2011 a good year for Imtech EBITA +11%, revenue +14%, order book +12%; outlook for 2012: further increase EBITA
0
2011| 2010|Growth|
---------------------------------------------+------+------+
Revenue (in millions) 5,114| 4,481| 14%| (organic: 5%)
---------------------------------------------+------+------+
EBITA (in millions) 288.4| 259.3| 11%| (organic: 5%)
---------------------------------------------+------+------+
EBIT (in millions) 259.4| 234.2| 11%|
---------------------------------------------+------+------+
Net profit (in millions) 150.4| 140.4| 7%|
---------------------------------------------+------+------+
| | |
---------------------------------------------+------+------+
Earnings per share before amortisation 2.05| 2.00| 3%|
---------------------------------------------+------+------+
Dividend per share 0.70| 0.65| 8%|
---------------------------------------------+------+------+
| | |
---------------------------------------------+------+------+
Operational EBITA margin 6.1%| 6.2%| |
---------------------------------------------+------+------+
Order book (in millions) 5,811| 5,204| 12%|
---------------------------------------------+------+------+
Number of employees (FTEs as at 27,412|25,075| 9%|
31 December) | | |
* EBITA growth: 11%, of which 5% organic and 6% through acquisitions
* Order book at end of 2011 up by 12% to 5.8 billion euro, a good foundation
for 2012
* Share of GreenTech up to around 30% of revenue (2010: around 25%)
* Well on course with 2015 growth strategy, further internationalisation
* Outlook for 2012: increased EBITA through organic growth and acquisitions
CEO René van der Bruggen: ´Imtech is well positioned for further growth.´
René van der Bruggen, CEO Imtech: ´Despite challenging market conditions in a
number of countries and markets, in 2011 Imtech once again delivered a good
performance. All financial figures showed growth, both organic and through
acquisitions. We have confidence in 2012 and the following years. Our ambitious
growth targets for 2015 add up to revenue of 8 billion euro. We are well on
course to achieve this, in part thanks to further internationalisation of our
activities.
´Germany & Eastern Europe in particular achieved an excellent - and almost
entirely organic - performance (EBITA +18%). Imtech also achieved robust growth
in the Nordic region (EBITA +39%) through a combination of organic growth and
acquisitions. The UK, Ireland & Spain delivered a relatively good performance
(EBITA +9%) despite challenging market conditions and a strategic acquisition
with a lower average EBITA margin. The ICT, Traffic & Marine cluster´s overall
EBITA rose by 8% - a temporary drop in the marine division´s EBITA was more than
offset by excellent and good performances from the ICT and Traffic divisions
respectively. The Benelux is characterised by structurally difficult market
conditions, especially in the buildings market. In the markets of industry and
infrastructure Imtech performed well. On balance, the performance in the Benelux
is still under pressure and the EBITA dropped by 26%.´
´Imtech is very capable of responding to the growing demand for GreenTech
(´green´ technology and sustainable solutions) and occupies a leading position
in this field in Europe. The share of GreenTech in Imtech´s total revenue has
risen to around 30% (2010: around 25%). In 2011 Imtech acquired 15 companies
within and outside Europe with combined annual revenue of around 450 million
euro. Imtech focuses on acquisition candidates that are good performers, that
fit perfectly in the growth strategy and that will not only achieve additional
growth themselves but will bring about further organic growth of the existing
portfolio. The number of customers has risen by nearly 10% to 23,000. Imtech´s
financial position is solid. Imtech remains well within the covenants agreed
with its banks. The working capital/revenue ratio has improved to 5.6% (2010:
6.9%). All in all we can come to just one conclusion: Imtech is well positioned
for further growth.´
2011 - another good year for Imtech
Despite market conditions remaining challenging in a number of countries and
technology markets, 2011 was another good year for Imtech. The Imtech
proposition - multidisciplinary technical total solutions through the
combination of electrical services, ICT (information and communication
technology) and mechanical services - and Imtech´s strong, broad portfolio -
once again proved their worth. In 2011 Imtech was granted the designation
´Royal´.
