Heijmans
Heijmans annual results 2017: sound basis for continued recovery
February 23, 2018 01:13 ET | Source: Heijmans N.V
multilang-release
Highlights
In 2017, Heijmans transformed into a purely Dutch company with a focus on its core competencies in property development, residential building, non-residential and infrastructure;
Underlying EBITDA NL € 30 million (2016: € 73 million negative);
Total number of homes sold 2,192 (2016: 1,962), of which 1,394 were sold to private buyers (2016: 1,019);
Continuation of strong growth in revenue and result Property Development, stable development Residential Building;
Infra from severely loss-making to profitable operation, lagging performance Non-Residential;
Net profit (incl. €29 million foreign operations) to € 20 million in 2017 (2016: net loss of € 110 million);
Solvency of 27%, net cash position year-end € 14 million (2016: net debt € 100 million).
Ton Hillen, CEO Heijmans:
"2017 was a transitional year, in which, with our strategy 'Focus, Discipline, Excellence', we have laid a sound foundation for further recovery. We have realised this by adjustments to the management of the organisation, the sale of business units, a more selective acquisition policy and reassessment of the tender and project portfolio. A number of projects with a considerable downward impact on the results were brought under control which has strongly reduced our risk profile. I am satisfied with the huge turnaround at Infra, from severely loss-making in previous years to a profitable operation in the year under review, and with our good position in the strongly growing housing market. We closed 2017 with a positive operating result which forms the basis to once again look to the future. In 2018, Heijmans will continue to work on continuous improvements in order to maintain the pace of our recovery. Based on today's figures and a well-stocked order book we are looking forward to 2018 with confidence."