Ready for operational focus

Transcription

press release
18 March 2015
Royal Imtech publishes fourth quarter and full year 2014 results
Ready for operational focus
Quarterly highlights:
 Order intake in Q4 at a satisfactory level of €912 million
 Revenue in Q4 €1,030 million, in line with expectations
 Operational EBITDA in Q4 improved to break-even level
 Non-operational costs in the quarter amount to €127 million, predominantly from restructuring
measures announced in 2014
 Net finance result in the quarter normalising, benefiting from the significant debt reduction and
related interest rate reset
 Net interest-bearing debt and working capital targets achieved
Full year highlights:
 Revenue down 8% to €3,922 million, mainly due to Germany & Eastern Europe and UK & Ireland
 Operational EBITDA loss of €32 million, significantly improving from €78 million loss in 2013
 Net loss of €559 million mainly as a result of previously announced one-off restructuring costs,
finance charges, the loss on discontinued operations and the goodwill impairment in Germany &
Eastern Europe
 Reconfirmation of the achievability of our medium term targets
 Positive operational EBITDA expected in 2015
Key figures
in € million, unless otherwise indicated
Quarters
*
Q4 2014
Q4 2013*
1,030.1
-1.4
-127.0
-128.4
-174.7
-182.1
-0.7
-182.8
911.7
-47.0
334.3
1,061.9
-11.2
-245.9
-257.1
-308.2
-330.7
-39.3
-370.0
919.7
-58.3
737.0
Revenue and other income
Operational EBITDA
Non-operational costs
EBITDA
Operating result (EBIT)
Result from continuing operations
Result from discontinued operations
Net result
Order intake
Operational working capital
Net interest-bearing debt
-0.1%
-12.5%
-1.1%
-24,2%
22,193
23,788
Full year
2014
2013*
3,922.3
-31.9
-221.8
-253.7
-340.6
-488.8
-70.5
-559.3
3,729.1
-47.0
334.3
4,248.4
-78.3
-375.3
-453.6
-562.2
-648.5
-48.1
-696.6
3,948.2
-58.3
737.0
Margins
Operational EBITDA margin
EBITDA margin
-0.8%
-6.5%
-1.8%
-10.6%
Number of employees (in FTE)
22,193
23,788
Restated, see note 3 to the Financial Statements 2014.
Gerard van de Aast, CEO: “2014 was a year in which Imtech normalised its financial situation and dealt
with substantial one-off costs. We continued to improve our operational performance, which is the third
pillar of our recovery plan. Working capital performance, an important indicator, has significantly
improved and the volume and quality of the order intake developed satisfactorily. Operational results
are improving as well and with the large restructuring actions behind us, we can now focus to further
restore overall profitability. We are well aware of the challenges still ahead on our road to recovery, but
progress to date has been steady.”
1
Progress on Recovery Plan
Since February 2013 the focus of the new Boards of Imtech has been on three priorities:
1. Dealing with the implications of the past irregularities
2. Implementing a stable financing structure
3. Improving operational performance
To deal with the first priority, we have implemented a robust set of Governance, Risk and Compliance
(GRC) policies and have replaced most of the senior management teams across the group to allow for
a new playing field going forward. We believe that our current GRC system is an appropriate safeguard
against the events from the past reoccurring.
Unfortunately, issues or allegations from the past might continue to come up. That is a reality that Imtech
has to deal with. It is our firm commitment to properly deal with these legacy issues. See the separate
chapter ‘Update on GRC issues’ in this press release for a current update.
With the completion of the rights issue in October 2014, the sale of the ICT division and the resulting
adjustments to our financing terms, we have adequately addressed the second priority. This now gives
us the time and flexibility to fully focus on our third priority – the recovery of operational performance.
The progress to date has been steady, but we are well aware of challenges still ahead, in particular for
Germany & Eastern Europe.
Recovery of operational performance
We have defined four key drivers to manage our operational recovery: quality and volume of order
intake, improved project execution resulting in a higher gross margin, reduction of indirect costs, and
reduction of operational working capital.
The group’s order intake for the year of €3,729 million was satisfactory and in line with revenue, though
with differences per division. UK & Ireland had a good order intake. Order intake in Germany & Eastern
Europe was lower than revenue, which is related to our decision to prioritise margin over volume. See
below for a separate and detailed update on developments in Germany & Eastern Europe.
The results on projects were unsatisfactorily, amongst others caused by old and legacy projects,
insufficient operational discipline on several projects and the turmoil surrounding the company in 2014.
Although the cultural change needed for improvement of project results obviously will take time, we
expect improvements to become visible in 2015 already by replacing loss making projects with new
projects at healthier margins. Further improvements will come from standardisation of processes,
increased efforts in training, planning and scope change management, and a more professional
approach to procurement.
In 2014, indirect cost reductions of €100 million have been achieved. Half of this reduction is savings
and the remaining relates to reduced volumes. Further savings will be realised through standardisation
and integration of back office processes, rationalisation of real estate portfolios (mainly in the
Netherlands and Germany), prudent spending (e.g. sponsoring, car leasing) and a reduction of external
support.
To achieve our overall medium term target EBITDA margin of 4% to 6%, we focus on improving our
gross margin to a range of 18% to 22% (2014: 16%) and reducing our indirect costs as percentage of
revenue to a range of 12% to 16% (2014: 17%). These improvements will result on the medium term in
an increase of our gross margin of at least €75 million and a decrease of our overhead costs of at least
€50 million.
Operational working capital, an important health indicator, ended at €47 million negative (-1.2% of
revenue), well ahead of our target of 0% of revenue. The medium term target bandwidth for operational
working capital remains at -3% to 0% of revenue, allowing for normal seasonal fluctuations customary
in our industry.
2
In general, Imtech Nordic and Imtech Traffic & Infra have kept a stable operational performance in 2014.
Although Imtech UK & Ireland saw its performance drop in 2014, the outlook is solid given the market
and the present UK & Ireland organisation. Imtech Spain has shown a recovery in the second half of
2014, while Imtech Marine has ended 2014 with a full year positive operational EBITDA clearly
demonstrating the effects of a well-executed turnaround. The recovery of Imtech Benelux is showing
some mixed signals but with the steps taken in 2014, this division should be on track again in 2015. For
the overall recovery of Imtech the turnaround of the Germany & Eastern Europe division is of significant
importance.
Recovery of operational performance in Germany & Eastern Europe
The ‘Neue Imtech’ programme in Germany & Eastern Europe is based on the same four key drivers as
stated above. Moving forward this programme is constantly adapted to provide the optimal approach for
the turnaround under changing circumstances.
1. Quality and volume order intake
New stringent tender procedures, which prioritises margin over volume, have been in place since
mid 2013. The net effect, as planned, is a significant smaller business. Eastern Europe represents
around €30 million of revenue with mainly projects serving German automotive customers, primarily
in Poland. Recurring stable service revenue amounts to approximately €225 million. Next to
recurring services, the business is balanced with a project portfolio with, although significantly
smaller in size, better pre-calculated margins and better understood risk profiles.
