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.
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