Ballast Nedam Half-Year Figures 2012: Break-even Profit for the Period and 2012 Forecast Under Pressure

NIEUWEGEIN, Nederland, July 13, 2012 /PRNewswire/ --


  • Operating profit halved to € 4 million (1st half-year 2011: € 8 million)
  • Break-even profit for the period (1st half-year 2011: € 4 million)
  • Revenue 5% lower at € 575 million (1st half-year 2011: € 608 million)
  • Healthy order book worth € 1.9 billion (1st half-year 2011: € 1.7 billion)
  • 2012 forecast under pressure as markets continue to deteriorate rapidly
    Key figures
 
                                 1st     1st               Full
                                half    half  Full year    year
                                2012    2011   2011        2010
 
    Revenue                      575     608  1 382       1 359
 
    EBIT                           4       8     19          18
 
    Margin                      0.7%    1.3%   1.4%        1.3%
 
    Profit before income tax       1       5     12          11
 
    Profit for the period          -       4      9           7
 
    Order book                 1 899   1 716  1 950       1 841
 
    Shareholders' equity         163     160    171         161
 
    Solvency                     23%     19%    21%         20%
 
    Financing position        ( 104)  ( 131)  ( 11)       ( 56)


Break-even profit for the period and forecast for full-year 2012 under pressure

Ballast Nedam recorded a break-even profit for the period in the first half of the year in a market that continued to deteriorate. Volume in the market fell, leading to increasing competition and price pressure. The operating profit for the first half of the year halved to € 4 million. Excellent results were achieved in a number of large multiyear projects and in the niche markets. This endorses Ballast Nedam's strategy of focusing on integrated projects and niche markets such as industrial construction, hospitals, offshore wind turbines, secondary raw materials and alternative fuels. As a result of the poor market conditions, losses were recorded particularly in property development and the regional companies, in both construction and infrastructure. These companies' capacity will be further adapted to these market conditions in the second half of the year. These results and the further deterioration of market conditions have put pressure on the March forecast of full-year 2012 results close to those of the previous year.

Strategy

Ballast Nedam's strategy focuses on integrated projects and the niche markets of industrial construction, hospitals, offshore wind turbines, secondary raw materials and alternative fuels. Ballast Nedam develops, constructs, manages and recycles, which we refer to as life cycle management of the living environment. Ballast Nedam aspires to a more prominent role in project development, and longer-term involvement in management, maintenance and operation. Ballast Nedam also arranges for financial feasibility. The supply and specialized companies add competitive advantage to the total solutions through innovation, cost leadership and purchasing strength. The strategic focus is causing a shift in Ballast Nedam's range of products and services towards specific product-market combinations that provide greater added value. Ballast Nedam's four areas of work in the living environment are housing, mobility, energy and nature. With our sustainable total solutions we create enduring quality. Taken together these activities improve the living environment and lower life cycle costs.

    Financial results
 
    Infrastructure
                                                 Full
                           1st half 1st half     year
    x EUR 1 million            2012     2011     2011
 
    Revenue                     209      251      523
    EBIT                          9       11       14
    Margin                     4.3%     4.4%     2.7%
    Order book                1 055      858    1 152
    Assets                      215      390      228


Volumes in the infrastructure market came under pressure, leading to a further increase in competition. Prices in the public tender market for the traditional contracts deteriorated further. The regional companies are still highly dependent on this type of tender. Competition also increased for large projects. By contrast, the niche markets of industrial construction and offshore wind turbines remained good, although these markets too look set to be negatively impacted by customers' increasing difficulty in obtaining finance.

Infrastructure performed reasonably well overall in the first half of the year given the deteriorating market conditions. Revenue declined by 17% to € 209 million, but the margin remained almost unchanged. Operating profit decreased from € 11 million in the first half of 2011 to € 9 million. Excellent results were achieved in the large projects. The regional companies, however, showed a disappointing performance and posted losses. As in the previous year, the timing of execution of large projects in particular means that most of the operating profit expected in full-year 2012 has been generated in the first half of the year.

Excellent results were achieved in ongoing major projects in the niche markets of industrial construction and offshore wind turbines. The Magnum multifuel plant project for Nuon is in the final phase and the heavy lift vessel Svanen was used throughout the first half-year to install foundations for the 111-turbine Anholt offshore wind farm in Denmark. We reached a milestone in this project on 27 May, when Svanen installed the 300th offshore monopile. Work resumed in the first quarter of 2012 on the new multi-storey car park at the Kralingse Zoom park & ride facility in Rotterdam. Ballast Nedam and Rotterdam City Council were able to conclude their commercial dispute on the design & construct project by agreeing joint solutions to the project-related risks and optimizing the design. The Kralingse Zoom park & ride facility with 860 spaces is expected to be completed in mid-2013.

Despite the 20% capacity adjustment at the end of 2011, the regional companies were unable to keep pace with the regional competition, due to poor prices and lower volumes in the market, and recorded losses. As part of this adjustment made to the regional companies, the transport activities were acquired by BUKO Transport B.V. of Beverwijk. Further measures will be taken, partly in response to market developments.

As part of ongoing appeal proceedings in May of this year, the Netherlands Competition Authority (NMa) reduced a € 7.9 million fine imposed in 2003 to € 1.5 million. The Industry Appeals Tribunal ('College van Beroep voor het bedrijfsleven') is expected to issue a final judgement in the case in the second half of 2012, and any impact will be recognized in the income statement.

The Infrastructure segment is focusing on more integrated projects, such as the PPP projects. In the first half of the year it was part of a consortium that prequalified to bid in the PPP tender for the A1-A6 link from Diemen to Almere and it is participating in the current PPP tender for the complete two-tramline system in the city of Groningen. A large number of tenders are currently running in the offshore wind energy market.

In the niche market for alternative fuels, Ballast Nedam is investing through the subsidiaries CNG Net and LNG24 in public networks of green gas filling stations for the private vehicle market and LNG (liquefied natural gas) filling stations for the transport market. CNG Net will open its 50th public green gas filling station in the third quarter. In addition to these public filling stations, CNG Net manages seven filling stations on a customized basis for haulage companies, for example, which use green gas. CNG Net and Attero work together to enable local authorities to power vehicles with their own municipal kitchen, garden and residual waste, from which Attero produces green gas. CNG Net then supplies this locally as sustainable fuel for mobility.

Compared to the first half of 2011, the assets of the Infrastructure segment decreased by € 175 million to € 215 million, particularly as a result of the sale of the PPP projects in 2011. Compared to the end of 2011, the assets decreased by € 13 million due to lower receivables and lower cash.

