Imtech continues to grow: EBITA +23%, order book +11% in the first half of 2009

Tuesday, 11. August 2009 07:01
HY 2009 HY 2008 Growth
Revenue (in millions.) 2,022 1,761 +15%
EBITA (in millions) 101.8 82.9 +23% (organic: +6.4%)
EBIT (in millions) 91.7 77.5 +18%
Net profit (in millions) 51.5 46.1 +12%

Profit per share (before 0.80 0.67 +19%

Operational EBITA margin 5.4% 5.1%
Order book (in millions) 4,809 4,341 +11%
Number of employees (on 30 22,747 19,082 +19%

* An order book of 4.8 billion euro (+11%) gives confidence for the
second half of 2009
* 'Green' technology and a broad portfolio of services enable a
robust double-digit growth to be achieved despite the economic
crisis. Germany is the 'star performer'
* Significantly improved working capital (-20%) despite growth
* Maintaining long-term strategic plan: revenue of 5 billion euro
in 2012, operational EBITA margin target of 6%
* Maintaining outlook for the whole of 2009: further EBITA growth
through organic growth and acquisitions

René van der Bruggen, CEO of the European technical services provider
Imtech N.V. 'Despite the fact that we are also not immune to the
consequences of the economic crisis, Imtech delivered an excellent
performance during the first half of 2009. The EBITA rose by 23% to
101.8 million euro. The organic EBITA growth amounted to 6.4%, which
means that even if the effects of the acquisitions are excluded
Imtech achieved growth. The operational EBITA margin rose from 5.1%
to 5.4% and profit per share (before amortisation) rose by 19%. This
excellent performance is due to our strong positions in Europe and
the global marine market with well spread activities in many
countries and markets. Imtech also reaped the benefits of the
substantial increase in demand for 'green' technology, for example
power plants, decentralised energy facilities, bio-energy and 'green'
buildings. Additionally, some cost-reduction measures have been
implemented, for example reducing the number of temporary staff.'

'The star performer was the Germany & Eastern Europe cluster which
achieved an organic EBITA growth of 35%. High-tech solutions with
high added-value and the spread across growth segments such as
energy, 'green revitalisation' and airports led to extremely robust
growth. But even in the UK, Ireland & Spain where the effects of the
economic crisis are very obvious Imtech succeeded in maintaining its
position and achieve an EBITA growth of 6%. This was possible thanks
to the clear focus on energy, water and maintenance in the
(petro)chemical industry plus the positive effects of the 2012 London
Olympic Games. Imtech also achieved further growth in the Benelux
(EBITA growth of 3%) and in the European and partly globally ICT,
Traffic & Marine markets (EBITA growth of 5%). The lower results
Imtech achieved in the European ICT market were offset by growth in
the European Traffic market and in the global Marine market. Imtech
also achieved good results in Scandinavia where it has been active
since the acquisition of NVS in November 2008.'

'Its excellent performance in the first half of 2009 combined with
the increasing demand for 'green' technology, Imtech's broad
portfolio and its successful strategy gives Imtech faith in its own
strength even in difficult market conditions. During the first half
of 2009 the order book rose by 11% to over 4.8 billion euro, an
excellent performance. For the whole year 2009 - as stated earlier -
Imtech expects further EBITA increase through organic growth and
acquisitions. Imtech is therefore looking forward to the second half
of 2009 with confidence. Imtech is also maintaining its long-term
strategic targets of achieving revenue of 5 billion euro in 2012
while maintaining an operational EBITA margin target of 6%.'

An excellent performance in difficult market conditions
Imtech can look back on an excellent first half of 2009. Despite
being surrounded by a gripping economic crisis Imtech's net profit,
EBITA, revenue, order book and operational EBITA margin all developed
positively. In a nutshell; under difficult market conditions Imtech
achieved an excellent performance, particularly in Germany.

The EBITA rose by 23% to 101.8 million euro and the EBIT rose by 18%
to 91.7 million euro. Higher interest payments resulting from
acquisitions in 2008 and the amortisation of intangible assets meant
net profit rose by a, relatively speaking, slightly lower 12% to 51.5
million euro. Revenue rose to 2,022 million euro, an increase of 15%.
The fact that the EBITA rose organically by 6.4% indicates that even
when market conditions are difficult Imtech continues to achieve
organic growth in its relevant markets. Half way through 2009 the
order book was at a high 4,809 million euro - 11% higher than 12
months earlier. This gives confidence in the second half of 2009. The
operational EBITA margin rose from 5.1% to 5.4%, a substantial
improvement. Profit per share (before amortisation) rose by 19% to
0.80 euro.

The effects of the economic crisis
During the second half of 2008 the global economic playing field
changed dramatically. At the end of 2008 the effects of the
international credit crisis spread across a broad front and were also
felt by Imtech. During the first half of 2009 Imtech noticed that, as
mentioned earlier, it was not immune from the effects of this
economic crisis. In the first half of 2009 difficulties with
financing meant a number of orders were postponed and, in some cases,
the scope of maintenance contracts was changed. The competition
increases, partly due to the fact that customers tender new projects
in segments rather than an integrated whole.

