Ballast Nedam Annual Results 2009: Results in Line With Latest Forecast
NIEUWEGEIN, Netherlands, March 12, 2010 /PRNewswire-FirstCall/ --
- Operating Result in Line With Expectation: EUR 17 Million (2008: EUR 42
Million)
- Forecast for 2010: Lower Operating Result of Between EUR 10 Million and
EUR 15 Million
- Revenue 3% Down: EUR 1.4 Billion
- Increase in Order Book: EUR 1.8 Billion (2008: EUR 1.7 Billion)
- Lower Profit: EUR 6 Million (2008: EUR 24 Million)
- Financing Extended to 2014 and 2015
- Relative 2% CO2 Reduction Achieved
Key figures
x EUR 1 million 2009 2008
Revenue 1 384 1 426
EBIT 17 42
Margin 1.2% 2.9%
Profit before income tax 8 31
Profit for the period 6 24
Orderbook 1 818 1 667
Shareholders' equity 162 168
Capital ratio 16% 17%
Net financing position ( 92) ( 41)
Results in line with expectation
2009 was a bleak year in many respects. As market volumes declined, competition for new projects intensified, and the margins narrowed. The years ahead will inevitably be difficult for the construction industry, which operates at the tail-end of the economic cycle. Nonetheless, Ballast Nedam has persevered through the past year in unfolding its strategy. Organizational changes in response to the market conditions were also made in 2009 in the development activities, the regional companies in the north and east of the Netherlands, and the prefabricated concrete companies.
Ballast Nedam achieved a revenue of EUR 1.4 billion with an operating result of EUR 17 million. This result was in line with the profit forecast announced in October 2009, which was for an operating result of between EUR 15 million and EUR 20 million. The margin decreased from 2.9% to 1.2%. 92% of the revenue was earned in the Netherlands (2008: 95%).
Financial results
Revenue
x EUR 1 million 2009 2008
Infrastructure 707 708
Building and Development 705 735
1 412 1 443
Other / elimination ( 28) ( 17)
Total 1 384 1 426
Revenue was 3% lower at EUR 1 384 million.
Infrastructure
The revenue of the Infrastructure division was virtually unchanged at EUR 707 million. The raw material and prefabricated concrete companies contributed lower revenues.
The Infrastructure division succeeded in maintaining its operational result. The result was in line with the forecast, and was good in view of the deterioration in market conditions in 2009. Volumes held up reasonably well in the infrastructure market, while those in the raw material and prefabricated concrete markets diminished conspicuously. However, the price level in the public procurement market for traditional contracts remained unsatisfactorily low. Increased competition depressed the margins further. The regional companies, which are largely dependent on local authority public tenders for relatively small projects, suffered from this trend. The major projects were better able to elude these problems, and booked an excellent result thanks to valuable contributions from the niche segments offshore wind turbines, international projects, and industrial construction. The specialized companies, the prefabricated concrete companies and the raw material companies achieved satisfactory results, albeit lower than last year.
The Infrastructure division was effective in its strategies of moving to non-traditional contractual arrangements for projects, adding optimum value to projects by bringing together knowledge, skills and capacities from throughout Ballast Nedam, focusing on niche segments and strengthening the specialized companies and the raw material companies.
For instance, the new 'plus lanes', which are deployable in peak periods in the A12 Gouda - Zoetermeer design & construct project, were delivered successful early in 2010. This is a one hundred per cent Ballast Nedam project that has benefited greatly from the work of our in-house specialized companies. The award of various major projects in 2009 was largely attributable to high quality. Examples include the design of a new Park & Ride service in Kralingse Zoom for the City of Rotterdam, and the design, construction and maintenance of the N322 Druten - Beneden Leeuwen road for the provincial government of Gelderland. The award of the prestigious A2 tunnel project in Maastricht also hinged on quality. This project was won thanks to effective partnership, both between Ballast Nedam and Strukton, and between the Infrastructure and Building and Development divisions and the many in-house specialized companies.
