Previously announced one-off
items and financial expenses largely drive net loss
Imtech
- Revenue slightly down at 2,485 million euro
(-2%).
- Operational EBITDA of -46 million euro excluding
earlier announced 40 million euro write downs in Benelux and
Marine
- Satisfactory order intake of 2,509 million
euro
- Net debt end of June, stable at 1,206 million
euro compared to Q1 2013 despite cash out for restructuring
- Net proceeds of equity issues of 507 million euro
have been used to reduce net debt
- Improvement programs on track:
- Restructuring program on schedule
- Continued progress on business controls
- Working capital reduced by 133 million euro in second
quarter
- 60% of senior management is new
Key figures
in € million, unless otherwise indicated |
HY 2013 |
HY 2012* |
/ |
Q2 2013 |
Revenue and other income |
2,484.9 |
2,532.0 |
-2% |
1,274.4 |
Operational EBITDA |
-46.3 |
-42.3 |
|
-32.6 |
Write downs in Benelux and Marine |
-40.0 |
0.0 |
|
-40.0 |
Refinancing and restructuring charges |
-62.0 |
0.0 |
|
-50.1 |
EBITDA |
-148.3 |
-42.3 |
|
-122.7 |
Operating result (EBIT) |
-197.7 |
-82.9 |
|
-148.9 |
Net result |
-230.5 |
-112.6 |
|
-170.9 |
Order intake |
2,509.0 |
- |
|
1,437.2 |
Working capital |
332.3 |
- |
|
332.3 |
Net interest-bearing debt |
1,205.9 |
- |
|
1,205.9 |
|
|
|
|
|
Margins |
|
|
|
|
Operational EBITDA margin |
-1.9% |
-1.7% |
|
-2.6% |
EBITDA margin |
-6.0% |
-1.7% |
|
-9.6% |
|
|
|
|
|
Employees |
29,770 |
29,128 |
+2% |
29,770 |
* Note: restated for comparative reference
Gerard van de Aast, CEO: 'The net result in the
first half of 2013 at Imtech is largely driven by several one-off
items and financial expenses as previously announced. Revenue is
slightly down and working capital is beginning to decline in the
second quarter. The order intake is satisfactory, given market
circumstances, and in line with revenue. Good new orders are won
amongst others at Shell in the Netherlands, Carl Zeiss in Germany,
Merseytravel (Liverpool based transport authority) in the UK and
Marine orders in China. We are well on track with the
implementation of the strengthened business controls and the
restructuring programs are on schedule and will be finalized in the
second half of this year. However, this is just the beginning of
the necessary change and business improvements at Imtech. In
particular, we need to improve operational performance and further
reduce working capital. We will do so with a new senior management
team and 29,000 dedicated, highly skilled employees'
Review
KPMG
The interim financial statements for 2013 have been reviewed by
KPMG Accountants N.V. Their review report is included on page 22 of
these financial statements.
Comparative figures HY
2012
The comparative figures for HY 2012 have been adjusted where
relevant and appropriate in line with the 2012 financial
statements. As previously announced we have consistently allocated
the write downs over the quarters pro rata for a more meaningful
comparative reference. See also the appendix with the interim
financial statements for more information.
Change in cluster
reporting
In line with the change in internal reporting and managerial
division responsibilities on management board level, we have
adjusted our cluster reporting as from Q2 2013. The activities
relating to Infra, which were previously reported in the cluster
Benelux, are now reported in the segment Traffic & Infra.
Furthermore, ICT and Marine, which were previously included in the
cluster ICT, Traffic & Marine are shown as separate segments.
The comparative figures for the HY 2012 and Q1 2013 have been
adjusted accordingly. See also note 5 of the appendix with the
interim financial statements for adjusted comparative figures of
the segment reporting.
