NIEUWEGEIN, The Netherlands,
November 28, 2014 /PRNewswire/ --
- Agreement concerning the sale of Ballast Nedam Offshore's
activities
- Strong increase in solvency to approximately 10%
- Forecast operating loss of € 35 million - € 45 million for the
whole of 2014
Ballast Nedam has reached agreement on the recently announced
sale of Ballast Nedam Offshore's activities. Following a careful
evaluation of the indicative offers, Ballast Nedam has reached
agreement with Van Oord on the sale.
This agreement contains the customary suspensive conditions,
including obtaining approval from the competition authorities. This
transaction involves the sale of Ballast Nedam Offshore assets, the
staff of the EPCI services (EPCI: design, procurement, construction
and installation), the Heavy Lift Vessel Svanen, and the
Westermeerwind project (which is still in progress).
The transaction, which represents a substantial book profit for
Ballast Nedam, is expected to be finalized shortly. This sale is an
extension to the programme of divestments announced by
Ballast Nedam in February, which is intended to strengthen its
financial position. The sale of Ballast Nedam Offshore's activities
means a provisional end to the divestment program.
Ballast Nedam has characterized 2014 as a difficult year, and
has previously given no concrete forecasts. Ballast Nedam is
currently forecasting a negative operating result of € 35 million
to € 45 million for the whole of 2014, and greatly improved
solvency of approximately 10 percent (half-year figure for 2013:
4%). This forecast includes the substantial book profit resulting
from the sale of Ballast Nedam Offshore's assets. The negative
operating result for the whole of 2014 is mainly caused by the
losses incurred by the A15 Maasvlakte - Vaanplein project
(which were announced earlier this year), and by further
disappointing project results in the Infrastructure division.
Ballast Nedam targets its strategic focus at successfully
acquiring and carrying out integrated projects in the working areas
of housing, mobility, energy and nature in the Netherlands and internationally. We will
expand related activities in niche markets and work on projects
where we can make a difference for the client with our expert
knowledge and skills. Ballast Nedam applies a differentiated market
approach for its three divisions.
With further industrialization of the building process through
the use of innovative modular concepts and standardization Ballast
Nedam creates enduring quality at the lowest possible life cycle
costs for its clients and society. The Ballast Nedam share is
included in the Amsterdam Small Cap Index (AScX) of NYSE Euronext.
http://www.ballast-nedam.com
This announcement includes certain forward-looking statements,
which are based on the Company's current expectations and
projections on the date of this announcement. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors because such
statements relate to events, and depend on circumstances, that will
occur in the future whether or not outside the control of the
Company. Such factors may cause actual results, performance and
developments to differ materially from those expressed or implied
by the forward-looking statements included in this
announcement.
PRN - NLD