Stable revenue in 2013 provides platform for recovery
* Revenue in the quarter 1,256 million euro (second quarter 2013: 1,274
million euro)
* Operational EBITDA in the quarter -4 million euro (second quarter 2013: -33
million euro)
* Order intake YTD 2013 3,628 million euro, in line with revenue
* Working capital Q3 stable versus Q2 despite regular seasonal increases
* Earlier announced restructuring program largely completed and extended
* Operational recovery Germany requiring more time; additional restructuring
announced
* Constructive dialogue on covenant reset started
Key figures
|
 | First nine
Third quarter| months
|
in € million, unless otherwise indicated 2013 2012| 2013 2012
----------------------------------------------------------+---------------
Revenue and other income 1,256.4 1,374.0|3,741.3 3,906.0
|
Operational EBITDA -4.0 -56.6| -50.3 -98.9
|
Non-operational costs -29.9 -| -91.9 -
|
EBITDA -33.9 -56.6| -182.2 -98.9
|
Operating result (EBIT) -59.5 -78.5| -257.2 -161.4
|
Net result -96.1 -89.5| -326.6 -202.1
|
Order intake 1,119.1 -|3,628.1 -
|
Working capital 335.7 -| 335.7 -
|
Net interest-bearing debt 835.7 -| 835.7 -
|
   |
|
Margins   |
|
Operational EBITDA margin -0.3% -4.1%| -1.3% -2.5%
|
EBITDA margin -2.7% -4.1%| -4.9% -2.5%
|
   |
|
Employees 29,071 29,146*Â | 29,071 29,146
----------------------------------------------------------+---------------
* Excluding acquisition impact of EMC with 580 FTE, consolidated as of January
2013
Gerard van de Aast, CEO: 'Operational performance in most of our divisions is
satisfactorily or recovering, also helped by the largely completed restructuring
program. However recovery of our German business will take more time. Overall
order intake has continued to be satisfactorily and tracks revenue. Good
progress has been made in working capital management, the swift implementation
of the restructuring plans, management upgrades and strengthening of business
controls. We are in a constructive dialogue regarding a covenant reset. This
will give the company time to improve its operational performance.'
Covenants and headroom
Imtech is currently engaging in a constructive dialogue with its most important
financiers regarding an amendment of its financing agreements, including a
covenant reset. This covenant reset is required as a result of a slower than
anticipated recovery of Imtech's business, in particular in Germany. Imtech
expects to publish the reset covenants on or before the publication of its
annual results on March 18th 2014.
Per September 30th 2013, Imtech has committed cash facilities of circa 1,250
million euro and a headroom under these facilities of circa 335 million euro.
Outstanding bank guarantees amount to 897 million euro with a headroom under
existing guarantee facilities of 155 million euro. These headrooms are
sufficient for the on-going operations of the company.
Operational recovery Germany will take more time
In Germany, the new management team under the leadership of Felix Colsman has
started to rebuild the business. Germany is a strong market where Imtech can
build on a good reputation and market leadership position. However, our German
business is trading weaker than assumed as by now the full inefficiencies due to
prior management have become visible. Cost reduction and upgrading of the
organization will address the issues and have already started. The earlier
announced reduction of 550 FTE in Germany is halfway and with the recently
agreed social framework, the remainder of the redundancies will be implemented.
An additional restructuring program of 300 FTE will be implemented in 2014 to
reduce the cost base further. In addition to the redundancies a general cost
savings program (including stopping sponsoring activities) of 40 million euro
covering 2013-2015 is underway. Nevertheless our technology competences are
undisputed and in demand by blue chip customers like in prior years. These
technology competences and market leading position will be the basis of our
recovery in Germany. The Eastern European activities have been significantly
downscaled, especially in Poland, and are now mainly focused on projects for
German customers in particular in the automotive industry.
Restructuring program
The restructuring program as announced in April 2013 has progressed well. In
total 1,355 FTE have been made redundant at the end of Q3 2013. The program has
been extended in particular in Germany, Nordic, Eastern Europe and Marine. In
total we now expect around 2,250 redundancies.