The order book, amounting to € 1,055 million, was almost € 200 million larger than one year earlier. The increase was partly due to the contract won in the second half of 2011 to design, supply and install 80 foundations for Germany's Butendiek offshore wind farm, worth approximately € 250 million, in 2014. Orders worth € 131 million were booked in the first half of the year. These included the € 26 million contract to build an aqueduct in the Van Harinxma Canal in Leeuwarden. The aqueduct is part of the construction of the western approach road aimed at keeping Leeuwarden accessible into the future. Good contributions will be made in the years ahead by attractive, large projects, such as the innovative contract for the integrated A2 project in Maastricht and the large, multiyear A15 Maasvlakte-Vaanplein PPP project.

Forecasts for 2012

On the basis of the healthy order book, the opportunities we see in the niche markets and the expected effects of the ongoing restructuring of the regional companies, we forecast in March that the 2012 operating profit would be higher on similarly higher revenue. However, market developments and the continued losses at the regional companies in the first half of the year following the restructuring have put pressure on the earlier forecast of higher operating profit in 2012.

    Building & Development
                                                 Full
                           1st half 1st half     year
    x EUR 1 million            2012     2011     2011
 
    Revenue                     263      280      642
    EBIT                          -        1        8
    Margin                     0.0%     0.4%     1.2%
    Order book                  693      720      693
    Assets                      361      530      346


The markets deteriorated further in the first half of the year. There is fierce competition for new projects, leading to lower prices. The housing market has come to a standstill due to low consumer confidence. The other factors are restrictions on the granting of loans, falling prices and continuing uncertainty with regard to the tax treatment of mortgage interest, with elections on the way. The growing financing problems faced by housing corporations have put even greater pressure on volumes in the housing market. In the longer term, however, the housing market continues to offer solid prospects. The low level of new home building is further exacerbating the structural deficiency, both qualitatively and qualitatively. The recovery will take longer in the office market. However, we see good opportunities in the somewhat more stable renovation and maintenance market, and in conversions of empty property to other uses.

As a result of the lower revenue from major projects and property development, the revenue generated by the Building & Development segment fell by 6% to € 263 million. Ballast Nedam Beheer, which operates in the fields of housing, mobility and energy, succeeded in increasing revenue as a result of commencing long-term management of three PPP projects in 2011.

Ballast Nedam presents new building projects to interested parties using the innovative 3D Home Vizualisation concept. This enables future residents to be fully involved in the building of their home, gives them a say with regard to building options and lets them get to know their new home environment in 3D. Ballast Nedam developed the new concept in house in co-operation with the game developer Vertigo Games of Rotterdam. 3D Home Visualization is already available on the Internet, for example at http://www.deplataanvanhelsdingen.nl. Anyone interested in this project in Vianen can choose from three comprehensive home models and more than thirty options to build a fully customized home. The 3D Home Visualization immediately incorporates all options and shows the costs involved.

The Building & Development segment achieved a break-even result in the first half-year. Large projects made an excellent contribution. The renovation of New Babylon in The Hague has been completed and the new building for the Ministries of Security and Justice and the Interior in The Hague is on schedule. The large projects in the hospitals niche market, the Meander Medical Centre in Amersfoort and the Erasmus MC University Medical Centre in Rotterdam, are also proceeding completely on schedule. The regional companies and property development recorded losses. These companies' capacity will therefore be further adjusted in the second half of this year, in line with market conditions.

The order book worth € 693 million remained unchanged in the first half of the year. On an underlying basis, the major project order book increased, partly due to the awarding of the contract for the public transport terminals in Breda and Arnhem. The regional companies won fewer orders in the first half, although the contract was awarded for the construction of the SassemBourg residential service centre in Sassenheim for the Vooruitgang homebuilding foundation. SassemBourg comprises 131 rental and owner-occupied homes, a residential service centre with 26 apartments, approximately 5 000 m2 of social activity space and an underground car park. For City Living, the Building & Development segment will build 256 of the total of 709 hotel rooms in The Student Hotel in Amsterdam, using the finished and assembled modules supplied by Ursem Modulaire Bouwsystemen, the production of which will begin after the construction industry holiday. City Living specializes in accommodation for international students and aims to have 5 000 student hotel rooms operating in the Benelux countries within the next five years.

The order book does not yet include the contract for the construction of the new, highly sustainable council offices for the municipality of Venlo. The project is worth almost € 35 million and comprises the architectural work, including mechanical engineering, electrical engineering and lift installations. Jointly with ASR Vastgoed Vermogensbeheer and the municipality of Zoetermeer, Ballast Nedam has also developed the first sustainable residential complex in the Netherlands meeting the BREEAM 'very good' standard. The construction of the Futura atrium building with 69 terraced apartments in Zoetermeer will begin after the construction industry holiday.

The Building & Development segment strengthened its position in the renovation and maintenance market by acquiring 15 projects with a volume of approximately € 20 million and the property maintenance activities of Bouwbedrijf van Bree. This acquisition represents a valuable strengthening of Bouwborg's position in the Brabant and Limburg regions.

Compared to the first half of 2011, the assets of the Building & Development segment declined by € 169 million to € 361 million. This decrease was due to the sale of the PPP projects. Compared to the end of 2011, the assets rose by € 15 million, particularly due to higher property inventories.

Housebuilding activity decreased from 1 147 homes under construction at the end of 2011 to 1 078. In the first half of the year there were 388 housing starts, including only 36 as part of in-house property development, and 457 homes were completed.

    Property development
 
    Property development exposure
                                                       Full     Full
                                          1st half     year     year
    x EUR 1 million                           2012     2011     2010
 
    Land positions                             165      154      160
    Unsold stock under construction              5       13       12
    Unsold stock delivered                      19       12       27
 
    Total on balance                           189      179      199
 
    Liabilities to complete projects
    under construction                           3        7        3
    Liabilities to acquire land positions       19       24       30
 
    Total liabilities off-balance               22       31       33
 
    Property development exposure              211      210      232


The total property development exposure, comprising investments in land positions, investments in unsold property and the outstanding related liabilities, remained almost unchanged in the first half, at € 211 million. Although the aim is to reduce the capital invested in property in the next few years, we do not expect much progress to be achieved in the short term in view of the poor market outlook.

The total investment in unsold property, whether completed or under construction, remained almost unchanged in the first half of the year, at € 24 million. The combined shift towards completed unsold property is due to the completion of the four-star Hotel Merici in Sittard in the first half of the year. This hotel is part of the large Cloister Quarter (Kloosterkwartier) integrated redevelopment project, which has already included the construction of the Ursulinen underground car park and 15 apartments. The hotel has been leased for a period of five years.

