2009 again an excellent year for Imtech: EBITA +20%, order book +5%, further EBITA growth forecast in 2010

Tuesday, 16. February 2010 07:02
| | |
  2009 |2008 |Growth|
| | |
Revenue (in millions) 4,323 |3,859 |+ 12% | (organic: 3%)
| | |
EBITA (in millions) 235.9 |197.2 |+ 20% | (organic: 7%)
| | |
EBIT (in millions) 212.9 |183.8 |+ 16% |
| | |
Net profit (in millions) 126.2 |113.3 |+ 11% |
| | |
    |  |  |
| | |
Earnings per share before amortisation 1.92 |1.64 |+ 17% |
| | |
Dividend per share 0.64 |0.59 |+   8%|
| | |
    |  |  |
| | |
Operational EBITA margin 5.8% |5.5% |  |
| | |
Order book (in millions) 4,748 |4,514 |+   5%|
| | |
Number of employees (at year end) 22,955|22,510|+   2%|
| | |

· Order book at end of 2009 up by 5% to over 4.7 billion euro, a good starting
position for 2010
· Despite challenging market conditions 2009 again is an excellent year for
Imtech: EBITA up by 20% of which 7% organic
· Operational EBITA margin up from 5.5% to 5.8%
· Long-term targets maintained: revenue of 5 billion euro in 2012, while
maintaining the target of an operational EBITA margin of 6%
· Outlook 2010: a further increase of EBITA through organic growth and

CEO René van der Bruggen: 'The focus remains on growth'
'2009 was again an excellent year for Imtech', says René van der Bruggen, CEO of
technical services provider Imtech. 'The order book grew by 5% to over 4.7
billion euro - while the quality remained stable. This gives us a good starting
point for 2010. The EBITA rose by 20%, of which 7% was organic. Earnings per
share before amortisation rose by 17%. The dividend proposed rises by 8% to
0.64 euro per ordinary share. The operational EBITA margin rose yet again: from
5.1% in 2007 and 5.5% in 2008 to 5.8% in 2009. Revenue rose by 12% to over 4.3
billion euro, of which 3% was organic and net profit rose by 11%. Despite market
conditions being challenging as a result of the economic crisis, Imtech
performed extremely well in 2009.'

'Imtech's differentiating proposition - technical total solutions through the
combination of electrical engineering, ICT (information and communication
technology) and mechanical engineering - once again demonstrated its strength.
It meant Imtech could make the most of the, still growing, demand for integrated
total solutions in Europe and in the global marine market. All the clusters made
a contribution towards the result. The Germany & Eastern Europe cluster
performed exceptionally well achieving a high organic EBITA growth of 36% and
raising its EBITA margin from 5.7% to 7.3%. An important driver for Imtech's
growth is its strong position in the growth segment of 'energy & environment'
(energy, water, environment and fine particles) with a sharp increase in the
demand for 'green' technology. Other drivers are the Imtech business model in
which around 55% of the activities are recurring (partly thanks to the thousands
of maintenance contracts) and a broad portfolio with strong market positions
(with approx. 20,000 customers) in Europe and the global marine market. Imtech's
financial position is very solid and Imtech is also noticing the first tentative
signs of a recovery in several market segments.'

'Imtech performed well in 2009, but that does not mean we didn't experience the
negative effects of the economic crisis. The difficult financial position in
which some customers found themselves led to projects being deferred or delayed
and competition increased. Imtech has, however, proved it has enough resilience
to grasp opportunities and withstand threats. Bolstered by its successful
strategy and 'track record' of robust growth in recent years Imtech has faith in
its own strength. Imtech is, and will remain, well balanced. The focus, even in
the current market situation, remains on growth.'

'This is why Imtech has not changed its strategic goals - a revenue target of 5
billion euro in 2012, while maintaining an operational EBITA margin target of
6%. According to current views, in 2010 Imtech will achieve a further increase
of its EBITA through organic growth and acquisitions.'

