Imtech announced that it has doubled its scope in the “Adventure World” theme park project in Warsaw to € 60m (from € 30m), as the investors have decided to raise the park’s sustainability levels. Imtech will supply a large share of green technology (energy efficiency, energy generation, solar panels, water savings), next to the solutions that were already awarded (e.g. air conditioning, climate control). Management also expects it can play a role in the next two phases of the development.
Poland is becoming greener:
Management indicated that this is now their third large project in Poland that is focussing on sustainability, next to Eurocentrum building in Warsaw and the Kattowits station. The backlog of these three projects is worth already more than € 100m, with additional backlog from smaller projects. This compares to 2010 sales in Poland of € 57.4m. As such, Poland is leading the way to € 8bn in sales by 2015.
The expansion of the project scope is positive for sentiment but it has no impact on our estimates or investment case.