Koninklijke Heijmans N.v. · EURONEXT:HEIJM
Koninklijke Heijmans — Heijmans — H1 2017 Earnings Presentation
27 slides from Koninklijke Heijmans's earnings presentation, Aug 16, 2017
Slide 1: Heijmans interim results 2017
Heijmans interim results 2017 16 AUGUST 2017 ZUIDASDOK, AMSTERDAM
Slide 2: Heijmans: solid progress towards sustainable recovery
Heijmans: solid progress towards sustainable recovery TON HILLEN, CHAIRMAN EXECUTIVE BOARD HEIJMANS N.V. 2
Slide 3: Highlights interim results
Highlights interim results Recovery profitability: • Underlying ebitda NL H1 € 9 million: strongly improved due to recovery at Infra (y-on-y +14 mln) and performance of Property Development • Net result after taxes € 20 mln • Order book at € 2,1 billion up to standard and of good quality Debt reduct
Slide 4: Key figures
Key figures x 1 € million H1 2017 H1 2016 2016 Revenues Netherlands 646 705 1.370 Underlying EBITDA Netherlands*** 9 -9 -73 Underlying operating result Netherlands** 3 -15 -86 Operating result 38 -15 -94 Result after tax 20 -12 -110 Earnings per share ( in €) 0,92 -0,57 -5,16 Order book Netherlands
Slide 5: Heijmans Huismerk, Boerhaavewijk Haarlem
HEIJMANS HUISMERK, BOERHAAVEWIJK HAARLEM
Slide 6: Positive results for the first time since 2011
Positive results for the first time since 2011 For comparison purposes, the annual underlying result is shown for the Dutch operations only 6
Slide 7: Progress problem projects
Progress problem projects • Drachtsterweg: performing according to plan, no peculiarities • N23: work resumed and in full swing: according to plan • Wilhelminasluis: awaiting decision arbitrage procedure • RIVM: expert committee’s decision about financial compensation, fits in the previously recorde
Slide 8: Development per sector
heymans Development per sector
Slide 9: Property Development: positive development
Property Development: positive development Variance x € 1 million H1 2017 H1 2016 2016 2017-2016 Revenues 186 169 332 10% Underlying EBITDA 8 6 15 Underlying EBITDA margin 4,3% 3,6% 4,5% Underlying operating result 8 6 15 Order book 305 275 311 • Increase revenues: € 186 mln, increase underlying ebi
Slide 10: Property Development – Leidsche Rijn Centrum, Utrecht
PROPERTY DEVELOPMENT – LEIDSCHE RIJN CENTRUM, UTRECHT
Slide 11: Residential: steady performance
Residential: steady performance Variance x € 1 million H1 2017 H1 2016 2016 2017-2016 Revenues 139 152 296 -9% Underlying EBITDA 2 2 4 Underlying EBITDA margin 1,4% 1,3% 1,4% Underlying operating result 2 2 4 Order book 342 277 327 • Revenues lower than H1 2016, underlying ebitda at the same level,
Slide 12: Residential – Kanaleneiland, Utrecht
RESIDENTIAL – KANALENEILAND, UTRECHT
Slide 13: Non-Residential: mixed image
Non-Residential: mixed image Variance x € 1 million H1 2017 H1 2016 2016 2017-2016 Revenues 118 162 315 -27% Underlying EBITDA -1 1 -14 Underlying EBITDA margin -0,8% 0,6% -4,4% Underlying operating result -1 0 -15 Order book 756 825 758 • Revenues declined as expected: challenging market conditions
Slide 14: Non-Residential – Amsterdam Court House
NON-RESIDENTIAL – AMSTERDAM COURT HOUSE
Slide 15: Infra: recovery according to plan
Infra: recovery according to plan Variance x € 1 million H1 2017 H1 2016 2016 2017-2016 Revenues 301 329 621 -9% Underlying EBITDA 1 -13 -73 Underlying EBITDA margin 0,3% -4,0% -11,8% Underlying operating result -1 -16 -78 Order book 987 787 730 • Strong improvement underlying ebitda: € 1 mln (H1 20
Slide 16: Strategy Infra
Strategy Infra De-risking Infra advancing: • Sharpened commercial focus on line infrastructure, selective in water & energy • More emphasis on regional projects, maintenance & asset management, specialties • Improvement risk control: project control, risk management, contract management • New manage
Slide 17: Infra - A1 Apeldoorn - Beekbergen
INFRA - A1 APELDOORN - BEEKBERGEN
Slide 18: Financial
heymans Financial
Slide 19: Divestments according to plan
Divestments according to plan • Divestment foreign companies executed according to plan: › Franki completed mid January (book result in 2016) › Oevermann and Heijmans Belgium completed end of April: book profit of € 31 mln › Reported sales proceeds totalling € 115 mln have been achieved › After excl
Slide 20: Improved financial leverage
Improved financial leverage • Improved financial leverage by: › Decrease balance sheet total, reinforced equity and improved debt position • Per 30-6 compliance with financial covenants: › Cumulative ebtida (Q1/Q2) at least € 0 mln › Solvency 27% vs. 16% › Covenants expected to be met in Q3, Q4 2017
Slide 21: Condensed consolidated statement of financial position
4. Condensed consolidated statement of financial position x € 1 million Assets 30 June 2017 31 December 2016 30 June 2016 Non-current assets Property, plant and equipment 50 55 87 Intangible assets 81 82 112 Joint ventures and associates 69 66 77 Other fixed assets 94 88 98 294 291 374 Current asset
Slide 22: Strategy and outlook
heymans Strategy and outlook 22
Slide 23: Focus, discipline, excellence
Focus, discipline, excellence 2017 - 2019 • Sustainable recovery company and its profitability • Debt reduction, structural strengthening financial leverage • Selective acquisition based on core competences / de-risking • Clear focus on strengthening tender process and project control • Expanding ro
Slide 24: Services – Maintenance contract PGGM
SERVICES – MAINTENANCE CONTRACT PGGM
Slide 25: Outlook
Outlook • 2017 a year of transition, on course for transition into Dutch company • Growth in Property Development & Residential, good position and market development • Non-Residential new-build market continues to be challenging, good development Services • Good recovery Infra, sustainable follow-up
Slide 26: Disclaimer
Disclaimer This presentation has been prepared by and is the responsibility of Heijmans N.V. This presentation is being supplied to you solel y for your information and use at the presentation which will be or was held on August 16, 2017. The information may not be further distributed or passed on t
Slide 27: heijmansnl @heijmansnl heijmans
heijmansnl @heijmansnl heijmans heijmansnl