With a hefty share issue, might be able to work on his recovery. Plagued technical services now new agreements with the banks and the sale of its ICT division
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 that was the former stock market darling blow after blow cash and shriveled the share price to less than half a euro. The measures announced Tuesday must ensure that the debt of EUR 1 billion can go down.
Operational is not yet well with Imtech, said CEO Gerard van de Aast. To support the recovery, the company even deeper cuts in the organization.
In the second half of this year, disappearing in the Netherlands and Germany for 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.
Stocks
Imtech was also announced Tuesday that it is going to spend, of which 500 million will be used for share for 600 million euros debt reduction. The company also announced its ICT division for 255 million euros to the French company Vinci. That money is used to pay off debts.
After months of negotiations, Imtech was also able to announce its banks. Agreement The company gets to the end of the first quarter of 2016 postponed its financing conditions and maturity of all loans extended to July 2017 and consequently reduces interest costs by approximately EUR 70 million.
The Aast expressed satisfied with the bank agreed and said that Imtech now is the time and space has been given to work on recovery.
Loss
Imtech saw its net loss in the first half of this year 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).
Bleeding
Shareholders will bleed for the survival of the company, the analyst Joost van Beek Theodoor Gilissen in response to the announcements of Imtech.
Due to the low price of Imtech (closing level Monday was 39 cents) to Van Beek many new shares are issued , so that the interests of the current shareholders greatly diluted net earnings per share will evaporate. almost entirely ‘Imtech has bought time, but little remains for the shareholders,’ said Van Beek.
Theodoor Gilissen uses the advice ‘not recommended’ for Imtech.
Fraud in Imtech, a survey
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