On the other hand the demand for technology has not decreased. In
fact, there has been a considerable increase in the demand for
'green' technology that contributes towards more energy-efficient and
sustainable processes in, for example, 'green' data centres, offices,
manufacturing facilities, ships and public lighting. Imtech can
respond to this demand with a wide variety of 'green' solutions, such

* Energy management: multi-year responsibility for an optimum
energy supply;
* Increased efficiency: the 'fine-tuning' of customers' technology
and processes;
* Energy saving: metering, consultancy and implementation;
* Power plants and decentralised energy facilities, including
high-tech co-generation plants;
* Thermal energy, energy storage, bio-energy, etc.;
* High-tension and energy technology: total solutions for network
managers and network companies including the
installation/replacement/up-grading of (digital) energy meters;
* Diesel-electric propulsion and energy reduction on board ships.

This broad spectrum of 'green' technological solutions helps Imtech
to resist the effects of the economic crisis.

In addition Imtech serves around 19,500 customers and occupies strong
market positions in Europe and the global marine market. Also its
extensive portfolio of widely-spread activities in many countries,
market segments and niches acts as a counterweight against the
effects of the economic crisis.

Imtech is also noticing the first positive effects of increasing
government investment aimed at combating the crisis. These government
activities account for around 30% of Imtech's total activities.
Imtech is especially well positioned in the infrastructure, care &
cure, education and public buildings markets. In addition, Imtech's
recurring business model, which is relevant for around 55% of its
total activities with thousands of maintenance contracts and many
regular customers, offers a high degree of continuity.

At the same time Imtech is keeping its finger on the pulse through
the monitoring of its own cash position, working capital, indirect
costs and order book development. A sharp eye is also being kept on
the (financial) position of customers, sub-contractors and suppliers.
Imtech also has an flexible project organisation in which some
cost-reduction measures have already been implemented. Also Imtech is
able to benefit from available market opportunities in the field of

Imtech is well balanced and prepared for further growth
The net result of an opportunities and threats analysis is that
Imtech is well balanced. Despite the difficult economic conditions
the focus remains on further growth. The Benelux achieved a modest 3%
growth of organic EBITA. German & Eastern Europe excelled with an
extremely robust organic EBITA growth of over 35%. In the UK, Ireland
& Spain, where the effects of the economic crisis are most apparent,
Imtech succeeded in maintaining its position with an almost entirely
organic EBITA growth of 6%. In the Nordic division NVS, which was
acquired in 2008, performed well - the achieved 6.4% EBITA margin was
in-line with expectations. In the European and partly global ICT,
Traffic & Marine markets lower results in the ICT market were offset
by positive developments in the Traffic and Marine market. The
overall result was an EBITA growth of 5% achieved through a
combination of organic growth and acquisitions.

The combination of an excellent performance in the first half of
2009, the increasing demand for 'green' technology, its broad
portfolio and its successful strategy means Imtech has faith in its
own strength even in difficult market conditions and is prepared for
further growth in 2009.

The Benelux: organic growth
In the Benelux Imtech is holding its position reasonably well
organically. The sharp focus on energy and the environment is paying
off with a great number of orders, for example for 'green' data
centres, energy-savings and 'green' public lighting. Imtech was also
able to benefit from governmental infrastructure investment
programmes. In the buildings market the lower investment level in
commercial buildings was partly offset by growth in 'green'
buildings, the care & cure sector, the airport market and education.
There was, however, a steep decline in investments in the industry
market. Imtech concentrates on the energy, water and environment
markets as well as maintenance and management. The overall picture is
one of organic growth and a still growing order book.

Total performance in the Benelux

HY 2009 HY 2008 Growth
Revenue (in millions) 574 553 +4%
EBITA (in millions) 20.4 19.9 +3%
EBITA margin 3.6% 3.6%
Order book (in millions) 1,411 1,371 +3%
Number of employees (on 30 June) 7,575 7,130 +6%

Revenue rose by 4% to 574 million euro and the EBITA rose by 3% to
20.4 million euro. The order book also showed further growth rising
by 3% to 1,411 million euro. In the Netherlands market conditions
were particularly difficult in the north and south. In the west of
the country (Randstad) Imtech was able to maintain a good position.
In Belgium and Luxembourg Imtech performed well despite being under
pressure. The overall operational EBITA margin was maintained at
3.6%. The number of employees rose by 6% to 7,575 partly as a result
of a successful recruitment campaign.

