2007 a top year for Imtech: EBITA + 38%, net profit + 36%
Key figures
2007
+-------------------------------------------------------------------+
| | 2007 | 2006 | Growth | Organic |
|---------------------------+---------+--------+---------+----------|
| Revenue (in mio) | 3,346 | 2,839 | + 17.9% | + 7.2% |
|---------------------------+---------+--------+---------+----------|
| | | | | + |
| EBITA (in mio) | 156.5 | 113.3 | + 38.1% | 21.2% |
|---------------------------+---------+--------+---------+----------|
| EBIT (in mio) | 147.3 | 108.8 | + 35.4% | |
|---------------------------+---------+--------+---------+----------|
| Net profit (in mio) | 91.9 | 67.7 | + 35.9% | |
|---------------------------+---------+--------+---------+----------|
| Net profit * (in mio) | 101.1 | 72.2 | + 40.1% | |
|---------------------------+---------+--------+---------+----------|
| | | | | |
|---------------------------+---------+--------+---------+----------|
| Earnings per share | 1.17 | 0.86 | + 36.0% | |
|---------------------------+---------+--------+---------+----------|
| Earnings per share * | 1.29 | 0.92 | + 40.2% | |
|---------------------------+---------+--------+---------+----------|
| Dividend per share | 0.47 | 0.36 | + 30.6% | |
|---------------------------+---------+--------+---------+----------|
| | | | | |
|---------------------------+---------+--------+---------+----------|
| Operational EBITA | | | | |
| margin | 5.1% | 4.5% | | |
|---------------------------+---------+--------+---------+----------|
| Order portfolio (in mio) | 3,815 | 2,924 | + 30.5% | |
|---------------------------+---------+--------+---------+----------|
| | | | + | |
| Employees at year end | 18,231 | 16,362 | 11.4% | |
+-------------------------------------------------------------------+
* Before amortisation.
Prospects 2008
* A further increase of EBITA through organic growth and
acquisitions.
Strategy 2008 - 2012
* Imtech moving towards a leading position as European technical
services provider and in the global marine market.
* Objectives: revenue 5 billion euro in 2012 while maintaining an
operational EBITA margin objective of 6%.
CEO René van der Bruggen: 'Great confidence in 2008'
'2007 was a top year for Imtech', says René van der Bruggen, CEO of
technical services provider Imtech. 'There was a substantial increase
in technology investment in almost all the markets relevant for
Imtech - buildings, industry, infrastructure & mobility and marine.
Because Imtech can offer total solutions by combining electrical
engineering, ICT (information and communication technology) and
mechanical engineering, it was able to make excellent profit from
this up-swing in investments. Organic EBITA growth in 2007 reached
the record-high of 21% - an outstanding performance. The overall
EBITA rose by 38%, net profit by 36% and the operational EBITA margin
rose from 4.5% to 5.1%. In Germany & Eastern Europe in particular
growth could only be described as 'explosive' - here the order
portfolio grew, totally organically, by 56%. The overall order
portfolio reached a record high of over 3.8 billion euro. The quality
of this portfolio is good and it forms a great starting point for
2008. In 2007 Imtech was strengthened by the acquisition of eleven
technology companies that fit in well with Imtech. The annual revenue
of these acquisitions amounts to 250 million euro. With investment in
technology increasing and a large, high-quality order portfolio we
have great confidence in 2008. Also because Imtech has succeeded in
building-up an excellent position in growth markets such as energy,
water and the environment. Around 22% (750 million euro) of the 2007
revenue came from these fast-growing market segments. Imtech is
striving for revenue of 5 billion euro in 2012, through organic
growth and acquisitions. Imtech is moving towards a leading position
as a European technical services provider and in the global marine
market.'
Results 2007
The operating result before amortisation and impairment of intangible
assets (EBITA) rose by 38.1% to 156.5 million euro (2006: 113.3
million euro), of which 21.2% was organic (2006: 13.3%). Revenue rose
by 17.9% to 3,346 million euro (2006: 2,839 million euro), of which
7.2% was organic (2006: 7.2%). Order portfolio growth on 31 December
2007 was good - in terms of both size and quality - and rose by 30.5%
to 3,815 million euro (2006: 2,924 million euro). Net profit rose by
35.9% to 91.9 million euro (2006: 67.7 million euro). Earnings per
share before amortisation and impairment of intangible assets rose by
0.37 euro to 1.29 euro (+ 40.2%), based on the average number of
issued shares during the financial year. The total operational EBITA
margin rose from 4.5% at the end of 2006 to 5.1% at the end of 2007.
