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Imtech: a good first half of 2012, growth despite difficult market conditions
EBITA +12%, revenue +14%, order book +13%, profit per share +8%
- Order book up by 755 million euro (13%) to 6.5 billion euro
- Solid financial position
- Maintaining forecast of further EBITA growth over the full year 2012 through organic growth and acquisitions
- Maintaining 2015 strategic growth plan targets: revenue 8 billion euro, operational EBITA margin between 6% and 7%
René van der Bruggen, CEO Imtech: 'In the first half of 2012 Imtech showed another solid performance and, despite difficult market conditions due to the economic crisis, continued its tradition of continued growth. Revenue rose by 14% and the order book increased by 755 million euro (13%) to nearly 6.5 billion euro. EBITA rose by 12%, of which 2% was based on organic growth. The organic growth percentage was negatively influenced by reorganisations in the Benelux, Spain and Marine. Reorganisation costs during the first half of 2012 amounted to over 8 million euro. Normally, these costs amount to 3 to 5 million euro a year.'
'Imtech performed particularly well in Germany, Eastern Europe (especially Poland), the Nordic and the UK & Ireland, as well as in the European ICT market in which we are an outperformer. Our performance in the European traffic market was stable. Although the technical services market has also been affected by the economic crisis, we held our ground very well. This was because our drivers for growth remained unchanged and we can adapt well to changing market conditions. Examples are new total solutions in care & cure, high-tech management solutions in the traffic market, a marine life-cycle approach and the integration of numerous sustainability solutions in our services portfolio. This enables us to lower our customers' exploitation costs and, at the same time, boost sustainability. We have also built-up a strong position in Turkey and are, step-by-step, expanding our activities outside Europe. This, together with the size of the order book and the improving order intake for our global marine activities, gives us confidence for the second half of 2012.'
'We maintain our forecast of further EBITA growth for the full year 2012 through organic growth and acquisitions. In line with our 2015 strategic growth plan, during the first half of this year we once again acquired a number of strong companies which will grow further under our strong financial wings and through collaboration with our existing portfolio. Our financial position remains solid. Despite the difficult market conditions we look forward to the future with confidence.'
A good first half of 2012
At 5.6% the operational EBITA margin was virtually the same as for the first half of 2011 (5.7%). On 30 June 2012 the order book was 13% higher (+755 million euro) at 6,464 million euro. The operating result before amortisation and impairment of intangible assets (EBITA) increased by 12% to 134.4 million euro (first half of 2011: 120.5 million euro) of which 2% was organic. Revenue rose by 14% to 2,615 million euro (first half of 2011: 2,292 million euro).
Amortisation expenses rose by 5.4 million euro to 18.4 million euro as a result of the acquisitions of 2011 and in the first half of 2012. The net financing result rose by 3.6 million euro to 29.9 million euro negative, primarily due to higher interest charges as a result of the settlement of acquisitions. Income tax amounted to 23.1 million euro (2011: 21.8 million euro) while the effective tax rate went slightly up to 26.3% (2011: 26.0%). Net profit rose by 2% to 62.0 million euro (2011: 60.7 million euro). This net profit growth is more limited than the growth of the EBITA due to higher amortisation expenses and higher interest charges.
Net profit before amortisation and impairment of intangible assets increased by 9% to 80.4 million euro (first half of 2011: 73.7 million euro). Profit per share before amortisation and impairment of intangible assets rose by 0.07 euro to 0.92 euro (+8%), based on the weighted average number of issued shares of 87,782,642 shares (first half 2011: 87,048,926 shares). The exchange rate of foreign currency compared to the euro had a positive effect of 0.3 million euro on the EBITA and 25.6 million euro on revenue.
Solid financial position
As usual the characteristic seasonal pattern of the working capital meant net cash flow from operating activities was negative during the first half of the year. Net cash flow amounted to 59.5 million euro negative - an improvement of 20.6 million euro compared with the first half of 2011. An important cause of this is a reduction in working capital to 468 million euro (30 June 2011: 496 million euro). As a consequence the working capital improved to 8.6% of revenue from the last twelve months, which is significantly lower than 9.9% as at 30 June 2011. Imtech expects to meet its target of a year-end working capital amounting to between 6.0% and 6.5% of the annual revenue.
