Second half bounce-back for Heijmans

By Chris Sleight11 March 2010

Heijmans' profits recovered in the second half of 2009, but the company still recorded a loss for the year as a whole. Its revenues for 2009 were € 3,08 billion, a -15,3% decline on 2008. It made an operating loss of € 7 million - half the size of the € 14 million loss seen in 2008. Net profits however were worse than 2008, with the company recording a loss of € 40 million, compared to 2008's net loss of € 34 million.

But as far as last year was concerned, the company saw a marked improvement in the second half of the year. Although revenues were down -16,7% to € 1,59 billion, Heijmans achieved an operating profit of € 12 million, which translated to a net profit of € 3 million. These compared to an operating loss of € 27 million for the second half of 2008 and a net loss of € 36 million.

Executive Board chairman Rob van Gelder said, "2009 was a year with two distinct halves. Following negative results in the first six months there was a recovery in the second half of the year. We made fundamental changes which have delivered results."

Among the measures the company has taken is a downsizing of its activities with a focus on the Netherlands. It has also made financial changes, with a share issue and reduction of its debt.

The biggest fall in revenues last year was seen in the company's property development business, where activity dropped -43% to € 733 million. In fact all of Heijmans' divisions saw revenues fall last year, but there was a return to profitability for its residential building business and infrastructure division

The company's order book at the end of the year stood at € 2.6 billion, a slight rise on the position at the end of June 2009.

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