Gouda, 28 February 2006
Key points - 2005¹:
- Revenue: 2,379 million euro, + 18% (organic + 9%)
- EBITA: 86.3 million euro, + 20% (organic + 3%)
- Net profit: 50.8 million euro, + 15%
- Earnings per share²: 2.06 euro, + 18%
- Dividend: 1.07 euro per ordinary share, pay-out: 55% - Order portfolio at the end of 2005 of good quality: 2,396 million euro, + 12% - Outlook for 2006: higher organic EBITA growth
New growth phase Gouda - Mr. R.J.A. (René) van der Bruggen, Chairman of the Board of Management of European technical services provider Imtech N.V. talking about the 2005 results: 'Imtech can look back on a good year and, in line with our strategy, is expanding into a multidisciplinary technical services provider (the combination of electrical engineering, ICT and mechanical engineering) with a European stature.'
'The prospects for 2006 give cause for optimism', according to Van der Bruggen. 'In the Netherlands the recovery of the buildings, industry and infrastructure markets - markets relevant for Imtech - that we have awaited for some time is now expected to continue. It was already apparent at the end of 2005 from the growth in the work on offer and the order portfolio. We have also built-up strong positions in the care, integrated security and food & feed niche markets and in the field of energy management. The markets in Belgium and Luxembourg are good and the positions were strengthened in 2005 through smaller, but good quality, acquisitions. In Germany our market position remains good. In 2005 our order intake in Germany reached the one billion euro milestone, which has reinforced Imtech's leading position. Imtech is also profiting from the increasing industrial export which is resulting in extra investment in technology. In Spain and the UK market conditions have remained favourable and, in part thanks to good acquisitions, Imtech has expanded considerably, which offers good prospects for further growth. In the ICT organisation a limited reorganisation has been carried out. Further improvement will result from the concentration of the telecoms activities in the core business. Imtech's innovative marine activities developed well and are on the threshold of further international growth. The technology activities are also well set up for further growth, particularly in the area of process technology. In a nutshell, Imtech is ready for a new growth phase.'
1) 2004 based on IFRS and before the exceptional charge related to violation of the Dutch Competition Act. 2) Before amortisation and impairment of intangible fixed assets. René van der Bruggen states that: 'the positions that have been built-up in various European countries and technology markets, the added-value achieved for customers and the anticipation of improving markets and price volumes form a firm foundation for healthy growth in the coming years. In 2005 organic EBITA growth amounted to 3%, despite still less than optimum market conditions, particularly in the Netherlands. In 2006 Imtech expects organic EBITA growth will rise to a higher level. The quality of the order portfolio at the end of 2005, which increased by 12% to 2.4 billion euro, was better across the board than in the preceding year.'
Result development in 2005 In 2005 revenue rose by 18.0% to 2,379 million euro (2004: 2,016 million euro), of which 9.5% was organic. The order portfolio on 31 December 2005 amounted to 2,396 million euro - an increase of 12.4% (2004: 2,132 million euro) of which a substantial portion was organic.
In 2005 the earnings before amortisation and impairment of intangible fixed assets (EBITA) rose by 19.9% to 86.3 million euro (2004: 72.0 million euro, before the exceptional charge related to the violation of the Dutch Competition Act). Despite continuing pressure in the Dutch buildings, infrastructure and telecoms markets the increase in the operating result was generated by a combination of acquisitions and good business development in Belgium, Luxembourg, Germany, the UK and Spain and in the marine and technology markets. The ICT activities also grew although less than anticipated. The industrial activities grew in every country and the share of the maintenance services & management activities also increased once again. EBITA increased organically by 3.1% (2004: 2.6%).
Net profit rose by 15.4% to 50.8 million euro (2004: 44.0 million euro, before the exceptional charge related to violation of the Dutch Competition Act). The net return on average shareholders' funds amounted to 18.4% (2004: 13.9%).
Earnings per share before amortisation of goodwill and impairment of intangible fixed assets rose by 0.31 euro to 2.06 euro (+ 17.7%), based on the average number of issued shares during the year under review.
Dividend proposal and return The dividend policy is to pay-out 40% of the net profit to shareholders. A cash dividend of 1.07 euro per share (2004: 1.07 euro) will be proposed to the General Meeting of Shareholders. This proposal equates to a profit pay-out of 55% of the net profit (2004: 63%) and reflects the company's confidence in the future. The dividend return based on the 2005 closing price amounts to 3.9% (2004: 4.1%).
Acquisitions In 2005 Imtech was strengthened in various countries through the following acquisitions: in Spain: the industrial technical services provider Mavisa with a strong position in the Spanish industrial technical services market (700 permanent staff, annual revenue: 100 million euro); in the UK: the technical services provider Goodmarriott & Hursthouse, a multidisciplinary technical services provider with a strong position in the buildings and industry markets in the Midlands (220 staff, annual revenue: 35 million euro); in the Benelux: the Belgian technical services provider Synerco, various maintenance contracts in the Belgian infrastructure market and the maintenance activities of ABB Building Services in Luxembourg (in total 310 staff, annual revenue: around 30 million euro).
The total purchase price of these acquisitions, including earn-out, was 56.3 million euro. In 2005 acquisitions contributed 110.3 million euro towards revenue and 9.8 million euro towards EBITA.
Business development per cluster
Benelux Imtech is one of the strongest multidisciplinary technical services providers in the Benelux. The activities showed a mixed picture. With a good increase in revenue of 20.6% (797 million euro compared with 661 million euro in 2004), EBITA rose slightly to 24.7 million euro, compared with 23.9 million euro in 2004 - an increase of 3.3%. The order portfolio at the end of 2005 increased by 7.7% to 825 million euro (2004: 766 million euro). In the Netherlands the activities in the buildings and infrastructure markets came under pressure, particularly in the first half of the year, but in Belgium and Luxembourg these activities grew. Imtech achieved a healthy growth in all countries in the industrial market, and in the field of maintenance services & management in both buildings and industry. Acquisitions strengthened the position in Belgium (infrastructure market) and Luxembourg (maintenance services & management).
In 2005 the order portfolio not only grew but the quality of the orders was better than in 2004. Although price levels improved competition was still fierce and the margin was still down. Because most of the on-going projects had been acquired in earlier years and at lower prices, Imtech only managed a slight improvement in result. Compared with the first half of 2005, when EBITA fell by 7.1%, the performance was, however, good.
