-
Imtech had a difficult first quarter
2013
-
Revenue at 1,211 million euro, stable versus Q1
2012
-
Operational EBITDA of -13.6 million euro versus
-48.0 million euro in Q1 2012 (restated)
-
Net loss of 59.6 million euro versus a net loss of
79.4 million euro in Q1 2012 (restated)
-
Net debt of 1,220 million euro versus 950 million
at the end of Q1 2012 and 773 million euro at the end of Q4
2012
-
Imtech set new medium term targets
Key figures
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012* |
Change |
Revenue and other income |
1,210.5 |
1,220.1 |
-1% |
Operational EBITDA |
-13.6 |
-48.0 |
|
EBITDA |
-25.6 |
-48.0 |
|
Operating result (EBIT) |
-48.8 |
-66.9 |
|
Net result |
-59.6 |
-79.4 |
|
Order book |
6,400 |
6,400 |
0% |
Net interest-bearing debt |
1,220 |
950 |
|
|
|
|
|
Margins |
|
|
|
Operational EBITDA margin |
-1.1% |
-3.9% |
|
EBITDA margin |
-2.1% |
-3.9% |
|
|
|
|
|
Employees |
30,180 |
27,674 |
9% |
Unaudited figures
* Note: restated for comparison purposes
Gouda - Royal Imtech N.V.
had a difficult first quarter. Revenue remained stable despite
difficult trading in the Benelux and Germany. Imtech has announced
a restructuring program to improve its cost structure and bring
capacity in line with market conditions in particular in the
Benelux and Germany. Usually, Imtech does not publish detailed
first quarter results but is doing so now to provide shareholders
full information in light of recent events.
Gerard van de Aast, CEO: 'The last quarter was a
turbulent and difficult one for Imtech. The investigations in
Germany and Poland have been a burden for the company and a
distraction for management and the organisation. Besides difficult
trading, results in the quarter were also impacted by costs
associated with the investigations and financial restructuring
related to obtaining a waiver and amendment from our current main
financiers. Imtech now needs to move forward. We will do so with a
new set of management targets and a strengthened set of business
controls in place.'
Comparative figures Q1
2012
The comparative figures for Q1 2012 have been adjusted where
relevant and appropriate in line with the 2012 financial
statements. This impact is particularly relevant in the Benelux and
Germany & Eastern Europe. See also the appendix with the
financial summaries for more information.
Net interest-bearing debt
and working capital
The net interest-bearing debt in Q1 2013 increased by 448 million
euro versus year-end 2012. The comparative fluctuation in Q1 2012
amounted to 374 million euro. The increase in net debt is the
result of a negative EBITDA in Q1 2013, the normal Q1 seasonal
pattern in working capital, the reversal of year-end factoring in
ICT, pay-out of severance related to the 2012 restructuring plans,
costs associated with the investigations and financial
restructuring costs, a small acquisition impact as announced in
December 2012 (paid in January 2013) and capital expenditure.
Within the working capital, the payment terms with creditors have,
to a large extent, been normalised.
Financial
performance
Profit and loss
statement
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012* |
Change |
Revenue |
1,210.5 |
1,220.1 |
-1% |
Operational EBITDA |
-13.6 |
-48.0 |
|
Non-operational costs |
-12.0 |
- |
|
EBITDA |
-25.6 |
-48.0 |
|
Depreciation |
-11.9 |
-9.9 |
|
Amortisation intangible assets |
-11.3 |
-9.0 |
|
Operating result (EBIT) |
-48.8 |
-66.9 |
|
Net finance result |
-19.1 |
-13.9 |
|
Share of results of associates, joint ventures and other
investments |
-2.2 |
0.2 |
|
Income tax expense |
10.4 |
1.3 |
|
Net result |
-59.6 |
-79.4 |
|
Unaudited figures
* Note: restated for comparison purposes
Revenue
In Q1 2013, which is seasonally a weak quarter, the revenue
remained stable compared to Q1 2012 despite difficult trading
conditions in particular in the Benelux and Germany & Eastern
Europe. These conditions resulted in a revenue decrease of 18% in
Benelux and 12% in Germany. In the UK & Ireland revenue
increased by 18% also impacted by the acquisition of Capula in
2012. In Spain & Turkey revenue increased by 81% due to the
acquisition impact of Turkey. The revenue in Nordic increased by 9%
also impacted by the acquisition of EMC Talotekniikka in Finland.
