CORRECTION - Ballast Nedam: Ballast Nedam
Narrowly Achieves Operating Profit in First Half

<pre>

    - Operating profit of EUR 1 million (1st half of 2012: EUR 4 million)
    - Profit for the period: loss of EUR 3 million (1st half-year 2012: break-even)
    - Revenue 14% lower at EUR 496 million (1st half of 2012: EUR 575 million)
    - Order book of EUR1.6 billion (year-end 2012: EUR 1.8 billion)
    - Operating profit forecast of approximately EUR 15 million for the full year
      2013 upheld
</pre><pre>
    Key figures
                                     first half year
    x EUR 1 million           2013             2012             2012
    Revenue                    496             575            1 296
    EBIT                         1               4             ( 31)
    Margin                     0.2%            0.7%            (2.4%)
    Profit before income tax   ( 3)              1             ( 38)
    Profit for the period      ( 3)              -             ( 41)
    Order book               1 567           1 899            1 761
    Shareholders' equity       128             163              131
    Solvency                    18%             23%              17%
    Financing position       ( 124)          ( 104)            ( 20)
</pre>    Narrow operating profit for first half, and forecast for 2013 upheld

    Ballast Nedam narrowly achieved an operating profit for the first half in steadily
declining markets that are marked by cut-throat competition, price erosion and
insolvencies. Excellent results were achieved on several large multiyear projects and in
the niche markets. Ballast Nedam is accordingly focusing on the growth market of
integrated projects and on niche markets such as industrial construction, offshore wind
turbines, alternative fuels and secondary raw materials. The Government Buildings Agency's
recent selection for the Penitentiaire Inrichting Zaanstad PPP project, and the City of
Amsterdam's preliminary award of a 25-year area concession for the Food Center Amsterdam,
endorse the strategic focus on integrated projects. Pending financial close, these and
several other projects, such as the Westermeerwind nearshore wind turbine project and the
E and F piers at Schiphol Airport Amsterdam, have yet to enter the order book.

    The restructuring of the regional infrastructure companies is well on schedule, and
the first signs of an improvement in the results are visible. The sustained decline in the
residential housing construction market will entail a further capacity adjustment of the
regional construction companies in the second half, in line with these market conditions.
After taking the usual seasonal effects into account, several specialized companies that
operate on capacity-driven markets performed poorly. Additional capacity adjustments to
follow last year's restructuring are in preparation.

    For the full year of 2013 we are upholding the previously announced forecast of an
operating profit of approximately EUR 15 million.

    Financial results

    Infrastructure

<pre>
                             first half year
    x EUR 1 million       2013          2012      2012
    Revenue                199           209      496
    EBIT                     5             9       10
    Margin                 2.5%          4.3%     2.1%
    Order book             787         1 055      900
    Assets                 211           215      214
</pre>    The pressure on the volume in the infrastructure market is undiminished. Competition
is also increasing for the major projects and in the industrial construction niche market,
whereas the offshore wind turbines niche market remained favourable.

    In view of the market conditions, Infrastructure achieved a sound profit of EUR 5
million on a 5% lower revenue. The timing of the execution of the major projects last year
has meant that most of the profit materialized in the first half.

    Solid results were achieved on the major projects and in the niche markets. Although
ongoing projects prevented the regional companies from contributing, the first signs of an
improvement in the results are now visible. The strategic choice to abandon the regional
procurement market for smaller traditional contracts, and to focus instead on the larger,
more integrated projects, would also appear to have been vindicated. The capacity
adjustment is on schedule, and is many times larger than the decline in market volume.
Accordingly there will be less exposure to loss-making markets.

    In recent years, offshore projects have become larger, further offshore, and in deeper
water. In the coming years the offshore industry will focus on cost reduction, rising to
40% in 2020. Ballast Nedam is investing in cost reduction in offshore wind energy through
innovation that is oriented to installing foundations for offshore wind turbines.

    Internationally, we see opportunities in countries where we have operated for several
years in projects with a civil engineering element. Our approach is also account-driven,
with an emphasis on major clients with international operations.

    Infrastructure's total assets declined somewhat relative to the first half and
year-end 2012, to EUR 211 million.

    The order book contracted in the first half by EUR 113 million to EUR 787 million,
because of good progress on several large multiyear projects, running down capacity in the
regional companies, and the absence of large multiyear project acquisitions in the past
year. Nonetheless, the regional infrastructure operations in consortium won the
Amsterdam-Rhine Canal bank restoration design & construct project, for more than EUR 30
million. Other successes in the first half were in the offshore wind turbines niche
market, including the start of the Butendiek offshore wind turbine project in Germany, of
more than EUR 250 million. The eighty foundations will be installed in 2014. A contract
was also signed for the installation in the second half of this year of 39 foundations for
the EnBW Baltic2 offshore wind farm in Germany. Yet to be entered in the order book is the
Westermeerwind contract for the design, delivery and installation in 2015 of the
foundations for 48 wind turbines for a wind farm in the Northeast Polder. Within the
industrial construction niche market, several major projects, such as the Magnum multifuel
generating plant for Nuon and the Biopower plants for Eneco, are in the final phase.