The Benelux, Traffic & Infra and Marine divisions have finalized the
restructuring program. Germany is halfway and expects the 2013 reduction program
to finish by year end and will implement a further reduction of 300 FTE in 2014.
In Eastern Europe and in particular in Poland, the businesses are in process of
restructuring with around 230 redundancies. The Nordic business will restructure
with 240 redundancies to capture the integration benefits of past acquisitions.
Total cost in 2013 of the restructure programs are now estimated at around 90
million euro (from 80 million euro). Payback on average is 15 months. Cost
saving benefits from these redundancies will become visible in coming periods.
Order intake
During the first nine months of 2013, the order intake of 3,628 million euro at
group level continued to be satisfactory and in line with revenue of 3,741
million euro. The order intake in Germany & Eastern Europe was lower than
revenue during the first nine months. In the UK & Ireland, order intake was
lower than revenue as a result of high production levels at projects in
Kazakhstan and a weak engineering services market in the UK. In Benelux the
order intake was in line with revenue during the first nine months 2013. For
Nordic, Spain & Turkey, ICT, Traffic & Infra and Marine the order intake was
higher than revenue in the first nine months.
Comparative figures 2012
The comparative figures for 2012 have been adjusted where relevant and
appropriate in line with the 2012 financial statements. As previously announced
we have consistently allocated the write downs over the quarters pro rata for a
more meaningful comparative reference. See also the appendix with the financial
summaries for more information.
Financial performance
Income statement
|
 | First nine
Third quarter| months
|
in € million, unless otherwise indicated 2013 2012| 2013 2012
---------------------------------------------------------------+---------------
Revenue 1,256.4 1,374.0|3,741.3 3,906.0
|
Operational EBITDA -4.0 -56.6| -50.3 -98.9
|
Write downs Benelux and Marine - -| -40.0 -
|
Non-operational costs -29.9 -| -91.9 -
|
EBITDA -33.9 -56.6| -182.2 -98.9
|
Depreciation -10.0 -10.6| -29.6 -30.8
|
Amortisation & impairment -15.6 -11.3| -45.4 -31.7
|
Operating result (EBIT) -59.5 -78.5| -257.2 -161.4
|
Net finance result -30.3 -18.9| -87.0 -47.3
|
Share of results of associates, joint ventures |
and other investments -3.9 -1.0| -3.6 0.9
|
Income tax expense -2.4 8.9| 21.2 5.7
|
Net result -96.1 -89.5| -326.6 -202.1
---------------------------------------------------------------+---------------
In Q3 2013, which is seasonally a weak quarter due to the holiday season,
revenue came in at 1,256.4 million euro, in line with previous quarters of 2013.
The operational EBITDA in Q3 resulted in a loss of 4.0 million euro. This is an
improvement compared to the previous quarter, when operational EBITDA amounted
to a loss of 32.6 million euro.
The non-operational costs in Q3 2013 amounted to 29.9 million euro and include
as previously announced costs made for restructuring for 21.2 million euro
(mainly in Benelux, Germany and Marine) and 4.4 million euro for financial
restructuring.
Depreciation in Q3 2013 was 10.0 million euro and amortisation was 15.6 million
euro. The accelerated amortisation of the brand name NVS in Nordic, as our
business in Nordic is implementing the Imtech brand name, counts for 4.3 million
euro in Q3 2013.
In Q3 2013, the net finance result is -30.3 million euro. The net finance result
includes amongst others net interest expenses (Q3 2013: 22.2 million euro, first
six months 2013: 25.8 million euro) and earlier announced financing costs (Q3
2013: 4.6 million euro, first six months 22.8 million euro).
The share of results of associates, joint ventures and other investments
amounted to -3.9 million euro (first six months 2013: 0.3 million euro).
The effective tax rate for Q3 2013 amounted to 2.6% negative (first six months
2013: 9.3% positive). The effective tax rate is significantly impacted by losses
made in 2013. Part of these losses do not result in a direct tax credit.