Net cash flow from investing activities was 132.6 million euro negative, primarily due to acquisitions. Net cash flow from financing activities was 66.9 million euro positive on the one hand due to borrowings and on the other hand due to the payment of dividend to shareholders and the purchase of own shares to cover the shares and share option schemes.
The net interest-bearing debt amounted to 761 million euro (30 June 2011: 624 million euro). The leverage ratio (average net interest-bearing debt / EBITDA) was 1.9 (30 June 2011: 1.7) and the interest coverage was 6.7 (30 June 2011: 7.2). This means Imtech has a solid financial position and remains well within the agreed financial covenants. At the same time, this implies Imtech has sufficient financial means at its disposal to finance future acquisitions envisaged in the 2015 strategic growth plan. A private placement of 100 million euro with a term of 7 and 9 years has further strengthened and diversified the long-term financing structure. Shareholders' equity rose to 959 million euro, partly due to the addition of 62.0 million euro net profit in the first six months of the year. Solvency was 0.23 (30 June 2011: 0.26). Of the total dividend over the previous financial year 31.7 million euro was paid out in cash (52% of the total dividend) and the remaining 48% was paid out in stock for which 1,313,134 new shares were issued. As at 30 June 2012 the issued share capital amounted to 94,059,916 shares.
Benelux: structural challenging market conditions, a slight overall decrease
The Benelux technical services market is characterised by structural challenging market conditions and keen competition, especially in the buildings market. This has put the EBITA under pressure for a number of years. Restructurings and a strategic re-orientation help to turn the tide, but in 2012 this not yet lead to the desired result. Imtech is also under some pressure in the infrastructure market, which has been affected by governmental cutbacks. Against this, Imtech is doing well in Luxembourg, technological export from the Netherlands is increasing and the results in the industrial market are improving slightly. The overall EBITA has decreased slightly EBITA (-3%).
In the buildings market Imtech is working on reducing costs, improving efficiency, clustering competencies and restructuring. In addition the strategic focus is on growth markets such as energy, care & cure, export, data centres and maintenance. Examples include solar energy at Schiphol Airport, co-generation in Lisse, smart health care (an integrated technological approach in the care market) in a hospital in Capelle a/d IJssel, new care concepts at the Leuven University Hospital, data centres for a number of customers, including Telecity, and distinctive maintenance concepts, such as security solutions in the European Parliament building in Brussels. A differentiating vision of the 'green' airport terminal of the future has been developed. In the industry sector growth has been achieved through a combination of long-term maintenance contracts (for example with Shell, KPE and Huntsman) and new projects (including Zeeland Refinery and DAF in Belgium). Innovative projects are a natural gas buffer project for the Gasunie and underground gas storage near Alkmaar. In the field of HSE (Health, Safety & Environment), Imtech won the prestigious Benelux Safe Maintenance Award. The technological upgrading of a FrieslandCampina cheese factory, the largest in Europe, is an exceptional project. Imtech commands unique competencies in the field of power electronics in the energy and oil & gas markets. In view of the market conditions the export of these competences has been intensified successfully with orders being received from customers including Total in Gabon and Shell in Brunei and for a biogas power plant (energy from chicken manure) in Moldavia. In the infrastructure market Imtech is involved in two outstanding projects. One of these is the virtually fully automatically controlled and unmanned new, energy-efficient, container terminal of AP Møller Terminals (Maersk Group) on the second Maasvlakte - one of the world's safest terminals. The other is the innovative sludge reduction for a water company in Garmerwolde. Imtech is also involved in the technological upgrading of a large number of Dutch traffic tunnels, a light-rail project in Antwerp and the technical realization of the new Grouft Tunnel in Luxembourg. Other orders are for energy-efficient lighting in car parks around Schiphol, the technical infrastructure at Eelde airport, various combined maintenance contracts for public lighting and traffic equipment, for example in Maastricht and Nijmegen. Imtech will supply Toyota with a network of charging posts for electrical vehicles and in Belgium Imtech is responsible for solar energy solutions and high-tech pumping stations for drinking water companies and telecom solutions for the Flemish government.