Although the number of new-build projects in the Dutch buildings market was limited the market for technological renovation and upgrading improved. Examples included the head office of Essent and the County Hall in Zwolle. Good progress was made in the field of energy management, for example for ABN AMRO. In the care sector the position was strengthened and the large number of orders, including the upgrading and multi-year maintenance of Leeds University Medical Centre (LUMC), has put Imtech Care & Cure in a good starting position. Progress was also made in the field of integrated security with orders from a variety of customers including various Ministries, banks and educational establishments. In Belgium, Brussels is a stable market for Imtech with the expansion of the European Union and increasing investment by financial institutions and hotels. One new project was the SAS Radisson hotel. In Flanders the market position was strengthened and in Walloon the growth rate was accelerated. The market stabilised in Luxembourg where various EU institutions and the financial sector are seeking new premises. Imtech is involved with a 73,000 m² bank building in Kirchberg and is responsible for the energy management in the Grand Duke's Palace.
In the Dutch industry market investment rose as a result of initiatives in the field of process optimisation, increasing environmental demands and the need (Kyoto Treaty) to reduce emissions of harmful greenhouse gasses. The markets for chemicals, oil and gas improved. The volume of work on offer was good, but prices have not yet caught up. The focus of the activities includes technical automation (for example the automation of milk reception at Friesland Foods) and industrial maintenance (including at Shell, Corus and DSM). The food & feed activities showed a healthy growth. Orders included an upgrading of the automation at animal feed company SaWeCo. In Belgium, although industrial investment was stable, Imtech was able to achieve growth. Orders came from customers in the pharmaceutical sector, the automobile industry and logistics including Pfizer, Volvo and Columbus Foods. New market segments such as chemicals and food and luxury foods were penetrated and the first project for A-brand manufacturer Red Band was carried out.
In the Dutch infrastructure market price levels improved. In the railway infrastructure market Imtech strengthened its position and was involved in a number of projects including the improvement of security at 230 Dutch level-crossings. The objective of the Asset Rail joint venture Imtech has set up with partners is the acquisition of large, multi-year railway infrastructure maintenance contracts. Imtech is the market leader in the field of traffic management, for example with the technological maintenance of the Oudenrijn Traffic Centre and the Dutch Traffic Information Centre, including the maintenance on 200 kilometres of motorway. The market for the individual (digital) metering of gas, water and electricity usage is an interesting one. One project in which Imtech was involved was the installation of 300,000 individual water meters in Amsterdam. The position in the Belgian infrastructure market was strengthened through acquisitions and here Imtech, with a staff of 300, is now one of the larger market players. Further growth can be achieved through the exchange of knowledge between the Dutch and Belgian organisations.
Germany, the UK, Spain Imtech Deutschland, Imtech UK and Imtech España could close 2005 with above average results. Revenue, EBITA and the order portfolio improved considerably, both organically and as a result of the acquisition of Goodmarriott & Hursthouse in the UK and Mavisa in Spain. Revenue rose by 21.4% to 1,096 million euro (2004: 903 million euro). EBITA rose sharply to 50.1 million euro, compared with 39.8 million euro in 2004 - an increase of 25.9%. The order portfolio also rose by 14.8% to 1,049 million euro (2004: 914 million euro). Thanks to the strengthening in the UK and Spain Imtech is now one of the larger technical services providers in these countries.
In Germany Imtech is the largest multidisciplinary technical services provider in the industry and buildings markets. The order intake reached one billion euro, which reinforced Imtech's leading position. The focus was on the industrial market which, thanks to exports, is growing. Imtech has a very broad customer base in Germany. More attention was paid to business development and, as a result, the order intake increased, the majority on the basis of multi-year contracts and with a concentration in the pharmaceutical and chemicals sectors and the automobile industry. Examples include Stada, Roche and Altana, BMW, DaimlerChrysler, MAN, Audi and BASF. In the buildings sector Imtech concentrated on the technological renovation of existing buildings, sometimes with business continuing as usual, sometimes not. One example is the renovation of the Holiday Inn in Munich. Another successful focal area was the special projects segment, for example the technology in the multi-functional stadiums in Mannheim and Dusseldorf and the Stuttgarter Messe. The position was also strengthened in the care sector, for example in the Barmbek and Diakonie hospitals in Hamburg.
Imtech is one of the strongest players in the German energy management market and is capable of taking responsibility for all a customer's energy provisions (heat, power and cooling) in both the buildings and industry sectors. The objective is a substantial reduction of annual energy costs. Multi-year contracts were signed with, among others, the Heidelberg University hospital and automobile industry supplier TDM Friction Group.
From within Germany Imtech is focussing more and more on the market for multidisciplinary technical solutions in Eastern Europe - a growth region in which Imtech wants to strengthen its position in the future. Projects were carried out for a number of customers including BAT (British American Tobacco) and the Selgros and Metro supermarkets.
In the UK Imtech is active in the Greater London area, the Midlands and the national drinking water and waste water treatment infrastructure market. Imtech is one of the strongest players in all these segments.
There was an up-swing in the apartment segment of the buildings market and Imtech acquired a number of projects including Falcon Wharf in London and Clarence Dock in Leeds. There was also a slight improvement in the education market where one order was for the technology at Loughborough University. Investment in the care sector increased due to the establishment of regional multidisciplinary care centres, such as in London, Carlton and Staplefort where Imtech is responsible for the technology. In the stadium market Imtech made a major contribution towards the new Arsenal Emirates stadium. In the airport market Imtech was responsible for the technical infrastructure in a new terminal at Farnborough Airport. The buildings market is shifting more and more towards multidisciplinary Design & Build projects - a field in which Imtech has considerable expertise. The fact that the 2012 Olympic games will be held in London is very positive for Imtech.
Investment in the industry sector rose slightly. The focus was on the care industry, pharmaceutical and adjacent medical sector. One of the projects with which Imtech was involved was an expansion of Boots in Nottingham.
In the infrastructure market more and more Water Boards (regional water companies) are opting for the added-value of Imtech. The ten-year contract with Dwr Cymru Welsh Water (300 million euro) acquired last year progressed smoothly. New contracts in 2005 came from South Staffordshire Water and Anglian Water Services. Multi-year continuity is assured.
In the Spanish buildings market there is continuity in the Madrid and Barcelona regions. In the Valladollid and Valencia regions Imtech is still growing. Due to the office market being somewhat saturated, Imtech focused - successfully - on the technological equipping of shopping centres, hotels, exhibition centres and transferia, for example in Madrid in the 240,000 m² Plenilunio leisure and shopping park, the Auditorium hotel (the largest hotel in Europe) and the 'Plaza Elíptica'. Imtech also worked on acquiring a position in the maintenance services & management market.