Result for the period, result per share
|
 Third quarter | First nine months
|
in € million, unless otherwise indicated 2013 2012 | 2013 2012
-----------------------------------------------------------+-------------------
Net result -96.1 -89.5 | -326.6 -202.1
|
Non-controlling interests 0.8 1.6 | 3.5 4.5
----------------+-------------------
Net result for shareholders -96.9 -91.1 | -330.1 -206.6
|
Amortisation & impairment 15.6 11.3 | 45.4 31.7
----------------+-------------------
Adjusted net result for shareholders -81.3 -79.8 | -284.7 -174.9
|
   |
|
Basic result per share[1] Â Â | -1.32 -1.08
-----------------------------------------------------------+-------------------
[1] Based on the average number of outstanding shares per 30 September 2013.
Operational performance
 Operational EBITDA
in € million, Q3 2013 Operational EBITDA
unless otherwise Revenue % Order intake
indicated Q3 2013 Q3 2013 Q3 2013
-------------------------------------------------------------------------------
Benelux 167.7 -1.1 -0.7% 203.5
Germany & Eastern
Europe 269.3 -19.7 -7.3% 187.0
UK & Ireland 188.6 9.3 4.9% 127.6
Nordic 202.2 6.6 3.3% 161.9
Spain & Turkey 62.2 -2.2 -3.5% 13.7
ICT 176.5 6.3 3.6% 181.2
Traffic & Infra 84.3 3.9 4.6% 74.1
Marine 111.4 -1.6 -1.4% 170.1
Group management -5.8 -5.5
-------------------------------------------------------------
Total 1,256.4 -4.0 -0.3% 1,119.1
-------------------------------------------------------------------------------
* Note: for more detailed figures per division, see appendix financial summaries
Overall, operational performance in the ICT, Nordic and UK & Ireland divisions
is at a satisfactorily  level. Traffic & Infra is recovering due to the
restructurings. The new management team in Marine has stabilized the business
and will now enter into a change program to strengthen the organisation and
improve its performance. The German division and building services business in
Benelux are the two businesses that are currently in the process of a
turnaround.
In Q3, Benelux revenue of 167.7 million euro remains stable compared to previous
quarter under challenging market conditions. Operational EBITDA in Benelux
improved to a loss of 1.1 million euro. The building services unit in the
Netherlands is addressing operational efficiency issues and a weak building
market. The industrial businesses in Benelux are progressing well and are
restoring results and margin. Order intake in the first nine months equals
revenue. Good orders included in the Q3 order book are the new to be build
Penitentiary Zaanstad and the technical infrastructure in the new build
International Criminal Court in The Hague.
Germany & Eastern Europe increased revenue in Q3 to 269.3 million euro compared
to previous quarters. Operational EBITDA was a loss of 19.7 million euro as a
result of the high cost structure and a number of weak project results. The
lower order intake of 187.0 million euro reflects our policy to prioritize
margin over volume. The extensive customer relations program has been
intensified to accelerate the quality of order intake. Interesting projects
awarded in Q3 are a project for the German automotive supplier KSPG for their
new build facilities in Neuss and the technical infrastructure for Universitäts
Klinikum Frankfurt.
Revenue for UK & Ireland amounted to 188.6 million euro in Q3. The businesses in
Water, Waste & Energy and the international businesses give us opportunities to
off-set the weak UK market for engineering services. The primary project in
Kazakhstan comes to completion over the next quarters. The operational EBITDA in
Q3 increased to 9.3 million euro. Order intake in Q3 totalled 127.6 million
euro. Interesting new orders in Q3 are for Pfizer in Ireland for upgrading the
cleanrooms and the renewal of the 3 years maintenance contract at Colt UK.
In Nordic the revenue in Q3 decreased to 202.2 million euro due to seasonality.
Market conditions in Sweden and Finland remain difficult. The market in Norway
is good. Operational EBITDA in Q3 amounted to 6.6 million euro. Order intake in
Q3 totalled 161.9 million euro. Interesting new orders are the contract for 3
geothermal heating plants for five apartment blocks in Solna and the upgrade of
the fire safety systems in the Oslo Tunnel, which is the backbone in Oslo's
train system.