2. Improved project execution
A key task in Germany & Eastern Europe has been to work through legacy projects acquired in the
past. By now, the bulk of those have been dealt with, with only a few legacy projects remaining.
Execution of new projects shows an encouraging improvement. Further improvement by enhancing
and standardising basic processes and reducing subcontractor dependency will be the key focus in
2015.
3. Reduction of indirect costs
Significant progress has been made in reducing the indirect cost run rate through headcount
reductions, termination of sponsor contracts and reduction of external consultancy costs. Three key
items to further improve operational efficiency are shared service centres, footprint rationalisation
and significant reduction of real estate costs. These items should contribute to a further EBITDA
margin improvement of 2% to 3%.
4. Operational working capital
Operational working capital development in Germany & Eastern Europe has been trailing those
elsewhere in the group. This is caused to a large extent by supply chain turmoil that existed for most
of 2014. Further operational deficiencies caused delay in timely settlement of contract balance sheet
positions. Going forward we expect operational working capital performance to gradually become
in line with the group’s medium term target bandwidth of -3% to 0% of revenue.
The aim of the ‘Neue Imtech’ programme is to rebuild our business and organisation in Germany &
Eastern Europe to a profitable and cash generative company. As a result of this total reset, the goodwill
for the division of €27.5 million is fully impaired in Q4 2014.
3
One-off costs drive negative result of €183 million in Q4
The net loss for the fourth quarter of €183 million includes significant non-operational costs of €127
million and a goodwill impairment relating to Germany & Eastern Europe of €28 million.
For the full year, the net loss of €559 million includes an operational EBITDA loss of €32 million, nonoperational costs of €222 million, net finance charges of €179 million and a loss on discontinued
operations of €71 million.
in € million
Operational EBITDA
EBITDA
Depreciation
Amortisation & impairment
Net finance result
Share of results of associates, joint ventures and other investments
Income tax benefit
Net result
Q4 2014
Full year 2014
-1.4
-127.0
-128.4
-31.9
-221.8
-253.7
-13.4
-32.9
-174.7
-35.6
-51.3
-340.6
-13.2
-0.3
6.1
-182.1
-0.7
-182.8
-178.7
12.2
18.3
-488.8
-70.5
-559.3
Q4 2014
Full year 2014
56.2
30.5
7.8
32.5
127.0
86.4
30.5
41.6
63.3
221.8
Specification of non-operational costs:
in € million
Restructuring costs
Rationalisation of real estate
Advisory cost
Other non-operational items
In Q4, the restructuring costs of €56 million and the cost for rationalisation of real estate of €31 million
mainly relate to the earlier announced plans for the Netherlands, Germany and Marine. The remaining
cash outflow for these plans amounts to approximately €55 million in 2015.
In 2015, restructuring costs are expected to reduce significantly to an amount of approximately €15
million, mainly relating to smaller restructurings in our Nordic division. A potential further restructuring in
Germany & Eastern Europe may however result in additional restructuring costs as part of the on-going
process to calibrate cost structure to the new size of the business.
Advisory costs of €8 million were incurred in Q4. Given the implemented debt reduction programme, we
expect advisory costs to decrease in 2015.
Other non-operational items in Q4 of €32 million mainly result from the closure of our businesses in
Russia and Austria (€4 million), a valuation allowance on a large multi-year project in Marine (€5 million)
and write-downs on legacy items (€12 million).
4
Specification of net finance result:
in € million
Net finance result
Net interest expense
Cost of guarantees
Other finance expenses
One-off items within Net finance result
Cash amendment fee (cash)
Make whole amount (cash)
Paid-in-Kind amendment fee (added to debt)
Make whole amount (added to debt)
Book gain debt buy-back programme (deducted from debt)
Amortisation capitalised cost
Q4 2014
Full year 2014
-32.1
-5.2
24.1
-13.2
-159.5
-14.2
-5.0
-178.7
-5.4
-6.8
-2.3
31.4
16.9
-19.0
-6.8
-11.8
-31.9
31.4
-18.3
-56.4
The one-off items within net finance result in 2014 amounted to €56 million. All one-off items relate to
the implementation of the financial restructurings in March and October 2014, including the €31 million
book gain from the debt buy-back programme.
On 27 October 2014, the revised interest agreements became effective. The revolving credit facility has
a margin on euribor of 3.75% and the senior notes have an interest of around 7%. Guarantee fees range
from 1.9%-2.25%. Going forward, all interest and guarantee costs will be in cash. For 2015, we expect
a net finance result of approximately €60 million negative (2014: €179 million negative), predominantly
relating to interest costs, guarantee fees and employee benefits.
Medium term targets
With focus on operational recovery, we have refined our medium term targets to a gross margin of 18%
to 22% and overhead costs of 12% to 16% of revenue resulting in an overall EBITDA margin of 4% to
6%. Working capital should be between minus 3% and 0% of revenue with net debt targeted below 2x
EBITDA.
Outlook
With solid order intake, Imtech’s main focus is now on operational improvements in 2015 as the main
driver for profit recovery. Our UK & Ireland, Nordic, Spain and Traffic & Infra divisions are expected to
further improve operational results. The Benelux and Marine divisions have recovered from past
operational issues and are much better positioned. The German & Eastern Europe division also expects
further operational improvement. We do not expect any major restructuring in 2015, although we will
continue with the implementation of operational efficiencies across the group and in particular in
Germany & Eastern Europe. We expect a positive operational EBITDA in 2015.
Composition of the Supervisory Board
During the Annual General Meeting of shareholders (AGM) on 12 May 2015, Mrs. Christine Wolff will
be nominated for appointment as member of the Supervisory Board for four years. Mrs. Wolff is a
German national and more than 20 years of experience in international engineering consulting firms. In
her last position she was Managing Director for Europe & Middle East at URS Corporation (now
AECOM), a global and NYSE listed US based provider of engineering, construction and technical
services, with 55,000 employees and US$ 11 billion annual revenue (2012). She currently serves on the
supervisory board of Hochtief AG, Berliner Wasserbetriebe A.ö.R and KSBG Kommunale
5
Verwaltungsgesellschaft GmbH and is a member of the advisory board of Wessling GmbH & Co. KG,
J. Heinr. Kramer Holding GmbH and The Aspen Institute Germany. The Supervisory Board considers
the specific knowledge and experience of Mrs. Wolff on project organisations and technical services
providers, such as Imtech, as a welcome addition to the existing knowledge and experience within the
Supervisory Board.
Mrs. Ruth van Andel will be nominated for reappointment for her second term of four years. Directly after
the AGM, Mr. Kees van Lede, chairman of the Supervisory Board, will retire according to the scheduled
retirement. The Supervisory Board intends to appoint Mr. Frans Cremers as chairman, as previously
announced.