2009 again an excellent year for Imtech
Despite market conditions being challenging as a result of the economic crisis,
2009 was again an excellent year for Imtech. The order book for 2010 stands at
over 4.7 billion euro and the quality has remained stable. This instils
confidence in the future. The Imtech proposition - multidisciplinary technical
total solutions through the combination of electrical engineering, ICT and
mechanical engineering - has proven its worth even in the current market.

All the clusters made a contribution towards the result. Very robust growth was
achieved in Germany & Eastern Europe and both the UK, Ireland & Spain and the
Nordic clusters performed well and achieved further growth. The performance in
the Benelux remained stable. The slight drop in the results of the ICT, Traffic
& Marine cluster was mainly due to volume and margin pressure in the European
ICT market. Overall Imtech has shown itself to be resilient in the face of the
recession. Despite the bad market conditions with pressure on market volumes
Imtech, thanks to all its 23,000 employees, achieved a strong performance both
organically and through acquisitions.

The order book as at 31 December 2009 was 5% higher at 4,748 million euro (2008:
4,514 million euro). The operating result before amortisation and impairment of
intangible assets (EBITA) rose by 20% to 235.9 million euro (2008: 197.2 million
euro), of which 7% was organic. Revenue rose by 12% to 4,323 million euro (2008:
3,859 million euro), of which 3% was organic. The operating result (EBIT) rose
by 16% to 212.9 million euro (2008: 183,8 million euro). Net profit rose by 11%
to 126.2 million euro (2008: 113.3 million euro). Earnings per share before
amortisation and impairment of intangible assets rose by 0.28 euro to 1.92 euro
(+ 17%) based on the average number of issued shares during the year under
review. The overall operational EBITA margin rose to 5.8% (2008: 5.5%). The
exchange rate of the non-euro-related currencies (primarily the British pound,
Polish zloty and Swedish and Norwegian kroner) compared to the euro had a
negative effect of 6.7 million euro on the EBITA and 94 million euro on revenue.

Dividend over 2009 up by 8%
A dividend of 0.64 euro per share, 8% higher than in 2008 (2008: 0.59 euro), in
cash or shares whichever the shareholder prefers, will be proposed to the
General Meeting of Shareholders. This amounts to a dividend pay-out of 40% of
the net profit, which is in line with the dividend policy. The dividend yield
based on the 2009 closing price amounts to 3.4% (2008: 4.9%).

Solid financial position
Imtech's financial position is solid. Net finance expenses rose by 12.8 million
euro to 42.1 million euro. This increase was due primarily to the financing
arranged in November 2008 for the acquisition of NVS in the Nordic region.
Taxation amounted to 44.0 million euro, 2.8 million euro more than in 2008. The
effective tax rate was 25.7% (2008: 26.6%). At the end of 2009 the balance sheet
total was 111 million euro higher at 2,584 million euro (2008: 2,473 million
euro). Most of this increase was due to organic growth and acquisitions.

Net cash flow from operation activities rose by 102 million euro to 150 million
Net cash flow from investment activities amounted to 92 million euro negative
(2008: 337 million euro negative) mainly as a result of the acquisitions and
investment in non-current property, plant and equipment. These investments
amounted to 41.3 million euro (2008: 39.2 million euro). Depreciation amounted
to 30.8 million euro (2008: 29.3 million euro).

On 31 December 2009 Imtech had 109 million euro in cash and cash equivalents at
its disposal (2008: 102 million euro) and the net interest-bearing debt position
was 420 million euro (2008: 445 million euro). Interest coverage amounted to
7.3 (2008: 7.7) and the average net debt/EBITDA ratio was 1.7 (2008: 1.6).

Drivers for growth
In addition to its solid financial position the drivers for Imtech's growth are:

A broad portfolio with strong market positions and considerable size
The increasing role of technology in solving economic and social issues is an
underlying trend from which Imtech has proven itself able to profit for many
years. One of Imtech's strengths in this respect is its diverse portfolio in
large areas of Europe and in the global marine market plus its very diverse base
of nearly 20,000 customers in a wide variety of market segments.