Spain & Turkey revenue in Q3 amounted to 62.2 million euro. In Spain, market
conditions for buildings and industry remain tough. Contracts for international
activities in South America are in progress with good prospects. Operational
EBITDA loss of 2.2 million euro is mainly related to Turkey due to high indirect
cost structure, project cost overruns and delays in execution. Imtech is
reviewing its strategic options for AE Arma Elektropanç. Order intake of 13.7
million euro is a result of significant delays in projects awarding in Spain and
a more selective tendering process in Turkey to achieve a more controlled
growth. An interesting order in Spain is the maintenance contract for the
technical infrastructure at 8 hospitals in Valencia region.
ICT revenue increased in Q3 to 176.5 million euro as a result of several deals
with strategic partners like IBM, Microsoft and Cisco. Operational EBITDA was
6.3 million euro. Order intake totalled 181.2 million euro. Interesting new
orders are for TalkTalk for the implementation of Juniper and IBM technology, to
support traditional voice and ADSL contracts into IP contracts. For the German
manufacturer Krones a contract has been obtained for a fully-virtualized storage
environment.
Traffic & Infra revenue in Q3 decreased to 84.3 million euro and was impacted by
seasonality. Operational EBITDA was 3.9 million euro. Order intake totalled
74.1 million euro. For the city of Brussels a maintenance contract for traffic
systems has been obtained. Not yet included in the order book is the important
pre-awarded 7 year maintenance contract of the Dutch energy network operator
Stedin for maintenance part of their network in the Province of Utrecht.
In Marine the revenue in Q3 was 111.4 million euro. Operational EBITDA resulted
in a loss of 1.6 million euro. Order intake of 170.1 million euro is higher than
revenue. An interesting new awarded project is the new build German research
vessel 'Sonne' for delivering for the HVAC system as well as the redundant cold
and warm water supply system. Further, Masterbulk extended its managed services
agreement with another 17 vessels for global support services.
Group management operational EBITDA amounted to -5.5 million euro in Q3 (first
six months 2013: -9.0 million euro). The higher operational costs are a result
of strengthening our corporate staff and business controls. Since Q3 2013, some
corporate staff functions are reported within group management, previously under
Benelux[2].
Balance sheet
Selected balance sheet items
in € million, unless otherwise indicated 30 Sep 2013 30 Jun 2013 31 Dec 2012
-------------------------------------------------------------------------------
Property, plant and equipment 158.0 162.7 170.8
Goodwill & other intangible assets 1,266.1 1,277.9 1,299.7
Other non-current assets 75.2 76.5 66.5
Assets held for sale 25.3 26.5 27.6
Working capital 335.7 332.3 106.2
------------------------------------
Capital employed 1,860.3 1,875.9 1,670.8
Equity 678.4 291.6 524.5
Net interest-bearing debt 835.7 1,205.9 773.0
Other (non-interest bearing) LT
liabilities 19.7 25.1 24.8
Restructuring provisions 28.4 50.5 24.0
Other liabilities 298.1 302.8 324.5
------------------------------------
Funding 1,860.3 1,875.9 1,670.8
-------------------------------------------------------------------------------
[2] Impact for group management at HY 2013 is on operational EBITDA +1.1 million
euro and on employees 26 FTE.
Working capital
in € million, unless otherwise indicated 30 Sep 2013 30 Jun 2013 31 Dec 2012
-----------------------------------------------------------------------------
Work in progress 382.0 347.5 264.8
Trade receivables 938.1 938.7 1,132.1
Other current assets 265.7 337.7 283.8
------------------------------------
 1,585.8 1,623.9 1,680.7
Trade payables 708.7 722.6 890.8
Other current liabilities 541.4 569.0 683.7
------------------------------------
 1,250.1 1,291.6 1,574.5
Working capital 335.7 332.3 106.2
As % of LTM revenue 6.4% 6.2% 2.0%
-----------------------------------------------------------------------------
Net amount trade receivables (aging)
in € million, unless otherwise indicated 30 Sep 2013 30 Jun 2013 31 Dec 2012
-----------------------------------------------------------------------------
Not past due 668.5 664.3 767.8
Past due <180 days 140.6 146.6 228.8
Past due >180 days 129.0 127.8 135.5
------------------------------------
Total 938.1 938.7 1,132.1
-----------------------------------------------------------------------------
Capital employed was stable at 1,860.3 million euro per end Q3 2013. Working
capital remains stable at 335.7 million euro in Q3 2013, despite regular
seasonal increases. Within working capital, the work in progress increased to
382.0 million euro due to a higher revenue level in Q3 2013. The trade
receivables remains stable at 938.1 million euro, as well as overdue trade
receivables.
