- 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 HY 2013 HY 2012* Δ Q2 2013
in € million, unless otherwise indicated
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 comparison 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 Revenu 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
Total 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
Total 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.
Imtech: Buitengewone Algemene Vergadering van Aandeelhouders 8 oktober 2013
Gouda - Royal Imtech N.V. (IM-AE, technische dienstverlening in en buiten Europa) maakt bekend dat er op dinsdag 8 oktober 2013 een Buitengewone Algemene Vergadering van Aandeelhouders wordt georganiseerd.
De aandeelhouders van Royal Imtech N.V. ("Imtech") worden uitgenodigd tot het bijwonen van de Buitengewone Algemene Vergadering van Aandeelhouders te houden op dinsdag 8 oktober 2013 om 10.00 uur in De Doelen, ingang Jurriaanse Zaal, Kruisplein 30, 3012 CC Rotterdam.
Ter stemming wordt voorgelegd:
· Statutenwijziging ten aanzien van een actualisering regeling cumulatief preferente financieringsaandelen
· Statutenwijziging ten aanzien van de introductie van de mogelijkheid tot het converteren van cumulatief preferente financieringsaandelen in gewone aandelen
· Remuneratie Raad van Commissarissen
· Samenstelling Raad van Bestuur
De volledige agenda met toelichting en het voorstel (met toelichting) tot statutenwijziging zijn vanaf vandaag te raadplegen en te downloaden via www.imtech.com en liggen ter inzage ten kantore van Imtech, Kampenringweg 45a, 2803 PE Gouda. Afschriften van deze stukken zijn aldaar en tevens bij ABN AMRO (tel. +31 (0) 20 344 2000), Gustav Mahlerlaan 10 (HQ7050) Postbus 283, 1000 EA Amsterdam, kosteloos verkrijgbaar.
Aandeelhouders kunnen aan de vergadering deelnemen indien zij (i) op 10 september 2013 (de "Registratiedatum") in het bezit zijn van aandelen Imtech en als zodanig zijn ingeschreven in een door de Raad van Bestuur aangewezen register en (ii) zich conform de volgende voorwaarden tijdig hebben aangemeld voor het bijwonen van de vergadering.
GOUDA (AFN) - Twee oud-bestuurders van technisch dienstverlener Imtech betalen hun bonussen over de jaren 2010 en 2011 terug. Dat maakte Imtech dinsdag, tegelijkertijd met de publicatie van de cijfers over het eerste halfjaar, bekend.
Voormalig topman René van der Bruggen stort een bedrag van 1,5 miljoen euro terug in de kas, terwijl financieel topman Boudewijn Gerner een bedrag van 700.000 terugbetaalt. De bedragen bestaan uit zowel de bonus uitgekeerd in contanten als de bonus uitgekeerd in aandelen over die jaren, aldus Imtech. Over 2012 zagen de bestuurders al af van een bonus.
Van der Bruggen en Gerner kwamen onder druk te staan om hun beloningen in te leveren, nadat begin dit jaar omvangrijke fraude bij Imtech in Polen en Duitsland aan het licht was gekomen. De twee zijn inmiddels vertrokken bij het bedrijf.
Er is ook nog een teruggave van de Fiscus te ontvangen (over Polen en Duitsland van ca. EUR 50 miljoen, dat antwoord kregen wij op onze vraag in de BAVA van 2 aug. j.l.), naar dat duurt meestal enkele jaren.
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