In ICT, Traffic & Marine the revenue decreased by 2%.
Non-operational
costs
In Q1 2013 the non-operational costs amounted to 12.0 million euro
and relate to costs made for restructuring, predominantly in
Nordic, and 9 million euro for advisory costs related to the
investigations and financial restructuring.
EBITDA
As a result of the write-offs recorded in 2012, a comparison of
EBITDA at group level is less meaningful. In UK & Ireland,
EBITDA increased by 9%. The Nordic EBITDA decreased by 64% as a
result of integration costs, increased margin pressure and slight
delays at a number of new projects. For ICT, Traffic & Marine,
EBITDA decreased by 23% as a result of margin pressure within ICT
and disappointing project results in Traffic which results in a
loss and Marine improved its EBITDA although impacted by lower
results in the services activities and some delays at large
projects. Group management costs increased by 3.6 million euro,
including the 9 million euro for advisory costs related to the
investigations and financial restructuring.
Depreciation and
Amortisation
The increase in depreciation to 11.9 million euro is in line with
the growth of the company. Amortisation of intangible assets
amounted to 11.3 million euro by an increase of 2.3 million euro,
primarily due to the impact of acquisitions.
Net finance
result
In Q1 2013, the net finance result decreased by 5.2 million euro to
-19.1 million euro. The net finance result includes the net
interest expenses on the net interest-bearing debt position, part
of financial restructuring costs, as well as net interest expenses
on employee benefits, currency effects, other finance expenses,
such as bank guarantees and factoring fees, and adjustments in the
valuation of certain assets and liabilities.
The net interest expenses amounted to 12.2 million
euro compared to 10.1 million euro in Q1 2012. The increase is
related to the increase of net interest bearing debt. The financial
restructuring costs, consisting mainly of bank fees, included in
the net finance results amounted to 3.6 million euro.
Tax
In Q1 2013 the tax expense (credit) increased compared to Q1 2012
due to fewer losses for which potential tax benefits could not be
fully recognized.
Result for the period, result per
share
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012* |
Net result |
-59.6 |
-79.4 |
Non-controlling interests |
1.4 |
1.1 |
Net result for
shareholders |
-60.9 |
-80.5 |
Amortisation intangible assets |
11.3 |
9.0 |
Adjusted net result for shareholders |
-49.7 |
-71.5 |
|
|
|
Basic earnings per share |
-0.70 |
-0.90 |
Unaudited figures
* Note: restated for comparison purposes
Balance sheet
Selected balance sheet
items
in € million, unless otherwise
indicated |
Q1 2013 |
Q4 2012 |
Intangibles |
1,319.9 |
1,299.7 |
Other fixed assets |
244.3 |
237.3 |
Assets held for sale |
27.6 |
27.6 |
Working capital |
430.3 |
68.4 |
Capital employed |
2,022.1 |
1,633.1 |
|
|
|
Equity |
503.8 |
556.6 |
Net interest-bearing debt |
1,220.7 |
773.1 |
Other LT liab. / liab. held for sale |
44.4 |
49.8 |
Provisions |
253.1 |
253.6 |
|
2,022.1 |
1,633.1 |
Unaudited figures
Working capital
in € million, unless otherwise
indicated |
Q1 2013 |
Q4 2012 |
Work in progress |
341.7 |
264.9 |
Trade receivable |
1,106.5 |
1,132.1 |
Other current assets |
348.4 |
283.6 |
Accounts payable |
-709.4 |
-890.8 |
Other current liabilities |
-656.9 |
-721.4 |
Working capital |
430.3 |
68.4 |
|
|
|
As % of LTM revenue |
8.0% |
1.3% |
Unaudited figures
The net interest-bearing debt in Q1 2013 increased
by 448 million euro versus year-end 2012. The comparative
fluctuation in Q1 2012 amounted to 374 million euro. The increase
in net debt is the result of a negative EBITDA in Q1 2013, the
normal Q1 seasonal pattern in working capital, the reversal of
year-end factoring in ICT, pay-out of severance related to the 2012
restructuring plans, costs associated with the investigations and
financial restructuring costs, a small acquisition impact as
announced in December 2012 (paid in January 2013) and capital
expenditure. Within the working capital, the payment terms with
creditors have, to a large extent, been normalised.