Deloitte Accountants nominated as external auditor
Imtech proposes the appointment of Deloitte Accountants as the company’s auditor for an initial three
year period with effect from the financial year 2016. This nomination will be presented to the Annual
General Meeting on 12 May 2015.
The nomination of Deloitte is the result of a thorough selection process, overseen by the audit committee
of the Supervisory Board. Under Dutch legislation for listed companies, Imtech is required to change its
auditor as of January 2016.
The current auditor KPMG Accountants N.V. will remain in place until the conclusion of the audit for the
financial year 2015.
Update on GRC issues
Improving GRC framework and culture
During 2014, we substantially completed the implementation of Imtech’s new Governance Risk and
Compliance framework (GRC framework). We also continued to make progress in the transformation of
Imtech’s culture, into one that values integrity, loyalty and critical thinking. These values are clearly
reflected and articulated in the Group’s new Code of Conduct. Behavioural training programmes for
management and employees were continued; also in 2015 substantial attention will be paid to culture
and behaviour.
Incident reporting
In the year 2014, 91 incident reports of whistle-blowers were received, compared to 29 in 2013 and 3 in
2012. Since the beginning of 2015, 5 incident reports of whistle-blowers were received. This increase
demonstrates the strong development in our new culture in which people are encouraged to speak up
and report any incidents they observe via our whistle blower’s procedure. Most of the reports refer to
alleged inappropriate behaviour that took place prior to 2013. The majority of the reports have been
investigated and dealt with. Approximately 40% of total reported incidents were either unfounded or
backed by insufficient information to follow up. In cases where a violation of the Code of Conduct was
detected, a number of actions were taken, which included dismissal, disciplinary actions or specific
process modifications. The remaining 26 reports are under investigation and are being dealt with
appropriately. These on-going investigations include the ‘legacy’ items relating to Germany and Poland.
United Arab Emirates: no material findings
On 13 January 2015, Imtech informed the market that it had initiated an investigation into certain sales
activities by an Imtech Marine unit in the United Arab Emirates in relation to potential violations of
applicable export controls and sanctions regulations. The internal investigation, which was conducted
with the support of external counsel and experts, concluded that possible violations may have taken
place, but that these were relatively small in size and number and that the potential financial impact is
therefore likely to be not material. Imtech will continue to cooperate fully with the appropriate authorities
to resolve and settle this issue. The Imtech Marine entity in the United Arab Emirates has annual
revenues of around €15 million.
6
Broadening scope competition law investigation in Germany
On 4 February 2015, Imtech informed the market that German authorities are conducting a broader
investigation into the overall technical services industry in Germany, which includes Imtech. As part of
this investigation the German authorities have served warrants to obtain information from Imtech and
other companies. Following the investigations by the authorities, Imtech has broadened the scope of its
own investigations as well. So far, this broadened internal investigation, with regard to Imtech, did not
confirm that competition laws were violated.
Berlin Brandenburg Airport
On 26 February 2015 a German newspaper published unconfirmed allegations of bribery towards former
Imtech management in connection with the new airport Berlin Brandenburg in the period prior to 2013.
Imtech had already informed the authorities and the Compliance Department of the Berlin Brandenburg
Airport of the unconfirmed allegations well before 26 February 2015. So far, internal investigations did
not prove the allegations.
Financial performance
Profit and loss account
in € million
Quarters
Q4 2014
Q4 2013*
1,030.1
-1.4
-127.0
1,061.9
-11.2
-245.9
-128.4
2014
2013*
Operational EBITDA
3,922.3
-31.9
-221.8
4,248.4
-78.3
-375.3
-257.1
EBITDA
-253.7
-453.6
-13.4
-32.9
-9.6
-41.5
Depreciation
-35.6
-51.3
-35.1
-73.5
-174.7
-308.2
-340.6
-562.2
-13.2
-21.2
-178.7
-101.1
-0.3
-3.6
Net finance result
Share of results of associates. joint ventures
and other investments
Income tax benefit
12.2
-8.7
6.1
2.3
18.3
23.5
-182.1
-330.7
-488.8
-648.5
-0.7
-39.3
-70.5
-48.1
-370.0
Net result
-559.3
-696.6
-182.8
*
Full year
Fourth quarter 2014
In Q4 2014, revenue came in 3% lower at €1,030 million compared with Q4 2013, mainly due to weak
market conditions in the Netherlands, the UK and Finland. Marine was an exception with an increase of
revenue.
The operational EBITDA in Q4 2014 was around breakeven level and amounted to €1 million negative,
which is a good improvement compared to the loss of €11 million in Q4 2013. Nordic, Benelux and
Traffic & Infra were the main contributors to this positive development. Germany & Eastern Europe
continued to report a loss. UK & Ireland ended up with an operational EBITDA loss as a result of project
losses and work being deferred into 2015.
The effective tax rate for Q4 2014 amounted to 3.2%. The effective annual and quarterly tax rate is
impacted by losses made in various jurisdictions where no compensation or offset is expected to exist
and as a result will continue to fluctuate for some time. We anticipate an income tax expense for 2015
of around €10 million.
7
Full year 2014
Revenue for the full year came in 8% lower at €3,922 million, mainly due to the weak market conditions
in the Netherlands, the UK, Spain and Finland, and in Germany & Eastern Europe mainly due to the
continued impact of our decision to prioritise margin over volume, as well as the financial distressed
situation and a reputation under pressure. Marine is an exception with an increase of revenue. Currency
impact based on constant currencies was very limited, though with differences between divisions.
The operational EBITDA for the year resulted in a loss of €32 million (2013: €78 million loss). Germany
& Eastern Europe and Benelux reported a loss and UK & Ireland reported a sharp decrease of its result.
Marine returned to a positive result and Nordic reported a good improvement of its result. Currency
impact based on constant currencies was 1% negative.
Result for the period, result per share
in € million, per share in €
Quarters
Q4 2014
Full year
Q4 2013
-182.8
0.3
-183.1
32.9
-150.2
-370.0
1.1
-371.1
41.5
-329.6
2014
2013
Net result
Non-controlling interests
Net result for shareholders
Adjusted net result for shareholders
-559.3
1.3
-560.6
51.3
-509.3
-696.6
4.6
-701.2
73.5
-627.7
Basic result per share from continuing operations
Diluted result per share from continuing operations
-19.89
-19.89
-280.43
-280.43
Basic result per share
Diluted result per share
-22.75
-22.75
-301.08
-301.08
Capital employed
in € million
31 Dec 2014
30 Sep 2014
31 Dec 2013*
Property, plant and equipment
Goodwill
Other intangible assets
Other non-current assets
Non-current assets
Working capital
Assets held for sale
118.7
766.9
88.2
71.7
1,045.5
-16.4
-
131.9
809.9
94.5
51.9
1,088.2
89.2
427.2
161.0
1,032.8
149.0
42.0
1,384.8
-15.2
79.9
Capital employed
1,029.1
1,604.6
1,449.5
282.5
334.3
30.7
70.9
310.7
-
-101.2
1,157.4
40.7
9.4
316.6
181.7
313.3
737.0
11.8
30.9
296.7
59.8
1,029.1
1,604.6
1,449.5
Total equity
Other non-current liabilities
Restructuring provisions & real estate rationalisation
Other liabilities
Liabilities held for sale
Funding
*
Fourth quarter 2014
In Q4 2014, capital employed decreased by €576 million to €1,029 million as a result of the sale of the
ICT division and the normal seasonal working capital trends.
