Heijmans to report write-down on property assets
(Thomson Reuters ONE) -
Positive underlying operating result of ? 25 million in 2011
Heijmans today announces, ahead of the publication of the 2011 annual results on
1 March, that it expects to report a net loss of at most ? 40 million for the
full year 2011, largely due to non-cash value adjustments on property assets.
Heijmans expects the underlying operating results*) for 2011 to be approximately
? 25 million. The company's capital position remains solid, with a solvency
ratio above 30%. Heijmans intends to pay a dividend over 2011 based on net
profit excluding extraordinary items.
Write-down on property assets due to persistently weak housing market
The outlook for the housing market remains poor. As a result, Heijmans expects
to report a devaluation of at most ? 45 million on its property positions. These
(non-cash) value adjustments relate to both strategic land positions as well as
projects under development. Also, Heijmans presumes there will be a goodwill
impairment of around ? 10 million on the real estate part of the IBC acquisition
made in 2001.
Loss and measures for prefab and Non-Residential building
The operational results at Road Building, Civil Engineering and Residential
building remain at solid, positive levels, while the results in Non-Residential
Building and prefab are expected to be more negative than foreseen before. In
Non-Residential Building, where the losses were mostly related to higher costs
for project acquisition and meagre quality in execution, changes in management
and project control are implemented. Also the organisation for this business
area will be adjusted, mainly on the sales side. As announced previously,
Heijmans intends to transform prefab (Bestcon) into an internal production
facility. This will result in the loss of two-thirds of all jobs at prefab. All
reorganisation measures were initiated in the fourth quarter. Heijmans will
record in its 2011 results, reorganisation costs for an expected maximum of ?
10 million.
Strong financial position
The company's capital position remains solid. The solvency ratio as per year-end
2011 is expected to be above 30% while Heijmans has as per year-end 2011 not
used its available syndicated credit facility.
The annual results will be published pre-bourse on 1 March.
*) Underlying operating result: The operating result (EBIT) from normal
operations excluding costs for organizational restructuring, impairment results
on property- and land positions and amortization of goodwill.
For more information, not for publication:
Media:
Lonneke Wijnhoven
Director Communications
+31 (0)73 543 52 17
Analysts:
Frank Heerens
Manager Investor Relations
+31 (0)73 543 52 17
This announcement is distributed by Thomson Reuters on behalf of
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#1581221]
Unternehmensinformation / Kurzprofil:
Datum: 31.01.2012 - 07:32 Uhr
Sprache: Deutsch
News-ID 109136
Anzahl Zeichen: 3584
contact information:
Town:
Rosmalen
Kategorie:
Business News
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"Heijmans to report write-down on property assets"
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