Germany & Eastern Europe: another excellent growth performance
In Germany Imtech is the leading technology partner in the growing energy market. The focus is on energy savings, power plants, energy management (energy contracting), co-generation, green buildings and waste-to-energy. In addition, thanks to high-value technical expertise - in most cases combined with sustainability - Imtech excels in markets such as care & cure, airports, R&D, data centres and the aviation and automobile industries. Imtech has developed equally well in Poland. As a result the EBITA has risen by 19%.
Numerous hospitals, care institutions and medical research centres are switching to an efficient energy infrastructure. Imtech is the market leader in this segment. Examples include the Rems-Murr Kliniken in Winnenden and the Rheinische Kliniken in Bonn. Imtech is also excelling in the fields of R&D and education buildings, such as a new research and teaching building for the University of Münster and the Max-Planck-Institut für Eisenforschung (MPIE) in Düsseldorf. Imtech is 'greening up' numerous of stadiums, including Bayern Munich's Allianz Arena and VfB Stuttgart's Mercedes-Benz Arena. Imtech is also setting the tone in green buildings. One major order involves the energy management of around 800 Deutsche Post buildings. This extensive project, which is proceeding on schedule, has been proclaimed the best European Energy Service Project. New developments include Smart Cities (the combination of energy efficiency, smart grids and decentralised sustainable energy solutions in the urban environment) and Power-to-Gas (converting electricity into methane gas that can be stored in existing gas networks). In the industry sector Imtech commands virtually unique competencies that guarantee continuity, for example in the fields of clean room solutions and fire protection. In the automotive industry Imtech is active across a broad front and is working for all the major German automotive manufacturers, including specific test facilities for Daimler, Porsche and VW. In the airport market Imtech is the technology partner for the extension of Frankfurt Airport and for the new Berlin Brandenburg Airport. In the data centre market one project after another is obtained, for example for Lidl. In Austria Imtech is slowly but surely building-up a position and is, for example, involved in the technical equipping of a geriatric department in a hospital in Vienna. In Eastern Europe the performance is very well. In Hungary Imtech is working on new Audi and Mercedes manufacturing facilities. In Poland Imtech has nationwide coverage (seven regions). This has led to robust growth which, increasingly, is also related to energy efficiency. Examples include green buildings (Katowice station and the Eurocenter building in Warsaw - the greenest office building in Poland), and one of the world's most advanced waste-to-energy power plants. Imtech has also made progress in other Polish market segments including care & cure. Imtech is also involved in the mega-project Adventure World Warsaw. From its German base Imtech is also working more and more outside of Europe in specific areas of expertise, such as the supply of testing solutions to the automotive industry in the Far East, special care buildings in Russia and projects for BMW and Airbus in China.
UK & Ireland, Spain & Turkey: on balance further growth
The UK & Ireland have achieved a robust EBITA growth, both organically and through acquisitions in 2011 and 2012. In Spain, where the technical services market has been hit hard by the economic crisis, Imtech is experiencing serious pressure on its results. The acquisition of the Turkish technical services provider AE Arma-Elektropanç, which has been consolidated since April 2012, has extended this cluster. The new Imtech company is working in several growth markets and is performing extremely well. On balance, EBITA growth amounts to 14%.