8
Equity increased in Q4 by €384 million as a result of the proceeds of the rights issue in October, partially
offset by the net loss in the quarter. Net interest-bearing debt decreased by €823 million, mainly due to
the net proceeds of the rights issue and the sale of ICT for a total amount of €777 million. Furthermore,
the decrease is impacted by the seasonal working capital inflow of €93 million, offset by cash
restructuring costs of €26 million, cash advisory costs of €8 million and net-cash interest of €55 million.
Liabilities held for sale decreased by €182 million due to the sale of the ICT division. Other liabilities
include employee benefits (€253 million) and other provisions.
Goodwill
Imtech has assessed whether goodwill needed to be impaired as at 31 December 2014. For Germany
& Eastern Europe this assessment has resulted in a goodwill impairment of €28 million. For the other
divisions, the result of this assessment is that there is no reason to impair goodwill. Our operational
improvement programme remains the main driver for the recovery of the performance. However,
headroom is limited for our Nordic, Spain and Marine divisions and amounts to €69 million for these
divisions (H1 2014: €46 million and 2013: €234 million). Adverse changes in the cost of capital, business
performance or continuing uncertainty among stakeholders could have an impact going forward.
31 Dec
2014
30 Sep
2014
31 Dec
2013*
Work in progress (net)
Trade receivables
Other current assets
109.1
609.9
177.0
896.0
149.6
616.4
207.4
973.4
178.8
868.1
221.2
1,268.1
Trade payables
Other current liabilities
528.3
384.1
912.4
502.5
381.7
884.2
773.8
509.5
1,283.3
Working capital
As % of LTM revenue
-16.4
-0.4%
89.2
2.4%
-15.2
-0.4%
30.6
-
43.6
-
75.7
-32.5
-47.0
-1.2%
45.6
1.2%
-58.3
-1.4%
Legacy items
Correction for discontinued operations
Operational working capital (excluding remaining legacy items)
As % of LTM revenue
*
Operational working capital development in the quarter is in line with the normal seasonal pattern and
below the target bandwidth of 0% to 3% of revenue. For the medium term, the new target bandwidth for
working capital is -3% to 0% of revenue. In Q4 2014, days of sales outstanding in trade receivables
amounted to 57 days. Days of payables outstanding in trade payables amounted to 72 days.
Other current assets include inventories, prepaid operating expenses, purchase bonuses and rebates
from suppliers, VAT receivables, income tax receivables and various other receivables.
Other current liabilities at year-end 2014 include accrued personnel expenses (€167 million), VAT
payables (€41 million), income tax payables (€7 million) and various other accrued liabilities (€168
million, including accruals for direct and indirect costs).
9
Legacy items
The movement in legacy items in working capital is as follows:
in € million
Beginning balance
Collections
Write downs
Ending balance
Q4
Full year
43.6
-0.8
-12.2
30.6
75.7
-32.3
-12.8
30.6
During the year all remaining legacy items in Benelux, Spain and Marine were resolved. Also, progress
was made in Germany & Eastern Europe. The year-end balance mainly relates to outstanding
receivables and 21 projects in Germany & Eastern Europe.
Cash flow analysis
The condensed cash flow statement is as follows:
in € million
Operational EBITDA
Change in operational working capital
Net capex
Cash out of restructuring
Advisory costs
Net interest paid
Cash tax
Other
Free cash flow before disposal of discontinued operations
Q4
Full year
-1.4
92.9
-11.9
-26.4
-7.9
-54.6
6.7
49.0
46.4
-31.9
-11.3
-18.5
-76.4
-41.6
-108.6
-2.0
24.8
-265.5
Fourth quarter
Change in operational working capital in the quarter of €93 million relates to normal seasonal cash
inflow. Advisory costs of €8 million mainly relate to the implementation of the debt reduction programme.
Net interest paid of €55 million includes interest and guarantee fees plus one-offs for amendment fee
(€5 million) and make whole amounts (€7 million) in relation to the debt reduction programme.
Full year
Change in operational working capital for the year of €11 million negative is mainly due to Germany &
Eastern Europe, the rest of the group delivered good performance. Net interest paid of €109 million
includes also one-offs for amendment fees (€19 million) and make whole amounts (€7 million).
10
Performance by division
Benelux
Quarters
Q4 2014
189.4
8.1
4.3%
-27.1
133.6
-2.0
3,761
*
Q4 2013*
200.7
1.3
0.6%
-8.8
126.0
-0.2
4,120
Revenue
Operational EBITDA
EBITDA
Order intake
Number of employees
Full year
2014
654.2
-11.3
-1.7%
-50.2
673.1
-2.0
3,761
2013*
709.1
-17.6
-2.5%
-63.4
625.5
-0.2
4,120
Market conditions are challenging in Benelux, especially in the Netherlands due to the relapse of the
industrial market. Revenue in Q4 decreased by 6% to €189 million. Operational EBITDA increased by
€7 million to €8 million due to good performance in Belgium and as a result of cost savings, despite
weak project results in the Netherlands and low productivity in the Dutch industrial business. Order
intake increased by 6% to €134 million. An interesting new contract awarded is the design, build and 15
year maintenance contract for the new food technology centre at Royal Cosun. Operational working
capital amounted to €2 million negative. In Q4, the decrease of the number of employees with 182 FTEs
was the result of earlier announced restructurings.
For the full year, revenue decreased by 8% to €654 million. Operational EBITDA increased by €6 million,
though still a loss of €11 million. Order intake for the year increased to €673 million. Operational working
capital improved to €2 million negative. In the year, the number of employees reduced with 359 FTEs
to 3,761 FTEs, reflecting the restructuring programmes as executed in 2014.
Germany & Eastern Europe
Quarters
Q4 2014
196.7
-21.1
-10.7%
-76.0
156.2
-0.9
4,210
*
Q4 2013*
186.2
-32.8
-17.6%
-239.7
161.6
-81.7
4,740
Full year
2014
Revenue
Operational EBITDA
EBITDA
Order intake
Number of employees
859.5
-44.7
-5.2%
-125.9
625.5
-0.9
4,210
2013*
969.0
-107.7
-11.1%
-327.7
800.6
-81.7
4,740
Market conditions in Germany are difficult but stable, however our German business had to deal with
the financial distress and with a reputation under pressure. Q4 2014 revenue amounted to €197 million.