The equity increased in Q3 2013 by 386.8 million euro as a result of the net
proceeds of 488 million euro of the equity issue off-set by the net loss
realised in Q3 2013. The net interest-bearing debt decreased by 370.2 million
euro to 835.7 million euro as a result of the net proceeds of the equity issue
and the negative EBITDA in Q3 2013, pay-out of severance related to the 2013
restructuring plans (37.6 million euro), costs associated with the financial
restructuring (24.3 million euro), paid interest, paid tax, and capital
expenditure.
Cash flow statement
The net cash flow from operating activities in Q3 2013 amounts to 103.2 million
euro negative. The cash flow was highly impacted by a net loss of 96.1 million
euro.
The net cash flow from investing activities in Q3 2013 was -19.6 million euro.
During Q3 2013 6.6 million euro of earn-outs were paid for previous
acquisitions. Net capital expenditure in Q3 2013 for both tangible and
intangible assets amounted to 5.7 million euro.
Outlook
2013 is a year of significant transition. Given the size of this transition and
the challenging market circumstances, no specific forecasts are being made
regarding 2013.
Risks and uncertainties
In our Annual Report 2012, dated 18 June 2013, we have described our risk
management systems and our major risk factors. We consider this information to
be still valid with respect to the remainder of the year 2013. Furthermore, we
refer to Note 3 in our interim financial statements HY 2013.
Gouda, 7 November 2013
Board of Management Royal Imtech N.V.
Appendix
Financial Summaries 30 September 2013.
Financial calendar
18 March 2014: publication of FY 2013 figures.
Press conference
Today at 9.00 hours (CET) Imtech will organize a press conference in the Hilton
Hotel, Apollolaan 138 in Amsterdam.
Analyst meeting
Today at 11.00 hours (CET) Imtech will organize a sell-side analyst meeting in
the Hilton Hotel, Apollolaan 138 in Amsterdam. This meeting will be video
webcasted via www.imtech.com.
More information
Media: Analysts & investors:
Dorien Wietsma Jeroen Leenaers
Director Corporate Communication & CSR Director Investor Relations
T: Â +31 182 54 35 53 T: +31 182 543 504
E: dorien.wietsma@imtech.com E: jeroen.leenaers@imtech.com
www.imtech.com www.imtech.com
Imtech profile
Royal Imtech N.V. is a European technical services provider in the fields of
electrical solutions, ICT and mechanical solutions. With approximately 29,000
employees, Imtech is active attractive positions in the buildings and industry
markets in the Netherlands, Belgium, Luxembourg, Germany, Austria, Eastern
Europe, Sweden, Norway, Finland, the UK, Ireland, Turkey and Spain, the European
markets of ICT and Traffic as well as in the global marine market. In total
Imtech serves 24,000 customers. 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
the NYSE Euronext Amsterdam, where Imtech is included in the AEX Index
Appendix Financial Summaries per 30 September 2013
Condensed consolidated profit and loss account
 First nine
Third quarter months
in € million, unless otherwise indicated 2013 2012 2013 2012
-------------------------------------------------------------------------------
Revenue 1,254.0 1,368.0 3,735.6 3,894.6
Other income 2.4 6.0 5.7 11.4
--------------------------------
Total revenue and other income 1,256.4 1,374.0 3,741.3 3,906.0
Raw and auxiliary materials and trade goods 457.8 453.3 1,331.4 1,371.8
