Algemene Vergadering van Aandeelhouders. Rotterdam, 22 mei 2014

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1 Algemene Vergadering van Aandeelhouders Rotterdam, 22 mei 2014

2 Agenda 1. Opening 2. Jaarverslag Eigen vermogen van de vennootschap 4. Machtiging van de Raad van Bestuur tot uitgifte van aandelen 5. Machtiging van de Raad van Bestuur tot inkoop eigen aandelen 6. Intrekking van aandelen 7. Samenstelling van de Raad van Commissarissen 8. Rondvraag 2

3 2. Jaarverslag 2013 a. Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2013 (bespreekpunt) 3

4 2. Jaarverslag 2013 Operational update Financials 4

5 FY 2013 results Revenue in the year 4,995 million euro Negative operational EBITDA in the year of 44 million euro Order intake in the year 4,726 million euro, slightly lower than revenue Net negative result for the year 697 million euro mainly due to earlier announced non-operational items Net interest-bearing debt down to 745 million euro Focus on organic growth, operational recovery and debt reduction by at least 400 million euro Implementation of detailed improvement plan Neue Imtech in Germany New agreement with financiers, including amended covenants 5

6 Good new projects NXP: security & power Kiwa: data centre ZF: ventilation, electric & Hidrovias: automation & systems (Benelux) infrastructure (ICT) sprinkler solutions (Germany) electrical propulsion systems (Marine) Dutch Public Works: traffic Cepsa: renewal 5 years Kensington & Chelsea Leisure University Hospital Linköping: control centre (Traffic & Infra) maintenance contract (Spain) Centre: a.o. CHP generation (UK & Ireland) a.o. medical gas systems (Nordic) 6

7 Order intake FY 2013 ( m) Order intake FY 13 Revenue FY 13 Benelux Germany & Eastern Europe UK & Ireland Nordic Spain & Turkey ICT Traffic & Infra Marine Group management - -4 Total 4,726 4,945 7

8 Core value proposition intact ELECTRICAL AUTOMATION MECHANICAL DESIGN CONSULTANCY ENGINEERING MAINTENANCE MANAGEMENT IMPLEMENTATION MAINTENANCE SERVICES BUILDINGS INDUSTRY TRAFFIC & INFRA MARINE 8 Integrated & multidisciplinary technical services 26,000 dedicated, highly skilled employees Leading market positions

9 Strategic focus Organic growth Focus on recurring revenue streams Multi-site / multi-service solutions Capitalizing post acquisitions Scaling technologies across the Group: Green technologies Water technologies Data centers Care & cure Operational excellence Margin improvement Project management and project execution Cash and working capital management Procurement processes Tender processes Risk management Governance and control Culture & ethics Debt reduction At least 400 million euro All options considered 9

10 German recovery program Strategic direction of Imtech Germany restructuring Margin not volume Focus on qualitative instead of quantitative growth Step out of project businesses that are unprofitable and high risk in CEE and Germany Reduction in other operating expenses FTE reduction in direct and indirect functions Operational excellence Tender management with minimum profit margins Selective bidding that builds on our technical expertise New project management scheme for operational excellence Staff projects with own personnel New corporate culture Creation of new corporate culture with focus on Integrity Transparency Cooperation Explain, train and live values 10

11 Confirmation medium-term targets Growth Organic; GDP+ Additional growth through acquisitions in fragmented markets (when leverage <2.0) Margin 4-6% operational EBITDA margin Cash flow 90% cash conversion (EBITA) Leverage net debt/ebitda < 2 Dividend 40% pay-out when leverage is below

12 2. Jaarverslag 2013 Operational update Financials 12

13 Group performance ( m) Revenue 4,945 5,355 Result from operations ¹ Finance result Result for the year ² ) After deduction of extraordinary charges of 380 million euro in 2013 (2012: 51 million euro) 2) After deduction of result from discontinued operations of 57 million euro in 2013 (2012: 5 million euro) 13

14 Balance sheet ( m) Intangible assets 1,181 1,300 Working capital ¹ Equity Net debt ) 2013 Including legacy items of 83 million euro 14

15 Balance sheet working capital ( m) Work in progress Trade receivables 859 1,132 Other current assets Trade payables Other current liabilities Working capital % LTM revenue - 1.3% 1) Includes 76 million euro (1.5% of revenue) of legacy items 15

16 Aging of trade receivables ( m, net amount) Not past due Past due <180 days Past due >180 days Total 859 1,132 Past due > 180 days excluding legacy items 34 16

17 Disclosure notes 1 - (General) Selected financial information Specific items, restructuring and refinancing charges, disposal of Arma, legacy items, etc. 2 - Going concern assumption 15 - Goodwill valuation 32 - Contingent assets and liabilities Investor claims and FuM Schweiz 33 - Subsequent events Refinancing: - New pricing based on leverage grid - New covenants focussed on absolute operational EBITDA and operational cash flow - Commitment to delever 400 million euro by June Penalties and warrants if delevering million euro 17

18 2. Jaarverslag 2013 a. Verslag van de Raad van Bestuur en bericht van de Raad van Commissarissen over het boekjaar 2013 (bespreekpunt) 18

19 2. Jaarverslag 2013 b. Overzicht van de implementatie van het bezoldigingsbeleid (bespreekpunt) 19

20 2. Jaarverslag 2013 c. Vaststelling van de jaarrekening 2013 (stempunt) 20

21 3. Eigen vermogen van de vennootschap a. Maatregelen ter versterking eigen vermogen (bespreekpunt) 21

22 3. Eigen vermogen van de vennootschap b. Wijziging van de statuten, onder andere ter verlaging van de nominale waarde van de aandelen (stempunt) 22

23 4. Machtiging van de Raad van Bestuur a. Als orgaan bevoegd tot uitgifte van gewone en/of financieringspreferente aandelen (met inbegrip van het verlenen van rechten tot het nemen van aandelen) (stempunt) 23

24 4. Machtiging van de Raad van Bestuur b. Als orgaan bevoegd tot beperking of uitsluiting van voorkeursrechten (stempunt) 24

25 5. Machtiging van de Raad van Bestuur tot inkoop eigen aandelen (stempunt) 25

26 6. Intrekking van aandelen (stempunt) 26

27 7. Samenstelling van de Raad van Commissarissen a. Toelichting op de samenstelling van de Raad van Commissarissen (bespreekpunt) 27

28 7. Samenstelling van de Raad van Commissarissen b. Benoeming van de heer B. van der Veer als lid van de Raad van Commissarissen (stempunt) 28

29 7. Samenstelling van de Raad van Commissarissen c. Benoeming van mevrouw M.E. van Lier Lels als lid van de Raad van Commissarissen (stempunt) 29

30 7. Samenstelling van de Raad van Commissarissen d. Benoeming van de heer J.J. Beeton als lid van de Raad van Commissarissen (stempunt) 30

31 8. Rondvraag 31