The Dutch technical services provider has reached an out of court settlement with Polish firm Adventure World Warsaw and its affiliates, and has ended cooperation with the parties, Imtech said on Tuesday after market close.
Last month Imtech had to write down 150 million euros on Polish projects, including the theme park Adventure World Warsaw.
'Although Apple currently has the highest EPS of the three companies, they are predicted to have negative growth this quarter. This should raise a red flag when considering investment. Apple has had its share of innovations but if it does not revamp its current products or business model, it will fall behind Google and eventually Microsoft.'
Apple is arguably your best investment opportunity for the next 12 months given present valuation, although Google is a fine investment. Microsoft comes in a distant third.
Nestle (NSRGY.PK) is the latest major food company to be drawn into the European horse-meat scandal after traces of equine DNA of above 1% were found in pasta meals, which it removed from shelves in Italy and Spain yesterday. Nielsen says the scandal has had a big effect on the consumption of frozen meat products in the U.K., with burger sales dropping 40% in the week to February 2. [View news story]
Eating horse meat has become common practice in most countries nowadays, if you ever traveled anywhere, so scandal is a bit of an overstatement. Steak de cheval is very tasty, but unlikely to make most menus.
BP (BP) is ready to take its chances at a civil trial over the Gulf oil spill after failing to reach a settlement with the government, states and other private plaintiffs. BP could face a fine of $21B for the crude spilled if the court accepts the government's claims, although the company reckons the bill will be under $5B. The trial is due to start on Monday. [View news story]
Ouch. Not helpful for BP, not helpful for U.K.-U.S. relations.
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
Must confess that Imtech may have hit rock bottom yesterday, that was one hell of an intraday recovery. Someone was closing shorts or adding longs in a big way.
Again looking good today, let's see if the share price will see a more sustained recovery. Without the timestamp I would have had difficulty believing your purchase price, quite a move Ramon.
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
Imtech UK chief insists business is 'unchanged' by £86m Polish hit
7 February, 2013 | By Luke Cross
Imtech UK’s chief executive has stressed that his company’s financial position and growth plans are “unchanged” after its Dutch parent group was forced into urgent talks with its banks following an £86 million write down and problems in its Polish business.
Imtech UK chief insists business is 'unchanged' by £86m Polish hit
Paul Kavanagh said the UK company is “one of the stand alone local for local businesses within Imtech”, which operates separately from the Dutch parent group.
The directors in charge of Imtech’s German division, which runs the Polish operation, stepped down yesterday after parent group Royal Imtech announced it had been “severely harmed” by a lack of payment and likely cancellation of projects at theme park Adventure World Warsaw.
It cited “possible irregularities” after finding that advanced payments included in the accounts had not been received.
The Dutch parent group, which saw its share price fall 48 per cent to €10.2 on Monday, said the write downs have left it in breach of its bank covenants.
Although part of the group, Mr Kavanagh stressed that Imtech UK, which plans to double its revenue to £1bn by 2015, has “a strong position and a record forward order book…with good prospects for further revenue and profit growth”.
“These fundamentals are unchanged by the events in a separate part of the Imtech NV organisation,” he said.
“We follow the Imtech model of decentralised control and each individual business within our group has the financial strength, local autonomy and capability to deliver in its local market place,” he added.
“For many years we have pursued a policy of managed positive growth adhering to this entrepreneurial principle.
“At the end of 2012 this strategy has left us with a broad based autonomous technical services business with local control, financial strength and strong prospects in a number of markets and regions as well as internationally.”
Imtech was established in the UK in 2003 and has become one of UK and Ireland’s largest technical services providers through several acquisitions and organic growth. It had a turnover of £515 million in 2011.
Mr Kavanagh took over as CEO of the M&E and building solutions business from Jim Steele, who remains with the company as group director, and is tasked with the aims of making Imtech “the strongest technical services business in the UK”.