Operational and financial
restructuring 2013
Operational
restructuring
Taking into account the ongoing difficult market conditions in the
Netherlands, it has been decided to implement a restructuring
programme in order to strengthen the competitiveness and
profitability of our companies in the Netherlands as announced on
23 April 2013. This mainly concerns capacity reductions in the
office buildings and Infra businesses in response to the
structurally lower market volumes and outlook.
Further, a cost-savings and efficiency programme
has also 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 at other Imtech companies. The total anticipated
restructuring charges in 2013 will amount to approximately 80
million euro and will lead to a loss of approximately 1,300 jobs,
particularly in the Netherlands (550 jobs) and Germany (550 jobs).
This charge will be included in Q2 2013. Imtech is in consultation
with the Works Council and trade unions regarding implementation of
the restructuring plan. Implementation has started and will
principally be completed before the end of 2013.
Financial
restructuring
Due to the situation that has arisen in the beginning of 2013, we
had to make substantial out of pocket costs for approximately 110
million euro. These costs include fees for (forensic)
investigations, financial advisors, cost of the auditor,
underwriting of the rights issue, arrangement for the bridge
facility, one-off waiver fees for lenders and miscellaneous other
costs.
Performance by operating
cluster
Benelux
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012* |
Change |
Revenue |
208.6 |
252.9 |
-18% |
EBITDA |
-4.8 |
-14.0 |
|
EBITDA margin |
-2.3% |
-5.6% |
|
Order book |
1,201 |
1,288 |
-7% |
Number of employees |
5,914 |
6,294 |
-6% |
Unaudited figures
* Note: restated for comparison purposes
The revenue in Benelux decreased by 18%,
reflecting ongoing difficult market circumstances and adverse
weather conditions. The ongoing difficult market conditions have
given the necessity for an additional restructuring (in addition to
the restructuring programme 2012) to reduce our headcount by
another 550 jobs to reduce our cost structure and bring the
capacity in line with market conditions. The restructuring costs
are not included yet. The order book decreased by 7%. The headcount
decreased 6% due to the 2012 restructuring program.
Germany & Eastern
Europe
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012* |
Change |
Revenue |
253.0 |
287.8 |
-12% |
EBITDA |
-25.5 |
-45.8 |
|
EBITDA margin |
-10.1% |
-15.9% |
|
Order book |
2,400 |
2,600 |
-8% |
Number of employees |
5,635 |
5,443 |
4% |
Unaudited figures
* Note: restated for comparison purposes
In Germany & Eastern Europe, the revenue
decreased by 12% as a result of the difficult circumstances for the
cluster Germany & Eastern Europe. To bring the cost structure
in line with the current market conditions and target margin range,
we have announced earlier a costs-savings programme and
restructuring to reduce our headcount by 550 jobs. The order book
decreased by 8%.
UK & Ireland
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012 |
Change |
Revenue |
182.6 |
154.3 |
18% |
EBITDA |
7.2 |
6.7 |
9% |
EBITDA margin |
4.0% |
4.3% |
|
Order book |
582 |
541 |
8% |
Number of employees |
3,758 |
3,217 |
17% |
Unaudited figures
In the UK & Ireland the revenue increased by
18% also impacted by the acquisition of Capula in May 2012. The
EBITDA margin decreased as a consequence of weak performance of the
UK engineering services, which was partly off-set by the strong
performance of the international business. The order book increased
by 8%.
