Royal Imtech provides a trading update ahead of its half year results announcement on August 26th, 2014.
Operational performance for the total group on order intake, revenue and operational EBITDA margin in the second quarter of 2014 came in at approximately similar levels as the first quarter 2014.
Net debt at the end of June 2014 was approximately 1,040 million euro of which 43 million euro is non cash and relates to the earlier announced financing arrangement.
As previously announced, significant debt reduction is a key priority for Imtech which all stakeholders will benefit from given the expense associated with the current debt level. Imtech will continue to review all options to achieve such significant debt reduction. As part of this programme, Imtech has initiated discussions with its financiers regarding an amendment of its finance agreements including financial covenants. A further update will be provided with the announcement of the half year results.
The sale process of the ICT division is well on track. Imtech expects to announce the outcome in the third quarter of 2014. The proceeds of the divestment will be used to reduce debt.
The legally required waiting period for the decrease of the nominal value of the shares ended on July 28th, 2014 with no objections. As a result the company can decrease the nominal value of its shares. Such a decrease of the nominal value of the shares does not have an impact on the value of shareholders equity.
KPMG will review Imtech's first half year results 2014 with publication thereof scheduled on August 26th, 2014.
PDF: Press Release
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 has 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.
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Source: Imtech via Globenewswire