Operational EBITDA improved by €12 million to a loss of €21 million. The loss mainly relates to losses
on projects awarded before 2014 and a high cost structure. The services & maintenance business
continued its good performance. Order intake of €156 million was below revenue mainly as a result of
our decision to prioritise margin over volume. An interesting new contract awarded is a large contract
for a new Volkswagen production site in Poland. Operational working capital amounted to €1 million
negative. The number of employees reduced in Q4 by 124 FTEs to 4,210 FTEs.
For the total year, revenue decreased by 11% to €860 million, mainly due to our decision to reduce our
size by prioritising margin over volume, as well as the financial distressed situation and a reputation
under pressure. Operational EBITDA loss of €45 million is the result of a high cost structure and losses
on projects particularly awarded before 2014. Order intake of €626 million is at the lower end of the new
revenue equilibrium of €600 million to €700 million. Operational working capital increased with €81
11
million to €1 million negative due to delayed closure of projects and worsened payment conditions
caused by the financial distress and pressured reputation of Imtech Germany. The number of employees
decreased by 530 FTEs to 4,210 FTEs. As a result of rightsizing and a rebuild of the business and
organisation, the goodwill for the division of €27.5 million is fully impaired.
UK & Ireland
Quarters
Q4 2014
Q4 2013*
160.3
-2.8
-1.7%
-4.0
181.1
-7.9
2,856
*
174.2
7.9
4.5%
7.0
207.0
-13.7
3,396
Full year
2013*
2014
Revenue
Operational EBITDA
EBITDA
Order intake
Number of employees
634.6
5.0
0.8%
-2.0
710.4
-7.9
2,856
735.4
33.2
4.5%
30.7
673.7
-13.7
3,396
In the UK, the market conditions at the end of 2014 are showing recovery. However, revenue in the
quarter was down 8% to €160 million mainly due to the temporary lower activities in our water business
as a result of the shift into the new five year cycle (AMP6) and to the wind down of the Kazakhstan joint
venture. Currency impact on revenue was 3% positive. Operational EBITDA ended up with a loss of €3
million due to margin pressure in UK engineering services and losses on a number of projects. Order
intake amounted to €181 million, reflecting a slow recovery of the market. A noteworthy new contract
awarded is the design and installation of mechanical and electrical infrastructure for the expansion of
the Anfield Stadium of Liverpool FC. Operational working capital amounted to €8 million negative. The
reduction of 236 FTEs in the last quarter to 2,856 FTEs is the result of streamlining the business.
Revenue for the year decreased by 14% to €635 million due to challenging market conditions in UK, the
lower production of our water business and the wind down of the Kazakhstan joint venture. Revenue
was positively influenced by 4% currency impact. Operational EBITDA declined by €28 million due to
€5 million, including a positive currency impact of 2%. Order intake increased by 5% to €710 million.
Operational working capital amounted to €8 million negative. The reduction of 540 FTEs in the year to
2,856 FTEs is the result of the wind down of the Kazakhstan joint venture and streamlining the business.
Nordic
Quarters
Q4 2014
218.9
11.1
5.1%
6.5
140.7
-32.9
5,045
Q4 2013
238.7
7.5
3.1%
7.1
217.9
-12.0
5,406
Full year
2014
Revenue
Operational EBITDA
EBITDA
Order intake
Number of employees
808.9
32.7
4.0%
19.2
750.4
-32.9
5,045
2013
892.7
29.8
3.3%
25.0
888.1
-12.0
5,406
Market conditions overall are stable, however with differences between regions. Revenue in Q4
decreased by 8% to €219 million, including a negative currency impact of 2%, based on constant
currencies. Operational EBITDA increased by 48% (including negative currency impact of 2%) to €11
million due to first benefits of the integration programmes, closure of loss making branches and the
significant loss at the NKS project in Q4 2013. Order intake was 35% lower at €141 million (including a
€34 million adjustment of previous quarters). A noteworthy new contract awarded is for the piping
installations in the new bio power heating plant for Tranås Energi. Operational working capital amounted
to €33 million negative. The reduction of 192 FTEs in the last quarter to 5,045 FTEs is the result of
12
integration of past acquisitions and closure of loss making branches.
Revenue for the twelve months decreased by 9% to €809 million, including a negative currency impact
of 5%. Operational EBITDA improved with 10% to €33 million as a result of integration benefits, closure
of loss making branches and the significant loss at the NKS project in 2013, offset by a negative currency
impact of 6%. Order intake decreased by 16% to €750 million, amongst others impacted by closure of
several branches. Operational working capital improved to €33 million negative. The number of
employees decreased with 361 FTEs to 5,045 FTEs.
Spain
Quarters
Q4 2014
Q4 2013*
35.3
0.8
2.3%
-0.7
67.0
6.3
1,676
*
38.8
-0.2
-0.5%
-0.6
59.8
17.8
1,560
Full year
2013*
2014
Revenue
Operational EBITDA
EBITDA
Order intake
Number of employees
110.5
-2.7
-2.4%
-13.5
127.2
6.3
1,676
132.9
-2.0
-1.5%
-2.7
122.6
17.8
1,560
The Spanish market shows the first signs of a slow recovery, though price levels continued to be under
pressure. In Q4, revenue came in 9% lower at €35 million, due to delays in projects. Operational EBITDA
returned to a positive €1 million due to higher production levels within the industry and the first effects
of restructurings. Order intake was 12% up to €67 million. An interesting new contract awarded is for
the Cepsa refinery in Cadiz to improve the energy efficiency in the boiler. Operational working capital
amounted to €6 million. The number of employees decreased by 62 FTEs to 1,676 FTEs.
For the full year, revenue amounted to €111 million, a decrease of 17% mainly due to challenging market
conditions. Operational EBITDA amounted to a loss of €3 million. Order intake was up 4% to €127
million. Operational working capital improved significantly to €6 million, mainly due to increased focus
on working capital management.
Traffic & Infra
Quarters
Q4 2014
107.4
6.8
6.3%
6.2
93.1
-5.4
2,083
*
Q4 2013*
115.9
5.9
5.1%
5.0
75.6
7.9
2,072
Full year
2014
Revenue
Operational EBITDA
EBITDA
Order intake
Number of employees
387.4
11.1
2.9%
10.0
341.3
-5.4
2,083
2013*
402.7
12.2
3.0%
-8.2
361.5
7.9
2,072
Overall, market conditions are stable, except for the weak conditions within the Dutch infra market. Q4
revenue decreased by 7% to €107 million. Operational EBITDA was 15% up to €7 million as a result of
benefits of earlier implemented improvement programmes. Order intake increased by 23% to €93
million. Operational working capital improved to €5 million negative. The number of employees
decreased with 33 FTEs to 2,083 FTEs.
For the full year, revenue came in 4% lower at €387 million mainly due to the weakness in the Dutch
infra market, despite a 1% currency gain mainly due to the business in the UK. Operational EBITDA
decreased by 9% to €11 million, despite a positive currency impact of 3%. Order intake amounted to
13
€341 million. Operational working capital improved to €5 million negative.