Major orders for buildings provide a firm foundation
Large on-going projects, such as the new Home Affairs and Justice
Ministries in the Netherlands, the Jeroen Bosch Hospital in Den
Bosch, the 'Palais des Congres' and the extension of the Ministry of
Justice building in Brussels and the extensive multidisciplinary
'Belval Plaza' project in Luxembourg provide a firm foundation for

The energy market: continued growth
In the (alternative) energy market Imtech is active across a broad
front. A start was made on the energy-generating incineration line
for waste incineration company HVC in the Netherlands. The high-tech
power plant in the Academisch Medisch Centrum Amsterdam (academic
hospital centre of Amsterdam) is a new order. Imtech is also making
good progress with 'green' public lighting and is involved in over
100 European projects for its energy-efficient 'Innolumis' lighting.
Other examples are the use of solar and wind energy for car park
lighting, bio-energy, energy-savings in industry and sustainable
drainage in the waste industry. Sustainable buildings are also a
growth segment and an order was received for the sustainable
technology in the Dutch Army's new headquarters in Utrecht. Green
Office 2015®, a concept for energy-efficient and ecological area
development introduced by Imtech among others, was worked out in more
detail. Energy and sustainability offset the reduction in technology
investments in buildings.

'Green' data centres: robust growth
'Green' data centres are another niche market in which there is
robust growth and Imtech is one of the strongest players in this
market. New orders were received from Dutch financial institutions
and telecommunications providers and will make the digital payment
and Internet traffic more secure and energy-efficient.

High and medium tension and energy metering: further growth
Imtech's responsibilities included transformers and switching
stations for energy companies and network managers, such as Eneco's
network company and Belgian network manager Elia. In the Netherlands
nearly 15,000 electricity and gas meters were replaced, digitised or

Infrastructure: increasing government investment
In the context of the economic crisis governments are investing in
infrastructure and a substantial portion of this investment involves
technology. One sizeable new project is the total technology
solutions in the new double-decker tunnel under the A2 in Maastricht.
Security in the Velser tunnel is also improved and the operation of
various sluices and bridges was automated. Imtech strengthened its
position at Amsterdam Schiphol Airport still further, for example
with the renovation of technical sub-stations around the landing

Continuity in care & cure, security and education
Imtech once again performed well in the care & cure market. New
orders included the renovation of operating theatres and
rapid-response assistance facilities. Imtech holds thousands of
contracts for the maintenance of technical provisions in the field of
access technology and fire security. These contracts are relatively
insensitive to the effects of the economic crisis. New orders were
received for technical solutions in a number of schools and for the
fire security in various educational establishments.

Oil & gas: export level maintained
Imtech specialises in 'power', process optimisation and output and
quality analysis in the international oil & gas industry. These
specialities have maintained their level of work with orders in
several countries including Oman and Qatar. Thanks to Imtech's
available expertise a position is slowly but surely being generated
in the CO2 storage market.

Industry: a steep decline
There has been a steep decline in the level of investment in the
industry market. Despite orders from, for example, Total, Vitelia and
Cargill, the effects of the economic crisis can be seen very clearly
in this sector.

Maintenance: under pressure
Imtech carries out hundreds of maintenance contracts not only in
buildings and infrastructure but also in industry. These contracts
make an important contribution towards continuity and are often the
cause of additional investments. The market is in motion and this
offers both opportunities and threats. New contracts were won from,
among others, Inbev and the City of Brussels; other contracts were
amended, re-tendered or postponed. On balance Imtech experiences
pressure in this segment.

Germany & Eastern Europe: a very strong position leads to high
organic growth
Imtech occupies a very strong position in Germany and offers
customers high added-value. There is an extensive long-list of
potential projects in markets such as energy, 'green' revitalisation,
airports, care & cure, data centres, pharmaceuticals and the
automotive industry. Imtech is also more focused on technical
maintenance. All of this enabled the margin to be raised seriously
higher and a robust organic growth to be achieved. In Eastern Europe
although Imtech felt more of the effects of the economic crisis it
was still able to maintain its position, partly thanks to its focus
on high-tech projects and the positive effects of Poland's hosting of
the EURO 2012 European Football Championship.

Total performance in Germany & Eastern Europe

HY 2009 HY 2008 Growth
Revenue (in millions) 494 470 +5%
EBITA (in millions) 28.9 21.4 +35%
EBITA margin 5.9% 4.6%
Order book (in millions) 1,635 1,453 +13%
Number of employees (on 30 June) 4,407 4,114 +7%

With revenue increasing by 5% to 494 million euro the EBITA rose by
35% to 28.9 million euro. As a result the margin rose substantially
from 4.6% to 5.9%. The order book showed a substantial 13% growth to
a record 1,635 million euro. The number of employees rose by 7% to

Energy: a growth market
The German energy market is a growth market for Imtech. New orders
were acquired for a high-tech power plant in Stade (order from Dow
and EnBW), a biomass plant in Witgenstein and a thermal power plant
in Erding. The order for an RWE power plant in Hamm proceeded well.
Imtech was also active in the decentralised power plant market, for
example with a new power plant for Audi in Brussels. Imtech's
expertise in energy management and energy contracting achieved
further growth. Existing contracts for a number of customers
including Caterpillar in Kiel and the Bundesnachrichtendienst (German
National Security Service) in Berlin are on schedule. New contracts
were signed with Friesland Foods in Germany and Daimler in Hungary.

