Imtech's order portfolio up by 18% to 4.5 billion euro

(PresseBox) (Gouda, ) .
- The 2008 operational EBITA margin shows further improvement
- A good starting position for 2009
- The 2012 strategic plan target remains unchanged

2008 ended excellent for Imtech (technical services provider in Europe). At the end of December 2008 the order portfolio stood at 4.5 billion euro - an increase of over 18% (end 2007: over 3.8 billion euro) - and was also of a higher quality. The operational EBITA margin improved. 'All in all, a good starting position for 2009', announced René van der Bruggen, CEO of Imtech N.V., in his New Year's speech to the staff.

2008 ends excellent / no changes to the 2012 strategic plan target

René van der Bruggen: '2008 was an excellent year for Imtech with, as in 2007, a further increase in the operational EBITA margin (2007: 5.1%). Imtech conforms its outlook for 2008 of a further increase of the EBITA through organic growth and acquisitions, which was given in February 2008 and reiterated in August 2008.'

Van der Bruggen: 'During 2008 Imtech substantially strengthened its European position, organically and through acquisitions, not only in Northern Europe (Norway, Sweden and Finland) but also in Central Eastern Europe (Austria and Poland in particular but also in Russia and Romania). Thanks to the increase of its order portfolio to 4.5 billion euro, its strong market positions, its broad portfolio of services and its diverse customer base of over 19,500 customers, Imtech is on track to achieve its 2012 strategic plan. Imtech's objective of achieving a revenue level of 5 billion euro in 2012 while maintaining an operational EBITA margin of 6% remains, therefore, unchanged. We fully uphold this target.'

'Of course the economic playing field has changed. But we have no doubts about our strength. Which is why we pro-actively pay considerable attention to issues such as risk management related to (the financial strength of) customers, sub-contracting, working capital management and the strengthening of our internal European co-operation. We look forward to the future with confidence', according to the CEO.

Considerable strengthening through good acquisitions

An active acquisition policy is one of the strategic cornerstones for further growth. Imtech's aim is not only to strengthen its current market positions in a number of countries, including the UK, Ireland, Spain, and in the marine market but also to build-up a strong position in Scandinavia and Austria and to develop into a strong market player in the European ICT market. In 2008 Imtech made significant progress towards achieving its aim. The following acquisitions were finalised:

- NVS, one of the largest and fastest-growing technical services providers in Sweden, Norway and Finland with a total of 2,300 employees and annual revenue of around 350 million euro;
- Six larger and smaller ICT companies in Austria, Belgium, Germany, Switzerland and the UK with, in total, nearly 500 employees and annual revenue of around 135 million euro;
- Three smaller marine companies with, in total, nearly 120 employees and annual revenue of over 20 million euro;
- A strengthening of the Spanish activities through the acquisition of Huguet - an electrical engineering specialist with a total of 220 employees and annual revenue of around 30 million euro.

Van der Bruggen: 'The total annual revenue of these acquisitions amounts to approximately 535 million euro with around 3,140 new employees. All the acquired companies are contributing towards earnings per share. With the acquisition of NVS we have become one of the strongest technical services providers in Scandinavia. And when it comes to our ICT activities we are now one of the top-players in the ICT markets in the Benelux, the DACH countries (Germany, Switzerland and Austria) and the UK with strong partnerships with world-market leaders IBM and Microsoft.'

22,700 employees

Imtech, partly as a result of its acquisitions, has grown into a company with a total of around 22,700 employees. But Imtech still has hundreds of un-filled vacancies for (service) engineers, technicians and ICT staff. To fill these vacancies, during 2009 Imtech will continue its active campaigns aimed at the labour market.

Financially solid

To finance its 2012 strategic growth plan, both organically and through acquisitions, in July 2007 Imtech arranged a credit facility of 300 million euro. To finance recent acquisitions, in November 2008 an additional credit facility totalling 265 million euro was agreed. Both credit facilities are ample for the further financing of the 2012 strategic growth plan. Van der Bruggen: 'The balance sheet is solid, also including these credit facilities, and Imtech has enough financial elbow-room to carry out its strategy.'

Imtech is well balanced

Van der Bruggen: 'Of course Imtech is not a tranquil technological island in the middle of a turbulent ocean of economic uncertainty. If a large portion of our 19,500 customers encounter serious problems when it comes to financing future projects we eventually too - depending on the intensity and scale - may be affected in the long-term. However, we not only have a substantial order portfolio amounting to 4.5 billion euro, but we have also made good progress in growth markets such as energy (saving), environment, water and fine particles. Imtech is also well positioned in governmentally financed markets such as mobility, railway infrastructure and education. Almost thirty percent of our revenue is generated through government initiated or supported projects. And the thousands of maintenance contracts we have been awarded in many different market segments provide a firm basis for multi-year continuity. In addition, our flexible project organisation that can withstand both an economic headwind and tailwind is a hallmark of Imtech. We have proven this in the past and this gives us confidence in the future. In a nutshell: Imtech is well balanced.'

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 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.

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