Dutch technical services provider Royal 769 Imtech has announced the write-off of at least €100m in Poland after the discovery of “possible irregularities” in four of its projects there.
The discovery relates to three projects for Adventure World Warsaw and one project involving energy-generating bio-power stations in Warsaw with a combined value of €757m. It is understood that advance payments for the four projects did not comply with the agreements made between Imtech and its customer in terms of the availability of payments as a result of the customer not securing its financing.
Imtech has warned that the write-off will lead to a breach of its covenants with lenders. It has ordered a full investigation and suspended local Polish management pending the outcome.
A spokesman for the company told1846 ITS International the matter would have “no effect at all” on Imtech’s transport operations or its operations outside Poland. “It doesn’t affect any other Imtech business,” he confi rmed.
The firm is “very confident indeed” about renegotiating with its lenders, he added. “We are negotiating with our lenders right now, but we hope this will be resolved. We are still a healthy company,” he commented.
As a result of the issue, Imtech has postponed the presentation of its 2012 financial statement, which had been due on 5 February.
The discovery relates to three projects for Adventure World Warsaw and one project involving energy-generating bio-power stations in Warsaw with a combined value of €757m. It is understood that advance payments for the four projects did not comply with the agreements made between Imtech and its customer in terms of the availability of payments as a result of the customer not securing its financing.
Imtech has warned that the write-off will lead to a breach of its covenants with lenders. It has ordered a full investigation and suspended local Polish management pending the outcome.
A spokesman for the company told
The firm is “very confident indeed” about renegotiating with its lenders, he added. “We are negotiating with our lenders right now, but we hope this will be resolved. We are still a healthy company,” he commented.
As a result of the issue, Imtech has postponed the presentation of its 2012 financial statement, which had been due on 5 February.