'Green' revitalisation: Imtech leads the way
Imtech stands out in the 'green' revitalisation growth market - the
replacement of the entire existing, generally out-dated, technical
infrastructure with 'green' total solutions. The result is savings of
around 50% on energy, CO2 emissions and water. The most important
project (120 million euro) involves the 'green' revitalisation of the
two 155 metres high towers of the Deutsche Bank's headquarters in
Frankfurt on the basis of platinum LEED certification (Leadership in
Energy and Environment Design).

Sustainable buildings: on the increase
Imtech is in a very good position in the growth segment of
sustainable buildings. One project involves the total sustainable
technical infrastructure, including a co-generation plant and an
energy-efficient hydrogen cooling system, in the new energy-efficient
office building for Victoria Versicherungen in Düsseldorf.

Airports: multi-year continuity
Imtech will be active at Berlin's Brandenburg International airport
for several years. This airport will, in time, handle around 45
million passengers a year, which will make it the third largest
airport in Germany. In the new terminal (floor area of 280,000 m²)
Imtech is responsible for all the energy solutions, the innovative
heat recapturing, the high and medium tension and all related
technical solutions. The overall value of the orders is well over 100
million euro. Imtech is also active at Berlin's Tegel airport.

The pharmaceutical industry: continued investments
The pharmaceutical industry remains important for Imtech, for example
with special clean room solutions. The customers that awarded new
orders to Imtech included Novartis in Marburg (Germany) and Novartis
and Merck Serono in Switzerland.

Health care and data centres: a growth market
Imtech is acting as the expert technology partner in the growing
health care market with orders being received from a number of health
centres including hospitals in Stuttgart and Neukirchen. Virtually
all the German energy companies, banks and insurance companies are
investing in extra bandwidth for data traffic. Imtech is the market
leader in this data centres segment with new orders from E-shelter.

The automotive industry: important for Imtech
Despite the economic crisis the German automotive industry continues
to invest in new research and test centres for the development of
energy-efficient automobiles with low emissions. High-tech test
technology with which wind, weather and environmental-influences are
simulated is one of Imtech's strengths. Customers include BMW and
Daimler. Imtech also supplies end-to-line test facilities. These are
also exported, for example to China, Thailand and India. Imtech
implemented an innovative fire protection system for Audi.

Eastern Europe: a focus on high-tech leads to growth
Poland's hosting of the 2012 UEFA European Football Championship has
led to extensive investments. Imtech is one of the strongest Polish
technical services providers with a focus on high-tech solutions, for
example in hotels, department stores and cinemas. Imtech also focuses
on high-tech buildings, such as the Zebra Tower in Warsaw. Orders
were also received from Volkswagen and Selgros. Imtech remains
selectively active in Russia, for example with technical solutions in
a new Media Market store.

UK, Ireland & Spain: further, mainly organic, growth
As a result of the economic crisis market conditions in the UK,
Ireland and Spain vary from difficult to very difficult. Despite this
Imtech performed very well. Although the order book was slightly
lower further, mainly organic, EBITA growth was achieved. In the UK
the steep decline in the real estate market was offset by the breadth
of Imtech's portfolio, the sharp focus on energy and water and the
investment related to the 2012 Olympic Games. In Ireland investments
in the pharmaceutical sector continues at a reasonable level. Here
too the focus on energy is bearing fruit. The export of technology is
also being intensified. In Spain there are large on-going projects in
the (petro) chemical sector and Imtech occupies a strong, and
growing, position in maintenance, management and up-grading in both
the oil & gas industry and the buildings market.

Total performance in the UK, Ireland & Spain

HY 2009 HY 2008 Growth
Revenue (in millions) 270 236 +14%
EBITA (in millions) 17.5 16.5 +6%
EBITA margin 6.5% 7.0%
Order book (in millions) 542 553 (2%)
Number of employees (on 30 June) 3,377 3,164 +7%

Revenue rose by 14% to 270 million euro. The EBITA rose, virtually
entirely organically, by 6% to 17.5 million euro, despite the
negative effect of the depreciation of the British pound against the
euro. The order book fell by 2% to 542 million euro and at 6.5% the
margin was slightly lower than the 7% of last year. As a result of a
medium-sized acquisition in Spain the number of employees rose by 7%
to 3,377.

A broad market scope in the UK & Ireland
In the UK & Ireland Imtech's hallmark is its broad market scope in
terms of both geography (active in Greater London, South East
England, the Midlands and Yorkshire and, in the water industry,
nationwide and in Ireland) and its activities in various segments
(the water industry, pharmaceuticals, education, hotels, shopping
centres, care & cure, penitentiaries, museums, inner-city
redevelopment, technological renovation, etc.). This means Imtech can
respond flexibly to the available market opportunities.

Water and water treatment: further growth
Imtech expanded its position in the UK water industry, in which it
was already one of the strongest players. Imtech is the technology
partner of a number of customers including large water companies such
as Welsh Water and Anglian Water Services. In this context various
water treatment improvement projects were carried out. Imtech's
customers also include smaller water companies such as United
Utilities Water. The construction of a new water treatment plant in
East Anglia is on schedule.

