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Imtech accelerates and intensifies its recovery plan in Germany
Acceleration and intensifying of German recovery plan
Rebuilding the German organisation is in full process. Management has launched a comprehensive recovery plan named "Neue Imtech". This program prioritizes healthy project margins over volume and focuses on efficiencies in staffing, project control and purchasing.
Furthermore the "Neue Imtech" program aims to accelerate the conclusion of previously identified legacy issues such as overdue debtors and certain project work in progress positions in a diligent way. Conclusion on these legacy issues will balance timely resolution and cash proceeds with potential non-cash margin impact. The latter could result in valuation allowances to cover these legacy issues. Full details on the "Neue Imtech" program will be published at the annual results publication on March 18th 2014.
Headcount reduction program
The extended headcount reduction program as announced last month has progressed well. The headcount reduction programs in Benelux, Traffic & Infra, Marine and Eastern Europe units have finalised and these businesses will now increasingly benefit from the related cost savings. The first German headcount reduction program to reduce 550 FTE is expecting to finalise around year-end. The additional reduction of 300 FTE in Germany is scheduled for the first half in 2014. The headcount reduction program in the Nordic division is targeting to capture the post acquisitions integration benefits and is expected to be finished before year-end.
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