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Imtech: publishes preliminary annual figures for 2012
Publication of preliminary annual figures important next step in recovery plan
Net loss of 226 million Euro in 2012
Adjusted annual figures and opening balance sheet for 2011
Annual report, definite annual figures and the audited annual accounts expected early June 2013
Revenues in 2012 increased by 8% to 5.5 billion Euro
Royal Imtech N.V. today publishes its preliminary annual figures for 2012. The annual report, the definite annual figures, and the audited annual accounts by the accountant are expected in early June 2013. The annual accounts will be discussed at the Annual General Meeting of shareholders on June 28, 2013 and presented for adoption to a yet to be planned Extraordinary General Meeting of shareholders at the end of July 2013.
Gerard van de Aast, CEO; "With the publication of the preliminary annual figures for 2012, Imtech makes an important next step in its recovery plan. Publication of the annual accounts and the investigation report in early June is the next important milestone. We continue to execute our plans announced on February 27 with focus on organic growth, operational excellence, reinforcement of the business controls and the establishment of a solid financial structure."
Preliminary consolidated annual figures 2012
For the preliminary consolidated annual figures 2012 reference is made to the appendix of this press release. The preliminary results in 2012 show a net loss of 226 million Euro. In these preliminary results among others the effects have been included of a later closing date and the connected progressive insights. Also an appropriate realistic approach has been used in the application of our accounting principles. The preliminary annual figures for 2012 will be discussed with our lenders. These discussions are focused on obtaining a definite waiver as a logical continuation on the earlier concluded continuation agreement. After the finalization of the waiver process, expected early June 2013, the annual accounts audited by the accountant will be available.
Adjustment figures 2011
For the adjusted figures for 2011 and the adjusted opening balance sheet 2011 reference is made to the appendix of this press release. The annual accounts 2011 published the previous year therefore no longer present the required true and fair view. This has been announced earlier in our press release of April 23, 2013. The net result of 2011 has been adjusted by 54,6 million Euro. The correction to the shareholders equity on the opening balance sheet amounts to 54,7 million Euro. In regards to the annual accounts 2011, the in art. 2:362 section 6 Dutch Civil Code (BW) intended announcements and auditor's report will be deposited.
Poland and Germany
The investigations in Poland and Germany are in the process of being finalized. As announced earlier, the company will publish the final report in early June 2013. In this report the findings of these investigations will be presented. The write-offs in Poland and Germany amount, as reported on April 23 2013, to 370 million Euro (pre-tax).
On February 27, 2013 Imtech announced the intention to strengthen its shareholders' equity with a rights issue of 500 million Euro. The proceeds of the issue will, after the deduction of costs, be fully utilized for debt reduction, resulting in a reinforcement of Imtech's capital structure. A more extensive explanation of the rights issue is included in the agenda of the Annual General Meeting of shareholders, published on the company website (www.imtech.com). The decision necessary to execute the rights issue will be submitted to the Annual General Meeting of shareholders on June 28, 2013. The announced rights issue is expected to be completed this summer.
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