From water treatment to energy: a logical step
The water treatment expertise available within Imtech has, in recent
years, enabled a position in the energy market to be built up. This
position was once again confirmed by the order from Welsh Water for
two bio-fermentation plants in Wales. Using high-tech co-generation
technology these plants generate 5.5 MW of green electricity while
reducing the customer's carbon footprint by 15%. Imtech also received
an order from the University of East Anglia for energy generated from
biomass, co-generation technology and concrete core activation
(heating and cooling the building's mass via systems of channels
installed within the concrete). At Dublin Airport Imtech is
responsible for a power plant.

English education: a growth market
Education is one of the market segments in the UK that, partly thanks
to increasing government investment, is showing substantial growth.
Imtech is one of the strongest players in this segment. Projects
include the expansion of Nottingham Trent University, the
redevelopment of the Colchester Institute and the technology in a
Cambridge University R&D centre.

The effect of the 2012 Olympic Games
London's hosting of the 2012 Olympic Games has cleared the way for an
extensive investment programme in which Imtech has pre-qualified for
the technology solutions in a number of sporting venues and
accommodation projects. At the same time hotels and shop chains in
particular are investing in expansions and/or large-scale
technological renovation and upgrading.
The Irish pharmaceutical industry: continued investment
In Ireland the level of investments in the pharmaceutical industry
has remained at a reasonable level although there has been a shift
from large to medium-sized projects, such as a new R&D centre with
clean room facilities for Genzyme in Waterford. Imtech is exporting
more and more its pharmaceutical combined electrical engineering and
instrumentation expertise to other European Imtech countries.

Spain: further growth in the industry market
Imtech is one of the strongest players in the Spanish industrial
assembly, maintenance and shut-downs markets, particularly in the
(petro) chemical sector. Imtech is responsible for doubling the
capacity of Repsol's refinery in Cartagena and Cepsa's refinery in
Huelva (orders worth over 130 million euro). Imtech also manages
numerous shut-downs and upgrades. The focus is on the growth of
industrial maintenance services with a multidisciplinary focus.
Imtech is responsible for the multidisciplinary industrial
maintenance for steel manufacturer Acerinox and the Cepsa refinery in
Algeciras. Imtech is also responsible for the maintenance of the
Cepsa refineries in La Rábida and Tenerife and the BP refinery in

Spanish buildings: a focus on maintenance
The Spanish real estate market is going through a deep depression.
Imtech focused successfully on a growing base of regular customers in
major economic centres. This approach is bearing fruit. There has
also been a radical shift in the focus towards maintenance in the
form of multidisciplinary performance contracts with 24/7 services.
Examples include the maintenance of all the AC Hotels in Andalusia
and Catalonia, the 'Reina Sofia' Hospital in Tudela and the 75,000 m²
'Las Mercedes Business Park' in Madrid. The market situation does,
however, mean that the margins are under pressure.

Nordic: a good performance
In November 2008 Imtech acquired NVS. NVS is one of the largest
players in the technical services market in Sweden and Norway and has
a base position in Finland. This acquisition has laid the foundations
for a strong Imtech position in Scandinavia. NVS offers a wide range
of activities in the field of energy, heating, air and climate
technology, fire protection, sprinkler technology, industrial
services and maintenance. The focus is on many medium-sized and
smaller projects evenly spread across a large number of market
segments, from public and private buildings to education, care & cure
and industry. In addition to new construction NVS concentrates
primarily on technological redevelopment and maintenance. This
strategically focus proved advantageous in worsening market
conditions - NVS performed well.

Total performance in Nordic

HY 2009
Revenue (in millions) 145
EBITA (in millions) 9.3
EBITA margin 6.4%
Order book (in millions) 207
Number of employees (on 30 June) 2,281

As NVS was acquired in November 2008 there are no figures for the
comparable period. Revenue amounted to 145 million with, as
anticipated at the moment of acquisition and according to
seasonality, an EBITA margin of 6.4%. At 207 million euro the order
book was also healthy. Nordic employs 2,281 staff.

Position strengthening through acquisitions
To further strengthen the position in Scandinavia three companies
have been acquired:

* AT Furustad: an all-round technical services provider in the
Vestfold region in Norway, specialised in mechanical processes,
energy and air and climate solutions;
* Sundsvalls Rörteknik: a Swedish industrial services provider
specialised in high-value process technology;
* Olav C. Jensen & Søn: a technical services provider specialised
in maintenance in Ski in Norway - a region that lies in a
strategic position between the cities of Oslo and Fredrikstad.

The total annual revenue amounts to around 11 million euro with a
total of around 80 employees. All the acquisitions will make an
immediate contribution towards profit per share.

The energy market offers opportunities
Norway, Sweden and Finland want to reduce their dependence on
electricity and oil. This policy has led to (government) investment
in the optimisation of energy performance and the use of alternative
energy. Imtech (NVS) is active in energy services, energy saving,
alternative energy and decentralised energy facilities. These
services are offered in both the industry and buildings markets. In
the industry market various orders for energy optimisation were
acquired. Imtech was also responsible for a part of the technical
infrastructure in Elkem Solar's solar cell factory in Norway. In the
buildings market Imtech (NVS) is involved in the sustainable
'Stockholm Waterfront' project. This is an ecological project with a
wide range of innovative energy solutions and extremely low CO2
emissions, including via ice cooling.

