Royal Imtech publishes fourth quarter and full year 2014 results

ready for operational focus

Quarterly highlights:

  • Order intake in Q4 at a satisfactory level of €912 million
  • Revenue in Q4 €1,030 million, in line with expectations
  • Operational EBITDA in Q4 improved to break-even level
  • Non-operational costs in the quarter amount to €127 million, predominantly from restructuring measures announced in 2014
  • Net finance result in the quarter normalising, benefiting from the significant debt reduction and related interest rate reset
  • Net interest-bearing debt and working capital targets achieved

Full year highlights:

  • Revenue down 8% to €3,922 million, mainly due to Germany & Eastern Europe and UK & Ireland
  • Operational EBITDA loss of €32 million, significantly improving from €78 million loss in 2013
  • Net loss of €559 million mainly as a result of previously announced one-off restructuring costs, finance charges, the loss on discontinued operations and the goodwill impairment in Germany & Eastern Europe
  • Reconfirmation of the achievability of our medium term targets
  • Positive operational EBITDA expected in 2015

Gerard van de Aast, CEO: “2014 was a year in which Imtech normalised its financial situation and dealt with substantial one-off costs. We continued to improve our operational performance, which is the third pillar of our recovery plan. Working capital performance, an important indicator, has significantly improved and the volume and quality of the order intake developed satisfactorily. Operational results are improving as well and with the large restructuring actions behind us, we can now focus to further restore overall profitability. We are well aware of the challenges still ahead on our road to recovery, but progress to date has been steady.”

Read the full press release incl. appendix


Auteur: Redactie Infrasite

Bron: Royal Imtech N.V.