Ballast Nedam Concessies is a member of the joint ventures about to submit final bids for two major infrastructure PPP projects, the A15 Vaanplein - Maasvlakte and the A12 Veenendaal - Utrecht Lunetten. The partners in both joint ventures are Strukton, John Laing and Strabag.
Infrastructure performed excellently in the past year in the growing European offshore wind farm market. The heavy lift vessel Svanen was engaged for foundation installation work on the British Gunfleet Sands Offshore Wind Farm project and on the Belwind Offshore Wind Farm off the Belgian coast. After completing the Belwind project in February 2010, the Svanen is to be deployed for installing 90 foundations for the British Sheringham Shoal Offshore Wind Farm on behalf of the Danish contractor MT Hojgaard. In the second quarter of 2010 Infrastructure will install the 22 foundations for the German Baltic I Offshore Wind Farm project, using a leased heavy lift vessel. The utilization prospects for the heavy lift vessel Svanen are good in the years to come.
Infrastructure's involvement in the industrial construction niche segment included the building of the Nuon Magnum multifuel power station in Groningen, which started last year, and the building of a natural gas distribution compressor station in Scheemda for Gasunie.
Last year CNG Net continued creating a national network of natural gas filling stations for cars and public transport. The number of public filling stations already stands at 30, plus filling stations under construction for natural gas-fuelled buses for the cities of The Hague and Nijmegen. Natural gas is the cleanest of the fossil fuels. Natural gas-fuelled vehicles have negligible emissions of nitrogen oxides and zero particulate matter. Furthermore, Ballast Nedam has embarked on the first biomethane project in the Netherlands. The project is for converting biogas into pure methane, which is the combustible natural gas component for automotive use. The project partners are the waste incinerator operator De Meerlanden, which produces biogas by fermenting vegetable, fruit and garden waste. Distribution will be through CNG Net.
The specialized company Feniks recovers secondary raw materials from waste incineration ash in the Netherlands and the United Kingdom. Feniks has enhanced its leading position in the United Kingdom market with the construction of a new installation in Sheffield.
Raw material companies have strengthened their position by acquiring a major contract for supplying stone to the Maasvlakte from our interest in our Norwegian quarry. The stone transport for the years ahead has been secured through the acquisition of part ownership of the vessel SMT Bontrup, which has a 42 500 ton load capacity, and was converted in 2009 for loading, unloading and carrying stone.
We foresee a modest reduction in volumes in the infrastructure market in the years ahead. The additional central government spending that has been announced will add to the supply of major projects. Local authority contracts will decline. In line with this trend, there was an increase in the number of employees on major projects and in the specialized companies, with fewer employees in the regional units and the prefabricated concrete companies. In the medium term, a sustained need for infrastructure combined with pressure on the government budget will provide a boost to PPP projects. Despite limitations because of a restricted availability of finance, we see undiminished promising opportunities in the markets for offshore wind farms in Europe, for industrial construction in the energy sector, and for international infrastructure projects on and around waterfronts.
Building and Development
The revenue of the Building and Development division declined by 4% to EUR 705 million. The pronounced revenue rise of major projects was insufficient to counter the sharp fall in property development.
The Building and Development division achieved a substantially lower result than in 2008, with the results of the construction companies remaining conspicuously below our forecasts. The considerably lower contribution from property development had been expected.
Residential construction activities contracted markedly in 2009. The total number of homes under construction decreased by 35% from 3 217 at year-end 2008 to 2 079, while the number of homes under construction from our own project development went down from 911 at year-end 2008 to 521. Only 177 homes were started by our own property development in the past year, in contrast to 664 in 2008. Insufficient advance sales prevented the start of several planned projects. Projects were accordingly scaled down and redeveloped for a less expensive segment, and are now on sale. The unsold and delivered stock increased by EUR 7 million to EUR 10 million and consisted of 21 residential properties, 712 m2 of leased commercial space and 897 m2 of unleased commercial space. The corresponding figures at the end of 2008 were 11 residential properties and 712 m2 of leased commercial space. There were 57 fewer unsold homes under construction in the second half of 2009, leaving a total of 163. Approximately 25% of the sales risk of these homes is shared in some form with other parties. There is a further 2 700 m2 of unsold commercial space under construction, which is leased for 15 years. The unsold projects under construction consequently increased by EUR 13 million to EUR 20 million. Assuming the worst-case scenario, which would mean no additional sales of the total unsold stock under construction, finishing this stock would involve approximately EUR 20 million, much of which would fall in 2010. This potential additional capital requirement falls within the available financing facilities.
