Heijmans 2015: Negative year result, improvement noted in second half

• Revenues increased 6% to almost € 2.0 billion (2014: € 1.9 million);
• Underlying operating result second half 2015 € 6 million positive (H2 2014: € 5 million negative), full year 2015 € 5 million negative (2014: € 12 million negative);
• Financing extended to 30 June 2018; solvency ratio 26%
• Increase in number of homes sold to 1,791 homes with 33% (2014: 1,347 homes);
• Net result 2015 € 27 million negative, partly due to impairment of property assets (2014: € 12 million negative);
• Result from growth markets Property Development and Residential Building (€ 15 million) improved  compared to the previous year  (2014: € 6 million); activities in Belgium and Germany make solid contribution to the results; 
• Result Infra Netherlands € 26 million negative: previously introduced improvement measures are having an effect but this is overshadowed by the impact of a number of projects acquired in 2012-2013; 

Bert van der Els, Chairman of the Executive of Heijmans:
"The markets in which we operate remain challenging. We did, however, improve in a number of areas in the second half of the year and an increase in revenues after seven years of decline. Property Development and Residential Building both benefited from the clear growth in the market. With our executional power and creativity we are able to realise  high-profile projects. However, the Dutch Infra market remains poor and margins are under pressure. The larger projects in this market are often highly complex and have numerous stakeholders. We focus very closely on the acquisition of projects with acceptable risk and realistic margins, and on a controlled realisation of these projects. We are seeing the first results of this approach, particularly in regional infra projects and asset management contracts. At the same time, we are still facing losses on a number of larger, Infra projects acquired in the past. Our Belgium and German activities are making a solid contribution to the results. At Non-Residential our service business is able to acquire an increasing number of management and maintenance contracts. We will have to make every effort to improve our core activities through stringent tender, project, procurement and commercial management. The proposed appointment of a fourth board member specifically for the Infra operations should contribute to the process of improving results at Infra. 
In view of the lagging operational performance, there is clear pressure on the ratio between results and credit uptake. With this in mind, Heijmans initiated the dialogue with its banks regarding financing for the years ahead and reached agreement on the extension of the syndicated facility to 30 June 2018. Heijmans' basic premise is to work onwards a structural improvement in the net debt / EBITDA ratio for the coming period. Growth in the housing market and the order portfolio put us in a positive starting position for 2016. Combined with the strategic efforts to improve and renew, we should be able to book a positive underlying operating result in 2016 and make clear steps forwards."

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 working areas living, working and connecting. Heijmans is active in the Netherlands, Belgium and Germany and as a technology partners 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 over 6,500 employees and almost € 2.0 billion in revenues in 2015, we are building the spatial contours of tomorrow. You will find additional information on www.heijmans.nl.

Announcement home member state Heijmans N.V.
Pursuant to the implementation the Transparency directive, Heijmans N.V. announces that the Netherlands is its home member state. Heijmans N.V. has its registered office in Rosmalen and issues (depositary receipts for) shares that are listed on the Euronext in Amsterdam. A copy of same is sent simultaneously to the Dutch Financial market Authority AFM.

For more information:

Media:
Marieke Swinkels-Verstappen
+31 73 543 52 17
mswinkelsverstappen@heijmans.nl

Analysts:

Guido Peters
+31 73 543 52 17
gpeters@heijmans.nl

The Executive Board will explain the published results for 2015 today, 25 February 2016, at a press conference and analyst meeting. The analyst meeting will start at 11.00 am and you can follow the meeting via a webcast on www.heijmans.nl. The agenda and the registration form for the General Meeting of Shareholders of 13 April of this year will be available in the Heijmans website from 2 March onwards.

Heijmans publishes annual report and financial statements 2015 prior to the start of trading (ASX) 29 February 2016.

This press release was also published in Dutch. In the event of any discrepancies between the original press release and the English-language version of same, the Dutch version shall prevail.