Recurring business: a basis for long term continuity
Around 55% of Imtech's activities involve recurring business. Despite the
difficult market conditions the thousands of maintenance contracts Imtech has
been awarded in many market segments provide a good basis for long term

A growing demand for 'green' technology
The growth market of energy & environment' (energy, environment, fine particles
and water) is a major 'driver' for further growth. Imtech is one of Europe's
strongest technical players in this segment. By integrating energy solutions
into the total approach Imtech delivers extra added value. The increase in the
demand for 'green' technology is particularly noticeable and Imtech's response
has been very effective. Examples include orders for the technology in the
'green' stadium for the 2012 Olympic Games in London, 'green' data centres, the
'green' 150-metre-high towers of the Deutsche Bank in Frankfurt (one of the
'greenest' buildings in Europe), the 'green' renovation of BNP Paribas Fortis'
head office in Brussels and the 'Rainbow Warrior III' - Greenpeace's new 'green'
flagship. In addition to 'green' projects Imtech is also active right across the
board in the market for (decentralised) energy plants, bio energy, oil and gas,
the provision of clean drinking and waste water, the reduction of fine particle
emissions and the prevention of other forms of environmental pollution. In 2009
activities in the field of energy & environment generated around 25% of Imtech's
total revenue and further growth is foreseen. Imtech is well on course. This is
one of the reasons behind Imtech's participation in the successful Cleantech
Fund I, which aims to nurture young and opportunity-rich 'clean technology'

Responding to increasing government investment
Imtech is well positioned in government-financed markets such as naval
programmes, mobility, infrastructure, rail, environment, water, care & cure and
education. In 2009 around 30% of the revenue was generated via
government-initiated or supported projects. In economically less favourable
times governments follow an anti-cyclic investment policy in which technology is
one of the mainsprings. Imtech can benefit from these investments.

Integration of the acquisitions of 2008, several new acquisitions in 2009
One large acquisition in Nordic (NVS with 2,300 employees) and ten other medium
and smaller acquisitions (total revenue: 550 million euro) made 2008 a very busy
year for acquisitions. In 2009 all these acquisitions were integrated and
several new acquisitions in Romania, Spain and Nordic were completed.

The acquisition of Arconi leads to further growth in Romania
Romania is a strategic growth market for Imtech. Which is why Arconi - a strong
multidisciplinary Romanian player with which Imtech has worked via Germany for
many years - was acquired. In the fullness of time Imtech will be able to offer
the total package of Imtech services to Romanian customers via Arconi.

Smaller acquisitions strengthen local positions in Scandinavia
Three smaller technical specialists were acquired, two in Norway and one in
Sweden: AT Furustad, Olav C. Jensen & Søn and Sundsvalls Rörteknik. These
acquisitions have strengthened local positions.

The acquisition of two Huguet companies widens the scope of the services
provision in Spain
In 2008 the acquisition of the first Huguet electrical engineering company and
the commencement of organic electrical engineering activities was the first step
towards building-up multidisciplinary activities in the Madrid, Barcelona and
Navarra regions. In 2009 this was followed by the acquisition of two more Huguet
electrical engineering companies operating in the Valencia and Murcia regions.
The objective of both acquisitions was further growth through synergy,
cross-selling between the electrical engineering and mechanical engineering
services and the offering of higher added value.

All the acquisitions were paid for in cash. The overall annual revenue of these
acquisitions amounts to around 40 million euro with around 525 new employees.
The acquired companies contributed towards earnings per share. The annual EBITA
from the 2009 acquisitions amounts to around 4.8 million euro of which 0.9
million euro was accounted for in 2009. The total purchase price of these
acquisitions (including maximum earn-out) was 31 million euro. Imtech sees good
opportunities for further strengthening its portfolio through acquisitions in
the coming years.