Financial
performance
Profit and loss
statement
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012* |
Q2 2013 |
Revenue |
2,484.9 |
2,532.0 |
1,274.4 |
Operational EBITDA |
-46.3 |
-42.3 |
-32.6 |
Write downs Benelux and Marine |
-40.0 |
0.0 |
-40.0 |
Refinancing and restructuring charges |
-62.0 |
0.0 |
-50.1 |
EBITDA |
-148.3 |
-42.3 |
-122.7 |
Depreciation |
-19.6 |
-20.2 |
-7.7 |
Amortisation intangible assets |
-29.8 |
-20.4 |
-18.5 |
Operating result (EBIT) |
-197.7 |
-82.9 |
-148.9 |
Net finance result |
-56.7 |
-28.4 |
-35.2 |
Share of results of associates, joint ventures and
other
investments |
0.3 |
1.9 |
0.0 |
Income tax expense |
23.6 |
-3.2 |
13.2 |
Net result |
-230.5 |
-112.6 |
-170.9 |
* Note: restated for comparative reference
Revenue
In HY 2013, which is seasonally a weak half year, revenue is
slightly down compared to HY 2012 due to difficult trading
conditions in the Benelux, Germany & Eastern Europe and
Marine.
Operational
EBITDA
As a result of the write-offs recorded in 2012, a comparison of
EBITDA at group level is less meaningful. The operational EBITDA
loss equals 46.3 million euro, excluding the earlier announced
write downs of 40 million euro for Benelux and Marine.
Non-operational
costs
The non-operational costs in HY 2013 amounted to 62.0 million euro.
In line with previously announced operational and financial
restructuring costs, the total costs made for restructuring
amounted to 49.5 million euro (mainly in Benelux and Traffic &
Infra) and to 12.5 million euro for advisory costs related to the
investigations and financial restructuring.
Depreciation and
Amortisation
The depreciation amounted to 19.6 million euro and is in line with
the development of the property, plant and equipment amount on the
balance sheet. Amortisation of intangible assets amounted to 29.8
million euro. The accelerated amortisation of the brand name NVS in
Nordic, as our business in Nordic is implementing the Imtech brand
name, counts for 5.6 million euro of the increase.
Net finance
result
In HY 2013, the net finance result decreased by 28.3 million euro
to -56.7 million euro. The net finance result includes amongst
other net interest expenses (HY 2013: 25.9 million euro, HY 2012:
21.3 million euro), waiver fees (13.2 million euro), employee
benefits (HY 2013: 3.6 million euro, HY 2012: 4.3 million euro) and
other.
Tax
The effective tax rate for HY 2013 amounted to 9.3% positive (HY
2012: 2.9% negative). The effective tax rate is significantly
impacted by losses made in 2013. Part of these losses do not result
in a direct tax credit.
Result for the period, result per
share
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012* |
Q2 2013 |
Net result |
-230.5 |
-112.6 |
-170.9 |
Non-controlling interests |
2.7 |
2.9 |
1.3 |
Net result for
shareholders |
-233.2 |
-115.5 |
-172.2 |
Amortisation intangible assets |
29.8 |
20.4 |
18.5 |
Adjusted net result for
shareholders |
-203.4 |
-95.1 |
-153.7 |
|
|
|
|
Basic earnings per share[1] |
-2.62 |
-1.32 |
|
* Note: restated for comparative
reference
[1] Based on the average number of outstanding shares per 30 June
2013.
Order intake
in € million, unless otherwise
indicated |
|
Order intake
HY13 |
Revenue
HY13 |
Order book
HY13 |
Benelux |
|
296.0 |
328.9 |
936.8 |
Germany & Eastern Europe |
|
452.0 |
513.5 |
2,200.8 |
UK & Ireland |
|
339.1 |
374.7 |
512.1 |
Nordic |
|
508.3 |
451.8 |
772.2 |
Spain & Turkey |
|
154.7 |
125.5 |
348.9 |
ICT |
|
312.8 |
302.8 |
187.8 |
Traffic & Infra |
|
211.8 |
189.2 |
451.6 |
Marine |
|
234.3 |
192.7 |
801.1 |
Other |
|
|
5.8 |
|
Total |
|
2,509.0 |
2,484.9 |
6,211.3 |
During HY 2013 the order intake at group level has
been satisfactory at 2,509 million euro and in line with revenue.
