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Ballast Nedam incurred an operating loss of € 31 million following € 49 million of reorganization expenses and impairment losses on land positions, and property, plant and equipment. This result is in line with the trading update for the third quarter of 2012. In 2011 the operating profit was € 19 million. The excellent results achieved on several large multiyear projects and in the niche markets endorse Ballast Nedam's strategy. The regional companies and some specialized companies that operate mainly in the strongly capacity-driven markets incurred losses.
In 2012 we duly increased the pace of implementing the strategy that is oriented to the well-performing markets of integrated projects and several niche markets. This acceleration was prompted by the persistently poor prospects for several companies that operate in the strongly capacity-driven markets. The resultant radical restructuring of these regional companies and several specialized companies will reduce the exposure to these loss-making traditional markets. In the process, more than 500 of the 3,900 jobs have been lost, which will have substantial personal consequences for the employees involved.