The obligation to complete decreased by € 4 million to € 3 million. The number of unsold homes fell from 110 at the end of 2011 to 93. The number of completed homes in this figure increased by 4 to 40 in the first half of the year. These were spread across 10 projects. The completed unsold property increased by € 7 million in the first half to € 19 million, particularly due to the completion of the leased hotel in the Cloister Quarter (Kloosterkwartier) in Sittard. In addition to the 40 homes, the completed unsold property comprised 4 309 m² of leased and 1 000 m² of unleased commercial property.

    Land positions
                                                  Full        Full
                                  1st half        year        year
    x EUR 1 million                   2012        2011        2010
 
    Opening balance                    154         160         157
 
    Net investment                      12           2           7
    Write-down                        ( 1)        ( 8)        ( 4)
 
    Ending balance                     165         154         160
 
    Cumulative write-down               19          18          10


The land positions increased by € 11 million to € 165 million. The increase comprised a net investment of € 12 million and a write-down of € 1 million. The € 12 million net investment comprised in particular investments in the second phase of the Strand Resort Nieuwvlietbad integrated area development and a decrease in land at Langendijk, which was already an existing purchase obligation. The unconditional land purchase obligations outstanding at year-end consequently decreased by € 5 million to € 19 million. The write-down amounted to € 1 million in the first half of the year. This concerned two positions with reduced development potential. The cumulative write-down of land positions consequently amounted to € 19 million. The estimated development potential of the land bank decreased by 3% from 12 000 homes at the end of 2011 to approximately 11 700 due to the termination of a co-operation agreement for which the land had not yet been purchased and a lower potential number of homes in two positions.

Forecasts for 2012

The forecast we issued in March was for a lower operating result in 2012, ranging from break-even to a small operating profit on lower revenue, due to the lower margin in the order book. We now expect a break-even result due to the losses in the regional companies, the larger-than-budgeted deficits in property development and the accelerating deterioration of the markets.

    Specialized companies
                                                 Full
                           1st half 1st half     year
    x EUR 1 million            2012     2011     2011
 
    Revenue                     102       96      252
    EBIT                       ( 3)     ( 3)        -
    Margin                    -2.9%    -3.1%     0.0%
    Order book                  112      113       89
    Assets                      130      103      139


The markets for Specialized companies are under pressure, since they are to a large extent derivatives of the infrastructure and construction markets. Revenue increased by € 6 million to € 102 million in the first half of the year. The rise was mainly due to the supplies for major projects such as the A2 in Maastricht and the A15 Maasvlakte-Vaanplein PPP project. The Specialized companies segment was therefore unable to achieve a higher result than in the first half of 2011. Operating profit was under pressure not only from seasonal impacts but particularly from the loss in the asphalt business.

Ballast Nedam strengthened its installation expertise by acquiring T&H B.V. in the first half of the year. T&H is a highly qualified consultancy in the field of building-related installation technology for housebuilding, utilities construction, renovation projects and large-scale maintenance. This acquisition is a perfect fit with the strategy because installation knowledge is playing an increasingly important role in integrated projects. T&H is part of Ballast Nedam IPM, a specialist in installation technology for energy supply and mobility.

The order book increased by € 23 million in the first half to € 112 million as a result of a higher level of orders for major projects. This contribution from Specialized companies to large, multiyear projects resulted in an order book of reasonable quality given the general decrease in volume in the market.

Compared to the end of 2011, the assets decreased by € 9 million, as a result of lower cash.

Forecasts for 2012

For the Specialized companies segment we are maintaining the forecast we issued in March of a more or less unchanged result in 2012 on somewhat lower revenue than in 2011.

    Supplies
                                                 Full
                           1st half 1st half     year
    x EUR 1 million            2012     2011     2011
 
    Revenue                      91      102      232
    EBIT                          1        1        4
    Margin                     1.1%     1.0%     1.7%
    Order book                   70       57       54
    Assets                      204      196      221


Volumes in the markets for high-grade hard stone and recovered raw materials held up, although the supply of raw materials to the concrete industry and the prefabricated concrete market was under pressure. The revenue of the Supplies segment decreased by € 11 million to € 91 million. In the previous year additional revenue had been generated by supplies from our Norwegian stone quarry to the Maasvlakte and to the offshore projects. in addition, the revenue in the prefabricated concrete businesses was lower due to the large capacity adjustment carried out in the previous year.

The raw material companies recorded lower results due to the decrease in revenue. In the niche market for secondary raw materials, Feniks Recycling made an excellent contribution after the seventh plant for the recovery of secondary raw materials from waste incineration ash entered service in the UK in 2011. The restructuring led to an improvement in the results of the prefabricated concrete companies, but these were still unable to make a positive contribution as a result of low market volumes and the start-up phase of the iQwoning®. A further cost reduction of approximately 20% was implemented at Rademakers Gieterij in the first half of the year, measured in terms of the number of posts, to substantially lower the break-even point.

The order book increased in the first half of the year by € 16 million to € 70 million, particularly as a result of the increase at Feniks Recycling and orders placed with the new associate Ursem Modulaire Bouwsystemen. The other supply companies were able to keep their order books at an approximately unchanged level.

Compared to the first half of 2011, the assets of the Supplies segment rose by € 8 million to € 204 million. Compared to the end of 2011, the assets decreased by € 17 million as a result of lower receivables and cash.

In Modular Construction, the Supplies segment strengthened its position by acquiring an interest in Ursem Modulaire Bouwsystemen earlier this year. The modular building systems are used for utility buildings such as student apartments, care centres, schools, detention centres and hotels. This innovative industrial building method under controlled conditions offers optimum value for money, speed, flexibility and sustainability. In addition to iQwoning® and ModuPark®, the modular parking product, Ballast Nedam can provide modular concepts for both the new building and renovation markets in residential and utility construction.

The introduction of the new 6.30 metre width has further expanded the potential of iQwoning® to include life-long homes and semi-detached houses. The potential offered by iQwoning® is also incorporated in the 3D Home Visualization, which is available for both purchasers and tenants in property projects. Together with our company Climate Green, which operates sustainable energy concepts in housing, work is being carried out on an entirely energy-neutral iQwoning®. A letter of intent has been signed with the German developer Charterhaus to supply iQwoning® for integrated area development in Germany.

