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

  • USDoT’s NETT is welcome – but Toyota unhappy at V2X development
    August 15, 2019
    The US Department of Transportation has announced a new council to champion emerging mobility tech – but one car manufacturer is currently not feeling that such support is everything it might be The announcement of a brand new body to champion autonomous vehicles (AVs) - among other innovations – is a potentially welcome development for mobility and transit providers. Elaine L. Chao, US secretary of transportation, says that the newly-created Non-Traditional and Emerging Transportation Technology (NETT)
    Read More
  • TransCore to provide AET forOrange County toll roads
    April 17, 2013
    Toll roads in Orange County California are due to go cashless and all-electronic (AET) in the spring of 2014 according to an announcement from the Transportation Corridors Agencies (TCA) which has just has just approved a contracts with TransCore. The contract is for US$36.42 million and provides for provision of a new toll system that is regular AET mix of RFID transponder tolling and image based licence plate reads in an open road setting. TransCore will also maintain the system for ten years. A statement
    Read More
  • Fewer cars - more reckless drivers, says GHSA
    April 22, 2020
    Emptier streets may be a green light for some US drivers to flaunt the law, according to police reports.
    Read More
  • ASECAP examines tolling’s trials, tribulations and triumphs
    September 4, 2018
    If you want to get up to speed on the main issues facing the transport sector and tolling companies, ASECAP Study Days event in Ljubljana was a good place to start. Colin Sowman reports (Photographs: Louis David). Increasing populations, ever-higher technical and safety requirements, and electric and hybrid vehicles will provide both challenges and opportunities for tolling companies. The annual Study Days event organised by ASECAP (the European association for tolling companies) examined all of these aspec
    Read More

Highlighted Content