Infrastructure's total assets declined from € 228 million to € 214 million.The order book contracted from € 1152 million at year-end 2011 to € 900 million because of good progress on several major multiyear projects, and the absence of new large project acquisitions in the past year. In the next few years there will be substantial production from attractive projects, such as the A2 in Maastricht, which was acquired in a new contract form, and the large multiyear PPP project for the Maasvlakte - Vaanplein section of the A15. Among the good news was the completion early this year of the financing for the major Butendiek offshore wind turbine project in Germany. The contract for the design, delivery and installation of eighty foundations for approximately € 250 million was already in the order book at year-end 2011. Also in early 2013, Ballast Nedam acquired a contract for a wind farm in the Northeast Polder. Ballast Nedam is designing, delivering and installing the foundations for 48 water-based wind turbines along the dikes of the polder. Financial close must be reached in the spring of 2014, and the project has yet to be added to the order book.
Building & Development x EUR 1 million 2012 2011 Revenue 573 642 EBIT ( 26) 8 Margin (4.6%) 1.2% Order book 731 693 Assets 314 346The markets continued to deteriorate in the past year, and we expect a further decline in volume in the coming year, for which reason competition for new projects is stiff, leading to lower prices. The housing market has stalled completely because of low consumer confidence, which is attributable to the now implemented constraints on acquiring home loans, falling prices, and the constantly changing tax treatment of mortgage interest. The housing associations' more limited scope for investment has increased pressure on the volume in the housing market. We are more optimistic about the housing market in the longer term. The sustained population growth, the smaller numbers of occupants in each home, and several years of low housing production are increasing the shortage, in terms of both quantity and quality. The office market will take longer to recover, in view of the current number of vacant properties and the trend towards using ever less office space for each employee. The renovation and maintenance market, and the transformation of vacant property to serve different functions, present good opportunities.