Imtech

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Imtech NV

logo
legal form Naamloze Vennootschap
ISIN NL0010886891
founding 1970
resolution 2015
Reason for dissolution insolvency
Seat Gouda , NetherlandsNetherlandsNetherlands 
management Gerard van de Aast (CEO);
Kees van Lede (Chairman of the Supervisory Board)
Number of employees 22,193
Branch Energy and building technology
Website www.imtech.com

Royal Imtech NV was an internationally active group of companies based in Gouda , the Netherlands, until 2015 . Imtech was listed on the Euronext Stock Exchange in Amsterdam . The group was active in the fields of building, data and security technology, power plant and energy technology, as well as public infrastructure and marine. Furthermore, the group often acted as a general contractor .

At the end of 2014, the group had 22,193 employees worldwide. It was represented in over 60 countries with offices, companies and research institutions. About 4210 people were employed at Imtech Germany . The group was divided into the geographical areas Benelux, Germany and Eastern Europe, UK and Ireland, Nordic, Spain and Turkey as well as the segments ICT (information and communication technology), transport and marine.

In September 2011, the company was awarded the title “Royal” by the Queen of the Netherlands, which became part of its name in April 2012.

Since 2013 the company has been in a massive crisis. Beginning of August 2015 reported only the German subsidiary insolvency of, shortly afterwards, on 11 August 2015, the Dutch parent company filed an application for creditor protection . Imtech filed for bankruptcy on August 13, 2015.

In previous years, the company was accused of dubious business methods. The weekly newspaper Die Zeit summarized the allegations against Imtech on July 16, 2015 under the heading “The uncanny company”.

History of the group of companies

Information board on the history of the RO Meyer company in Hamburg-Eilbek

In 1970 Internatio and Wm. H. Müller & Co. merged to form Internatio-Müller . In 1997 the group acquired the installation company Rudolph Otto Meyer (ROM) . Acquisitions of further companies increased the number of employees and sales considerably. In the 2000 financial year, the group had 10,000 employees who generated sales of more than 1.3 billion euros.

The Rheinelektra Group was sold to Internatio-Müller NV in 2001. HDW-Hagenuk Schiffstechnik had been a subsidiary of Imtech since 2005 . Shipbuilding, Machinery & Marine Technology (SMM) has been part of the Imtech Marine Group since 2008 .

2012

In December 2012, the ABN analyst Amro Teun Teeuwisse published a critical report on the situation at Imtech, which led to heavy disputes between the Imtech management and the analyst. The high turnover shown in an interim balance sheet and a large number of creditors were at issue.

As of December 31, 2012, the Group's net debt was around EUR 800 million with sales of EUR 5.1 billion in 2011; the Rabobank was called in to solve the problem.

2013

Royal Imtech NV announced on February 4, 2013 that it would be forced to write-offs in the order of 100 million euros due to losses in Poland. Imtech also warned that it would no longer be able to service its obligations to lenders. The specific occasion was the Adventure World Warsaw project with a total volume of around 750 million euros. This is the 240 hectare theme park with planned hotels, restaurants and its own power plant. The problems were explained by the customer's payment difficulties and suspected irregularities. The prosecutor is investigating.

The managing director Klaus Betz and Axel Glaß, head of finance and member of the executive board, left the German company. Successors were Jos Graauwmans and Jan van Middelkoop. The 2012 annual financial statements, carried out by KPMG , could not be presented on February 5, 2013 as planned. The general meeting of shareholders on April 3, 2013 was canceled.

On February 10, 2013, Imtech announced in a press release: “There are no signs of any difficulties in Germany”. On February 27, 2013 Imtech announced that 150 million euros in Poland and another 150 million euros in Germany would have to be written off; A rights issue worth EUR 500 million is planned to strengthen equity . On March 19, 2013 it was announced to the public that Imtech was no longer involved in the amusement park project; They didn't want to share details.

In March 2013, the Vereniging van Effectenbezitters (VEB) threatened to sue KPMG's auditors .

Imtech announced on April 23, 2013 that a total of 1,300 jobs would be cut; It mainly affects employees in Germany and the Netherlands. Imtech also announced that instead of the 150 million euros, 220 million euros will have to be written off in Germany.

In June 2013 Imtech admitted that the internal controls did not work. The (old) share had a high of EUR 28.23 on January 4, 2011, and a low of EUR 0.94 on July 5, 2013 at midday. Due to the crisis, the group had lost more than a billion euros in value within a few weeks in spring 2013.

On July 4, 2013, there was a change in the share capital. 356,597,988 new shares (subscription rights 1 to 4) at a price of 1.40 euros were issued. Imtech's first two quarterly results in 2013 remained poor, according to Imtech.