The £86m it to the parent group relates to three projects for Adventure World Warsaw and one project involving energy-generating bio power stations, also in Warsaw. These projects have a combined value of around £657m
Parent group Royal Imtech said the departure of the German CEO and CFO was “to safeguard management continuity in Germany in the short term”.
In a trading update earlier this week, the group said it is delaying publishing its accounts.
The outgoing German CEO Klaus Betz, has been replaced by Jos Graauwmans, director of human resources at Royal Imtech, who becomes acting CEO of Imtech Deutschland.
Jan van Middelkoop, CFO Imtech Nederland, will replace Axel Glass and become acting CFO for the German division.
Permanent successors will be appointed as “quickly as possible,” the group statement said.
Peter Kronenberg and Peter Eilers, the two other members of the Imtech Deutschland management, will stay on.
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
'Imtech angers foreign investors with Dutch only conference call' Monday 04 February 2013
Technical services group Imtech angered investors on Monday morning when its manager of investor relations refused to speak English during a conference call on its problems in Poland, the Financieele Dagblad reports.
The FD says Jeroen Leenaers told people taking part in the conference call he would only speak Dutch. The call was set up following the news that Imtech has taken a €100m write-off following possible fraud in Poland.
One analyst told the paper he suspected part of the 50% plunge in Imtech's share price was due to irritations over the language. The company gave a second conference call in English at 10.30.
Some 40% of Imtech's shares are in American hands, the paper said. Dutch investors own less than 20% of the company.
Oil rigs are again heading into the Gulf of Mexico, and Barron's David Englander believes GulfMark Offshore (GLF +2.4%) is poised to take advantage of the industry resurgence. With GLF's key markets expected to strengthen and more new boats going into service, Englander sees its fleet commanding steadily higher rates and earnings jumping significantly. [View news story]
Transocean (RIG), Ensco (ESV) remain in an uptrend
In furtherance to the press statement dated 4th February 2013 by the board of Royal Imtech, the management board of Adventure World Warsaw states the following.
We are saddened by the recent information on the internal problems of companies from Imtech group that involve suspension in duties of the current board members of Imtech Poland and reports on irregularities that are investigated at the latter company.
To no one’s surprise, the construction of Adventure World Warsaw theme park that is mentioned in the above press statement has not yet attracted the long term project finance. While AWW theme park enjoys a strong support from public authorities and it is evident that the park construction is a viable project that has all the needed security for issuance of construction permits still in February 2013, the construction is managed in the development phase based on shareholders’ finance. Given that the project development phase of the park construction is to be completed this month, the board of AWW is confident that the long term finance will be secured latest in in the second quarter of 2013.
It now becomes apparent that the situation at Imtech will not be without an influence over the construction of AWW theme park. However, the board of AWW remains confident that Imtech Poland will properly perform as a general contractor for AWW park construction and offers any needed assistance in investigation of irregularities that has been reported at Imtech Poland
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
Added on: 02 January 2013
Gouda – Royal Imtech N.V. (IM-AE, technical services provider in and outside Europe) announces that it is selected as one of the technology partners on the Greater London Authority’s (GLA) multi-million RE:FIT framework. RE:FIT is the Mayor of London’s award-winning programme, which provides a commercial model for public bodies wishing to implement energy efficiency improvements to their buildings or estate, which can include local energy generation measures. At the same time, Imtech has recently received technology orders in London with a total value of over 47 million euro.
René van der Bruggen, CEO Imtech: ‘As one of the UK key players in the technical and energy services marketplace, we’re delighted to have been selected for the Mayor of London’s RE:FIT programme. By assisting the public sector in reducing energy demand and consumption and decarbonising their energy supply through implementation of innovative energy efficiency measures, we are enabling existing buildings to perform better, both commercially and environmentally. This aligns with the Imtech growth strategy offering considerable added value, with integration of numerous sustainable solutions and energy efficiency measures. This RE:FIT partnership and the new orders in London prove that we are well on the way in implementing our added value growth strategy.’
