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2011 a good year for Imtech: EBITA +11%, revenue +14%, order book +12%
outlook for 2012: further increase EBITA
- EBITA growth: 11%, of which 5% organic and 6% through acquisitions
- Order book at end of 2011 up by 12% to 5.8 billion euro, a good foundation for 2012
- Share of GreenTech up to around 30% of revenue (2010: around 25%)
- Well on course with 2015 growth strategy, further internationalisation
- Outlook for 2012: increased EBITA through organic growth and acquisitions
CEO René van der Bruggen: 'Imtech is well positioned for further growth.'
René van der Bruggen, CEO Imtech: 'Despite challenging market conditions in a number of countries and markets, in 2011 Imtech once again delivered a good performance. All financial figures showed growth, both organic and through acquisitions. We have confidence in 2012 and the following years. Our ambitious growth targets for 2015 add up to revenue of 8 billion euro. We are well on course to achieve this, in part thanks to further internationalisation of our activities.
'Germany & Eastern Europe in particular achieved an excellent - and almost entirely organic - performance (EBITA +18%). Imtech also achieved robust growth in the Nordic region (EBITA +39%) through a combination of organic growth and acquisitions. The UK, Ireland & Spain delivered a relatively good performance (EBITA +9%) despite challenging market conditions and a strategic acquisition with a lower average EBITA margin. The ICT, Traffic & Marine cluster's overall EBITA rose by 8% - a temporary drop in the marine division's EBITA was more than offset by excellent and good performances from the ICT and Traffic divisions respectively. The Benelux is characterised by structurally difficult market conditions, especially in the buildings market. In the markets of industry and infrastructure Imtech performed well. On balance, the performance in the Benelux is still under pressure and the EBITA dropped by 26%.'
'Imtech is very capable of responding to the growing demand for GreenTech ('green' technology and sustainable solutions) and occupies a leading position in this field in Europe. The share of GreenTech in Imtech's total revenue has risen to around 30% (2010: around 25%). In 2011 Imtech acquired 15 companies within and outside Europe with combined annual revenue of around 450 million euro. Imtech focuses on acquisition candidates that are good performers, that fit perfectly in the growth strategy and that will not only achieve additional growth themselves but will bring about further organic growth of the existing portfolio. The number of customers has risen by nearly 10% to 23,000. Imtech's financial position is solid. Imtech remains well within the covenants agreed with its banks. The working capital/revenue ratio has improved to 5.6% (2010: 6.9%). All in all we can come to just one conclusion: Imtech is well positioned for further growth.'
2011 - another good year for Imtech
Despite market conditions remaining challenging in a number of countries and technology markets, 2011 was another good year for Imtech. The Imtech proposition - multidisciplinary technical total solutions through the combination of electrical services, ICT (information and communication technology) and mechanical services - and Imtech's strong, broad portfolio - once again proved their worth. In 2011 Imtech was granted the designation 'Royal'.
The operating result before amortisation and impairment of intangible assets (EBITA) rose by 11% to 288.4 million euro (2010: 259.3 million euro), 5% of this increase was organic. Revenue increased by 14% to 5,114 million euro (2010: 4,481 million euro), of which 5% was organic. The operational EBITA margin was 6.1% (2010: 6.2%). The order book as at 31 December 2011 stood at 5,811 million euro, an increase of 12% (2010: 5,204 million euro). Net financing expenses rose by 7.1 million euro to 52.0 million euro, primarily due to an increased level of working capital throughout the year and other financing expenses. Taxes rose by 5.0 million euro to 53.3 million euro. The effective tax rate was 25.7% (2010: 25.4%). Net profit rose by 7% to 150.4 million euro (2010: 140.4 million euro). Earnings per share before amortisation and impairment of intangible assets rose by 0.05 euro to 2.05 euro (+3%), based on the average number of issued shares during the year under review. The exchange rate of non-euro related currencies (primarily Swedish kroner and British pounds) against the euro had a positive effect of 0.4 million euro on the EBITA and 26 million euro on revenue.
Dividend 2010: 0.70 euro per share, an increase of 8%
A dividend of 0.70 euro per share (2010: 0.65 euro), in cash or shares, will be proposed to the General Meeting of Shareholders, based on the number of issued shares at the end of the financial year. This implies a dividend increase of 8%. This dividend proposal translates to a pay-out of 40% of the net profit, which is in line with the dividend policy. Due to the stock dividend the number of issued shares at the end of 2011 was 87,943,977 (+0.7%).
