Koninklijke Heijmans N.v. · EURONEXT:HEIJM
Koninklijke Heijmans — H1 2016 Earnings Presentation
28 slides from Koninklijke Heijmans's earnings presentation, Aug 17, 2016
Slide 1: Interim results 2016
Interim results 2016 17 August 2016 Executive Board Heijmans N.V.
Slide 2: Heijmans first half results: improved results in most sectors
‘Heijmans first half results: improved results in most sectors, completion loss-making projects Infra still strongly affects results’ Bert van der Els – chairman Executive Board Heijmans N.V.
Slide 3: Key figures H1 2016
Key figures H1 2016 Key figures x 1 € million H1 2016 H1 2015 2015 Revenues 946 922 1.979 1 Underlying operating result -7 -11 -5 Operating result -15 -16 -29 Result after tax -12 -15 -27 Earnings per share ( in €) -0,57 -0,76 -1,32 Order book 2.375 2.190 2.094 Net debt 77 108 10 Number of FTE 6.409
Slide 4: Timmerhuis, Rotterdam
Timmerhuis, Rotterdam Hart van Zuid Rotterdam
Slide 5: H1 2016 – Financial highlights
H1 2016 – Financial highlights • Increase H1 revenue to € 946 mln (2015: € 922 mln); • Homes sold H1: 1,069 (2015: 746). Growth primarily in investors segment; • Underlying operating result improves, but still negative; • Improved results for Property Development / Residential Building, Non-Resident
Slide 6: H1 2016 – Operational / strategic highlights
H1 2016 – Operational / strategic highlights • New strategy plan Infra NL 2016-2018: ‘Focus, Discipline & Excellence’; • Innovation: first successes with sales of Heijmans ONE (58 sold) and BikeScout; • With GO! Programme continuous focus on safety: Continuing IF (Injury Frequency) rate at 3.3, decl
Slide 7: Placement Heijmans ONE’s Wonen Limburg
Placement Heijmans ONE’s Wonen Limburg
Slide 8: Strategy plan Infra NL 2016 - 2018
Strategy plan Infra NL 2016 - 2018 • Strategy recently reviewed and sharpened; • Translated into strategic plan 2016 – 2018: ‘Focus, Discipline & Excellence’; • Five key elements: 1) Intensively managing current loss-making projects Infra towards completion; 2) Continuing / sharpening measures risk
Slide 9: Progress loss-making projects Infra
Progress loss-making projects Infra • Total impact of € 15 mln; • Of which EFT € 8 mln; • Number of loss making infra projects decreases steadily; • Underlying performance improved compared to same period last year; • H2 2015 recorded heavy project losses: reducing impact key goal for H2 2016; • Qua
Slide 10: A4 Delft- Schiedam
New Amsterdam Court House A4 Delft- Schiedam Zuidas Amsterdam
Slide 11: Outlook
Outlook • Positive trend residential market continues, filling housing showroom crucial to meet high demand; • Gradual improvements expected within Non Residential and Infra, supported by good order intake; • Germany and Belgium record a solid and good performance; • Managing and completing loss mak
Slide 12: Heijmans first half results: improved results in most sectors
‘Heijmans first half results: improved results in most sectors, completion loss-making projects Infra still strongly affects results’ Mark van den Biggelaar - CFO & member of the Executive Board Heijmans N.V.