The operating result before amortisation and impairment of intangible assets
(EBITA) rose by 11% to 288.4 million euro (2010: 259.3 million euro), 5% of this
increase was organic. Revenue increased by 14% to 5,114 million euro (2010:
4,481 million euro), of which 5% was organic. The operational EBITA margin was
6.1% (2010: 6.2%). The order book as at 31 December 2011 stood at 5,811 million
euro, an increase of 12% (2010: 5,204 million euro). Net financing expenses rose
by 7.1 million euro to 52.0 million euro, primarily due to an increased level of
working capital throughout the year and other financing expenses. Taxes rose by
5.0 million euro to 53.3 million euro. The effective tax rate was 25.7% (2010:
25.4%). Net profit rose by 7% to 150.4 million euro (2010: 140.4 million euro).
Earnings per share before amortisation and impairment of intangible assets rose
by 0.05 euro to 2.05 euro (+3%), based on the average number of issued shares
during the year under review. The exchange rate of non-euro related currencies
(primarily Swedish kroner and British pounds) against the euro had a positive
effect of 0.4 million euro on the EBITA and 26 million euro on revenue.
Dividend 2010: 0.70 euro per share, an increase of 8%
A dividend of 0.70 euro per share (2010: 0.65 euro), in cash or shares, will be
proposed to the General Meeting of Shareholders, based on the number of issued
shares at the end of the financial year. This implies a dividend increase of
8%. This dividend proposal translates to a pay-out of 40% of the net profit,
which is in line with the dividend policy. Due to the stock dividend the number
of issued shares at the end of 2011 was 87,943,977 (+0.7%).
A solid financial position, noticeably improved working capital
Net cash flow from operating activities improved to 199 million euro positive
(2010: 40 million euro positive) due to a rise in EBITA (29 million euro) and a
lower commitment of working capital at the end of the year compared with 2010.
Thanks to a proactive working capital policy, working capital fell to 289
million euro (2010: 310 million euro) and the working capital/revenue ratio
improved to 5.6% (2010: 6.9%). Net cash flow from investment activities was 222
million euro negative, primarily due to acquisitions. The cash flow from
investments in property, plant and equipment amounted to 68 million euro (2010:
40 million euro). Net cash flow from financing activities was 183 million euro
positive (2010: 289 million euro positive), primarily due to an increased net
debt. On 31 December 2011 Imtech had over 278 million euro in cash and cash
equivalents (2010: 110 million euro) at its disposal and net interest-bearing
debt of 517 million euro (2010: 431 million euro). Interest coverage remained
the same as for 2010 at 7.6 and the debt ratio was 1.8 (2010: 1.4).
Shareholders´ equity rose by 117 million euro, primarily due to the addition of
unappropriated result (150.4 million euro). Solvency was 0.25 on 31 December
2011 (2010: 0.27).
A differentiating technological proposition leads to continued growth
Since Imtech´s formation in 1993 it has achieved continuous robust growth: an
average annual growth of 21% in EBITA and 13% in revenue. During the ´crisis
years´ Imtech simply kept on growing. And the sights are set on further growth
in the future as well. Thanks to strong market positions in Europe - and
increasingly outside Europe - and an enterprise-oriented, decentralised business
model Imtech has profited from the increasingly important role technology is
playing in providing solutions to economic and social issues. Imtech´s portfolio
of technological services, in which the technical core competences of electrical
services, ICT and mechanical services are combined to create differentiating
total solutions, is virtually unique. Imtech is also hallmarked by its broad
portfolio in many different market segments both within and outside Europe.
Around 55% of Imtech´s business is recurring. Imtech manages thousands of
maintenance contracts and acts as the regular technology partner of numerous
customers. The added value is constantly increasing, in part thanks to
pragmatic, differentiating innovation, very often in co-operation with
customers. The number of customers has risen by nearly 10% to 23,000. Risks are
well spread. This adds up to a firm foundation for long-term continuity.
Share of GreenTech up to around 30% of total revenue
The share of GreenTech (´green´ technology and technical sustainability
solutions) has risen to around 30% of revenue (2010: circa 25%). Imtech focuses
on:
* energy efficiency: metering, consultancy, implementation and maintenance of
energy-saving technologies;
* energy management and energy contracting: multi-year responsibility for
optimum energy provision;
* power plants, decentralised energy provision, energy from waste, biomass
power plants, biogas power plants, green gas power plants and high-tech co-
generation power plants;
* thermal energy, solar energy, bio-energy and innovative energy storage;
* solutions in the field of high-tension and energy technology;
* ´green´ ships, zero emission applications, diesel-electric propulsion and
energy reduction on board ships.
Integrating these applications into the technical infrastructure leads to
reduced energy consumption, higher energy-efficiency, the generation of
sustainable energy and lower CO(2) emissions. This makes a major contribution
towards meeting customers´ sustainability targets.
15 acquisitions, major progress in the UK, the Nordic region, the European ICT
market and the global marine market
The technical services market is highly fragmented with many medium-sized and
smaller technical companies that are good performers. This makes an active
acquisition policy possible. In 2011 Imtech acquired 15 companies in Europe and
further afield. Imtech focuses on acquisition candidates that are performing
well, that fit perfectly in the growth strategy and that, once integrated within
the Imtech portfolio, will not only achieve additional growth themselves but
will also bring about the further organic growth of the existing portfolio. The
most important acquisitions of 2011 are:
* in the UK:
* Inviron (1,100 employees, 140 million euro revenue), fully specialised
in technical maintenance and management with nationwide coverage and
activities across a broad front including buildings, retail, museums and
airports;
* Smith Group UK (270 employees, 70 million euro revenue), specialised in
multidisciplinary technical services provision and energy technology
with a strong position in the Manchester area;
* in the Nordic region:
* Sydtotal (300 employees, 80 million euro revenue), a Swedish high-tech
energy and climate specialist with nationwide coverage and a leading
position in the south of Sweden;
* in the European ICT market:
* Qbranch (480 employees, 60 million euro revenue), one of the best
performing ICT services providers in Sweden, which as a supplier of
private clouds technology - the sharing of available computer
infrastructure - fits at the core of Imtech´s ICT strategy;
* F&M Asia (70 employees, 20 million euro revenue), expansion of a
minority interest to a 100% interest, with a good position in Southeast
Asia (the Philippines and Singapore) and specialisms that include cloud
computing and managed services;
* In the global marine market:
* Groupe Techsol Marine (100 employees, 20 million euro revenue), a
Canadian high-tech electrical services marine company with specialisms
including automation, navigation & communication and energy-efficient
propulsion technology.
A further nine smaller acquisitions were also completed: the activities of YIT
in Hungary, in Sweden the technical services providers Unireg, Comfortgruppen i
Blekinge, Ventkontroll and Elservice i Karlstad, the Norwegian activities of
Elajo Invest, the Austrian ICT player Comnet, the marine technical services
provider ETNA and in the Netherlands the industrial automation specialist
Trecom.
The total purchase price of these acquisitions - around 198 million euro
including earn-out - was paid in cash. The overall annual revenue of these
acquisitions amounts to around 450 million euro with around 2,600 new employees.
The acquired companies have made an immediate contribution towards earnings per
share. The expected annual EBITA from the acquisitions (based on earn-out)
amounts to around 30 million euro of which 10.8 million euro was accounted for
in 2011.
In the context of the 2015 strategic growth plan the non-core activities in the
field of technical wholesale in Sweden have been sold. This has meant the
deconsolidation of the NEA Elmateriel business unit with 140 employees and
external annual revenue of around 45 million euro.
Benelux: challenging, especially the building market
In the Benelux, where Imtech is one of the strongest technical players, there is
still no sign of a recovery.
