Ballast Nedam Annual Results 2009: Results in Line With Latest Forecast
By Ballast Nedam Nv, PRNEThursday, March 11, 2010
NIEUWEGEIN, Netherlands, March 12, 2010 -
- 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 ( 
( 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
(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.
PRN NLD
For additional information: Public Relations, Adrie van Kessel, telephone number +31(6)22-45-71-85. Investor Relations, Richard Feenstra, telephone number +31(6)23-22-42-03.
Tags: Ballast Nedam NV, March 12, Netherlands, Nieuwegein, Telephone
