This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ballast Nedam Trading Update For The Third Quarter Of 2013: Disappointing Third-Quarter Operations

NIEUWEGEIN, The Netherlands, October 25, 2013 /PRNewswire/ --
  • Ongoing reorganization affects approximately 250 jobs
  • Stable order book of € 1 630 million
  • Revised forecast for 2013: operational loss

Construction and infrastructure markets were under sustained pressure. As a consequence, competition and price pressure have continued to increase. We expect this situation to persist for some time.

The third-quarter results were disappointing. Unfavourable results were achieved on a major project and several regional infrastructure projects. These had started before the restructuring of the regional infrastructure companies concerned that was set in motion at the end of last year. The risk profile has also increased because of uncertainty surrounding substantial additional work on a major project. There were also substantial losses at two specialized companies.

The regional construction companies, the specialized companies and the head office will be further reorganized in the fourth quarter, with the loss of some 250 jobs, and a reorganization expense of approximately € 7 million. Management changes have been made in the regional construction companies and specialized companies.

The order book grew in the third quarter from € 1 567 million at half year to € 1 630 million, because of the Zaanstad Penitentiary PPP project, the E and F piers at Schiphol Amsterdam Airport, the development of (Y)ours Leiden, and 157 newly built homes in Amsterdam.

The Pi2 consortium, a joint undertaking of Ballast Nedam (65%) and Royal Imtech (35%), reached financial close for the Zaanstad Penitentiary PPP project. Pi2 is responsible under the DBFMO contract with the Government Buildings Agency for the design, new construction, financing, maintenance and technical facilities management for a 25-year period after the penitentiary becomes available. Financial close was also reached for the work for Schiphol Amsterdam Airport's transition to central security. Ballast Nedam is constructing an overlay on the E and F piers and a terminal extension between these.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.31%
FB $103.08 1.10%
GOOG $687.85 0.69%
TSLA $149.95 -0.35%
YHOO $27.13 1.40%


Chart of I:DJI
DOW 15,906.41 +246.23 1.57%
S&P 500 1,855.41 +26.33 1.44%
NASDAQ 4,314.81 +47.9730 1.12%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs