This 2012 Annual Report was delayed due to developments in Imtech’s Polish and German business which resulted in a total write-off of 370 million euro. In reaction Imtech’s share price fell by 50%. An intensive investigation, partly forensic in nature, revealed that the situation that arose in Poland and Germany was caused by the fraudulent actions of the previous management in those countries.Read more
The Company’s consolidated financial statements for the financial year 2012 include the accounts of Royal Imtech N.V. and its subsidiary companies (together referred to as ‘the Group’). The operating activities of the Group are reported in the segments Benelux, Germany & Eastern Europe, UK & Ireland, ICT and Other. The segment Other includes the Group’s operations in Traffic, Marine, Spain and Turkey.
The objectives of Corporate Governance are good business practices (honest and transparent dealings by the management) and good supervision of (and accountability for) this management. The Dutch Corporate Governance Code is applicable to Imtech and is formulated in principles and best practices, which Imtech fully endorses.
All over the world major challenges are being faced: how to provide an increasing population with the necessities of life when the earth’s natural resources are dwindling;
The developments related primarily to Poland and Germany that are explained in depth in our Report to Shareholders led us to the conclusion that strengthening the quality and effectiveness of our business controls is necessary. Subsequent findings In the Benelux, Spain and Turkey confirmed this conclusion.
The irregularities in various parts of our organisation as discussed in this report also impact our employees. We will address the relevant integrity issues in a training programme and reinforce our HR principles (as stated below) which form the basis of our HR policy.