Ballast Nedam and Microbeton have jointly formed Concrete Valley. The company will focus on specialist solutions in the concrete industry. The production site in Bergen op Zoom combines the knowledge and skill of Waco Lingen Beton with the sustainable products of Microbeton. These slim, lightweight products made of ferrocement are used in architecturally high-grade new building projects, renovation and redevelopment.

2012 forecasts

Because market conditions have put greater pressure on results, the forecast issued in March of higher operating profit on lower revenue for the Supply segment is under pressure.

    Revenue
                                                 Full
                           1st half 1st half     year
    x EUR 1 million            2012     2011     2011
 
    Infrastructure              209      251      523
    Building & Development      263      280      642
    Specialized companies       102       96      252
    Supplies                     91      102      232
 
                                665      728    1 649
    Other                     ( 90)   ( 120)   ( 267)
 
                                575      608    1 382


Revenue in the first half of the year decreased by 5% to € 575 million. In full-year 2012, we expect revenue to remain almost at the same level as in 2011.

    EBIT
                                                 Full
                           1st half 1st half     year
    x EUR 1 million            2012     2011     2011
 
    Infrastructure                9       11       14
    Building & Development        -        1        8
    Specialized companies      ( 3)     ( 3)        -
    Supplies                      1        1        4
 
                                  7       10       26
    Other                      ( 3)     ( 2)     ( 7)
 
                                  4        8       19


The operating profit halved from € 8 million in the first half of 2011 to € 4 million. The segments' results decreased as a result of the deterioration of market conditions. The 'Other' result mainly comprised holding company expenses.

    Margin
                                                 Full
                           1st half 1st half     year
                               2012     2011     2011
 
    Infrastructure             4.3%     4.4%     2.7%
    Building & Development     0.0%     0.4%     1.2%
    Specialized companies     -2.9%    -3.1%     0.0%
    Supplies                   1.1%     1.0%     1.7%
 
                               0.7%     1.3%     1.4%


The overall margin on a half-year basis decreased from 1.3% to 0.7%. In the full year, the margin of the Infrastructure segment will be lower than in the first half of the year. As in the previous year, this was due to the timing of the execution of projects. For Specialized companies and Supplies, we expect a higher margin for the full year than for the first half-year.

    Profit for the period
                                 1st half 1st half Full year
    x EUR 1 million                  2012     2011      2011
 
    EBIT                                4        8        19
    Net finance income and
    expense                          ( 3)     ( 3)      ( 7)
 
    Profit before income tax            1        5        12
    Income tax expense               ( 1)     ( 1)      ( 3)
 
    Profit for the period               -        4         9


Net financing expenses amounted to € 3 million and were unchanged compared to the first half of 2011. The capitalized interest on PPP receivables decreased from € 4 million to € 1 million due to the sale of the PPP projects in the second half of 2011. The interest expense on the loans consequently also decreased from € 7 million to € 4 million. Profit before income tax amounted to € 1 million, representing a decrease of € 4 million. Profit for the period decreased from € 4 million in the first half of 2011 to break-even. The tax charge was higher because fewer results were available for set-off within the consolidated tax group.

    Order book
                                                 Full
                           1st half 1st half     year
    x EUR 1 million            2012     2011     2011
 
    Infrastructure            1 055      858    1 152
    Building & Development      693      720      693
    Specialized companies       112      113       89
    Supplies                     70       57       54
 
                              1 930    1 748    1 988
    Other                     ( 31)    ( 32)    ( 38)
 
                              1 899    1 716    1 950


The order book decreased by € 51 million to € 1 899 million in the first half-year, but was still € 183 million higher than one year ago. Approximately € 1.3 billion of this order book will be executed in 2013 and beyond. A number of projects in the order book will no longer commence in 2012 due to delays in completing the customer's financing. In view of the quality and composition of the total order portfolio, it is possible to continue to tender on a disciplined basis and to continue to gradually adjust capacity to market conditions.

Equity and cash flows

The solvency improved from 21% at the end of 2011 to 23%. This is the solvency that emerges from the method that accounts for joint ventures as an interest in accordance with the share in the assets (i.e. the equity method). By contrast, the solvency under the currently chosen alternative accounting method that is permitted under IFRS, of partial consolidation of joint ventures (such as the PPP projects), fell from 18% at the end of 2011 to 17%. This decrease is mainly due to the progress in the execution of the major A15 Maasvlakte-Vaanplein PPP project. The PPP projects are largely financed through loans which allow no recourse to Ballast Nedam.

Ballast Nedam's shareholders' equity decreased by € 8 million compared to the end of 2011 to € 163 million. This decrease was made up of the € 4 million dividend payment and a € 4 million change in the hedging reserve for interest rate derivatives for the PPP projects due to the decline in interest rates. Shareholders' equity was € 3 million higher than in the first half of 2011.

Total assets amounted to € 938 million in the first half of the year, almost the same level as at the end of 2011. Capital employed increased by € 105 million in the first half of the year due to progress in the PPP projects and lower financing by suppliers. Compared to the first half of 2011, however, capital employed fell by € 177 million, particularly as a result of the sale of three PPP projects and the sale of Kicking Horse Mountain Resort in the second half of 2011.

The net outstanding obligation for additional capital contributions to the PPP companies remained unchanged at € 13 million.

Cash flow for the first half of 2012 was € 85 million negative against € 72 million negative in the first half of 2011.

The operating cash flow of € 81 million negative was worse than the negative operating cash flow of € 38 million in the first half of 2011, particularly due to an increase in inventories and a decrease in financing by suppliers.

The cash flow from investing activities amounted to € 24 million negative against € 46 million negative in the first half of 2011. This comprised € 26 million from investments, € 6 million from divestments, € 3 million from the acquisition of business activities and € 1 million in respect of a participating interest. The investments comprised € 8 million for property, plant and equipment, € 1 million for intangible assets and € 17 million for financial assets. Most of the financial assets were PPP receivables for the A15 Maasvlakte-Vaanplein project. The net investment in property, plant and equipment of € 6 million was lower than the € 10 million of depreciation.

The positive cash flow from financing activities of € 20 million consisted of € 24 million of net drawing of long-term loans and a € 4 million dividend distribution.