Investments in public buildings remain high
Investment in care & cure and education has remained high, partly
thanks to additional government investment. Imtech (NVS) was
responsible for the sustainable air and climate solutions and fire
security in various buildings including the 'Drammen' educational
institution building in Oslo - a former architectural monument built
in the 19th century. In Sweden Imtech (NVS) was involved with the
regional Kalmar hospital and the Skansa hospital. Progress was also
made in other public buildings, for example with the sustainable air
and climate technology in a new penitentiary in Sollentuna, north of
Stockholm. Part of this prison was prefabricated on the basis of IFDB
(Industrial Flexible Dismountable Building). Imtech was also
responsible for the technology in this section.

Infrastructure: a growth market
Investments in new infrastructure are being made in various
locations, for example in Stockholm where a new railway tunnel is
being constructed that will transform Malmö Central from a
dead-end-station into a through-connection. Imtech (NVS) is
responsible for the sustainable climate solutions in the station.

A strong position in technological renovation and redevelopment
Imtech (NVS) occupies a strong position in the technological
renovation and redevelopment market. A number of larger projects were
acquired including the technological redevelopment of various
buildings around the Liljeholmen Square in Stockholm. This is a
multidisciplinary project comprising medical facilities, shops and
offices. Another example is the redevelopment of a former monumental
aircraft hangar in Stockholm into a shopping centre.

Hotels: continuing investment
The level of investment in hotels has remained more or less the same.
Imtech (NVS) projects include the sustainable technology and fire
security in the new Rezidor Park Inn Hotel near Oslo Airport and the
new Scandic hotel in Karlskrona.

Industry: cost savings
Investments in industry are under pressure. With the focus on cost
savings and improved efficiency, technology is playing a key role.
Fiskeby Board, a packaging manufacturer in Norrköping in Sweden, and
Nynas, a Swedish oil and bitumen products manufacturer, worked with
Imtech (NVS) to improve their primary processes.

Fire protection: business as usual
Investments in fire protection have remained good. Imtech (NVS) was
responsible for all the fire and sprinkler solutions in a new, large
printing works in Landvetter, just outside Gothenburg in Sweden.

ICT, Traffic & Marine: further growth both organically and through
This European, and partly globally, operating cluster achieved
further growth both organically and through acquisitions. Although
demand decreased in the ICT market, the growing volume of traffic and
government investment led to an increase in European Traffic
activities. Imtech also achieved better results from its global
Marine market activities.

Total performance in ICT, Traffic & Marine

HY 2009 HY 2008 Growth
Revenue (in millions) 539 502 +7%
EBITA (in millions) 34.0 32.4 +5%
EBITA margin 6.3% 6.5%
Order book (in millions) 1,014 964 +5%
Number of employees (on 30 June) 5,062 4,631 +9%

Revenue rose by 7% to 539 million euro and the EBITA rose by 5% to
34.0 million euro. As a result the margin fell slightly from 6.5% to
6.3%. The order book rose by 5% to 1,014 million euro. The number of
employees rose by 9% to 5,062, in part due to acquisitions in 2008.

ICT: the economic crisis has a negative impact
Imtech is active in the ICT markets in the Netherlands, Belgium,
Germany, Switzerland, Austria and the UK. Intensive co-operation with
world market leaders such as IBM, Microsoft, Cisco and SAP makes high
added-value possible. The economic crisis has had a negative effect
on revenue. Competition has sharpened and margins have come under
pressure. A lower EBITA in the Netherlands, Germany and the UK was
partially offset by the activities in Austria and Belgium.

Two prestigious IBM Beacon Awards were won and Imtech was awarded
various titles by the trade press (including 'best telecommunications
services provider in the Netherlands').

Developments in the Dutch ICT market were negative, with the
exception of investments in government, care & cure and education.
The demand for business intelligence, performance software and
'technical software' rose. The good performance achieved by Imtech's
differentiating network and communications solutions included the
winning of an order for a high-tech backbone for the integration of
images from the Ministry of Public Works' cameras on the highways
around Rotterdam. This is improving traffic safety. Imtech was also
successful in the field of ICT outsourcing, for example with a
five-year agreement for the newly developed DeskCare® services (the
flexible out-sourcing of ICT management services) in the Zuwe
Hofpoort Hospital in Woerden.

Germany is in a decline. Several investment decisions were postponed.
Although there was growth in the field of virtualisation and IT
consolidation, CRM (Customer Relationship Management) and business
intelligence, there was a decline in the ICT total solutions market
(software, hardware and IT services). A number of orders were
acquired from customers including Deutsche Bahn, Merck, Nobel Biocare
Deutschland, Lufthansa Air Plus, Amadeus Data and the Deutsche

In Germany and Switzerland Imtech achieved good results with software
solutions for financial services to the public sector. The Stadt
Remscheid was a new customer. Imtech has decided to offer these
services in the Netherlands as well.

