (at| | | |
|end of | 3,164| 2,377| +33%|
|period) | | | |
+----------------------------------------------------------------------+


Revenue rose by 23% to 236 million euro. The EBITA also rose by 23%
to 16.5 million euro despite the effect of the depreciation of the
British Pound compared with the euro. The order portfolio showed a
strong 33% growth and rose to 553 million euro. Imtech was able,
partly thanks to the relatively large proportion of industrial
maintenance contracts, to maintain its margin at the high level of
7.0%. The number of employees rose by 33% to 3,164 partly as a result
of acquisitions in the previous year.

Broad market scope in the UK & Ireland
In the UK & Ireland Imtech is characterised by it's broad market
scope in terms of both geography (active in Greater London, Southeast
England, the Midlands and Yorkshire and, in the nationwide water
industry and also since the end of 2007 in Ireland) and in the range
of segments served (the water industry, pharmaceuticals, education,
hotels, shopping centres, care & cure, detention centres, museums,
innercity redevelopment, technological renovation, etc.). The result
is an extremely diverse portfolio of projects. From the technology in
the largest innercity shopping centre in Europe (White City in
London) to the technological renovation of London's monumental
Grosvenor House, numerous technology projects in universities
(including Oxford and Nottingham Trent), 'green' offices (including
Green Office Thorpe Park Leeds) and various museums (such as the
National History Museum London). At the same time, Imtech is involved
with a number of innercity redevelopment and technological renovation
projects in, for example, Leeds, Birmingham and Nottingham. In
Ireland the pharmaceutical industry is continuing to invest. One
example is a new bio-pharmaceutical manufacturing facility for
Centocor.

Effect of the 2012 Olympic Games
The awarding of the 2012 Olympic Games to London has cleared the way
for an extensive investment programme and Imtech is currently a
contender in the pre-qualification phase of a number of projects. At
the same time, many hotels and store chains are investing in
extensive technology renovation programmes. Imtech is the technical
renovation specialist in London and enjoys an excellent reputation.
Various projects were acquired.

British water and environment market
Imtech's added-value in the sewerage and water industry is
considerable. This has led to a continuous stream of orders, such as
the extension and upgrading of dozens of waste water treatment plants
for Three Valley Water (Northeast London). Another example is Sutton
& East Surrey Water (south of London) which selected Imtech as its
partner for the expansion of a water storage facility to 70 million
litres per day. There are also long-term partnerships with Dwr Cymru
Welsh Water and Anglian Water Services.

Spain: robust growth in the industry sector
In Spain Imtech is one of the strongest players in the market for
industrial assembly, maintenance and shutdowns, particularly in the
(petro)chemical industry. Imtech was responsible for orchestrating
major shutdowns at a large number of Repsol YPF, Cepsa and BP
facilities. The major project (around 55 million euro excluding
maintenance) for Cepsa - the expansion of the refinery in Huelva -
progressed well. At the same time regular Imtech customers, such as
Metrovacesa-Sacresa, Bovis Lend Lease, Sacyr Vallehermoso and Eralan
are investing in the expansion of their premises portfolio (offices,
shopping centres, sports facilities, etc.), and have awarded Imtech
responsibility for the technology. Imtech is also structurally active
in the museum and hotel segments. The separate maintenance unit
developed well.

ICT, Mobility & Marine: strong growth both organically and through
acquisitions
This internationally operating cluster achieved strong growth both
organically and through acquisitions. In the ICT niche markets in
which Imtech operates the demand for innovative solutions, mostly
involving IBM and/or Microsoft technology, has remained high.
Increasing traffic density in Europe has meant a sharp increase in
the demand for high-tech mobility solutions. The marine market is and
remains a 'booming' market in part thanks to the increasing
deployment of ships for oil and gas exploration and the high demand
for luxury mega-yachts.

Total performance in ICT, Mobility & Marine


+------------------------------------------------------------------------+
| | HY 2008| HY 2007| Growth|
|-----------+-------------------+-------------------+--------------------|
|Revenue (in| 502| 434| +16%|
|mio) | | | |
|-----------+-------------------+-------------------+--------------------|
|EBITA (in | 32.4| 24.9| +30%|
|mio) | | | |
|-----------+-------------------+-------------------+--------------------|
|EBITA | 6.5%| 5.7%| |
|margin | | | |
|-----------+-------------------+-------------------+--------------------|
|Order | | | |
|portfolio | 964| 916| +5%|
|(in mio) | | | |
|-----------+-------------------+-------------------+--------------------|
|Number of | | | |
|employees | | | |
|(at end of | 4,631| 4,232| +9%|
|period) | | | |
+------------------------------------------------------------------------+


Revenue rose by 16% to 502 million euro and EBITA rose by 30% to 32.4
million euro. As a result the margin improved considerably from 5.7%
to 6.5%. The order portfolio increased by 5% to 964 million euro. The
number of employees rose by 9% to 4,631, partly due to the
acquisitions.