The Building and Development division fulfilled the strategy by strengthening the development position, performing projects in non-traditional contractual forms, focusing on niche segments, such as high-rise and the care sector, and strengthening the prefabricated concrete activities.
The development potential of the land bank rose by 5% from 14 800 to 15 600 homes. The carrying amount of the land bank rose by EUR 15 million to EUR 157 million because of below-plan land bank utilization and a substantial addition. The addition included acquisition of the Avenue2 project in Maastricht, with a development potential of approximately 550 homes, and infrastructure construction in the existing Berckelbosch plan, which is a large ongoing residential building development in Eindhoven and our part of the inner city redevelopment Overstad in Alkmaar. Outstanding unconditional purchase obligations for land increased by EUR 8 million to EUR 24 million, and will fall after 2010.
Construction continued in the past year on three PPP projects, with a substantial contract extension for the Ministry of Defence Kromhout Barracks project in Utrecht. Ballast Nedam Concessies and Strukton also have two outstanding tenders in the property field.
In the care sector, construction has started on the university medical centre Erasmus MC in Rotterdam. The new Ministry of Justice and Ministry of the Interior building in The Hague is progressing well. Both projects are in partnership with BAM.
The prefabricated concrete activities have been strengthened by the start of IQwoning production, which is an industrially manufactured shell that is delivered ready for use to the construction site. The resultant home has the properties and appearance of a traditionally built counterpart, but has many additional benefits in terms of development, sustainability, rate of building, quality and comfort. Investments will be made in the next year to achieve a large production capacity.
Despite signs that the decline is levelling out, we are assuming a fall in the volumes of both housing and commercial construction in the years ahead. For housing we foresee fewer homes due for completion than in 2009. In the commercial property market, the proportion of semi-public and public works contracts, in the care sector and elsewhere, is set to increase. The structural shortage of homes, in terms of both quantity and quality, will increase, because of the lower number of new homes in the short term. Our outlook on the housing market in the Netherlands therefore remains positive for the longer term.
EBIT
x EUR 1 million 2009 2008
Infrastructure 20 20
Building and Development 4 29
24 49
Other ( 7) ( 7)
Total 17 42
The operating result reduced from EUR 42 million in 2008 to EUR 17 million.
The Infrastructure division succeeded in maintaining its operating result at EUR 20 million, in line with the forecast given in March 2009 of an almost unchanged operating result. This result may be considered good in view of the deteriorating market conditions in 2009. The operating result could be sustained partly due to the support of higher contributions from the niche segments, such as offshore wind turbines, international projects and industrial construction.
The Building and Development division achieved a substantially lower operating result of EUR 4 million, compared with EUR 29 million in 2008. The announcement in March 2009 of a lower operating result notwithstanding, the fall exceeded the forecast. The satisfactory results of the prefabricated concrete companies did not outweigh the lower results of property development and the regional construction companies.
The Other result remained the same in 2009, and consisted mainly of holding company costs. The holding company costs were almost unchanged.
An interlocutory sentence of approximately EUR 20 million was pronounced in 2009 in proceedings started by Ballast Nedam against an ex-director and individuals associated with him. The UK Office of Fair Trading imposed a fine of EUR 9.3 million on Ballast Nedam in 2009, in its capacity as ultimate parent company of its subsidiary Ballast Plc, which was declared insolvent in 2003. Appeals have been lodged in both proceedings. For the possible outcome of both procedures nothing has been recognized in the financial statements.
Margin
2009 2008
Infrastructure 2.8% 2.8%
Building and Development 0.5% 3.9%
Total 1.2% 2.9%
The overall margin fell to 1.2% on a 3% lower revenue. This margin was well below the target range of 3% to 5%. The margin of the Infrastructure division stayed level at 2.8%, on an equal revenue. The margin of Building and Development reduced sharply from 3.9% to 0.5% on a 4% lower revenue.