    Ballast Nedam operates on the alternative fuels niche market through investment in
fuel filling stations and their construction, management and maintenance. CNG Net and
LNG24 invest in green gas public filling station networks for the private market, and LNG
(liquefied natural gas) filling stations for the transport market. Last month CNG Net
opened its 55th public filling station. CNG Net also manages ten custom filling sites for
green gas customers, one of which is for a taxi, coach and contract transport provider in
the province of Gelderland. LNG24 is investing in its second LNG filling station, which
will open in the first quarter of 2014 in Delfgauw. This filling station will serve many
urban goods transport operators whose fleets will run cleaner and more quietly on LNG.

    Building & Development

<pre>
                             first half year
    x EUR 1 million       2013          2012        2012
    Revenue                232           263         573
    EBIT                     1             -        ( 26)
    Margin                 0.4%            -        (4.6%)
    Order book             654           693         731
    Assets                 300           361         314
</pre>    The markets continued to deteriorate in the first half. This effect has been to
increase the price pressure further. The door to the housing market is closed. Mortgages
are still hard to come by, and the borrowing capacity of many households has fallen
substantially. Pressure on the volume in the housing market increased further because of
the cancellation or postponement of housing association projects. First-time buyers and
student accommodation would now appear to be an exception to this rule. The current low
production rate of newly built homes and the demographic trend mean that the housing
market definitely has good prospects in due course. The long-term shortage is therefore
increasing, in terms of both quantity and quality. The recovery in the office market will
come later because of the current level of vacancy and the structural decline in the need
for space per employee. There are interesting opportunities in the somewhat more stable
renovation and maintenance market, and in the transformation of vacant property to
different functions.

    In the first half, Building & Development achieved an operating profit of EUR 1
million on a 12% lower revenue. The major complex projects made a fine contribution,
property development broke even, and the regional construction companies made a loss.
Capacity in the regional construction companies will be adjusted further in the second
half in line with the current market conditions.

    The order book contracted in the first half by 10% to EUR 654 million. In the first
half, 35 recreational dwellings of the second phase of Nieuwvliet-Bad Beach Resort were
added to the order book from internal development.

    Sound progress was made in the first half on acquiring projects that will be entered
into the order book in the second half of 2013, subject to the timing of the final award.

    These include the new Food Center Amsterdam, the E and F piers at Schiphol Airport
Amsterdam, and the development and construction of (Y)ours Leiden (the Leidse Schans
campus).

    The new Food Center Amsterdam involves a 25-year area concession that gives the
consortium responsibility for the pace and the programme for this integrated area
development. The programme will transform the current approximately 23.5 ha area into a
new and up-to-date Food Center of approximately 100,000 m2 industrial site, the
construction of approximately 1600 homes, and the restoration of the Central Market Hall,
which is a listed building.

    The work for Schiphol Airport Amsterdam's transition to central security comprises an
overlay on the E and F piers and the construction of a terminal extension between them.

    The construction of (Y)ours Leiden marks the resumption by Syntrus Achmea Real Estate
& Finance of investment in homes for first-time buyers and students. (Y)ours Leiden will
be the most sustainable student campus in Europe, with 1900 student apartments, 205 homes
for first-time buyers, and associated facilities.

    More good news, and entirely in line with the strategic focus on the integrated
projects growth market, is the Government Buildings Agency's proposal to select the Pi2
consortium, which includes Ballast Nedam (65%) and Royal Imtech (35%), as the candidate
for the Penitentiaire Inrichting Zaanstad PPP project. This project will involve the
design, new construction, maintenance, financing and technical facilities management for a
period of 25 years following availability. The project has a nominal value of
approximately EUR 300 million. Ballast Nedam is the sole shareholder of this PPP project.

    In June, Ballast Nedam, eight housing associations and three major construction
companies signed the 'Acceleration' innovation deal, for the sustainable renovation of
111,000 rented homes. The contract stipulates that with a feasible business case the first
11,000 homes will be renovated in a guaranteed sustainable manner by the four
participating construction companies .

    The assets of Building & Development were EUR 300 million, which is EUR 14 million
lower than at year-end 2012.

    The residential construction operations declined by 200 homes to 1 101 under
construction at year-end 2012 to 901. In the first half, 209 homes were taken into
construction, 39 of which from internal property development, and 409 homes were
completed.