    Financing position
 
                                                                      Full
                                                                      year
    x EUR 1 million                     1st half 2012  1st half 2011  2011
 
    Cash and cash equivalents                 42             52             98
    Bank overdrafts                        ( 40)          ( 63)          ( 11)
 
    Net cash                                   2          ( 11)             87
    Recourse loans                        ( 106)         ( 120)          ( 98)
 
    Financing position                    ( 104)         ( 131)          ( 11)
    Non-recourse loans                     ( 51)         ( 188)          ( 34)
 
    Financing position including
    non-recourse                          ( 155)         ( 319)          ( 45)


The financing position improved by € 27 million from a debt of € 131 million in the first half of 2011 to a debt position of € 104 million. The sales in the second half of 2011 of the PPP interests and of the Canadian leisure resort contributed to this improvement. The financing position taking into account the non-recourse loans, including the PPP loans, improved even more strongly, by € 164 million, from a €319 million debt position in the first half of 2011 to €155 million. Net cash increased by €13 million to €2 million. Prepayments received on projects decreased by € 7 million to € 85 million in the first half. Compared to the end of 2011, the financing position decreased by € 93 million to a debt position of € 104 million. The financing requirement is always higher in the course of the year than at the year-end.

    Loans
 
                                                                     Full
                                                                     year
    x EUR 1 million                    1st half 2012  1st half 2011  2011
 
    PPP loans                                42            185             25
    Land bank financing                      48             43             43
    Business loans                           50             50             50
    Financial leases                          8              9             10
    Other loans                               9             21              4
 
                                            157            308            132
 
    Recourse                                106            120             98
    Non-recourse                             51            188             34
 
                                            157            308            132
 
    Current portion of long-term loans       10              6             11
    Long-term loans                         147            302            121
 
                                            157            308            132


There is no necessity to refinance the long-term loans in the years ahead. The € 50 million corporate loan matures in April 2017 and has a fixed interest rate of 5.4%. It is secured by mortgages on a number of properties used by Ballast Nedam. The other large loan of € 33 million is mainly intended to finance several land positions in a separate company. This loan matures in October 2015 and the interest rate is Euribor plus a margin. The land positions concerned were mortgaged as security for the loan. There are no financial covenants in the loan conditions.

The other long-term loans of € 74 million consist of € 42 million for the PPP loans, for which the interest rate is fixed by means of derivatives. On the basis of the current portfolio of PPP projects, these PPP loans will amount to approximately € 65 million at the end of 2012. € 51 million of the € 157 million of long-term loans allow no recourse to Ballast Nedam.

CO2 reduction

Ballast Nedam is actively engaged in sustainable energy within its markets, including the use of Green Gas, heat/cold storage and wind energy, and seeks actively to reduce energy consumption. The objective for our internal operations is to cut CO2 emissions in 2020 by 30% relative to 2008. No progress was made in meeting this objective in the first half of 2012 and the cumulative reduction remained at 12% compared to 2008.

In order to improve air quality, we aim to increase the number of CNG vehicles in our car fleet by 5% in 2012. The number of CNG vehicles rose to 27% (559 vehicles) of Ballast Nedam's car fleet in the first half of the year. At the end of 2011, the figure was 23% (458 vehicles).

Safety

Safety is one of Ballast Nedam's core values. We succeeded in improving the IF factor from 10.7 in 2010 to 6.5 in 2011. In the first periods of 2012, this figure rose slightly again to 7.7. Our objective for full-year 2012 is to achieve a better performance than in 2011. The Injury Frequency represents the number of time loss injuries per million hours worked.

Risks and uncertainties

The risks stated in the 2011 Annual Report, such as financing risk, reputation risk, sector risk, operating risks and the housing market risk, have generally increased. This may impact the results for the remainder of 2012.

Financing risk: this is not significant in the short term. The most important loans mature in 2015 and 2017. Among the factors that limit the financing risk is that no covenants apply. The banks are, however, applying more stringent conditions to the security required for new PPP projects. There is also an increased financing risk among our customers. Our order book includes approximately € 350 million of orders which will not be fulfilled if customers are unable to complete their financing arrangements.

Reputation risk: Ballast Nedam enjoys a solid and favourable reputation, which is a valuable asset for the group. Measures that have been taken to safeguard our reputation include the introduction of socially responsible procurement and an internal Code of Conduct. We expect our suppliers and subcontractors to act accordingly. As part of an internal compliance programme, we devote a great deal of attention to compliance with our integrity policy. Reports of possible breaches of our code of conduct are always investigated fully and we take appropriate measures immediately if breaches are identified. We report on this in our annual report. The Public Prosecution Service and the Fiscal Information and Investigation Service are conducting a criminal investigation into Ballast Nedam in connection with payments to foreign agents in the period 1996-2004. Ballast Nedam had brought this case to the attention of the Public Prosecution Service in 2011, is co-operating fully with the investigation and is awaiting the results and any consequences.

Sector risk: the construction, property development and infrastructure markets may deteriorate. This risk appears to have increased. For example, were there to be a further substantial deterioration in the housing market, this could lead to capacity underutilization costs and further write-downs in the land positions, despite the fact that the valuation of our land positions includes scarcely any interest and preparation expenses.

Operating risk: the wide diversification in the order book and the existing risk control policy continue to be the foundations of the management of operating risk. The outcome of claims in a limited number of projects may have a positive or negative impact.

Statement of the Board of Management

To the best of the Board of Management's knowledge, the half-year financial statements give a true and fair view of the assets, liabilities, financial position and profit of Ballast Nedam N.V. and the undertakings included in the consolidation taken as a whole. To the best of the Board of Management's knowledge, the half-year report gives a fair review of the material events in the first half-year and their effect on the half-year financial statements, a fair account of the main risks and uncertainties for the remaining periods of the year and a fair review of the material transactions with related parties.

Nieuwegein, 12 July 2012

Board of Management,

T.A.C.M. Bruijninckx

R. Malizia

P. van Zwieten

    Consolidated income statement
 
                                                                          Full
                                                        1st half          year
    x EUR 1 million                 1st half 2012           2011          2011
 
                                                                             
    Revenue                                   575            608         1 382
    Other operating income                      -              -             6
 
    Costs of raw materials and                                         
    subcontractors                  ( 392)           ( 417)       (1 019)
                                                                        
    Personnel expenses              ( 143)           ( 148)        ( 278)
    Other operating expenses         ( 25)            ( 24)         ( 44)
 
                                                                          
                                           ( 560)         ( 589)      ( 1 341)
    Share in profits of associates              -              -             -
 
    Earnings before interest, taxes,
    depreciation and amortization
    (EBITDA)                                   15             19            47
 
    Depreciation and amortization of
    property, plant and equipment and                                       
    intangible assets                       ( 10)          ( 11)         ( 26)
    Impairment of tangible and
    intangible assets                        ( 1)              -          ( 2)
 
    Earnings before interest and
    taxes (EBIT)                                4              8            19
 
    Finance income                       1                4             6
    Finance expense                   ( 4)             ( 7)         ( 13)
 