RE:FIT framework: energy retrofitting over 400 public sector buildings The award-winning RE:FIT programme is a key manifesto commitment by the Mayor of London, Boris Johnson, and the cornerstone of helping London's public sector buildings achieve better performance through retrofitting a range of energy and water conservation measures. The RE:FIT framework scheme uses selected energy service companies, such as Imtech, to identify and implement energy conservation measures, enabling organisations to reduce energy consumption, carbon emissions and ultimately running costs. The framework is for a 48-month period where Imtech will guarantee a set level of savings over the payback period of the energy conservation measures implemented on the RE:FIT projects that will be awarded. The current RE:FIT pipeline of work for November 2012 onwards includes energy retrofitting over 400 public sector buildings, where Imtech and other companies will have the opportunity to deliver innovative energy conservation measures to achieve an estimated CO2 reduction of 35,000 tonnes per annum. Due to interest from a range of organisations outside of London, the RE:FIT framework is also accessible to public sector organisations across the UK and is a key component within the Energy Efficiency Strategy recently released from the UK Government’s Department of Energy and Climate Change (DECC).
London: ‘the place to be’, new orders For Imtech, London is and will remain ‘the place to be’ with substantial investment volume in spite of strong competition and price pressure. Imtech’s added value strategy provides a good response to this and leads to distinctiveness that is recognised by the market. Imtech demonstrates autonomous growth in markets such as technical maintenance, water, waste-to-energy, buildings, infrastructure (airports, power, and rail) and industry. Various medium-sized projects with a total value of over 47 million euro have been won recently. An example is the technological renovation of the Eaton Court Building, for which an innovative BIM (Building Information Management) approach was developed. Other examples include advanced air handling in the office building at 79-97 Wigmore Street and technical revitalisation at the exclusive John Lewis store which was implemented while operations continued. In the top segment of exclusive apartment complexes, Imtech is involved in the prestigious ‘375 Kensington High Street’ and ‘61-75 Alie Street’ projects. In the airport market, innovative solutions are being delivered at Gatwick Airport to reduce water pollution and upgrade the technical infrastructure on and around the runways. An innovative framework contract has also been agreed with the Ministry of Justice. This has led to new orders. All Imtech solutions are characterised by considerable energy efficiency measurements.
The Board of Management of Royal Imtech N.V. (IM-AE, technical services provider in and outside Europe) announces the appointment effective 1 January 2013 of Paul Kavanagh (55) as General Manager Imtech UK and as a member of the Imtech Executive Council, the highest management level within Imtech.
Paul Kavanagh is already an Imtech UK Board Member since 2003. He was a founder member of the UK business and a key responsible player in the substantial growth of Imtech in the UK. With annual revenues in excess of 500 million euro and 3,300 employees, Imtech is now one of the strongest players in the UK in the technical and energy services marketplace.
In his new position Paul Kavanagh succeeds Jim Steele (65) who will step down at the same date as General Manager Imtech UK, but continues as an Executive Board Member of Imtech UK to April 2013. After his retirement Imtech will make us of his experience and expertise in an advisory role.
The Next Exxon Mobil? Rosneft, The Biggest Oil Company You've Never Heard Of [View article]
The announcement we've been waiting for. They're buying all of TNK-BP. Rosneft will be pumping more than Exxon Mobil after this.
BP gets $12.3 billion cash plus 18.5% of Rosneft, 19.75% including the existing holding, with two seats on Rosneft's nine-person board. $28 billion cash for AAR.
The Next Exxon Mobil? Rosneft, The Biggest Oil Company You've Never Heard Of [View article]
Big news on TNK-BP and Rosneft this morning
The AAR consortium of billionaires that owns half of TNK-BP (TNBP.MM) has agreed to sell its stake to Russia's state-controlled oil producer Rosneft (ROSN.MM) for $28 billion
The tentative deal, struck in Moscow on Tuesday night, would dissolve a lucrative but troubled partnership with BP (BP.L), which bought into TNK-BP in 2003, and clear the way for the British oil major to forge a strategic alliance with Rosneft.