Benelux: growth despite challenging market conditions
In the Benelux, where it is one of the strongest technical players, Imtech
experienced the effects of the worsening economic situation. Although revenue
and EBITA both rose by 2% and the EBITA margin held at (3.9%), the order book
was under pressure and fell by 3%.

| | |
  2009 | 2008 | Growth |
| | |
Revenue (in millions) 1,190 | 1,167 | + 2% |
| | |
EBITA (in millions) 46.1 | 45.1 | + 2% |
| | |
EBITA margin 3.9% | 3.9% |   |
| | |
Order book (in millions) 1,306 | 1,352 | (3%) |
| | |
Number of employees (at year end) 7,313 | 7,239 | + 1% |
| | |

Although considerably reduced investment was the key feature of the buildings
and industry markets, this was partly offset to a degree by the market for
'green' buildings. Orders included the 'green' renovation of BNP Paribas Fortis'
head office in Brussels and the 'green' technology in the Dutch Army's new
headquarters in Utrecht. Imtech was responsible for several 'green' data centres
for financial services providers. There was also an upswing in the energy
market. Orders included an energy plant in the Amsterdam University Medical
Centre. The performance in the maintenance market held its level and, partly
thanks to the effects of government economic incentive programmes, growth was
achieved in the infrastructure market, for example with the technical
infrastructure for the widening of the carriageways along Dutch motorways.
Growth was also apparent in the infra energy market. Imtech supplied high-tech
transformers to one of the Dutch network managers, Stedin. The market for energy
metering also improved, for example via orders from the Belgian energy supplier
Eandis and the installation of thousands of digital energy meters for Dutch
energy companies. Imtech was also the technology partner in a European programme
aimed at improving safety in tunnels including the Velser tunnel, the Staten
tunnel and the Botlek tunnel. In Luxembourg Imtech continued to perform well.

Germany & Eastern Europe: an excellent growth performance in a difficult market
In Germany & Eastern Europe where Imtech is one of the leading technical
players, an excellent organic performance was achieved in a difficult market.
The EBITA showed a substantial growth of 36%, the EBITA margin rose to 7.3% and
both revenue and the order book grew by 6%.

| | |
  2009 | 2008 | Growth |
| | |
Revenue (in millions) 1,103 | 1,037 | +   6% |
| | |
EBITA (in millions) 80.3 | 59.1 | + 36% |
| | |
EBITA margin 7.3% | 5.7% |   |
| | |
Order book (in millions) 1,620 | 1,529 | +   6% |
| | |
Number of employees (at year end) 4,497 | 4,212 | +   7% |
| | |

In Germany & Eastern Europe Imtech made the most of its strong market position
and carried out an impressive number of successful projects in a wide range of
markets, including energy, 'green' buildings, airports, stadiums, care & cure,
data centres, the pharmaceutical and the automotive industry. In the German
energy market, an unmistakable growth market for Imtech, orders included energy
plants for energy company RWE in the Eemshaven (the Netherlands) and for Dow
Deutschland Anlagengesellschaft and EnBW in Stade (Germany). Imtech also led the
way in 'green' buildings, for example with the 'green' technology in offices for
Victoria Versicherungen in Düsseldorf and media concern Spiegel in Hamburg.
Imtech is the market leader in 'green' data centres and projects included the
upgrading and/or expansion of data centres for Lidl and Finanz Informatik.
Imtech was also responsible for a substantial portion of the technology for
Germany's third airport - the new Berlin Brandenburg International airport. In
Poland Imtech's focus on high-tech solutions led to success. In 2012 the
football European Championship will be held in Poland and Imtech won the orders
for the high-tech climate technology in both the National stadium in Warsaw and
the PGE Baltic Arena in Gdansk. Romania is a strategic growth market for Imtech,
which is why Arconi was acquired. Germany was also the base from which a start
was made on building up a position in Austria.