Dividend 2007
A cash dividend of 0.47 euro per share will be proposed to the
General Meeting of Shareholders - an increase of 30.6%. This proposal
equates to a distribution of 40% of net profit, which is in-line with
the dividend policy. The dividend return based on the 2007 closing
price amounts to 2.8% (2006: 2.2%).
Acquisitions
In 2007, as in the preceding years, Imtech worked successfully to
further strengthen its European position through acquisitions. In a
nutshell, the following companies were acquired:
* Peek Traffic (annual revenue 105 million euro, 600 employees):
high-tech mobility solutions in Europe;
* Aqua Group (annual revenue 51 million euro, 210 employees):
strengthening of the position in the UK in the Cambridge region and
the eastern part of Greater London;
* Suir Engineering (annual revenue 61 million euro, 550 employees):
acquisition of a position in the Irish industrial technology
market;
* acquisitions in the German (BMS Systems IT Solutions and X-Wert
Consulting) and Swiss (Interex) ICT market (annual revenue 10
million euro, 40 employees), which have reinforced the partnerships
with global market leaders IBM and Microsoft;
* Metubsa (annual revenue 4 million euro, 70 employees): specialised
in industrial maintenance in northern Spain;
* in Luxembourg and in the marine market smaller, but healthy and
growing companies were acquired (annual revenue 19 million euro,
113 employees).
The total purchase price of these acquisitions, including maximum
earn-out, was 163.5 million euro. The total annual revenue of these
acquisitions, with 1,583 new employees, was around 250 million euro.
All the acquired companies performed well and made an immediate
contribution to earnings per share for 2007. The expected annual
EBITA is around 20 million euro, of which 11 million euro was
accounted for in 2007.
Benelux: significant organic growth
A significant rise in organic revenue, EBITA and order portfolio:
+-------------------------------------------------------------------+
| | | | |
| Benelux | 2007 | 2006 | Growth |
|--------------------+--------------+--------------+----------------|
| Revenue (in mio) | 1,024 | 919 | + 11% |
|--------------------+--------------+--------------+----------------|
| EBITA (in mio) | 38.5 | 29.9 | + 29% |
|--------------------+--------------+--------------+----------------|
| EBITA margin | 3.8% | 3.3% | |
|--------------------+--------------+--------------+----------------|
| Order portfolio | 1,243 | 1,021 | + 22% |
| (in mio) | | | |
|--------------------+--------------+--------------+----------------|
| Employees at year | | | + 6% |
| end | 7,086 | 6,700 | |
+-------------------------------------------------------------------+
Imtech is one of the strongest multidisciplinary technical services
providers in the Benelux. This strong market position formed a good
basis for significant organic growth in all the relevant markets. The
EBITA rose faster than revenue, partly as a result of more selective
project acquisition. The order portfolio also developed extremely
well and with good profit potential, which instils confidence in the
future. The demand for a total approach to technical services
provision increased. The number of construction consortia and
(intensive) cooperations with customers and suppliers rose. Imtech
focused, successfully, on innovative solutions in the energy (saving)
and environment markets. Growth continued in Belgium and Luxembourg.
In the Netherlands, where market conditions have been difficult in
recent years, there were clear signs of recovery. Imtech was able to
profit from the improving market conditions especially in the
industry market, for example with long-term maintenance contracts and
a strengthening of the export position in the growing oil & gas
market. Imtech achieved growth in the infrastructure market,
particularly in the energy-efficient lighting, rail, traffic and
security segments. Further growth in the Benelux is expected.
Major orders included:
* technology, ICT infrastructure and some of the security in the
Jeroen Bosch Hospital to be built in Den Bosch;
* technology in the vast 'Belval Plaza' complex in Luxembourg - the
first phase of a 140,000m² shopping, leisure, parking and office
development;
* the export of the technology to measure the volume of gas produced
by Petrom - Romania's largest oil and gas company;
* maintenance and technological infrastructure for a storage tank
facility and a totally new centrifuge line for Teijin Aramid -
manufacturer of para-aramide products;
* improving security in, around and on scores of tunnels, bridges and
locks in the Netherlands.
