Stable market positions in the quarter; debt reduction program in progress
- Revenue in the first quarter of 1,120 million euro
- Operational EBITDA in the first quarter of 6 million euro negative (Q1 2013: -15 million euro)
- Order intake in the first quarter 1,137 million euro, slightly higher than revenue
- Net loss in the first quarter 77 million euro significantly impacted by finance costs
- Net debt end of first quarter 895 million euro
- Update on financial restructuring costs
| Key figures |
|
|
|
|
|
|
|
| in € million, unless otherwise indicated |
Q1 2014 |
|
Q1 2013* |
| Revenue and other income |
1,119.9 |
|
1,179.8 |
| Operational EBITDA |
-5.9 |
|
-15.1 |
| Non-operational costs |
-9.9 |
|
-12.0 |
| EBITDA |
-15.8 |
|
-27.1 |
| Operating result (EBIT) |
-33.5 |
|
-49.2 |
| Result from continuing operations |
-77.3 |
|
-59.4 |
| Net result |
-77.3 |
|
-59.6 |
| Order intake |
1,136.7 |
|
1,181.0 |
| Working capital |
78.3 |
|
464.8 |
| Net interest-bearing debt |
894.7 |
|
1,220.7 |
|
|
|
|
| Margins |
|
|
|
| Operational EBITDA margin |
-0.5% |
|
-1.3% |
| EBITDA margin |
-1.4% |
|
-2.3% |
|
|
|
|
| Employees |
26,075 |
|
28,605 |
| Unaudited figures |
|
|
|
| * Restated (based on continuing operations) |
|
|
|
Gerard van de Aast, CEO: “Imtech’s key focus continues to be on operational and financial recovery. While the quarter showed mixed results by region, operational EBITDA for the group showed an improvement. Satisfactorily progress was also made on order intake and working capital development for the group. In Germany the implementation of the ‘Neue Imtech’-program continued. While in Germany satisfactorily progress was made on EBITDA, working capital development needs improvement. The quality of our work continues to be a main driver for customer satisfaction and customers rewarded us across the group with good orders in 2014. Increased finance costs were largely the reason for the net loss in the quarter. We announced the first step of the debt reduction program through the divestment of the ICT division and the divestment process is on track. A significant debt reduction will benefit all stakeholders given the expense associated with the current debt level.”
PDF: Press Release incl. appendix