UK, Ireland & Spain: a solid performance in difficult market conditions
In the UK, Ireland & Spain, where Imtech occupies strong market positions, the
economic crisis had a very negative impact on market conditions. Despite this
Imtech proved very capable of holding its own and delivered a solid performance.
The EBITA margin stayed at a good 6.0% and the revenue (+ 8%), EBITA (+3%) and
order book (+4%) all rose.

| | |
  2009 | 2008 | Growth |
| | |
Revenue (in millions) 558 | 519 | + 8% |
| | |
EBITA (in millions) 33.5 | 32.4 | + 3% |
| | |
EBITA margin 6.0% | 6.2% |   |
| | |
Order book (in millions) 546 | 524 | + 4% |
| | |
Number of employees (at year end) 3,714 | 3,539 | + 5% |
| | |

Imtech was able to offset the steep decline in the British real estate market
thanks to its broad market scope, sharp focus on the water, energy and education
markets and investments related to the 2012 Olympic Games. Imtech is one of the
strongest players in the UK (waste) water industry. Orders were received from,
among others, the Anglian Water Services and United Utilities water companies.
In the energy market Imtech achieved growth, for example with the order for two
energy-generating bio digestion plants from water company Welsh Water and
high-tech energy technology for the University of East Anglia. Imtech won the
order for the sustainable climate technology in the 'green' Olympic Stadium and
the Olympic shopping centre 'Westfield Stratford City' (150,000 m²) and is also
involved in other Olympic facilities. In Ireland reduced investment in the
pharmaceutical industry put pressure on revenue and margin, but here too the
focus on energy bore fruit, for example at Dublin Airport, where Imtech was
responsible for a new energy plant. The export of technology from Ireland also

In Spain, where the economic situation was very bad, Imtech added electrical
engineering services to its portfolio with the aim of being able to offer total
technical solutions. Despite the crisis, and as a result of considerable effort,
further growth was achieved in the industry sector and especially in the oil &
gas and steel sectors. Sizeable on going orders from the major Spanish oil and
gas companies, Repsol-YPF (in Cartagena) and Cepsa (in Huelva) for doubling
their refinery capacity and industrial maintenance contracts for steel
manufacturer Acerinox and various Cepsa refineries contributed towards this.
Imtech was also active across a broader front in the growing energy market. In
the real estate market the situation could best be described as 'challenging'.
Even so Imtech did well, partly thanks to the strategic focus on technical
maintenance and management started two years ago.

Nordic: a strong strategic portfolio
In November 2008 Imtech acquired NVS Installation AB (NVS). NVS is one of the
largest players in the Swedish and Norwegian technical services provision market
and also occupies a base position in Finland. This acquisition laid a foundation
for a strong Imtech position in the Nordic region. Imtech (NVS) performed well
and, despite the difficult market situation, the operational EBITA margin rose
to 8.1%. More and more larger projects are being acquired in Nordic and, as a
result, the order book showed robust growth (+54%).

| | |
  2009 | 2008 | Growth |
| | |
Revenue (in millions) 313 | 63 | * |
| | |
EBITA (in millions) 25.4 | 5.0 | * |
| | |
EBITA margin 8.1% | 7.9% |   |
| | |
Order book (in millions) 243 | 158 | + 54% |
| | |
Number of employees (at year end) 2,378 | 2,274 | +   5% |
| | |
* Consolidation based on only the last two months of 2008 means comparison with
2009 is impossible.

Although the economies of Sweden, Norway and Finland were also confronted with
the negative effects of the recession in 2009, Imtech (NVS) achieved progress.
The broad, well- spread and strategic portfolio offered 'protection' from the
difficult market conditions. The focus was on improving productivity and growth
in the energy, care & cure and fire security markets. A framework contract for
improving the energy efficiency in 120 buildings was signed with Micasa
Fastigheter - the property manager of the city of Stockholm. Imtech (NVS) was
also involved in the sustainable, ecological 'Stockholm Waterfront' project.
Imtech (NVS) is the multi-year technology partner for a number of care & cure
projects including the Sahlgrenska Universitetssjukhuset (university hospital in
Göteborg) and the Länssjukhuset (regional hospital in Kalmar). In Stockholm
Imtech (NVS) was responsible for the sustainable climate technology in a former
aircraft hangar that is being converted into a modern shopping centre and
installed a high-tech sprinkler system in the Swedbank Arena - Sweden's new,
multifunctional national football and events stadium that will be opened in the
summer of 2012. Sustainable technology was also implemented in a penal institute
near Stockholm. In Norway the stately Royal Christiania Hotel in the centre of
Oslo was equipped with state-of-the-art technology. The considerable holding of
maintenance contracts offered continuity. Various smaller acquisitions in 2009
also contributed towards the growth.