Profit for the period
x EUR 1 million 2009 2008
EBIT 17 42
Net finance income and expense ( 9) ( 11)
Profit before income tax 8 31
Income tax benefit / (expense) ( 2) ( 7)
Profit for the period 6 24
The profit for the period fell by EUR 18 million to EUR 6 million, which was mainly attributable to the lower result before taxation.
The profit before income tax decreased to EUR 8 million. The capitalized interest income of the PPP projects exceeded the correspondingly higher interest charges.
The effective tax rate increased slightly to 24%. The deferred tax asset was unchanged and was EUR 37 million at year-end. Carry-forward losses constituted EUR 33 million of this amount.
Order book
x EUR 1 million 2009 2008
Infrastructure 888 705
Building and Development 977 1 005
1 865 1 710
Other / elimination ( 47) ( 43)
Total 1 818 1 667
The order book expanded by 9%, from EUR 1 667 million at year-end 2008 to EUR 1 818 million. The quality, composition and size of the total order book puts us in a relatively favourable starting position in a rapidly declining market.
The increase in Infrastructure is attributable to major projects, in particular the award of the large multiyear A2 Maastricht tunnel project. The regional units, specialized companies and prefabricated concrete companies maintained the level of the order book. The raw material companies' order book contracted by 20%.
The Building and Development order book decreased by only 3%. The pronounced deterioration in the market is clearly evident in the underlying changes. The regional construction companies' and the property development order book shrank by 35%. However, the change was largely compensated by the acquisition of large multiyear projects, such as the construction of the Erasmus MC university medical centre.
Equity and cash flows
Shareholders' equity decreased by EUR 6 million to EUR 162 million. This decrease consisted of dividend payments of EUR 12 million, repurchase of own shares for EUR 3 million, the profit for the period of EUR 6 million and other positive movements of EUR 3 million.
Total assets increased by EUR 30 million to EUR 1 034 million. The higher prepayments have caused the increase to be less than forecast on the basis of the ongoing PPP projects implementation. The increase in assets and the decrease in shareholders' equity reduced the capital ratio from 17% at year-end 2008 to 16%. Capital employed increased by EUR 27 million to EUR 279 million. Non-current assets increased by EUR 78 million, mainly because of the PPP projects, and working capital decreased by EUR 32 million. However, the average working capital was higher in the course of the year. Capital employed is set to rise further in the next few years in line with progress on implementation of the PPP projects and the foreseeable reduction in the prepayments.
The presentation of the PPP projects has a substantial impact on the consolidated statement of financial position and consolidated income statement. Excluding the PPP projects, the operating result would remain unchanged at EUR 17 million, assets would fall by EUR 98 million to EUR 936 million, capital employed would decrease by EUR 98 million to EUR 181 million, shareholders' equity would rise by EUR 10 million to EUR 172 million because of the reversal of temporary differences, and solvency would be 2% higher at 18%.
The results of the PPPs are recognized under finance income and expenses and are therefore not part of the operating result. The consolidated statements of financial position of these PPPs, which are financed by loans that provide no opportunity of recourse on Ballast Nedam, are proportionately consolidated. The company fixed the interest risk of the loans involved from floating to fixed by means of interest rate swaps. The particular valuation of these derivatives creates a hedging reserve charged to shareholders' equity for the temporary differences in the period to maturity of the loans.
Ballast Nedam's capital contributions to the PPPs amounted to EUR 1 million. The outstanding obligation for additional capital contributions was EUR 14 million at year-end 2009.
The positive cash flow for 2009 was EUR 19 million, compared with a positive cash flow of EUR 40 million in 2008.
The operating cash flow for 2009 changed little at EUR 61 million positive compared with EUR 66 million for 2008. The lower result and the increase in the inventories of land positions and unsold projects were more than compensated by lower work in progress.
