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
SOURCE Ballast Nedam