Germany & Eastern Europe: high growth
A substantial organic growth of revenue, EBITA and the order
portfolio:
+-------------------------------------------------------------------+
| | | | |
| Germany & Eastern | 2007 | 2006 | Growth |
| Europe | | | |
|----------------------------+---------------+---------+------------|
| Revenue (in mio) | 970 | 864 | + 12% |
|----------------------------+---------------+---------+------------|
| EBITA (in mio) | 43.4 | 33.7 | + 29% |
|----------------------------+---------------+---------+------------|
| EBITA margin | 4.5% | 3.9% | |
|----------------------------+---------------+---------+------------|
| Order portfolio (in mio) | 1,380 | 884 | + 56% |
|----------------------------+---------------+---------+------------|
| Employees at year end | 4,122 | | + |
| | | 4,023 | 2% |
+-------------------------------------------------------------------+
In Germany and Eastern Europe growth was high, partly under the
influence of increasing export by the German industrial sector.
Imtech is focusing more and more on this sector and, as one of the
largest technical services providers, was able to profit from the
considerably higher investments. The activities in the buildings
market also increased, in part thanks to the increasing demand for
energy-efficient concepts and energy-saving measures. Overall the
picture was extremely positive. Organic EBITA growth was robust and
order portfolio growth was explosive (+ 56%). Long-term relationships
enabled Imtech to achieve structural growth especially in the
important automotive industry, the energy market, the aircraft
industry, pharmaceuticals, the semi-conductor market and at airports.
Imtech excelled in the energy market and was able to profit well from
the sharply-increased demand for efficient, alternative and
decentralised energy facilities. A real breakthrough was achieved in
Poland where Imtech is now one of the strongest technical services
providers. Activities also increased in Bulgaria, Romania and Croatia
and, in cooperation with German customers, Imtech started in the
Russian market. The future in Germany & Eastern Europe looks very
positive.
Major orders included:
* technical infrastructure and innovative cooling for the upgrading
and expansion of enormous data centres for Citibank and Nürnberger
Versicherungsgruppe;
* technical infrastructure and high-tech test technology in new
research, innovation and energy test centres for BMW aimed at
reducing the CO2-emissions of new models;
* high-tech cleanrooms for Siltronic and Carl Zeiss;
* technology in an Airbus assembly and paint shop near Beijing in
China, based on a similar, completed order in Hamburg.
The UK, Ireland & Spain: robust growth
A sharp rise in revenue, EBITA and the order portfolio through
organic growth and acquisitions:
+-------------------------------------------------------------------+
| | | | |
| The UK, Ireland & | 2007 | 2006 | Growth |
| Spain | | | |
|------------------------+---------------+---------------+----------|
| Revenue (in mio) | 417 | 334 | + 25% |
|------------------------+---------------+---------------+----------|
| EBITA (in mio) | 28.5 | 22.4 | + 27% |
|------------------------+---------------+---------------+----------|
| EBITA margin | 6.8% | 6.7% | |
|------------------------+---------------+---------------+----------|
| Order portfolio (in | 453 | 294 | + 54% |
| mio) | | | |
|------------------------+---------------+---------------+----------|
| Employees at year end | 2,803 | 1,983 | + |
| | | | 41% |
+-------------------------------------------------------------------+
High investment in technology took place in the UK and Ireland,
particularly in the Greater London area. For Imtech these positive
market conditions resulted in robust growth, both organic and through
acquisitions. The acquisition of Aqua Group has strengthened Imtech's
position in Eastern England and the acquisition of Suir Engineering
has given Imtech access to Ireland where, until now, its activities
were minimal. Suir Engineering is Ireland's largest E&I contractor
(electrical engineering and instrumentation) and ranks among the
top-3 players in the Irish industrial technology market with a focus
on the growing pharmaceutical market. Progress was made in all the
buildings regions (Greater London, south-east England, the Midlands
and Yorkshire), as well as in the infrastructural water market.
Further growth is expected, in part due to the influence of the 2012
Olympic Games.