The acquisition of Mavisa brought Imtech a top-5 position in the Spanish industrial technical services market. In this market Imtech has established long-term relationships with customers. Cepsa extended the maintenance contracts for its refineries in Algeciras, Huelva and Tenerife. Maintenance and shut-downs were carried out at Acerinox's steel factory in Palmones. Enagas, Iberdrola and CLH became new Imtech customers and Imtech also penetrated new markets. The first activities were carried out for Iberdrola, the largest Spanish electricity distributor. Other new market segments were water treatment and the automobile industry. Imtech investigates the market in northern Spain from the south of the country where its activities are concentrated.
ICT & Technology On balance the activities in the ICT & Technology cluster underwent a positive development. Revenue rose by 7.5% to 486 million euro (2004: 452 million euro). EBITA amounted to 22.5 million euro compared with 18.0 million euro in 2004 - an increase of 25.0%. At 522 million euro the order portfolio at the end of 2005 was also 15.5% higher (2004: 452 million euro). The picture in the underlying activities was mixed. The ICT activities showed a reasonable growth but were not as good as expected. Imtech Technology performed much better than last year. The marine activities once again showed a strong growth and made an excellent contribution towards EBITA. Imtech Telecom's activities grew, particularly in the UK and Belgium. Development in Scandinavia was stable while the Netherlands was, once again, disappointing.
In the ICT market Imtech is a full-service ICT services provider with a strong position in the Netherlands. Small divestitures were carried out including the sale of a 51% interest in BEEP! Easy Mobile Ticketing to KPN. Activities increased in the consultancy and project management market. A model project in the field of ERP (Enterprise Resource Planning) was carried out for water company Vitens. In the software services and Business Intelligence market Imtech is the partner of IBM, Cognos and Microsoft. For A-brand manufacturer Bolletje, for example, Imtech 'translated' company data into management information to support the making of strategic investment decisions. A limited area of the IT organisation was reorganised to improve profitability. Imtech is one of the strongest players in the Dutch ICT infrastructure market. As the complexity of their ICT infrastructures increases more and more customers, such as DaimlerChrysler Nederland and Fortis, are contracting out the management of these infrastructures to Imtech. In the field of (in-house) data and telecommunications Imtech held onto its position in the face of increasing competition. Imtech was, for example, responsible for a new telephony concept in the Higher Economic School (HES) Amsterdam.
The telecoms market installation activities were moved internally and the focus is now concentrated entirely on network solutions for the telecommunications and broadcasting market. In this field Imtech works very closely with internationally renowned system suppliers. The market is aimed at the convergence of services provision and technology integration. The Internet Protocol (IP) enables high accessibility, quality and optimum security to be offered. In the UK Imtech was involved with the setting-up of broadband activities for Lancaster University.
Imtech had a good year in the technology market. Progress was made in the area of fire security, access control and process technology. The parking activities, which performed less well in 2004, made a recovery. The demand for fire extinguisher systems in the oil and gas market increased. Imtech was active in, among other areas, Nigeria, the Caspian Sea and the North Sea. The increasing need for security resulted in further growth of the activities in the access technology market, for example in Groningen Football Club's new Euroborg Stadium. In the process technology field Imtech's global activities for (freeze) drying are growing.
In the marine market Imtech, thanks to its large measure of innovation, has developed into an international player of stature offering integrated total solutions. In the German luxury yacht and cruise liner market, for example, where orders worth a total of over 54 million euro were acquired. In the naval vessel market the Dutch frigate programme was completed and good progress was made with the execution of amphibious ships for both the Dutch Navy and the British Royal Navy. In 2005 Imtech was also involved in the German, Polish and Greek frigate programmes. Imtech is also active in the growing Chinese market, for example on board more than 130 ships at over ten wharves. The increased demand for oil and gas has strengthened Imtech's position in the offshore market. Imtech was responsible for the technology on board a 225 metre long offshore oil and gas pipeline laying ship.
Financial income and charges At 11.4 million euro negative the balance of financial income and charges was at a lower level than in 2004 (7.1 million euro negative). Interest charges related to pension provisions amounted to 24.8 million euro and the expected return on fund investments amounted to 18.7 million euro. The increase in interest charges was due to the lower net cash position throughout the year which was the consequence of acquisitions and the seasonal pattern. At 0.7 million euro the result of associated companies and joint-ventures was the same as in the previous year.
Taxes Taxes amounted to 20.4 million euro, 1.3 million euro more than in 2004. The effective tax rate was lower at 28.1% (2004: 33.9%).
Financial position The balance sheet total rose by 253 million euro to 1,310 million euro at the end of 2005 (2004: 1,057 million euro). This increase was due primarily to the acquisitions carried out in 2005, an increase of work in progress and receivables.
The shareholders' funds position rose due to an addition of 8 million euro from the 2004 result. Shareholders' funds at the end of 2005 amounted to 293 million euro (end of 2004: 269 million euro) - an increase of 24 million euro.
At 22%, solvency at the end of 2005 was lower than at the end of 2004 (25%). The interest coverage amounts to 7.3 (2004: 8.9). The net cash position amounted to 102 million euro (2004: 92 million euro). On 31 December 2005 Imtech had over 160 million euro in liquid assets at its disposal and ample bank facilities which, to a great extent, had not been used. This implies that Imtech has sufficient financial scope for further growth through acquisitions.
Investments and depreciation Investments in tangible fixed assets amounted to 20.1 million euro (2004:16.9 million euro) and depreciation amounted to 18.7 million euro (2004: 17.9 million euro). In 2006 investment is expected to once again be at a higher level than depreciation. Divestments involved a sum of 2.8 million euro (2004: 5.4 million euro).
Cash flow Imtech generated a positive cash flow with which the intended growth can be financed. Compared with 2004, cash flow from operating activities was 78.3 million euro higher at 121.4 million euro, mainly due to better management of the working capital. Cash flow from investment activities amounted to 72.0 million euro negative compared with 33.1 million euro negative in 2004. This was primarily due to the acquisitions in Spain and the UK. The investment was financed from available liquidity.
Purchase of own shares and exercise of options In the year under review 214,113 shares were repurchased to cover obligations related to options awarded to staff and to cover the shares awarded conditionally to the Board of Management. In 2005, 245,000 options were exercised. At the end of 2005 the number of repurchased shares amounted to 806,113 (2004: 837,000).
