Trading update Royal Imtech

• Performance in the first half year of 2015
  • Revenue, order intake and operational working capital satisfactory
  • Operational EBITDA lower compared to prior year

Non-operational costs significantly lower compared to prior year

Net finance result significantly improved compared to prior year

Constructive and advanced dialogue with financiers

Alvarez & Marsal engaged and Chief Restructuring Officer appointed

Return to profitability takes more time than anticipated; achieving positive operational EBITDA in 2015 will be very challenging

 
Royal Imtech provides a trading update on the basis of preliminary unaudited figures for the first half year 2015 ahead of its final reviewed half year figures announcement on August 25^th, 2015.

Performance in the first half year of 2015            

Revenue for the first six months of 2015 is around a satisfactory €1.8 billion. This revenue is circa 8% lower than last year, which is largely attributable to the planned reduction of the German division. The other Imtech divisions, combined, deliver revenue comparable to the 2014 period.

Order intake for the first six months of 2015 is around a satisfactory 100% of revenue.

Operational EBITDA for the first six months of 2015 will be €45-€50 million negative compared to €25 million negative for the comparable period in 2014. The performance in Germany, the UK, Nordic and Traffic & Infra business have declined and the performance in Benelux, Spain and Marine business have improved.

Non-operational costs in the first half year were significantly lower compared to comparable period in 2014.

Net finance result improved significantly for the first six months of 2015 compared to 2014. Net finance result in Q2 2015 remained stable compared to Q1 2015.

Operational working capital came in at around a satisfactory 0.5% of revenue reflecting a normal seasonal pattern.

Net interest-bearing debt at the end of June 2015 was approximately €545 million. Imtech's total credit facility is around €700 million. Of the total available liquidity of circa €150 million, €50 million is committed liquidity in support of joint ventures and guarantees.