Heijmans first half results: improved results in most sectors, completion loss-making projects Infra still affecting results

Highlights:

· Revenue increased to € 946 million in first half 2016 (first half 2015: 922 million);
· Residential sales increased to 1,069 homes sold in the first half of 2016;
(first half 2015: 746 homes sold). Increase in home sales to investors;
· Underlying operating result improves in the first half but still € 7 million negative (first half 2015: € 11 million negative);
· Improved results Property Development and Residential Building, Non-Residential, Belgium and Germany;
· Infra: marked improvement - in particular in regional projects and asset management - negated by € 15 million negative impact of loss-making projects;
· Net result after taxes € 12 million negative (first half 2015: € 15 million negative); 
· Order book increased to € 2.4 billion linked to acquisition of projects such as the New Amsterdam Court House, Hart van Zuid and the sewage water purification plant (RWZI) Utrecht; 
· Solvency ratio 25%; net debt declined to € 77 million at end-June 2016 (end-June 2015: € 108 million).

Bert van der Els, CEO Heijmans:
"Heijmans Property Development, Residential Building and Non-Residential are all performing in line with expectations, with improved results and a healthy order book. Heijmans' activities in Belgium and Germany are also showing a positive trend. Demand in the residential market remains high, creating opportunities for our Property Development and Residential Building operations. The new contracts for large-scale area developments are a clear sign of this potential. These include Hart van Zuid, Nieuw Kralingen and another section of Katendrecht in Rotterdam, as well as a new project in Kanaleneiland in Utrecht. On the Dutch Infra market, we are seeing signs of a cautious recovery and the majority of our activities is performing well, but our results remain under severe pressure. We are faced with a number of loss-making infra projects from the past that we still have to complete, with the Energiefabriek project in Tilburg in particular still proving to be an issue. It is disappointing to note that the final phase towards delivery is progressing with difficulty. It will take a great effort in the coming period to bring this project to a satisfactory conclusion. In the meantime, we continue to invest in further improving our core processes to ensure that we can phase out poorly performing projects in a controlled manner and that the rest of our activities operate at healthy margins. We expect this approach to enable us to complete the year with a positive underlying operating result."  

About Heijmans
Heijmans is a listed company that combines activities related to property development, residential building, non-residential building, roads and civil engineering in the areas living, working and connecting. Heijmans is active in the Netherlands, Belgium and Germany and as a technology partner delivers know-how and concepts in various markets. Our constant focus on quality improvements, innovation and integrated solutions enables us to generate added value for our clients. Heijmans realises projects for private consumers, companies and public sector bodies. With almost 6,500 employees and close to € 950 million in revenues in the first half of 2016, we are building the spatial contours of tomorrow. You will find additional information on www.heijmans.nl

For more information / not for publication:

Media
Marieke Swinkels-Verstappen
Communications
+31 (0)73 543 52 17
mswinkels-verstappen@heijmans.nl 

Analysts
Guido Peters
Investor Relations
+ 31 (0)73 543 52 17
gpeters@heijmans.nl