A solid financial position, noticeably improved working capital
Net cash flow from operating activities improved to 199 million euro positive (2010: 40 million euro positive) due to a rise in EBITA (29 million euro) and a lower commitment of working capital at the end of the year compared with 2010. Thanks to a proactive working capital policy, working capital fell to 289 million euro (2010: 310 million euro) and the working capital/revenue ratio improved to 5.6% (2010: 6.9%). Net cash flow from investment activities was 222 million euro negative, primarily due to acquisitions. The cash flow from investments in property, plant and equipment amounted to 68 million euro (2010: 40 million euro). Net cash flow from financing activities was 183 million euro positive (2010: 289 million euro positive), primarily due to an increased net debt. On 31 December 2011 Imtech had over 278 million euro in cash and cash equivalents (2010: 110 million euro) at its disposal and net interest-bearing debt of 517 million euro (2010: 431 million euro). Interest coverage remained the same as for 2010 at 7.6 and the debt ratio was 1.8 (2010: 1.4). Shareholders' equity rose by 117 million euro, primarily due to the addition of unappropriated result (150.4 million euro). Solvency was 0.25 on 31 December 2011 (2010: 0.27).
A differentiating technological proposition leads to continued growth
Since Imtech's formation in 1993 it has achieved continuous robust growth: an average annual growth of 21% in EBITA and 13% in revenue. During the 'crisis years' Imtech simply kept on growing. And the sights are set on further growth in the future as well. Thanks to strong market positions in Europe - and increasingly outside Europe - and an enterprise-oriented, decentralised business model Imtech has profited from the increasingly important role technology is playing in providing solutions to economic and social issues. Imtech's portfolio of technological services, in which the technical core competences of electrical services, ICT and mechanical services are combined to create differentiating total solutions, is virtually unique. Imtech is also hallmarked by its broad portfolio in many different market segments both within and outside Europe. Around 55% of Imtech's business is recurring. Imtech manages thousands of maintenance contracts and acts as the regular technology partner of numerous customers. The added value is constantly increasing, in part thanks to pragmatic, differentiating innovation, very often in co-operation with customers. The number of customers has risen by nearly 10% to 23,000. Risks are well spread. This adds up to a firm foundation for long-term continuity.
Share of GreenTech up to around 30% of total revenue
The share of GreenTech ('green' technology and technical sustainability solutions) has risen to around 30% of revenue (2010: circa 25%). Imtech focuses on:
- energy efficiency: metering, consultancy, implementation and maintenance of energy-saving technologies;
- energy management and energy contracting: multi-year responsibility for optimum energy provision;
- power plants, decentralised energy provision, energy from waste, biomass power plants, biogas power plants, green gas power plants and high-tech co-generation power plants;
- thermal energy, solar energy, bio-energy and innovative energy storage;
- solutions in the field of high-tension and energy technology;
- 'green' ships, zero emission applications, diesel-electric propulsion and energy reduction on board ships.
Integrating these applications into the technical infrastructure leads to reduced energy consumption, higher energy-efficiency, the generation of sustainable energy and lower CO2 emissions. This makes a major contribution towards meeting customers' sustainability targets.
15 acquisitions, major progress in the UK, the Nordic region, the European ICT market and the global marine market
The technical services market is highly fragmented with many medium-sized and smaller technical companies that are good performers. This makes an active acquisition policy possible. In 2011 Imtech acquired 15 companies in Europe and further afield. Imtech focuses on acquisition candidates that are performing well, that fit perfectly in the growth strategy and that, once integrated within the Imtech portfolio, will not only achieve additional growth themselves but will also bring about the further organic growth of the existing portfolio. The most important acquisitions of 2011 are:
in the UK:
- Inviron (1,100 employees, 140 million euro revenue), fully specialised in technical maintenance and management with nationwide coverage and activities across a broad front including buildings, retail, museums and airports;
- Smith Group UK (270 employees, 70 million euro revenue), specialised in multidisciplinary technical services provision and energy technology with a strong position in the Manchester area;
in the Nordic region:
- Sydtotal (300 employees, 80 million euro revenue), a Swedish high-tech energy and climate specialist with nationwide coverage and a leading position in the south of Sweden;
in the European ICT market:
- Qbranch (480 employees, 60 million euro revenue), one of the best performing ICT services providers in Sweden, which as a supplier of private clouds technology - the sharing of available computer infrastructure - fits at the core of Imtech's ICT strategy;
- F&M Asia (70 employees, 20 million euro revenue), expansion of a minority interest to a 100% interest, with a good position in Southeast Asia (the Philippines and Singapore) and specialisms that include cloud computing and managed services;
In the global marine market:
- Groupe Techsol Marine (100 employees, 20 million euro revenue), a Canadian high-tech electrical services marine company with specialisms including automation, navigation & communication and energy-efficient propulsion technology.