How Many Lumias Can Nokia Sell At These Prices? [View article]
WM7.5 is already miles ahead of Android, people saying otherwise have never used the two side-by-side. No doubt the L920 WM8 will be just as good as the iPhone 5. No doubt whatsoever.
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
IMTECH
The Dutch technical services provider has reached an out of court settlement with Polish firm Adventure World Warsaw and its affiliates, and has ended cooperation with the parties, Imtech said on Tuesday after market close.
Last month Imtech had to write down 150 million euros on Polish projects, including the theme park Adventure World Warsaw.
Google: A Sound Investment? [View article]
Apple is arguably your best investment opportunity for the next 12 months given present valuation, although Google is a fine investment. Microsoft comes in a distant third.
Nestle (NSRGY.PK) is the latest major food company to be drawn into the European horse-meat scandal after traces of equine DNA of above 1% were found in pasta meals, which it removed from shelves in Italy and Spain yesterday. Nielsen says the scandal has had a big effect on the consumption of frozen meat products in the U.K., with burger sales dropping 40% in the week to February 2. [View news story]
BP (BP) is ready to take its chances at a civil trial over the Gulf oil spill after failing to reach a settlement with the government, states and other private plaintiffs. BP could face a fine of $21B for the crude spilled if the court accepts the government's claims, although the company reckons the bill will be under $5B. The trial is due to start on Monday. [View news story]
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
Again looking good today, let's see if the share price will see a more sustained recovery. Without the timestamp I would have had difficulty believing your purchase price, quite a move Ramon.
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
7 February, 2013 | By Luke Cross
Imtech UK’s chief executive has stressed that his company’s financial position and growth plans are “unchanged” after its Dutch parent group was forced into urgent talks with its banks following an £86 million write down and problems in its Polish business.
Imtech UK chief insists business is 'unchanged' by £86m Polish hit
Paul Kavanagh said the UK company is “one of the stand alone local for local businesses within Imtech”, which operates separately from the Dutch parent group.
The directors in charge of Imtech’s German division, which runs the Polish operation, stepped down yesterday after parent group Royal Imtech announced it had been “severely harmed” by a lack of payment and likely cancellation of projects at theme park Adventure World Warsaw.
It cited “possible irregularities” after finding that advanced payments included in the accounts had not been received.
The Dutch parent group, which saw its share price fall 48 per cent to €10.2 on Monday, said the write downs have left it in breach of its bank covenants.
Although part of the group, Mr Kavanagh stressed that Imtech UK, which plans to double its revenue to £1bn by 2015, has “a strong position and a record forward order book…with good prospects for further revenue and profit growth”.
“These fundamentals are unchanged by the events in a separate part of the Imtech NV organisation,” he said.
“We follow the Imtech model of decentralised control and each individual business within our group has the financial strength, local autonomy and capability to deliver in its local market place,” he added.
“For many years we have pursued a policy of managed positive growth adhering to this entrepreneurial principle.
“At the end of 2012 this strategy has left us with a broad based autonomous technical services business with local control, financial strength and strong prospects in a number of markets and regions as well as internationally.”
Imtech was established in the UK in 2003 and has become one of UK and Ireland’s largest technical services providers through several acquisitions and organic growth. It had a turnover of £515 million in 2011.
Mr Kavanagh took over as CEO of the M&E and building solutions business from Jim Steele, who remains with the company as group director, and is tasked with the aims of making Imtech “the strongest technical services business in the UK”.
The £86m it to the parent group relates to three projects for Adventure World Warsaw and one project involving energy-generating bio power stations, also in Warsaw. These projects have a combined value of around £657m
Parent group Royal Imtech said the departure of the German CEO and CFO was “to safeguard management continuity in Germany in the short term”.
In a trading update earlier this week, the group said it is delaying publishing its accounts.
