Heijmans NV: Heijmans' results impacted by valuation adjustments property assets

Underlying operating result amounts to € 26 million

Key developments

·       Positive underlying operating result of € 26 million (2010: € 47million), 
      mainly due to good results from Infra and Residential Building;

·     Net loss 2011 € 38 million, largely due to exceptional items: value 
      adjustments  of property assets  by € 43 million, goodwill impairment of
      € 10 million and restructuring costs of € 9 million; 

·       Number of houses sold remained under pressure: 1,248 in 2011, 
      compared with 1,505 in 2010;

·       Solvency ratio solid at 31%, compared with 33% in 2010;

·       Order book at year-end 2011 stable at € 2,192 million, compared with € 
      2,188 million at year-end 2010; and

·       Proposed dividend for 2011 € 0.35, unchanged from € 0.35 in 2010.

Gerrit Witzel, Chairman of the Heijmans Executive Board:

'The past year was decidedly difficult. The housing market continued to deteriorate in the second half of the year. As announced at the end of January, in view of these developments, we decided to write down on some property assets   to match with the new reality in the housing market. The development of results in Non-Residential Building and prefab was very disappointing and we have introduced serious measures there to reverse the tide. In the coming year, we have to put considerable energy to make additional quality improvements. We are clearly satisfied with the results in Infra, Residential Building and Technical Services. Our integrated approach does work, as shown by the acquisition of projects such as the A4 Delft to Schiedam project and the Rotterdam municipal offices. In addition, this strategy as well as our company's healthy financial position form a solid basis for the realisation of our strategic ambitions. Based on this confidence, we propose a dividend, similar to last year, of € 0.35 per share.' 

Full press release (http://hugin.info/130707/R/1590385/499606.pdf)

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Source: Heijmans NV via Thomson Reuters ONE

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