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

  • October 31, 2013
    Q-Free reports a positive third quarter
    profitability in the third quarter. Revenue increased 10 per cent to US$28.6 million, with operating profit of US$8.4 million and a profit before tax of US$1.2 million. This compares to a negative operating result of US$3.9 million and a loss before tax of US$3.7 million in the third quarter 2012. Q-Free has also strengthened its efforts in advanced transportation management systems (ATMS) through an investment in the American traffic management company Intelight in Tucson, Arizona, and acquisition of th
    Read More
  • February 26, 2015
    Kapsch sets course for higher profitability
    Kapsch TrafficCom experienced stable business development in the first three quarters of 2014/2015 with existing installation and operation projects. The Group was also able to obtain a number of new orders in Australia during the third quarter, although new major orders, upon which the innovation and growth plans are based, remained elusive due to the lack of corresponding invitations to tender. Revenue of the Group during the first three quarters of the 2014/15 fiscal year was US$283.5 million, slightly b
    Read More
  • August 21, 2014
    Robust growth for Sensys
    Orders from the Swedish Transport Administration (STA -Trafikverket) have contributed to Sensys Traffic’s net sales in the second quarter of 2014, which rose by 127 per cent. This robust growth was primarily fuelled by speed measurement system deliveries to the Swedish automatic safety control (ATC) stations. The orders, for monitoring systems, roadside cabinets and spare parts for speed enforcement enabled the company to deliver an operating profit of US$970,000. The company’s gross margin for the quart
    Read More
  • July 11, 2014
    IRD pleased with 2014 performance to date
    International Road Dynamics’ results for the three and six one of the world's leading providers of systems and solutions for the three and six months ended 31 May show total revenue up 15 per cent year to date, which the company says is due to a strong growth in key geographic markets. Revenue in Canada and the US revenue rose 23 per cent year to date on solid performance in projects and product sales, while Latin America revenue increased 22 per cent year to date on significant project deliveries. Sout
    Read More

Highlighted Content