Robust growth in the UK & Ireland
Despite complicated market conditions the UK's performance can be classified as excellent. Both the 2011 acquisitions - Inviron (technical maintenance and management) and the Smith Group UK (a regional player in Manchester) - are developing well. The strategic focus was broadened from the buildings market to include the water, energy and environmental markets. This has led to growth. The acquisition of Capula, a specialist in solutions for process automation in the industry and energy market (power plants, power distribution and networks), at the end of May 2012, has strengthened Imtech's position in the industry and energy market. Imtech has also achieved robust organic growth in the water and energy market and is specialised in the innovative anaerobic digestion technology with which sewage is converted into sustainable energy in biogas power plants. Large projects are on-going for Welsh Water, Thames Water, Anglian Water Services and Northumbrian Water. In technical maintenance and airports Imtech is doing very well. A number of new maintenance contracts have been acquired including one from the Capital Shopping Centre. Imtech is responsible for renovating the runway lighting at both Heathrow and Gatwick Airport. Further growth has been achieved in the buildings market in the Greater London region where Imtech is involved in numerous technical facilities and stand-by services related to the Olympic Games and is also active on a broad front. Examples include the Canadian Water Library in Southwark, a multifunctional development in Lambeth, sustainable government buildings such as for Croydon Council and the technological upgrading of department stores including John Lewis. Imtech is also involved in many projects outside London, including the sustainable head office of Waters Corporation in Wilmslow.
In Ireland investments in the pharmaceutical industry are gradually increasing. With specific competencies in electrical services and instrumentation (E&I), Imtech is playing a role in this, for example for Pfizer. These solutions are also being exported, mainly to the oil & gas industry in Kazakhstan but also to the Middle East and Norway. The overall picture is one of further growth.
Spain & Turkey: Spain hit by economic crisis, Turkey a new growth market
Spain has been hit hard by the economic crisis and market conditions are extremely challenging. Public and private investments in the buildings market have dropped sharply. Increasing competition has put the margins in the industrial sector under pressure and the volume has also decreased significantly. Imtech's strategy is to offer more efficient forms of contracts, such as a total maintenance plan for container terminals for AP Møller Terminals. New concepts for effective (economical) maintenance are also being developed for the oil & gas market. In the energy market a position has been built-up with energy (maintenance) contracts, including for power plants for the energy supplier Endesa and the Molina de Segura Hospital in Murcia. The care & cure sector is another spearhead. Imtech offers a combination of technical infrastructure and technical services around medical equipment, for example in Burgos hospital. Other markets are tank storage, thermal solar energy and data centres. Imtech is also focusing on restructuring measures such as reducing the number of employees, improving efficiency and the clustering of regional offices. On balance, the overall EBITA is considerably lower than for the first half of last year. The first steps have been taken to follow existing clients who are also active outside Spain, for instance in South America.
The acquisition of AE Arma-Elektropanç in Turkey (80% of the shares) offers Imtech the possibility to penetrate new, opportunity-rich markets. The new multidisciplinary Imtech company is a top-3 player in the Turkish technical services market where there is a high demand for high-value technical solutions. In addition to activities in its own country the company is also active in emerging markets such as the Middle East, Russia and former Soviet republics. A well spread of customers, countries and market segments in a fast-growing market is leading to numerous growth opportunities. Recent large orders are the technical infrastructure in two new, 335 metre high, office buildings in the centre of Moscow, the extension of the marine faculty of Piri Reis University in Istanbul, all the electrical services in an Unilever ice-cream factory in Konya in Turkey and the extension of Pulkovo Airport in Saint Petersburg. The exchange of knowledge within the existing Imtech portfolio has led to activities in the data centre market. Further growth is expected.
Nordic: clustering competencies leads to growth
In the Nordic region in general economic conditions are good and there is a growing demand for technical services, although development in several regions in Sweden is somewhat hesitant. Imtech is able to respond to this growing demand with a broad pallet of technical services. More and more often the Imtech companies NVS (mechanical services), NEA (electrical services), and Sydtotal (energy, high-quality air and climate solutions) are working together with the objective to offer multidisciplinary technical total solutions. This is leading to significant growth - the EBITA in this cluster has risen by 14%. This growth is the result of organic growth, growth resulting from acquisitions in 2011 and 2012 and the deconsolidation of technical trading activities in Sweden in 2011.