In Austria Imtech is doing relatively well, for example with
high-tech tailor-made SAP software and logistical IT solutions for
various European postal services. Software orders in Austria and
Belgium were received from banks such as the Austrian Raiffeisenbank
and the Belgian Fortis bank.

In the UK Imtech has a history of being highly active in the
financial market. In the first half of 2009 the crisis in the English
banking sector put the acquisition of orders under severe pressure.
The telecommunications activities did, however, perform well. One
substantial order was for high speed broadband at remote spots, which
will mean regions with a low population density will also be able to
reap the optimum benefits from the Internet.

Traffic: high demand leads to growth
In the UK, the Netherlands and parts of Eastern Europe and Sweden
Imtech, via Imtech Infra & Traffic and Peek Traffic (acquired two
years ago), is extremely well positioned in the fast-growing mobility
and innovative traffic solutions market.

In the UK government investment increased. The Highway Agency
(manager of motorways and connecting roads in England) awards Imtech
the order for the integration of access dosage with the existing
traffic control systems. Orders are also acquired for high-tech
digital camera systems for dynamic speed control and improved traffic
safety on various motorways. Further progress was made with the
multi-year maintenance and upgrading contract for NRTS (National
Roads Telecommunications Services), the high-tech data-backbone to
which all the Highway Agency's roads are connected. Imtech is
responsible for the innovative traffic management on the motorways
around Birmingham and Coventry. The multi-year maintenance contract
with Transport for London (manager of the road network in and around
London) for the 'Keeping London Moving' programme generated extra
activities. Imtech is responsible for the maintenance and upgrading
of all the traffic systems in the eastern region of London, including
the Olympic area. This involves around 40% of all the technical
traffic solutions in London.

In the Netherlands Imtech was responsible for the intelligent traffic
influencing systems that are improving traffic throughput and
reducing the pressure on the environment in a number of cities
including Tilburg, Breda, Apeldoorn and Amsterdam. An order was
received from the Dutch Department of Waterways and Public Works for
the introduction of dynamic maximum speed control ('Dynamax') on the
A1 and A12 motorways.

In Poland and Croatia, where traffic problems are worsening very
quickly, Imtech achieved further growth and was awarded substantial
maintenance contracts in a number of cities including Warsaw, Karkow,
Wroclaw, Rudwana and Zagreb. A break-through was achieved in Sweden
with orders for a digital 'Travel Time System' in Stockholm and for
high-tech vehicle detection systems at a number of locations. An
office was opened in Finland.

Imtech is involved in the first European tests of two new innovative
traffic technologies - CVIS (Co-operative Vehicle Infrastructure
Systems) and SAFESPOT (Co-operative Systems for Road Safety). CVIS is
a communications platform through which vehicles can communicate with
each other and with existing traffic technology. SAFESPOT is
investigating how by working together intelligent vehicles and
intelligent infrastructures can contribute towards reducing traffic
accidents by recognising and drawing drivers' attention to
potentially hazardous situations in good time.

Marine: continued growth
Imtech's strong market position (global top-5), broad portfolio of
activities in every shipping sector and sharp focus on service,
maintenance and management have made continued growth possible.

On-going naval programmes and increasing government spending were two
of the reasons why Imtech succeeded in winning orders from several
navies including the Dutch Royal Navy (upgrading hardware), the
German Navy (technology on board new F-125 frigates), the South
Korean Navy (a Rudder Roll stabilisation system for keeping frigates
on course and preventing oscillation) and the British Royal Navy
(engineering for new aircraft carriers).

Demand for 'green technology', such as innovative and
environmentally-friendly (diesel)electric propulsion, has increased.
This technology leads to reduced fuel consumption (10 to 20%) and
environmentally-harmful emissions (15 to 20%), for example on board
the working ship 'Jascon' in Shanghai. Imtech was also involved in
the technical infrastructure on enormous converter platforms that
form the link for transferring the energy generated by 80 wind
turbines in the North Sea to the shore.

Orders for technological solutions on-board a number of luxury (mega)
yachts, some of which are over 100 metres long, were received from
various ship owners and wharves in Europe, Canada and the Far East.
Imtech also won large orders for retrofits (the replacement of
technically out-dated systems) and technology upgrading on board
luxury mega-yachts including 'Swift' (in Abu Dhabi) and 'Blackhawk'
(in the United States). The cruise and passenger liner market
remained good as was proven by orders for the energy-efficient
climate technology on board a Solstice Class passenger liner and the
renovation and upgrading of the technology on the passenger liner 'de

Imtech provides marine services and maintenance to over 750 regular
customers in 25 countries and from 70 different locations. These
activities achieved further growth, for example in the Middle East,
Egypt, Hong Kong and South Africa.

The number of employees rises mainly due to acquisitions
The number of employees has risen mainly as a result of acquisitions.
On 30 June 2009 Imtech employed 22,747 staff compared with 19,082 on
30 June 2008, an increase of 19%. Due to cost-reductions the number
of temporary staff has been and will be reduced. In spite of the
crisis, the main concern for the future remains the availability of
qualified and experienced employees. This is why Imtech continues to
invest in training programmes at both a management and a technical
level, ensures it stands out from the competition through labour
market recruitment campaigns and wants to retain its employees.