The order intake in Benelux and Germany & Eastern Europe was
lower than revenue in HY 2013. In the UK & Ireland order intake
was lower than revenue as a result of high production levels at
projects in Kazakhstan. For Nordic, Spain & Turkey, ICT,
Traffic & Infra and Marine the order intake was higher than
revenue HY 2013. The order book at the end of June 2013 was
negatively impacted by 70 million euro currency exchange rates.
Balance sheet
Selected balance sheet
items
in € million, unless otherwise
indicated |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Property, Plant & Equipment |
162.7 |
170.9 |
170.8 |
Goodwill & other intangible assets |
1,277.9 |
1,320.0 |
1,299.7 |
Other non-current assets |
76.5 |
73.3 |
66.5 |
Assets held for sale |
26.5 |
27.6 |
27.6 |
Working capital |
332.3 |
464.8 |
106.3 |
Capital employed |
1,875.9 |
2,056.6 |
1,670.9 |
|
|
|
|
Equity |
291.6[2] |
467.9 |
524.5 |
Net interest-bearing debt |
1,205.9 |
1,222.4 |
773.0 |
Other (non-interest bearing) LT
liabilities |
25.1 |
25.1 |
25.1 |
Restructuring provisions |
50.5 |
22.1 |
24.1 |
Other liabilities |
302.8 |
319.1 |
324.2 |
Funding |
1,875.9 |
2,056.6 |
1,670.9 |
[2] Total equity before completion at 31 July 2013
of the rights issue of ordinary shares and the issue of cumulative
financing preference shares in the first week of August.
Working capital
in € million, unless otherwise
indicated |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Inventories |
81.8 |
94.5 |
80.0 |
Work in progress |
347.5 |
341.7 |
264.8 |
Trade receivables |
938.7 |
1,094.8 |
1,128.6 |
Other receivables |
245.0 |
255.6 |
194.0 |
Income tax receivables |
10.9 |
10.0 |
13.3 |
|
1,623.9 |
1,796.6 |
1,680.8 |
|
|
|
|
Trade payables |
722.6 |
689.5 |
890.8 |
Other payables |
544.4 |
607.6 |
652.9 |
Income tax payables |
24.6 |
34.7 |
30.8 |
|
1,291.6 |
1,331.8 |
1,574.5 |
|
|
|
|
Working capital |
332.3 |
464.8 |
106.3 |
As % of LTM revenue |
6.2% |
8.6% |
2.0% |
Net amount trade receivables
(aging)
in € million, unless otherwise
indicated |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Not past due |
664.3 |
707.2 |
767.8 |
Past due <180 days |
146.6 |
252.2 |
228.7 |
Past due >180 days |
127.8 |
135.4 |
135.5 |
Total |
938.7 |
1,094.8 |
1,132.0 |
Capital employed increased by 204.9 million euro
in HY 2013, mainly impacted by the increase of working capital and
a decrease of goodwill & other intangible assets. The working
capital increased in HY 2013 by 226.0 million euro due to normal HY
seasonal pattern in working capital and a release of the payment
stretch to creditors. During the second quarter, progress has been
made on working capital management by reducing working capital with
132.5 million euro. This reduction is realised by more focus on
cash collection, in particular reducing the overdue trade
receivables less than 180 days by 105.6 million euro.
In our trading update of 18 July 2013, we
announced to update the impairment test for both Benelux and Marine
based on the lower than expected results HY 2013. The result of
this impairment test is that no impairment is necessary at this
moment, although for Marine the headroom has decreased. For more
information, see the appendix with the interim financial statements
note 11.
The equity decreased by 232.9 million euro due to
the net loss realised in HY 2013. Furthermore, as previously
announced we have adopted IAS 19 Employee Benefits as per financial
year 2013. For more information, see also note 4 in the appendix
with the interim financial statements.
The net interest-bearing debt increased by 432.8
million euro to 1,205.9 million euro as a result of the negative
EBITDA HY 2013, the normal HY seasonal pattern in working capital,
de-stretching of creditors, pay-out of severance related to the
2012 restructuring plans, costs associated with the investigations
and financial restructuring costs, capital expenditure and
acquisition impact.