Personnel and organisation The number of employees rose by 1,683 (13,1%) from 12,836 to 14,519, mainly as a result of acquisitions. Staff inflow rose to 10.1% (2004: 6.0%). By contrast, staff outflow fell to 5.9% (2004: 10.5%). Voluntary resignation rose slightly to 5.4% (2004: 4.0%). This picture reflects the improving markets in 2005. The need for good technical staff has not changed. The average sickness leave per employee fell to 4.3% (2004: 4.6%). The accident frequency per million hours worked fell to 0.003 (2004: 0.03).
Strategy A strategic high-point is the achievement of a sharp focus on the further increase in added-value for customers. Imtech offers measurable added-value in the form of integrated and multidisciplinary total solutions (by combining electrical engineering, ICT and mechanical engineering) that lead to 'change in business': better operating processes and a higher return for customers and end-users. At the same time, Imtech's technological solutions contribute towards a sustainable, feasible society by providing solutions for current social issues such as security, mobility, the environment or the need for energy.
Imtech's strives strategically to achieve a top-3 position in all the countries and technology markets relevant for the company. The strategy is aimed at maintaining structural organic growth, the acquisition of high-value services with the related high margins (particularly in ICT, engineering and consultancy as well as maintenance services & management) and a continuation of the European expansion.
Concrete action points in the implementation of this strategy are: - a sharp focus on growth markets, such as energy management, care and integrated security; - a strengthening of the industrial activities in the Netherlands in the field of mechanical maintenance; - acquisitions in the field of ICT, especially in Germany, the UK and Belgium; - a strengthening of the position in the UK in both the buildings and industry markets (geographical) and in the water industry (water and waste water treatment); - affirming the national position in Spain through the acquisition of one or more specialist electrical engineering companies and a further geographical expansion of the industrial activities; - expanding activities in a number of Eastern European countries from existing market positions (especially from Germany); - a strengthening of the infrastructure activities with technological competencies and possible acquisitions in Germany (border region) and the UK; - the further internationalisation and strengthening of the position in the international marine market through acquisitions.
Acquisitions must fit in with the strategy, make an immediate contribution towards earnings per share, provide measurable added-value, possess a capable management and offer possibilities for synergy. Imtech has sufficient means to finance complementary acquisitions for the majority of these strategic trajectories.
Targets Imtech strives to achieve a revenue of around 3 billion euro in 2008 (2005: 2.4 billion euro). Under 'normal' market conditions Imtech strives for an operational target margin of 6%. The foundations of this target are adjusted and are as follows: - 5% for the multidisciplinary technical services in the Benelux (around 35% of revenue); - 5% for the multidisciplinary technical services in Germany, the UK and Spain (around 40% of revenue) ; - 8% for the technological activities in the field of ICT & Technology (around 25% of revenue).
Achieving these targets will depend on developments in the countries and technological market segments relevant for Imtech.
Outlook 2006 Imtech is well-positioned for a new growth phase in 2006.
Imtech is facing 2006 with confidence. This confidence is, in part, based on the fact that at the end of 2005 the order portfolio was of a good quality right across the board. In addition, not only has Imtech built-up a strong strategic portfolio of cohesive activities but its European position was strengthened still further in 2005 through high quality acquisitions. At the same time, the current view is that market conditions will continue to improve in the countries and technological segments relevant for Imtech.
According to its current views, the Board of Management expects organic EBITA growth in 2006. For further information
Public Relations M.E.J. (Mark) Salomons Company Secretary Telephone: Int. + 31 (0)182 54 35 14 E-mail: pers@imtech.nl www.imtech.nl
Investor Relations C.A. (Kees) van Rooden RA Financial Director Telephone: Int. + 31 (0)182 54 35 04 E-mail: investors@imtech.nl www.investors.imtech.nl
Imtech profile Imtech N.V. is a European technical service provider in the field of electrical engineering, ICT and mechanical engineering. With approximately 14,500 employees, Imtech achieves an annual revenue of 2.4 billion euro. Imtech holds strong positions in the buildings, industry, marine, infrastructure and telecoms markets in Belgium, England, Germany, Luxembourg, the Netherlands and Spain. Imtech shares are listed on the Euronext Stock Exchange (Amsterdam), where Imtech is included in the Amsterdam SmallCap Index (AScX) and the Next 150 index.
Financial Calendar - General Meeting of Shareholders: 11 April 2006 - Quotation ex-dividend: 13 April 2006 - Dividend made payable: 21 April 2006 - Publication of half-yearly results 2006, press conference and analysts' meeting: 15 August 2006 - Publication of annual figures 2006, press conference and analysts' meeting: 27 February 2007 - General Meeting of Shareholders: 10 April 2007
Press conference and analysts' meeting, 28 February 2005, Hilton Hotel, Amsterdam A press conference will be held in the Hilton Hotel, Apollolaan 138, 1077 BG Amsterdam from 10:00 hours. The analysts' meeting will start at 12:00 hours. Registrations may still be made via Astrid Marré, telephone: Int. + 31 (0)6 11 39 69 98.
Live broadcast via Internet (Webcast) The analysts' meeting on 28 February 2006 will be transmitted live via the Internet (www.imtech.nl) from 12:00 hours to approximately 13:00 hours.
Photography Photographs of the press conference and analysts' meeting will be available to the media via Fotopersbureau Dijkstra. For further information: Fotopersbureau Dijkstra, telephone: Int. + 31 (0)297 56 68 83, E-mail: dykfoto@wxs.nl.
The following (high resolution) photographs of 2005 projects can be offered free of copyright to the media via e-mail: Arsenal Emirates Stadium, London, UK Imtech was responsible for the innovative technology, including security, in the stadium of Premier League football club Arsenal in London. Technology in the Stuttgarter Messe (exhibition centre), Germany Imtech is responsible for part of the technology, including the electronic security and futuristic communications solutions, in the new 100,000 m² Stuttgarter Messe. Comfort and safety on cruise liner 'Norwegian Jewel' Imtech is responsible for the air conditioning, heating and fire security on board the 294 metre long cruise liner 'Norwegian Jewel'. The ship can carry 2,240 passengers.
For further information: Imtech Corporate Communications, telephone: Int. + 31 (0)182 54 35 25, E-mail: info@imtech.nl.