Marine
Quarters
Q4 2014
Q4 2013*
124.6
0.6
0.5%
-15.3
140.0
3.8
2,475
*
Full year
2013*
2014
Revenue
Operational EBITDA
EBITDA
Order intake
Number of employees
113.5
1.0
0.9%
-15.3
71.8
36.7
2,410
476.5
1.5
0.3%
-17.1
501.1
3.8
2,475
418.9
-9.9
-2.4%
-61.5
476.2
36.7
2,410
Revenue in Q4 increased by 10% to €125 million due to high production levels. Operational EBITDA
was slightly lower than a year ago and amounted to €1 million due to several project losses. The
previously announced audit by a defence sector customer of a large multi-year contract is still on-going.
In Q4, a valuation allowance of €5 million on that contract was recorded as non-operational costs. The
on-going audit could result in modifications of contractual agreements and/or an additional nonoperational write-off. Order intake increased as a result of both refined contract estimates from previous
quarters and the timing and extent of new contracts. An interesting new contract awarded is the design
and installation to complete the electrical system, including hybrid electrical propulsion system, battery
systems and automation system, for two hybrid ferries for Seaspan. Operational working capital
amounted to €4 million, amongst others due to resolution of some old disputes. The number of
employees remained stable in Q4 at 2,475 FTEs.
Revenue in 2014 amounted to €477 million. Operational EBITDA turned into a positive €2 million due to
the benefits of the earlier announced restructuring programme and the significant losses on projects in
2013. Order intake amounted to €501 million. Operational working capital improved to an extraordinary
level of €4 million.
Group management / eliminations
Quarters
Q4 2014
-2.5
-4.9
-18.0
-8.0
87
*
Q4 2013*
-6.1
-1.8
-11.8
-13.1
84
Full year
2014
Revenue
Operational EBITDA
EBITDA
Number of employees
-9.3
-23.5
-74.2
-8.0
87
2013*
-12.3
-16.3
-45.8
-13.1
84
Operational EBITDA Q4 amounted to €5 million loss and includes mainly personnel expenses, legal and
audit fees. For the full year operational EBITDA was €24 million negative due to similar items.
Board of Management Royal Imtech N.V.
Gouda, 18 March 2015
Financial calendar 2015
 12 May 2015: Annual General Meeting of shareholders
 12 May 2015: first quarter results 2015
14


25 August 2015: second quarter and half year results 2015
17 November 2015: third quarter results 2015
Press conference
Today at 9.00 hours (CET) Imtech will organise a press conference in Hotel Mövenpick, Piet Heinkade
11 in Amsterdam.
Analyst meeting
Today at 11.00 hours (CET) Imtech will organise a sell-side analyst meeting in Hotel Mövenpick, Piet
Heinkade 11 in Amsterdam. This meeting will be transmitted live via the internet (www.imtech.com) and
will afterwards also be available on the website as a replay.
.
More information
Media:
Dorien Wietsma
Director Corporate Communication & CSR
T: +31 182 54 35 53
E: [email protected]
www.imtech.com
Analysts & investors:
Jeroen Leenaers
Director Investor Relations
T: +31 182 54 35 04
E: [email protected]
www.imtech.com
Imtech profile
Royal Imtech N.V. is a European technical services provider in the fields of electrical solutions, automation and
mechanical solutions. With approximately 22,000 employees, Imtech holds attractive positions in the buildings and
industry markets in the Netherlands, Belgium, Luxembourg, Germany, Eastern Europe, Sweden, Norway, Finland,
the UK, Ireland and Spain, the European market of Traffic as well as in the global marine market. Imtech offers
integrated and multidisciplinary total solutions that lead to better business processes and more efficiency for
customers and the customers they, in their turn, serve. Imtech also offers solutions that contribute towards a
sustainable society - for example, in the areas of energy, the environment, water and traffic. Imtech shares are
listed on Euronext Amsterdam.
15
Appendix
1. Condensed consolidated profit and loss account............................................................................. 17
2. Condensed consolidated balance sheet .......................................................................................... 18
3. Condensed consolidated statement of changes in equity ................................................................ 19
4. Condensed consolidated statement of cash flows ........................................................................... 20
5. Operating segments ......................................................................................................................... 21
6. Net finance result ............................................................................................................................. 22
7. Gross debt, net interest-bearing debt and outstanding guarantees ................................................. 23
8. Operational cash flow statement ...................................................................................................... 23
16
1. Condensed consolidated profit and loss account
Fourth quarter
Full year
2014
2013*
2014
2013*
1,029.1
1,059.7
3,897.9
4,240.5
1.0
2.2
24.4
7.9
1,030.1
1,061.9
3,922.3
4,248.4
Raw and auxiliary materials and trade goods
303.2
377.0
1,172.7
1,406.8
Work by third parties and other external expenses
313.3
333.3
1,088.0
1,181.5
Personnel expenses
389.0
392.8
1,454.9
1,566.9
13.4
9.6
35.6
35.1
Continuing operations
Revenue
Other income
Total revenue and other income
Depreciation of property, plant and equipment
32.9
41.5
51.3
73.5
153.0
215.9
460.4
546.8
Total operating expenses
1,204.8
1,370.1
4,262.9
4,810.6
Result from operating activities
(174.7)
(308.2)
(340.6)
(562.2)
(13.2)
(21.2)
(178.7)
(101.1)
(0.3)
(3.6)
12.2
(8.7)
(188.2)
(333.0)
(507.1)
(672.0)
6.1
2.3
18.3
23.5
(182.1)
(330.7)
(488.8)
(648.5)
(0.7)
(39.3)
(70.5)
(48.1)
(182.8)
(370.0)
(559.3)
(696.6)
(183.1)
(371.1)
(560.6)
(701.2)
0.3
1.1
1.3
4.6
(182.8)
(370.0)
(559.3)
(696.6)
(19.89)
(280.43)
Amortisation and impairments
Other expenses
Net finance result
Share in results of associates, joint ventures and other investments
(net of tax)
Result before income tax
Income tax
Discontinued operations
Result from discontinued operations (net of tax)
Result for the period (net result)
Attributable to:
Shareholders of Royal Imtech N.V.
Basic earnings per share from continuing and discontinued operations
From continuing operations (euro)
From discontinued operations (euro)
From result attributable to shareholders of Royal Imtech N.V. (euro)
(2.86)
(20.65)
(22.75)
(301.08)
(19.89)
(280.43)
(2.86)
(20.65)
(22.75)
(301.08)
(31.9)
(78.3)
Diluted earnings per share from continuing and discontinued operations
From continuing operations (euro)
From discontinued operations (euro)
From result attributable to shareholders of Royal Imtech N.V. (euro)
Operational EBITDA**
*
**
(1.4)
(11.2)
Non IFRS measure (reference is made to Financial glossary for definition in the Annual Report and at www.imtech.com/investors).