    Net finance income and expense           ( 3)           ( 3)          ( 7)
 
    Profit before income tax                    1              5            12
    Income tax expense                       ( 1)           ( 1)          ( 3)
 
    Profit for the period                       -              4             9
 
    Attributable to owners of the
    company:
 
    Basic earnings per share (EUR)              -  #        0.36          0.93
    Diluted earnings per share
    (EUR)                                       -  #        0.36          0.93
 
    Consolidated statement of
    comprehensive income
 
                                                                          Full
                                                                 1st half year
    x EUR 1 million                           1st half 2012          2011 2011
 
    Profit for the period                       -              4             9
 
    Other comprehensive income:
    Foreign currency translation
    differences                                 -              -             1
    Net changes in hedging reserve           ( 4)           ( 1)             4
 
    Total comprehensive income for
    the period                               ( 4)              3            14
 
    Attributable to:
    Owners of the company                    ( 4)              3            14
    Non-controlling interests                   -              -             -
 
    Total comprehensive income for
    the period                               ( 4)              3            14


    Consolidated statement of
    financial position
 
                                                                         Full
                                                                        year
    x EUR 1 million           1st half 2012    1st half 2011            2011
 
    Non-current assets
    Intangible assets                35               30               31
    Property, plant and
    equipment                       180              193              183
    Financial assets                 50              193               33
    Investments in associates         3                2                4
    Deferred tax assets              36               38               35
 
                                           304              456            286
    Current assets
    Inventories                     220              253              215
    Work in progress                102              108               78
    Receivables                     270              293              264
    Cash and cash equivalents        42               52               98
 
                                    634              706              655
    Current liabilities
    Bank overdrafts               ( 40)            ( 63)            ( 11)
    Current portion of long-term
    loans                         ( 10)             ( 6)            ( 11)
    Prepayments on inventories     ( 1)             ( 6)             ( 6)
    Work in progress             ( 152)           ( 132)           ( 136)
    Trade payables               ( 190)           ( 221)           ( 243)
    Income tax payable             ( 1)                -             ( 3)
    Other liabilities            ( 173)           ( 188)           ( 176)
    Provisions                    ( 35)            ( 46)            ( 39)
 
                                 ( 602)           ( 662)           ( 625)
    Current assets minus current
    liabilities                             32               44             30
 
                                           336              500            316
 
    Non-current liabilities
    Loans                           147              302              121
    Derivatives                      13               20               10
    Deferred tax liabilities          4                4                4
    Employee benefits                 5                5                5
    Provisions                        4                9                5
 
                                           173              340            145
    Total shareholders' equity
    Equity attributable to
    owners of the company           163              160              171
    Non-controlling interest          -                -                -
 
                                           163              160            171
 
                                           336              500            316


    Summary consolidated statement of
    changes in equity
 
                                                                          Full
                                                   1st half      1st half year
    x EUR 1 million                                    2012          2011 2011
 
    Share capital                               60            60            60
    Share premium                               52            52            52
    Reserves                                    59            49            49
 
    Opening balance                            171           161           161
 
    Foreign currency translation
    differences                                  -             -             1
    Net change in hedging reserve             ( 4)          ( 1)             4
 
    Other comprehensive income                ( 4)          ( 1)             5
 
    Profit for the period                        -             4             9
    Dividend paid                             ( 4)          ( 4)          ( 4)
    Other                                        -             -             -
 
    Ending balance                             163           160           171


    Consolidated statement of cash
    flows
 
                                                                          Full
                                                  1st half       1st half year
    x EUR 1 million                                   2012           2011 2011
 
    Net cash - opening balance                 87             61            61
 
    Profit for the period                 -              4              9
    Adjustments:
    Depreciation                         10             11             25
    Amortization                          -              -              1
    Impairment of assets                  1              -              2
    Finance expense                       4              7             13
    Finance income                     ( 1)           ( 4)           ( 6)
    Share-based payments                  -              -              -
    Gain from disposal of non-current
    assets and subsidiaries               -              -           ( 6)
    Income tax expense                    1              1              3
    Share in profits of associates        -              -              -
    Movements:
    Movement in inventories            ( 9)              6             39
    Movement in work in progress       ( 8)           ( 9)             25
    Movement in receivables            ( 7)           ( 3)          ( 37)
    Movement in provisions and
    employee benefits                  ( 3)              1          ( 15)
    Interest paid                      ( 4)           ( 7)           ( 9)
    Paid on hedging instruments           -              -           ( 4)
    Interest received                     -              -              -
    Income taxes paid                     -              -           ( 1)
    Change in current liabilities     ( 65)          ( 45)             33
 
    Net cash from operating
    activities                              ( 81)          ( 38)            72
 
    Intangible assets
    investments                        ( 1)           ( 2)           ( 6)
    disposals                             -              1              1
    Property, plant and equipment
    investments                        ( 8)          ( 20)          ( 42)
    disposals                             2              6              5
    Financial non-current assets
    investments                       ( 17)          ( 27)          ( 27)
    disposals                             4              1              -
    dividends received                    -              -              2
    net change other receivables          -              -              -
    Investments in associates          ( 1)              -           ( 3)
    Acquisitions of subsidiaries       ( 3)           ( 5)           ( 5)
    Disposal of subsidiaries after
    deduction of disposed cash and
    cashequivalents                       -              -             23
 
    Net cash used in investing                                               (
    activities                              ( 24)          ( 46)           52)
 
    Drawings of long-term loans          34             21             59
    Repayment of long-term loans      ( 10)           ( 5)          ( 50)
    Disposal of long-term loans           -              -              -
    Acquisition of non-controlling
    interest                              -              -              -
    Dividend paid                      ( 4)           ( 4)           ( 4)
    Proceeds from repurchase of own
    shares                                -              -              -
 
    Net cash from financing
    activities                                 20             12             5
 
    Effect of exchange rate
    fluctuations on cash held                   -              -             1
 
    Net cash - closing balance                  2          ( 11)            87


    Net cash
 
    x EUR 1 million           1st half 2012    1st half 2011    Full year 2011
 
    Cash and cashequivalents          42               52                   98
    Bank overdrafts                ( 40)            ( 63)                ( 11)
 
    Net cash                           2            ( 11)                   87
 
    Unrestricted cash
    balances                       ( 13)            ( 31)                   78
    Proportionately
    consolidated                      15               20                    9
 
    Net cash                           2            ( 11)                   87
 
    Net financing position
    x EUR 1 million           1st half 2012    1st half 2011    Full year 2011
 