ICT, Traffic & Marine: a mixed picture
Due to the challenging economic situation, overall the European and global
activities in the ICT, Traffic & Marine cluster performed less well than in
2008. The picture is mixed. In the European ICT market substantially lower
investment led to pressure on revenue and margin. In the European and
international Traffic and Marine markets further growth was achieved despite
difficult market conditions. Although overall revenue rose by 8.0% and the order
book rose by 9.0% the EBITA fell by 5%.

| | |
2009 | 2008 | Growth |
  | | |
| | |
Revenue (in millions) 1,159 | 1,073 | + 8% |
| | |
EBITA (in millions) 67.1 | 70.8 | (5%) |
| | |
EBITA margin 5.8% | 6.6% |   |
| | |
Order book (in millions) 1,033 | 951 | + 9% |
| | |
Number of employees (at year end) 5,008 | 5,202 | (4%) |
| | |

The considerable reduction in volume and the pressure on margins caused by the
economic conditions led to a lower performance being achieved in the European
ICT market. Even so Imtech withstood the effects of the economic crisis
reasonably well, especially when compared to the competition. This was thanks to
the strategic European axis of ICT activities with a broad spread across many
segments and countries, strong positions in software niches and intensive
co-operation with world-market leaders such as IBM, Microsoft, SAP and Cisco.
Cost savings and a limited reorganisation were also implemented. Larger orders
were received from, among others, DHL, the airports in Vienna and Stuttgart, the
German retail chain Edeka, Deutsche Bahn, the Dutch Hofpoort Hospital and ING.

Technology is THE solution for numerous mobility issues. Once again the demand
for integrated traffic solutions rose. Imtech is a strong European player. In
line with the strategy organic growth was achieved. Some of this growth derived
from the firm foundation of multi-year maintenance contracts. These include the
contract from the Highways Agency for the maintenance of the technical
infrastructure along all the motorways in eastern England and Imtech's
participation in the 'Keeping London Moving' programme for Transport for London
(manager of London's road network) which involves the management of 42% of
London's total technical traffic infrastructure, including the Olympic area.
Although there was a slight decline in the urban and Eastern European markets,
the inter-urban and Nordic markets developed well thanks to economic incentive
programmes. Imtech's export position was also strengthened. The international
parking and payment activities achieved further growth despite variable success
in various countries.

In the Marine market the crisis resulted in reduced volumes in the oil & gas,
container ships, bulk transport and inland waterway shipping segments. By
contrast the demand for 'green' ships and activities related to naval programmes
increased. Imtech, one of the world's strongest players, carried out orders for
the navies of Germany, the Netherlands, South Korea, Thailand and various Gulf
States. A large design & build order (130 million euro) was received from the
Royal Navy for the climate technology on board two 280-metre-long aircraft
carriers. Although the volume of service, maintenance and management activities
came under pressure due to the global reduction in container and bulk shipping,
Imtech performed very well and achieved growth in this area thanks to its
extensive and strategically strong service network. The market for luxury yachts
and cruise liners remained good. Imtech was for example responsible for the
energy-efficient climate technology on board cruise liners (350 metre) being
built for the Celebrity Cruises company at the Meyer Wharf in Germany. Overall
growth was achieved.

