Imtech targets for 2015: revenue of 8 billion euro at an operational EBITA margin between 6% and 7%

(PresseBox) (Gouda, ) Imtech (technical services provider in Europe and on the global marine market) presents its new 2011 - 2015 growth strategy today during the Imtech Capital Markets Day 2010. For 2015, Imtech expects a revenue of 8 billion euro at an operational EBITA margin between 6% and 7%. Growth will be proportionally distributed between organic growth and growth by means of acquisitions. A syndicated bank facility of 700 million euro with a term expiring in November 2015 has been arranged to finance this growth.

René van de Bruggen, CEO Imtech: 'Imtech has distinguished itself by continuous growth since its official start in 1993: an annual average of 22% for the EBITA and 14% for revenue. Imtech is now also substantially ahead of its own prognoses for 2012. The targets for the growth strategy in effect for 2008 - 2012 (revenue of 5 billion euro at an operational EBITA margin of 6%) are within reach. This is why Imtech is presenting its strategy update 2011 - 2015 today. Its new growth strategy for the 2011 - 2015 period can be summarised as follows:

- achieving more added value;
- expanding activities in Europe and on the global marine market;
- follow key customers outside Europe to emerging markets, among others;
- strong growth of green technology solutions in the energy & environment market;
- growth in specific technology domains: data centres, waste water and care & cure;
- international growth of traffic technology and in ICT-niches.'

'On balance, this strategy will result in new targets for 2015: a revenue of 8 billion euro at an operational EBITA margin between 6% and 7%. This implies doubling the operational EBITA, at minimum, in comparison to 2009. Growth will be distributed proportionally between organic growth and growth by means of acquisitions. A syndicated bank facility of 700 million euro with a term expiring in November 2015 has been arranged to finance this growth. Meeting the new targets will make Imtech an even stronger player in Europe as well as beyond. We are ready for a new ambitious phase in the development of our company.'

Strategic growth plan 2008 - 2012 targets within reach

Although Imtech's forerunners had already been successful for more than 150 years, the year of 1993 marked the start of Imtech. A strong growth track record was established in the 1993 - 2009 period, both organically and by means of acquisitions. Average annual growth over the 1993 - 2009 period was 22% for the EBITA and 14% for the revenue. This made Imtech one of the most robustly growing technical services providers in Europe. 46% of the 2006 - 2009 EBITA growth originated from organic growth and 54% was based on successful acquisitions. Imtech is now also substantially ahead of its own projections for 2012. The targets for the growth strategy in effect for 2008 - 2012 (a revenue of 5 billion euro at an operational EBITA margin of 6%) are within reach despite the economic head-wind of the past two years. Therefore the time has come for an update of the strategy for the 2011 - 2015 period.

Drivers for further growth

Imtech's growth in the 2011 - 2015 period is partly based on four important drivers, which are related to Imtech's robust business model.

Solid potential for growth

The role played by technology in solving economic and social problems is increasing. With its distinguishing multidisciplinary technological proposition, Imtech has been proving for years it can respond well to this base trend. Imtech has a strong position in the growth market of green technology for energy & environment. High added value is provided by integrating energy solutions in the Imtech total approach, which forms a strong driver for further growth.

Leading market positions

Imtech has a broad-range technological services portfolio and strong market positions at its disposal in large parts of Europe and on the global marine market. In a number of market sectors, Imtech has specific distinguishing technological expertise available. In addition to green technology, these include high-tech test technology for the automotive industry, innovative traffic technology, data centre technology and cleanroom technology. Strong market positions are a healthy basis for further growth.

Recurring business

Approximately 55% of Imtech's activities are recurring. Imtech acts as a regular technology partner for hundreds of customers and has obtained thousands of maintenance contracts, forming a good basis for multi-annual continuity. The scale of the order book (4.7 billion euro at the end of 2009, 5.2 billion euro at mid-year 2010) also guarantees strong visibility. In comparison with competing companies, Imtech has a virtually unique profile. There is no other European technical services provider that regards electrical engineering, ICT (Information and Communication Technology) and mechanical engineering as core technologies and is capable of achieving multidisciplinary total solutions across a broad front. Furthermore, Imtech has more than 21,000 customers. Moreover, Imtech is brand-independent and is not restricted to technical solutions provided by any particular supplier or co-maker. All of the above form a good basis for further growth.

