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Imtech shifting emphasis to operational and financial recovery
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Gerard van de Aast, CEO: “2013 will be marked as a very turbulent year in the history of Imtech given the events that occurred in Poland and Germany with a large impact on our organization and especially our German business. The net loss for the year of 697 million euro is the result of all events and consequences we earlier announced and mainly attributable to non-operational items such as one-off valuation allowances, restructuring costs and finance charges.
In the last quarter of the year we saw a sound operational performance in most of our divisions, with a good improvement of operational EBITDA margin and good cash collection. Our German business has not yet improved in the fourth quarter. We have started a detailed action plan ‘Neue Imtech’ that will drive improvement of results in Germ>>
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Imtech shifting emphasis to operational and financial recovery
- Revenue in the fourth quarter 1,299 million euro
- Positive operational EBITDA in the fourth quarter of 6 million euro
- Order intake in the fourth quarter 1,204 million euro, slightly lower than revenue
- Earlier announced non-operational items drive negative net result in the fourth quarter of 370 million euro
- Net negative result for the year 697 million euro mainly due to earlier announced non-operational items
- Net debt down to 745 million euro (third quarter 2013: 836 million euro)
- Main focus on organic growth, operational recovery and debt reduction by at least 400 million euro
- Implementation of detailed improvement plan ‘Neue Imtech’ in Germany
- New agreement with financiers, including amended covenants
Key figures
Gerard van de Aast, CEO: “2013 will be marked as a very turbulent year in the history of Imtech given the events that occurred in Poland and Germany with a large impact on our organization and especially our German business. The net loss for the year of 697 million euro is the result of all events and consequences we earlier announced and mainly attributable to non-operational items such as one-off valuation allowances, restructuring costs and finance charges.
In the last quarter of the year we saw a sound operational performance in most of our divisions, with a good improvement of operational EBITDA margin and good cash collection. Our German business has not yet improved in the fourth quarter. We have started a detailed action plan ‘Neue Imtech’ that will drive improvement of results in Germ>>
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