A further nine smaller acquisitions were also completed: the activities of YIT in Hungary, in Sweden the technical services providers Unireg, Comfortgruppen i Blekinge, Ventkontroll and Elservice i Karlstad, the Norwegian activities of Elajo Invest, the Austrian ICT player Comnet, the marine technical services provider ETNA and in the Netherlands the industrial automation specialist Trecom.
The total purchase price of these acquisitions - around 198 million euro including earn-out - was paid in cash. The overall annual revenue of these acquisitions amounts to around 450 million euro with around 2,600 new employees. The acquired companies have made an immediate contribution towards earnings per share. The expected annual EBITA from the acquisitions (based on earn-out) amounts to around 30 million euro of which 10.8 million euro was accounted for in 2011.
In the context of the 2015 strategic growth plan the non-core activities in the field of technical wholesale in Sweden have been sold. This has meant the deconsolidation of the NEA Elmateriel business unit with 140 employees and external annual revenue of around 45 million euro.
Benelux: challenging, especially the building market
In the Benelux, where Imtech is one of the strongest technical players, there is still no sign of a recovery.
The technical services market was characterised by structurally challenging market conditions and keen competition combined with long, drawn-out investment trajectories. The building market has undergone a particularly steep decline in the Netherlands and Belgium; in Luxembourg it has remained reasonably stable. A mix of measures has enabled Imtech to respond better and better to these market conditions in the buildings sector. These measures include shifting the strategic focus to fields such as energy, 'green' technology, care & cure, export, data centres and maintenance. This approach has led to success, for example with 'green' buildings, a 'green' maintenance contract for 420,000 m² of offices for the Dutch Government Building Department, biogas, biomass, smart grids and 'green' data centres, including for BT and Telecity. This has been combined with cost savings, improved efficiency, a focus on operational excellence and the clustering of competencies. This policy, which was already in place in 2009 and 2010, has started bearing fruit, but is a multi-year process. This is why there is still pressure on the EBITA margin. The industrial market is making a gradual recovery, for example with orders for an emission-friendly desulphurisation facility for KPE (Kuwait Petroleum Europoort). In the infrastructure market Imtech performed well, for example with the 'green' maintenance of tens of thousands of lighting masts and hundreds of traffic controllers in Groningen and Breda. A large order (100 million euro) has been received for the technological completion of the North/South metro line in Amsterdam. This project involves both the station buildings and the technical infrastructure on and around the track. The acquisition of Trecom has reinforced both the export position and the activities in the energy market (green gas power plants).
Germany & Eastern Europe: an excellent performance
In Germany & Eastern Europe, where it is one of the leading technical players, Imtech achieved another, almost entirely organic, performance in a growing market.
Imtech is the German market leader in energy efficiency. The majority of orders include a component of energy efficiency and/or energy management. The focus is on sustainable industrial production facilities and 'green' office buildings. Examples include a sustainable co-generation power plant for VW in Baunatal and the new 'green' head office of publisher Spiegel in Hamburg. Imtech also specialises in the generation of energy from household waste using high-tech mechanical-biological waste incineration, for example in the various regions in South-west Germany and - via export - in a new waste/energy power plant in Plymouth in the UK, where waste from 650,000 households is converted into sustainable energy. The strong position in the energy contracting market has been proven by obtaining the largest energy efficiency contract in Germany: a 15-year energy management contract, worth 400 million euro, for over 800 buildings in Germany belonging to a large logistics services provider. Imtech also occupies a strong position in the 'green' data centre market, for example for BT, IBM and HP. Imtech also excels as technology partner in high-tech research centres, in the fire protection market, in care & cure and in the airports market, for example with the complete energy-efficient technical infrastructure in the new Berlin Brandenburg International airport. In Poland Imtech has achieved robust organic growth. The orders for the total stadium technology in three Polish stadiums for the 2012 European Football Championship (in Warsaw, Gdansk and Wroclaw) have been completed successfully. Major new orders include the energy technology solutions in the 'Adventure World' theme and adventure park and the energy-efficient technological modernisation of Katowice station. To strengthen the position in Hungary Imtech has acquired the activities of YIT. Shortly after the acquisition Imtech received a substantial order for the expansion of the technical infrastructure, including a sustainable power plant, in an Audi factory in Györ. This offers long-term continuity. Imtech is also active in Austria, Romania and Russia.