Good examples of multidisciplinary cooperation between the various Imtech companies are ESS (European Spallation Source, a particle accelerator comparable to CERN in Geneva), the MaxLab IV (a research centre for synchronous radiation research), the expansion of a factory for high voltage products in Ludvika and the Hotel Gothia Towers in Gothenburg. Care & cure is a growth segment. The Swedish government in particular is investing in the modernisation of hospitals. Imtech's response has resulted in a large number of orders including from the Karolinska Hospital in Stockholm and the University Hospital in Linköping. Imtech is also involved in the expansion of the Vasa Museum in Stockholm. In Norway significant growth has been achieved. In the energy market Imtech has further extended the breadth and depth of its activities. Examples include energy-saving projects for regional authorities (including Regi Council in Karlstad) and advanced thermal energy solutions in the 'Tältlägret 7' apartment complex in Stockholm. Imtech is also active in several large power plants. New important customers include industrial manufacturer Atlas Copco and Medicon Valley in Lund. In the industrial market Imtech also works for Outokumpu Stainless and ABB. Imtech is responsible for a number of electrical services upgrades for Volvo in Skövde and has started a trial project in the broadband market with telecom provider Telia. During the first half of 2012 the activities in the Nordic were strengthened by the acquisition of four smaller technical services providers (around 100 employees in total) - the Norwegian Steinar Holbæk and the Swedish technical services providers Värnamo Elservice, VVS Montage i Dalarna and Fagersta Industri EL. These smaller acquisitions have either added supplementary technical competencies to Imtech's portfolio or have strengthened Imtech's regional presence.
ICT, Traffic & Marine: on balance a slight growth
Imtech is an outperformer in the European ICT market and has, once again, achieved an excellent growth performance. In the European traffic market Imtech has performed stable despite governmental cutbacks. In the global marine new build market the decrease in volume in the Northwest Europe region has not been sufficiently compensated by continued growth in services and management. At the end of the first half year the marine order intake showed a recovery. On balance, the picture is one of slight growth. The EBITA has risen by 6%.
ICT: another excellent growth performance
Unlike many of its competitors Imtech has developed excellent in the European ICT market, despite varied market conditions in various countries. Imtech has also performed very well in the Asian growth market. The basis for this growth performance is decentralised entrepreneurship combined with an unambiguous strategic focus on business intelligence (strategic and tactical data streams), cloud-based computing (sharing the available computer infrastructure), managed services (management of business critical applications and complex IT environments), ERP software (management of business processes) and collaboration (cooperation in social networks). This strategy has led to further growth, both organic and through acquisitions completed in 2011. Collaboration with Imtech partners IBM, Microsoft and Cisco offer customers added value. In Germany, for example, this has led to a strengthening of the position in the collaboration and business analytics markets, including new orders from Deutsche Bahn, Edeka, Bette and Lanxess. In the public sector Imtech (Fritz & Macziol) has a leading position in Germany and Switzerland with accounting software in over 1,000 municipalities. The Swiss canton of Graubünden, which includes the cities of Davos and St. Moritz, is a new customer. Imtech has also strengthened its position in Asia, for example in the retail and telecommunications markets. In the Netherlands Imtech has held fast to the robust growth of 2011. Orders received include the IT infrastructure in the new Ministries of the Interior and Justice building, the Rijksmuseum in Amsterdam and various education establishments. Software orders came from Amsterdam Airport Schiphol and the funeral company Monuta. Imtech is also doing well in Belgium, including with the equipping of a high-tech data platform for Bayer Bioscience and outsourcing services for BT. In Austria Imtech is supplying numerous IT services to yarn manufacturer Coats and aluminium manufacturer Nemak and has received larger orders for IBM technology for hosting and IT maintenance from various government institutions and Sony. Imtech is developing dynamically in the logistics software market. In Sweden Qbranch, which was acquired in 2011, has signed a number of large IT outsourcing agreements including one with Swedavia, the owner of Sweden's major airports. Konsumentverket, Vectura and TLV have also opted to outsource their IT to Imtech. In the UK a sizeable multi-year order has been received for the pan-European research and teaching network GÉANT to which millions of researchers and students are connected. Imtech is also responsible for the IT infrastructure behind numerous BBC internet services related to the Olympic Games.
