Building & Development incurred an operating loss van of € 26 million because of impairment losses on land, and reorganization expenses. However, even disregarding the write-downs and reorganization in both years, profit declined from € 17 million in 2011 to € 2 million. The major projects made an excellent contribution. The regional companies and property development produced a loss. The seven regional construction companies have been restructured in the past year, and have been transformed into three upscaled regional companies with a uniform structure, in order to raise efficiency and market orientation, and provide a better match for the new market volumes. In the reorganization more than 200 of the approximately 1,100 jobs were shed.The revenue of Building & Development decreased by 11% to € 573 million. The underlying revenue of all operations was lower, with the exception of the management activities. Ballast Nedam Beheer, which has operations in housing, mobility and energy, achieved a higher revenue through multiyear management for the PPP projects.
Exposure property development x EUR 1 million 2012 2011 Land positions 152 154 Unsold stock under construction 6 13 Unsold stock delivered 18 12 Total on balance 176 179 Liabilities to complete projects under construction 1 7 Liabilities to acquire land positions 39 24 Total liabilities off-balance 40 31 Exposure property development 216 210The total property development exposure, which consists of investments in land positions, investments in unsold stock and the related unconditional future liabilities, increased in 2012 by € 6 million to € 216 million. In addition, the conditional liabilities to acquire went down by € 16 million from € 159 million at year-end 2011 to € 143 million. Despite the ambition to lower the capital invested in property in the next few years, we expect little progress in the near future because of the sustained stagnation on the market.