The negative cash flow from investing activities grew by EUR 55 million to EUR 97 million, and largely comprised EUR 102 million in investments, EUR 1 million in company acquisitions, and EUR 6 million in disposals. The investments and acquisitions were EUR 32 million of tangible assets, EUR 5 million of intangible assets and EUR 65 million of financial fixed assets. The investments in financial assets were concerned with the PPP receivables. The difference between net investments in tangible assets and depreciation decreased from EUR 17 million in 2008 to EUR 6 million.
The positive cash flow from financing activities of EUR 56 million consisted of EUR 71 million net drawing of long-term loans, a EUR 12 million dividend payout for 2008 and EUR 3 million for the repurchase of own shares.
Net financing position
x EUR 1 million 2009 2008
Net cash 111 92
Current portion of long-term loans ( 6) ( 7)
Long-term loans ( 197) ( 126)
Total ( 92) ( 41)
The net financing position fell by EUR 51 million to EUR 92 million. The long-term loans increased by EUR 71 million to EUR 197 million, which was mainly attributable to the net increase of EUR 68 million in PPP loans to EUR 92 million. Net cash rose by EUR 19 million to EUR 111 million, mainly due to the increased prepayments on projects by EUR 49 million to EUR 128 million. The financing requirement was higher in the course of the year than at year-end.
Financing
There will be no need to refinance the long-term loans in the years ahead. The periods to maturity of the two long-term loans were extended in March 2010, to 2014 and 2015. The EUR 50 million general loan matures on 1 April 2014 and has a fixed interest rate of 5.4%. As security for the loan, mortgages were taken out on several properties in use by Ballast Nedam. The other large loan of EUR 33 million is for financing various land positions in a separate company. The loan matures in 1 August 2015 and the interest rate is Euribor plus 200 basis points. The land positions concerned were mortgaged as security for the loan. The terms of both loans involve no financial covenants.
The other long-term loans of EUR 114 million include PPP loans of EUR 92 million, which provide no opportunity for recourse on Ballast Nedam, and for which the interest rate is fixed by means of derivatives.
Corporate Social Responsibility
Ballast Nedam will start reporting on its sustainability performance in accordance with Global Reporting Initiative guidelines in the 2009 Annual Report. Safety, CO2 reduction, integrity, waste and recycling, entrepreneurship and innovation are the themes that have been selected. One of the objectives is to achieve a 30% CO2 reduction by the end of 2020, with an ambitious 10% reduction by the end of 2010, relative to 2008. CO2 emission in the Netherlands fell from 82 kilotons in 2008 to 75 kilotons. The CO2 reduction relative to the revenue in the Netherlands was therefore 2%.
Ballast Nedam's shares
There were 9 870 249 shares in issue at year-end 2008 out of the 10 million issued shares. 168 331 shares were repurchased in 2009 in order to hedge the obligations arising from the current management option scheme. Ballast Nedam had 298 082 shares in portfolio at year-end. The repurchase programme ended on 5 January 2010 with the number of shares in issue standing at 9 700 000. The basic earnings per share based on average number of shares in issue decreased from EUR 2.46 in 2008 to EUR 0.62.
The Ballast Nedam share price quoted at the end of 2008 on NYSE Euronext was EUR 13.83. The share price at the end of 2009 was 10% higher at EUR 15.20. The highest price of EUR 18.62 was on 7 May 2009. The lowest price of EUR 10.89 was on 9 March 2009. The liquidity of Ballast Nedam shares went down from 27 452 per trading day in 2008 to 11 820. The AScX index, which includes Ballast Nedam shares, rose by 45% in 2009.
According to shareholdings reported, Navitas and Hurks Groep were the largest shareholders at year-end 2009, each with an interest of 15.4%. Other parties holding 5% or more of the shares or depository receipts for shares in Ballast Nedam were Delta Deelnemingen Fonds, Delta Lloyd, Menor Investments and Bibiana Beheer.
Dividend policy
The current dividend policy is to place 50% of the profit for the period at the disposal of the shareholders. The Board of Management, with the approval of the Supervisory Board, proposes to distribute a dividend in line with the dividend policy, of EUR 0.31 per share in issue for 2009. The dividend for 2008 was EUR 1.24. Distribution will take place on 18 May 2010. The date of the ex-dividend listing will be 10 May 2010.