ICT: continued growth
ICT is an important component of Imtech's total solutions.
Acquisitions strengthened the European position further. Imtech is
now active in the Netherlands, Belgium, Germany, Switzerland, Austria
and the UK. Intensive co-operation with world market leaders IBM and
Microsoft make high added-value possible. A prestigious IBM Beacon
Award was won and a number of professional journals awarded Imtech
(including 'best internet company').

In the Netherlands the market developed positively, especially the
demand for network and communications solutions. Extensive management
contracts for thousands of ICT work stations were signed with
Mercedes-Benz and Wegener. Progress was also achieved in the field of
business intelligence and business solutions, for example with
projects for Kawasaki and the World Nature Fund.

Imtech developed extremely well in Germany, Switzerland and Austria.
Imtech is focussing on growth areas such as availability,
accessibility and security. The demand for Service Oriented
Architecture (SOA), web technology, business intelligence and
Microsoft and IBM solutions (including Cognos) increased. Orders were
received from a number of customers including Nordbayerische Presse
Vertriebs, Merck and Gabor Schoenen. In Germany Imtech was very
successful in the field of specialised software and ICT services for
public-sector financial services provision.

Mobility: high demand leads to growth
With Peek Traffic, acquired in 2007, Imtech occupies an excellent
position in the fast growing mobility and innovative traffic
solutions market in the UK, the Netherlands and parts of Eastern
Europe.

In the UK Imtech is a partner of the Highway Agency (motorway and
trunk route manager in England) and Transport for London (manager of
the road network in and around London). Together with these customers
Imtech (Peek) is responsible for intelligent solutions for
throughput, dynamic speed control and traffic safety on the M20 and
M25 motorways. Work is continuing on an innovative traffic management
system for Birmingham's motorways. The large (seven year) maintenance
contract with Transport for London which involves the maintenance of
all the traffic systems in the eastern region of London, including
the Olympic area, is progressing well. Imtech (Peek) now maintains
40% of all the technical traffic solutions in London.

In the Netherlands and Belgium Imtech (Peek) is responsible for
intelligent traffic management based on real time control in a number
of cities including Dordrecht and Leuven. The systems improve traffic
throughput and reduce the pressure on the environment. Imtech (Peek)
is also involved in route control using digital signalling systems
the effectiveness of which has now been proven. An order has been
received from the Dutch department of Waterways and Public Works that
includes additional intelligent traffic solutions on the motorways
around Eindhoven, at the Everdingen intersection and along the A12
motorway.

Traffic problems are worsening in Poland and Croatia. Imtech (Peek)
was able to profit from this situation - with intelligent
intersection control in Warsaw, for example, and maintenance
contracts in Zagreb.

Marine: business is booming
Its substantial market position (global top-5) and achieved
acquisitions enabled Imtech to take full advantage of the rapid
growth of this market. As a result of the increasing international
demand for energy more and more large work ships are being deployed
for oil and gas exploration and the technology component on board
these ships is becoming more and more complex. Imtech offers total
solutions and the possibility of innovative, environmentally-friendly
(diesel)electric propulsion, which results in reduced fuel usage
(around 10 to 20%) and lower harmful emissions (around 15 to 20%).
Examples include the 'Borealis', a large crane ship and the 'HLV
5000', a high-tech offshore ship. The luxury yacht market continues
to be good and Imtech is working on board dozens of yachts in the
Netherlands, Germany and the Middle East. Various navies are
expanding and modernising their fleet and Imtech is involved with
many initiatives. The market for special ships, such as dredgers, is
also booming. The technology on board one of Fugro's seismic survey
vessels is one example. The number of service centres was increased
in Panama, Canada and Norway. Imtech now provides marine service and
maintenance to nearly 750 regular customers in 18 countries and from
60 different locations.

Employees
On 30 June 2008 Imtech employed 19,082 staff compared with 17,626 on
30 June 2007, an increase of 8%. The main concern for the future
remains the availability of qualified and experienced people. Imtech
is, therefore, investing heavily in training programmes at both a
management and a technical level, standing out from the competition
through labour recruitment campaigns and making every effort to
retain its existing employees.

Capital and financing
On 30 June 2008 the 'total shareholders' equity : total shareholders'
equity and liabilities' ratio was 19% (30 June 2007: 19%). The
'average net debt / EBITDA (last twelve months)' ratio was 0.9 (30
June 2007: 0.7). Interest coverage was 5.5 (first half of 2007: 7.2).