    Net cash                           2            ( 11)                   87
    Current portion of
    long-term loans                ( 10)             ( 6)                ( 11)
    Long-term loans               ( 147)           ( 302)               ( 121)
 
                                  ( 155)           ( 319)                ( 45)


    Revenue
                                 1st half 1st half Full year
    x EUR 1 million                  2012     2011      2011
 
    Infrastructure                    209      251       523
    Building & Development            263      280       642
    Specialized companies             102       96       252
    Supplies                           91      102       232
 
                                      665      728     1 649
    Other                           ( 90)   ( 120)    ( 267)
 
                                      575      608     1 382
 
    EBIT
                                 1st half 1st half Full year
    x EUR 1 million                  2012     2011      2011
 
    Infrastructure                      9       11        14
    Building & Development              -        1         8
    Specialized companies            ( 3)     ( 3)         -
    Supplies                            1        1         4
 
                                        7       10        26
    Other                            ( 3)     ( 2)      ( 7)
 
                                        4        8        19
 
    Margin
                                 1st half 1st half Full year
                                     2012     2011      2011
 
    Infrastructure                   4.3%     4.4%      2.7%
    Building & Development           0.0%     0.4%      1.2%
    Specialized companies           -2.9%    -3.1%      0.0%
    Supplies                         1.1%     1.0%      1.7%
 
                                     0.7%     1.3%      1.4%
 
    Profit for the period
                                 1st half 1st half Full year
    x EUR 1 million                  2012     2011      2011
 
    EBIT                                4        8        19
    Net finance income and
    expense                          ( 3)     ( 3)      ( 7)
 
    Profit before income tax            1        5        12
    Income tax expense               ( 1)     ( 1)      ( 3)
 
    Profit for the period               -        4         9


    Order book
                           1st half 1st half Full year
    x EUR 1 million            2012     2011      2011
 
    Infrastructure            1 055      858     1 152
    Building & Development      693      720       693
    Specialized companies       112      113        89
    Supplies                     70       57        54
 
                              1 930    1 748     1 988
    Other                     ( 31)    ( 32)     ( 38)
 
                              1 899    1 716     1 950


    Financial results
 
    Infrastructure
                           1st half 1st half Full year
    x EUR 1 million            2012     2011      2011
 
    Revenue                     209      251       523
    EBIT                          9       11        14
    Margin                     4.3%     4.4%      2.7%
    Order book                1 055      858     1 152
    Assets                      215      390       228
 
    Building & Development
                           1st half 1st half Full year
    x EUR 1 million            2012     2011      2011
 
    Revenue                     263      280       642
    EBIT                          -        1         8
    Margin                     0.0%     0.4%      1.2%
    Order book                  693      720       693
    Assets                      361      530       346
 
    Specialized companies
                           1st half 1st half Full year
    x EUR 1 million            2012     2011      2011
 
    Revenue                     102       96       252
    EBIT                       ( 3)     ( 3)         -
    Margin                    -2.9%    -3.1%      0.0%
    Order book                  112      113        89
    Assets                      130      103       139
 
    Supplies
                           1st half 1st half Full year
    x EUR 1 million            2012     2011      2011
 
    Revenue                      91      102       232
    EBIT                          1        1         4
    Margin                     1.1%     1.0%      1.7%
    Order book                   70       57        54
    Assets                      204      196       221


    Consolidated statement
    of financial position
 
                                                           Not
                              Proportionately              proportionately
                              consolidated                 consolidated
    x EUR 1 million
                               1st                1st                          Full
                              half                half           1st half      year
                              2012                2012           2011          2011
    Non-current assets
    Intangible assets           35                  29             28             29
    Property, plant and
    equipment                  180                 152            172            160
    Financial assets            53                  11             45             39
    Deferred tax assets         36                  33             32             32
 
                                    304                225              277            260
    Current assets
    Inventories                220                 176            217            180
    Work in progress           102                  92            106             73
    Receivables                270                 216            228            211
    Cash and cash
    equivalents                 42                  15             20             82
 
                               634                 499            571            546
    Current liabilities
                                 (                   (              (
    Bank overdrafts            40)                 28)            46)           ( 3)
    Current portion of           (
    long-term loans            10)                ( 4)           ( 5)           ( 6)
    Prepayments on
    inventories               ( 1)                   -           ( 6)           ( 5)
                                 
    Work in progress        ( 152)               ( 86)          ( 65)          ( 68)
                                 
    Trade payables          ( 190)              ( 130)         ( 159)         ( 178)
    Income tax payable        ( 1)                ( 1)              -           ( 2)
                                 
    Other liabilities       ( 173)              ( 177)         ( 230)         ( 207)
                               
    Provisions               ( 35)               ( 32)          ( 49)          ( 62)
 
                             
                            ( 602)              ( 458)         ( 560)         ( 531)
    Current assets minus
    current liabilities              32                 41               11             15
 
                                    336                266              288            275
 
    Non-current
    liabilities
    Loans                      147                  93            105             92
    Derivatives                 13                   -              -              -
    Deferred tax
    liabilities                  4                   3              3              3
    Employee benefits            5                   5              5              5
    Provisions                   4                   2             13              4
 
                                    173                103              126            104
    Total
    equity
    Equity attributable to
    owners of the company      163                 163            162            171
    Non-controlling
    interest                     -                   -              -              -
 
                                    163                163              162            171
 
                                    336                266              288            275
 
    Solvency                        17%                23%              19%            21%
 



Notes to the semi-annual financial report

Significant accounting policies

Ballast Nedam N.V. is established at Nieuwegein in the Netherlands. The semi-annual financial report of Ballast Nedam N.V. covers the first six periods of the 2012 fiscal year from 2 January 2012 to 17 June 2012 (2011: 1 January to 19 June). This report includes Ballast Nedam N.V., head of the group and its subsidiaries, collectively called Ballast Nedam and Ballast Nedam's participation in associated businesses and entities that are controlled jointly.

The consolidated financial statement of Ballast Nedam N.V. for the year 2011 is available through http://www.ballast-nedam.nl.

Statement of compliance

The semi-annual financial report has been prepared in conformity with International Financial Reporting Standards IAS 34 "Interim Financial Reporting" as adopted by the European Union (hereinafter: 'EU-IFRS'). This report has not been audited. The semi-annual financial report does not contain all information required for complete annual financial statements and should be read in conjunction with the consolidated financial statements for the year 2011.

This half-yearly financial report was prepared and approved by the Board of Management on 12 July 2012.