Capital and financing
The ratio of 'average net debt / EBITDA (last 12 months)' was 1.8 (30
June 2008: 0.9) well within the standards specified in the covenants
agreed with banks. The increase was the result of a loan taken out at
the end of 2008 in connection with the acquisition of NVS. Interest
coverage, based on the past 12 months, amounted to 8.5 (as at 30 June
2008: 10.2).

Compared with 30 June 2008 total shareholders' equity was higher at
413 million euro. The net profit achieved in the first half of the
year was 51.5 million euro and the dividend over the previous
financial year paid out in cash amounted to 29.2 million euro. To
cover the stock dividend over 2008 1,427,836 shares were issued and
1.1 million euro was charged to the agio reserve. During the first
half of 2009 the Company as a result of employee options being
exercised sold 261,000 shares. To cover the balance of exercised
options, newly granted options and conditionally awarded shares
1,115,296 shares were purchased during the first half of 2009.

The balance sheet total was 554 million euro higher than on 30 June
2008. This increase was due primarily to the acquisitions that have
taken place since that date. The net debt position (excluding
derivates) amounted to 466 million euro (30 June 2008: 269 million
euro). At the beginning of the financial year the net debt position
was 444 million euro. At 51.4 million euro the net cash flow from
operating activities was 123.6 million euro higher than in the same
period last year, mainly due to the continued focus on working
capital. This resulted in a working capital 47 million euro lower
than last year - a reduction of over 20% despite the Company's
growth. Net cash flow from investing activities amounted to 31.5
million euro negative mainly due to acquisitions and investments in
property, plant and equipment. Net cash flow from financing
activities was 47.2 million euro negative due to the payment of
dividend to shareholders and the purchase of own shares to cover the
share and share option schemes. Net cash, cash equivalents and bank
overdrafts fell by 23.5 million euro compared with 31 December 2008,
which meant the balance on 30 June was 100.4 million euro negative.

Maintaining long-term growth objectives
Imtech's maintains its long-term growth objective of achieving a
revenue level of 5 billion euro in 2012, while maintaining an
operational EBITA margin of 6%.

Outlook for the whole of 2009
The outlook for the whole of 2009 expressed in February 2009 remains
unchanged: according to its current views the Board of Management
expects a further EBITA increase through organic growth and



The interim financial statements give a true and fair view of the
assets, liabilities, financial position and results of Imtech N.V.
and the companies included in the consolidation.

The interim financial statements give a true and fair view of the
situation on the balance sheet date, business development during the
first half of the financial year and the anticipated business
development of Imtech N.V. and its associated companies for which the
information is recognised in the interim financial statements.

Gouda, 10 August 2009

Board of Management
R.J.A. van der Bruggen, CEO
B.R.I.M. Gerner, CFO
For more information

Media: Analysts & investors:
Mark Salomons Jeroen Leenaers
Company Secretary Manager Investor Relations
T: +31 (0)182 543 514 T: +31 (0)182 543 504
E: E:

Imtech profile
Imtech N.V. is a European technical services provider in the fields
of electrical engineering, ICT and mechanical engineering. With over
22,500 employees, Imtech achieves annual revenue of around 3.8
billion euro. Imtech holds strong positions in the buildings,
industry and infrastructure/traffic markets in the Netherlands,
Belgium, Luxembourg, Germany, Eastern Europe, Nordic, the UK, Ireland
and Spain and in the global marine market. In total Imtech serves
19,500 customers. Imtech offers added value in the form of integrated
and multidisciplinary total solutions that lead to better business
processes and more efficiency for customers and the customers they,
in their turn, serve. Imtech also offers solutions that contribute
towards a sustainable society, for example in the areas of energy,
the environment, water and mobility. Imtech shares are listed on the
Euronext Stock Exchange Amsterdam, where Imtech is included in the
Midkap Index. Imtech shares are also included in the Dow Jones STOXX
600 index.

Financial calendar

* Trading update third quarter of 2009: 28 October 2009
* Publication of 2009 annual figures, press conference and
analysts' meeting: 16 February 2010
* General Meeting of Shareholders: 7 April 2010

Pres conference and analysts' meeting 11 August 2009, Mövenpick
Hotel, Amsterdam
From 10.00 hrs a press conference will be held in the Mövenpick
Hotel, Piet Heinkade 11, 1019 BR Amsterdam. The analysts' meeting
will start at 12.00 hrs. To register call Astrid Marré, telephone +31
(0)6 11 39 69 98.

Live-transmission via Internet (Webcast)
The analysts' meeting on 11 August 2009 will be transmitted live via
the internet ( from 12.00 hrs until around 13.00 hrs
and after this time will also be available on the website.

Photographs of the Chairman of the Board of Management are available
to the media via Fotopersbureau Dijkstra. For further information:
Fotopersbureau Dijkstra, telephone + 31 (0)297 56 68 83, E-mail:

For the complete press release, including tables, see the attached

This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

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