Buitengewone
Algemene Vergadering
van Aandeelhouders
Rotterdam, 2 augustus 2013
Agenda
2
1.
Opening
2.
Jaarverslag 2012
3.
Samenstelling Raad van Bestuur
5.
Machtiging tot uitgifte van aandelen en tot het beperken/uitsluiten van voorkeursrechten
4.
Samenstelling Raad van Commissarissen
6.
Rondvraag
2. Jaarverslag 2012
a) Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen
over het boekjaar 2012 (bespreekpunt)
3
Group performance
2011
2012
5,064.8
5,432.9
Result from operating activities
192.8
-158.5
Net finance result
-52.0
-65.9
Result before tax
140.8
-221.5
Income tax
-41.3
-4.8
99.5
-226.3
257.1
-51.7
(€m)
Revenue
Net result
EBITDA
4
 2011: including €67m
restatements
 2012: EBITDA including €50m
restructuring charges
Breakdown EBITDA performance
(€m)
2011
2012
% revenue
Benelux
26.9
-54.6
-5.7%
Germany & Eastern Europe
82.2
-132.5
-9.7%
UK & Ireland
26.4
44.2
5.9%
4.9
-2.3
-1.0%
Nordic
55.3
60.3
7.5%
ICT, Traffic & Marine
83.9
62.8
6.7
-22.5
-29.6
-
257.1
-51.7
-1.0%
Spain & Turkey
Group management/Eliminations
 2012: EBITDA including €50m restructuring charges
 Benelux: €35.7m
 Spain: €5.4m
 Marine: €9.1m
5
Balance sheet
2011
2012
1,187.5
1,299.7
231.0
237.3
-
27.6
229.7
68.4
1,648.2
1,633.1
Equity
823.1
556.6
Net interest-bearing debt
575.5
773.1
3.2
49.8
246.2
253.6
1,648.2
1,633.1
(€m)
Intangibles
Other fixed assets
Assets held for sale
Working capital
Capital employed
Other LT liabilities / liabilities held for sale
Provisions
6
Balance sheet - goodwill
(€m)
2011
Book value
2012
Book value
Benelux
37.0
38.0
-55
Germany & Eastern Europe
28.8
28.8
-133
UK & Ireland
97.1
130.9
44
Spain & Turkey
42.3
67.2
-2
Nordic
410.2
428.1
60
ICT, Traffic & Marine
382.6
388.6
63
Group management
-30
998.0
7
EBITDA
1,081.6
-52
Balance sheet – working capital
2011
2012
306.3
264.9
1,141.9
1,132.1
211.3
283.6
Trade payables
-846.6
-890.8
Other current liabilities
-583.2
-721.4
Working capital
229.7
68.4
% LTM revenue
4.5%
1.3%
(€m)
Work in progress
Trade receivables
Other current assets
 Working capital 2012 low level as result of write-offs and extended payment terms
 Other current liabilities includes employee related accruals, VAT, restructuring liabilities and
various other accrued liabilities
8
Aging of trade receivables
(€m)
2011
net
2012
net
Not past due
806.9
767.8
Past due 1-60 days
148.1
183.4
Past due 61-180 days
58.5
45.4
Past due 181 days to one year
34.9
69.1
Past due more than one year
93.5
66.4
1,141.9
1,132.1
Total
 Going forward a more rigid collection policy for <180 days past due debtors
 Going forward a more conservative impairment policy >180 days in line with industry standards
9
Successful 500 million euro rights issue
Rights issue of 500 million euro completed in July 2013

Proceeds used to reduce indebtedness

356,597,988 new shares issued at 1.40 euro per share

94.50% take-up shows shareholders’ commitment to Imtech and confidence in our recovery plan

Remaining 5.50% was offered by a rump at 1.80 euro per share

ING AM Insurance Companies supported the rights issue and participated pro rata its shareholding
10
Balance sheet – net interest-bearing debt
2011
2012
Adjusted
interest rate
Syndicated bank loans
499.0
488.3
euribor + 4.75%1)
Senior notes
227.5
326.3
7.66%1)+2)
Local notes
40.0
7.0
Finance leases
20.7
22.3
Bilateral loans
214.3
314.3
-425.8
-385.1
575.7
773.1
(€m)
Cash
Net interest-bearing debt
Note 1. including PIK interest (no cash)
Note 2. different notes with different maturities and rates
11
euribor + 4.75%1)
Key financing facilities

