- 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

Margin
-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."

Financial calendar 2014
7 October 2014: Extraordinary General Meeting
18 November 2014: third quarter figures 2014
18 March 2015: full year figures 2014


Imtech publiceert agenda voor de Buitengewone Algemene Vergadering van Aandeelhouders 7 oktober 2014
Royal Imtech N.V. maakt bekend dat er op dinsdag 7 oktober 2014 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 7 oktober 2014 om 10.00 uur in De Doelen, ingang Jurriaanse Zaal, Kruisplein 30, 3012 CC Rotterdam.

Op de agenda staat de voorgestelde claimemissie door Imtech en de voorstellen tot de statutenwijzigingen.

De informatie voor aandeelhouders met betrekking tot de aanwezigheid bij de vergadering en oproep en registratie voor de vergadering is als bijlage toegevoegd aan dit persbericht.

De volledige agenda met toelichting en de voorstellen (met toelichting) tot de statutenwijzigingen 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 Bank N.V. (email: corporate.broking@nl.abnamro.com / tel. +31 (0) 20 344 2000), Gustav Mahlerlaan 10 (HQ7050) Postbus 283, 1000 EA Amsterdam, kosteloos verkrijgbaar.


Imtech sells its Imtech ICT division
Only available in English

Imtech has reached agreement with Vinci S.A. regarding the sale of the Imtech ICT division at an enterprise value of 255 million euro. The agreement is subject to competition clearance and customary closing conditions, and is expected to close well before the end of the year. The net proceeds of the transaction will be used for increased liquidity of the Group and debt reduction.

Gerard van de Aast, CEO of Royal Imtech: "After receiving the offer of Vinci S.A. we have carefully reviewed the options and concluded to accept it in the best interest of all our stakeholders. The resulting increased liquidity and debt reduction will strengthen our financial position. Vinci S.A. is a global player in concessions and construction, employing close to 191,000 people in some 100 countries. We are confident that the customers, suppliers and employees of Imtech ICT can look ahead to a good future."

In 2013, the revenue of the ICT division amounted to 740 million euro. The ICT division employs 2,402 staff and has strong partnerships with worldwide technology leaders such as IBM, Microsoft, Cisco, SAP, Juniper and EMC. Its strategy is built on five key portfolio offerings: cloud solutions, managed services, business analysis, collaboration solutions and business solutions. Imtech ICT provides services to approximately 7,000 customers in the Netherlands, Germany, Austria, Sweden, Belgium, the UK and the Philippines.

The divesture of the ICT division will not have an impact on Imtech's value proposition for customers. Automation expertise and know-how in the field of amongst others building automation, infrastructure automation, telecommunication, industrial automation and technical automation are an integral part of the offered value proposition of the other Imtech divisions.

tijd 09.06
De Midcap 607,88 +0,52 +0,09% Imtech EUR 0,451 +6ct vol. 4,7 milj.