Compared to 30 June 2007 total shareholders' equity has risen to 363
million euro. The net profit achieved during the first half year
amounted to 46.1 million euro while the dividend paid out over the
previous financial year amounted to 36.9 million euro. During the
first six months of 2008 197,250 shares were sold by the Company as a
result of employee options being exercised. To cover the balance of
exercised and newly granted options and conditionally granted shares
1,213,042 shares were purchased during the first half of 2008.

The balance sheet total was 108 million higher than on 30 June 2007.
This increase was due primarily to the acquisitions that have taken
place since that date and was also the result of the organic growth
of work in progress. The net debt position amounted to 269 million
euro (30 June 2007: 200 million euro). At the beginning of the
financial year the net debt position was 92 million euro. At 72.2
million euro negative the net cash flow from operating activities was
52.5 million euro lower than in the same period last year, mainly due
to an increase of working capital. Net cash flow from investing
activities amounted to 53.3 million euro negative mainly due to
acquisitions and investments in property, plant and equipment. Net
cash flow from financing activities was 52.3 million euro negative
due to the payment of dividend to shareholders and the purchase of
shares to cover the share and share option schemes. Net cash, cash
equivalents and bank overdrafts fell by 177.8 million euro, which
meant the balance on 30 June 2008 was 130.7 million euro negative.

Strategy
In addition to the strategic strengthening of its position in
existing 'home' markets with the emphasis on the UK, Ireland, Spain
and Eastern Europe, in the future Imtech wants to build up a
geographical position in Austria and Scandinavia. Imtech is also
looking to strengthen its position in the ICT, Mobility & Marine
markets still further both organically and through acquisitions.

Objectives
Based on this strategy Imtech has formulated the following
objectives: to achieve revenue of 5 billion euro in 2012 while
maintaining its target of achieving an operational EBITA margin of
6%. Given its current position and the growth it has achieved Imtech
is on course to achieve these objectives.

Outlook
Imtech has a strong strategic portfolio of cohesive activities which
can profit from the, according to current views, attractive
conditions in (growth) markets relevant for Imtech. Good quality
acquisitions have also resulted in a further strengthening of
Imtech's European position.

Imtech is well positioned to achieve further growth in the second
half of 2008 also because its order portfolio has increased
substantially and is of a good quality right across the board.

The outlook for 2008 expressed in February 2008 remains unchanged:
according to its current views the Board of Management expects a
further increase of the EBITA through organic growth and
acquisitions.


For more information

Media: Analysts & investors:

Mark Salomons Jeroen Leenaers
Company Secretary Manager Investor
T: +31 (0)182 543 514 Relations
E-mail: T: +31 (0)182 543 504
mark.salomons@imtech.eu E-mail:
www.imtech.eu jeroen.leenaers@imtech.eu
www.imtech.eu


Imtech profile
Imtech N.V. is a European technical services provider in the fields
of electrical engineering, ICT and mechanical engineering. With over
19,000 employees, Imtech achieves annual revenue of more than 3.3
billion euro. Imtech holds strong positions in the buildings,
industry and infrastructure/mobility markets in the Netherlands,
Belgium, Luxembourg, Germany, Eastern Europe, the UK, Ireland and
Spain and in the global marine market. In total Imtech serves 14,000
customers. Imtech offers added-value in the form of 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 mobility. Imtech shares are listed on the
Euronext Stock Exchange Amsterdam, where Imtech is included in the
Midcap Index. Imtech shares are also included in the Dow Jones STOXX
600 index.

Financial Calendar
* Publication of annual figures 2008, press conference and
analysts' meeting: 17 February 2009
* General Meeting of
Shareholders:
7 April 2009

Press conference and analysts' meeting 14 August 2008, Hilton Hotel,
Amsterdam
From 10.00 hrs a press conference will be held in the Hilton Hotel,
Apollolaan 138, 1077 BG Amsterdam. The analysts' meeting will start
at 12.00 hrs. To register call Astrid Marré, telephone +31 (0)6 11 39
69 98.

Live-transmission via Internet (Webcast)
The analysts' meeting on 14 August 2008 will be transmitted live via
the internet (www.imtech.eu) from 12.00 hours until around 13.00.

Photography
Photographs of the Chairman of the Board of Management are available
to the media via Fotopersbureau Dijkstra. For further information:
Fotopersbureau Dijkstra, telephone + 31 (0)297 56 68 83, E-mail:
dykfoto@wxs.nl.

View document
Related Links: Royal Imtech N.V.
Author:
Hugin
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