Algemene Vergadering van Aandeelhouders Rotterdam, 22 mei 2014
Agenda 1. Opening 2. Jaarverslag 2013 3. Eigen vermogen van de vennootschap 4. Machtiging van de Raad van Bestuur tot uitgifte van aandelen 5. Machtiging van de Raad van Bestuur tot inkoop eigen aandelen 6. Intrekking van aandelen 7. Samenstelling van de Raad van Commissarissen 8. Rondvraag
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2. Jaarverslag 2013
a. Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2013 (bespreekpunt)
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2. Jaarverslag 2013
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Operational update
Financials
FY 2013 results
Revenue in the year 4,995 million euro
Negative operational EBITDA in the year of 44 million euro
Order intake in the year 4,726 million euro, slightly lower than revenue
Net negative result for the year 697 million euro mainly due to earlier announced non-operational items
Net interest-bearing debt down to 745 million euro
Focus on organic growth, operational recovery and debt reduction by at least 400 million euro
Implementation of detailed improvement plan ‘Neue Imtech’ in Germany
New agreement with financiers, including amended covenants
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Good new projects
NXP: security & power systems (Benelux)
Kiwa: data centre infrastructure (ICT)
ZF: ventilation, electric & sprinkler solutions (Germany)
Hidrovias: automation & electrical propulsion systems (Marine)
Dutch Public Works: traffic control centre (Traffic & Infra)
Cepsa: renewal 5 years maintenance contract (Spain)
Kensington & Chelsea Leisure University Hospital Linköping: Centre: a.o. CHP generation a.o. medical gas systems (UK & Ireland)
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(Nordic)
Order intake FY 2013 (€m)
Revenue FY 13
Benelux
626
683
Germany & Eastern Europe
800
969
UK & Ireland
674
738
Nordic
888
892
Spain & Turkey
123
127
ICT
778
740
Traffic & Infra
361
385
Marine
476
416
-
-4
4,726
4,945
Group management Total
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Order intake FY 13
Core value proposition intact
ELECTRICAL
AUTOMATION DESIGN
ENGINEERING
IMPLEMENTATION
BUILDINGS
INDUSTRY
MECHANICAL
CONSULTANCY
MAINTENANCE MANAGEMENT
MAINTENANCE SERVICES
TRAFFIC & INFRA
MARINE
Integrated & multidisciplinary technical services 26,000 dedicated, highly skilled employees Leading market positions 8
Strategic focus 2014-2015 Organic growth ■ Focus on recurring revenue streams ■ Multi-site / multi-service solutions ■ Capitalizing post acquisitions ■ Scaling technologies across the Group: – Green technologies – Water technologies – Data centers – Care & cure
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Operational excellence
Debt reduction
■ Margin improvement
■ At least 400 million euro
■ Project management and project execution
■ All options considered
■ Cash and working capital management ■ Procurement processes ■ Tender processes ■ Risk management ■ Governance and control ■ Culture & ethics
German recovery program Strategic direction of Imtech Germany restructuring
Margin not volume
10
Operational excellence
New corporate culture
■ Focus on qualitative instead of quantitative growth
■ Tender management with minimum profit margins
■ Creation of new corporate culture with focus on
■ Step out of project businesses that are unprofitable and high risk in CEE and Germany
■ Selective bidding that builds on our technical expertise
• Integrity • Cooperation
■ Reduction in other operating expenses
■ New project management scheme for operational excellence
■ FTE reduction in direct and indirect functions
■ Staff projects with own personnel
• Transparency ■ Explain, train and live values
Confirmation medium-term targets
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Growth
Organic; GDP+ Additional growth through acquisitions in fragmented markets (when leverage <2.0)
Margin
4-6% operational EBITDA margin
Cash flow
90% cash conversion (EBITA)
Leverage
net debt/EBITDA < 2
Dividend
40% pay-out when leverage is below 2.0
2. Jaarverslag 2013
Operational update
Financials
12
Group performance 2013
2012
4,945
5,355
Result from operations ¹
-549
-175
Finance result
-105
-62
Result for the year ²
-697
-240
(€m)
Revenue
1)
After deduction of extraordinary charges of 380 million euro in 2013 (2012: 51 million euro)
2)
After deduction of result from discontinued operations of 57 million euro in 2013 (2012: 5 million euro)
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Balance sheet 2013
2012
Intangible assets
1,181
1,300
Working capital ¹
-10
69
Equity
313
525
Net debt
745
773
(€m)
1)
14
2013 Including legacy items of 83 million euro
Balance sheet – working capital 2013
2012
Work in progress
169
265
Trade receivables
859
1,132
Other current assets
216
284
Trade payables
-707
-891
Other current liabilities
-497
-721
(€m)
Working capital % LTM revenue
1)
15
-10
1
-
Includes 76 million euro (1.5% of revenue) of legacy items
69 1.3%
Aging of trade receivables (€m, net amount)
2013
2012
Not past due
635
768
Past due <180 days
136
229
Past due >180 days
88
135
859
1,132
Total Past due > 180 days excluding legacy items
16
34
Disclosure notes 1 - (General) Selected financial information Specific items, restructuring and refinancing charges, disposal of Arma, legacy items, etc. 2 - Going concern assumption 15 - Goodwill valuation 32 - Contingent assets and liabilities Investor claims and FuM Schweiz 33 - Subsequent events Refinancing: - New pricing based on leverage grid - New covenants focussed on absolute operational EBITDA and operational cash flow - Commitment to delever 400 million euro by June 2015 - Penalties and warrants if delevering 250 - 400 million euro
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2. Jaarverslag 2013
a. Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2013 (bespreekpunt)
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2. Jaarverslag 2013
b. Overzicht van de implementatie van het bezoldigingsbeleid (bespreekpunt)
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2. Jaarverslag 2013
c. Vaststelling van de jaarrekening 2013 (stempunt)
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3. Eigen vermogen van de vennootschap
a. Maatregelen ter versterking eigen vermogen (bespreekpunt)
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3. Eigen vermogen van de vennootschap
b. Wijziging van de statuten, onder andere ter verlaging van de nominale waarde van de aandelen (stempunt)
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4. Machtiging van de Raad van Bestuur
a. Als orgaan bevoegd tot uitgifte van gewone en/of financieringspreferente aandelen (met inbegrip van het verlenen van rechten tot het nemen van aandelen) (stempunt)
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4. Machtiging van de Raad van Bestuur
b. Als orgaan bevoegd tot beperking of uitsluiting van voorkeursrechten (stempunt)
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5. Machtiging van de Raad van Bestuur tot inkoop eigen aandelen (stempunt)
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6. Intrekking van aandelen (stempunt)
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7. Samenstelling van de Raad van Commissarissen
a. Toelichting op de samenstelling van de Raad van Commissarissen (bespreekpunt)
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7. Samenstelling van de Raad van Commissarissen
b. Benoeming van de heer B. van der Veer als lid van de Raad van Commissarissen (stempunt)
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7. Samenstelling van de Raad van Commissarissen
c. Benoeming van mevrouw M.E. van Lier Lels als lid van de Raad van Commissarissen (stempunt)
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7. Samenstelling van de Raad van Commissarissen
d. Benoeming van de heer J.J. Beeton als lid van de Raad van Commissarissen (stempunt)
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8. Rondvraag
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