Koninklijke Heijmans N.v. · EURONEXT:HEIJM
Koninklijke Heijmans — Heijmans — FY2011 Earnings Presentation
30 slides from Koninklijke Heijmans's earnings presentation, Mar 1, 2012
Slide 1: Annual Results 2011
ANNUAL RESULTS 2011 March 1, 2012 Executive Board Heijmans N.V.
Slide 2: Project in focus: Vredenburg Utrecht
Project in focus #Vredenburg Utrecht 2
Slide 3: Heijmans' results impacted by valuation adjustments property assets
Heijmans’ results impacted by valuation adjustments property assets Underlying operating result amounts to € 26 million Gerrit Witzel ‐ chairman Heijmans Executive Board 3
Slide 4: 2011 – a difficult year
2011 – a difficult year • Housing market further deteriorated; • Results Non‐residential building and prefab clearly disappointing; • Net loss full year; • Solid results Infra, Technical services, Residential building and Belgium; • Healthy financial position – maintain dividend. 4
Slide 5: 2011 – Housing market depressed
2011 – Housing market depressed • Low consumer confidence; • Mortgage market troubled; • Heijmans sold 1.248 houses in 2011 versus 1.505 in 2010; • Focus on private sector rental market; • Valuation adjustments on property assets in line with new reality in Dutch housing market; • Organisation Prope
Slide 6: Project in focus: Het Funen, Amsterdam
Project in focus #Het Funen, Amsterdam 6
Slide 7: 2011 – Non-residential building and prefab
2011 – Non‐residential building and prefab • Difficult market for prefab; • Previous measures taken did not bring the desired effect; • New drastic measures prefab (Bestcon); • Disappointing quality of project execution and management of Non‐ residential building; • Commercial expenses too high; • G
Slide 8: Project in focus: Community Center, Leiden
Project in focus #Community Center, Leiden 8
Slide 9: 2011 - Progression
2011 ‐ Progression • Good projects acquired, in progress and delivered: o A4 motorway Delft‐Schiedam o City offices Rotterdam o Asset management Schiphol o A12 motorway Waterberg‐Velperbroek o Nordsea Résidence Cadzand‐Bad (holiday homes) o Rabobank administrative centre Utrecht • Improvements in fi
Slide 10: Project in focus: City offices Rotterdam
Project in focus #City offices Rotterdam 10
Slide 11: Strategy
Strategy Leading in profitability, quality en sustainability Distinctive through integrated approach: by combining activities create maximal synergy between sectors and knowledge centres Primary focus on home market The Netherlands and Belgian infra market 11
Slide 12: Sustainability: Project in focus Smart energy
Sustainability Project in focus #Smart energy 12
Slide 13: Outlook
Outlook • 2012 will still be a challenging year; • Developments housing market and possible further government spending cuts; • Continuous focus on o working capital management o margin over volume o profitability improvements • Differentiating potential: Integrated approach and financial soundness;
Slide 14: Project in focus: VleuGel A27 composite bridge
Project in focus #VleuGel A27 composite bridge 14
Slide 15: Heijmans' results impacted by valuation adjustments property assets
Heijmans’ results impacted by valuation adjustments property assets Underlying operating result amounts to € 26 million Mark van den Biggelaar ‐ CFO and member of Heijmans Executive Board 15
Slide 16: Developments per sector: Property development
x € 1 million 2011 2010 Revenues 349 391 Underlying operating result 1 0 Underlying operating margin 0,3% 0,0% Order book 271 343 DEVELOPMENTS PER SECTOR PROPERTY DEVELOPMENT • 1.248 houses sold, whereof 372 in Q4; • Approx 45% of sales to institutional investors (2010: 35%) • EBIT slightly positive