Corporate Social Responsibility
Imtech made good progress in the field of Corporate Social Responsibility (CSR),
for example with the development of quantifiable CSR data. One development in
this context was a tool with which to measure Imtech's own 'carbon footprint'
that complies with the ISO 14064 standard. In 2010 Imtech is in a position to
report these data in a reliable and consistent manner. As far as chain
responsibility is concerned, Imtech has its own 'Code of Supply' for suppliers
and its own general and technical services suppliers. Imtech separates and
recycles waste in order to create new raw materials and works with reputable
waste services providers. The resulting understanding of the data related to
waste has helped in the drawing up of an active waste policy. Sustainable energy
is generated by the incineration of residual waste and used as 'green'
electricity for Imtech's own offices. In 2009 Imtech's Dutch fleet of leased
vehicles ran on environment-saving fuel, which prevented nearly 1 million kilos
of harmful CO2 emissions. This initiative has been followed up in other Imtech
countries. As a component of Imtech's Corporate Citizenship programme the
Company's own employees helped The Ubuntu Company in South Africa improve its
processes and develop machinery. The Ubuntu Company manufactures trendy design
flip-flops for the European market from discarded car tyres that previously were
dumped in the countryside. The flip-flops are a source of income for nearly
1,000 people and the profit is used for projects for South African children.
Imtech, in co-operation with the NOVA foundation, which is supported by the
Dutch development organisation ICCO, also started a unique initiative to
stimulate energy awareness in South Africa. A similar initiative was a programme
aimed at energy savings in the homes of Imtech's employees. Imtech also began
working towards the achievement of an energy-neutral cradle-to-cradle office for
its own use in Eindhoven.

Human Resources: the best employer in the technical services provision market
Imtech wants to be one of the best employers in the technical services provision
market. Recruiting and selecting qualified technical staff remains a top
priority. The more abundant offering on the labour market improved the quality
of the recruitment and the Imtech brand has become more attractive, in part
thanks to intensive communication campaigns. Special attention was paid to the
recruitment of young potential, the position of employees aged 40+ and the
changing role of project managers. The number of employees rose by 2% to 22,955
(2008: 22,510 employees) as a result of organic growth and acquisitions.

The focus, even in the current market, remains on growth
Imtech started 2010, the year in which it celebrates its 150-year history, with
a very well-filled order book of over 4.7 billion euro. A comfortable position
to be in. Although market conditions remain challenging, strong market
positions, size, an extensive portfolio of services and a large and very diverse
base of nearly 20,000 customers in numerous market segments make continuity, and
with it further growth, possible. Imtech's strong position in Germany (worth
around 25% of the total activities) instils additional confidence. Imtech is
also very well positioned in the growth market of energy & environment and in
the growing government-financed markets. In addition to a structural share of
recurring business (55% of the activities), Imtech has seen the first signs of a
tentative recovery in several market segments. Imtech is also hallmarked by a
flexible project organisation that can adapt to changing market conditions. This
combination of strengths instils confidence in the future.

Against this Imtech has noticed the negative effects of the challenging economic
situation. Customers found themselves in a difficult financial position, which
led to projects being deferred or delayed. Competition is increasing and market
volumes are under pressure. On top of this the potential shortage of experienced
employees in the future remains an issue.

Imtech believes itself to be resilient enough to seize the opportunities arising
from its broad portfolio and strong market positions and to avert the threats.
Imtech's faith in its own strength is reinforced by its successful strategy and
track record of robust growth in recent years. Weighing up the opportunities and
threats Imtech is, and will remain, well balanced. The focus, even in the
current market situation, remains on growth.

In the context of the challenging market conditions Imtech is implementing a pro
active financial policy. Considerable attention is being paid to managing
working capital, risk management, cost control, the financial position of
customers and co-operation partners and strengthening the internal European
co-operation. Imtech is also making the most of its strong procurement position
and if possible procurement contracts are being revised or renegotiated.

Maintaining the long-term objectives
Imtech has formulated the following long-term strategic objectives:
· to be the best technical services provider in Europe and in the global marine
· to achieve at least a top-3 position in every Imtech country and in every
market relevant for Imtech;
· to achieve revenue of 5 billion euro in 2012;
· to maintain an operational EBITA margin of 6%.
Despite the economic climate these growth targets remain unchanged.

