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2014-05-15

Imtech: Royal Imtech publishes first quarter 2014 results

Stable market positions in the quarter; debt reduction program in progress

· Revenue in the first quarter of 1,120 million euro
· Operational EBITDA in the first quarter of 6 million euro negative (Q1 2013:
-15 million euro)
· Order intake in the first quarter 1,137 million euro, slightly higher than
revenue
· Net loss in the first quarter 77 million euro significantly impacted by
finance costs
· Net debt end of first quarter 895 million euro
· Update on financial restructuring costs

--------------------------------------------------------------
|Key figures |
| |
|in € million, unless otherwise indicated Q1 2014 Q1 2013* |
|Revenue and other income 1,119.9 1,179.8 |
|Operational EBITDA -5.9 -15.1 |
|Non-operational costs -9.9 -12.0 |
|EBITDA -15.8 -27.1 |
|Operating result (EBIT) -33.5 -49.2 |
|Result from continuing operations -77.3 -59.4 |
|Net result -77.3 -59.6 |
|Order intake 1,136.7 1,181.0 |
|Working capital 78.3 464.8 |
|Net interest-bearing debt 894.7 1,220.7 |
| |
|Margins |
|Operational EBITDA margin -0.5% -1.3% |
|EBITDA margin -1.4% -2.3% |
| |
|Employees 26,075 28,605 |
|Unaudited figures |
|*Restated (based on continuing operations) |
--------------------------------------------------------------
Gerard van de Aast, CEO:
"Imtech's key focus continues to be on operational and financial recovery.
While the quarter showed mixed results by region, operational EBITDA for the
group showed an improvement. Satisfactorily progress was also made on order
intake and working capital development for the group. In Germany the
implementation of the 'Neue Imtech'-program continued. While in Germany
satisfactorily progress was made on EBITDA, working capital development needs
improvement. The quality of our work continues to be a main driver for
customer satisfaction and customers rewarded us across the group with good
orders in 2014. Increased finance costs were largely the reason for the net
loss in the quarter. We announced the first step of the debt reduction
program through the divestment of the ICT division and the divestment process
is on track. A significant debt reduction will benefit all stakeholders given
the expense associated with the current debt level."
More information

--------------------------------------------------------------------
|Media: Analysts&investors: |
|Dorien Wietsma Jeroen Leenaers |
| |
|Director Corporate Communication&CSR Director Investor Relations |
|T: +31 182 54 35 53 T: +31 182 54 35 04 |
|E:dorien.wietsma@imtech.com E:jeroen.leenaers@imtech.com |
| |
|www.imtech.com www.imtech.com |
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Imtech profile

Royal Imtech N.V. is a European technical services provider in the fields of
electrical solutions, ICT and mechanical solutions. With approximately 26,000
employees, Imtech is active attractive positions in the buildings and
industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria,
Eastern Europe, Sweden, Norway, Finland, the UK, Ireland and Spain, the
European markets of ICT and Traffic as well as in the global marine market.
In total Imtech serves 24,000 customers. Imtech offers integrated and
multidisciplinary total solutions that lead to better business processes and
more efficiency for customers and the customers they, in their turn, serve.
Imtech also offers solutions that contribute towards a sustainable society -
for example, in the areas of energy, the environment, water and traffic.
Imtech shares are listed on the NYSE Euronext Amsterdam.

PDF: Press Release incl. appendix
http://hugin.info/130755/R/1785480/612261.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Imtech via Globenewswire

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