2011 | 2010 | Growth |
-------------------------------------------------+-------+--------+
Revenue (in millions) 1,027 | 1,021 | 1% |
-------------------------------------------------+-------+--------+
EBITA (in millions) 26.3 | 35.4 | - 26% |
-------------------------------------------------+-------+--------+
EBITA margin 2.6% | 3.5% | |
-------------------------------------------------+-------+--------+
Order book (in millions) 1,241 | 1,308 | - 5% |
-------------------------------------------------+-------+--------+
Number of employees (as at 31 December) 6,433 | 6,788 | - 5% |
The technical services market was characterised by structurally challenging
market conditions and keen competition combined with long, drawn-out investment
trajectories. The building market has undergone a particularly steep decline in
the Netherlands and Belgium; in Luxembourg it has remained reasonably stable. A
mix of measures has enabled Imtech to respond better and better to these market
conditions in the buildings sector. These measures include shifting the
strategic focus to fields such as energy, ´green´ technology, care & cure,
export, data centres and maintenance. This approach has led to success, for
example with ´green´ buildings, a ´green´ maintenance contract for 420,000 m² of
offices for the Dutch Government Building Department, biogas, biomass, smart
grids and ´green´ data centres, including for BT and Telecity. This has been
combined with cost savings, improved efficiency, a focus on operational
excellence and the clustering of competencies. This policy, which was already in
place in 2009 and 2010, has started bearing fruit, but is a multi-year process.
This is why there is still pressure on the EBITA margin. The industrial market
is making a gradual recovery, for example with orders for an emission-friendly
desulphurisation facility for KPE (Kuwait Petroleum Europoort). In the
infrastructure market Imtech performed well, for example with the ´green´
maintenance of tens of thousands of lighting masts and hundreds of traffic
controllers in Groningen and Breda. A large order (100 million euro) has been
received for the technological completion of the North/South metro line in
Amsterdam. This project involves both the station buildings and the technical
infrastructure on and around the track. The acquisition of Trecom has reinforced
both the export position and the activities in the energy market (green gas
power plants).
Germany & Eastern Europe: an excellent performance
In Germany & Eastern Europe, where it is one of the leading technical players,
Imtech achieved another, almost entirely organic, performance in a growing
market.
2011 | 2010 | Growth |
-------------------------------------------------+-------+--------+
Revenue (in millions) 1,530 | 1,306 | 17% |
-------------------------------------------------+-------+--------+
EBITA (in millions) 127.0 | 107.8 | 18% |
-------------------------------------------------+-------+--------+
EBITA margin 8.3% | 8.3% | |
-------------------------------------------------+-------+--------+
Order book (in millions) 2,099 | 1,843 | 14% |
-------------------------------------------------+-------+--------+
Number of employees (as at 31 December) 5,326 | 4,880 | 9% |
Imtech is the German market leader in energy efficiency. The majority of orders
include a component of energy efficiency and/or energy management. The focus is
on sustainable industrial production facilities and ´green´ office buildings.
Examples include a sustainable co-generation power plant for VW in Baunatal and
the new ´green´ head office of publisher Spiegel in Hamburg. Imtech also
specialises in the generation of energy from household waste using high-tech
mechanical-biological waste incineration, for example in the various regions in
South-west Germany and - via export - in a new waste/energy power plant in
Plymouth in the UK, where waste from 650,000 households is converted into
sustainable energy. The strong position in the energy contracting market has
been proven by obtaining the largest energy efficiency contract in Germany: a
15-year energy management contract, worth 400 million euro, for over 800
buildings in Germany belonging to a large logistics services provider. Imtech
also occupies a strong position in the ´green´ data centre market, for example
for BT, IBM and HP. Imtech also excels as technology partner in high-tech
research centres, in the fire protection market, in care & cure and in the
airports market, for example with the complete energy-efficient technical
infrastructure in the new Berlin Brandenburg International airport. In Poland
Imtech has achieved robust organic growth. The orders for the total stadium
technology in three Polish stadiums for the 2012 European Football Championship
(in Warsaw, Gdansk and Wroclaw) have been completed successfully. Major new
orders include the energy technology solutions in the ´Adventure World´ theme
and adventure park and the energy-efficient technological modernisation of
Katowice station. To strengthen the position in Hungary Imtech has acquired the
activities of YIT. Shortly after the acquisition Imtech received a substantial
order for the expansion of the technical infrastructure, including a sustainable
power plant, in an Audi factory in Györ. This offers long-term continuity.
Imtech is also active in Austria, Romania and Russia.
The UK, Ireland & Spain: a relatively good performance and further growth
In the UK, Ireland & Spain market conditions are challenging as a result of the
economic crisis. The lower EBITA is primarily due to pressure on the margin in
Spain and the lower EBITA margin of strategic acquisition Inviron. Overall,
however, growth has been achieved a relatively good performance.