On 31 July 2013, we have completed the rights
issue of ordinary shares followed by the issue of cumulative
financing preference shares in the first week of August to
strengthening our balance sheet. With the net proceeds of 507
million euro we have reduced the net interest-bearing debt position
on our balance sheet.
Cash flow
statement
The net cash flow from operating activities in first half year was
359.2 million euro negative. The cash flow was highly impacted by a
net loss of 230.5 million euro and 175.3 million euro cash out flow
on working capital.
The net cash flow from investing activities was
-39.1 million euro impacted by the decision not to do acquisitions
as long as the leverage ratio is above 2.0. During the first half
year we spent in total 18.6 million euro, which is related to the
acquisition of the Finnish technical services provider EMC
Talotekniikka as announced already in December 2012 and the
earn-outs of previous acquisitions.
Improvement programs on
track
Restructuring program on
schedule
The restructuring program in order to strengthen the
competitiveness and profitability of our companies is on track. The
anticipated restructuring charges in 2013 will amount to
approximately 80 million euro and will lead to a loss of
approximately 1,300 jobs. At the end of June, 585 jobs have been
reduced, mainly in Benelux and Traffic & Infra, with a total
cost of 49.5 million euro. The remaining part of the restructuring
program will be executed in the second half of 2013.
Continued progress on
business controls
In the first half year a new set of business controls have been
announced and implementation has been started. Further roll out of
these business controls in the organisation is in progress.
60% of senior management is
new
Since 1 January the board of management is new and expanded to four
board members. The new Board of Management has a more operational
focus with clear responsibilities for each of the individual board
members.
Within the eight divisions, the managing directors
and financial directors of the Benelux, Germany & Eastern
Europe and Marine have been replaced, the financial director of
Nordic has been replaced and the managing directors of UK &
Ireland and Traffic & Infra have been replaced due to
retirement. Further, the corporate staff has been strengthened with
new directors of Governance, Risk & Compliance, Corporate
Finance and Corporate Communication & CSR.
Financial
restructuring
Due to the situation that has arisen in the beginning of 2013, we
estimated to make substantial expenditures for approximately 110
million euro as previously announced. These costs include fees for
(forensic) investigations, financial advisors, audit fees,
underwriting fees for the rights issue, arrangement fees for the
bridge facility, one-off waiver fees for lenders and miscellaneous
other costs. In the 1st half year 2013 an amount of 63 million euro
has been recorded, of which 14.7 million is allocated to the rights
issue and 13.6 million to the amortised cost of the loans. Included
in the profit- and loss account are 12.5 million euro in operating
expenses and 13.1 million euro in net finance result. The remainder
of the amount is included in prepaid expenses.
Performance by
division
Benelux
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012* |
Q2 2013 |
Revenue |
328.9 |
368.5 |
165.8 |
Operational EBITDA |
-16.7 |
-6.5 |
-12.9 |
Operational EBITDA margin |
-5.1% |
-1.8% |
-7.8% |
Write downs |
-15.0 |
0.0 |
-15.0 |
EBITDA |
-48.5 |
-6.5 |
-44.7 |
EBITDA margin |
-14.7% |
-1.8% |
-27.0% |
Order intake |
296.0 |
- |
157.2 |
Order book |
936.8 |
- |
936.8 |
Number of employees |
4,533 |
4,975 |
4,533 |
* Note: restated for comparative reference
In HY 2013 the revenue amounted to 328.9 million
euro, reflecting on-going difficult market circumstances in the
buildings services markets in both the Netherlands and Belgium and
the international industry services business. The local industrial
services business remains stable. The decreasing revenue in
combination with fierce competition, project losses and delays in
execution resulted in an operational EBITDA of -16.7 million euro.
The write downs in Benelux amounts to 15 million euro, as announced
on 18 July 2013. The previously announced additional restructuring
program is well on track. The related non-operational costs
amounted to 16.8 million euro.
