Imtech announced it has reached final agreement with its main financiers re a waiver and amendment agreement for the outstanding facilities. The main financiers will continue to make their current facilities available, under conditions customary in these circumstances.
Next step: FY12 results:
As a result, the 2012 financial statements can now be finalized and announced shortly. Further details will be announced with the annual accounts 2012.
No impact on investment case:
This agreement was expected for some time now, so today’s news has no impact on the investment case. The main focus should be on Imtech’s future earnings capacity, notably re the Benelux and Germany & Eastern Europe divisions. It will take some time before we get more clarity on this because: 1) Germany & Eastern Europe was barely profitable when adjusting reported earnings over the past few years for the recent write-downs, and 2) a second round of restructuring (€ 80m) was recently announced, which should burden the FY 2013 results of these divisions.