Strategy
Ballast Nedam is a developing builder that supplies sustainable total solutions in the built environment. We identify, develop, design, build, manage, maintain and operate our products and services. We are able to perform our processes both individually and as an integrated whole.
Our strategy is oriented to having activities that cover both the horizontal chain, from development, implementation and management to recycling, and the vertical chain. The companies that operate in the horizontal chain are supported by the specialized and supply companies in the vertical chain in order to provide sustainable total solutions. The specialized and supply companies deliver innovation, cost leadership and procurement expertise.
We intend to increase the value of the business through a wider structural margin that is to be achieved with a different activity mix. This aim implies increasing the proportion of development and of the management of maintenance and operation relative to construction. We are also sharpening our focus on niche segments, strengthening the vertical chain and improving operating performance.
Specifically this means that we will strengthen the front and back ends of the horizontal value chain by acquiring development positions, intensifying project development activities, strengthening the management of maintenance and operation, and occupying a leading position in the PPP market. A prudent approach will again be taken in 2010 regarding investment in land positions. We will also increase the share of activities in niche segments, such as offshore wind farms, industrial construction, international projects, large complex projects, high-rise construction and CNG filling stations. The supply companies in the vertical value chain are being strengthened by enhancing the product range and expanding the specialized companies, continuing to improve the operating performance of the prefabricated concrete companies, and replacing and possibly expanding the raw-material concessions. Improving the operating performance of the regional companies is again a major priority for 2010.
Outlook for Ballast Nedam in 2010
The operating result of the Infrastructure division is expected to remain largely unchanged in 2009, on a likewise largely unchanged revenue in view of increased national government major project procurement, which will largely compensate for the fewer smaller local authority projects.
The Building and Development division will approximately break even with its operating result, on a lower revenue, in view of the lack of improvement in the market for property development, and in particular the housing market. No genuine improvement in this situation is foreseen in the short term.
The Board of Management expects a lower operating result for 2010 of between EUR 10 million and EUR 15 million on a lower revenue. The operating result for 2009 was EUR 17 million. However the market prospects for the next few years will be marked by numerous uncertainties.
Key figures
x EUR 1 million 2009 2008
Revenue 1 384 1 426
EBIT 17 42
Margin 1.2% 2.9%
Profit before income tax 8 31
Profit for the period 6 24
Orderbook 1 818 1 667
Shareholders' equity 162 168
Capital ratio 16% 17%
Net financing position ( 92) ( 41)
Operating segments
Revenue
x EUR 1 million 2009 2008
Infrastructure 707 708
Building and Development 705 735
1 412 1 443
Other / elimination ( 28) ( 17)
Total 1 384 1 426
EBIT
x EUR 1 million 2009 2008
Infrastructure 20 20
Building and Development 4 29
24 49
Other ( 7) ( 7)
Total 17 42
Margin
2009 2008
Infrastructure 2.8% 2.8%
Building and Development 0.5% 3.9%
Total 1.2% 2.9%
Order book
x EUR 1 million 2009 2008
Infrastructure 888 705
Building and Development 977 1 005
1 865 1 710
Other / elimination ( 47) ( 43)
Total 1 818 1 667
Assets
x EUR 1 million 2009 2008
Infrastructure 485 482
Building and Development 617 488
1 102 970
Other ( 68) 34
Total 1 034 1 004
Consolidated income statement
x EUR 1 million 2009 2008
Revenue 1 384 1 426
Raw materials and subcontractors (1 026) (1 077)
Personnel expenses ( 277) ( 267)
Other operating expenses ( 39) ( 15)