Major orders included:
* technology and fire protection in the Westfield mega-shopping
centre (150,000 m²) in White City in London;
* technical infrastructure in bio-technology centres, bio-pharma
centres and pharmaceutical manufacturing centres for Wyeth Medical,
Johnson & Johnson, Genzyme and Quidant/Abott in Ireland;
* technology in a new Anglian Water Services water treatment plant
supplying clean and safe drinking water to 1 million people in East
Anglia.
In Spain a wide focus on the buildings market resulted in continuing
organic growth in and around the economic regions of Madrid,
Valladolid, Barcelona, Valencia and, in the course of 2007, Seville.
The maintenance activities developed positively in these regions. In
the industrial market Imtech achieved substantial growth and was
involved in the expansion and upgrading of the refinery capacity of
nearly all the large oil and gas companies. Progress was also made
in the market for shutdowns and maintenance. Imtech developed
positively on all fronts. In Northern Spain, where until recently
Imtech was only active on a modest scale, the maintenance specialist
Metubsa was acquired. Imtech is in a good position for further
growth.
Major orders included:
* expansion of the refinery capacity of oil and gas company Cepsa in
Huelva;
* major shutdowns in the refineries of Cepsa on Tenerife, Repsol in
Puertollano and BP in Castellón;
* technology in shopping centres in Madrid for ING Real Estate and
Multidevelopment;
ICT, Mobility & Marine: strong growth
A sharp rise in revenue and EBITA thanks to a combination of organic
growth and acquisitions:
+-------------------------------------------------------------------+
| | | | |
| ICT, Mobility & | 2007 | 2006 | Growth |
| Marine | | | |
|------------------------+---------------+---------------+----------|
| Revenue (in mio) | 935 | 722 | + 30% |
|------------------------+---------------+---------------+----------|
| EBITA (in mio) | 61.0 | 40.7 | + 50% |
|------------------------+---------------+---------------+----------|
| EBITA margin | 6.5% | 5.6% | |
|------------------------+---------------+---------------+----------|
| Order portfolio (in | 739 | 725 | + 2% |
| mio) | | | |
|------------------------+---------------+---------------+----------|
| Employees at year end | 4,180 | 3,621 | + |
| | | | 15% |
+-------------------------------------------------------------------+
ICT is more and more often a vital component of Imtech's total
solutions. Imtech's core ICT companies (Imtech ICT and Fritz &
Macziol) act as the ICT front-line with a focus on innovation and
customisation with a broad and differentiating pallet of high-value
ICT services. The demand for Service Oriented Architecture, business
intelligence, web technology, VoIP and Microsoft Dynamics increased.
Imtech ICT and Fritz & Macziol excelled in the Netherlands, Germany,
Switzerland and Austria and achieved robust growth. 'Green'
(energy-efficient) ICT is in the ascendant. Partnerships with IBM and
Microsoft were expanded, partly due to the acquisition of the German
BMS Systems IT Solutions and X-Wert Consulting as well as the Swiss
Interex.
Major orders included:
* upgrading of the ICT infrastructure of the Dutch Ministry of
Waterways and Public Works' network of hundreds of measuring points
that collect data about the water level in the country's major
rivers and wave movements along its coast;
* software solutions and services with integrated accounting and
budgeting total solutions (Microsoft Dynamics NAV) for 750 German,
Swiss and Austrian municipalities and public institutions with over
50,000 users.
In the mobility market Imtech's activities in both the (inter)city
market and the high-tech traffic enforcement and traffic management
centre markets are increasing. The growth in demand for these
high-tech solutions is structural. Imtech developed very well, partly
thanks to the acquisition of Peek Traffic - a major player in the
European mobility market with a broad package of intelligent mobility
solutions aimed at traffic flow and safety and the limitation of
harmful emissions (fine particles). Imtech achieved a healthy growth
and was increasingly active, especially in the UK and the Netherlands
but also in Poland.
Major orders included:
* dynamic traffic systems in a number of places, including Helmond,
Brussels and around the Netherlands' Schiphol airport, that
improved traffic flow by more than 15% and reduced harmful
emissions;
* a five-year maintenance contract for Transport for London (manager
of the total road network in and around London) for 40% of the
traffic systems in London, including the Olympic area.