<pre>
    Property development
    Exposure property development
                                                        first half year
    x EUR 1 million                                     2013               2012   2011  2010
    Land positions                                      145                152    154    160
    Unsold stock under construction                       5                  6     13     12
    Unsold stock delivered                               17                 18     12     27
    Total on balance                                    167                176    179    199
    Liabilities to complete projects under construction   2                  1      7      3
    Liabilities to acquire land positions                39                 39     24     30
    Total liabilities off-balance                        41                 40     31     33
    Exposure property development                       208                216    210    232
</pre>    The total property development exposure, which consists of investments in land
positions, investments in unsold stock and related future liabilities, decreased in the
first half by EUR 6 million to EUR 206 million. Our aim to lower the capital invested in
property in the next few years will be hard to achieve in view of the sustained poor
market conditions and the ongoing purchase commitments of EUR 39 million. Of this, EUR 22
million will fall in the 2014 - 2018 period inclusive, and EUR 17 million in 2019 and
later.

    The total investment in unsold stock, both delivered and under construction, decreased
in the first half by EUR 2 million to EUR 22 million. The number of unsold homes went down
from 67 at year-end 2012 to 53, of which the number of completed homes decreased by ten in
the first half to 46, spread over 13 projects. Besides these 46 homes, among the delivered
unsold stock there was also 4 112 msquared leased and 1 000 msquared unleased commercial
property.

    Land positions

<pre>
                         first half year
    x EUR 1 million      2013               2012    2011   2010
    Opening              152                154      160    157
    Net investment       ( 7)                19        2      7
    Write-down             -               ( 21)     ( 8)   ( 4)
    Closing              145                152      154    160
</pre>    The land positions decreased by EUR 7 million to EUR 145 million, which consisted
mainly of the sale of a land position with construction rights in Nijmegen, and the taking
into construction of the second phase of the Nieuwvliet-Bad Beach Resort area development.
There were no asset write-downs in the first half.

    Specialized Companies

<pre>
                              first half year
    x EUR 1 million        2013           2012        2012
    Revenue                 114            102         262
    EBIT                    ( 4)           ( 3)       ( 10)
    Margin                 (3.5%)         (2.9%)      (3.8%)
    Order book              107            112          90
    Assets                  113            130         131
</pre>    Market volume for the specialized companies was pulled downward by the markets for
infrastructure and construction. Revenue for the first half increased by EUR 12 million to
EUR 114 million because of higher revenue from the Ballast Nedam projects. Specialized
Companies made an operating loss of EUR 4 million. Alongside the seasonal effects, some
companies that operate on capacity-driven markets performed poorly. Additional capacity
adjustments to follow last year's restructuring are in preparation.

    In the alternative fuels niche market Ballast Nedam has won a follow-on contract for
the construction and maintenance of a hydrogen filling station for the Flemish-Dutch
WaterstofNet, this time for the first 700-bar hydrogen filling station in the Netherlands.
This filling station type is compatible with the new generation of hydrogen-fuelled
passenger cars that will be put on the market. Ballast Nedam is to supply a professional
home-base CNG installation to the Portuguese energy company EDP. The installation will
allow the fleet of twenty new natural gas vehicles to be refuelled rapidly and
conveniently on EDP's own site in Porto. The installation will be delivered on a turnkey
basis in August 2013 in collaboration with a Portuguese partner.

    Ballast Nedam has also entered into framework contracts with NUON, DSM, Zonline and
others for the installation of solar panels for private customers under a collective
purchasing scheme.

    The assets of Specialized Companies were EUR 113 million, which is EUR 17 million
lower than in the first half of 2012. This decline is attributable to a lower working
capital.

    The order book grew in the first half by EUR 17 million to EUR 107 million because of
a higher portfolio for internal major projects.

    Supplies

<pre>
                             first half year
    x EUR 1 million       2013          2012      2012
    Revenue                 78            91       216
    EBIT                     1             1         2
    Margin                 1.3%          1.1%      0.9%
    Order book              61            70        56
    Assets                 198           204       205
</pre>    The volumes in the markets for sandstone and Bestone in the offshore, asphalt and rail
construction industries and for reprocessed raw materials remained reasonably stable. The
high pressure on the volumes of raw materials for the concrete industry and the
prefabricated product market was undiminished.

    The revenue of Supplies went down by EUR 13 million to EUR 78 million because of low
revenues in the prefabricated concrete companies. Supplies accordingly achieved an
unchanged operating profit of EUR 1 million.

    The order book grew in the first half by EUR 5 million to EUR 61 million because of a
higher order book for the prefabricated concrete companies.

