Royal Imtech results ‘a decisive step’

Royal Imtech has published its second quarter and half year 2014 results, taking what the CEO, Gerard van de Aast says is “a decisive step in Imtech's financial recovery”. The company has reported significant debt reduction and a fully underwritten rights issue of US$791 million. Revenue in the second quarter was US$1.2 billion, with an EBITDA loss in the same period of US$18.4 million. Order intake in the second quarter was US$1.24 billion. In addition, Imtech has reached agreement with Vinci SA on
August 26, 2014 Read time: 2 mins

Royal 769 Imtech has published its second quarter and half year 2014 results, taking what the CEO, Gerard van de Aast says is “a decisive step in Imtech's financial recovery”.

The company has reported significant debt reduction and a fully underwritten rights issue of US$791 million. Revenue in the second quarter was US$1.2 billion, with an EBITDA loss in the same period of US$18.4 million.  Order intake in the second quarter was US$1.24 billion.

In addition, Imtech has reached agreement with Vinci SA on the sale of the Imtech ICT division at an enterprise value of US$336 million. The agreement is subject to competition clearance and customary closing conditions, and is expected to close well before the end of the year. The net proceeds of the transaction will be used for increased liquidity of the Group and debt reduction.

Gerard van de Aas said: "Today's announcement is a decisive step forward for the company. The sale of the ICT division combined with a fully underwritten rights issue and significant changes in the financial agreements, such as a step-down in pricing and increased liquidity, will significantly reduce debt and improve the financial structure. The support from all our financiers and in particular from ING, Rabobank, Commerzbank and ABN Amro is a strong signal of confidence in the company. The first half of 2014 has been difficult for the company due to market conditions and the uncertainty around our financial position. Management and employees can now focus fully on improvement of operational results and the completion of the turnaround programme."

For more information on companies in this article

Related Content

  • Navya hits financial difficulty
    January 31, 2023
    French court due to rule on 31 January on receivership proceedings for AV firm
    Read More
  • Control rooms adapt to tech changes
    July 8, 2019
    From IP-based systems to an increasing array of choice, traffic and transit management has changed a lot in the last few years. Adam Hill talks to some of the leading players in the control room business
    Read More
  • Advanced in-vehicle user interface - future developments
    February 1, 2012
    Dave McNamara and Craig Simonds, Autotechinsider LLC, look at human-machine interface development out to 2015. The US auto industry is going through the worst crisis it has faced since the Great Depression. But it has embraced technologies that will produce the best-possible driving experience for the public. Ford was the first OEM to announce in-car internet radio and SYNC, its signature-branded User Interface (UI), is held up as the shining example of change embracement.
    Read More
  • Positive incentives an alternative to road user charging?
    February 1, 2012
    The Netherlands has been looking at incentivising rush-hour avoidance. The intention is to better understand road users' motivations and find alternatives to congestion charging. Something significant needs to happen if we are to adequately address the traffic congestion and other issues caused by the ever-rising numbers of vehicles on our roads. Congestion or distance-based charging is seen as one way of managing demand and raising revenue for improvements to transport infrastructure. However, charging is
    Read More

Highlighted Content