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

  • February 2, 2012
    US enforcement regulation to deliver clearer guidelines?
    Jim Tuton of American Traffic Solutions looks at the evolution of automated enforcement in North America "Technological regulation will become more sophisticated at the federal level, giving states clearer guidelines" Jim Tuton In just 20 years, photo enforcement in North America has grown from a single speed camera in a small town in Arizona to thousands of photo traffic enforcement cameras which are now operating in 350 communities spread across 27 states and three Canadian provinces. Most of these p
    Read More
  • February 4, 2025
    Utah Department of Transportation: How we’re using traffic analytics software
    Our use of Iteris ClearGuide lets our traffic operations engineers interpret critical probe traffic data without the need for statisticians and software developers
    Read More
  • February 2, 2012
    Changes needed to Italy's enforcement tendering?
    Fixed penalty notices KRIA's co-founder and President Stefano Arrighetti discusses the events which led up to investigations into the fraudulent use of his company's T-RED red light enforcement system and his house arrest. Looking forward, he says, there needs to be fundamental reform of how Italy goes about the enforcement contract tendering process
    Read More
  • February 6, 2020
    Truck platooning: the evidence is complex
    A number of claims are made for the value of truck platooning. David Crawford looks at the figures from a new set of examples which suggest that the situation is more complex than you might think
    Read More

Highlighted Content