The order intake in the first half year amounted
to 296 million euro and was lower than the revenue as a result of
the difficult markets we are operating in. In HY 2013 good orders
have been awarded, like the renewal of the 5 years maintenance
contract for Shell in the Netherlands which represents job
opportunities for hundreds of employees and the DBFMO contract
(together with Ballast Nedam) for a new penitentiary building for
the Netherlands Government Building Agency with a nominal size of
approximately 300 million euro, including 25 years maintenance and
operating contract. The latter contract will be included in Q3 2013
order book.
Germany & Eastern
Europe
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012* |
Q2 2013 |
Revenue |
513.5 |
661.3 |
260.5 |
Operational EBITDA |
-55.2 |
-79.2 |
-29.5 |
Operational EBITDA margin |
-10.7% |
-12.0% |
-11.3% |
EBITDA |
-61.2 |
-79.2 |
-35.6 |
EBITDA margin |
-11.9% |
-12.0% |
-13.7% |
Order intake |
452.0 |
- |
252.0 |
Order book |
2,200.8 |
- |
2,200.8 |
Number of employees |
5,461 |
5,480 |
5,461 |
* Note: restated for comparative reference
The market situation is positive and has even
improved slightly compared to the first quarter. We still see good
projects in industrial areas, specifically in smaller projects and
services. Within the building services, the market is under
pressure. Currently we are executing an extensive customer
relations program to discuss recent events at Imtech with our
customers. The response of our customers is encouraging. Also our
technology competences have not changed. Nevertheless, the
decreased revenue HY 2013 reflects the difficult circumstances for
the division Germany & Eastern Europe. The operational EBITDA
of -55.2 million euro in HY 2013 is a combination of project losses
as well as it indicates that our cost structure in Germany is not
in line. The previously announced cost-savings program of 40
million euro has started and the restructuring program to reduce
our headcount by 550 jobs will be implemented in the second half
year 2013.
The order intake of 452 million euro results in a
decline of the order book. The lower level order intake is also the
result of the current situation we have to deal with in Germany and
Poland, but is picking up in Q2 compared to Q1. Good new orders are
awarded based on long term relationships with Airbus and Carl
Zeiss. For Airbus we have received an order for the mechanical and
electrical infrastructure for the assembly hangar for the new
Airbus A350 in Hamburg (Germany). For Carl Zeiss, we are building
the mechanical and electrical infrastructure for their new location
in Oberkochen (Germany) for in total 54 million euro.
UK & Ireland
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012 |
Q2 2013 |
Revenue |
374.7 |
341.8 |
192.1 |
Operational EBITDA |
14.7 |
18.7 |
7.4 |
Operational EBITDA margin |
3.9% |
5.5% |
3.9% |
EBITDA |
14.6 |
18,7 |
7.3 |
EBITDA margin |
3.9% |
5.5% |
3.8% |
Order intake |
339.1 |
- |
153.3 |
Order book |
512.1 |
- |
512.1 |
Number of employees |
3,797 |
3,498 |
3,797 |
In UK & Ireland the revenue increased by 10%
in the first half year, driven by the acquisition of Capula in May
2012, high production levels in Kazakhstan, partly offset by
negative currency impact. The businesses in Water Waste &
Energy, Systems Integration and the international businesses gives
us opportunities to off-set the weaker UK market for engineering
contracting.
The order intake of 339.1 million euro was lower
than the revenue due to high production levels and weak market
conditions for our engineering contracting business in the UK. An
interesting new order is the mechanical and electrical services for
redeveloping the Olympic stadium and surrounding podium areas in
London into a high quality multi-use facility for a total value
approximately 20 million euro.
Nordic
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012 |
Q2 2013 |
Revenue |
451.8 |
372.4 |
240.6 |
Operational EBITDA |
15.7 |
29.0 |
9.6 |
Operational EBITDA margin |
3.5% |
7.8% |
3.9% |
EBITDA |
11.6 |
29.0 |
8.6 |
EBITDA margin |
2.6% |
7.8% |
3.6% |
Order intake |
508.3 |
- |
256.4 |
Order book |
772.2 |
- |
772.2 |
Number of employees |
5,588 |
5,038 |
5,588 |
The revenue in Nordic increased by 21% to 451.8
million euro in the first half year. This increase is also related
to the acquisition of EMC Talotekniikka as well as four small
acquisitions in 2012. In HY 2013, Imtech Nordic faced changes in
the Swedish and Finnish market and the internal structure. The most
affected market is the building services market in Sweden and
Finland. In Norway the market circumstances are better with
interesting opportunities. The operational EBITDA decreased by 46%
due to weaker performance in Sweden as well as a loss at EMC. The
non-operating costs of 4.1 million euro are related to the
restructuring and rebranding costs.
