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Outlook

With an order book containing orders worth over 4.7 billion euro Imtech started 2010 in a comfortable position. Strong market positions, size, an extensive portfolio of services and a very diverse base of nearly 20,000 customers in numerous market segments set the stage for continuity and further growth. Imtech’s strong position in Germany (worth around 25% of the total activities) instils additional confidence. Imtech is also very well positioned in the growth market of ‘green technology’ (energy & environment) and in the government-financed markets. Around 55% of Imtech’s activities involve recurring business. Imtech holds thousands of maintenance contracts in many different market segments which, despite challenging market conditions, form a solid foundation for continuity for a number of years. Imtech has seen the first signs of a tentative recovery in several market segments. Imtech is also hallmarked by a flexible project organisation that can adapt to changing market conditions. Imtech has proven this in the past, which instils confidence in the future.

Against this Imtech has noticed the negative effects of the challenging economic situation. Customers found themselves in a difficult financial position, which led to projects being deferred or delayed. Competition increased and market volumes came under pressure. On top of this the potential shortage of experienced employees in the future remains an issue.

Imtech believes itself to be resilient enough to seize the opportunities arising from its broad portfolio and strong market positions and to cope with the threats. Imtech’s faith in its own strength is reinforced by its successful strategy and track record of robust growth in recent years. Weighing up the opportunities and threats Imtech is, and will remain, well balanced. The focus, even in the current market situation, remains on growth.

In the context of the challenging market conditions Imtech is implementing a proactive financial policy. Considerable attention is being paid to managing working capital, risk management, cost control, the financial position of customers and co-operation partners and strengthening the internal European co-operation. Imtech is also making the most of its strong procurement position and procurement contracts are being revised or renegotiated wherever possible.

Imtech is well on course to achieve its 2012 strategic plan and maintains its targets of achieving a revenue level of 5 billion euro in 2012 while maintaining an operational EBITA margin of 6%.

According to its current views, in 2010 the Board of Management expects a further EBITA increase through organic growth and acquisitions.