Work by third parties and other external 295.9 431.2 859.5 966.6
expenses
Personnel expenses 417.0 399.0 1,338.4 1,231.7
Depreciation 10.0 10.6 29.6 30.8
Amortisation and impairments 15.6 11.3 45.4 31.7
Other expenses 119.6 147.1 394.2 434.8
--------------------------------
Total operating expenses 1,315.9 1,452.5 3,998.5 4,067.4
Result from operating activities (59.5) (78.5) (257.2) (161.4)
Net finance result (30.3) (18.9) (87.0) (47.3)
Share in results of associates, joint ventures (3.9) (1.0) (3.6) 0.9
and other investments (net of tax)
--------------------------------
Result before income tax (93.7) (98.4) (347.8) (207.8)
Income tax benefit / expense (-) (2.4) 8.9 21.2 5.7
--------------------------------
Result for the period (net result) (96.1) (89.5) (326.6) (202.1)
--------------------------------
Attributable to:
Shareholders of Royal Imtech N.V. (96.9) (91.1) (330.1) (206.6)
Non-controlling interests 0.8 1.6 3.5 4.5
--------------------------------
Result for the period (96.1) (89.5) (326.6) (202.1)
--------------------------------
Result per share
Basic result per share (euro) Â Â -1.32 -1.08
Diluted result per share (euro) Â Â -1.32 -1.08
Operational EBITDA* (4.0) (56.6) (50.3) (98.9)
-------------------------------------------------------------------------------
* Non IFRS measure.
Appendix Financial Summaries per 30 September 2013
Condensed consolidated balance sheet
in € million 30 Sep 2013 31 Dec 2012*
-------------------------------------------------------------------------------
Property, plant and equipment 158.0 170.8
Goodwill 1,083.6 1,081.6
Other intangible assets 182.5 218.1
Investments in associated companies and joint 2.0 3.7
ventures
Non-current receivables 32.1 28.8
Deferred tax assets 41.1 34.0
-------------------------
Total non-current assets 1,499.3 1,537.0
Inventories 78.6 80.0
Due from customers 717.0 572.8
Trade and other receivables 1,119.3 1,322.6
Income tax receivables 5.9 13.3
Cash and cash equivalents 147.3 385.1
-------------------------
 2,068.1 2,373.8
Assets held for sale 25.3 27.6
-------------------------
Total current assets 2,093.4 2,401.4
-------------------------
Total assets 3,592.7 3,938.4
-------------------------
Equity attributable to shareholders of Royal Imtech 669.8 514.8
N.V.
Non-controlling interests 8.6 9.7
-------------------------
Total equity 678.4 524.5
Loans and borrowings 911.3 42.7
Employee benefits 211.7 209.8
Provisions 12.6 13.0
Deferred tax liabilities 46.6 62.9
-------------------------
Total non-current liabilities 1,182.2 328.4
Bank overdrafts 82.5 314.3
Loans and borrowings 8.9 825.9
Due to customers 335.0 308.0
Trade and other payables 1,227.5 1,543.7
Income tax payables 22.6 30.8
Provisions 30.5 37.7
-------------------------
 1,707.0 3,060.4
Liabilities held for sale 25.1 25.1
-------------------------
Total current liabilities 1,732.1 3,085.5
-------------------------
Total liabilities 2,914.3 3,413.9
-------------------------
Total equity and liabilities 3,592.7 3,938.4
-------------------------
Net interest bearing debt** 835.7 773.0
-------------------------------------------------------------------------------
* Â Restated in accordance with IAS 8 (change in accounting policy, IAS 19
Employee benefits (2011)).
** Non IFRS measure.
Appendix Financial Summaries per 30 September 2013
Condensed consolidated statement of changes in equity
 Equity attributable to shareholders of Royal Imtech N.V.
