Imtech firmly on course with growth strategy in northern and central-eastern Europe
Imtech adopted a strategic update in 2007 aimed at reaching a revenue level of 5 billion euro in 2012 while retaining its objective of an operational EBITA margin of 6%. Besides strengthening its existing market positions Imtech has made known its specific objective of also building up a strong position in Scandinavia and Austria and strengthening further its position in Eastern Europe. Imtech is now well on its way towards achieving this objective.
The acquisition of NVS (acquisition sum of 235 million euro) represents a big step forward for Imtech in Scandinavia. NVS is one of the largest and fastest-growing technical services providers in Sweden, Norway and Finland. With more than 2,300 employees distributed across 91 sites, NVS expects to achieve revenues of 350 million euro in the current fiscal year. NVS has more than 1,000 regular customers of various sizes in different markets, including industry, government, buildings and infrastructure. The structure of the current NVS portfolio enables future strengthening in the still highly fragmented Scandinavian market. Imtech is focusing on further growth in electrical engineering and in the longer term in ICT (information and communication technology), which will allow NVS to develop into a fully-fledged multidisciplinary Imtech company. Besides further growth in Scandinavia, Imtech has set its longer-term sights via NVS on the Baltic States (Estonia, Latvia and Lithuania), a region where Imtech does not yet hold a position.
Through the acquisition of ILS, Imtech is pursuing a strong position in Austria. ILS is a solidly performing Austrian ICT company that over the years has grown into one of the strongest players in the Austrian ICT market. ILS is IBM's largest partner in Austria and also a Microsoft Gold Certified Partner. With 225 employees ILS posted revenues of approximately 65 million euro in the 2007/2008 split fiscal year. The company operates with numerous IT specialisms and product-market combinations in Austria and increasingly in Slovakia, Slovenia and Croatia. Imtech is focusing on further growth in Austria and on expanding its position in a number of Eastern Europe countries with a rapidly-growing ICT market. Austria provides an excellent springboard for pursuing this objective.
Imtech is increasingly successful in Eastern Europe. From Germany, Imtech has established entirely organically a strong position in Poland where it is now one of the strongest players offering total technical solutions for industry and buildings. Germany is also the base from which a more or less continuous flow of contracts has been acquired in Eastern Europe, with attention directed towards Russia (especially in the region around St Petersburg), Romania, the Czech Republic and Slovakia. From the Netherlands, Imtech has established a strong position in Romania in the oil & gas industry and process industry. Additionally, Imtech's technical mobility activities are developing favourably in Poland and Croatia, especially in regions where strong economic growth causes an increasing pressure on the traffic infrastructure. Moreover, Imtech has multi-year involvement in Poland as a technology partner in the Polish Navy's corvettes programme. Besides organic growth Imtech is looking to acquire well-managed medium-sized successful technology companies capable of reinforcing the Imtech growth in eastern Europe.
Financing of growth strategy
The recent acquisitions were financed with a committed loan totalling 265 million euro that Imtech agreed towards the end of October 2008 with a syndicate of banks consisting of Rabobank, Fortis, ING, KBC, NIBC and RBS. The duration of this additional loan runs up to 2011. This loan followed a credit facility of 300 million euro that Imtech agreed with a bank syndicate in July 2007. Both credit facilities are more than sufficient for the further financing of the strategic growth plan for 2012. The Imtech balance sheet remains strong and is characterised by healthy ratios, also after implementation of the interest-carrying charges of the two loans.
Imtech Contracting GmbH
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/mobility markets in the Netherlands, Belgium, Luxembourg, Germany, Eastern Europe, the UK, Ireland and Spain and in the global marine market. In total Imtech serves 18,000 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.