The UK, Ireland & Spain: a relatively good performance and further growth
In the UK, Ireland & Spain market conditions are challenging as a result of the economic crisis. The lower EBITA is primarily due to pressure on the margin in Spain and the lower EBITA margin of strategic acquisition Inviron. Overall, however, growth has been achieved a relatively good performance.
With the strategic acquisitions of Inviron and Smith Group Imtech is on the way to becoming one of the strongest players in the UK. Inviron specialises in technical maintenance and management. This acquisition has increased Imtech's scale and geographic reach. It has also given Imtech access to the opportunity-rich airport segment, including Heathrow, Gatwick and Birmingham, in which until now Imtech has only been active on a modest scale. Smith Group UK is a strong technical player focused on the Manchester area, where Imtech was scarcely active. Although Inviron's EBITA margin is lower than the Imtech average, the co-operation will result in its improvement in the coming years. Volume has improved in the Greater London area, important for Imtech. Imtech focuses on innovation, energy and education. Examples include a 'green' Town Hall for Croydon Council (London borough), high-tech biogas power plants for Anglian Water in Basildon and Cliff Quay and new teaching buildings for Lancaster University. The projects for the 2012 Olympic Games, including the sustainable technology in the stadium, the Velodrome (track cycling arena) and the mega-shopping centre Westfield Stratford City have been completed on time and within budget.
Due to the bad economic situation in Ireland, Imtech is focusing - in part thanks to its virtually unique technical competencies in the field of electrical services and instrumentation (E&I) - with success on export, for example to Kazakhstan and the Middle East.
In Spain market conditions remain challenging. In the buildings market public investment has declined and the number of private initiatives is very small. Increasing competition has put margins in the industry market under pressure and here too market volume is decreasing. Even so Imtech is holding its own reasonably well, primarily because around 40% of its revenue is derived from (long-term) maintenance contracts, mainly in the oil & gas industry, but also in the buildings sector. On top of this some compensation has come from a sharp focus on the energy market ('green' data centres, for example for Mapfre, and 'green' buildings, such as the headquarters of Repsol in Madrid), a substantial flow of orders in the care & cure market (including a new hospital in Burgos), the clustering of regional organisations and entry into new markets, such as tank storage and thermal solar energy.
Nordic: robust growth
Economic conditions are good in Norway. Finland is showing further growth. Sweden has, relatively speaking, been hit harder by the euro crisis, but is still showing healthy development. On balance the demand for technical solutions has remained stable. Imtech has been able to respond to this very effectively and has achieved robust growth, both organic and through acquisitions.
The policy is to offer multidisciplinary technical solutions by combining the competencies of NVS (mechanical services - acquired in 2008) and NEA (electrical services - acquired in 2010). The first joint projects have been acquired, for example the upgrading of energy provisions in a large buildings complex in Vänersborg. In the energy market Imtech has broadened its activities considerably. Projects include achieving substantial energy savings for housing associations, for example in Riksbyggen, and 'green' buildings, such as the Office Ullevi Arena in Gothenburg. Further growth in the energy market is already within range thanks to the acquisition of Sydtotal and Ventkontroll. Sydtotal adds complementary specialisms - energy technology, energy savings, and high-value air and climate solutions - to the portfolio. Ventkontroll is a strong energy player in the growth region of Östergötland. Both acquisitions make robust growth in the energy market possible, in part through co-operation with each other and the rest of the portfolio. Various smaller acquisitions have strengthened the position further.
Robust growth has been achieved in the care & cure market. Imtech is active at numerous locations, for example with the technological upgrading of the hospital in Falun. Several Imtech companies are working in the new national football stadium in Stockholm (65,000 spectator capacity). Although the market for commercial property has been under some pressure, Imtech has succeeded in winning a number of projects. The most prestigious project is the mega-shopping centre 'Triangelområdet' ('the Triangle') in Malmö. The scope in the public market is broad and Imtech projects include the technology in the stations and railway tunnel of the 17-kilometre-long City tunnel in Malmö. In the high-tech research centre market there has been a breakthrough in Lund with Imtech's involvement with the ESS (European Spallation Source), a new particle accelerator comparable with CERN in Geneva, and the MaxLab IV, a high-tech research centre for a new generation of synchronous radiation research. Growth has also been achieved in industry, in particular in heavy industry, both with projects and maintenance contracts, such as a maintenance contract for pulp and paper manufacturer Stora Enso in Skoghall.