    In the autumn of 2013 work will start on the 'New Life in the Lus van Linne' project.
In close collaboration with the Limburg Landscape Foundation, the Municipalities of
Roermond and Maasgouw and the residents, Ballast Nedam will redevelop the area in the Lus
van Linne in phases over the next fifteen years, into 200 hectares of river nature that is
home to a wide range of species, various recreational facilities and flood protection
measures. This redevelopment will be combined with estimated resource extraction of 10
million tons of sand and gravel.

    Ursem Modular Building Systems is supplying modular bathrooms for the almost 600
student apartments in the (Y)ours Leiden project. Thirty iQwoning(R) homes were produced
in the first half of 2012 for the renovation of the Patrimonium district of Hillegom for
the housing association Stek. The homes are ready for assembly on site in mid August,
immediately after the renovation phase. Of the thirty newly built homes, six are for sale.
The iQwoning(R) homes will be ready for the new residents to move in by the end of the
year. Stek selected iQwoning(R) for this project to keep the disturbance to local
residents to a minimum, in view of the limited nuisance that is caused during the very
brief construction period.

    The assets of Supplies were EUR 198 million, which is 6 million lower than in the
first half of 2012.

    Revenue

<pre>
                                  first half year
    x EUR 1 million          2013           2012        2012
    Infrastructure            199            209         496
    Building & Development    232            263         573
    Specialized Companies     114            102         262
    Supplies                   78             91         216
                              623            665       1 547
    Other                   ( 127)          ( 90)      ( 251)
                              496            575       1 296
</pre>    The revenue for the first half went down by 14% to EUR 496 million. For the full year
2013 we expect an approximately unchanged revenue compared with 2012, where the revenue of
Infrastructure will be higher and that of Building & Development lower.

    EBIT

<pre>
                               first half year
    x EUR 1 million         2013          2012       2012
    Infrastructure             5             9         10
    Building & Development     1             -       ( 26)
    Specialized Companies    ( 4)          ( 3)      ( 10)
    Supplies                   1             1          2
                               3             7       ( 24)
    Other                    ( 2)          ( 3)       ( 7)
                               1             4       ( 31)
</pre>    Operating profit decreased from EUR 4 million for the first half of 2012 to EUR 1
million. The profit of the segments decreased because of deteriorating market conditions
and the fact that most of last year's Infrastructure profit fell in the first half. The
'Other' result consisted mainly of holding company costs. The first half included a
partial reversal of the provision for the cost of restructuring.

    Margin

<pre>
                                first half year
                             2013           2012        2012
    Infrastructure           2.5%           4.3%        2.1%
    Building & Development   0.4%              -       (4.6%)
    Specialized Companies   (3.5%)         (2.9%)      (3.8%)
    Supplies                 1.3%           1.1%        0.9%
                             0.2%           0.7%       (2.4%)
</pre>    The overall margin fell on a half-year basis from 0.7% to 0.2%.

    Profit for the period

<pre>
                                       first half year
    x EUR 1 million                 2013          2012       2012
    EBIT                               1             4      ( 31)
    Net finance income and expense   ( 4)          ( 3)      ( 7)
    Profit before income tax         ( 3)            1      ( 38)
    Income tax expense                 -           ( 1)      ( 3)
    Profit for the period            ( 3)            -      ( 41)
</pre>    The financing item was EUR 4 million, which was EUR 1 million higher than for the
first half of 2012, and was attributable to higher financing of working capital. Profit
before income tax was EUR 4 million lower than for the first half of 2012. The profit for
the period declined from break even in the first half of 2012 to a net loss of EUR 3
million.

    Order book

<pre>
                               first half year
    x EUR 1 million         2013          2012       2012
    Infrastructure           787         1 055        900
    Building & Development   654           693        731
    Specialized Companies    107           112         90
    Supplies                  61            70         56
                           1 609         1 930      1 777
    Other                   ( 42)         ( 31)      ( 16)
                           1 567         1 899      1 761
</pre>    The order book contracted in the first half by EUR 194 million to EUR 1 567 million.
Of these orders, approximately EUR 0.9 billion will be executed in 2014 and later. The
capacity was adjusted last year, and is now more compatible with the smaller size of the
order book. The quality and the composition of the total order book allow for continued
disciplined tendering.

    Equity and cash flows

    Solvency improved slightly from 17% at year-end 2012 to 18%. The above solvency is
calculated using the method that accounts for joint ventures by recognizing the share in
the assets (i.e. the equity method). The solvency calculated in accordance with the
proportionate consolidation method that is currently allowed under IFRS and is applied for
the joint ventures, such as the PPP projects, remained unchanged at 15% through the first
half.

    Ballast Nedam's shareholders' equity decreased in the first half by EUR 3 million to
EUR 128 million because of the profit for the period achieved.

    Total assets decreased relative to the first half of 2012 by EUR 100 million to EUR
838 million, mainly because of the sale of a PPP project and the impairment losses taken
in the second half of last year. Capital employed increased in the first half by EUR 80
million because of lower current liabilities and fewer prepayments.