Against the background that the group had reported manipulated sales for years, which led to higher bonuses for members of the company management, but also to more tax payments, Imtech declared on September 18, 2013 that the tax authorities of the city of Hamburg were required to pay 21.7 million Euros back.

2014

In April 2014, the company announced its intention to sell its ICT (Information and Communication Technology) business division. At the end of August 2014 it was announced that the French construction service provider Vinci would take over the Imtech ICT division from the Dutch Royal Imtech NV for 255 million euros; the settlement should take place by the end of 2014.

On October 7, 2014, an extraordinary shareholders' meeting took place at Codarts in Rotterdam . The shareholders decided to raise 600 million euros through new issues on the stock market to save the company; the management board announced that no further new issues should follow until the first quarter of 2016. Orbis Investment Management Limited, which held the voting rights of approximately 6.03% of the common shares, had "irrevocably undertaken" to vote for the rights issue at the general meeting and to acquire shares in the rights issue in an amount corresponding to their total stake . On October 7, 2014 it was also announced that Royal Imtech had reached an out-of-court settlement with the Dutch investor association VEB via a compensation fund.

The shares were due to the new issue temporarily to 0.01 euros patched . A total of 60 billion new papers were thrown on the market. From October 1 to 31, 2014, the company was listed in steps of EUR 0.0001, then in steps of EUR 0.001. Then carried reverse stock split of 500 shares into one share. The executing banks Commerzbank , Rabobank , ABN Amro and ING Groep NV were only able to broker 52 percent of the shares at the end of October; the rest of them belong to them.

2015

In mid-April 2015, the company's market capitalization was 609 million euros. At the shareholders' meeting on May 12, 2015, the management emphasized the satisfaction of the customers and advised them to await the results of the investigations by the public prosecutor's offices.

Four days after his German subsidiary filed for insolvency, on August 11, 2015, the Dutch parent company had to ask the District Court of Rotterdam to suspend payments; at the same time, there was a group-wide payment freeze. Imtech shares collapsed again and the share price of Imtech, a company with four billion euros in annual sales and 22,000 employees, was just 43 cents on August 11, 2015. Euronext temporarily ceased stock trading on August 12, 2015.

On August 13, 2015, the Dutch parent company filed for bankruptcy. Imtech Marine (new owners: Pon Holdings and Parcom Capital ) and Imtech Nordic were sold immediately after the decision .

Imtech Germany GmbH & Co. KG

The company Imtech Deutschland GmbH & Co. KG is active in the field of technical building equipment . As the former Rudolph Otto Meyer (ROM) , it has been part of the group since 1997 and filed for bankruptcy on August 6, 2015. In the years before the bankruptcy, Imtech Germany recorded a large number of construction scandals (including the construction of Berlin Brandenburg Airport ) and corruption cases, in which the parent company based in Gouda may also be involved. The insolvency proceedings were opened on November 1, 2015 at the Hamburg District Court . Imtech Germany is being transferred to a subsidiary of the Gustav Zech Foundation in Bremen. The Imtech Automotive Testing Solutions division was transferred to the Weiss Group on November 2, 2015.

Imtech Austria Anlagentechnik GmbH

Imtech Austria Anlagentechnik GmbH established itself in 2009 as an independent company on the Austrian market, but is a subsidiary of Imtech Germany . Your seat is Linz . It is part of Imtech Germany. It also filed for bankruptcy after its parent company on August 28, 2015.

Imtech Spain

In 2015, the Spanish Imtech subsidiary with 1700 employees and businesses with annual sales of around 150 million euros in Spain, Chile, Peru and Morocco was sold to Springwater Capital .

See also

literature

  • Imtech Germany - The company celebrates its 150th anniversary . In: Hansa , issue 7/2008, pp. 48-50. Schiffahrts-Verlag Hansa, Hamburg 2008, ISSN  0017-7504
  • Sandra Engel, Sven Tode : 150 years of pioneering spirit - Imtech Germany 1858–2008 . Verlag Hanseatischer Merkur, Hamburg 2008, ISBN 978-3-922857-41-9

