Post on 12-May-2015
Buitengewone Algemene Vergadering van AandeelhoudersRotterdam, 2 augustus 2013
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Agenda
1. Opening
2. Jaarverslag 2012
3. Samenstelling Raad van Bestuur
5. Machtiging tot uitgifte van aandelen en tot het beperken/uitsluiten van voorkeursrechten
6. Samenstelling Raad van Commissarissen
6. Rondvraag
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2. Jaarverslag 2012
a) Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2012 (bespreekpunt)
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Group performance
(€m) 2011 2012
Revenue 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
Net result 99.5 -226.3
EBITDA 257.1 -51.7
2011: including €67m restatements
2012: EBITDA including €50mrestructuring charges
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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%
Spain & Turkey 4.9 -2.3 -1.0%
Nordic 55.3 60.3 7.5%
ICT, Traffic & Marine 83.9 62.8 6.7
Group management/Eliminations -22.5 -29.6 -
257.1 -51.7 -1.0%
2012: EBITDA including €50m restructuring charges- Benelux: €35.7m- Spain: €5.4m- Marine: €9.1m
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Balance sheet
(€m) 2011 2012
Intangibles 1,187.5 1,299.7
Other fixed assets 231.0 237.3
Assets held for sale - 27.6
Working capital 229.7 68.4
Capital employed 1,648.2 1,633.1
Equity 823.1 556.6
Net interest-bearing debt 575.5 773.1
Other LT liabilities / liabilities held for sale 3.2 49.8
Provisions 246.2 253.6
1,648.2 1,633.1
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Balance sheet - goodwill
(€m)
2011Book value
2012
Book value EBITDA
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 1,081.6 -52
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Balance sheet – working capital
(€m) 2011 2012
Work in progress 306.3 264.9
Trade receivables 1,141.9 1,132.1
Other current assets 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%
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
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Aging of trade receivables
(€m)
2011net
2012net
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
Total 1,141.9 1,132.1
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
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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
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Balance sheet – net interest-bearing debt
(€m)
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 euribor + 4.75%1)
Cash -425.8 -385.1
Net interest-bearing debt 575.7 773.1
Note 1. including PIK interest (no cash)
Note 2. different notes with different maturities and rates
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Key financing facilities
Following completion of the intended rights issue and the waiver and amendment Imtech has following key sources of debt financing: 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
Key revised covenants for the syndicated bank loans and senior notes:
No testing in 2013
Key waiver terms 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
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
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Disclosure notes Restatements
Going concern disclosure
Contingent liabilities
Employee benefits, IFRS hit in 2013 (opening equity) of EUR 56 million non cash
Subsequent events
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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
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2. Jaarverslag 2012
a) Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2012 (bespreekpunt)
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2. Jaarverslag 2012
b) Vaststelling van de jaarrekening 2012
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Testvraag
Vindt u het weer voor deze tijd van het jaar prettig?
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2. Jaarverslag 2012
b) Vaststelling van de jaarrekening 2012 (stempunt)
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3. Samenstelling van de Raad van Bestuur
Benoeming van de heer P.C. van Gelder als lid van de Raad van Bestuur (stempunt)
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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
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3. Samenstelling van de Raad van Bestuur
Benoeming van de heer P.C. van Gelder als lid van de Raad van Bestuur (stempunt)
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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)
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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)
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4. Samenstelling van de Raad van Commissarissen
a) Toelichting op de samenstelling van de Raad van Commissarissen (bespreekpunt)
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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)
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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)
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6. Rondvraag