Buitengewone Algemene Vergadering van Aandeelhouders Rotterdam, 2 augustus 2013.

Presentatie over: "Buitengewone Algemene Vergadering van Aandeelhouders Rotterdam, 2 augustus 2013."— Transcript van de presentatie:

1 Buitengewone Algemene Vergadering van Aandeelhouders Rotterdam, 2 augustus 2013

2 Agenda 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

3 2. Jaarverslag 2012 a)Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2012 (bespreekpunt) 3

4 Group performance 4 (€m) 20112012 Revenue5,064.85,432.9 Result from operating activities192.8-158.5 Net finance result-52.0-65.9 Result before tax140.8-221.5 Income tax-41.3-4.8 Net result99.5-226.3 EBITDA257.1-51.7  2011:including €67m restatements  2012:EBITDA including €50m restructuring charges

5 Breakdown EBITDA performance 5 (€m)20112012% revenue Benelux26.9-54.6-5.7% Germany & Eastern Europe82.2-132.5-9.7% UK & Ireland26.444.25.9% Spain & Turkey4.9-2.3-1.0% Nordic55.360.37.5% ICT, Traffic & Marine83.962.86.7 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

6 Balance sheet 6 (€m) 20112012 Intangibles1,187.51,299.7 Other fixed assets231.0237.3 Assets held for sale-27.6 Working capital229.768.4 Capital employed1,648.21,633.1 Equity823.1556.6 Net interest-bearing debt575.5773.1 Other LT liabilities / liabilities held for sale3.249.8 Provisions246.2253.6 1,648.21,633.1

7 Balance sheet - goodwill (€m) 2011 Book value 2012 Book valueEBITDA Benelux37.038.0-55 Germany & Eastern Europe28.8 -133 UK & Ireland97.1130.944 Spain & Turkey42.367.2-2 Nordic410.2428.160 ICT, Traffic & Marine382.6388.663 Group management-30 998.01,081.6-52 7

8 Balance sheet – working capital (€m) 20112012 Work in progress306.3264.9 Trade receivables1,141.91,132.1 Other current assets211.3283.6 Trade payables-846.6-890.8 Other current liabilities-583.2-721.4 Working capital229.768.4 % LTM revenue4.5%1.3% 8  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

9 Aging of trade receivables (€m) 2011 net 2012 net Not past due806.9767.8 Past due 1-60 days148.1183.4 Past due 61-180 days58.545.4 Past due 181 days to one year34.969.1 Past due more than one year93.566.4 Total1,141.91,132.1 9  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

10 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 1.60 euro per share  ING AM Insurance Companies supported the rights issue and participated pro rata its shareholding 10

11 Balance sheet – net interest-bearing debt (€m) 20112012Adjusted interest rate Syndicated bank loans499.0488.3euribor + 4.75% 1) Senior notes227.5326.37.66% 1)+2) Local notes40.07.0 Finance leases20.722.3 Bilateral loans214.3314.3euribor + 4.75% 1) Cash-425.8-385.1 Net interest-bearing debt575.7773.1 11 Note 1. including PIK interest (no cash) Note 2. different notes with different maturities and rates

12 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 12 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 (≤)6.00x3.50x3.25x 3.00x 2.75x2.50x ICR (≥)1.25x2.50x3.00x 3.50x 4.00x

13 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

14 Subsequent events 14 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

15 2. Jaarverslag 2012 a)Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2012 (bespreekpunt) 15

16 2. Jaarverslag 2012 b)Vaststelling van de jaarrekening 2012 16

17 Testvraag Vindt u het weer voor deze tijd van het jaar prettig? 17

18 2. Jaarverslag 2012 b)Vaststelling van de jaarrekening 2012 (stempunt) 18

19 3. Samenstelling van de Raad van Bestuur Benoeming van de heer P.C. van Gelder als lid van de Raad van Bestuur (stempunt) 19

20 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

21 3. Samenstelling van de Raad van Bestuur Benoeming van de heer P.C. van Gelder als lid van de Raad van Bestuur (stempunt) 21

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: a)Uitgeven van gewone aandelen (stempunt) 22

23 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

24 4. Samenstelling van de Raad van Commissarissen a)Toelichting op de samenstelling van de Raad van Commissarissen (bespreekpunt) 24

25 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

26 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

27 6. Rondvraag 27