In the marine market Imtech is an international player of stature
with 60 international service centres and offices in Europe, the USA,
the Far and Middle East and China. Good progress was achieved in
virtually every segment but particularly in the markets for oil &
gas, luxury (mega) yachts and passenger liners. The completion at the
end of 2007 of several large orders that formed part of the
programmes of the Dutch navy and the British Royal Navy put pressure
on the order portfolio. The organisation was strengthened through the
acquisition of Seacoast Electronics (USA) and Free Technics (Dutch
software specialist). The demand for energy-efficient (diesel)
electric propulsion increased. Imtech achieved robust growth in
Germany and China. The aim remains focused on further growth.
Major orders included:
* naval programmes for new vessels for the navies of Oman, Thailand
and Turkey;
* automation and technical infrastructure on board the 'Pieter
Schelte' - the world's largest multi-functional special vessel;
* ten luxury mega-yachts (length between 70 and 160 metres) in Dutch,
Russian, Chinese and German wharves;
* technology packets on board six passenger liners (2,300 to 2,800
passengers) at the Italian Fincantieri wharf and the German Meyer
Werft;
* technological solutions on board over 240 ships at a great many
Chinese wharves.
A sustainable and liveable society
More and more often Imtech's core business is enabling it to
contribute towards a sustainable and habitable society, for example
with energy technology, energy-saving, intelligent mobility
solutions, clean water, LED lighting and technology that contributes
towards a better environment. In 2007 revenue in the energy, water
and environment markets was nearly 750 million euro.
Outstanding projects included:
* the technology in the four largest bio-gas power stations in the UK
which together generate 4.2 million MW of electricity (customer:
Anglian Water Services);
* a new, energy-generating incinerator line for the HVC waste centre
in Dordrecht, the Netherlands;
* an innovative integrated energy and ecology concept for Solon's
solar cell factory in Berlin;
* an innovative solution through which harmful kerosene emissions
(1,000,000 m3 of kerosene vapour and 250 tons of kerosene residue a
year) released at Schiphol airport in the Netherlands when aircraft
are refuelled is converted into electricity.
Progress was also made in the field of Corporate Sustainability (CS),
for example by switching the entire Dutch lease car fleet of 3,200
vehicles to environmentally-friendly petrol thus preventing the
emission of nearly 1 million kilo of harmful CO2. Attention was also
paid to the evaluation of the CS performance of partners in our own
general and technical processes and to 'sustainable procurement'. In
the framework of corporate citizenship Imtech has also started a
project aimed at the transfer of knowledge to developing countries.
Financial income and expenses
Net financial liabilities rose by 10.0 million euro to 20.9 million
euro primarily due to interest charges increasing from 8.7 million
euro to 17.7 million euro as a consequence of the higher net debt
position resulting from the acquisitions.
Taxes
Taxes amounted to 33.3 million euro, 5.7 million euro more than in
2006. The effective tax rate dropped to 26.4% (2006: 28.6%) partly
due to the reduction of the nominal tax rate in the Netherlands.
Financial position
The balance sheet total rose by 324 million euro to 1,891 million
euro at the end of 2007 (2006: 1,567 million euro). Around 140
million euro of this increase was generated by the acquisitions
completed in 2007. The other main causes of the balance sheet
increase were the capitalising of goodwill paid on acquisitions (142
million euro) and organic growth of work in progress, receivables,
cash and cash equivalents. A correction from preceding years of 9.7
million euro negative has been incorporated into the 2006 opening
capital.
Cash flow, investment and financing
Net cash flow from operating activities rose by 103.1 million euro to
147.8 million euro because better management of working capital
resulted in a far higher EBIT (up by 38.5 million euro) and a
relatively lower trade and other receivables (up by 73.2 million euro
less). The net cash flow from investment activities was 147.1 million
euro negative (2006: 113.5 million euro negative) primarily due to
the acquisition of subsidiaries.
Investments in property, plant and equipment amounted to 29.7 million
euro (2006: 30.5 million euro). Depreciation amounted to 24.0 million
euro (2006: 19.7 million euro).
In 2007 Imtech arranged a new committed credit facility of 300
million euro to replace the existing stand-by facilities. This new
facility, which will be used to finance both working capital and
acquisitions, has a term of five years with the possibility of two
one-year extensions making a total of seven years. In addition to
this 300 million euro credit facility Imtech also has several
non-committed, bilateral credit facilities totalling around 200
million euro at its disposal.
