Salut les boursomaniaques !
Imtech communique :
"*Imtech accelerates and intensifies its recovery plan in Germany*
Royal Imtech accelerates and intensifies its recovery plan in Germany and
provides a trading update ahead of closing of the year 2013. In line with
announcements of third quarter results on November 7th, 2013 Imtech has
continued to focus on implementing the groups operational recovery plan. October
and November results show continued stable revenue and order intake performance
for the group providing a platform for recovery. Except for Germany, margin
development is mostly satisfactorily also helped by the positive impact of
management upgrades and the largely completed headcount reduction programs. As
announced on November 7th, margin recovery of our German business will take more
time and does not yet show improvement in October and November versus the first
nine months of 2013.
*Acceleration and intensifying of German recovery plan*
Rebuilding the German organisation is in full process. Management has launched a
comprehensive recovery plan named "Neue Imtech". This program prioritizes
healthy project margins over volume and focuses on efficiencies in staffing,
project control and purchasing.
Furthermore the "Neue Imtech" program aims to accelerate the conclusion of
previously identified legacy issues such as overdue debtors and certain project
work in progress positions in a diligent way. Conclusion on these legacy issues
will balance timely resolution and cash proceeds with potential non-cash margin
impact. The latter could result in valuation allowances to cover these legacy
issues. Full details on the "Neue Imtech" program will be published at the
annual results publication on March 18th 2014.
*Headcount reduction program*
The extended headcount reduction program as announced last month has progressed
well. The headcount reduction programs in Benelux, Traffic & Infra, Marine and
Eastern Europe units have finalised and these businesses will now increasingly
benefit from the related cost savings. The first German headcount reduction
program to reduce 550 FTE is expecting to finalise around year-end. The
additional reduction of 300 FTE in Germany is scheduled for the first half in
2014. The headcount reduction program in the Nordic division is targeting to
capture the post acquisitions integration benefits and is expected to be
finished before year-end."
Cordialement,
Docanski