For the complete Press Release including tables, see attachment. http://hugin.info/130755/R/1036846/167854.pdf
Key points - 2005¹:
- Revenue: 2,379 million euro, + 18% (organic + 9%)
- EBITA: 86.3 million euro, + 20% (organic + 3%)
- Net profit: 50.8 million euro, + 15%
- Earnings per share²: 2.06 euro, + 18%
- Dividend: 1.07 euro per ordinary share, pay-out: 55% - Order portfolio at the end of 2005 of good quality: 2,396 million euro, + 12% - Outlook for 2006: higher organic EBITA growth
New growth phase Gouda - Mr. R.J.A. (René) van der Bruggen, Chairman of the Board of Management of European technical services provider Imtech N.V. talking about the 2005 results: 'Imtech can look back on a good year and, in line with our strategy, is expanding into a multidisciplinary technical services provider (the combination of electrical engineering, ICT and mechanical engineering) with a European stature.'
'The prospects for 2006 give cause for optimism', according to Van der Bruggen. 'In the Netherlands the recovery of the buildings, industry and infrastructure markets - markets relevant for Imtech - that we have awaited for some time is now expected to continue. It was already apparent at the end of 2005 from the growth in the work on offer and the order portfolio. We have also built-up strong positions in the care, integrated security and food & feed niche markets and in the field of energy management. The markets in Belgium and Luxembourg are good and the positions were strengthened in 2005 through smaller, but good quality, acquisitions. In Germany our market position remains good. In 2005 our order intake in Germany reached the one billion euro milestone, which has reinforced Imtech's leading position. Imtech is also profiting from the increasing industrial export which is resulting in extra investment in technology. In Spain and the UK market conditions have remained favourable and, in part thanks to good acquisitions, Imtech has expanded considerably, which offers good prospects for further growth. In the ICT organisation a limited reorganisation has been carried out. Further improvement will result from the concentration of the telecoms activities in the core business. Imtech's innovative marine activities developed well and are on the threshold of further international growth. The technology activities are also well set up for further growth, particularly in the area of process technology. In a nutshell, Imtech is ready for a new growth phase.'
1) 2004 based on IFRS and before the exceptional charge related to violation of the Dutch Competition Act. 2) Before amortisation and impairment of intangible fixed assets. René van der Bruggen states that: 'the positions that have been built-up in various European countries and technology markets, the added-value achieved for customers and the anticipation of improving markets and price volumes form a firm foundation for healthy growth in the coming years. In 2005 organic EBITA growth amounted to 3%, despite still less than optimum market conditions, particularly in the Netherlands. In 2006 Imtech expects organic EBITA growth will rise to a higher level. The quality of the order portfolio at the end of 2005, which increased by 12% to 2.4 billion euro, was better across the board than in the preceding year.'
Result development in 2005 In 2005 revenue rose by 18.0% to 2,379 million euro (2004: 2,016 million euro), of which 9.5% was organic. The order portfolio on 31 December 2005 amounted to 2,396 million euro - an increase of 12.4% (2004: 2,132 million euro) of which a substantial portion was organic.
In 2005 the earnings before amortisation and impairment of intangible fixed assets (EBITA) rose by 19.9% to 86.3 million euro (2004: 72.0 million euro, before the exceptional charge related to the violation of the Dutch Competition Act). Despite continuing pressure in the Dutch buildings, infrastructure and telecoms markets the increase in the operating result was generated by a combination of acquisitions and good business development in Belgium, Luxembourg, Germany, the UK and Spain and in the marine and technology markets. The ICT activities also grew although less than anticipated. The industrial activities grew in every country and the share of the maintenance services & management activities also increased once again. EBITA increased organically by 3.1% (2004: 2.6%).
Net profit rose by 15.4% to 50.8 million euro (2004: 44.0 million euro, before the exceptional charge related to violation of the Dutch Competition Act). The net return on average shareholders' funds amounted to 18.4% (2004: 13.9%).
Earnings per share before amortisation of goodwill and impairment of intangible fixed assets rose by 0.31 euro to 2.06 euro (+ 17.7%), based on the average number of issued shares during the year under review.
Dividend proposal and return The dividend policy is to pay-out 40% of the net profit to shareholders. A cash dividend of 1.07 euro per share (2004: 1.07 euro) will be proposed to the General Meeting of Shareholders. This proposal equates to a profit pay-out of 55% of the net profit (2004: 63%) and reflects the company's confidence in the future. The dividend return based on the 2005 closing price amounts to 3.9% (2004: 4.1%).
Acquisitions In 2005 Imtech was strengthened in various countries through the following acquisitions: in Spain: the industrial technical services provider Mavisa with a strong position in the Spanish industrial technical services market (700 permanent staff, annual revenue: 100 million euro); in the UK: the technical services provider Goodmarriott & Hursthouse, a multidisciplinary technical services provider with a strong position in the buildings and industry markets in the Midlands (220 staff, annual revenue: 35 million euro); in the Benelux: the Belgian technical services provider Synerco, various maintenance contracts in the Belgian infrastructure market and the maintenance activities of ABB Building Services in Luxembourg (in total 310 staff, annual revenue: around 30 million euro).
The total purchase price of these acquisitions, including earn-out, was 56.3 million euro. In 2005 acquisitions contributed 110.3 million euro towards revenue and 9.8 million euro towards EBITA.
Business development per cluster
Benelux Imtech is one of the strongest multidisciplinary technical services providers in the Benelux. The activities showed a mixed picture. With a good increase in revenue of 20.6% (797 million euro compared with 661 million euro in 2004), EBITA rose slightly to 24.7 million euro, compared with 23.9 million euro in 2004 - an increase of 3.3%. The order portfolio at the end of 2005 increased by 7.7% to 825 million euro (2004: 766 million euro). In the Netherlands the activities in the buildings and infrastructure markets came under pressure, particularly in the first half of the year, but in Belgium and Luxembourg these activities grew. Imtech achieved a healthy growth in all countries in the industrial market, and in the field of maintenance services & management in both buildings and industry. Acquisitions strengthened the position in Belgium (infrastructure market) and Luxembourg (maintenance services & management).
In 2005 the order portfolio not only grew but the quality of the orders was better than in 2004. Although price levels improved competition was still fierce and the margin was still down. Because most of the on-going projects had been acquired in earlier years and at lower prices, Imtech only managed a slight improvement in result. Compared with the first half of 2005, when EBITA fell by 7.1%, the performance was, however, good.