The outgoing German CEO Klaus Betz, has been replaced by Jos Graauwmans, director of human resources at Royal Imtech, who becomes acting CEO of Imtech Deutschland.
Jan van Middelkoop, CFO Imtech Nederland, will replace Axel Glass and become acting CFO for the German division.
Permanent successors will be appointed as “quickly as possible,” the group statement said.
Peter Kronenberg and Peter Eilers, the two other members of the Imtech Deutschland management, will stay on.
http://bit.ly/TORQtv
Imtech up 5% from yesterday's close
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
Monday 04 February 2013
Technical services group Imtech angered investors on Monday morning when its manager of investor relations refused to speak English during a conference call on its problems in Poland, the Financieele Dagblad reports.
The FD says Jeroen Leenaers told people taking part in the conference call he would only speak Dutch. The call was set up following the news that Imtech has taken a €100m write-off following possible fraud in Poland.
One analyst told the paper he suspected part of the 50% plunge in Imtech's share price was due to irritations over the language. The company gave a second conference call in English at 10.30.
Some 40% of Imtech's shares are in American hands, the paper said. Dutch investors own less than 20% of the company.
Oil rigs are again heading into the Gulf of Mexico, and Barron's David Englander believes GulfMark Offshore (GLF +2.4%) is poised to take advantage of the industry resurgence. With GLF's key markets expected to strengthen and more new boats going into service, Englander sees its fleet commanding steadily higher rates and earnings jumping significantly. [View news story]
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
http://bit.ly/WMvky4
PRESS STATEMENT
In furtherance to the press statement dated 4th February 2013 by the board of Royal Imtech, the management board of Adventure World Warsaw states the following.
We are saddened by the recent information on the internal problems of companies from Imtech group that involve suspension in duties of the current board members of Imtech Poland and reports on irregularities that are investigated at the latter company.
To no one’s surprise, the construction of Adventure World Warsaw theme park that is mentioned in the above press statement has not yet attracted the long term project finance. While AWW theme park enjoys a strong support from public authorities and it is evident that the park construction is a viable project that has all the needed security for issuance of construction permits still in February 2013, the construction is managed in the development phase based on shareholders’ finance. Given that the project development phase of the park construction is to be completed this month, the board of AWW is confident that the long term finance will be secured latest in in the second quarter of 2013.
It now becomes apparent that the situation at Imtech will not be without an influence over the construction of AWW theme park. However, the board of AWW remains confident that Imtech Poland will properly perform as a general contractor for AWW park construction and offers any needed assistance in investigation of irregularities that has been reported at Imtech Poland
Royal Imtech: Short Covering After Negative Analyst Report Proves Unfounded [View article]
Gouda – Royal Imtech N.V. (IM-AE, technical services provider in and outside Europe) announces that it is selected as one of the technology partners on the Greater London Authority’s (GLA) multi-million RE:FIT framework. RE:FIT is the Mayor of London’s award-winning programme, which provides a commercial model for public bodies wishing to implement energy efficiency improvements to their buildings or estate, which can include local energy generation measures. At the same time, Imtech has recently received technology orders in London with a total value of over 47 million euro.
René van der Bruggen, CEO Imtech: ‘As one of the UK key players in the technical and energy services marketplace, we’re delighted to have been selected for the Mayor of London’s RE:FIT programme. By assisting the public sector in reducing energy demand and consumption and decarbonising their energy supply through implementation of innovative energy efficiency measures, we are enabling existing buildings to perform better, both commercially and environmentally. This aligns with the Imtech growth strategy offering considerable added value, with integration of numerous sustainable solutions and energy efficiency measures. This RE:FIT partnership and the new orders in London prove that we are well on the way in implementing our added value growth strategy.’