On 31 December 2007 Imtech had over 124 million euro (2006: 80
million euro) in cash and a net debt position of 92 million euro
(2006: 25 million euro). Interest coverage was 7.0 (2006: 9.9). The
net debt/EBITDA ratio was 0.51 (2006: 0.19).
The new credit facility have ensured a healthy financial foundation
for the future and mean Imtech is better equipped for growth both
organically and through acquisitions.
Human Resources
The labour market is clearly in motion and the effects of this were
noticeable. Thanks to our successful recruitment campaigns and newly
set-up recruitment processes and the fact that the company has become
a more well-known and attractive employer, Imtech was able to answer
the increasing need for qualified employees. We have also increased
the number of Group recruiters and improved Imtech's jobsites. In
addition to recruitment we are also focusing more and more on the
retention of employees (active retention policy) and on internal
promotion possibilities, succession scenarios in every component of
the organisation and management development. The growth and
(personal) development of its employees is at the heart of Imtech's
HRM policy. Retaining and recruiting employees is, after all, the
most important basis for Imtech's further growth and development. To
this end, Imtech wants to be one of the best employers in the
technical services provision market. One example is Young Imtech - a
programme for young Imtech employees, whatever their background and
training, aimed at the transfer of knowledge, personal development,
team building and the building of internal networks. Another example
is the Imtech Young Capital Programme, a management traineeship aimed
at preparing young university and technical college graduates for
management positions through an accelerated training process. This
programme, which is deemed outstanding by the market, is enabling
Imtech to attract the best possible future management.
In 2007 employee numbers rose by 1,869 from 16,362 to 18,231 (an
increase of 11.4%), mainly as a result of acquisitions (1,583). The
volatile labour market led to significantly higher employee inflow
and outflow of 16.6% (2006: 12.8%) and 15.0% (2006: 9.1%)
respectively. Average sick leave per employee dropped from 4.3% to
4.0% and the accident frequency per million hours worked (the TRCF,
Total Recordable Case Frequency) decreased further from 0.28 to 0.10.
Strategy 2008 - 2012: on the way to revenue of 5 billion euro
Over the past 15 years Imtech has achieved substantial structural
growth. The CAGR (Compound Annual Growth Rate) in the period 1993 -
2007 was 14.0% for the revenue and 22.0% for the EBITA. These growth
percentages make Imtech one of the fastest growing technical services
providers in Europe. To ensure this growth continues in the future
Imtech used 2007 to up-date its successful growth strategy.
Society's demand for energy saving, alternative fuels and solutions
that contribute towards a better environment are increasing. The need
for security is also growing as is the demand for care & cure,
welfare and health. Last but not least, increasing congestion and
traffic jams means there is an urgent demand for mobility solutions.
As a consequence the technological investments in these markets are
increasing - a situation to which Imtech wants to make a strategic
response.
More and more often customers are specifying their desired output in
the form of financial indices and asking how and with which concepts,
services and technologies this output can best be achieved. Imtech's
responsibilities in relation to those of the customer are, therefore,
also increasing sharply. Thanks to its portfolio Imtech can respond
well to this situation and wants to increase its added-value
strategically so as to be able to be of more service to its
customers.
The importance of software and hardware services in the technical
services market is growing fast. More and more frequently ICT is
forming the core of total technology solutions. From a strategic
perspective Imtech wants to intensify its ICT activities: organically
through internal cooperation and through the acquisition of
high-value ICT companies. Imtech's ambition is to expand its
partnerships with the global market leaders IBM and Microsoft and to
become a leading European partner.
Imtech wants to strengthen its market positions in existing countries
and is also focussing on new, innovative models for cooperation with
customers and suppliers. In addition, Imtech's ambition is to
gradually build-up strong positions in Ireland, Austria and
Scandinavia and further strengthen its position in Eastern Europe. In
the marine market the focus is on expanding its international
position with extra service centres and on strengthening the position
in China.
