Heijmans: solid progress towards sustainable recovery

Highlights:

• Strong improvement in underlying EBITDA NL: € 9 million (H1 2016: € 9 million negative) largely driven by the recovery at Infra and the performance of Property Development and Residential Building activities;
• Revenues NL € 646 million in first half, lower than last year partly due to selective acquisition of new projects by Non-Residential (H1 2016: € 705 million);
• Number of homes sold: 1,106 in the first half of 2017 (H1 2016: 1,069 homes);
• Net result after taxes € 20 million (H1 2016: € 12 million negative); 
• Strong order book of € 2.1 billion at end-June (year-end 2016: € 1.9 billion);
• Divestment programme foreign activities completed, credit facility reduced to € 176 million from € 256 million, solvency up at 27%;
• Net debt reduced to € 45 million at end-June 2017 (end-June 2016: € 77 million), as a result of divestments and improved working capital management.

Ton Hillen, chairman of the Executive Board /CEO Heijmans:
'I am pleased with the progress achieved in the first half. We worked hard to transform Heijmans into a Dutch core business. The sale of our foreign activities, a tightened strategic focus and the de-risking  of a number of projects have laid the foundations for the structural recovery of our business. For the first time since 2011, we have recorded positive results, both in our underlying ebitda and our net result. In the Property Development and Residential Building segment, we are benefiting from the positive development in the Dutch housing market, and this is visible in the increase in the number of homes sold and the rising sales prices. At Non-Residential, we remain selective in a challenging market for new-build projects. At Infra, the recovery is proceeding according to plan and the underlying performance is better. The completion of a number of projects will still require attention, but the impact of the results of these projects is now manageable and steadily declining. I expect all our business units to contribute to Heijmans' results in the second half of this year. Thanks to the reduction of our net debt to € 45 million, an underlying EBITDA of € 9 million for our Dutch business and solvency of 27%, we met the conditions of our bank covenants at the end of the second quarter. We still have work to do in the second half of this year, but we are on track and we are confident about the prospects of Heijmans for the second half of 2017.'

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. 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 the public sector and, in partnership with its clients, is 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

This press release is published in both Dutch and English. In the case of differences between the Dutch and the English version, the former shall prevail.