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Heijmans NV (AMS:HEIJM) While revenues increased by 2%, Heijmans' profit after tax for the first six months of 2008 dropped to €2 million (1st half 2007: €19 million). Losses incurred by the Building and Infrastructure divisions in the Netherlands and by building and property development activities in Belgium depressed the result. The Property Development and Technical Services divisions in the Netherlands, the United Kingdom and Franki Grundbau in Germany posted good results. In spite of the poor results, Heijmans amply met its financing ratios at the end of June 2008.
In view of uncertainties surrounding the developments during the 2nd half of the year, Heijmans does not make any forecasts on the results for the full year 2008.
Rob van Gelder, Chairman of the Executive Board: "The results are quite frankly disappointing. We will have to chart a new course over the coming months to get Heijmans back on track. This will however require outlays before benefits can be reaped."
Highlights for the first half of 2008 - Good results reported by the Property Development Division Netherlands: the market is stagnating; - Building activities in the Netherlands still reporting losses; - Losses in road construction in the Netherlands due to excess capacity of asphalt production plants, slim margins and project losses on certain large construction works; - Losses on building and property development activities in Belgium; - Financing ratios were amply met by managing capital requirements; - The order book remains at a satisfactory level: but margins are under pressure; - No statements on expectations for full year 2008 result.
The full press release can be read in the attached PDF file.
For additional information:
Media Frank Janssen Director of Corporate Communications +31 73 54 35 169 fjanssen@heijmans.nl
Analysts Michiel Segers Director of Investor Relations +31 73 54 35 190 msegers@heijmans.nl