17
2. Condensed consolidated balance sheet
in € million
31 Dec 2013*
31 Dec 2014
Property, plant and equipment
118.7
161.0
Goodwill
766.9
1,032.8
88.2
149.0
Other intangible assets
1.2
0.2
Non-current receivables and other investments
46.8
21.9
Deferred tax assets
23.7
19.9
1,045.5
1,384.8
Investments in associated companies and joint ventures
Total non-current assets
48.8
72.8
Due from customers
324.6
459.7
Trade receivables
609.9
868.1
Other receivables
121.9
139.5
Inventories
6.3
8.9
320.6
304.4
1,432.1
1,853.4
-
79.9
Total current assets
1,432.1
1,933.3
Total assets
2,477.6
3,318.1
275.6
304.6
6.9
8.7
Total equity
282.5
313.3
Loans and borrowings
512.3
907.3
Employee benefits
252.5
207.1
42.0
35.8
Income tax receivables
Cash and cash equivalents
Assets held for sale
Equity attributable to shareholders of Royal Imtech N.V.
Provisions
19.5
45.9
Total non-current liabilities
826.3
1,196.1
Bank overdrafts
165.4
106.2
7.9
39.7
Due to customers
215.5
280.9
Trade payables
528.3
773.8
Other payables
376.7
489.2
7.4
20.3
Deferred tax liabilities
Loans and borrowings
Income tax payables
67.6
38.8
1,368.8
1,748.9
-
59.8
Total current liabilities
1,368.8
1,808.7
Total liabilities
2,195.1
3,004.8
Total equity and liabilities
2,477.6
3,318.1
334.3
737.0
Provisions
Liabilities held for sale
Net interest-bearing debt**
*
**
18
3. Condensed consolidated statement of changes in equity
Equity attributable to shareholders of Royal Imtech N.V.
in € million
As at 1 January 2013
Total comprehensive
income for the year
Issue of shares
Total
Noncontrolling
interests
Total
equity
(247.2)
514.8
9.7
524.5
(242.5)
(454.0)
(700.1)
4.2
(695.9)
Share
capital
Share
premium
reserve
Translation
reserve
Hedging
reserve
Reserve
for own
shares
UnapRetained
propriaearnings ted result
75.2
208.6
7.3
(10.4)
(101.1)
582.4
-
-
(9.8)
6.2
-
298.6
188.5
-
-
-
-
-
487.1
-
487.1
Dividends to shareholders
-
-
-
-
-
-
-
-
(5.2)
(5.2)
Repurchase of own shares
-
-
-
-
0.4
-
-
0.4
-
0.4
Share based payments
-
-
-
-
-
2.4
-
2.4
-
2.4
As at 31 December 2013
373.8
397.1
(2.5)
(4.2)
(100.7)
342.3
(701.2)
304.6
8.7
313.3
As at 1 January 2014
Total comprehensive
income for the year
Issue of shares
Conversion of cumulative
financing preference shares
into ordinary shares
Dividends to shareholders
373.8
397.1
(2.5)
(4.2)
(100.7)
342.3
(701.2)
304.6
8.7
313.3
-
-
14.7
(9.0)
-
(743.1)
140.6
(596.8)
1.9
(594.9)
231.3
334.9
-
-
-
-
-
566.2
-
566.2
0.3
(0.3)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3.7)
(3.7)
-
-
-
-
-
1.6
-
1.6
-
1.6
605.4
731.7
12.2
(13.2)
(100.7)
(399.2)
(560.6)
275.6
6.9
282.5
Share based payments
As at 31 December 2014
19
4. Condensed consolidated statement of cash flows
Fourth quarter
in € million
Cash flow from operating activities
Adjustments for:
Depreciation of property, plant and equipment
Amortisation and impairment of property, plant and equipment
and intangible assets
Impairment result on trade receivables
Net finance result
Share in results of associates, joint ventures and other investments
Result on disposal of non-current assets
Loss on sale of discontinued operations (net of tax)
Share-based payments
Income tax benefit
Operating cash flow before changes in working capital and provisions
Change in inventories
Change in amounts due from/to customers
Change in trade and other receivables
Change in trade and other payables
Change in provisions and employee benefits
Cash flow from operating activities
Interest paid
Income tax paid
Net cash flow from operating activities
Full year
2014
*
2013
2014
2013*
(182.8)
(370.0)
(559.3)
(696.6)
9.6
11.5
36.9
41.1
23.1
46.7
54.0
92.1
7.9
11.8
0.3
(0.5)
(4.5)
0.6
(7.5)
66.0
18.0
2.1
0.3
40.8
(0.1)
0.8
7.2
178.7
(12.2)
(21.6)
55.5
1.6
(18.3)
78.0
105.0
5.7
(1.1)
40.8
2.4
(20.4)
(142.0)
(183.9)
(277.5)
(353.0)
5.1
41.1
44.1
63.8
57.8
5.4
167.2
35.3
75.0
31.4
4.8
62.2
159.9
(183.4)
20.7
7.7
55.9
246.4
(250.5)
20.5
69.9
130.4
(213.3)
(273.0)
(54.8)
6.7
1.8
14.5
(112.2)
(2.0)
(69.9)
12.5
21.8
146.7
(327.5)
(330.4)
Cash flow from investing activities
Proceeds from the sale of property, plant and equipment
and other non-current assets
Interest received
Dividends received
Disposal of discontinued operations (net of cash disposed of)
Acquisition of subsidiaries (net of cash acquired)
Acquisition of property, plant and equipment
Acquisition of intangible assets
Sale (purchase) of associates, joint ventures and other investments
Issue less repayment of non-current receivables
7.4
3.3
41.6
17.9
0.2
0.6
179.1
(3.7)
1.4
1.5
(6.9)
1.7
1.8
9.6
(2.5)
(17.3)
(3.7)
(5.0)
13.0
3.6
0.6
185.6
(0.6)
(22.0)
(4.6)
12.6
(2.8)
2.0
1.8
9.6
(27.7)
(40.7)
(16.7)
(6.9)
2.9
Net cash flow from investing activities
179.6
0.9
214.0
(57.8)
566.2
25.2
(678.5)
2.3
(1.0)
-
(0.5)
2.0
28.1
(51.0)
0.1
(0.8)
566.2
237.4
(713.0)
(12.4)
(6.2)
(3.7)
487.1
528.5
(449.7)
(51.0)
0.4
(2.0)
(5.2)
Net cash flow from financing activities
(85.8)
(22.1)
68.3
508.1
Net change in cash, cash equivalents and bank overdrafts
115.6
125.5
(45.2)
119.9
Cash flow from financing activities
Proceeds from issue of share capital (net of expenses)
