Heijmans trading update: stable result on lower turnover
(Thomson Reuters ONE) -
Highlights
* Turnover in the first nine months of the year down 15% compared with the
same period in 2012;
* Order book drops to ? 1.8 billion, especially in The Netherlands;
* Number of homes sold through October 592, versus 846 in the same period of
2012. Relatively large proportion of sales to private buyers (334 private
buyers, versus 258 to investors, compared with 265 and 581 in the same
period of last year);
* Good results in Germany and Belgium, performance non-residential remained
stable. Compared to last year, lower results for Infra The Netherlands;
* Syndicated credit facility extended to 31 March 2016 for ? 230 million;
* Outlook: Heijmans expects to complete 2013 with a positive underlying
operating result.
Bert van der Els, chairman of the Heijmans Executive Board:
"Despite the drop in turnover, due in part to market conditions and fierce
competition, we saw the result remain reasonably stable. This shows that the
added value of the integrated approach and a focus on margins over volume are
having an impact. However, market conditions remain difficult. Although consumer
confidence seems to be staging a limited recovery and we are seeing a modest
increase in sales to private buyers, it is more difficult to complete
transactions with both housing corporations and investors. Our order portfolio
has decreased from last year and some large projects are nearing completion,
including the priority packages at Roads. Despite these difficult conditions,
we continue to anticipate the rejuvenation and improvement of our company. This
is clear from the attention generated by the smart highway, plus the interactive
cycle path spin-off, the redevelopment of the Wijnhaven in The Hague and the
Dutch Design Award for our role as contractor in the project for the National
Military Museum. These are beneficial to a stable starting position for 2014."
Residential
Turnover in both Property and Residential Building was considerably lower in the
third quarter of 2013, compared to the same period of last year. The market
conditions remain challenging and are having a negative impact on results.
Through October 592 homes were sold, compared with 846 the same period last
year. Off this total, 334 were sold to private buyers and 258 to investors,
compared with 265 and 581 last year. However, notable projects such as the
Talent campus in Oss and Kanaleneiland in Utrecht were launched in the past
quarter. Other projects, such as Cereool in Utrecht and the GZG site in Den
Bosch, which received a 'LEEG Award' (for the positive use of a temporarily
vacant site), are responding to the need for temporary management and functions.
Residential Building launched the construction of 205 holiday homes in Zeeland,
a project which combines quality, logistics and speed, as did the realisation of
the Résidence Cadzand in Cadzand Bad. The new holiday park will open its doors
in a year's time.
Non-residential
The market demand for integrated projects in Heijmans' target market segments
healthcare, education, datacentre and laboratory markets remains quite stable.
Although the market is extremely competitive, Heijmans has recently acquired new
projects for Schiphol and the Catharina Hospital in Eindhoven. The measures
introduced at Non-Residential in 2011 are having a positive impact. The
performance of the division is stabilising. Complex inner city projects, such as
the Timmerhuis in Rotterdam and Vredenburg in Utrecht are progressing well,
while Heijmans recently has completed and delivered the Meander Hospital in
Amersfoort and the Orion university building in Wageningen.
Infra
The order portfolio in Roads and Civil in the Netherlands showed a decline,
partly because of the completion of a number of large projects. The Belgian and
German activities developed positively. In Belgium, turnover and result remained
at a healthy level, thanks in particular to the result of the infra activities,
which performed well. On balance, the entire infra operation, both in the
Netherlands and abroad, booked stable results. The market increasingly demands
innovative solutions, both in terms of contract and in terms of spatial
solutions. The complexity of such design and construct contracts offers
opportunities, but also requires intensive monitoring. The innovative smart
highway solution, developed in cooperation with Studio Roosegaarde, is
attracting considerable attention around the globe. We have also recently
announced a spin-off of this concept, the interactive Van Gogh cycle path.
Furthermore Heijmans also introduced other innovations in recent months, such as
the biodegradable pipe for utility companies and self-healing asphalt. In
addition, Heijmans expects to deliver the renovated A2 motorway between Den
Bosch and Eindhoven in the very near future, nine months earlier than planned.
Civil has also recently started development on the world's largest composite
lock gates for the Wilhelminakanaal in Tilburg.
Financing
The syndicated credit facility of ? 250 million, with expiry date 31 March
2015, has been extended to 31 March 2016 for ? 230 million. The relevant terms
and conditions remain unchanged. We are also continuing to focus on maintaining
tight controls on the working capital and on reducing capital requirements
through targeted disinvestment of property holdings and other assets.
Outlook
As noted when we presented the first-half 2013 results in August, we expect to
realise a positive underlying operating result for the full year 2013.
Annual results
Heijmans will publish its 2013 annual results on 27 February 2014.
About Heijmans
Heijmans is a listed company, that combines activities related to property
development, residential building, non-residential building and technical
services, road building and civil engineering. Heijmans is active in the
Netherlands, Belgium and Germany. We create added value for our customers by
focusing on quality improvement, integrated projects, sustainability and
profitability. Heijmans realizes projects for home buyers, companies and
government entities. With approximately 8,000 employees and ? 2.3 billion in
revenues in 2012, we are building the spatial skylines of tomorrow. For more
information, visit http://www.heijmans.nl/.
For more information / not for publication:
Press:
Lonneke Wijnhoven
Director of Communications
+31 73 543 52 17
lwijnhoven(at)heijmans.nl
Analysts:
Frank Heerens
Manager Investor Relations
+31 73 543 52 17
fheerens(at)heijmans.nl
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#1741286]
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 313705
Anzahl Zeichen: 7869
contact information:
Town:
Rosmalen
Kategorie:
Business News
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