    The cash flow for the first half of 2013 was EUR 101 million negative against EUR 85
million negative for the first half of 2012. This is consistent with the normal seasonal
pattern, but was higher because of EUR 8 million of loans that were repaid in the first
half, compared with a EUR 24 million net increase in long-term loans that was recognized
in the first half of 2012.

    The operating cash flow of EUR 84 million negative was approximately equal to the
negative operating cash flow of EUR 81 million for the first half of 2012.

    The cash flow from investing activities was EUR 9 million negative compared with EUR
24 million negative for the first half of 2012, and consisted of EUR 9 million of
investments. There were no disposals. The EUR 7 million net investment in property, plant
and equipment was lower than the EUR 9 million of depreciation.

    The negative cash flow from financing activities of EUR 8 million consisted of
long-term loan repayments.

    Financing position

<pre>
    x EUR 1 million                             2013        2012     2012
    Cash and cash equivalents                    37          42       84
    Bank overdrafts                            ( 62)       ( 40)     ( 8)
    Net cash                                   ( 25)          2       76
    Recourse loans                             ( 99)      ( 106)    ( 96)
    Financing position                        ( 124)      ( 104)    ( 20)
    Non-recourse loans                         ( 11)       ( 51)    ( 29)
    Financing position including non-recourse ( 135)      ( 155)    ( 49)
</pre>    The financing position increased from a debt of EUR 104 million in the first half of
2012 to a debt position of EUR 124 million. However, the financing position including the
non-recourse loans improved by EUR 20 million from a debt position of EUR 155 million in
the first half of 2012 to EUR 135 million. Net cash decreased by EUR 27 million to a debt
position of EUR 25 million because of higher utilization of the loans for working capital.
Relative to year-end 2012 the financing position decreased by EUR 104 million to a debt
position of EUR 124 million. The financing requirement is always higher in the course of
the year than at year-end.

    One of the strategic objectives for 2013 is to improve the financial position through
the sale of property and assets, among other means. In the first half an office building
in Zaandam was sold and the process of selling the participation in Beheersmaatschappij
Bontrup was started. The process of selling the raw materials company Yvoir is in the
final phase.

    Loans

<pre>
                                     first half year
    x EUR 1 million                 2013             2012      2012
    PPP loans                          6               42        6
    Land bank financing               42               48       44
    Business loans                    51               50       51
    Finance leases                     6                8        7
    Other loans                        5                9       17
                                     110              157      125
    Recourse                          99              106       96
    Non recourse                      11               51       29
                                     110              157      125
    Current loans                      9               10       17
    Long-term loans                  101              147      108
                                     110              157      125
</pre>    There will be no need to refinance the long-term loans in the coming years. The
business loan of EUR 50 million expires in April 2017, has a fixed interest rate of 5.4%,
and mortgages have been taken out on several properties in use by Ballast Nedam as
security. The other large loan of EUR 33 million is mainly for financing several land
positions in a separate company. This loan matures in October 2015 and the interest rate
is Euribor plus a margin.

    The long-term loans were EUR 15 million lower than at year-end 2012 because of
repayment of EUR 8 million and inclusion of a portion under liabilities for sales.
Relative to the first half of 2012, the loans decreased by EUR 47 million, in particular
because of the sale of a PPP project. There is no opportunity of recourse on Ballast Nedam
for EUR 11 million of the EUR 110 million of long-term loans.

    Risks and uncertainties

    The profit to be achieved in the remaining period of 2013 may be affected upward or
downward, in particular by the outcomes of claims concerned with a limited number of
projects and changes in the overall market.

    Of the risks identified in the 2012 Annual Report, the economic risks in the sector,
the political risks, the financial risks and the operating risks have generally increased.

    Our order book includes approximately EUR 75 million of orders that might not go ahead
if the customer is unable to complete the financing.

    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 financial statements give 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
associates.

    Nieuwegein, 12 July 2013

<pre>
    Board of Management
    T.A.C.M. Bruijninckx
    P. van Zwieten
</pre>    Consolidated income statement