Although the number of new-build projects in the Dutch buildings market was limited the market for technological renovation and upgrading improved. Examples included the head office of Essent and the County Hall in Zwolle. Good progress was made in the field of energy management, for example for ABN AMRO. In the care sector the position was strengthened and the large number of orders, including the upgrading and multi-year maintenance of Leeds University Medical Centre (LUMC), has put Imtech Care & Cure in a good starting position. Progress was also made in the field of integrated security with orders from a variety of customers including various Ministries, banks and educational establishments. In Belgium, Brussels is a stable market for Imtech with the expansion of the European Union and increasing investment by financial institutions and hotels. One new project was the SAS Radisson hotel. In Flanders the market position was strengthened and in Walloon the growth rate was accelerated. The market stabilised in Luxembourg where various EU institutions and the financial sector are seeking new premises. Imtech is involved with a 73,000 m² bank building in Kirchberg and is responsible for the energy management in the Grand Duke's Palace.
In the Dutch industry market investment rose as a result of initiatives in the field of process optimisation, increasing environmental demands and the need (Kyoto Treaty) to reduce emissions of harmful greenhouse gasses. The markets for chemicals, oil and gas improved. The volume of work on offer was good, but prices have not yet caught up. The focus of the activities includes technical automation (for example the automation of milk reception at Friesland Foods) and industrial maintenance (including at Shell, Corus and DSM). The food & feed activities showed a healthy growth. Orders included an upgrading of the automation at animal feed company SaWeCo. In Belgium, although industrial investment was stable, Imtech was able to achieve growth. Orders came from customers in the pharmaceutical sector, the automobile industry and logistics including Pfizer, Volvo and Columbus Foods. New market segments such as chemicals and food and luxury foods were penetrated and the first project for A-brand manufacturer Red Band was carried out.
In the Dutch infrastructure market price levels improved. In the railway infrastructure market Imtech strengthened its position and was involved in a number of projects including the improvement of security at 230 Dutch level-crossings. The objective of the Asset Rail joint venture Imtech has set up with partners is the acquisition of large, multi-year railway infrastructure maintenance contracts. Imtech is the market leader in the field of traffic management, for example with the technological maintenance of the Oudenrijn Traffic Centre and the Dutch Traffic Information Centre, including the maintenance on 200 kilometres of motorway. The market for the individual (digital) metering of gas, water and electricity usage is an interesting one. One project in which Imtech was involved was the installation of 300,000 individual water meters in Amsterdam. The position in the Belgian infrastructure market was strengthened through acquisitions and here Imtech, with a staff of 300, is now one of the larger market players. Further growth can be achieved through the exchange of knowledge between the Dutch and Belgian organisations.
Germany, the UK, Spain Imtech Deutschland, Imtech UK and Imtech España could close 2005 with above average results. Revenue, EBITA and the order portfolio improved considerably, both organically and as a result of the acquisition of Goodmarriott & Hursthouse in the UK and Mavisa in Spain. Revenue rose by 21.4% to 1,096 million euro (2004: 903 million euro). EBITA rose sharply to 50.1 million euro, compared with 39.8 million euro in 2004 - an increase of 25.9%. The order portfolio also rose by 14.8% to 1,049 million euro (2004: 914 million euro). Thanks to the strengthening in the UK and Spain Imtech is now one of the larger technical services providers in these countries.
In Germany Imtech is the largest multidisciplinary technical services provider in the industry and buildings markets. The order intake reached one billion euro, which reinforced Imtech's leading position. The focus was on the industrial market which, thanks to exports, is growing. Imtech has a very broad customer base in Germany. More attention was paid to business development and, as a result, the order intake increased, the majority on the basis of multi-year contracts and with a concentration in the pharmaceutical and chemicals sectors and the automobile industry. Examples include Stada, Roche and Altana, BMW, DaimlerChrysler, MAN, Audi and BASF. In the buildings sector Imtech concentrated on the technological renovation of existing buildings, sometimes with business continuing as usual, sometimes not. One example is the renovation of the Holiday Inn in Munich. Another successful focal area was the special projects segment, for example the technology in the multi-functional stadiums in Mannheim and Dusseldorf and the Stuttgarter Messe. The position was also strengthened in the care sector, for example in the Barmbek and Diakonie hospitals in Hamburg.
Imtech is one of the strongest players in the German energy management market and is capable of taking responsibility for all a customer's energy provisions (heat, power and cooling) in both the buildings and industry sectors. The objective is a substantial reduction of annual energy costs. Multi-year contracts were signed with, among others, the Heidelberg University hospital and automobile industry supplier TDM Friction Group.
From within Germany Imtech is focussing more and more on the market for multidisciplinary technical solutions in Eastern Europe - a growth region in which Imtech wants to strengthen its position in the future. Projects were carried out for a number of customers including BAT (British American Tobacco) and the Selgros and Metro supermarkets.
In the UK Imtech is active in the Greater London area, the Midlands and the national drinking water and waste water treatment infrastructure market. Imtech is one of the strongest players in all these segments.
There was an up-swing in the apartment segment of the buildings market and Imtech acquired a number of projects including Falcon Wharf in London and Clarence Dock in Leeds. There was also a slight improvement in the education market where one order was for the technology at Loughborough University. Investment in the care sector increased due to the establishment of regional multidisciplinary care centres, such as in London, Carlton and Staplefort where Imtech is responsible for the technology. In the stadium market Imtech made a major contribution towards the new Arsenal Emirates stadium. In the airport market Imtech was responsible for the technical infrastructure in a new terminal at Farnborough Airport. The buildings market is shifting more and more towards multidisciplinary Design & Build projects - a field in which Imtech has considerable expertise. The fact that the 2012 Olympic games will be held in London is very positive for Imtech.
Investment in the industry sector rose slightly. The focus was on the care industry, pharmaceutical and adjacent medical sector. One of the projects with which Imtech was involved was an expansion of Boots in Nottingham.
In the infrastructure market more and more Water Boards (regional water companies) are opting for the added-value of Imtech. The ten-year contract with Dwr Cymru Welsh Water (300 million euro) acquired last year progressed smoothly. New contracts in 2005 came from South Staffordshire Water and Anglian Water Services. Multi-year continuity is assured.
In the Spanish buildings market there is continuity in the Madrid and Barcelona regions. In the Valladollid and Valencia regions Imtech is still growing. Due to the office market being somewhat saturated, Imtech focused - successfully - on the technological equipping of shopping centres, hotels, exhibition centres and transferia, for example in Madrid in the 240,000 m² Plenilunio leisure and shopping park, the Auditorium hotel (the largest hotel in Europe) and the 'Plaza Elíptica'. Imtech also worked on acquiring a position in the maintenance services & management market.
