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· Imtech had a difficult first
quarter
· Reorganisation costs 80 million euro; a loss of 1,300
jobs
· Order book remains on level
· The investigations into Polish and German projects are
reaching the final stages; write-off in Germany amounts to
approximately 220 million euro, Polish write-off remains
approximately 150 million euro
· Good progress towards implementing the new management
model
· Finalisation of full-year 2012 annual accounts is taking
more time
· Investigation results and full-year 2012 figures will be
discussed during the Annual General Meeting of Shareholders on 28
June 2013
Gouda - Royal Imtech N.V.
(IM-AE, technical services provider in and outside Europe) had a
difficult quarter but, considering the circumstances, has been able
to maintain its position well. Imtech is also making steady
progress in the investigations in Poland and Germany. The
investigations are reaching the final stages, however, more time is
required to complete the investigations; due care is more important
than speed in this process. The publication of the full-year 2012
figures is now scheduled for early June. The write-off in Germany
appears to be larger than originally anticipated. Imtech is
announcing a reorganisation in order to improve its competitiveness
bringing its business capacity in line with market conditions. The
announced rights-issue is expected to close in the
summer.
Gerard van de Aast, CEO: 'The last quarter was a
turbulent and difficult one for Imtech. Imtech's operational
position is stable and the announced management measures have
largely been implemented. The ongoing investigations in Germany and
Poland are being carried out with the utmost precision. Imtech has
worked to restore the situation in serving our markets as quickly
as possible and it is positive that our order book remains on
level. Some of our markets remain difficult to some extent. For
that reason, and also to improve Imtech's competitiveness, Imtech
is announcing a reorganisation today. This involves a headcount
reduction, which is extremely regrettable, but is unfortunately
unavoidable. At 28 June, we will discuss the results of the
investigations and the full-year 2012 figures with our shareholders
during the Annual General Meeting of Shareholders.'
Trading update Q1,
2013
Imtech had a difficult and turbulent first quarter. The first
operational priority has been managing uncertainties arising among
customers, suppliers, employees and financiers. Sufficient
liquidity and financial stability are essential to this. This has
been provided through a bridge facility arranged by ING and
Rabobank and a continuation agreement with the most important
financiers. The liquidity situation is stable and currently there
is a limited drawdown under the arranged bridge facility. The
earlier announced rights issue of 500 million euro will be used for
debt reduction.
The order book has remained on level and amounted
to 6.4 billion euro at the end of Q1 2013 compared to 6.4 billion
euro at the end of Q4 2012. The result was under pressure in the
first quarter. It has been decided to implement an additional
reorganisation and cost-savings programme in order to strengthen
the results of 2013 and the years that follow. At this moment no
outlook for the full-year 2013 will be provided.
A short summary follows of the developments in the most important
Imtech divisions:
· In the UK & Ireland Imtech had a good quarter. The order
book is well filled.
· In Nordic, Imtech had a reasonable quarter. A number of new
projects have been slightly delayed. The order book has
increased.
· In the Netherlands the first quarter was difficult. Ongoing
difficult market conditions have given the necessity for an
additional reorganisation. The order book has decreased a
little.
· Imtech Germany & Eastern Europe had a difficult quarter.
A costs-savings programme and reorganisation will support the
results. The order book remains unchanged.
· Imtech ICT performed well in the first quarter. The order
book is well filled.
· Imtech Marine had a moderate start to the year. The order
book has slightly increased.
· Imtech Traffic & Infra had a difficult start due to
overcapacity in the Infra business. This is being addressed in the
planned additional reorganisation. The order book is
stable.
· Imtech Spain had a solid first quarter. The order book is
stable.
· Imtech Turkey had a reasonable start and the order book has
increased.
Reorganisation
2013
Taking the ongoing difficult market conditions in the Netherlands
into account, it has been decided to implement a reorganisation in
order to strengthen the competitiveness and profitability of our
companies in the Netherlands. This mainly concerns capacity
reductions in the office buildings market and the Infra business in
response to the changed market conditions.
As part of this reorganisation, a cost-savings and
an efficiency programme has commenced in Germany. The planned
personnel and cost reductions will further support our German
operations' effectiveness and profitability.
Various smaller efficiency programmes will be implemented in parts
of several other Imtech companies, depending on the market and
company conditions. The total anticipated reorganisation charges in
2013 will amount to approximately 80 million euro and will lead to
a loss of 1.300 jobs, particularly in the Netherlands and Germany.
Imtech will consult the Works Council and trade unions regarding
implementing the reorganisation plan.