<pre>
    x EUR 1 million                             first half year
                                            2013                 2012             2012
    Revenue                                   496                    575            1 296
    Other operating income                      -                      -                4
    Costs of raw materials and
    subcontractors                     ( 336)          ( 392)                ( 952)
    Personnel expenses                 ( 137)          ( 143)                ( 289)
    Other operating expenses            ( 12)           ( 25)                 ( 57)
                                            ( 485)                 ( 560)          (1 298)
    Share in profits of associates              -                      -                -
    Earnings before interest. taxes.
    depreciation and amortization (EBITDA)     11                     15                2
    Depreciation and amortization of
    property. plant and equipment and
    intangible assets                        ( 10)                  ( 10)            ( 23)
    Impairment of tangible and intangible
    assets                                      -                    ( 1)            ( 10)
    Earnings before interest and taxes (EBIT)   1                      4             ( 31)
    Finance income                         -               1                      3
    Finance expense                      ( 4)            ( 4)                  ( 10)
    Net finance income and expense            ( 4)                   ( 3)             ( 7)
    Profit before income tax                  ( 3)                     1             ( 38)
    Income tax expense                          -                    ( 1)             ( 3)
    Profit for the period                     ( 3)                     -             ( 41)
    Attributable to owners of the company:
    Basic earnings per share (EUR)           0.31   #               0.36            -4.24
    Diluted earnings per share (EUR)         0.31   #               0.36            -4.24
    Consolidated statement of comprehensive income
    x EUR 1 million                                 first half year
                                                2013                 2012         2012
    Profit for the period                     ( 3)                     -             ( 41)
    Other comprehensive income:
    Foreign currency translation differences    -                      -                -
    Net changes in hedging reserve              -                    ( 4)               5
    Total comprehensive income for the period ( 3)                   ( 4)            ( 36)
    Attributable to:
    Owners of the company                                            ( 4)            ( 36)
    Non-controlling interests                   -                      -                -
    Total comprehensive income for the period ( 3)                   ( 4)            ( 36)
</pre>    Consolidated statement of financial position

<pre>
    x EUR 1 million                                    first half year
                                              2013           2012            2012
    Non-current assets
    Intangible assets                         30               35           31
    Property. plant and equipment            152              180          169
    Financial assets                          10               50           11
    Disposals of associates                    3                3            2
    Deferred tax assets                       32               36           32
                                                    227              304          245
    Current assets
    Inventories                              189              220          202
    Work in progress                         110              102          112
    Receivables                              240              270          239
    Cash and cash equivalents                 37               42           84
    Assets held for sale                      35                             4
                                             611              634          641
    Current liabilities
    Bank overdrafts                         ( 62)            ( 40)         ( 8)
    Loans                                    ( 9)            ( 10)        ( 17)
    Prepaid on inventories                   ( 2)             ( 1)         ( 1)
    Work in progress                        ( 98)           ( 152)       ( 124)
    Trade payables                         ( 201)           ( 190)       ( 253)
    Income tax expense                       ( 1)             ( 1)         ( 2)
    Other liabilities                      ( 180)           ( 173)       ( 188)
    Provisions                              ( 26)            ( 35)        ( 39)
    Liabilities held for sale               ( 20)                          ( 2)
                                           ( 599)           ( 602)       ( 634)
    Current assets minus current liabilities         12               32           7
                                                    239              336          252
    Non-current liabilities
    Loans                                    101              147          108
    Derivatives                                1               13            1
    Deferred tax liability                     4                4            4
    Personnel expenses                         4                5            4
    Provisions                                 1                4            4
                                                    111              173          121
    Total shareholders' equity
    Equity attributable to owners of the
    company                                  128              163          131
    Non-controlling interest                   -                -            -
                                                    128              163          131
                                                    239              336          252
</pre>    Summary consolidated statement of changes in equity

<pre>
    x EUR 1 million                               first half year
                                              2013            2012      2012
    Share capital                              60              60        60
    Share premium                              52              52        52
    Reserves                                   19              49        59
    Opening                                   131             161       171
    Foreign currency translation differences    -               -         -
    Net change in hedging reserve               -             ( 4)        5
    Other comprehensive income                  -             ( 4)        5
    Profit for the period                     ( 3)              4      ( 41)
    Dividend paid                               -             ( 4)      ( 5)
    Other                                       -               -         1
    Closing                                   128             163       131
</pre>    Consolidated statement of cash flows