Accounting policies used in the preparation of the semi-annual financial report

The semi-annual financial report has been prepared in accordance with the financial reporting principles as used for the 2011 financial statements.

The Board of Management of Ballast Nedam regularly uses segmented information to make decision on the allocation of means and to make judgements of the company results. The decisions on allocation of means and on making judgements of the company results are made based on Earnings before Interest and Taxes (EBIT) on and capital employed.

Seasonal Patterns

Ballast Nedam's activities are subject to seasonal patterns. In general, the majority of production takes place in the second half of the year.

Acquisition of business activities

In the first quarter of 2012, Ballast Nedam took an interest of 41% in the production of the modular building systems of the Ursem Construction Group. Also in the first quarter of 2012, Ballast Nedam acquired T&H B.V. T&H is a highly qualified consultancy in the field of building systems for construction in the residential and utilities sectors, renovation projects and large-scale maintenance. In the second quarter of 2012 Ballast Nedam has reached agreement on the takeover of part of the activities of the Dutch construction company van Bree.

The net sum for the acquisitions amounted to €  3 million. As of 1 June 2012 Waco Lingen Beton B.V. and Microbeton B.V. joined forces and founded the joint-venture Concrete Valley.

Transactions with associated parties

The parties associated with Ballast Nedam are its key management (Board of Management/Supervisory Board), its subsidiaries, associates, joint ventures, Stichting Pensioenfonds Ballast Nedam Pension Fund and their managers and senior officials of these companies. The main task of the Ballast Nedam Pension Fund is to implement the pension scheme for the employees of Ballast Nedam. Ballast Nedam Pension Fund makes use of the services of employees of Ballast Nedam companies. Actual expenses are charged on. Ballast Nedam buys and sells goods and services to various associated parties in which Ballast Nedam holds an interest of 50% or less. These transactions are conducted on commercial terms similar to those for transactions with third parties.

Interests in joint ventures

Joint ventures, consisting primarily of construction or development consortia, are consolidated on a proportional basis. For a list of the main joint ventures, please see the organizational chart in the annual report. Ballast Nedam has recognized the following interests in joint ventures in the consolidated statement of financial position.

    Interests in joint
    ventures
 
                                           Full year
    x EUR 1 million         1st half 2012  2011
 
    Non-current assets              91            59
    Current assets                 130            99
    Non-current liabilities      ( 74)         ( 45)
    Current liabilities         ( 165)        ( 145)
 
    Balance of assets and
    liabilities                  ( 18)         ( 32)


The proportionally consolidated revenue and the cost of sales amounted to about 27% (2011: 21%) of total revenues and cost of sales.

The total liabilities to third parties of companies for which Ballast Nedam holds joint and several liability, such as partnerships, excluding bank guarantees issued by those companies, amounted to € 844 million as of balance sheet date (€ 690 million at year end 2011), of which the € 239 million portion of Ballast Nedam (€ 190 million at year end 2011) is included in the consolidated balance sheet.

Segmented information

The amounts for transactions between segments are determined on an arm's length basis. The results, assets and liabilities are determined in accordance with the financial reporting principles as used for the financial statements.

Liabilities

Guarantees

Declarations of intent and guarantees issued on Ballast Nedam's behalf by financial institutions in connection with the execution of projects and for prepayments received are recognized in 'Guarantees'.

    Guarantees
 
                                      Full year
    x EUR 1 million    1st half 2012  2011
 
    Guarantees                258           260


Estimates and judgements by management

In preparing the semi-annual financial report, management of Ballast Nedam has made estimates and judgements which affect the amounts recognized for assets, liabilities, revenue, costs and the related remarks.

Project results

The valuation of work in progress is based on forecasts of the final project results. The ultimate outcome may differ from these forecasts.

Recognition of income tax

Ballast Nedam makes an assessment of the tax position of all fiscal entities at the end of each period. This involves making estimates of the actual short-term tax charges and income as well as of the temporary differences between the fiscal valuation and carrying amounts of assets and liabilities for financial reporting purposes. A decision is taken on the balance sheet date as to whether unused tax losses and deferred tax assets due to temporary differences may be recognized. Ballast Nedam recognizes deferred tax assets if these are likely to be realized. The utilization of carry-forward losses depends on future taxable profits and tax planning opportunities. If the actual anticipated taxable profits differ from the estimates, and depending on the tax strategies which Ballast Nedam may introduce, capitalized unused deferred tax assets which have been recognized may not be realized, thus affecting the financial position and results of Ballast Nedam.

Provisions

Provisions relating to actual obligations are based on estimates and judgements as to whether the criteria for treatment as a provision have been met, including an estimate of the size of the actual obligation. Actual obligations are disclosed if it is likely that an obligation will arise and its size can be reasonably estimated. If the actual outcome differs from the assumptions as to anticipated costs, the estimated provisions will be revised, and this could have an effect on the financial position and results of Ballast Nedam.

Subsequent events

None.

Nieuwegein, 12 July 2012

Board of Management,

T.A.C.M. Bruijninckx

R. Malizia

P. van Zwieten

The figures presented in this press release have not been audited. This press release is for information purposes only. The forecasts and outlook presented in this press release are given with no guarantee whatsoever of their future achievement. This press release contains forward-looking statements, including with respect to intentions and outlook, which are based on current views and assumptions and are subject to known and unknown risks, uncertainties and other factors that are largely outside Ballast Nedam N.V.'s control, and which could cause the actual results or achievements to differ materially from the future results or achievements expressed or implied by the forward-looking statements. Ballast Nedam N.V. disclaims any obligation to update or amend the forward-looking statements in the light of new information, future events or for any other reason whatsoever, except as required by applicable laws and regulations, or on the authority of a competent regulatory body.


Ballast Nedam engages in integrated projects in The Netherlands in four areas of work: housing, mobility, energy and nature. Within this area we focus on five niche markets: industrial construction, hospitals, offshore wind turbines, secondary raw materials and alternative fuels. In a number of areas of expertise, we also operate internationally. The Ballast Nedam share is included in the Amsterdam Small Cap Index (AScX) of NYSE Euronext.

Ballast Nedam's approach is based on life cycle thinking and acting: we develop, construct, manage and recycle. We are involved in long-term management, maintenance and operation of projects and organize financial feasibility. Our supply and specialized companies deliver competitive edge through innovation, cost leadership and purchasing strength. Ballast Nedam's range of services is shifting towards specific product-market combinations with greater added value.

Ballast Nedam creates enduring quality combined with lower life cycle costs for its customers and society. http://www.ballast-nedam.com


SOURCE Ballast Nedam NV



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