RE:FIT framework: energy retrofitting over 400 public sector buildings
The award-winning RE:FIT programme is a key manifesto commitment by the Mayor of London, Boris Johnson, and the cornerstone of helping London's public sector buildings achieve better performance through retrofitting a range of energy and water conservation measures. The RE:FIT framework scheme uses selected energy service companies, such as Imtech, to identify and implement energy conservation measures, enabling organisations to reduce energy consumption, carbon emissions and ultimately running costs. The framework is for a 48-month period where Imtech will guarantee a set level of savings over the payback period of the energy conservation measures implemented on the RE:FIT projects that will be awarded. The current RE:FIT pipeline of work for November 2012 onwards includes energy retrofitting over 400 public sector buildings, where Imtech and other companies will have the opportunity to deliver innovative energy conservation measures to achieve an estimated CO2 reduction of 35,000 tonnes per annum. Due to interest from a range of organisations outside of London, the RE:FIT framework is also accessible to public sector organisations across the UK and is a key component within the Energy Efficiency Strategy recently released from the UK Government’s Department of Energy and Climate Change (DECC).
London: ‘the place to be’, new orders
For Imtech, London is and will remain ‘the place to be’ with substantial investment volume in spite of strong competition and price pressure. Imtech’s added value strategy provides a good response to this and leads to distinctiveness that is recognised by the market. Imtech demonstrates autonomous growth in markets such as technical maintenance, water, waste-to-energy, buildings, infrastructure (airports, power, and rail) and industry. Various medium-sized projects with a total value of over 47 million euro have been won recently. An example is the technological renovation of the Eaton Court Building, for which an innovative BIM (Building Information Management) approach was developed. Other examples include advanced air handling in the office building at 79-97 Wigmore Street and technical revitalisation at the exclusive John Lewis store which was implemented while operations continued. In the top segment of exclusive apartment complexes, Imtech is involved in the prestigious ‘375 Kensington High Street’ and ‘61-75 Alie Street’ projects. In the airport market, innovative solutions are being delivered at Gatwick Airport to reduce water pollution and upgrade the technical infrastructure on and around the runways. An innovative framework contract has also been agreed with the Ministry of Justice. This has led to new orders. All Imtech solutions are characterised by considerable energy efficiency measurements.
The Board of Management of Royal Imtech N.V. (IM-AE, technical services provider in and outside Europe) announces the appointment effective 1 January 2013 of Paul Kavanagh (55) as General Manager Imtech UK and as a member of the Imtech Executive Council, the highest management level within Imtech.
Paul Kavanagh is already an Imtech UK Board Member since 2003. He was a founder member of the UK business and a key responsible player in the substantial growth of Imtech in the UK. With annual revenues in excess of 500 million euro and 3,300 employees, Imtech is now one of the strongest players in the UK in the technical and energy services marketplace.
In his new position Paul Kavanagh succeeds Jim Steele (65) who will step down at the same date as General Manager Imtech UK, but continues as an Executive Board Member of Imtech UK to April 2013. After his retirement Imtech will make us of his experience and expertise in an advisory role.
The Next Exxon Mobil? Rosneft, The Biggest Oil Company You've Never Heard Of [View article]
BP gets $12.3 billion cash plus 18.5% of Rosneft, 19.75% including the existing holding, with two seats on Rosneft's nine-person board. $28 billion cash for AAR.
The Next Exxon Mobil? Rosneft, The Biggest Oil Company You've Never Heard Of [View article]
The AAR consortium of billionaires that owns half of TNK-BP (TNBP.MM) has agreed to sell its stake to Russia's state-controlled oil producer Rosneft (ROSN.MM) for $28 billion
The tentative deal, struck in Moscow on Tuesday night, would dissolve a lucrative but troubled partnership with BP (BP.L), which bought into TNK-BP in 2003, and clear the way for the British oil major to forge a strategic alliance with Rosneft.
http://reut.rs/T0aUD2
The Next Exxon Mobil? Rosneft, The Biggest Oil Company You've Never Heard Of [View article]
http://onforb.es/PUgIdR
How Many Lumias Can Nokia Sell At These Prices? [View article]
The Next Exxon Mobil? Rosneft, The Biggest Oil Company You've Never Heard Of [View article]