Strategic action points until 2012
Concrete action points for implementing the growth strategy until
2012 are:
* a sharp focus on the growth markets of energy, environment,
mobility, water, care & cure and security;
* acquisitions in the field of ICT, especially in the UK, Ireland,
Belgium and Spain;
* strengthening partnerships with IBM and Microsoft;
* strengthening its position in the UK and Ireland, both
geographically in buildings and industry and in the infrastructure
market (drinking water and (waste) water treatment);
* technological and geographical growth in Spain;
* expanding the activities in several Eastern European countries both
organically and through acquisitions;
* building-up positions in Austria and Scandinavia through
acquisitions;
* achieving a strong European position in the mobility market;
* further strengthening of the international position in the marine
market;
* strengthening the on-going culture-changing process and an European
management programme with an exchange programme for Imtech
employees from the various countries and cultures;
* the development of labour market communication programmes and
campaigns to put Imtech in a top-of-mind position in the European
labour market;
* the optimal utilisation of Imtech's procurement power partly as a
result of its continuing growth in size.
In 2007 good progress was made on many of these strategic fronts.
Objectives
Based on the strategic up-date Imtech has formulated the following
objectives:
* To achieve revenue of 5 billion in 2012;
* To maintain the operational EBITA margin objective of 6%.
Prospects
Imtech has a strong strategic portfolio of cohesive activities and
can profit from the, according to current views, improving market
conditions in the countries and technological market segments
relevant for Imtech. Imtech also further strengthened its European
position in 2007 through good-quality acquisitions.
Imtech is well positioned to achieve further growth in 2008 - the
quality of the order portfolio has already improved.
According to its current views, in 2008 the Board of Management
expects a further increase of the EBITA through organic growth and
acquisitions.
0-0-0-0-0-0-0-0-0-0-0-0-0-0
For further information
Media
Mark Salomons
Company
Secretary
Telephone: Int. + 31 (0)182 54 35 14
E-mail: pers@imtech.eu
www.imtech.eu
Investor Relations
Jeroen Leenaers
Manager Investor Relations
Telephone: Int. + 31 (0)182 54 35 04
E-mail: investors@imtech.eu
www.investors.imtech.eu
Imtech profile
Imtech N.V. is an European technical services provider in the field
of electrical engineering, ICT and mechanical engineering. With over
18,000 employees, Imtech achieves annual revenue of more than 3.3
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 14,000
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
Amsterdam Small Cap Index (AScX) and the Next 150 index.
Financial Calendar
* General Meeting of Shareholders: 10 April 2008
* Quotation ex-dividend: 14 April 2008
* Dividend made payable: 17 April 2008
* Publication of half-year figures 2008: 14 August 2008
* Publication of annual figures 2008: 17 February 2009
* General Meeting of Shareholders: 7 April 2009
Press conference, analysts' meeting and webcast
Today at 10.00 hours Imtech will hold a press conference in the
Hilton Hotel, Apollolaan 138, 1077 BG Amsterdam. At 12.00 hours an
analysts' meeting will be held, also in the Hilton Hotel in
Amsterdam. The analysts' meeting can also be followed via video
webcast (www.imtech.eu) and will, together with the Q&A session at
the end, be available on our website from around 14.00 hours today.
The webcast of the analysts' meeting will be translated
simultaneously into English. Registrations for both the press
conference and the analysts' meeting may still be made via Astrid
Marré, telephone: Int. + 31 (0)6 11 39 69 98.
Photography
Photographs of Chairman of the Board of Management will be available
to the media via Fotopersbureau Dijkstra. For further information:
Fotopersbureau Dijkstra, telephone: Int. + 31 (0)297 56 68 83,
E-mail: dykfoto@wxs.nl.
The following copyright-free, high-resolution photographs of Imtech
projects in 2007 can be offered to the media via e-mail:
The four largest biogas power stations in the UK
* Anglian WATER Services gave Imtech the responsibility for the
environmentally-friendly processing, cleaning and enrichment of the
slurry that is the basis for biogas. Imtech supplied the technology
for the four largest biogas power stations in the UK which together
generate 4.2 million MW of electricity.
Water management and coastal defences
* Imtech upgraded the Dutch Ministry of Waterways and Public Works'
ICT infrastructure that collects data about water levels in major
rivers and wave movements along the coast from hundred of metering
stations for shipping, locks, flood barriers and coastal and dike
guarding.
Comfortable passenger liners
* At Italian and German wharves Imtech installed comfortable air and
climate solutions on six passenger liners - three for Costa
Crociere (2,300 passengers), two for Disney (2,500 passengers) and
one for Celebrity Cruises (2,800 passengers).
For further information: Imtech Corporate Communications, telephone:
Int. + 31 (0)182 54 35 25, E-mail: pers@imtech.eu.