Heijmans' results impacted by valuation adjustments property assets
(Thomson Reuters ONE) -
Underlying operating result amounts to ? 26 million
Key developments
· Positive underlying operating result of ? 26 million (2010: ?
47million),
mainly due to good results from Infra and Residential Building;
· Net loss 2011 ? 38 million, largely due to exceptional items: value
adjustments of property assets by ? 43 million, goodwill impairment of
? 10 million and restructuring costs of ? 9 million;
· Number of houses sold remained under pressure: 1,248 in 2011,
compared with 1,505 in 2010;
· Solvency ratio solid at 31%, compared with 33% in 2010;
· Order book at year-end 2011 stable at ? 2,192 million, compared with ?
2,188 million at year-end 2010; and
· Proposed dividend for 2011 ? 0.35, unchanged from ? 0.35 in 2010.
Gerrit Witzel, Chairman of the Heijmans Executive Board:
'The past year was decidedly difficult. The housing market continued to
deteriorate in the second half of the year. As announced at the end of January,
in view of these developments, we decided to write down on some property
assets to match with the new reality in the housing market. The development of
results in Non-Residential Building and prefab was very disappointing and we
have introduced serious measures there to reverse the tide. In the coming year,
we have to put considerable energy to make additional quality improvements. We
are clearly satisfied with the results in Infra, Residential Building and
Technical Services. Our integrated approach does work, as shown by the
acquisition of projects such as the A4 Delft to Schiedam project and the
Rotterdam municipal offices. In addition, this strategy as well as our company's
healthy financial position form a solid basis for the realisation of our
strategic ambitions. Based on this confidence, we propose a dividend, similar to
last year, of ? 0.35 per share.'
Full press release:
http://hugin.info/130707/R/1590385/499606.pdf
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Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Heijmans NV via Thomson Reuters ONE
[HUG#1590385]
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