The acquisition of Mavisa brought Imtech a top-5 position in the Spanish industrial technical services market. In this market Imtech has established long-term relationships with customers. Cepsa extended the maintenance contracts for its refineries in Algeciras, Huelva and Tenerife. Maintenance and shut-downs were carried out at Acerinox's steel factory in Palmones. Enagas, Iberdrola and CLH became new Imtech customers and Imtech also penetrated new markets. The first activities were carried out for Iberdrola, the largest Spanish electricity distributor. Other new market segments were water treatment and the automobile industry. Imtech investigates the market in northern Spain from the south of the country where its activities are concentrated.
ICT & Technology On balance the activities in the ICT & Technology cluster underwent a positive development. Revenue rose by 7.5% to 486 million euro (2004: 452 million euro). EBITA amounted to 22.5 million euro compared with 18.0 million euro in 2004 - an increase of 25.0%. At 522 million euro the order portfolio at the end of 2005 was also 15.5% higher (2004: 452 million euro). The picture in the underlying activities was mixed. The ICT activities showed a reasonable growth but were not as good as expected. Imtech Technology performed much better than last year. The marine activities once again showed a strong growth and made an excellent contribution towards EBITA. Imtech Telecom's activities grew, particularly in the UK and Belgium. Development in Scandinavia was stable while the Netherlands was, once again, disappointing.
In the ICT market Imtech is a full-service ICT services provider with a strong position in the Netherlands. Small divestitures were carried out including the sale of a 51% interest in BEEP! Easy Mobile Ticketing to KPN. Activities increased in the consultancy and project management market. A model project in the field of ERP (Enterprise Resource Planning) was carried out for water company Vitens. In the software services and Business Intelligence market Imtech is the partner of IBM, Cognos and Microsoft. For A-brand manufacturer Bolletje, for example, Imtech 'translated' company data into management information to support the making of strategic investment decisions. A limited area of the IT organisation was reorganised to improve profitability. Imtech is one of the strongest players in the Dutch ICT infrastructure market. As the complexity of their ICT infrastructures increases more and more customers, such as DaimlerChrysler Nederland and Fortis, are contracting out the management of these infrastructures to Imtech. In the field of (in-house) data and telecommunications Imtech held onto its position in the face of increasing competition. Imtech was, for example, responsible for a new telephony concept in the Higher Economic School (HES) Amsterdam.
The telecoms market installation activities were moved internally and the focus is now concentrated entirely on network solutions for the telecommunications and broadcasting market. In this field Imtech works very closely with internationally renowned system suppliers. The market is aimed at the convergence of services provision and technology integration. The Internet Protocol (IP) enables high accessibility, quality and optimum security to be offered. In the UK Imtech was involved with the setting-up of broadband activities for Lancaster University.
Imtech had a good year in the technology market. Progress was made in the area of fire security, access control and process technology. The parking activities, which performed less well in 2004, made a recovery. The demand for fire extinguisher systems in the oil and gas market increased. Imtech was active in, among other areas, Nigeria, the Caspian Sea and the North Sea. The increasing need for security resulted in further growth of the activities in the access technology market, for example in Groningen Football Club's new Euroborg Stadium. In the process technology field Imtech's global activities for (freeze) drying are growing.
In the marine market Imtech, thanks to its large measure of innovation, has developed into an international player of stature offering integrated total solutions. In the German luxury yacht and cruise liner market, for example, where orders worth a total of over 54 million euro were acquired. In the naval vessel market the Dutch frigate programme was completed and good progress was made with the execution of amphibious ships for both the Dutch Navy and the British Royal Navy. In 2005 Imtech was also involved in the German, Polish and Greek frigate programmes. Imtech is also active in the growing Chinese market, for example on board more than 130 ships at over ten wharves. The increased demand for oil and gas has strengthened Imtech's position in the offshore market. Imtech was responsible for the technology on board a 225 metre long offshore oil and gas pipeline laying ship.
Financial income and charges At 11.4 million euro negative the balance of financial income and charges was at a lower level than in 2004 (7.1 million euro negative). Interest charges related to pension provisions amounted to 24.8 million euro and the expected return on fund investments amounted to 18.7 million euro. The increase in interest charges was due to the lower net cash position throughout the year which was the consequence of acquisitions and the seasonal pattern. At 0.7 million euro the result of associated companies and joint-ventures was the same as in the previous year.
Taxes Taxes amounted to 20.4 million euro, 1.3 million euro more than in 2004. The effective tax rate was lower at 28.1% (2004: 33.9%).
Financial position The balance sheet total rose by 253 million euro to 1,310 million euro at the end of 2005 (2004: 1,057 million euro). This increase was due primarily to the acquisitions carried out in 2005, an increase of work in progress and receivables.
The shareholders' funds position rose due to an addition of 8 million euro from the 2004 result. Shareholders' funds at the end of 2005 amounted to 293 million euro (end of 2004: 269 million euro) - an increase of 24 million euro.
At 22%, solvency at the end of 2005 was lower than at the end of 2004 (25%). The interest coverage amounts to 7.3 (2004: 8.9). The net cash position amounted to 102 million euro (2004: 92 million euro). On 31 December 2005 Imtech had over 160 million euro in liquid assets at its disposal and ample bank facilities which, to a great extent, had not been used. This implies that Imtech has sufficient financial scope for further growth through acquisitions.
Investments and depreciation Investments in tangible fixed assets amounted to 20.1 million euro (2004:16.9 million euro) and depreciation amounted to 18.7 million euro (2004: 17.9 million euro). In 2006 investment is expected to once again be at a higher level than depreciation. Divestments involved a sum of 2.8 million euro (2004: 5.4 million euro).
Cash flow Imtech generated a positive cash flow with which the intended growth can be financed. Compared with 2004, cash flow from operating activities was 78.3 million euro higher at 121.4 million euro, mainly due to better management of the working capital. Cash flow from investment activities amounted to 72.0 million euro negative compared with 33.1 million euro negative in 2004. This was primarily due to the acquisitions in Spain and the UK. The investment was financed from available liquidity.
Purchase of own shares and exercise of options In the year under review 214,113 shares were repurchased to cover obligations related to options awarded to staff and to cover the shares awarded conditionally to the Board of Management. In 2005, 245,000 options were exercised. At the end of 2005 the number of repurchased shares amounted to 806,113 (2004: 837,000).