<pre>
    x EUR 1 million                                     first half year
                                                      2013             2012        2012
    Net cash - opening balance                            76               87           87
    Profit for the period                             ( 3)               -         ( 41)
    Adjustments:
    Depreciation                                        9               10           23
    Amortization                                        1                -            -
    Impairment (in)tangible assets                      -                1           10
    Finance expense                                     4                4           10
    Finance income                                      -              ( 1)         ( 3)
    Share-based payments                                -                -            1
    Gain from disposal of fixed assets and subsidiaries -                -            -
    Income tax expense                                  -                1            3
    Share in profits of associates                      -                -            -
    Movements:
    Movement in inventories                             5              ( 9)           6
    Movement in work in progress                     ( 24)             ( 8)        ( 46)
    Movement in other receivables                    ( 12)             ( 7)          24
    Movement in provisions and employee benefits     ( 13)             ( 3)         ( 2)
    Interest paid                                     ( 4)             ( 4)         ( 7)
    Paid on hedging instruments                         -                -          ( 3)
    Interest received                                   -                -            -
    Income taxes paid                                   -                -          ( 1)
    Change in other current liabilities              ( 47)            ( 65)          27
    Net cash from operating activities                  ( 84)            ( 81)           1
    Intangible assets
    investments                                       ( 1)             ( 1)         ( 2)
    disposals                                           -                -            1
    Property. plant and equipment
    investments                                       ( 7)             ( 8)        ( 23)
    disposals                                           -                2            8
    Financial assets
    investments                                         -             ( 17)        ( 41)
    disposals                                           -                4            -
    dividends received                                  -                -            1
    income from other receivables                       -                -            -
    Disposals of associates                           ( 1)             ( 1)           -
    Disposal of subsidiaries after deduction of
    disposed cash and cash equivalents                  -              ( 3)         ( 4)
    Sale of subsidiaries after deduction of
    disposed cash and cash equivalents                  -                -            -
    Net cash used in investing activities                 ( 9)            ( 24)       ( 60)

    Income from long-term loans drawn                   -               34           62
    Repayment of long-term loans                      ( 8)            ( 10)         ( 7)
    Handling charges paid on new loans                  -                -            -
    Finance lease instalments paid                      -                -          ( 2)
    Acquisition of non-controlling interest             -                -            -
    Dividend paid                                       -              ( 4)         ( 5)
    Proceeds from repurchase of own shares              -                -            -
    Net cash from financing activities                    ( 8)              20          48
    Effect of exchange rate fluctuations on cash held   -                -            -
    Net cash - closing balance                           ( 25)               2          76
</pre>    Net cash

<pre>
    x EUR 1 million                              first half year
                                       2013             2012        2012
    Cash and cash equivalents          37               42           84
    Bank overdrafts                  ( 62)            ( 40)         ( 8)
    Net cash                         ( 25)               2           76
    Fully consolidated               ( 45)            ( 13)          63
    Proportionately consolidated       20               15           13
    Net cash                         ( 25)               2           76
    Net financing position
    x EUR 1 million                              first half year
                                          2013             2012         2012
    Net cash                            ( 25)                2            76
    Current portion of long-term loans   ( 9)             ( 10)         ( 17)
    Long-term loans                    ( 101)            ( 147)        ( 108)
                                       ( 135)            ( 155)         ( 48)
</pre>    Non-proportionately consolidated statement of financial position

<pre>
                           Proportionately consolidated   Not proportionately consolidated
    x EUR 1 million
                                  first half year   first half year
                                       2013        2013            2012            2012
    Non-current assets
    Intangible assets                    30          26              29              25
    Property. plant and equipment       152         137             152             141
    Financial assets                     13          33              11              41
    Deferred tax assets                  32          32              33              32
                                               227        229            225           239
    Current assets
    Inventories                         189         154             176             165
    Work in progress                    110          91              92              96
    Receivables                         241         205             216             199
    Cash and cash equivalents            37          16              15              68
    Assets held for sale                 35          20                               4
                                        611         486             499             532
    Current liabilities
    Bank overdrafts                    ( 62)       ( 55)           ( 28)              -
    Loans                               ( 9)        ( 5)            ( 4)            ( 8)
    Prepaid on inventories              ( 2)        ( 1)              -               -
    Work in progress                   ( 98)       ( 56)           ( 86)           ( 63)
    Trade payables                    ( 201)      ( 143)          ( 130)          ( 183)
    Income tax expense                  ( 1)          -             ( 1)            ( 2)
    Other liabilities                 ( 180)      ( 202)          ( 177)          ( 244)
    Provisions                         ( 26)       ( 24)           ( 32)           ( 35)
    Liabilities held for sale          ( 20)        ( 4)                            ( 2)
                                      ( 599)      ( 490)          ( 458)          ( 537)
    Current assets minus current
    liabilities                                 12       ( 4)             41           ( 5)
                                               239       225             266           234
    Non-current liabilities
    Loans                               101          90              93              93
    Derivatives                           1           -               -               -
    Deferred tax liability                4           2               3               2
    Personnel expenses                    4           3               5               4
    Provisions                            1           2               2               4
                                               111        97             103           103
    Total shareholders' equity
    Equity attributable to owners of
    the company                         128         128             163             131
    Non-controlling interest              -           -               -               -
                                               128       128             163           131
                                               239       225             266           234
    Solvency                                    15%       18%             23%           17%
</pre>    Notes to the half-year financial report

    Significant accounting policies

    Ballast Nedam N.V. is based in Nieuwegein in the Netherlands. The half-year financial
report of Ballast Nedam N.V, is concerned with the first six periods of the 2013 financial
year from 1 January 2013 to 16 June 2013, inclusive (2012: 2 January to 17 June,
inclusive). This report comprises Ballast Nedam N.V., (the head of the group) and its
subsidiaries (jointly referred to as Ballast Nedam) and Ballast Nedam's interest in
associates and entities over which there is joint control.

