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

  • Intelligent intersection control
    April 12, 2013
    Intelligent intersection control systems have a growing role to play in making urban traffic more efficient. Robin Meczes reports. The idea of every traffic light turning green as you approach it has long been a dream for many an urban driver – and none more so than those driving heavy goods vehicles (HGVs), which are slow and difficult to bring to a halt and then accelerate back to normal travel speed. But that dream has become a reality for some drivers in a small number of cities around Europe in the las
    Read More
  • Iteris’ ClearGuide answers USDoT call on traffic fatalities
    January 17, 2022
    Jeff Venables of Iteris explains the new approach ClearGuide Speeding Analytics takes to help US agencies realise their USDoT safety initiatives as road deaths soar
    Read More
  • IBTTA 2011 Annual Meeting highlights developing trends in tolling
    January 26, 2012
    Alain Estiot, chief meeting organiser of this year's IBTTA Annual Meeting and Exhibition, talks about hot topics for discussion. The IBTTA's 79th Annual Meeting and Exhibition, which takes place this year in Berlin in September, will once again take many of the developing trends from around the world and look at their effects on the tolling sector. Host organisation Toll Collect's Alain Estiot, chief meeting organiser, says that the event has to be viewed against a backdrop of major global change.
    Read More
  • The smart in smart parking
    March 29, 2018
    Whether you want to reduce congestion, increase parking revenue or reduce occupancy – or a mixture of all three – there is plenty of technology available. Andrew Bardin Williams considers the pros and cons. Drawn in by the promise of Smart City initiatives, communities across North America are embracing smart parking solutions in an effort to change citizens’ transportation behaviours for the better. They are doing this by using policy and ITS solutions to help de-incentivise parking for most people while
    Read More

Highlighted Content