The Nordic order intake amounted to 508.3 million
euro. In Nordic we received orders for two new to be build
hospitals in Gothenburg (Sweden) and Sarpsborg (Norway) to install
electricity systems, fire alarm systems and passage control
systems.
Spain &
Turkey
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012 |
Q2 2013 |
Revenue |
125.5 |
88.3 |
63.7 |
Operational EBITDA |
0.1 |
0.0 |
-0.4 |
Operational EBITDA margin |
0.1% |
0.0% |
-0.6% |
EBITDA |
-0.2 |
0.0 |
-0.6 |
EBITDA margin |
-0.2% |
0.0% |
-1.0% |
Order intake |
154.7 |
- |
84.0 |
Order book |
348.9 |
- |
348.9 |
Number of employees |
3,139 |
2,917 |
3,139 |
In Spain & Turkey the revenue increased by 42%
in the first half year as a consequence of the acquisition of the
Turkish technical services provider AE Arma-Elektropanç, which was
consolidated in April 2012.
In Spain, our industrial business and building
business see lower investment volumes in new projects as well as
delays in execution. A positive element are the first export
orders. In the first half year the total revenue of Imtech Spain
was 64.4 million euro.
Our Turkish company AE Arma-Elektropanç is
delivering revenue growth particularly in larger projects in
Russia, Azerbaijan and Abu Dhabi. In the first half year the total
revenue of AE Arma-Elektropanç was 61.0 million euro.
The operational EBITDA remains flat in HY 2013 due
to difficult market conditions in Spain as well as low results of
AE Arma-Elektropanç due to project cost overruns and delays in
execution.
The order intake for Spain & Turkey was mainly
driven by growth of our Turkish subsidiary and starting up the
international business from our Spanish business. Interesting new
international projects of Imtech Spain are a 5 million euro project
for the Four Seasons Hotel in Morocco and in Chile a three years
maintenance contract of 11 million euro for the copper mining
company Codelco.
ICT
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012 |
Q2 2013 |
Revenue |
302.8 |
317.7 |
162.2 |
Operational EBITDA |
12.3 |
18.3 |
5.0 |
Operational EBITDA margin |
4.1% |
5.8% |
3.1% |
EBITDA |
11.7 |
18.3 |
4.4 |
EBITDA margin |
3.9% |
5.8% |
2.7% |
Order intake |
312.8 |
- |
165.4 |
Order book |
187.8 |
- |
187.8 |
Number of employees |
2,435 |
2,398 |
2,435 |
Revenue reduced by 4% in HY 2013 mainly due to the
postponement of a number of major deals in Germany and the UK. The
market conditions in most of our countries are tough and the
economic uncertainties make our customers reluctant to commit long
term investments. A result is a decrease of 33% in the operational
EBITDA.
The order intake was 312.8 million euro. Orders
have been awarded in the Netherlands by the pharmaceutical
distribution company Mediq for business analytics, in Austria a
managed services contract for several millions euro at the retailer
SPAR and software deals in Germany by Deutsche Bahn and
Hartmann.
Traffic &
Infra
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012 |
Q2 2013 |
Revenue |
189.2 |
163.1 |
110.1 |
Operational EBITDA |
2.2 |
3.5 |
4.5 |
Operational EBITDA margin |
1.2% |
2.2% |
4.1% |
EBITDA |
-18.6 |
3.5 |
-16.3 |
EBITDA margin |
-9.8% |
2.1% |
-14.8% |
Order intake |
211.8 |
- |
108.2 |
Order book |
451.6 |
- |
451.6 |
Number of employees |
2,234 |
2,262 |
2,234 |
The revenue increase of 16% in the first six
months is related to the acquired Finnish companies SSR and Polar
in July 2012. Due to reduced spending levels in our traffic and
infrastructure markets, we notice a further increase in
competition. This is particularly the case for the Dutch
infrastructure market. The previously announced restructuring
program is well on track and the related non-operational costs
amounted to 20.8 million euro. The operational EBITDA of 2.2
million euro includes lower project results in the first
quarter.
