– 08/26/14, 10:09 – Source: Reuters
© anp . An office of Imtech ICT
Fallen stock market darling Imtech today announced a series of major modifications to, in order then to focus for recovery. The technical service provider announced next financial results include a layoff, a large share issue and sale of the ICT division worth 255 million euros. 370 of the 750 jobs that are disappearing in the Netherlands. That’s about half the total number of jobs in the Netherlands.
The interventions are primarily intended to alleviate. Indebtedness of over 1 billion euros Imtech ended up on the edge of the abyss by a major fraud in Germany and one problem project in Poland in February last year came to light. Since then, the old exchange pearl was a blow after blow cash and shriveled the share to 39 cents.
Imtech announced today that it will issue shares. 600 million Of this, according to finance director Hans Turkesteen uses 500 million for debt reduction. The company also announced the sale of its IT division to. The transaction with the French Vinci appreciates the part in 255 million. The proceeds will be used to pay off debts.
Accept
After months of negotiations with its banks Imtech was also able to announce an agreement. The company gets to the end of the first quarter of 2016 withholding its financing conditions and maturity of all loans extended to July 2017 Turkesteen said in a note that the interest of the new agreements with approximately 70 million euro will fall.
Chairman Gerard Aast expressed satisfaction with the bank agreements and Imtech said that now is the time and space has been given to work on recovery. Operationally, it is not yet well with Imtech, he added. To support the recovery, the company cuts deeper into the organization. In the second half of this year, disappearing in the Netherlands and Germany further 750 jobs, evenly divided between the two countries. Also, excess office space of the hand made. The interventions bring about 60 million in costs with it.
net loss of 301.5 miljioen euro
In the first half of this year, the net loss of Imtech ran up to 301.5 million euros, compared with a min of 230.5 million euros a year earlier. Sales fell by 11.5 percent to 2.23 billion euros. The operating loss (EBITDA) from continuing operations did decrease, from 59 million to 25 million. The number of employees decreased between the first half of 2013 and the first six months of this year, with nearly 2700 decreased to 23,215 (FTE).
The large net loss last six months, due in the many expenses that were made for the restructuring of the company. Thus, the Russian part was closed, sponsorship contracts were broken and were conflicts over projects suitable. The sale of ICT caused a loss of 60 million euros.
Imtech made no prediction for the outcome in 2014, qualified as a transitional year.
The Damrak this morning once the to see results of this notice: In the MidKap Imtech has a price jump of nearly 17 percent.
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