Personnel and organisation The number of employees rose by 1,683 (13,1%) from 12,836 to 14,519, mainly as a result of acquisitions. Staff inflow rose to 10.1% (2004: 6.0%). By contrast, staff outflow fell to 5.9% (2004: 10.5%). Voluntary resignation rose slightly to 5.4% (2004: 4.0%). This picture reflects the improving markets in 2005. The need for good technical staff has not changed. The average sickness leave per employee fell to 4.3% (2004: 4.6%). The accident frequency per million hours worked fell to 0.003 (2004: 0.03).
Strategy A strategic high-point is the achievement of a sharp focus on the further increase in added-value for customers. Imtech offers measurable added-value in the form of integrated and multidisciplinary total solutions (by combining electrical engineering, ICT and mechanical engineering) that lead to 'change in business': better operating processes and a higher return for customers and end-users. At the same time, Imtech's technological solutions contribute towards a sustainable, feasible society by providing solutions for current social issues such as security, mobility, the environment or the need for energy.
Imtech's strives strategically to achieve a top-3 position in all the countries and technology markets relevant for the company. The strategy is aimed at maintaining structural organic growth, the acquisition of high-value services with the related high margins (particularly in ICT, engineering and consultancy as well as maintenance services & management) and a continuation of the European expansion.
Concrete action points in the implementation of this strategy are: - a sharp focus on growth markets, such as energy management, care and integrated security; - a strengthening of the industrial activities in the Netherlands in the field of mechanical maintenance; - acquisitions in the field of ICT, especially in Germany, the UK and Belgium; - a strengthening of the position in the UK in both the buildings and industry markets (geographical) and in the water industry (water and waste water treatment); - affirming the national position in Spain through the acquisition of one or more specialist electrical engineering companies and a further geographical expansion of the industrial activities; - expanding activities in a number of Eastern European countries from existing market positions (especially from Germany); - a strengthening of the infrastructure activities with technological competencies and possible acquisitions in Germany (border region) and the UK; - the further internationalisation and strengthening of the position in the international marine market through acquisitions.
Acquisitions must fit in with the strategy, make an immediate contribution towards earnings per share, provide measurable added-value, possess a capable management and offer possibilities for synergy. Imtech has sufficient means to finance complementary acquisitions for the majority of these strategic trajectories.
Targets Imtech strives to achieve a revenue of around 3 billion euro in 2008 (2005: 2.4 billion euro). Under 'normal' market conditions Imtech strives for an operational target margin of 6%. The foundations of this target are adjusted and are as follows: - 5% for the multidisciplinary technical services in the Benelux (around 35% of revenue); - 5% for the multidisciplinary technical services in Germany, the UK and Spain (around 40% of revenue) ; - 8% for the technological activities in the field of ICT & Technology (around 25% of revenue).
Achieving these targets will depend on developments in the countries and technological market segments relevant for Imtech.
Outlook 2006 Imtech is well-positioned for a new growth phase in 2006.
Imtech is facing 2006 with confidence. This confidence is, in part, based on the fact that at the end of 2005 the order portfolio was of a good quality right across the board. In addition, not only has Imtech built-up a strong strategic portfolio of cohesive activities but its European position was strengthened still further in 2005 through high quality acquisitions. At the same time, the current view is that market conditions will continue to improve in the countries and technological segments relevant for Imtech.
According to its current views, the Board of Management expects organic EBITA growth in 2006. For further information
Public Relations M.E.J. (Mark) Salomons Company Secretary Telephone: Int. + 31 (0)182 54 35 14 E-mail: pers@imtech.nl www.imtech.nl
Investor Relations C.A. (Kees) van Rooden RA Financial Director Telephone: Int. + 31 (0)182 54 35 04 E-mail: investors@imtech.nl www.investors.imtech.nl
Imtech profile Imtech N.V. is a European technical service provider in the field of electrical engineering, ICT and mechanical engineering. With approximately 14,500 employees, Imtech achieves an annual revenue of 2.4 billion euro. Imtech holds strong positions in the buildings, industry, marine, infrastructure and telecoms markets in Belgium, England, Germany, Luxembourg, the Netherlands and Spain. Imtech shares are listed on the Euronext Stock Exchange (Amsterdam), where Imtech is included in the Amsterdam SmallCap Index (AScX) and the Next 150 index.
Financial Calendar - General Meeting of Shareholders: 11 April 2006 - Quotation ex-dividend: 13 April 2006 - Dividend made payable: 21 April 2006 - Publication of half-yearly results 2006, press conference and analysts' meeting: 15 August 2006 - Publication of annual figures 2006, press conference and analysts' meeting: 27 February 2007 - General Meeting of Shareholders: 10 April 2007
Press conference and analysts' meeting, 28 February 2005, Hilton Hotel, Amsterdam A press conference will be held in the Hilton Hotel, Apollolaan 138, 1077 BG Amsterdam from 10:00 hours. The analysts' meeting will start at 12:00 hours. Registrations may still be made via Astrid Marré, telephone: Int. + 31 (0)6 11 39 69 98.
Live broadcast via Internet (Webcast) The analysts' meeting on 28 February 2006 will be transmitted live via the Internet (www.imtech.nl) from 12:00 hours to approximately 13:00 hours.
Photography Photographs of the press conference and analysts' meeting will be available to the media via Fotopersbureau Dijkstra. For further information: Fotopersbureau Dijkstra, telephone: Int. + 31 (0)297 56 68 83, E-mail: dykfoto@wxs.nl.
The following (high resolution) photographs of 2005 projects can be offered free of copyright to the media via e-mail: Arsenal Emirates Stadium, London, UK Imtech was responsible for the innovative technology, including security, in the stadium of Premier League football club Arsenal in London. Technology in the Stuttgarter Messe (exhibition centre), Germany Imtech is responsible for part of the technology, including the electronic security and futuristic communications solutions, in the new 100,000 m² Stuttgarter Messe. Comfort and safety on cruise liner 'Norwegian Jewel' Imtech is responsible for the air conditioning, heating and fire security on board the 294 metre long cruise liner 'Norwegian Jewel'. The ship can carry 2,240 passengers.
For further information: Imtech Corporate Communications, telephone: Int. + 31 (0)182 54 35 25, E-mail: info@imtech.nl.
For the complete Press Release including tables, see attachment. http://hugin.info/130755/R/1036846/167854.pdf
© 2006 Dow Jones News