Web links

Commons : Imtech  - collection of images, videos and audio files

Individual evidence

  1. ↑ Annual Report 2014. (pdf) (No longer available online.) Royal Imtech NV, March 17, 2015, archived from the original on August 13, 2015 ; accessed on August 8, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / imtech.com
  2. ↑ Wirtschaftswoche ( online )
  3. ↑ a b German subsidiary rips building equipment supplier Imtech into bankruptcy. Reuters, August 11, 2015, accessed August 11, 2015 .
  4. ↑ Imtech robbed by its own management. In: Handelsblatt June 27, 2013 ( online )
  5. ↑ Andreas Knoch: Compliance failure at Imtech: Robbed by management. Mafia structures at Imtech. In: Finance Magazin, June 27, 2013 ( online )
  6. ^ A b c Christian Fuchs, Stephan Lebert , Daniel Müller: The uncanny company. In: Die Zeit, No. 29/2015 of July 16, 2015, pp. 17-19
  7. ↑ History of Imtech ( online ( Memento of the original from July 25, 2014 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this note. ) @1@ 2Template: Webachiv / IABot / imtech.com
  8. ↑ haustechnik-dialaog.de, 2000 ( online )
  9. ↑ RWE press release, June 2001 ( online )
  10. ↑ Ferdinand Vaandrager, Adam Rose, Teun Teeuwisse: Memorandum Imtech. ABN AMRO , December 18, 2012, accessed August 8, 2015 (Dutch).
  11. ↑ Imtech-analist ABN had slapeloze nachten. In: Telegraaf , March 2, 2013 ( online )
  12. ↑ a b Imtech is investigating Polish projects and postponing the publication of its 2012 annual accounts . Imtech press release, February 4, 2013 ( online ( memento of the original from March 13, 2014 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. ) @1@ 2Template: Webachiv / IABot / www.imtech.de
  13. ↑ Chaos at Imtech - Germany boss has to go . In: Die Welt , February 7, 2013 ( online )
  14. ↑ a b c d e f g Imtech crashes due to a major Polish project . In: Immobilien-Zeitung , February 4, 2013 ( online )
  15. ↑ Imtech plummets on Polish arm troubles. In: Financial Times , February 4, 2013 ( online )
  16. ↑ Imtech with the highest minus for 23 years - depreciation in Poland . In: Die Welt , February 4, 2013 ( online )
  17. ↑ 45 percent price loss. Imtech share plunges deep . In: Handelsblatt , February 4, 2013 ( online )
  18. ↑ Imtech executives step down . In: Financial Times , February 6, 2013 ( online )
  19. ↑ German Imtech boss Betz has resigned . In: Immobilien-Zeitung , February 6, 2013 ( online )
  20. ↑ Imtech strengthens equity through rights issue valued at EUR 500 million . Imtech press release of February 27, 2013 ( online ( memento of the original from March 9, 2013 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. ) @1@ 2Template: Webachiv / IABot / www.imtech.de
  21. ↑ Imtech reaches agreement with Adventure World Warsaw . In: Immobilien-Zeitung , March 19, 2013 ( online )
  22. ↑ Mogelijk claim against KPMG in Imtech-affair . In: Telegraaf , March 6, 2013 ( online )
  23. ↑ a b Tagesschau ( Tagesschau online ( Memento from April 25, 2013 in the Internet Archive ))
  24. ↑ Imtech press release, June 18, 2013 ( online ( memento of the original from July 2, 2013 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. ) @1@ 2Template: Webachiv / IABot / imtech.com
  25. ↑ Imtech's stock exchange prices on Finanztreff.de , as of July 5, 2013
  26. ^ Enlightenment delayed. Robbed by their own management . In: Handelsblatt , June 27, 2013 ( online )
  27. ↑ Imtech Launches 500 million euros Rights Offer to Cut Debt. ( online )
  28. ↑ Royal Imtech provides a trading update, announces EUR 30 million financing preference shares issue and extends the rights offering by five business days . In: Wallstreet online , July 18, 2013 ( online )
  29. ↑ Imtech Group wants taxes back from Hamburg . In: Handelsblatt , September 18, 2013 ( online )
  30. ↑ finanzen.net ( online )
  31. ↑ boerse-go.de ( online )
  32. ↑ Telegraaf ( online )
  33. ↑ PM Imtech ( online ( memento of the original from October 25, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. ) @1@ 2Template: Webachiv / IABot / www.imtech.de
  34. ↑ PM Imtech ( online ( memento of the original from October 25, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. ) @1@ 2Template: Webachiv / IABot / www.imtech.de
  35. ↑ Bloomberg ( online )
  36. ↑ Commerzbank and others remain seated on Imtech NV shares. In: Die Welt , October 29, 2014 ( online )
  37. ↑ Archive link ( Memento of the original from April 20, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / imtech.com
  38. ↑ Wirtschaftswoche ( online )
  39. ↑ Archive link ( Memento of the original from August 13, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / imtech.com
  40. ↑ Handelsblatt ( online )
  41. ↑ Imtech bankruptcy: Chronicle of an unprecedented crash .
  42. ↑ OTS: Reimer Rechtsanwälte / Insolvency proceedings via Imtech Deutschland GmbH & ... - News - November 2nd, 2015 .
  43. ↑ The press ( online )
  44. ↑ Spanish part of Imtech taken over, 1,700 jobs saved - DutchNews.nl . September 10, 2015.

Coordinates: 53 ° 34 ′ 6 ″  N , 10 ° 3 ′ 42 ″  E