Traffic: technological integration, position extension, stable performance
Despite lower governmental investments Imtech's performance has remained stable. The strategy is aimed, successfully, at the further broadening of positions. In Dublin a multi-year contract has been won for the maintenance of 800 traffic lights, including traffic management. In Copenhagen an order has been won for a traffic management system covering all 365 road junctions. These projects open the way to further approaches to the markets in Ireland and Denmark. Both projects are examples of technological integration. This leads to higher added value at competitive prices. This strategy has also resulted in an international breakthrough for ImFlow, a high-tech, adaptive traffic management system that won the prestigious Intertraffic Innovation Award. This integral traffic solution makes the real-time translation of traffic policy possible, enables the traffic infrastructure to be utilised more efficiently, improves traffic flow and reduces pressure on the environment. The first international requests for this innovation have been received. In the UK Imtech has acquired important framework contracts for consultancy related to TMT002 (Traffic Management Technology) and STSS (Specialist Technology Support Services). This will lead to substantial spin-off. Orders for intelligent road junction management have been received from Russia, Finland and Poland and form a basis for further growth. South Africa is also interested in this Imtech technology. Imtech is a major player in the traffic centre market and has recently completed various traffic centres in the Netherlands and the UK. In Finland the position has been strengthened by the acquisition of two related companies - SSR and Polar. SSR provides total solutions in the traffic market, for example controllers and traffic information, as well as urban and motorway traffic systems. SSR and Imtech are already working together in several Finnish tunnels. SSR and Imtech complement each other, which will strengthen the position in Finland and will lead to further growth. Polar specialises in process automation, especially in industry, and will be transferred to the Nordic in time. In the global parking market Imtech's performance is excellent, for example in the USA, Canada and Brazil.
Marine: growth in services, mixed picture per segment and region
During this year the various marine business units have started working under a single name: Imtech Marine. This creates the desired clarity, both internally and externally, and strengthens Imtech's position as a leading player in the global marine market with activities in more than 25 countries. The strategy is focused on multi-facetted growth. On the one hand Imtech is opening additional service stations along the major shipping routes and during the first half of 2012 amongst other in the USA, the UK and Africa. These service stations, which used to focus on navigation and communication technology, now offer the full Imtech maritime services package. This is leading to cross-selling and further growth, for example in China where orders for a number of automated bridge systems have been received. On the other hand, Imtech is growing by offering life-cycle solutions; from consultancy in the design phase up to and including servicing the ship during the operating phase. A new development is that these services are now also offered remotely - digitally, 24/7, around the globe. Ship owners are increasingly switching to this concept, for one reason because it improves exploitation. All these initiatives are leading to the robust growth of the services activities. In the new-build segment the picture varies per segment and region. In the naval vessel market Imtech is firmly on course. There are new international orders in South America, the Middle East and Asia. Recently, the first of four new patrol vessels was transferred to the Dutch navy. Imtech is also involved in the modernisation of Dutch submarines and a new Joint Support Ship. The Turkish navy placed an order for a total package of electrical systems on board three vessels. In the market for offshore and special ships orders have been received for a deep-sea research ship and a seismic research ship. Imtech is leading the way in the 'green' solutions market, for example with orders for hybrid ferry boats in Scotland and energy management applications. Although conditions in the market for luxury yachts, cruise liners and cargo vessels are challenging, Imtech is involved in the engineering phase of several large projects and has acquired a number of medium-sized and smaller projects. The recent acquisitions in Turkey (2010) and Canada (2011) are developing extremely well under the wings of financially strong Imtech. Imtech is performing well in Turkey, Canada, the Middle East, Asia and China. Southern Europe is stable. The Northwest Europe region (the Netherlands and Germany) has shown a decline. Here restructuring has taken place, partly in the context of the integration of services and new- build activities. At the end of the reporting period the order intake showed a recovery.
Acquisitions - the accelerator for future growth
During the first half of 2012 Imtech, in-line with its 2015 strategic growth plan, once again acquired a number of companies. The most important acquisitions took place in:
- Turkey: a strong base position acquired
The acquisition of 80% of the shares in multidisciplinary technical services provider AE Arma-Elektropanç (1,200 employees, annual revenue of around 90 million euro) has brought Imtech a top-3 position in Turkey. In addition to activities in its own country the new Imtech company is increasingly active in emerging markets such as the Middle East, Russia and various former Soviet republics. AE Arma-Elektropanç has an excellent reputation for providing technical services, mainly in large projects. The activities are well spread across a range of market segments.