2011 | 2010 | Growth |
---------------------------------------------------------+-------+--------+
Revenue (in millions) 691 | 517 | 34% |
---------------------------------------------------------+-------+--------+
EBITA (in millions) 34.0 | 31.1 | 9% |
---------------------------------------------------------+-------+--------+
EBITA margin 4.9% | 6.0% | |
---------------------------------------------------------+-------+--------+
Order book (in millions) 724 | 579 | 25% |
---------------------------------------------------------+-------+--------+
Number of employees (as at 31 December) 5,042 | 3,622 | 39% |
With the strategic acquisitions of Inviron and Smith Group Imtech is on the way
to becoming one of the strongest players in the UK. Inviron specialises in
technical maintenance and management. This acquisition has increased Imtech´s
scale and geographic reach. It has also given Imtech access to the opportunity-
rich airport segment, including Heathrow, Gatwick and Birmingham, in which until
now Imtech has only been active on a modest scale. Smith Group UK is a strong
technical player focused on the Manchester area, where Imtech was scarcely
active. Although Inviron´s EBITA margin is lower than the Imtech average, the
co-operation will result in its improvement in the coming years. Volume has
improved in the Greater London area, important for Imtech. Imtech focuses on
innovation, energy and education. Examples include a ´green´ Town Hall for
Croydon Council (London borough), high-tech biogas power plants for Anglian
Water in Basildon and Cliff Quay and new teaching buildings for Lancaster
University. The projects for the 2012 Olympic Games, including the sustainable
technology in the stadium, the Velodrome (track cycling arena) and the mega-
shopping centre Westfield Stratford City have been completed on time and within
budget.
Due to the bad economic situation in Ireland, Imtech is focusing - in part
thanks to its virtually unique technical competencies in the field of electrical
services and instrumentation (E&I) - with success on export, for example to
Kazakhstan and the Middle East.
In Spain market conditions remain challenging. In the buildings market public
investment has declined and the number of private initiatives is very small.
Increasing competition has put margins in the industry market under pressure and
here too market volume is decreasing. Even so Imtech is holding its own
reasonably well, primarily because around 40% of its revenue is derived from
(long-term) maintenance contracts, mainly in the oil & gas industry, but also in
the buildings sector. On top of this some compensation has come from a sharp
focus on the energy market (´green´ data centres, for example for Mapfre, and
´green´ buildings, such as the headquarters of Repsol in Madrid), a substantial
flow of orders in the care & cure market (including a new hospital in Burgos),
the clustering of regional organisations and entry into new markets, such as
tank storage and thermal solar energy.
Nordic: robust growth
Economic conditions are good in Norway. Finland is showing further growth.
Sweden has, relatively speaking, been hit harder by the euro crisis, but is
still showing healthy development. On balance the demand for technical solutions
has remained stable. Imtech has been able to respond to this very effectively
and has achieved robust growth, both organic and through acquisitions.
2011 | 2010 | Growth |
-------------------------------------------------+-------+--------+
Revenue (in millions) 698 | 487 | 43% |
-------------------------------------------------+-------+--------+
EBITA (in millions) 47.4 | 34.2 | 39% |
-------------------------------------------------+-------+--------+
EBITA margin 6.8% | 7.0% | |
-------------------------------------------------+-------+--------+
Order book (in millions) 641 | 412 | 56% |
-------------------------------------------------+-------+--------+
Number of employees (as at 31 December) 4,746 | 4,561 | 4% |
The policy is to offer multidisciplinary technical solutions by combining the
competencies of NVS (mechanical services - acquired in 2008) and NEA (electrical
services - acquired in 2010). The first joint projects have been acquired, for
example the upgrading of energy provisions in a large buildings complex in
Vänersborg. In the energy market Imtech has broadened its activities
considerably. Projects include achieving substantial energy savings for housing
associations, for example in Riksbyggen, and ´green´ buildings, such as the
Office Ullevi Arena in Gothenburg. Further growth in the energy market is
already within range thanks to the acquisition of Sydtotal and Ventkontroll.
