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

  • January 20, 2012
    Impact of speed limits in Barcelona
    When Barcelona imposed an 80km/h (50mph), the result was significant in environmental, accident, fatality and injury terms. The 80km/h speed limit had the same positive environmental effect as if 22,100 cars were eliminated from the roads in the metropolitan area. Moreover, a reduction in the consumption of fuel by more than 24,000 tonnes per year was also achieved, while accidents, fatalities and injuries also showed substantial improvement.
    Read More
  • December 14, 2015
    Kapsch TrafficCom to acquire Schneider Electric transportation business
    Kapsch TrafficCom has reached an agreement with Schneider Electric to acquire its global transportation business. Formerly operating as Telvent Tráfico y Transporte, the business offers an industry portfolio of integrated advanced traffic management software (ATMS) solutions for urban, highway and tunnel applications as well as tolling and transit solutions. This acquisition will enable Kapsch TrafficCom to offer its current and future customers around the globe an integrated portfolio of intelligent tr
    Read More
  • January 27, 2012
    Schneider Electric to acquire Telvent for $2 billion
    Schneider Electric has signed a definitive agreement with Telvent GIT to make a cash tender offer for all of Telvent's shares at a price of $40 per share, which represents a premium of 36% to Telvent's average share price over the last 3 months.
    Read More
  • October 17, 2014
    Iteris first quarter 2015 revenues up
    Iteris has reported total revenues of US18.1 million for its fiscal first quarter 2015, up six per cent over the same quarter a year ago. This was primarily driven by a 20 per cent increase in roadway sensors. iPerform revenues were also up 15 per cent, while transportation systems revenues were down seven per cent, but added US$10.1 million in new contracts The increase in roadway sensors revenues was largely attributable to the success of various growth initiatives, including increases in the distribut
    Read More

Highlighted Content