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Ballast Nedam Annual Figures For 2012: Tough Year, Firm Intervention, Accelerated Profile Change

NIEUWEGEIN, The Netherlands, March 8, 2013 /PRNewswire/ --
  • Operating loss of €  31 million following €  49 million of reorganization expenses and impairment (2011: €  19 million profit)
  • The loss for the period was €  41 million (2011: €  9 million profit)
  • Revenue lower at €  1.3 billion (2011: €  1.4 billion)
  • Well-filled book of €  1.8 billion (2011: €  1.9 billion)
  • No dividend for 2012 (2011: €  0.47 per share)
  • Financing position of €  20 million debt (2011: €  11 million debt)
  • Forecast for 2013: operating profit of approximately €  15 million
  • Nomination to the Supervisory Board of Ms C.M. Insinger MBA
    Key figures

    x EUR 1 million            2012    2011

    Revenue                   1 296   1 382

    EBIT                      ( 31)      19

    Margin                    (2.4%)    1.4%

    Profit before income tax  ( 38)      12

    Profit for the period     ( 41)       9

    Dividend in EUR            0.00    0.47

    Order book                1 761   1 950

    Shareholders' equity        131     171

    Solvency                     17%     21%

    Financing position         ( 20)   ( 11)

Tough year, firm intervention, accelerated profile change

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.

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