Sydtotal adds complementary specialisms - energy technology, energy savings, and
high-value air and climate solutions - to the portfolio. Ventkontroll is a
strong energy player in the growth region of Östergötland. Both acquisitions
make robust growth in the energy market possible, in part through co-operation
with each other and the rest of the portfolio. Various smaller acquisitions have
strengthened the position further.
Robust growth has been achieved in the care & cure market. Imtech is active at
numerous locations, for example with the technological upgrading of the hospital
in Falun. Several Imtech companies are working in the new national football
stadium in Stockholm (65,000 spectator capacity). Although the market for
commercial property has been under some pressure, Imtech has succeeded in
winning a number of projects. The most prestigious project is the mega-shopping
centre ´Triangelområdet´ (´the Triangle´) in Malmö. The scope in the public
market is broad and Imtech projects include the technology in the stations and
railway tunnel of the 17-kilometre-long City tunnel in Malmö. In the high-tech
research centre market there has been a breakthrough in Lund with Imtech´s
involvement with the ESS (European Spallation Source), a new particle
accelerator comparable with CERN in Geneva, and the MaxLab IV, a high-tech
research centre for a new generation of synchronous radiation research. Growth
has also been achieved in industry, in particular in heavy industry, both with
projects and maintenance contracts, such as a maintenance contract for pulp and
paper manufacturer Stora Enso in Skoghall.
ICT, Traffic & Marine: on balance reasonable growth
Although investments in the European ICT market have decreased slightly Imtech
has performed excellent. A good performance has also been achieved in the
European traffic market despite a lower governmental spend. In the global marine
market there has been a slow-down in volume and order intake in the new-build
segment which has not been sufficiently offset by growth in the fields of
services, conversions, upgrading, maintenance and management. On balance there
is a reasonable growth.
2011 | 2010 | Growth |
--------------------------------------------------+--------+--------+
Revenue (in millions) 1,168 | 1,150 | 2% |
--------------------------------------------------+--------+--------+
EBITA (in millions) 75.3 | 70.0 | 8% |
--------------------------------------------------+--------+--------+
EBITA margin 6.4% | 6.1% | |
--------------------------------------------------+--------+--------+
Order book (in millions) 1,106 | 1,062 | 4% |
--------------------------------------------------+--------+--------+
Number of employees (as at 31 December) 5,817 | 5,184 | 12% |
ICT: an excellent performance
Market conditions in the European ICT market vary. In Germany and Sweden there
is growth, but in the rest of Europe volume is declining. Customers are asking
for ´IT as a Service´ - shared and customer-specific configurable IT software
and infrastructure without any investment on their part. Imtech´s strategic
focus - business intelligence, cloud computing, managed services, ERP software
and collaboration - meets this demand. Co-operations with partners such as IBM,
Cisco, Microsoft and SAP have been intensified. The acquisition of Qbranch (480
employees) is a major step forwards in the Swedish ICT market and has made the
build-up of a strong ICT position in the Nordic region possible. Qbranch, one of
the best performing ICT services providers in Sweden, offers private cloud
technology and, therefore, fits perfectly into the core of the ICT strategy.
Acquisitions have also strengthened the positions in Austria and Southeast Asia.
In Southeast Asia in particular Imtech can profit from the substantial increase
in IT spending. Good performances have been delivered across a broad front; the
Netherlands, Germany, Switzerland, Southeast Asia, the UK and Sweden are
developing particularly well. In Austria, although Imtech´s performance has
decreased fractionally, a number of orders of long-term importance have been
received. Yarn manufacturer Coats has, for example, given Imtech responsibility
for SAP outsourcing for a period of five years. In France a breakthrough has
been achieved with a mega-order for special logistics software for the French
Post Office´s Exapaq - a B2B parcel service that handles more than 47 million
parcels a year.