Spain & Turkey
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012 |
Change |
Revenue |
61.7 |
34.1 |
81% |
EBITDA |
0.5 |
-2.7 |
|
EBITDA margin |
0.8% |
-8.0% |
|
Order book |
335 |
207 |
62% |
Number of employees |
3,278 |
1,909 |
72% |
Unaudited figures
In Spain & Turkey the revenue increased due to
the acquisition impact of the Turkish technical services provider
AE Arma-Elektropanç in March 2012. The revenue in Spain increased
by 1% compared to Q1 2012. The EBITDA increased by 3.2 million euro
to 0.5 million euro. The order book in Spain was stable and in
Turkey the order book increased.
Nordic
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012 |
Change |
Revenue |
211.2 |
192.9 |
9% |
EBITDA |
3.1 |
8.6 |
-64% |
EBITDA margin |
1.4% |
4.4% |
|
Order book |
807 |
635 |
27% |
Number of employees |
5,529 |
4,894 |
13% |
Unaudited figures
The revenue in Nordic increased by 9% to 211.2
million euro. This increase is related to the acquisition of the
Finnish technical services provider EMC Talotekniikka, as announced
on 18 December 2012, as well as four small acquisitions in 2012.
The EBITDA decreased by 64% reflecting one-off costs relating to
the integration plan carried out in Nordic (approximately 3 million
euro), increased pressure on margins in general as well as a number
of new projects have been slightly delayed. The order book has
increased by 27%.
ICT, Traffic &
Marine
in € million, unless otherwise
indicated |
Q1 2013 |
Q1 2012 |
Change |
Revenue |
293.3 |
298.1 |
-2% |
EBITDA |
5.9 |
7.7 |
-23% |
EBITDA margin |
2.0% |
2.6% |
|
Order book |
1,110 |
1,126 |
-1% |
Number of employees |
6,012 |
5,869 |
2% |
Unaudited figures
In ICT, Traffic & Marine the revenue decreased
by 2% with a decline in ICT and growth in Traffic and Marine. The
revenue growth in Traffic is related to two small acquisitions in
2012. ICT had to deal with some margin pressure. Traffic realised a
loss due to disappointing project results. Marine improved its
EBITDA although impacted by lower results in the services
activities and some delays at large projects.
Group
management
The group management costs increased by 3.6 million euro to 11.9
million euro, including 9 million euro for advisory costs related
to the investigations and financial restructuring and increase of
number of employees to 54 employees (2012: 48 employees).
Outlook
2013 will be a year of transition. In several markets, in
particular the Benelux and Germany, Imtech has to deal with lower
market volumes and has to adjust its cost base to these market
conditions. On 23 April 2013, Imtech announced a restructuring
programme of 80 million euro. As a result of the recent events,
Imtech is in the process of a financial restructuring for which it
expects out of pocket costs of approximately 110 million euro and
increased interest margins going forward. No specific forecasts are
being made regarding 2013.
Acquisitions in
2013
In December 2012 the acquisition of the Finnish technical services
provider EMC Talotekniika (EMC) was announced. The transfer of
ownership took place in January 2013. EMC generates approximately
100 million euro revenue on annual basis with 580 employees.
Medium term
targets
Imtech has set new medium term targets including an organic growth
of GDP plus, with additional growth through acquisitions in
fragmented markets when the leverage ratio is below 2.0x. For the
EBITDA margin, Imtech aims for a range of 4.0% to 6.0%. With the
announced focus on cash, Imtech targets a cash conversion ratio,
based on operational cash flow as percentage of EBITA, of 90% and a
leverage ratio of 1.5-2.0x by the end of 2015. Furthermore dividend
pay-out will be 40% of net result for shareholders as soon as the
leverage is below 2.0x.
Growth |
|
Margin |
|
Cash flow |
|
Leverage |
|
Dividend |
|
Open the pdf for the
complete press release including appendix
Financial
calendar
-
28 June 2013: Annual General Meeting of
shareholders in Rotterdam.
