Heijmans NV: Impact of restructuring clearly evident, refinancing
complete and balance sheet strengt
(Thomson Reuters ONE) - Performance in the first half of 2009:Revenues in the first half of 2009 declined by ?234 million incomparison with the same period in 2008 to ?1,488 million. Thedecline is primarily due to the selective contracting policy pursuedin particular by Non-residential Building NL and the decline in thesale of homes by Property Development NL.The underlying operating result in the first half of 2009 improved incomparison with the first half of 2008 (first half of 2008: ?2million versus first half of 2009: ?5 million) in spite of thesignificant drop in the operating result of Property Development dueto the slowdown in the housing market.Financial expenses on balance rose significantly during the firsthalf of 2009 (?35 million versus the first half of 2008: ?5 million).?23 million of this is due to the impact of the one-time refinancingtransaction costs and the related interest rate cash flow hedges.The result after taxes for the first half of 2009 amounts to ?- 43million. The result of the first half of 2009 is to a significantdegree negatively impacted by the one-time costs due to theorganizational and financial restructuring in the amount of ? 24million and ?23 million respectively.The losses on building projects in the Netherlands and projects inBelgium have been halted. A clear improvement in the underlyingoperating results is discernable.The order book at the end of June 2009 declined to ?2,525 million (31December 2008: ?3,004 million) in particular due to a selectivecontracting policy adopted by building activities in the Netherlandsand a slowdown in the inflow of new projects for Property DevelopmentNL. The order book's quality improved in terms of gross margin.-Improvement in the underlying operating result in the first half of2009 in comparison with the same period in 2008;-Impact of organizational restructuring measures is clearly evident;-Strong decrease in the underlying operating result of PropertyDevelopment NL due to a stagnating housing market; -Major lossesincurred by Building Activities NL and in Belgium have beentransformed into break-even-plus;-Underlying operating results for Technical Services andInfrastructure NL improved considerably;-Decline in revenues in the first half of 2009 as the result of aselective contracting policy and the stagnating sale of homes;-The result after taxes is significantly impacted by the financialrestructuring and reorganization costs;-Financial restructuring is complete;-Balance sheet and solvency are being strengthened by the rightsissue;-Intention to implement a reverse stock split.http://hugin.info/130707/R/1336297/317966.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.08.2009 - 07:45 Uhr
Sprache: Deutsch
News-ID 4934
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