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Imtech Terug naar discussie overzicht

Imtech weekdraadje 2 t/m 8 november 2013

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Pagina: «« 1 ... 89 90 91 92 93 ... 189 »» | Laatste | Omlaag ↓
  5. [verwijderd] 7 november 2013 07:41

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    Stable revenue in 2013 provides platform for recovery


    -- Revenue in the quarter 1,256 million euro (second quarter 2013: 1,274
    million euro)

    -- Operational EBITDA in the quarter -4 million euro (second quarter 2013:
    -33 million euro)

    -- Order intake YTD 2013 3,628 million euro, in line with revenue

    -- Working capital Q3 stable versus Q2 despite regular seasonal increases

    -- Earlier announced restructuring program largely completed and extended

    -- Operational recovery Germany requiring more time; additional
    restructuring announced

    -- Constructive dialogue on covenant reset started





    Key figures
    Third quarter First nine months
    in EUR million, unless otherwise
    indicated 2013 2012 2013 2012
    Revenue and other income 1,256.4 1,374.0 3,741.3 3,906.0
    Operational EBITDA -4.0 -56.6 -50.3 -98.9
    Non-operational costs -29.9 - -91.9 -
    EBITDA -33.9 -56.6 -182.2 -98.9
    Operating result (EBIT) -59.5 -78.5 -257.2 -161.4
    Net result -96.1 -89.5 -326.6 -202.1
    Order intake 1,119.1 - 3,628.1 -
    Working capital 335.7 - 335.7 -
    Net interest-bearing debt 835.7 - 835.7 -

    Margins
    Operational EBITDA margin -0.3% -4.1% -1.3% -2.5%
    EBITDA margin -2.7% -4.1% -4.9% -2.5%

    Employees 29,071 29,146* 29,071 29,146



    * Excluding acquisition impact of EMC with 580 FTE, consolidated as of
    January 2013

    Gerard van de Aast, CEO: 'Operational performance in most of our
    divisions is satisfactorily or recovering, also helped by the largely
    completed restructuring program. However recovery of our German business
    will take more time. Overall order intake has continued to be
    satisfactorily and tracks revenue. Good progress has been made in
    working capital management, the swift implementation of the
    restructuring plans, management upgrades and strengthening of business
    controls. We are in a constructive dialogue regarding a covenant reset.
    This will give the company time to improve its operational performance.'

    Covenants and headroom

    Imtech is currently engaging in a constructive dialogue with its most
    important financiers regarding an amendment of its financing agreements,
    including a covenant reset. This covenant reset is required as a result
    of a slower than anticipated recovery of Imtech's business, in
    particular in Germany. Imtech expects to publish the reset covenants on
    or before the publication of its annual results on March 18th 2014.

    Per September 30th 2013, Imtech has committed cash facilities of circa
    1,250 million euro and a headroom under these facilities of circa 335
    million euro. Outstanding bank guarantees amount to 897 million euro
    with a headroom under existing guarantee facilities of 155 million euro.
    These headrooms are sufficient for the on-going operations of the
    company.

    Operational recovery Germany will take more time

    In Germany, the new management team under the leadership of Felix
    Colsman has started to rebuild the business. Germany is a strong market
    where Imtech can build on a good reputation and market leadership
    position. However, our German business is trading weaker than assumed as
    by now the full inefficiencies due to prior management have become
    visible. Cost reduction and upgrading of the organization will address
    the issues and have already started. The earlier announced reduction of
    550 FTE in Germany is halfway and with the recently agreed social
    framework, the remainder of the redundancies will be implemented. An
    additional restructuring program of 300 FTE will be implemented in 2014
    to reduce the cost base further. In addition to the redundancies a
    general cost savings program (including stopping sponsoring activities)
    of 40 million euro covering 2013-2015 is underway. Nevertheless our
    technology competences are undisputed and in demand by blue chip
    customers like in prior years. These technology competences and market
    leading position will be the basis of our recovery in Germany. The
    Eastern European activities have been significantly downscaled,
    especially in Poland, and are now mainly focused on projects for German
    customers in particular in the automotive industry.

    Restructuring program

    The restructuring program as announced in April 2013 has progressed
    well. In total 1,355 FTE have been made redundant at the end of Q3 2013.
    The program has been extended in particular in Germany, Nordic, Eastern
    Europe and Marine. In total we now expect around 2,250 redundancies.

    The Benelux, Traffic & Infra and Marine divisions have finalized the
    restructuring program. Germany is halfway and expects the 2013 reduction
    program to finish by year end and will implement a further reduction of
    300 FTE in 2014.

    In Eastern Europe and in particular in Poland, the businesses are in
    process of restructuring with around 230 redundancies. The Nordic
    business will restructure with 240 redundancies to capture the
    integration benefits of past acquisitions.