Proceeds from loans and borrowings
Repayment of loans and borrowings
Transaction costs related to loans and borrowings
Sale of own shares
Payments of finance lease liabilities
Dividend paid in relation to non-controlling interests
Cash, cash equivalents and bank overdrafts beginning of period
Effect of exchange rate fluctuations on cash, cash equivalents
and bank overdrafts
Cash, cash equivalents and bank overdrafts of discontinued operations
Cash, cash equivalents and bank overdrafts on 31 December
*
12.6
64.8
198.2
81.7
(2.8)
(3.0)
2.2
(3.4)
29.8
-
-
-
155.2
187.3
155.2
198.2
20
5. Operating segments
2014
Fourth quarter
2013*
2014
Full year
2013*
189.4
196.7
160.3
218.9
35.3
107.4
124.6
(2.5)
200.7
186.2
174.2
238.7
38.8
115.9
113.5
(6.1)
654.2
859.5
634.6
808.9
110.5
387.4
476.5
(9.3)
709.1
969.0
735.4
892.7
132.9
402.7
418.9
(12.3)
1,030.1
1,061.9
3,922.3
4,248.4
8.1
(21.1)
(2.8)
11.1
0.8
6.8
0.6
(4.9)
1.3
(32.8)
7.9
7.5
(0.2)
5.9
1.0
(1.8)
(11.3)
(44.7)
5.0
32.7
(2.7)
11.1
1.5
(23.5)
(17.6)
(107.7)
33.2
29.8
(2.0)
12.2
(9.9)
(16.3)
(1.4)
(11.2)
(31.9)
(78.3)
Benelux
UK & Ireland
Nordic
Spain
Traffic & Infra
Marine
4.3%
(10.7%)
(1.7%)
5.1%
2.3%
6.3%
0.5%
0.6%
(17.6%)
4.5%
3.1%
(0.5%)
5.1%
0.9%
(1.7%)
(5.2%)
0.8%
4.0%
(2.4%)
2.9%
0.3%
(2.5%)
(11.1%)
4.5%
3.3%
(1.5%)
3.0%
(2.4%)
(0.1%)
(1.1%)
(0.8%)
(1.8%)
EBITDA
Benelux
UK & Ireland
Nordic
Spain
Traffic & Infra
Marine
Group management
EBITDA
(27.1)
(76.0)
(4.0)
6.5
(0.7)
6.2
(15.3)
(18.0)
(128.4)
(8.8)
(239.7)
7.0
7.1
(0.6)
5.0
(15.3)
(11.8)
(257.1)
(50.2)
(125.9)
(2.0)
19.2
(13.5)
10.0
(17.1)
(74.2)
(253.7)
(63.4)
(327.7)
30.7
25.0
(2.7)
(8.2)
(61.5)
(45.8)
(453.6)
Benelux
UK & Ireland
Nordic
Spain
Traffic & Infra
Marine
Inter-segment revenue
Total revenue and other income
Operational EBITDA
Benelux
UK & Ireland
Nordic
Spain
Traffic & Infra
Marine
Group management
Operational EBITDA
*
21
Operating segments (continued)
Order intake
Employees
(FTE)
31 Dec 2014
31 Dec 2013
Q4 2014
Q4 2013
Benelux
133.6
126.0
3,761
4,120
156.2
161.6
4,210
4,740
UK & Ireland
181.1
207.0
2,856
3,396
Nordic
140.7
217.9
5,045
5,406
Spain
67.0
59.8
1,676
1,560
Traffic & Infra
93.1
75.6
2,083
2,072
140.0
71.8
2,475
2,410
-
-
87
84
911.7
919.7
22,193
23,788
Marine
Group management
Total
6. Net finance result
Fourth quarter
2014
2013
2014
2013*
Interest income
Interest expense on financial liabilities measured at amortised cost
Net change in fair value of cash flow hedges transferred from equity
0.1
(32.0)
(0.2)
1.3
(18.6)
(1.3)
1.5
(159.5)
(0.7)
1.3
(65.9)
(1.4)
Net interest expense
(32.1)
(18.6)
(158.7)
(66.0)
Interest income on plan assets
Interest cost on defined benefit obligation
0.4
(2.4)
0.9
(2.4)
2.3
(9.4)
2.6
(9.4)
Net employee benefits financing component
(2.0)
(1.5)
(7.1)
(6.8)
Change in fair value of contingent consideration
Other finance income
Net currency exchange loss
Other finance expenses
31.2
(4.5)
(5.8)
4.5
0.7
1.3
(7.6)
32.3
(7.7)
(37.5)
14.1
1.9
(4.1)
(40.2)
Other
20.9
(1.1)
(12.9)
(28.3)
(13.2)
(21.2)
(178.7)
(101.1)
in € million
Net finance result
*
Full year
*
22
7. Gross debt, net interest-bearing debt and outstanding guarantees
in € million
31 Dec 2014
30 Sep 2014
31 Dec 2013
Syndicated bank loans
Senior notes (USPP)
Other bank loans
Finance lease obligations
Derivatives at fair value
Paid In Kind reserve
Non-current loans and borrowings
Bank overdrafts
Current loans and borrowings
150.0
318.2
13.4
1.0
29.7
512.3
165.4
7.9
685.0
367.3
14.9
6.3
34.4
1,107.9
175.2
102.8
534.0
320.6
23.8
17.1
6.5
5.3
907.3
106.2
39.7
Gross debt
685.6
1,385.9
1,053.2
(1.0)
(29.7)
(320.6)
(6.3)
(34.4)
(187.8)
(6.5)
(5.3)
(304.4)
334.3
1,157.4
737.0
Outstanding guarantees
761.9
767.6
874.2
Derivatives at fair value
Paid In Kind reserve
Cash & cash equivalents
*
8. Operational cash flow statement
in € million
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Operational EBITDA*
(1.4)
(5.6)
(13.5)
(11.4)
Change in working capital excluding legacy items
92.9
(37.9)
(14.4)
(51.9)
Net capex outflow
(11.9)
1.1
(4.6)
(3.1)
37.5
(5.5)
(17.3)
(3.7)
Operating cash flow*
117.1
(47.9)
(49.8)
(70.1)
Refinancing costs
Cash out restructuring
(7.9)
(26.4)
(9.9)
(16.8)
(9.3)
(13.1)
(14.5)
(20.1)
Disposal of discontinued operations
Other
179.1
11.5
5.3
(6.2)
3.2
Non-operation items (cash effect)
Cash tax
156.3
6.7
(21.4)
(3.7)
(28.6)
0.2
(31.4)
(5.2)
Free cash flow
280.1
(73.0)
(78.2)
(106.7)
Interest paid/received
(54.6)
(21.5)
(20.9)
(11.6)
Free cash flow after interest
225.5
(94.5)
(99.1)
(118.3)
1,157.4
1,063.0
963.2
737.0
-
-
-
61.0
8.0
Proceeds from issue of share capital (net of expenses)
Non-cash movement of net interest-bearing debt
(566.2)
(31.4)
(0.1)
0.7
38.9
Net interest-bearing debt at the end of the period
Movement net interest-bearing debt
(334.3)
225.5
(1,157.4)
(94.5)
(1,063.0)
(99.1)
(963.2)
(118.3)
Adjustments for non-cash items
at beginning of the period
at beginning of quarter of discontinued operations
Restated, see notes 4 and 5 to the Int. Fin. Statem. H1 2014
*
23

Ready for operational focus

Transcription

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