Slide 17: Developments per sector: Residential building
x € 1 million 2011 2010 Revenues 361 410 Underlying operating result 16 17 Underlying operating margin 4,4% 4,1% DEVELOPMENTS PER SECTOR Order book 371 377 RESIDENTIAL BUILDING • Stable performance over lower revenues; • Approx 45% of the contracts came from Heijmans Property Development; • Failure
Slide 18: Developments per sector: Non-residential building and technical services
in € mln. 2011 2010 Revenues 478 442 Underlying operating result -12 6 Non-residential -11 2 Prefab (Bestcon) -6 -1 DEVELOPMENTS PER SECTOR Tech. services Underlying operating margin -2,5% 5 1,4% 5 Order book 542 491 UTILITY: NON‐RESIDENTIAL BUILDING AND TECHNICAL SERVICES • Non‐residential building
Slide 19: Developments per sector: Infra
x € 1 million 2011 2010 Revenues 820 714 Underlying operating result 34 34 Underlying operating margin 4,1% 4,8% Order book 814 846 DEVELOPMENTS PER SECTOR INFRA: ROADS AND CIVIL ENGINEERING • Turnover increase with stable operating results; • Delivery of several large projects in 2011; • Transforma
Slide 20: Developments per sector: Belgium and Germany
in € mln. 2011 2010 Revenues 571 529 Underlying operating result 6 12 Belgium 8 3 DEVELOPMENTS PER SECTOR Germany Underlying operating margin 1,1% -2 2,3% 9 Order book 388 373 FOREIGN: BELGIUM AND GERMANY • Underlying operational results Belgium show significant improvement thanks to infra activitie
Slide 21: Key figures 2011 – Extraordinary items
KEY FIGURES 2011 – EXTRAORDINARY ITEMS x € 1 million 2011 2010 Underlying operating result 26 47 Write down on property assets -43 -6 Impairment of goodwill -10 0 Restructuring costs -9 -5 Result of disposals 0 12 Operating result -36 48 • Second half of 2011 further deterioration of housing market;
Slide 22: Balance sheet, cash flow and funding
BALANCE SHEET, CASH FLOW AND FUNDING in € mln. 31-12-2011 31-12-2010 Non-current assets 409 434 Working capital 166 263 Capital invested 575 697 Equity 416 455 Provisions 56 64 Net interest bearing debt 103 178 Funding 575 697 • Interest margins reduced following refinancing bank facilities; • Tax i
Slide 23: Summary
SUMMARY • Underlying operating result positive at € 26 million (2010: € 47 million) • Net loss 2011 € 38 million, one‐off items: Valuation adjustments property assets (€ 43 million), Goodwill impairment (€ 10 million) and Restructuring charges (€ 9 million); • Solvency ratio remains solid at 3
Slide 24: Project in focus: Meander Medical Centre, Amersfoort
Project in focus #Meander Medical Centre, Amersfoort 24
Slide 25: Questions and Answers
QUESTIONS AND ANSWERS 25
Slide 26: Appendix: Key figures 2011
Appendix: Key figures 2011 x € 1 million 2H 2011 1H 2011 2011 2010 Revenues 1.277 1.084 2.361 2.285 Underlying operating result 16 10 26 47 Operating result -46 10 -36 48 Result after tax -43 5 -38 16 Order book 2.192 2.301 2.192 2.188 Net debt 103 240 103 178 26
Slide 27: Appendix: Results operational activities
Appendix: Results operational activities Underlying operating result x € 1 million 2H 2011 1H 2011 2011 2010 Netherlands: Property development 5 -4 1 0 Residential building 6 10 16 17 Non-residential building -17 0 -17 1 Technical services 4 1 5 5 Infra 18 16 34 34 16 23 39 57 Foreign: Belgium 5 3 8
Slide 28: Project in focus: Asset Management Schiphol
Project in focus #Asset Management Schiphol 28
Slide 29: 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 March 1, 2012. The information may not be further distributed or passed on to o
Slide 30: Heijmans N.V.
HEIJMANS N.V. PO Box 2 5240 BB Rosmalen, The Netherlands info@heijmans.nl www.heijmans.nl http://twitter.com/HeijmansNL 30