Traffic: a good performance
Despite a decline in investment due to lower government budgets, Imtech has
continued to perform well, in part because Imtech offers customers more and more
added value through technological integration. To be able to manage traffic
streams in a targeted manner the gathering of traffic data (traffic volume,
streams and composition) is essential. Imtech has excelled in this, for example
in Sweden, the UK and Belgium. Good progress has also been made in high-tech
(inter)city traffic management systems. In the Netherlands the position has
remained at a good level. The UK has performed well. A framework contract has
been signed for the next generation of digital maintenance systems and emergency
lane management systems for the new British motorway programme. The position in
the Nordic region has been improved. In Sweden an order has been received for a
traffic management system on the E4 motorway, in Gothenburg a traffic metering
system has been implemented and in Malmö Imtech is involved in an upgrade of
various traffic control systems. A good performance has been achieved in
Finland, for example with a traffic control system for the E18 motorway. The
strategy is to grow further in Eastern Europe. The activities in Lithuania,
Romania, Poland and Croatia have increased. In Russia a breakthrough has been
made with the delivery of innovative solutions for traffic monitoring in Saint
Petersburg. One focus of the policy is intensifying export. Imtech is doing very
well in the international parking market. Progress has been especially good in
Canada and the USA, for example with parking solutions in the Hollywood &
Highland Centre in Los Angeles.
Marine: a temporary decline
Imtech, with a network of 80 service centres in 25 countries, is one of the
strongest players in the global marine market. The acquisition of ETNA has
resulted in various French and Moroccan service facilities being added to the
service network. A new service centre has been opened in Spain. The acquisition
of Groupe Techsol Marine in Canada was an important step. In part as a result of
this acquisition Imtech has been selected as the technology partner of Seaspan
Vancouver Shipyards for the execution of a large number of Canadian navy,
coastguard and research ships. The international market for the construction of
new vessels for the oil & gas sector has declined dramatically. Imtech has
dozens of orders in the pipeline, but as yet no substantial orders have been
won. This has led to a temporary drop in the EBITA. By contrast, Imtech is
widely involved in naval programmes in the Netherlands, Spain, Germany and the
UK, for example with German F-125 frigates and British Royal Navy aircraft
carriers, and works for dozens of other navies. Good progress has been made in
the cruise and passenger liner market. Substantial orders have been received
from the German Meyer Wharf for the energy-efficient air and climate technology
on board two new cruise liners for the Norwegian Cruise Line. The market for
luxury (mega) yachts has remained at a reasonable level. The number of marine
service and maintenance contracts has passed the 5,000 milestone. Imtech also
maintains numerous offshore platforms, for example for NAM. Broadband internet
on the open sea is being demanded more and more often, both for the crew (modern
communications facilities on board) and to improve operating processes. Imtech
is using satellite communications to provide broadband services to hundreds of
ships, including all the ships of CSA (Canadian Shipowners Association). Imtech
is also distinguishing itself with hybrid ships, for example with the world´s
first hybrid ferryboats for CMAL (Caledonian Maritime Assets Limited) in
Scotland.
Progress in Corporate Social Responsibility (CSR)
Imtech endorses the international consensus regarding the definitions, core
principles and application areas of CSR as specified in ISO 26000 and - in
accordance with these guidelines - wishes to make CSR an integral part of its
business operations. Imtech has formulated social performance indicators related
to the GRI (Global Reporting Initiative) reporting standards with which its CSR
policy can be quantified on the basis of specific targets. With only the top-5
´greenest´ projects completed in 2011 Imtech saves nearly 63 kiloton of CO(2)
for its customers. Imtech´s own carbon footprint has, mainly as a result of
acquisitions, grown to 106 kiloton CO(2. )More than 80% of this carbon footprint
is caused by the vehicle fleet. That is why Imtech wants to further reduce this
footprint per kilometre. Reducing its carbon footprint is only one of Imtech´s
CSR targets. Imtech is also focusing on improving waste management and wants to
play an even more active role in the business chain by making the procurement
policy more sustainable. Imtech´s sustainability initiatives include green
offices for its own use and energy savings in employees´ own homes. Imtech also
fulfils its responsibility for corporate citizenship by deploying its own
employees to solve local problems, such as waste water treatment in South Africa
and solar energy in Peru.