The agenda includes discussion of the 2012 annual figures,
discussion of the report to shareholders about the results of the
investigations, amendment to the articles of association and issue
of shares for the rights issue, and amendment of the remuneration
policy;
Press
conference
Today at 10.00 hours (CET) Imtech will organize a press conference
in the Novotel Amsterdam City hotel, Europaboulevard 10 in
Amsterdam. This meeting will be video webcasted via
www.imtech.com.
Analyst
meeting
Today at 12.00 hours (CET) Imtech will organize a sell-side analyst
meeting in the Novotel Amsterdam City hotel, Europaboulevard 10 in
Amsterdam. This meeting will be video webcasted via
www.imtech.com.
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: +31 182 543 504
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 30,000 employees, Imtech achieves annual revenue of
approximately 5.4 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.
Disclaimer
Please read this carefully
as it applies to all persons who read this press release. This
press release contains information and documents relating to an
offer, through a rights issue, of new shares of Royal Imtech N.V.
You may not be eligible to view the contents of that information
and those documents. Accordingly, if you wish to read this
information you must first inform yourself about and then observe
the statutory and regulatory requirements applicable to you and to
your jurisdiction. In order to establish whether or not you may
view the information and documents please read the disclaimer below
in full.
This press release is not for release,
distribution or publication, whether directly or indirectly and
whether in whole or in part, into or in the United States,
Australia, Canada or Japan or any (other) jurisdiction where to do
so would constitute a violation of the relevant laws of such
jurisdiction.
This press release is for information purposes
only and is not intended to constitute, and should not be construed
as, an offer to sell or a solicitation of any offer to buy
securities of Royal Imtech N.V. (the "Company", and such
securities, the "Securities") in the United States, Australia,
Canada or Japan or in any other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration,
exemption from registration or qualification under the securities
laws of such jurisdiction.
The Securities have not and will not be registered
under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act") and will not be registered with any authority
competent with respect to securities in any state or other
jurisdiction of the United States of America. The Securities may
not be offered or sold in the United States of America absent
registration or an exemption from registration under the U.S.
Securities Act. The Company has registered no part of the offering
of the Securities in the United States of America or any other
jurisdiction, nor has it the intention to do so. The Company has no
intention to make a public offering of Securities in the United
States.
The Company has not authorized any offer to the
public of Securities in any Member State of the European Economic
Area other than the Netherlands. With respect to any Member State
of the European Economic Area, other than the Netherlands, and
which has implemented the Prospectus Directive (each a "Relevant
Member State"), no action has been undertaken or will be undertaken
to make an offer to the public of Securities requiring publication
of a prospectus in any Relevant Member State. As a result, the
Securities may only be offered in Relevant Member States (i) to any
legal entity which is a qualified investor as defined in the
Prospectus Directive; or (ii) in any other circumstances falling
within Article 3(2) of the Prospectus Directive. For the purpose of
this paragraph, the expression "offer of securities to the public"
means the communication in any form and by any means of sufficient
information on the terms of the offer and the Securities to be
offered so as to enable the investor to decide to exercise,
purchase or subscribe for the securities, as the same may be varied
in that Member State by any measure implementing the Prospectus
Directive in that Member State and the expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto,
including Directive 2010/73/EU, to the extent implemented in the
Relevant Member State), and includes any relevant implementing
measure in the Relevant Member State.
The release, publication or distribution of this
press release in certain jurisdictions may be restricted by law and
therefore persons in such jurisdictions into which they are
released, published or distributed, should inform themselves about,
and observe, such restrictions.
This press release does not constitute a
prospectus within the meaning of the Dutch Financial Markets
Supervision Act (Wet op het financieel toezicht) and does not
constitute an offer to acquire securities.
Any offer to acquire Securities pursuant to the
proposed offering will be made, and any investor should make his
investment, solely on the basis of information that will be
contained in the prospectus to be made generally available in the
Netherlands in connection with such offering. When made generally
available, copies of the prospectus may be obtained at no cost from
the Company or through the website of the Company.
PDF: Press Release
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Imtech via Thomson Reuters ONE
HUG#1710089
Ingram Micro A (NYSE:IM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ingram Micro A (NYSE:IM)
Historical Stock Chart
From Sep 2023 to Sep 2024