---------------------------------------------------------------------------------
  Reserve Unap- Non-
Share Trans- for   propria- control-
Share   premium lation   Hedging own   Retained ted ling Total
in € million capital reserve   reserve reserve shares earnings result Total   interests equity
--------------------------------------------------------------------------------------------------------------------
As at 1 75.2 208.6 7.3 (10.4) (101.1) 623.0 (287.8) 514.8 9.7 524.5
January 2013*
Total
comprehensive - - (4.0) 0.2 - - (233.3) Â Â (237.1) 2.8 Â Â (234.3)
income for
the period
Dividends to - - - - - - - - (0.6) (0.6)
shareholders
Repurchase /
sale of own - - - - 0.4 - - 0.4 - 0.4
shares
Share based - - - - - 1.6 - 1.6 - 1.6
payments
------------------------------------------------------------------------------------------------------
As at 30 June 75.2 208.6 3.3 (10.2) (100.7) 624.6 (521.1) 279.7 11.9 291.6
2013
As at 1 July 75.2 208.6 3.3 (10.2) (100.7) 624.6 (521.1) 279.7 11.9 291.6
2013
Total
comprehensive - - (1.9) 0.1 - - (96.6) (98.4) 0.5 (97.9)
income for
the period
Issue of 298.6 189.0 - - - - - 487.6 - 487.6
shares
Dividends to - - - - - - - - (3.8) (3.8)
shareholders
Repurchase /
sale of own - - - - - - - - - -
shares
Share based - - - - - 0.9 - 0.9 - 0.9
payments
------------------------------------------------------------------------------------------------------
As at 30
September 373.8 397.6 1.4 (10.1) (100.7) 625.5 (617.7) 669.8 8.6 678.4
2013
--------------------------------------------------------------------------------------------------------------------
* Restated in accordance with IAS 8 (change in accounting policy, IAS 19
Employee benefits (2011)).
Appendix Financial Summaries per 30 September 2013
Condensed consolidated statement of cash flows
 Third quarter First nine months
in € million  2013  2013
-------------------------------------------------------------------------------
Cash flow from operating activities
Result for the period (96.1) (326.6)
Adjustments for:
  Depreciation of property, plant and 10.0 29.6
equipment
  Amortisation and impairment of intangible 15.6 45.4
assets
  Impairment loss on trade receivables (1.0) 12.0
  Net finance result 30.3 87.0
  Share in results of associates, joint 3.9 3.6
ventures and other investments
  Result on disposal of non-current assets (1.1) (1.4)
  Share-based payments 0.9 2.5
  Income tax expense 2.4 (21.2)
--------------------------------
Operating cash flow before changes in working (35.1) (169.1)
capital and provisions
  Change in inventories 3.1 2.3
  Change in amounts due from/to customers (34.5) (111.3)
  Change in trade and other receivables 64.8 211.1
  Change in trade and other payables (54.3) (325.5)
  Change in provisions and employee benefits (23.4) (10.9)
--------------------------------
Cash flow from operating activities (79.4) (403.4)
  Interest paid (23.8) (71.7)
  Income tax received - (2.0)
--------------------------------
Net cash flow from operating activities (103.2) (477.1)
Cash flow from investing activities
Proceeds from the sale of property, plant and 4.3 14.6
equipment and other non-current assets
Interest received 0.6 0.3
Acquisition of subsidiaries, net of cash (6.6) (25.2)
acquired
Acquisition of property, plant and equipment (7.1) (23.4)
Acquisition of intangible assets (2.9) (13.0)
Sale of associated companies and joint (1.9) (1.9)
ventures
Issue less repayment of non-current (6.0) (10.1)
receivables
--------------------------------
Net cash flow from investing activities (19.6) (58.7)
Cash flow from financing activities
Proceeds from issue of share capital 487.6 487.6
Proceeds from loans and borrowings 120.0 526.5