Investigations in Germany
and Poland in final stages
The current and continuing investigations include extensive
analyses of all important projects; including projects that are
currently being implemented as well as those completed in recent
years. In Germany the problems are limited mainly limited to the
areas already indicated on 27 February, namely: the valuation of
older trade receivables, the wrongful transfer of project losses to
the future, and the write-off of work in progress. Particularly
this final item is expected to be higher and will lead to a total
write-off in Germany amounting to approximately 220 million
euro.
As already indicated, the expected write-off in
Poland will amount to 150 million euro. An important part of this
write-off concerns the AWW project. An out-of-court settlement was
agreed for this project on 12 March 2013, which brings the
cooperation to an end. Furthermore, in Poland the valuation of the
older trade receivable positions has been adjusted downwards and
various smaller work in progress items have been written off.
The write-offs in Germany and Poland are non-cash
items and have no direct impact on the liquidity position. Once the
investigation has been concluded, Imtech will decide whether to
press charges with the competent legal authorities in Poland and
Germany in connection with actions that could be qualified as
fraudulent and misleading. Imtech will further investigate to what
extent any of the damage incurred may be eligible for insurance
compensation. This potential compensation has not been included in
the expected write-offs. It is intended that the investigation
results and full-year 2012 figures will be discussed during the
Annual General Meeting of Shareholders on 28 June 2013.
Finalising the 2012 Annual
Accounts, revised 2011 figures
It will take more time than previously indicated to conclude
investigations in Poland and Germany and therefore to finalise and
audit the 2012 Annual Accounts. The 27th February 2013 press
release mentioned the end April as a target date; this will now
become early June. In this process, precision is more important
than speed. In line with the legal provisions for financial
reporting, the 2011 comparative figures in the 2012 annual accounts
will also be adjusted, since some of the write-offs relate to
previous years. In connection herewith, the company will file a
notice with the Trade Register.
New management model reduces
risk profile
The 27 February 2013 press release, already indicated the first
steps in adapting the management model. Imtech will continue to
employ a decentralised management model as the basis of the
organisation. At the same time, we will considerably strengthen the
quality and effectiveness of our business controls. The approval
procedure for larger projects has been reinforced as of 20 March
2013. The externally appointed auditor who will lead the Internal
Accountants Service started work at the beginning of April.
Functional reporting lines have now been introduced for the
financial and legal disciplines. External expertise will be used to
further strengthen our business controls. Training will also play a
role in strengthening business controls. This will not only focus
on knowledge transfer, but also on the development of an
appropriate company culture in which integrity, loyalty and
critical thinking remain in balance with each other. For expanding
the Board of Management by two people, a search has been started.
Ernst & Young investigated the functioning of the current
management model. This investigation confirmed that the development
of risk management did not stay on an equal footing with the size
and complexity of the organisation. The investigation report also
indicated that successful implementation of the measures announced
on 27 February will contribute to the reduction of Imtech's
inherent risk profile, increasing its financial robustness, and
strengthening business controls.
Preliminary timetable
important company events
· Early June: publication of the 2012 Annual Accounts and
notice convening Extraordinary General Meeting of
Shareholders;
· 28 June 2013: General Meeting of Shareholders in
Rotterdam
The agenda will include discussion of the 2012 annual
figures, discussion of the results of the investigations in Germany
and Poland, amendment to the articles of association and issue of
shares for the rights issue, and amendment of the remuneration
policy;
· Second half of July 2013: Extraordinary General Meeting of
Shareholders.
On the agenda will be the adoption of the 2012 Annual
Accounts;
· 27 August 2013: publication of 2013 semi-annual
figures.
* * *
Analysts' conference call 23
April 2013, live transmission via Internet
(webcast)
From 9.30 hrs. (CET) an analysts' conference call will be held.
This analysts' call will be transmitted live via the Internet
(www.imtech.com) from 9.30 hrs. (CET) and after this time will also
be available on the website.
More
information
Media: |
Analysts & investors: |
Dorien Wietsma
Director Corporate Communications &
CSR
T: +31 182 54 35 53
E: dorien.wietsma@imtech.com
www.imtech.com |
Jeroen Leenaers
Director Investor Relations
T: +31 182 543 504
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
(information and communication technology) and mechanical
solutions. With 29,000 employees, Imtech achieves annual revenue of
more than 5.1 billion euro. Imtech holds attractive positions in
the buildings and industry markets in the Netherlands, Belgium,
Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway,
Finland, the UK, Ireland, Turkey 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, where Imtech is included in
the AEX Index. Imtech shares are also included in the Dow Jones
STOXX 600 index.
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