Strong financial position

Imtech's financial position is strong. From a financial point of view, Imtech remains amply within the ratios agreed upon with its banks, thus creating trust in the market.

Trends 2015

The strategy for the 2011 - 2015 period is also based on a number of important trends Imtech can and wants to respond to from a strategic point of view.

Trends in relevant markets and technologies

The demand for technology and ICT continues to rise unabated. Without technology and ICT, it is impossible to provide solutions for problems that society faces today and tomorrow, for example for the ageing process in the care & cure market, water, mobility and food & feed. The demand for sustainable technological solutions in the energy & environment market is growing explosively. Green technology is the market of the future. Moreover, the importance of ICT is increasing across the full breadth of the technology domain. The technology market in Europe is and will remain a fragmented one with ample opportunity for further consolidation, offering Imtech good opportunities to trace suitable acquisition candidates.

Trends among customers

Technological solutions are becoming ever more complex and require specific expertise. For this reason, customers are concentrating on their core business and technology is being outsourced. Customers specify their desired output, and then there is the challenge for technical players to attain this output from total technological vision, requiring thorough knowledge of the customers' primary processes. The responsibility for the technical infrastructure is transferred, possibly including financing of investments in technology, leading customers to impose high requirements on added value and (financial) continuity of co-operation partners. Increasing globalisation also results in new questions asked by customers. Some customers ask to be followed internationally. Imtech wants to actively respond to this.

Trends in the labour market

The shortage of well-trained technical personnel relentlessly remains a critical success factor, at every level. The baby boom generation of technicians is retiring and the influx from educational institutions is in arrears. Imtech is a 'people business'. Employees are the most important assets. Thus Imtech wants to be one of the best employers in the technology market. Recruitment and retaining employees are strategic issues. This requires active recruitment and training programmes as well as a broad range of contacts with the educational sector. Employer branding will be in the policy centre. The new way of working is also gaining importance. Employee involvement and sharing common HR values are the focus. Developing leadership, the bonding agent for co-operation, team-building, personal involvement and employee development, as well as the quality of project management are gaining in importance. Imtech is developing itself into an employer of choice.

Conclusion

Trends in the market, in the area of technology and at customers will result in good opportunities for further growth during the next few years. Development into an employer of choice will enable Imtech to turn the critical success factor of quality technical personnel to our benefit.

Strategy 2011 - 2015

Imtech will focus on growth in the 2011 - 2015 period by:

- offering more added value;
- strengthening its position in existing European markets of buildings, industry, traffic & infrastructure;
- acquiring a position in new European countries (in buildings, industry, traffic & infrastructure);
- strengthening its global marine position;
- following key customers outside of Europe;
- further strengthening in energy & environment (green technology);
- expansion of specific technological domains.

More added value

The market demands technical services providers with a life-cycle approach and a focus on reducing the total cost price during the time technical solutions are in effect (total cost of ownership). Imtech is slowly but surely shifting into a business model in which continuously creating more added value is central.

Strengthening existing European buildings, industry, traffic & infrastructure market positions

Imtech has strong or very strong market positions in a great number of European countries, including the Benelux, Germany, Eastern Europe, the Nordic region, the UK, Ireland and Spain. In the next few years, Imtech will strive to further strengthen these positions, both by means of organic growth and through acquisitions.

Acquiring position in new European countries (in buildings, industry, traffic & infrastructure)

In addition to growth in existing countries, Imtech will explore the possibilities of obtaining positions by means of acquisitions in countries that are new to Imtech, such as Denmark, France, (the north of) Italy, Portugal, and Turkey, as well as in Eastern Europe and the Baltic nations. This will be substantiated depending on concrete acquisition opportunities.

Strengthening the global marine position

Imtech's position in the global marine market is strong; the company has a global presence working worldwide in more than 23 countries by means of more than 70 establishments on all important shipping routes. On the one hand, this involves sites where ships can go for maintenance, services and spare parts. On the other, it involves production sites, where Imtech fits new ships to be built with state-of-the-art technological total solutions. In the period through 2015, Imtech will considerable intensify its network of global service sites on all continents. In addition, it plans to strengthen its current production sites in China, the Singapore region and Turkey, among other countries, as well as to set up new production sites in Canada and Brazil.

