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."

Related Content

  • August 19, 2015
    Costing transit is complicated case
    David Crawford welcomes fresh thinking from Canada. Public transit improvements can bring society “significantly more value” than conventional transport models normally indicate, argues Canadian researcher Todd Litman. “Traditional evaluation practices originally developed to assess roadway improvements, and focus primarily on vehicle travel speeds and operating costs. “They do not generally quantify or monetise basic mobility benefits, vehicle ownership and parking cost savings, or efficient land developme
    Read More
  • April 17, 2012
    Enforcement cuts distracted driving dramatically
    The government of Indonesia says it is working to reduce the number of road deaths in the country by 50 per cent by 2020 and by 80 per cent by 2035. To achieve this, the government will be upgrading the road infrastructure as well as introducing a road safety programme that will run over a ten-year and 25-year plans, starting this year. The programme will be overseen by the National Planning Development Board with involvement of the national police as well as the public works, transportation, national educa
    Read More
  • January 12, 2015
    Momentum builds for increase in US fuel tax
    The possibility of a gasoline tax increase to help pay for federal highway improvements was attracting increased attention in the US Congress as a prominent conservative Republican on Thursday said he was willing to consider the move. According to Reuters, Senator Orrin Hatch, the new chairman of the Senate Finance Committee that oversees tax measures, told reporters he has an open mind on raising the 18.4 cents per gallon tax levied at the gasoline pump. "I prefer not to increase taxes, but to me tha
    Read More
  • September 23, 2020
    Why New York MTA needs $12bn – now!
    Memo to US government: Public transit has been put under severe strain by Covid-19 – and New York’s Metropolitan Transportation Authority is sounding the alarm
    Read More

Highlighted Content