Royal Imtech provides a trading update, announces EUR 30 million financing preference shares issue and extends the rights offering by five business days. - Seite 2

The headcount reduction programs are part of the restructuring programs as announced on 23 April 2013. The benefits of the restructuring programs are expected to contribute to results from the second half of 2013 onwards.

Of the total cost for the announced headcount reduction program of EUR 80 million, Royal Imtech will include approximately EUR 42 million in its first half year results. The remainder will be booked in the second half year of 2013.

Of the previously announced estimated EUR 110 million for the financial restructuring costs, approximately EUR 65 million will be included in the first half year, of which circa EUR 25 million directly in the income statement and circa EUR 40 million in the balance sheet, part of which will be amortized over time in accordance with IFRS guidelines.

The net debt position as per 30 June 2013 is stable and in line with the net debt position as per the end of May 2013.

In order to further strengthen its balance sheet, Royal Imtech has entered into a binding term sheet  with ING and Rabobank for the placement with ING and Rabobank of cumulative financing preference shares raising gross proceeds of EUR 30 million. Subject to shareholder approval, the cumulative financing preference shares may be convertible in Royal Imtech ordinary shares. The dividend yield on the cumulative financing preference shares will be approximately 4.48% per annum. Issue of the cumulative financing preferences shares is amongst others subject to completion of the Offering. In line with what has been stated previously in our 2012 financial statements and prospectus, Royal Imtech will be evaluating other measures to strengthen its balance sheet and reduce indebtedness levels. Such measures include disposals of assets, business units or divisions or further accessing the capital markets, and Royal Imtech envisages to take decisions to pursue any such steps subject to further review.

The Offering is underwritten by ING, Rabobank and Commerzbank on customary terms. Major shareholder ING AM Insurance Companies B.V. has committed to participate in the Rights Offering pro rata its capital interest in Royal Imtech of 5.72%.
In connection with the information provided above, a supplement to the Prospectus will be published and made available on the rights issue page of Royal Imtech's website (http://imtech.com/EN/rightsissue.html). Following publication of the supplement and until 17:00 hours CEST on Wednesday 24 July 2013, investors who have exercised rights may withdraw their subscriptions. In such case, investors should contact the financial intermediary through which the Rights are held. Publication of the supplement to the Prospectus will be announced by a press release and is expected to take place in the coming days.