Financing the growth
Imtech has to its disposal 565 million euro credit facilities to finance its
2012 strategic growth plan, which are partly unused. On 31 December 2009 Imtech
had 109 million euro in cash and cash equivalents at its disposal (2008: 102
million euro) and the net interest-bearing debt position was 420 million euro
(2008: 445 million euro). Interest coverage amounted to 7.3 (2008: 7.7) and the
average net debt/EBITDA ratio was 1.7 (2008: 1.6). The balance sheet is solid
and Imtech has sufficient financial room to carry out its growth strategy.

Outlook 2010
According to current views, in 2010 Imtech expects further EBITA increase
through organic growth and acquisitions.


For more information

Media Investor Relations

Mark Salomons Jeroen Leenaers

Company Secretary Manager Investor Relations

Telephone: +31 182 54 35 14 Telephone: +31 182 54 35 04

E-mail: pers@imtech.eu E-mail: investors@imtech.eu

www.imtech.eu www.investors.imtech.eu

Financial calendar
· Registration date for participation in the General Meeting of Shareholders:
17 March 2010
· End of registration period for participation in the General Meeting of
Shareholders: 1 April 2010
· General Meeting of Shareholders: 7 April 2010
· Quotation ex-dividend: 9 April 2010
· Dividend option period: 9 to 21 April 2010
· Record date (in accordance with stock exchange regulations): 13 April 2010
· Notification of swap ratio: 21 April 2010 (after stock exchange closes)
· Dividend made payable: 26 April 2010
· Trading up date first quarter of 2010: 26 April 2010
· Half-yearly figures 2010: 3 August 2010
· Trading up date third quarter of 2010: 26 October 2010
· Publication of 2010 annual figures: 15 February 2011
· General Meeting of Shareholders: 6 April 2011

Press conference, analysts' meeting and webcast
Today at 10.00 hours Imtech will hold a press conference in the Mövenpick Hotel
Amsterdam, Piet Heinkade 11, 1019 BR Amsterdam At 12.00 hours an analysts'
meeting will be held, also in the Mövenpick Hotel Amsterdam. The analysts'
meeting can also be followed via video webcast (www.imtech.eu
) and will, together with the Q&A session at the end, be
available on our website immediately after the meeting. The webcast of the
analysts' meeting will be translated simultaneously into English. Registrations
for both the press conference and the analysts' meeting may still be made via
Jacqueline van Wijk, telephone: +31 652 47 98 85.

Photographs of the Chairman of the Board of Management will be available to the
media via Fotopersbureau Dijkstra. For further information: Fotopersbureau
Dijkstra, telephone:         +31 297 56 68 83, E-mail: dykfoto@wxs.nl

The following copyright-free, high-resolution photographs of Imtech projects in
2009 can be offered to the media via e-mail:

Full-scope climate technology on board new Royal Navy aircraft carriers
Imtech is responsible for the innovative technical design, engineering,
equipment, delivery, installation and commissioning of the sustainable climate
technology with full-scope HVAC solutions (Heating, Ventilation and Air
Conditioning) in two, new, 280-metre-long aircraft carriers for the Royal Navy.

High-tech wind tunnel for BMW
Imtech helps the automotive industry with advanced test technology for the
development of new models with low fuel usage and CO2 emissions. A wind tunnel
generating a maximum wind speed of over 280 kilometre per hour simulates
relevant climate and road conditions for BMW in Munich.

'Green' technology for the Dutch Army's headquarters
Imtech is responsible for all the 'green' technology solutions and high-tech
security in the Dutch Army's new headquarters in Utrecht (112,000 m²), including
heat and cold storage, sustainable air and climate technology and sustainable
'green' roofs with environmentally-friendly drainage.

Energy-efficient technology on board the German Navy's F125 frigates
Imtech is responsible for the energy-efficient air and climate technology on
board four new F125 frigates for the German Navy. The technology has been
developed with long-term and intensive usage in mind, meets the most stringent
demands and can be used in the most extreme weather conditions.

More information about these photographs is available from Imtech Corporate
Communications, telephone +31 182 54 35 25, e-mail: pers@imtech.eu


PDF version of the full press release: http://hugin.info/130755/R/1384696/343420.pdf
Related Links: Royal Imtech N.V.
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.