The assets of Supplies declined by € 16 million to € 205 million, mainly because of asset write-downs of € 7 million.
Ballast Nedam is focusing on modular building, which is an innovative industrial building method performed under controlled conditions. Modular building offers an optimum price-quality ratio, speed, flexibility and sustainability. Supplies strengthened its position in the past year with the stake in Ursem, whose modular building systems are used to construct utility buildings and building sections, such as student accommodation, care centres, schools, detention centres, hotels and prefabricated bathrooms. Ballast Nedam, with the iQwoning®, Ursem modular building systems and ModuPark® (the modular car parking product), now provides modular concepts for the new building and renovation market for residential and nonresidential construction. Ballast Nedam has presented the Plug and Play Core for the 2022 FIFA World Cup in Qatar. This modular sports stadium concept is designed for ease of assembly, transport, returnability and reuse, in a wide variety of forms.
The creation of Concrete Valley together with Microbeton has strengthened our position on the market for technologically and architecturally advanced lightweight, extremely strong concrete solutions.
Ballast Nedam has an excellent position in the secondary raw materials niche market.In the United Kingdom Feniks Recycling has seven installations in operation for recovering secondary raw materials from the ash from waste incineration plants. In the past year Feniks Recycling strengthened its leading position in the United Kingdom by acquiring the construction contract for an installation in Norfolk, which is expected to be operational at the end of 2015. We foresee continued growth in this niche market in the next few years. Financial results
Revenue x EUR 1 million 2012 2011 Infrastructure 496 523 Building & Development 573 642 Specialized Companies 262 252 Supplies 216 232 1 547 1 649 Other ( 251) ( 267) 1 296 1 382Revenue declined by 6% from € 1,382 million to € 1,296 million, mainly because of the decline in property operations at Building & Development.
EBIT x EUR 1 million 2012 2011 2012 2011 Infrastructure 10 14 17 17 Building & Development ( 26) 8 2 17 Specialized Companies ( 10) - ( 7) - Supplies 2 4 9 7 Other ( 7) ( 7) ( 3) ( 5) ( 31) 19 18 36 Write-down ( 31) ( 10) Restructuring costs ( 18) ( 7) (31) 19The operating profit decreased by € 50 million from € 19 million in 2011 to a loss of € 31 million, the main reasons for which are the reorganization expenses and impairment losses on land positions, property, plant and equipment, and goodwill. Disregarding these items, the operating profit fell by € 18 million to € 18 million. The greatest decline resides in Building & Development and the specialized companies. The operating profit for 2011 was helped by the sales result on the PPP projects. The 'Other' result consisted mainly of holding company costs.
Margin 2012 2011 Infrastructure 2.1% 2.7% Building & Development (4.6%) 1.2% Specialized Companies (3.8%) 0.0% Supplies 0.9% 1.7% (2.4%) 1.4%The overall margin decreased from 1.4% to minus 2.4%. Disregarding the write-downs and reorganization expenses, the margin declined from 2.5% in 2011 to 1.4%.
Profit for the period x EUR 1 million 2012 2011 EBIT ( 31) 19 Net finance income and expense ( 7) ( 7) Profit before income tax ( 38) 12 Income tax expense ( 3) ( 3) Profit for the period ( 41) 9The financing item was unchanged relative to 2011 at € 7 million. Both the capitalized interest on PPP receivables and the interest expenses of the PPP loans decreased through the sale of the PPP projects. Despite incurring a loss before income tax, taxation remained unchanged because of positive results outside the fiscal unity. The profit for the period decreased by € 50 million to a loss of € 41 million. There was a net decrease in the deferred tax asset of € 3 million to € 32 million because of the sale of the A15 Maasvlakte - Vaanplein PPP project. There was otherwise no net change in the deferred tax asset, because the derecognition of € 13 million that was agreed with the Dutch tax authorities and the use of € 2 million were balanced by the unused tax losses that were recognized.
Order book x EUR 1 million 2012 2011 Infrastructure 900 1 152 Building & Development 731 693 Specialized Companies 90 89 Supplies 56 54 1 777 1 988 Other ( 16) ( 38) 1 761 1 950The order book contracted by € 189 million to € 1,761 million. Infrastructure acquired no major projects in the past year. Building & Development did succeed in acquiring larger projects, but margins on the projects that were acquired in the past two years were lower than previous levels. The size, quality and composition of the order book, together with the past radical capacity adjustment, make disciplined bidding still feasible.