Following key customers outside of Europe

Imtech has a special relationship with a set group of customers. These are key customers, involved in long-term partnerships, involving intensive co-operation partnerships and information exchange. Ever more frequently, these customers are asking Imtech to offer them services all around the world. The new strategy provides for following these key customers from the automotive, aerospace and food & feed industries, among others, (into the USA and emerging markets) and following the oil and gas industry (into Africa, the Middle East and the so-called BRIC countries: Brazil, Russia, India and China).

Further strengthening in energy & environment (green technology)

In the past few years, Imtech has built a strong position in the energy & environment market. Imtech has a unique sustainable technology portfolio. Approximately 25% of the total 2009 revenue came from this market. This includes green technology in sustainable offices, factories, stadiums, data centres and ships, but also bio-energy, (decentralised) power plants, energy contracting, energy efficiency and sustainable solutions for the mobility market. In the next few years, Imtech will strive to grow by strengthening this position strategically, among others by means of acquisitions.

Expanding specific technological domains

Imtech has defined a number of specific technological domains in which it wants to achieve additional growth. These include:

- data centres: Imtech provides unique, technological total solutions for build, maintain & operate data centres and the fast-growing data traffic. Special attention is focused on high-tech ICT solutions and innovative cooling in order to reduce harmful emissions and to save on energy costs;

- sustainable waste water solutions: Imtech has unique expertise in waste water and waste water treatment. In addition to providing total solutions, Imtech specialises in a life-cycle approach, asset management, preventing environmental pollution, reducing harmful emissions, extracting energy from residual products ('advanced digestion') and additional applications of alternative sources of energy;

- care & cure: technology is becoming increasingly important, since it allows the care & cure market to function more efficiently as the demand rises by ageing of the population, for example due to lower exploitation and energy costs, better manageability and professional maintenance. The importance of ICT is increasing. Integration of all technological solutions is the answer. Specific technology helps comply with the strictest standards for hygiene and safety.

Furthermore, Imtech sees opportunities for international growth in specific information domains such as traffic technology (global export of mobility solutions) and in certain ICT niches, e.g. industrial software solutions in emerging markets.

2011 - 2015 targets

On balance, this strategy will result in the following targets in the 2011 - 2015 period:

- a revenue of 8 billion euro;
- an operational EBITA margin between 6% and 7%.

Growth will more or less be distributed proportionally over organic growth and growth by means of acquisitions.

Financing the growth

Imtech has arranged a syndicated bank facility of 700 million euro with a term expiring in November 2015. The new 700 million euro facility will on the one hand be used to repay the syndicated bank facility of 265 million euro (term expiring in November 2011) and on the other hand to finance the 2011 - 2015 strategy. The conditions of this syndicated bank facility are in line with the 265 million euro facility and the current 300 million euro syndicated bank facility (term expiring in July 2012). The bank syndicate consists of ABN Amro Bank, BNP Paribas, Commerzbank, ING Bank, KBC Bank, Nordea Bank, Rabobank, Royal Bank of Scotland, Barclays Bank, Banque LB Lux and NIBC Bank. Imtech thus has a financial buffer of 1 billion euro available, 700 million of which is for financing long-term growth.

Imtech Capital Markets Day 2010

Imtech Capital Markets Day will be held on 2 November 2010. René van der Bruggen, Imtech's CEO, will explain the strategy update 2011 - 2015 in more detail. There will also be presentations by the management of Imtech Marine, Imtech Traffic & Infra and Imtech ICT. All presentations will be posted on the Imtech website (www.imtech.eu) from 9:00 AM onwards.

Imtech Deutschland GmbH & Co. KG

Imtech N.V. is a European technical services provider in the fields of electrical engineering, ICT and mechanical engineering. This combination of services makes it possible to offer total technological solutions. With approximately 25,000 employees, Imtech achieves an annual revenue of around 4.5 billion euro. Imtech holds strong positions in the buildings and industry markets in the Benelux, Germany, Eastern Europe, the Nordic region, the UK, Ireland and Spain, as well as on the European markets of ICT and traffic, and in the global marine market. Imtech has a client base of around 21,000 customers. Imtech offers added value in the form of integrated and multidisciplinary total solutions that lead to better business processes and more efficiency for its clients and their customers. Imtech offers a wide range of solutions that contribute towards a sustainable society, for example 'green' technology and technical solutions in the markets of energy, the environment, water and mobility. Imtech shares are listed on the Euronext Stock Exchange Amsterdam, where Imtech is included in the Midkap Index. Imtech shares are also included in the Dow Jones STOXX 600 index.

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