Royal Imtech NV (IMTEF.PK), a provider of technical services in various fields, Tuesday reported an annual loss compared to a profit in the prior year, as expenses mounted amid write-offs.
The company reported a loss attributable to shareholders of 233 million euros compared to a profit of 95.8 million euros last year. Prior-year results have been restated.
The engineering firm, which is investigating irregularities in Poland and Germany, said the investigations are in the process of being finalized and the related write-off total 370 million euros pre-tax as reported earlier.
In April, the company had said that it had a difficult first quarter and announced a reorganization that includes elimination of 1,300 jobs, particularly in the Netherlands and Germany.
Reported loss before interest, tax, depreciation and amortization was 51.7 million euros in comparison with EBITDA of 257.1 million euros in the previous year.
The latest loss includes a reorganization charge of 50 million euros. EBITDA excluding the write-offs and reorganisation charge amounts to 265 million euros. Total revenue increased to 5.483 billion euros from 5.065 billion euros in the prior year.
Total operating expenses climbed to 5.641 billion euros from 4.872 billion euros in the previous year.
Gerard van de Aast, CEO, said, "With the publication of the preliminary annual figures for 2012, Imtech makes an important next step in its recovery plan...We continue to execute our plans announced on February 27 with focus on organic growth, operational excellence, reinforcement of the business controls and the establishment of a solid financial structure.''
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