Royal Imtech provides a trading update, announces EUR 30 million financing preference shares issue and extends the rights offering by five business da

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Beleggingsadvies 18/07/2013 20:24
This press release is only available in English

In the process of preparing its half year results 2013, Royal Imtech now has a preliminary view of its performance for the first six months of 2013. In connection therewith, Royal Imtech provides this trading update now. The more conservative approach taken by newly appointed divisional financial management has resulted in various valuation allowances and expected project losses. These allowances and losses are of a non-cash nature.

In line with our trading update of 28 June 2013, operating performance for the divisions Imtech Germany & Eastern Europe, Imtech Benelux and Imtech Marine has continued to be poor in June.

Over the second quarter of 2013, revenue development at Imtech Germany & Eastern Europe is satisfactory. Cost levels remain too high, resulting in a significant loss in the second quarter of 2013.

Over the same period, the Imtech Benelux performance is affected by volume and price pressure in the commercial real estate and infrastructure markets. In addition, Imtech Benelux will recognise valuation allowances and expected project losses amounting in aggregate to approximately EUR 15 million in the second quarter of 2013. Both factors will contribute to a significant loss for Imtech Benelux in the period.

The performance of Imtech Marine in the second quarter is affected by lower volumes and the high cost level within the Imtech Marine division. In addition, valuation allowances and expected project losses amounting in aggregate to approximately EUR 25 million will be recognised. Both factors will contribute to a significant loss for Imtech Marine in the second quarter of 2013.

In light of the above, Royal Imtech will update the goodwill impairment tests for Imtech Benelux and Imtech Marine as per 30 June 2013.

The other divisions of Royal Imtech continue to perform at satisfactory levels.

As previously announced, steps have been taken to improve operational performance in the Germany & Eastern Europe, Benelux and Marine divisions. In these divisions senior management (CEO and CFO) has recently been replaced and restructuring programs have been initiated.

In Germany there will be a headcount reduction of 550 jobs and an indirect cost saving program with an expected benefit of approximately EUR 40 million over the next three years. The implementation of the headcount reduction is expected in the second half of 2013. In the Benelux division a headcount reduction of 550 jobs is underway. Implementation is largely completed with the remaining part scheduled for the second half of 2013. In the Marine division a headcount reduction program of 140 jobs is planned. Implementation is scheduled for the second half of 2013.

The headcount reduction programs are part of the restructuring programs as announced on 23 April 2013. The benefits of the restructuring programs are expected to contribute to results from the second half of 2013 onwards.

Of the total cost for the announced headcount reduction program of EUR 80 million, Royal Imtech will include approximately EUR 42 million in its first half year results. The remainder will be booked in the second half year of 2013.

Of the previously announced estimated EUR 110 million for the financial restructuring costs, approximately EUR 65 million will be included in the first half year, of which circa EUR 25 million directly in the income statement and circa EUR 40 million in the balance sheet, part of which will be amortized over time in accordance with IFRS guidelines.

The net debt position as per 30 June 2013 is stable and in line with the net debt position as per the end of May 2013.

In order to further strengthen its balance sheet, Royal Imtech has entered into a binding term sheet with ING and Rabobank for the placement with ING and Rabobank of cumulative financing preference shares raising gross proceeds of EUR 30 million. Subject to shareholder approval, the cumulative financing preference shares may be convertible in Royal Imtech ordinary shares. The dividend yield on the cumulative financing preference shares will be approximately 4.48% per annum. Issue of the cumulative financing preferences shares is amongst others subject to completion of the Offering. In line with what has been stated previously in our 2012 financial statements and prospectus, Royal Imtech will be evaluating other measures to strengthen its balance sheet and reduce indebtedness levels. Such measures include disposals of assets, business units or divisions or further accessing the capital markets, and Royal Imtech envisages to take decisions to pursue any such steps subject to further review.