    Total cost in 2013 of the restructure programs are now estimated at
    around 90 million euro (from 80 million euro). Payback on average is 15
    months. Cost saving benefits from these redundancies will become visible
    in coming periods.
  6. [verwijderd] 7 november 2013 07:41

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    Order intake

    During the first nine months of 2013, the order intake of 3,628 million
    euro at group level continued to be satisfactory and in line with
    revenue of 3,741 million euro. The order intake in Germany & Eastern
    Europe was lower than revenue during the first nine months. In the UK &
    Ireland, order intake was lower than revenue as a result of high
    production levels at projects in Kazakhstan and a weak engineering
    services market in the UK. In Benelux the order intake was in line with
    revenue during the first nine months 2013. For Nordic, Spain & Turkey,
    ICT, Traffic & Infra and Marine the order intake was higher than revenue
    in the first nine months.

    Comparative figures 2012

    The comparative figures for 2012 have been adjusted where relevant and
    appropriate in line with the 2012 financial statements. As previously
    announced we have consistently allocated the write downs over the
    quarters pro rata for a more meaningful comparative reference. See also
    the appendix with the financial summaries for more information.

    Financial performance




    Income statement
    First nine
    Third quarter months
    in EUR million, unless otherwise indicated 2013 2012 2013 2012
    Revenue 1,256.4 1,374.0 3,741.3 3,906.0
    Operational EBITDA -4.0 -56.6 -50.3 -98.9
    Write downs Benelux and Marine - - -40.0 -
    Non-operational costs -29.9 - -91.9 -
    EBITDA -33.9 -56.6 -182.2 -98.9
    Depreciation -10.0 -10.6 -29.6 -30.8
    Amortisation & impairment -15.6 -11.3 -45.4 -31.7
    Operating result (EBIT) -59.5 -78.5 -257.2 -161.4
    Net finance result -30.3 -18.9 -87.0 -47.3
    Share of results of associates, joint ventures and
    other investments -3.9 -1.0 -3.6 0.9
    Income tax expense -2.4 8.9 21.2 5.7
    Net result -96.1 -89.5 -326.6 -202.1



    In Q3 2013, which is seasonally a weak quarter due to the holiday season,
    revenue came in at 1,256.4 million euro, in line with previous quarters
    of 2013.

    The operational EBITDA in Q3 resulted in a loss of 4.0 million euro.
    This is an improvement compared to the previous quarter, when
    operational EBITDA amounted to a loss of 32.6 million euro.

    The non-operational costs in Q3 2013 amounted to 29.9 million euro and
    include as previously announced costs made for restructuring for 21.2
    million euro (mainly in Benelux, Germany and Marine) and 4.4 million
    euro for financial restructuring.

    Depreciation in Q3 2013 was 10.0 million euro and amortisation was 15.6
    million euro. The accelerated amortisation of the brand name NVS in
    Nordic, as our business in Nordic is implementing the Imtech brand name,
    counts for 4.3 million euro in Q3 2013.

    In Q3 2013, the net finance result is -30.3 million euro. The net
    finance result includes amongst others net interest expenses (Q3 2013:
    22.2 million euro, first six months 2013: 25.8 million euro) and earlier
    announced financing costs (Q3 2013: 4.6 million euro, first six months
    22.8 million euro).

    The share of results of associates, joint ventures and other investments
    amounted to -3.9 million euro (first six months 2013: 0.3 million euro).

    The effective tax rate for Q3 2013 amounted to 2.6% negative (first six
    months 2013: 9.3% positive). The effective tax rate is significantly
    impacted by losses made in 2013. Part of these losses do not result in a
    direct tax credit.




    Result for the period, result per share
    Third quarter First nine months
    in EUR million, unless otherwise
    indicated 2013 2012 2013 2012

    (MORE TO FOLLOW) Dow Jones Newswires

    November 07, 2013 01:39 ET (06:39 GMT)

    *Binck is niet aansprakelijk voor informatie verschaft door derden
  13. [verwijderd] 7 november 2013 07:46

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    Zie er geweldig goed uit!

    - negatieve operationele EBITDA

    - herstructurering Duitsland gaat langer duren

    - met banken in gesprek over een convenanten reset.

  16. steelfighter72 7 november 2013 07:47

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    Dat verklaart de manipulatie van gister na 15u. Dat koers drukken gaat helaas niet helpen... Shortsqueeze let op! Ik hoop dat jullie de stukjes van gister voor 2,50 hebben opgepikt
  20. [verwijderd] 7 november 2013 07:50

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    Cijfers zeer slecht we gaan down

    - negatieve operationele EBITDA

    - herstructurering Duitsland gaat langer duren

    - met banken in gesprek over een convenanten reset.

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