Slide 13: Developments per sector: Property Development
x € 1 million H1 2016 H1 2015 2015 DEVELOPMENTS PER SECTOR Revenues Underlying operating result 170 6 126 4 278 9 Underlying operating margin 3,5% 3,2% 3,2% Order book 275 280 284 PROPERTY DEVELOPMENT • Strong increase in revenues (34%) with small growth in operating margin; • Homes sold to 1,069 (2
Slide 14: Herbestemming Grootlab / Kanaleneiland
Herbestemming Grootlab Kanaleneiland Amsterdamse Hogeschool Utrecht voor de Kunsten
Slide 15: Developments per sector: Residential
x € 1 million H1 2016 H1 2015 2015 DEVELOPMENTS PER SECTOR Revenues Underlying operating result 208 2 204 3 387 6 Underlying operating margin 1,0% 1,5% 1,6% RESIDENTIAL Order book 386 392 421 • Delay in start up of new projects; • Revenues divided over the Netherlands (€ 152 mln) and Belgium(€ 56 ml
Slide 16: Plein van Leiden / Katendrecht
Bananenstraat Plein vanRotterdam Leiden Katendrecht
Slide 17: Developments per sector: Non Residential
x € 1 million H1 2016 H1 2015 2015 DEVELOPMENTS PER SECTOR Revenues Underlying operating result 162 0 220 -2 421 0 Underlying operating margin 0,0% -0,9% 0,0% Order book 825 549 517 NON RESIDENTIAL • Revenues lower as expected; • Positive trend of Services continues; • Result slightly better than la
Slide 18: Onderhoud en beheer ministeries / Lounge Schiphol
Onderhoud en beheer Lounge 2 ministeries Veiligheid en Schiphol Amsterdam Justitie, Binnenlandse Zaken en Koninkrijksrelaties
Slide 19: Developments per sector: Infra Netherlands
x € 1 million H1 2016 H1 2015 2015 DEVELOPMENTS PER SECTOR Revenues Underlying operating result 329 -15 306 -15 690 -26 Underlying operating margin -4,6% -4,9% -3,8% Order book 787 879 834 INFRA NETHERLANDS • Revenues increased, underlying performance increased due to good development within regiona
Slide 20: A12 Veenendaal – Ede - Grijsoord / A9 Gaasperdammerweg
A12 A9 Gaasperdammerweg Veenendaal – Ede - Grijsoord Amsterdam
Slide 21: Developments per sector: Infra Belgium
x € 1 million H1 2016 H1 2015 2015 DEVELOPMENTS PER SECTOR Revenues 58 57 116 Underlying operating result 4 3 7 Underlying operating margin 6,9% 5,3% 6,0% INFRA BELGIUM Order book 142 103 135 • Revenues at similar level as last year; • Operating margin increased slightly, at very healthy level; • Sl
Slide 22: Developments per sector: Infra Germany
x € 1 million H1 2016 H1 2015 2015 DEVELOPMENTS PER SECTOR Revenues 126 126 319 Underlying operating result 3 1 7 Underlying operating margin 2,4% 0,8% 2,2% INFRA GERMANY Order book 178 238 155 • German infrastructure market is improving; • Revenues in line with last year; • Operating result has gro
Slide 23: Balance sheet, Cash Flow & Financing
Balance sheet, Cash Flow & Financing • As of 1 April committed facility of € 256 mln until 30 juni 2018; • Complied with financial covenants, limited headroom: – Interest Cover: 3.6 (>3, FY 2016 >4) – Leverage Ratio: 2.2 (<3) • Net debt € 31 mln lower than last year because of lower working capital
Slide 24: Appendices: Financial Covenants
Financial Covenants 2016 MY 2015 FY 2015 MY Amounts x € 1 million Interest bearing debt 155,5 135,1 173,4 Minus: cash and cash equivalents 78,1 125,4 65,5 Net debt 77,5 9,7 107,9 Appendices Adjustments: Net debt Joint Ventures 88,8 75,5 70,7 Net debt non recourse project finance -78,8 -80,8 -61,3 Cu
Slide 25: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position x € 1 million Assets 30 June 2016 31 December 2015 30 June 2015 Non-current assets Property, plant and equipment 87 90 90 Intangible assets 112 112 113 Joint ventures and associates 77 77 74 Other fixed assets 98 101 93 374 380 370 Current asset
Slide 26: Cash flow statement
CASH FLOW STATEMENT (x € 1 million) YTD June 2016 YTD June 2015 FY 2015 Operating result -15 -16 -29 Adjustments for: Depreciation of property, plant and equipment 9 9 18 Amortisation of intangible assets 1 1 2 Adjustment of valuation of property investments and land portfolios, 1 1 11 excluding joi
Slide 27: Disclaimer
Disclaimer This presentation has been prepared by and is the responsibility of Heijmans N.V. This presentation is being supplied to you solely for your information and use at the presentation which will be or was held on August 17, 2016. The information may not be further distributed or passed on to
Slide 28: Heijmans
heijmans Ye iy HeijmansNL Ei HeijmansNL www.heijmans.nl @ HeijmansNV ‘in| Heijmans