The Offering is underwritten by ING, Rabobank and Commerzbank on customary terms. Major shareholder ING AM Insurance Companies B.V. has committed to participate in the Rights Offering pro rata its capital interest in Royal Imtech of 5.72%.
In connection with the information provided above, a supplement to the Prospectus will be published and made available on the rights issue page of Royal Imtech's website (http://imtech.com/EN/rightsissue.html). Following publication of the supplement and until 17:00 hours CEST on Wednesday 24 July 2013, investors who have exercised rights may withdraw their subscriptions. In such case, investors should contact the financial intermediary through which the Rights are held. Publication of the supplement to the Prospectus will be announced by a press release and is expected to take place in the coming days.

To provide investors with the opportunity to incorporate the information above, the timetable for the Offering will be amended as follows. The end of trading in the rights on NYSE Euronext Amsterdam will be postponed from 15:00 hours CEST today to 13:00 CEST on Thursday 25 July 2013. The end of the Exercise Period will be postponed from 17:00 hours CEST today to 15:00 hours CEST on Thursday 25 July 2013. The time until which notification of exercise instructions may be validly given may be earlier, depending on the financial intermediary through which the Rights are held.

The Rump Offering, if any, is expected to take place on Friday 26 July 2013. Settlement of the Rights Issue will, barring unforeseen circumstances, take place on 31 July 2013.

The condensed consolidated interim financial statements for the six months ended 30 June 2013 are expected to be published on 27 August 2013, including a review report by Royal Imtech's auditor KPMG.

Capitalised terms not defined herein have the meaning as given in the press release of 4 July 2013.

Het Aanbod wordt onderschreven door ING, Rabobank en Commerzbank op gebruikelijke voorwaarden. Grootaandeelhouder ING AM Insurance Companies BV heeft zich geëngageerd om deel te nemen aan het Aanbod pro rata haar kapitaal belang in Royal Imtech van 5,72%.
In verband met de hierboven verstrekte informatie, zal een aanvulling op het Prospectus worden gepubliceerd en beschikbaar op de claimemissie pagina van de website van Royal Imtech (http://imtech.com/EN/rightsissue.html) gemaakt. Na de publicatie van de aanvulling en tot 17:00 uur CET op woensdag 24 juli 2013, kunnen beleggers die rechten hebben uitgeoefend hun abonnement te trekken. In een dergelijk geval dienen beleggers contact op met de financiële instelling waar de rechten worden gehouden. Publicatie van de aanvulling op het Prospectus zal via een persbericht bekend worden gemaakt en zal naar verwachting plaatsvinden in de komende dagen.

Om beleggers de mogelijkheid om de bovenstaande informatie te nemen, zal het tijdschema voor het Aanbod als volgt gewijzigd. Het einde van de handel in de claims op NYSE Euronext Amsterdam zal worden uitgesteld vanaf 15:00 uur CEST vandaag om 13:00 CEST op donderdag, 25 juli 2013. Het einde van de Uitoefenperiode zullen worden uitgesteld vanaf 17:00 uur CEST vandaag om 15:00 uur CET op donderdag 25 juli 2013. De tijd tot die kennisgeving van de uitoefening instructies rechtsgeldig kan worden gegeven kan eerder zijn, afhankelijk van de financiële instelling waar de rechten worden gehouden.

De Rump Plaatsing, indien aanwezig, naar verwachting juli 2013 plaatsvinden op vrijdag 26. Afwikkeling van de Claimemissie zal, onvoorziene omstandigheden voorbehouden, plaatsvinden op 31 juli 2013.

De verkorte tussentijdse geconsolideerde financiële staten voor de zes maanden eindigend op 30 juni 2013 zullen naar verwachting worden gepubliceerd op 27 augustus 2013, met inbegrip van een evaluatieverslag van Royal Imtech accountant KPMG.

Termen met een hoofdletter die niet zijn gedefinieerd hebben de betekenis zoals vermeld in het persbericht van 4 juli 2013.



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