Letter from the CEO: Strategy, March 2010
Belief in strength
Imtech: 6 letters, 4,3 billion euro revenue, around 23,000 enterprising employees and driven technical specialists, active in some 25 countries, with a focus on Europe. 6 letters, representing a unique spectrum of technological solutions in countless markets and for about 20,000 clients.
Imtech has grown spectacularly since 1993. The average annual growth rates of revenue and result since that time have been 14% and 22% respectively, which is a notable track record. The foundation beneath this growth is our successful strategic proposition: a cohesive, multidisciplinary package of technological services through the combination of mechanical and electrical engineering and ICT (Information and Communication Technology). This approach fits in perfectly with the developments in the market, in which customers more and more decide to outsource the complete responsibility for their technological processes. Imtech recognised this development early on and attuned its organisation to it. The objective of our integrated technical services is the improvement of our clients’ processes, better alignment with end-users’ wishes and a lower Total Cost of Ownership. In addition, our innovative, sustainable technological solutions contribute towards a more sustainable society, solutions dealing with issues like energy (reduction) and environment, reduction of fine particles and water.
The combination of technological services is one of the cornerstones of our strategy. Another cornerstone is the well-considered geographic spread and diversity: the hundreds of market segments and niches in which Imtech operates within the segments of buildings, industry, infrastructure & traffic and marine. In each market, segment and niche, we have distinctive knowledge of our clients’ primary and secondary processes. Through the years, Imtech has gradually expanded its operations throughout Europe. From the Benelux and Germany, where we have been one of the top 3 players for quite some time, we have in turn achieved a strong position in Spain, the UK, Ireland and the Nordic region. In addition, we are active in several Eastern European countries as well as in Austria and Switzerland. In the global marine market, Imtech also holds a strong, prominent position and has a global worldwide service network with 70 establishments at its disposal.
In 2009, we again made headway on all strategic fronts, thereby taking another important step towards the objectives formulated in our strategic plan to 2012. Imtech wants to be the best technical services provider, both in Europe and on the international marine market. We want to attain a top-3 position in each of the countries we operate in and on each of our relevant markets. Imtech’s objective is to achieve a revenue level of 5 billion euro by 2012, while maintaining an operational EBITA margin target of 6%.
Although the economic playing field has changed drastically, we consider our strategic goals to be achievable. 2009 again was an excellent year with an EBITA growth of 20% (7% organic) and a revenue growth of 12% (3% organic). We began 2010 with an extensive portfolio of orders worth 4.7 billion euro and successful operations in the growing energy, environment and water markets. Also, a large part of our activities are recurring, with numerous regular customers and thousands of maintenance contracts in the most diverse markets. Our flexible project organisation shows time and again that it can respond well to new challenges. We have a firm belief in our own strength. That is also the reason why we have complete faith in the success of our strategy. You and Imtech: Shared Success!
Dr. R.J.A. (René) van der Bruggen
CEO