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

  • Coded exchanges
    July 24, 2012
    For many, Ethernet- and IP-based networks are the cast-iron solution to ITS's communications needs. However, there remain issues from manufacturer to manufacturer with interpretation of what are supposed to be common standards The 'promise' of Ethernet was that different devices such as IP video cameras and traffic signals could be easily integrated into communications networks, simplifying the process of transporting data over copper, fibre or wirelessly. However, although Ethernet devices have come to pre
    Read More
  • Bigger role for data protection and privacy policies in transportation
    June 11, 2015
    Dr Caitlin Cottrill, lecturer at the University of Aberdeen’s School of Geosciences, examines the impact of privacy legislation on the transportation sector. Growing reliance on big data, underscored by the increasing ubiquity of smart infrastructure and the ‘Internet of Things’, has profoundly impacted the regulatory environment experienced by transportation professionals. This is particularly the case in relation to the privacy of personally identifying information (PII). There has been increased attenti
    Read More
  • Fitch: Solid growth to continue for US transportation
    April 21, 2016
    US financial research organisation Fitch Ratings has released its spring US Transportation Trends report which indicates that growth will remain healthy for all three US major transportation sectors (airports, ports and toll roads) this year. Commenting on toll roads, Fitch notes that low fuel prices have boosted growth in traffic (6.6 per cent) and revenue (8.3 per cent) since the second half of 2015. The south-east and south-west US have and will continue to lead in traffic performance. The higher rate
    Read More
  • World ITS market expected to grow at a steady rate to 2020
    August 4, 2014
    The global market for intelligent transportation systems (ITS) is expected to reach US$38.68 billion by 2020, according to a new study by Grand View Research. Growing demand for optimising fuel consumption and reducing emissions is expected to be the key driving force for the market. ITS aids in reducing incidents such as road accidents and boost safety, which is estimated to positively impact demand over the next six years.
    Read More

Highlighted Content