ICT, Traffic & Marine: on balance reasonable growth
Although investments in the European ICT market have decreased slightly Imtech has performed excellent. A good performance has also been achieved in the European traffic market despite a lower governmental spend. In the global marine market there has been a slow-down in volume and order intake in the new-build segment which has not been sufficiently offset by growth in the fields of services, conversions, upgrading, maintenance and management. On balance there is a reasonable growth.
ICT: an excellent performance
Market conditions in the European ICT market vary. In Germany and Sweden there is growth, but in the rest of Europe volume is declining. Customers are asking for 'IT as a Service' - shared and customer-specific configurable IT software and infrastructure without any investment on their part. Imtech's strategic focus - business intelligence, cloud computing, managed services, ERP software and collaboration - meets this demand. Co-operations with partners such as IBM, Cisco, Microsoft and SAP have been intensified. The acquisition of Qbranch (480 employees) is a major step forwards in the Swedish ICT market and has made the build-up of a strong ICT position in the Nordic region possible. Qbranch, one of the best performing ICT services providers in Sweden, offers private cloud technology and, therefore, fits perfectly into the core of the ICT strategy. Acquisitions have also strengthened the positions in Austria and Southeast Asia. In Southeast Asia in particular Imtech can profit from the substantial increase in IT spending. Good performances have been delivered across a broad front; the Netherlands, Germany, Switzerland, Southeast Asia, the UK and Sweden are developing particularly well. In Austria, although Imtech's performance has decreased fractionally, a number of orders of long-term importance have been received. Yarn manufacturer Coats has, for example, given Imtech responsibility for SAP outsourcing for a period of five years. In France a breakthrough has been achieved with a mega-order for special logistics software for the French Post Office's Exapaq - a B2B parcel service that handles more than 47 million parcels a year.
Traffic: a good performance
Despite a decline in investment due to lower government budgets, Imtech has continued to perform well, in part because Imtech offers customers more and more added value through technological integration. To be able to manage traffic streams in a targeted manner the gathering of traffic data (traffic volume, streams and composition) is essential. Imtech has excelled in this, for example in Sweden, the UK and Belgium. Good progress has also been made in high-tech (inter)city traffic management systems. In the Netherlands the position has remained at a good level. The UK has performed well. A framework contract has been signed for the next generation of digital maintenance systems and emergency lane management systems for the new British motorway programme. The position in the Nordic region has been improved. In Sweden an order has been received for a traffic management system on the E4 motorway, in Gothenburg a traffic metering system has been implemented and in Malmö Imtech is involved in an upgrade of various traffic control systems. A good performance has been achieved in Finland, for example with a traffic control system for the E18 motorway. The strategy is to grow further in Eastern Europe. The activities in Lithuania, Romania, Poland and Croatia have increased. In Russia a breakthrough has been made with the delivery of innovative solutions for traffic monitoring in Saint Petersburg. One focus of the policy is intensifying export. Imtech is doing very well in the international parking market. Progress has been especially good in Canada and the USA, for example with parking solutions in the Hollywood & Highland Centre in Los Angeles.
Marine: a temporary decline
Imtech, with a network of 80 service centres in 25 countries, is one of the strongest players in the global marine market. The acquisition of ETNA has resulted in various French and Moroccan service facilities being added to the service network. A new service centre has been opened in Spain. The acquisition of Groupe Techsol Marine in Canada was an important step. In part as a result of this acquisition Imtech has been selected as the technology partner of Seaspan Vancouver Shipyards for the execution of a large number of Canadian navy, coastguard and research ships. The international market for the construction of new vessels for the oil & gas sector has declined dramatically. Imtech has dozens of orders in the pipeline, but as yet no substantial orders have been won. This has led to a temporary drop in the EBITA. By contrast, Imtech is widely involved in naval programmes in the Netherlands, Spain, Germany and the UK, for example with German F-125 frigates and British Royal Navy aircraft carriers, and works for dozens of other navies. Good progress has been made in the cruise and passenger liner market. Substantial orders have been received from the German Meyer Wharf for the energy-efficient air and climate technology on board two new cruise liners for the Norwegian Cruise Line. The market for luxury (mega) yachts has remained at a reasonable level. The number of marine service and maintenance contracts has passed the 5,000 milestone. Imtech also maintains numerous offshore platforms, for example for NAM. Broadband internet on the open sea is being demanded more and more often, both for the crew (modern communications facilities on board) and to improve operating processes. Imtech is using satellite communications to provide broadband services to hundreds of ships, including all the ships of CSA (Canadian Shipowners Association). Imtech is also distinguishing itself with hybrid ships, for example with the world's first hybrid ferryboats for CMAL (Caledonian Maritime Assets Limited) in Scotland.