Following completion of the intended rights issue and the waiver and amendment Imtech has following
key sources of debt financing:





Key revised covenants for the syndicated bank loans and senior notes:
31 March
2014
30 June
2014
30 Sept
2014
31 Dec
2014
31 March
2015
30 June
2015
30 Sept
2015
Each Testing
Date
thereafter
Leverage Ratio (≤)
6.00x
3.50x
3.25x
3.25x
3.00x
3.00x
2.75x
2.50x
ICR (≥)
1.25x
2.50x
3.00x
3.00x
3.50x
3.50x
4.00x
4.00x


No testing in 2013
Key waiver terms



12
EUR 700m syndicated bank loans by 11 banks:
EUR 326m senior notes with maturity from 2016 to 2023
EUR 229m committed bilateral facility
Sufficient headroom under existing guarantee facilities
Interest step-up of 300bps (100bps PIK) till leverage <2.0x
Interest step-up on notes thereafter 175bps
Restrictions on acquisitions, disposals, new debt and dividends
Disclosure notes

Restatements

Going concern disclosure

Contingent liabilities

Employee benefits, IFRS hit in 2013 (opening equity) of EUR 56 million non cash

Subsequent events
13
Subsequent events
Financial restructuring


Expected costs for financial restructuring in total approximately: €110m
 (forensic) investigations: €15m - €20m
 Auditor: €10m
 One-off waiver fees for lenders: €15m
 All other fees: €65m - €70m
Substantial out of pocket costs due to situation that has arisen in beginning of 2013
Operational restructuring - Supports new margin objectives





1,300 FTE reduction
Mainly Benelux (550 FTE) and Germany (550 FTE)
Implementation in H2 2013, process underway
Total cost €80m
Pay-back time 12-18 months

Additional discretionary costs savings programme €15-20m per annum
14
2. Jaarverslag 2012
a) Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen
over het boekjaar 2012 (bespreekpunt)
15
2. Jaarverslag 2012
b) Vaststelling van de jaarrekening 2012
16
Testvraag
Vindt u het weer voor deze tijd van het jaar prettig?
17
2. Jaarverslag 2012
b) Vaststelling van de jaarrekening 2012 (stempunt)
18
3. Samenstelling van de Raad van Bestuur
Benoeming van de heer P.C. van Gelder als lid van de Raad van Bestuur (stempunt)
19
Management changes

New members board of management
 Paul van Gelder (board member, responsible for the IT, Marine and Traffic & Infra divisions of
Imtech and Imtech Spain and Turkey) for appointment today, start date 15 September 2013
 Felix Colsman (board member, responsible for Germany & Eastern Europe) for appointment later
this year, start date 1 September 2013
20
3. Samenstelling van de Raad van Bestuur
Benoeming van de heer P.C. van Gelder als lid van de Raad van Bestuur (stempunt)
21
5. Machtiging tot uitgifte van aandelen en tot het
beperken/uitsluiten van voorkeursrechten
Machtiging van de Raad van Bestuur (onder goedkeuring van de Raad van Commissarissen)
als het gevoegde vennootschapsorgaan tot het:
a) Uitgeven van gewone aandelen (stempunt)
22
5. Machtiging tot uitgifte van aandelen en tot het
beperken/uitsluiten van voorkeursrechten
Machtiging van de Raad van Bestuur (onder goedkeuring van de Raad van Commissarissen)
als het gevoegde vennootschapsorgaan tot het:
b) Beperken of uitsluiten van het voorkeursrecht in verband daarmee (stempunt)
23
4. Samenstelling van de Raad van Commissarissen
a) Toelichting op de samenstelling van de Raad van Commissarissen (bespreekpunt)
24
4. Samenstelling van de Raad van Commissarissen
b) Benoeming van de heer C.J.A. van Lede als lid van de Raad van Commissarissen
(stempunt)
25
4. Samenstelling van de Raad van Commissarissen
c) Benoeming van de heer F.J.G.M. Cremers als lid van de Raad van Commissarissen
(stempunt)
26
6. Rondvraag
27