Human Resources: the best employer in the technical services market
The number of employees has risen by 9% to 27,412 (2010: 25,075). Imtech is a
people business. Its employees are Imtech´s most important ´asset´. Based on the
2015 growth strategy it is anticipated that by that time the number of employees
will have risen substantially. Although some of this increase will be the result
of acquisitions, a substantial portion will be achieved through a combination of
active recruitment and employee retention. This is why Imtech wants to stand out
with an active HR policy and to become an employer of choice in the technical
services provision market.
Well on course for 2015 growth strategy
Imtech wants its good track record to continue in the future. The strategic
growth plan targets are revenue of 8 billion euro in 2015 with an operational
EBITA margin between 6% and 7%. This growth will be divided more or less equally
between organic growth and growth through acquisitions. Imtech has sufficient
financial means to finance this growth, including a ´war chest´ of around 500
million euro. Imtech is well on course to achieve this strategy, also through
increasing its activities outside of Europe, for example in regions and
countries such as China, Southeast Asia, the Middle East and Kazakhstan.
Outlook 2012
According to its current views, in 2012 Imtech expects a further EBITA increase
through organic growth and acquisitions.
0-0-0-0-0-0-0-0-0-0-0
For more information
Media: Analysts & investors:
Pieter Koenders Jeroen Leenaers
Director Group Communications Manager Investor Relations
T: +31 655 74 65 85 T: +31 182 54 35 04
E:pieter.koenders@imtech.eu E:jeroen.leenaers@imtech.eu
Mark Salomons
Company Secretary
T: +31 654 61 22 89
E:mark.salomons@imtech.eu
Imtech profile
Imtech N.V. (www.imtech.eu) is a European technical services provider in the
field of electrical services, ICT and mechanical services. This combination
enables Imtech to offer total technological solutions. Imtech achieves annual
revenue of 5.1 billion euro with over 27,000 employees. Imtech occupies strong
positions in the buildings and industry markets in the Netherlands, Belgium,
Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK,
Ireland and Spain and in the European ICT and traffic markets and the global
marine market. Imtech serves around 23,000 customers. Imtech offers added value
in the form of integrated and multidisciplinary total solutions that lead to
better operating processes and a higher return for our customers and, in their
turn, our customers´ customers. Imtech also offers solutions that contribute
towards a sustainable society, for example ´green´ technology and technical
solutions in the area of energy, the environment, water and traffic. The Imtech
share is listed on the Euronext NYSE Amsterdam stock exchange where Imtech is
included in the Midkap Index. The Imtech share is also included in the Dow Jones
STOXX 600 index. In 2011 Imtech was granted the designation ´Royal´.
Financial calendar
* Registration date for participation in the General Meeting of Shareholders:
7 March 2012
* End of registration period for participation in the General Meeting of
Shareholders: 28 March 2012
* General Meeting of Shareholders: 4 April 2012
* Quotation ex-dividend: 10 April 2012
* Dividend option period: 10 to 23 April 2012
* Record date (in accordance with stock exchange regulations): 12 April 2012
* Notification of swap ratio: 23 April 2012 (after stock exchange closes)
* Trading up-date first quarter of 2012: 24 April 2012
* Dividend made payable: 26 April 2012
* Half-yearly figures 2012: 31 July 2012
* Trading up-date third quarter of 2012: 30 October 2012
* Publication of 2012 annual figures: 5 February 2013
* General Meeting of Shareholders: 3 April 2013
Analysts´ meeting and webcast
At 11.00 hours Imtech will organise an analysts´ meeting in the Mövenpick Hotel
Amsterdam, Piet Heinkade 11, 1019 BR Amsterdam. This analysts´ meeting can also
be followed via video webcast (www.imtech.eu) and, together with the Q&A
session, will be available immediately afterwards on the Imtech website. The
webcast of the analysts´ meeting will be simultaneously translated into English.
The presentation will be available for downloading via the website from 10.00
hours.
Photography
Media photographs of the Board of Management and various projects are available
via Fotopersbureau Dijkstra. For further information: Fotopersbureau Dijkstra,
telephone +31 297 56 68 83, e-mail:dykfoto@wxs.nl.
Read more:the complete press release including tables
pdf version of press release:
http://hugin.info/130755/R/1583122/494817.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Imtech N.V. via Thomson Reuters ONE
[HUG#1583122]
NL0006055329