    The consolidated accounts of Ballast Nedam N.V. for financial year 2012 are available
on http://www.ballast-nedam.com.

    Statement of compliance

    The half-year financial report has been prepared in accordance with International
Financial Reporting Standard IAS 34 'Interim Financial Reporting' as adopted by the
European Union (hereinafter referred to as: 'EU-IFRS'). The half-year financial report is
not audited. The half-year financial report does not comprise all the information required
for the full annual financial statements and must be read in conjunction with the
consolidated financial statements for 2012.

    This half-year financial report was drawn up and approved by the Board of Management
on 12 July 2013.

    Accounting policies used in the half-year financial report

    The accounting policies used in the half-year financial report are consistent with
those set down in the annual financial statements for 2012.

    The Board of Management regularly uses information of individual segments in order to
make decisions about resources to be allocated and to assess performance. The decisions
about resources to be allocated and the assessment of performance are based on earnings
before interest and taxes and capital employed.

    Seasonal patterns

    Ballast Nedam is subject to the usual seasonal pattern within the construction
industry, which has an effect on the reported profit, statement of financial position and
cash flows. From a historical perspective, revenue and operating profit in the first half
are lower than in the second half of any year. The demands on working capital and the net
debt are generally higher at mid-year than at year-end.

    Related party transactions

    The parties related with Ballast Nedam are the company's key management (Board of
Management and Supervisory Board), its subsidiaries, associates, joint ventures, the
Stichting Pensioenfonds Ballast Nedam, and the directors and senior officials of these
entities.

    The main task of the Ballast Nedam Pension Fund is to implement the pension scheme for
Ballast Nedam employees. The Ballast Nedam Pension Fund uses the services of Ballast Nedam
companies. The actual costs are charged on.

    Ballast Nedam buys and sells goods and services from and to various related parties in
which Ballast Nedam holds an interest of 50% or less, or with natural persons and legal
entities that hold at least 10 per cent of the shares in Ballast Nedam. All these
transactions are conducted at arm's length, in a way comparable with that for transactions
with third parties.

    Operating segments

    An operating segment is a component of Ballast Nedam that engages in business
activities that may contribute substantially to revenues and expenses, including those
related to transactions with other components of the Group.

    The Board of Management regularly uses information of individual segments in order to
make decisions about resources to be allocated and to assess performance.

    The amounts for transactions between segments are determined on an arm's length basis.
The results, assets and liabilities of a segment comprise items that can be attributed to
the segment either directly or on a reasonable basis.

    Fair value measurement of financial instruments

    Ballast Nedam makes limited use of derivative financial instruments in order to hedge
exposure to currency, interest rate and market risks arising from operating, financing and
investing activities. Ballast Nedam makes use of hedge accounting to hedge the interest
rate risk on its PPP loans. In the first half there were no material changes in fair value
relative to year-end 2012. The hedges are assessed for effectiveness each quarter. In the
first half Ballast Nedam's total share in the PPP loans was EUR 6 million. The interest
rate risk on these loans is fully covered. The hedges were still effective in the first
half, so that this did not give rise to any change in Ballast Nedam's income statement.

    Accounting estimates and judgements

    In preparing the half-year financial report, the management of Ballast Nedam has made
estimates and judgements that affect the amounts recognized for assets, liabilities,
revenue, costs and the related notes.

    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 deferred income tax assets

    At the close of the period, Ballast Nedam makes an assessment of the income tax
position of all fiscal entities. This involves estimating the actual short-term tax
charges and income, and the temporary differences between the accounting carrying amounts
and tax base of assets and liabilities. A decision is taken at the end of the reporting
period as to whether unused tax losses and deferred tax assets due to temporary
differences may be recognized. Ballast Nedam recognizes the portion of deferred tax assets
that will probably be realized. The utilization of carry-forward losses depends on future
taxable profits and any tax planning opportunities. If the actual anticipated taxable
profits differ from the estimates, and depending on the tax strategies that Ballast Nedam
may implement, taxable losses that have been recognized may not be realized, thus
affecting the financial position and results of Ballast Nedam.

    Provisions

    Provisions relating to legal or constructive 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 obligation. Legal or constructive 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.

    Events after the reporting period

    None

    Nieuwegein, 12 July 2013

    Board of Management,

    T.A.C.M. Bruijninckx

    P. van Zwieten

    The figures on which this press release was based are not audited. This press release
is for information purposes only. The forecasts and outlook presented in this press
release are given with no form of 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 the niche markets:
industrial construction, 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 modular products and
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



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