Imtech announced it has been awarded new orders with a value of circa € 41m for export (out of NL) of technological solutions in the oil & gas segment.
CEO van der Bruggen:
'Imtech is performing well in the international oil & gas market. The strategic focus on exporting high-tech electronic solutions and power electronics (combination of power electronics and high voltage solutions) is bearing fruit. This enables Imtech to offer added value at the cutting-edge of energy technology, industrial automation and electronics. As well as various branches in the Netherlands, Imtech has branches in Gabon, Nigeria and Brunei. The new orders are evidence of a considerable increase in the international oil and gas activities.'For more information, please visit the Imtech website:
The press release includes detailed information on various contracts and the technologies involved. In fact, there is too much information to put in the limited amount of space we have on this page. Please visit Imtech.com where you should find the press release on the left-hand side of the homepage. It shows these contracts are more than just replacing a few light bulbs by LEDs, which the bears often accuse Imtech of when discussingthe technology content of their portfolio.Order intake YTD:
The (multi-year adjusted) order intake as announced via press releases stands at € 1,575m, vs. € 1,714m in Dec-11 and € 1,092 in Dec-10. The y/y comparison should be ignored as large orders represent 20-25% of the business, and many press releases involve a combination of smaller orders. The 3Q12 backlog, which was up 12% y/y (including an intentional organic decline in Benelux), is a more reliable indicator.
Positive for backlog and sales mix. No impact on estimates.