Royal Imtech publishes second quarter and half year 2014 results

Decisive step in Imtech`s financial recovery

  • Significant debt reduction

    • fully underwritten rights issue of 600 million euro

    • sale of ICT division at enterprise value of 255 million euro

  • New agreement with financiers, including:

    • step-down on cash pricing and elimination of all non-cash interest

    • full covenant holiday up to and including Q1 2016

    • additional liquidity buffer provided to Imtech

    • maturity extension to July 2017

  • Additional restructuring measures to be implemented in the second half of 2014

  • Revenue in the second quarter 967 million euro

  • Operational EBITDA loss in the second quarter of 14 million euro

  • Order intake in the second quarter 944 million euro, in line with revenue

  • Significant one-off and financing costs drive negative net result in the second quarter of 224 million euro and for the first half year of 302 million euro

  • Net debt for the total group of 1,038 million euro (second quarter 2013: 1,205.9 million euro)

Key figures

Quarters

in € million, unless otherwise indicated

Half year

Q2 2014

Q2 2013

2014

2013

for the total group

1,113.1

1,315.5

Revenue and other income

2,233.0

2,526.0

-8.0

-31.7

Operational EBITDA

-13.9

-45.3

-0.7%

-2.4%

Operational EBITDA margin

-0.6%

-1.8%

1,099.6

1,275.6

Order intake

2,236.3

2,509.0

81.9

332.3

Working capital

81.9

332.3

1,037.7

1,205.9

Net interest-bearing debt for the total group

1,037.7

1,205.9

continuing operations*

966.9

1,122.9

Revenue and other income

1,952.0

2,162.1

-13.6

-36.3

Operational EBITDA

-24.9

-58.7

-61.9

-89.4

Non-operational costs

-69.9

-101.4

-75.5

-125.7

EBITDA

-94.8

-160.1

-89.0

-144.7

Operating result (EBIT)

-121.9

-197.2

-155.6

-166.6

Result from continuing operations

-231.7

-228.6

-68.6

-4.3

Result from discontinued operations

-69.8

-1.9

-224.2

-170.9

Net result

-301.5

-230.5

944.4

1,058.8

Order intake

1,954.9

2,092.4

69.0

332.3

Working capital

69.0

332.3

Margins

-1.4%

-3.2%

Operational EBITDA margin

-1.3%

-2.7%

-7.8%

-11.2%

EBITDA margin

-4.9%

-7.4%

23,215

25,895

Number of employees (in FTE)

23,215

25,895

* Restated for 2013, see notes 4 and 5 to the Interim Financial Statements H1 2014.

Gerard van de Aast, CEO: "Today`s announcement is a decisive step forward for the company. The sale of the ICT division combined with a fully underwritten rights issue and significant changes in the financial agreements, such as a step-down in pricing and increased liquidity, will significantly reduce debt and improve the financial structure. The support from all our financiers and in particular from ING, Rabobank, Commerzbank and ABN Amro is a strong signal of confidence in the company. The first half of 2014 has been difficult for the company due to market conditions and the uncertainty around our financial position. Management and employees can now focus fully on improvement of operational results and the completion of the turnaround programme."