Sale of own shares - 0.4
Repayment of loans and borrowings (469.5) (477.8)
Payments of finance lease liabilities (0.6) (2.1)
Dividend paid (3.8) (4.4)
--------------------------------
Net cash flow from financing activities 133.7 530.2
--------------------------------
Net change in cash, cash equivalents and bank 10.9 (5.6)
overdrafts
Cash, cash equivalents and bank overdrafts 56.3 70.8
beginning of period
Effect of exchange rate fluctuations on cash, (2.4) (0.4)
cash equivalents and bank overdrafts
--------------------------------
Cash, cash equivalents and bank overdrafts at 64.8 64.8
the end of the period
--------------------------------
-------------------------------------------------------------------------------
Appendix Financial Summaries per 30 September 2013
Operating segments
 First nine
 Third quarter months
in € million, unless otherwise indicated 2013 2012 2013 2012
-------------------------------------------------------------------------
Revenue
  Benelux 167.7 242.5 496.6 611.0
  Germany & Eastern Europe 269.3 274.5 782.8 935.8
  UK & Ireland 188.6 207.9 563.3 549.7
  Nordic 202.2 205.5 654.0 577.9
  Spain & Turkey 62.2 80.2 187.7 168.5
  ICT 176.5 142.0 479.3 459.7
  Traffic & Infra 84.3 77.0 273.5 240.1
  Marine 111.4 144.2 304.1 363.1
  Group management (5.8) 0.2 - 0.2
--------------------------------
Revenue 1,256.4 1,374.0 3,741.3 3,906.0
Operational EBITDA
  Benelux (1.1) (17.9) (18.9) (24.7)
  Germany & Eastern Europe (19.7) (47.5) (74.9) (126.7)
  UK & Ireland 9.3 11.9 24.0 30.6
  Nordic 6.6 10.5 22.3 39.5
  Spain & Turkey (2.2) 0.9 (2.1) 0.9
  ICT 6.3 2.9 18.6 21.2
  Traffic & Infra 3.9 (1.8) 6.1 1.7
  Marine (1.6) (6.1) (10.9) (11.6)
  Group management (5.5) (9.5) (14.5) (29.8)
--------------------------------
Operational EBITDA (4.0) (56.6) (50.3) (98.9)
Operational EBITDA margin
  Benelux (0.7%) (7.4%) (3.8%) (4.0%)
  Germany & Eastern Europe (7.3%) (17.3%) (9.6%) (13.5%)
  UK & Ireland 4.9% 5.7% 4.3% 5.6%
  Nordic 3.3% 5.1% 3.4% 6.8%
  Spain & Turkey (3.5%) 1.1% (1.1%) 0.5%
  ICT 3.6% 2.0% 3.9% 4.6%
  Traffic & Infra 4.6% (2.3%) 2.2% 0.7%
  Marine (1.4%) (4.2%) (3.6%) (3.2%)
--------------------------------
Operational EBITDA margin (0.3%) (4.1%) (1.3%) (2.5%)
Reported EBITDA
  Benelux (5.0) (17.9) (54.6) (24.7)
  Germany & Eastern Europe (26.8) (47.5) (88.0) (126.7)
  UK & Ireland 7.8 11.9 22.4 30.6
  Nordic 6.3 10.5 17.9 39.5
  Spain & Turkey (2.2) 0.9 (2.4) 0.9
  ICT 4.4 2.9 16.1 21.2
  Traffic & Infra 5.2 (1.8) (13.4) 1.7
  Marine (13.3) (6.1) (46.2) (11.6)
  Group management (10.3) (9.5) (34.0) (29.8)
--------------------------------
Reported EBITDA (33.9) (56.6) (182.2) (98.9)
-------------------------------------------------------------------------
Appendix Financial Summaries per 30 September 2013
Operating segments
(continued)
| |
 Order intake |Order book |Employees (FTE)
| |
in € million, First nine| |
unless otherwise Third quarter months| |
indicated 2013 2013|30 Sep 2013| 30 Sep 2013
---------------------------------------------------+-----------+---------------
   |  |
| |
Benelux 203.5 499.5| 931.6| 4,284
| |
Germany & Eastern 187.0 639.0| 2,084.5| 5,304
Europe | |
| |
UK & Ireland 127.6 466.7| 479.0| 3,504
| |
Nordic 161.9 670.2| 747.2| 5,549
| |
Spain & Turkey 13.7 168.4| 313.2| 3,326
| |
ICT 181.2 494.0| 204.1| 2,432
| |
Traffic & Infra 74.1 285.9| 435.0| 2,042
| |
Marine 170.1 404.4| 913.0| 2,541
| |
Group management - -| -| 89
-------------------------------+-----------+---------------
Total 1,119.1 3,628.1| 6,107.6| 29,071
---------------------------------------------------+-----------+---------------
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