(1 342) (1 359)
Share in results of associates - -
EBITDA 42 67
Depreciation and amortisation ( 25) ( 25)
Impairment of tangible and intangible
assets - -
EBIT 17 42
Financial income 5 2
Financial expenses ( 14) ( 13)
Net finance income and expense ( 9) ( 11)
Profit before income tax 8 31
Income tax benefit / (expense) ( 2) ( 7)
Profit for the period 6 24
Attributable to:
Owners of the company 6 24
Minority interest - -
Profit for the period 6 24
Attributable to owners of the company:
Basic earnings per share (EUR) 0.62 2.46
Diluted earnings per share (EUR) 0.62 2.46
Consolidated statement of financial position
x EUR 1 million 31-Dec-09 31-Dec-08
Non-current assets
Intangible assets 28 25
Property, plant and equipment 184 176
Financial assets 103 36
Investments in associates - -
Deferred tax assets 37 37
352 274
Current assets
Inventories 230 199
Work in progress 105 127
Receivables 221 295
Cash and cash equivalents 126 109
682 730
Current liabilities
Bank overdrafts ( 15) ( 17)
Current portion of long-term loans ( 6) ( 7)
Prepaid on inventories ( 12) ( 29)
Work in progress ( 191) ( 141)
Trade payables ( 237) ( 300)
Income tax payable ( 1) -
Other liabilities ( 151) ( 145)
Provisions ( 31) ( 21)
( 644) ( 660)
Current assets minus current liabilities 38 70
390 344
Non-current liabilities
Loans 197 126
Derivatives 14 15
Deferred tax liabilities 3 3
Employee benefits 4 4
Provisions 10 28
228 176
Total equity
Equity attributable to owners of the company 162 168
Minority interest - -
162 168
390 344
Equity
x EUR 1 million 31-Dec-09 31-Dec-08
Share capital 60 60
Share premium 52 52
Reserves 56 60
Opening 168 172
Foreign currency translation differences 1 ( 3)
Net change in hedging reserve 1 ( 11)
Other comprehensive income 2 ( 14)
Profit for the period 6 24
Dividend paid ( 12) ( 14)
Other ( 2) -
Closing 162 168
Consolidated statement of cash flows
x EUR 1 million
2009 2008
Net cash - opening balance 92 52
Profit for the period 6 24
Depreciation 23 24
Amortisation 2 1
Impairment - -
Interest expenses 14 13
Interest income ( 5) ( 2)
Equity-settled share-based
payment transactions 1 -
Income tax expense / (benefit) 2 7
Share in results of associates - -
Book result on fixed assets sold - -
Movements in other investments - ( 1)
Movements in other receivables 1 ( 1)
Movement in work in progress 72 ( 11)
Movement in inventories ( 48) ( 6)
Movement in provisions and
employee benefits ( 8) ( 7)
Interest paid ( 13) ( 10)
Interest received - 1
Income taxes paid ( 1) ( 2)
Change in other current assets
and current liabilities 15 36
Net cash from operating activities 61 66
Intangible assets
investments ( 5) ( 2)
disposals - -
Property, plant and equipment
investments ( 32) ( 44)
disposals 3 3
Financial fixed assets
investments ( 65) ( 14)
disposals 3 18
dividends received - 1
Acquisitions of subsidiaries ( 1) ( 4)
Cash acquired in acquisitions - -
Net cash used in investing activities ( 97) ( 42)
Proceeds from long-term loans 90 43
Repayment of long-term loans ( 19) ( 14)
Dividend paid ( 12) ( 14)
Repurchase of own shares ( 3) -
Net cash from financing activities 56 15
Effect of exchange rate fluctuations on cash held ( 1) 1
Net cash - closing balance 111 92
Net cash
x EUR 1 million 2009 2008
Cash and cash equivalents 126 109
Bank overdrafts ( 15) ( 17)
Total 111 92
Unrestricted cash balances 86 75
Proportionately consolidated 25 17
Total 111 92
Net financing position
x EUR 1 million 2009 2008
Net cash 111 92
Current portion of long-term loans ( 6) ( 7)
Long-term loans ( 197) ( 126)
Total ( 92) ( 41)
Disclaimer
The financial summaries in this press release were derived from the audited 2009 financial statements of Ballast Nedam N.V. ('financial statements'). The financial summaries must be read in conjunction with the financial statements and with the accompanying unqualified audit opinion. The financial statements will be posted in digital form on the company's website (http://www.ballast-nedam.nl) on or before 7 April 2010.
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.
SOURCE Ballast Nedam NV
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