Only available in English
Royal Imtech N.V. provides a trading update for the first 8 months of 2014 ahead of its Extraordinary General Meeting of Shareholders on 7 October 2014.

Order intake in first 8 months remains in line with revenue
Revenue for the continuing operations of the group for the first 8 months of 2014 amounted to 2,552 million euro. Order intake over the same period remained in line with revenue. Since Q2 2014, a number of divisions noticed that the uncertainty and turmoil around the company had a negative impact on the new order pipeline. The publication of the financial measures on August 26th 2014 had a positive impact on customer and other stakeholder sentiment which should facilitate a return to normalised trading conditions. However, the residual effect of the past uncertainty and turmoil could have an impact on order intake in the next few months to come.

Net debt at the end of August of 1,146 million euro
The net interest-bearing debt for the group at the end of August amounted to 1,146 million euro, an increase of 108 million euro compared to 1,038 million at the end of June. This was caused by the normal seasonal increase in working capital which reaches its peak in Q3, cash restructuring costs, cash refinancing costs and paid interest.

Update on divestment processes and progress on legacy items
On 26 August 2014, we announced that we had reached an agreement with Vinci S.A. regarding the sale of the entire ICT division at an enterprise value of 255 million euro, subject to competition clearance and customary closing conditions. The process for closing the transaction is on track, with closing and cash proceeds expected before mid-November 2014. In addition, the closing of the sale of the investment in our joint venture IHC systems has been completed, and a book profit of approximately 12 million euro will be recorded in Q3 2014.

Two previously announced legacy items have been closed: the closing of the sale of a German commercial building, reported as asset held for sale, has been completed at cash neutral terms, and the cash settlement for a 2010 project dispute in Spain has resulted in a cash inflow of 11 million euro.

Offers received to purchase 146 million euro notional debt at approximately 79%
On 26 August 2014, we announced a partial buyback programme of the company's cash debt in a "Dutch" auction process. On 6 October, the company received valid offers to purchase debt with an aggregate par value of 224 million euro. Per the terms of the offer, we may use up to 117 million euro to fund the debt purchases. Based on the 117 million euro maximum, we envisage accepting offers of up to an aggregate par value of 146 million euro. The average weighted price of the offers that are envisaged to be accepted equals approximately 79%. The group's ability to complete the auction and the amount available for the auction remain subject to the outcome of shareholder approval of the rights issue, the completion and market take-up of the rights issue and the sale of the ICT division. Accordingly, we will provide an update on the actual outcome of the Dutch auction in due course.

Shareholder supports rights issue
The group of funds managed by Orbis Investment Management Limited and/or its affiliates, and together holding approximately 6.03% of the ordinary shares, has irrevocably committed to subscribe for new shares in the rights issue in proportion to their joint shareholding. Orbis has also committed itself to vote in favour of the rights issue at today's Extraordinary General Meeting of Shareholders.

The Q3 2014 figures will be published as scheduled on 18 November 2014.


Imtech reaches settlement investor claims
Only available in English

Royal Imtech has reached an out-of-court settlement with the Dutch Investor's Association VEB. The settlement includes the setup of a fund which will be funded by the insurers, a contribution by KPMG Accountants N.V., the restitution of bonuses by former board members of Royal Imtech and a contribution by the company. Details about the settlement will be communicated in due course. The settlement will not have a material impact on Royal Imtech's results of operations or cash flow.

Gerard van de Aast, CEO: "Today we announced the out-of-court settlement with the VEB which we see as an important step in bringing closure to past events. The settlement gives us the opportunity to close yet another chapter of the past and focus on the operational recovery of the company."

Changes in composition of the supervisory board and the board of management
With the settlement concluded, the chairman of the Past Events Committee, Mr Joop de Rooij will step down from the supervisory board after the EGM of today. The Company would like to thank Mr De Rooij for his contribution in prior years and to this settlement in particular. Mrs Van Andel, who has been appointed on the recommendation of Imtech's works council and who is member of the Past Events Committee, will stay on as a member of the supervisory board. To further strengthen good governance and risk management within Imtech, Royal Imtech seeks to appoint an additional member to the board of management shortly.


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