- The UK: the position in energy and industry strengthened
The acquisition of Capula (over 180 employees, annual revenue of around 40 million pounds sterling) has gained Imtech a strong position in process automation in the energy and energy facilities markets. But the new Imtech company is also active in and around complex technical facilities in the environmental market, the waste water treatment market and the industrial oil & gas market. Capula stands out through the high degree of IT integration in its solutions and is a front-runner in new developments such as waste-to-energy, CO2 capture and CO2 storage.
- Traffic: position in Finland strengthened
The acquisition of the associated technical services providers SSR and Polar (in total 50 employees, annual revenue of around 15 million euro) has further strengthened Imtech's position in Finland in both the traffic & infra and industry markets. SSR is active in the traffic and public lighting markets throughout Finland. Polar specialises in process automation in sectors such as industry, energy, mining, steel, timber processing and chemicals. SSR and Imtech Traffic & Infra are already working together in various Finnish traffic projects, including tunnels. Polar will be transferred to Imtech's existing industrial activities in Finland in time.
Several smaller technical services providers in the Nordic region have also been acquired and the position in the Benelux care & cure market has been strengthened by the acquisition of a leading technology specialist in the growing medical equipment market (acquisition at the end of 2011, consolidation as of January 2012).
The total acquisition price of the acquisitions (including earn-out) amounted to 99 million euro. The combined annual revenue of all the acquired companies amounts to around 185 million euro. The number of new employees is around 1,500. All the acquired companies are contributing towards profit per share. The total annual contribution towards the EBITA amounts to around 14 million euro. Of the acquisition costs, recognised under Group management costs in the financial appendix, 2.4 million euro has been charged to the result (first half of 2011: 1.2 million euro).
Imtech emphasises that the objective of all the acquisitions is the achievement of future strategic growth through their integration into and intensive cooperation with existing Imtech activities. This will lead to additional growth of both the acquired companies and the existing Imtech portfolio. Imtech will continue seeking further strategic acquisitions in the second half of 2012.
The number of employees up by 9% to over 29,000
The overall effect of reorganisations and acquisitions was that on 30 June 2012 the number of employees was 29,128 - an increase of 9% compared with the 26,829 employees on 30 June 2011. The main concern for the future remains the availability of qualified and experienced employees. This is why Imtech will continue investing in training programmes at both a management and technical level, ensuring it stands out from the competition through labour market communication (for example through its sponsoring of the European beach volleyball tour) and focusses on retaining its existing employees.
Dutch pension provisions transferred
After carefully weighing all the interests and after a statement of no objection by De Nederlandsche Bank, the Imtech pension fund's Board and the Participants Board decided to terminate the fund as of 1 June 2012. The pensions of some of the participants have been placed with an insurance company and the pensions of the remaining participants have been placed with the Pensioenfonds Metaal en Techniek.
Maintaining the 2015 strategic growth plan targets
Imtech's long-term growth target for 2015 - revenue of 8 billion euro with an operational EBITA margin of between 6% and 7% - remains unchanged.
Maintaining to the outlook for the full year 2012
Imtech is maintaining the forecast for the full year 2012 expressed in February 2012: according to its current views the Board of Management expects a further EBITA increase for the full year 2012 through organic growth and acquisitions.
- Trading update third quarter of 2012: 30 October 2012
- Publication of 2012 annual figures, press conference and analysts' meeting: 5 February 2013
- General Meeting of Shareholders: 3 April 2013
Analysts' meeting 31 July 2012, live transmission via Internet (webcast)
From 11.00 hrs an analysts' meeting will be held in the Mövenpick Hotel, Piet Heinkade 11, 1019 BR Amsterdam. This analysts' meeting will be transmitted live via the Internet (www.imtech.com) from 11.00 hrs until around 12.00 hrs and after this time will also be available on the website.
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