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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.

    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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