Traffic & Infra realised an order intake of
211.8 million euro which was higher than the revenue for the same
period. Interesting orders are the extension of the rail yard at
Maasvlakte near Rotterdam for high voltage, communication systems
and lighting systems, and the order for radar, power and
communication infrastructure in tunnels in Liverpool.
Marine
in € million, unless otherwise
indicated |
HY 2013 |
HY 2012 |
Q2 2013 |
Revenue |
192.7 |
218.9 |
73.7 |
Operational EBITDA |
-9.3 |
-5.5 |
-9.3 |
Operational EBITDA margin |
-4.8% |
-2.5% |
-12.6% |
Write downs |
-25.0 |
0.0 |
-25.0 |
EBITDA |
-32.9 |
-5.5 |
-32.9 |
EBITDA margin |
-17.1% |
-2.5% |
-44.6% |
Order intake |
234.3 |
- |
99.1 |
Order book |
801.1 |
- |
801.1 |
Number of employees |
2,527 |
2,511 |
2,527 |
The Marine revenue HY 2013 decreased by 12%.
Production levels are lower due to some delays at large projects.
The services activities remain stable. The operational EBITDA
turned into a loss which is a combination of lower production
levels and lower margins. The write downs in Marine amounts to 25
million euro, as announced on 18 July 2013. A restructuring program
to reduce the headcount will start in Q3 2013.
The order intake amounted to 234.3 million euro.
An interesting order is the installation of navigation and
communication equipment for several platform supply vessels in
China for in total approximately 7 million euro.
Group
management
The group management operational EBITDA amounted to -10.1 million
euro in HY 2013 (HY 2012: -20.6 million euro). The non-operational
costs at group management in HY 2013 are 14.7 million euro (HY
2012: 0 million euro) and include mainly costs for the financial
restructuring. The number of employees increased to 57 employees
(2012: 48 employees) as a result of strengthening our corporate
staff and business controls.
Outlook
2013 will be a year of significant transition. Given the size of
this transition and the challenging market circumstances, no
specific forecasts are being made regarding 2013.
Risks and
uncertainties
In our Annual Report 2012, dated 18 June 2013, we have described
our risk management systems and our major risk factors. We consider
this information to be still valid with respect to the second half
year 2013. Furthermore, we refer to Note 3 in our interim financial
statements HY 2013.
Board of Management
declaration
The Board of Management of Royal Imtech N.V. hereby declares
that, to the best of their knowledge, the interim financial
statements for the six months ended 30 June 2013, give a true and
fair view of the assets, liabilities, financial position and result
of Royal Imtech N.V. and the undertakings included in the
consolidation as a whole, and the interim report of the Board of
Management gives a fair review of the information required pursuant
to section 5:25d, subsection 8 and, as far as applicable,
subsection 9 of the Dutch Financial Markets Supervision Act (Wet op
het financieel toezicht)
Gouda, 26 August 2013
Board of Management Royal Imtech N.V.
G.J.A. van de Aast, CEO
J. Turkesteen, CFO
Appendix
Interim Financial Statements 30 June 2013.
Financial
calendar
- 7 November 2013: publication of Q3 2013
figures.
- 18 March 2014: publication of FY 2013
figures.
Press
conference
Today at 9.00 hours (CET) Imtech will organize a press conference
in the Mövenpick Hotel Amsterdam City Centre, Piet Heinkade 11 in
Amsterdam.
Analyst
meeting
Today at 10.30 hours (CET) Imtech will organize a sell-side analyst
meeting in the Mövenpick Hotel Amsterdam City Centre, Piet Heinkade
11 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 and
mechanical solutions. With approximately 29,000 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
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