The write-down of € 21 million related to 23 positions spread throughout the land bank of approximately 100 positions. About one half of this write-down is attributable to construction of the homes later than previously planned. The other half of the write-down is attributable to lower sales prices and a lower expected number of homes per position. In 2011 the € 8 million write-down was mainly on six land positions for residential construction in the northeast of the Netherlands. The cumulative write-down on land positions therefore increased by € 18 million at year-end 2011 to € 39 million, which is 20% on the entire land bank since 2008.
The estimated development potential of the land bank fell by 17% from 12,000 homes at year-end 2011 to approximately 10,000 through the dissolution of several partnership agreements for which no land had yet been purchased, and through lower estimates of the numbers of homes to be built on a number of positions.
Any significant further deterioration in the housing market could lead to more land position write-downs. Analyses have shown this write-down risk to be more sensitive to the time phasing of implementation than to the trend in prices.
Specialized Companies x EUR 1 million 2012 2011 Revenue 262 252 EBIT ( 10) - Margin (3.8%) 0.0% Order book 90 89 Assets 131 139
The volume in the markets for the specialized companies also declined, since they are largely derivative markets of infrastructure and construction.On the other hand, revenue rose by € 10 million to € 262 million, because of the execution of the ongoing major projects such as the A2 in Maastricht, the Maasvlakte - Vaanplein PPP, the Erasmus Medical Centre in Rotterdam and the Amstel campus in Amsterdam. Alongside contracts for design, construction and maintenance of fuel filling stations for CNG, LNG and hydrogen on the alternative fuels niche market, 2012 also saw the acquisition of the contract for the delivery, commercial operation, management and maintenance of 270 new electric vehicle charging points in the municipality of Utrecht. Ballast Nedam also won the Green Power tender for installing solar panels for various government buildings and residents in the Arnhem-Nijmegen region. The specialized companies made a disappointing loss of € 10 million. There were large losses in prestressing, asphalt and foundation operations. In the subsequent restructuring some 30% of the jobs in the three companies concerned were lost. Disregarding the reorganization expenses, the result went from break-even in 2011 to a loss of € 7 million.