Progress in Corporate Social Responsibility (CSR)
Imtech endorses the international consensus regarding the definitions, core principles and application areas of CSR as specified in ISO 26000 and - in accordance with these guidelines - wishes to make CSR an integral part of its business operations. Imtech has formulated social performance indicators related to the GRI (Global Reporting Initiative) reporting standards with which its CSR policy can be quantified on the basis of specific targets. With only the top-5 'greenest' projects completed in 2011 Imtech saves nearly 63 kiloton of CO2 for its customers. Imtech's own carbon footprint has, mainly as a result of acquisitions, grown to 106 kiloton CO2. More than 80% of this carbon footprint is caused by the vehicle fleet. That is why Imtech wants to further reduce this footprint per kilometre. Reducing its carbon footprint is only one of Imtech's CSR targets. Imtech is also focusing on improving waste management and wants to play an even more active role in the business chain by making the procurement policy more sustainable. Imtech's sustainability initiatives include green offices for its own use and energy savings in employees' own homes. Imtech also fulfils its responsibility for corporate citizenship by deploying its own employees to solve local problems, such as waste water treatment in South Africa and solar energy in Peru.
Human Resources: the best employer in the technical services market
The number of employees has risen by 9% to 27,412 (2010: 25,075). Imtech is a people business. Its employees are Imtech's most important 'asset'. Based on the 2015 growth strategy it is anticipated that by that time the number of employees will have risen substantially. Although some of this increase will be the result of acquisitions, a substantial portion will be achieved through a combination of active recruitment and employee retention. This is why Imtech wants to stand out with an active HR policy and to become an employer of choice in the technical services provision market.
Well on course for 2015 growth strategy
Imtech wants its good track record to continue in the future. The strategic growth plan targets are revenue of 8 billion euro in 2015 with an operational EBITA margin between 6% and 7%. This growth will be divided more or less equally between organic growth and growth through acquisitions. Imtech has sufficient financial means to finance this growth, including a 'war chest' of around 500 million euro. Imtech is well on course to achieve this strategy, also through increasing its activities outside of Europe, for example in regions and countries such as China, Southeast Asia, the Middle East and Kazakhstan.
According to its current views, in 2012 Imtech expects a further EBITA increase through organic growth and acquisitions.
- Registration date for participation in the General Meeting of Shareholders: 7 March 2012
- End of registration period for participation in the General Meeting of Shareholders: 28 March 2012
- General Meeting of Shareholders: 4 April 2012
- Quotation ex-dividend: 10 April 2012
- Dividend option period: 10 to 23 April 2012
- Record date (in accordance with stock exchange regulations): 12 April 2012
- Notification of swap ratio: 23 April 2012 (after stock exchange closes)
- Trading up-date first quarter of 2012: 24 April 2012
- Dividend made payable: 26 April 2012
- Half-yearly figures 2012: 31 July 2012
- Trading up-date third quarter of 2012: 30 October 2012
- Publication of 2012 annual figures: 5 February 2013
- General Meeting of Shareholders: 3 April 2013
Analysts' meeting and webcast
At 11.00 hours Imtech will organise an analysts' meeting in the Mövenpick Hotel Amsterdam, Piet Heinkade 11, 1019 BR Amsterdam. This analysts' meeting can also be followed via video webcast (www.imtech.eu) and, together with the Q&A session, will be available immediately afterwards on the Imtech website. The webcast of the analysts' meeting will be simultaneously translated into English. The presentation will be available for downloading via the website from 10.00 hours.
Media photographs of the Board of Management and various projects are available via Fotopersbureau Dijkstra. For further information: Fotopersbureau Dijkstra, telephone +31 297 56 68 83, e-mail: firstname.lastname@example.org.
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