This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Most of the positive cash flow from financing activities of € 48 million consisted of the net € 55 million drawings of long-term loans and a dividend payout of € 5 million.

    Financing position

    x EUR 1 million                            2012    2011

    Cash and cash equivalents                    84      98
    Bank overdrafts                             ( 8)   ( 11)

    Net cash                                     76      87
    Recourse loans                             ( 96)   ( 98)

    Financing position                        ( 20)    ( 11)
    Non-recourse loans                        ( 29)    ( 34)

    Financing position including non-recourse ( 49)    ( 45)

Ballast Nedam's financing position declined by € 9 million from € 11 million debt at year-end 2011 to a debt position of € 20 million. The financing position including the non-recourse loans declined by € 4 million from a debt position of € 45 million at year-end 2011 to € 49 million. Net cash decreased by € 11 million to € 76 million. The prepayments on projects went down by € 24 million to € 68 million. Because of a further decrease of these prepayments and the payments concerning the reorganisation, more use will be made in the coming year than in earlier years of the uncommitted working capital facilities. At year-end no use was made of these facilities. The normal pattern is for a larger capital requirement to arise in mid year.

    Loans

    x EUR 1 million         2012   2011

    PPP loans                  6     25
    Land bank financing       44     43
    Business loans            51     50
    Finance leases             7     10
    Other loans               17      4

                             125    132

    Recourse                  96     98
    Non recourse              29     34

                             125    132

    Current loans             17     11
    Long-term loans          108    121

                             125    132

There will be no need to refinance the long-term loans in the coming years. The large business loan of € 50 million expires in April 2017. The fixed interest rate is 5.4%, and mortgages have been taken out on a number of properties in use by Ballast Nedam as security for the loan. The other large loan of € 33 million is mainly for financing several land positions in a separate company. This loan matures in October 2015 and the interest rate is Euribor plus a margin. The land positions concerned were mortgaged as security for the loan. There are no financial covenants in the conditions of the recourse long-term loans.

The other long-term loans of € 42 million consist of € 6 million of PPP loans, for which the interest rate is fixed by means of derivatives. There is no opportunity of recourse on Ballast Nedam for € 29 million of the € 125 million of long-term loans.

11 of 15

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs