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Ballast Nedam Half-Year Figures 2011: Results on Target, Forecast for 2011 Upheld


News provided by

Ballast Nedam NV

15 Jul, 2011, 05:30 GMT

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NIEUWEGEIN, the Netherlands, July 15, 2011 /PRNewswire/ --

  • Higher operating profit for 1st half-year: € 8 million (1st half-year 2010: € 6 million)
  • Profit for the 1st half-year up: € 4 million (1st half-year 2010: € 2 million)
  • 1st half-year revenue in line: € 608 million (1st half-year 2010: € 625 million)
  • Stable order book: € 1.7 billion (1st half-year 2010: € 1.7 billion)
  • Forecast for 2011 upheld: operating profit of approximately € 15 million - € 20 million

Key figures

                                1st half  1st half  Full year
    x EUR 1 million                 2011      2010       2010

     Revenue                         608       625      1 359
     EBIT                              8         6         18
     Margin                          1.3%      1.0%       1.3%
     Profit before income tax          5         2         11
     Profit for the period             4         2          7
     Order book                    1 716     1 684      1 841
     Shareholders' equity            160       155        161
    
    Capital ratio equity-method      19%       20%        20%

Results on target

Ballast Nedam has had a good first half-year in a difficult market with increasing competition and price pressure. We foresee no change in this situation in the near future. The recent reduction in the transfer tax rate will help improve housing market performance, with benefits working through in due course to the construction of new homes. Ballast Nedam achieved revenue and profit approximately in line with those for the first half-year of 2010. Net profit improved by € 2 million to € 4 million. The satisfactory results achieved in several large multiyear projects endorses Ballast Nedam's strategy of focusing on integrated projects and niche markets such as industrial construction, hospitals, offshore wind turbines, secondary raw materials and alternative fuels. The concomitant introduction of the cluster structure, which will enable Ballast Nedam to act more as a single entity when bidding for integrated projects, is proceeding well. The main repercussions of the poor market conditions were on the profits of the regional companies, property development and the prefabricated concrete companies.

The Board of Management is upholding the profit forecast for 2011 that was announced earlier, of an operating profit of between approximately € 15 million and € 20 million on a largely unchanged revenue.

Strategy

Ballast Nedam's strategy is to focus on integrated contracts and the niche markets of industrial construction, hospitals, offshore wind turbines, secondary raw materials and alternative fuels.

Ballast Nedam is engaged in development, construction, management and recycling in the horizontal value chain, which we refer to as life cycle management of the home environment. Ballast Nedam aspires to a more substantial role in the development of projects and longer-term involvement in management, maintenance and operation. The supply and specialized companies deliver competitive advantage through innovation, cost leadership and purchasing strength from the vertical value chain to the total solutions. The strategic focus is shifting Ballast Nedam's range of services towards specific product-market combinations with a higher added value.

Our creative sustainable total solutions deliver quality, and are oriented to customers and the environment.

New reporting structure

At the start of this year Ballast Nedam brought the organization structure more in line with the strategy of consolidating its position on the growing integrated contracts market. This is the structure that will enable Ballast Nedam to achieve this ambition as a company with integrated operations and clustered supporting services. Starting with these half-year figures, Ballast Nedam will increase transparency by reporting based on the operating segments Infrastructure, Building and Development, Specialized Companies, and Supplies, as opposed to two divisions.

The Infrastructure segment comprises the companies in the horizontal chain that develop, build and manage infrastructure projects, industrial construction, offshore wind turbine projects and international projects.

The Building and Development segment comprises the companies in the horizontal chain that develop, build and manage property projects in the Netherlands.

The Specialized Companies segment comprises the companies in the vertical value chain that provide specializedproducts and services on a project basis, such as engineering, construction trenches, energy concepts, environmental consultancy and engineering, prestressing, green space and asphalt.

The Supplies segment comprises the companies in the vertical value chain that extract and recycle raw materials and supply industrially prefabricated concrete products.

Ballast Nedam Concessies and Ballast Nedam Beheer, both of which are important for infrastructure and property PPP projects alike, have been included under Infrastructure and Building and Development on a fifty-fifty basis.

Infrastructure

                         1st half   1st half   Full year
    x EUR 1 million          2011       2010        2010

    Revenue                   251        237         534
    EBIT                       11          4          10
    Margin                    4.4%       1.8%        1.8%
    Order book                858        686         986
    Assets                    390        316         362

The Infrastructure segment's performance was excellent in the first half-year. Revenue rose by 6% to € 251 million and profit increased from € 4 million for the first half of 2010 to € 11 million. Although the volume in the infrastructure market remained reasonable, the picture of increasing competition and price pressure is unchanged.

The main contributions to the high profit achieved by the ongoing major projects for the first half-year were from industrial construction, offshore wind turbines and international projects. Almost the entire forecast profit for 2011 was achieved in the first half-year because of the multiyear projects that are approaching completion, such as the Nuon Eemshaven power plant in Groningen. The production and profit contribution from major projects for the second half-year will consequently be lower. There is revenue from multiyear projects that are now in the initial stages, such as the major tunnel and property project for the A2 in Maastricht and the major PPP project for the Vaanplein-Maasvlakte section of the A15 .

The heavy lift vessel Svanen installed 51 foundations in the first half-year for the Walney II Offshore Wind Farm in the Irish Sea off the English coast. A start will be made in late 2011 on installing foundations for the 111-turbine Anholt offshore wind farm in Denmark. The prospects for acquiring offshore wind turbine projects and deployment of the heavy lift vessel Svanen continue to be good for the next few years.

A positive contribution to profit from the regional companies was hampered by the normal seasonal pattern and price pressure. The regional companies are still largely dependent on public tenders for smaller traditional contracts from local authorities, for which competition and price pressure are most intense. The regional companies will accordingly shift their focus even more to projects to be implemented in new contract forms, in which sustainability is often a key issue. A good example is Ballast Nedam's winning solution for a green and natural second lock chamber for the Johan Friso lock in Stavoren. The contract included an information centre and 20 years of maintenance in addition to the lock expansion. The contract has a value of € 19 million. The project was won because of the distinctiveness of the design in terms of sustainability and spatial quality.

The order book grew relative to the first half-year of 2010 by € 172 million to € 858 million through the acquisition in the second half of last year of the major PPP project for the Vaanplein-Maasvlakte section of the A15.

Ballast Nedam has recently signed a € 32 million contract with the Ministry of Public Works in Surinam for the design and construction of the Carolina bridge over the Surinam river. Financial close is expected to be reached on 1 August. This project has yet to be entered into the order book.

There are several PPP tenders in the infrastructure market in the coming year. Ballast Nedam is seeking prequalification for the 39-kilometre Assen-Zuidbroek section of the N33 and the A1-A6 link from Diemen to Almere. Ballast Nedam is part of a consortium that has prequalified to bid for the complete system of two tram lines in the city of Groningen.

CNG has made good progress in the first half-year on adding 9 stations to the national network of predominantly green natural gas filling stations. The meter now stands at 50 stations, 5 of which are under construction. It costs less to run vehicles on natural gas than other fuels. Natural gas-fuelled vehicles are quieter, have negligible nitrogen dioxide emissions, and produce no particulates. Recent measurements in Nijmegen following conversion of city buses to natural gas have revealed a substantial reduction in particulates. Also in the third quarter of this year, Ballast Nedam will produce and deliver to CNG Net customers the first Green Gas, the almost CO2-neutral natural gas replacement for automotive use, which is obtained by refining biogas. In the second quarter the first trucks were able to fill up at a Ballast Nedam-developed LNG filling station. This is natural gas in liquid form that is particularly suited to heavier transport, such as trucks and ships.

Total assets increased by € 28 million to € 390 million in the first half-year, mainly because of progress on the PPP projects and the smaller number of projects with prepayments.

Building and Development

                         1st half   1st half   Full year
    x EUR 1 million          2011       2010        2010

    Revenu                    280        330         641
    EBIT                        1          3           4
    Margin                    0.4%       0.9%        0.7%
    Order book                720        882         735
    Assets                    530        458         467

The revenue of the Building and Development segment declined from € 330 million for the first half-year of 2010 to € 280 million. Production was substantial on several major projects, in particular in the first half of last year. Profit decreased by € 2 million to € 1 million. Major projects contributed well. Property development was unable to contribute positively because of the low volume. The number of homes under construction rose in the first half-year by 389 to 1 058, of which 152 were for in-house development.

Fourteen iQwoning units were delivered in the first half of 2011 during the start-up phase of the new plant. iQwoning is an innovative housing concept from Ballast Nedam. The housing concept delivers a sustainable high quality home that can be ready for occupation in a space of 6 weeks, with minimum disruption during the building process.

The picture presented by the market was of an unchanged low volume. Competition for new projects is consequently intense, leading to considerable price pressure. The door to the housing market appeared to close again in the second quarter because of sustained financing weaknesses. Good news for housing market performance came with the recent reduction in the transfer tax rate from 6% to 2%. We expect this change to have an initial favourable effect on the volume of the alteration market, with a later effect on the number of new homes under construction.

In view of the market conditions, the Building and Development segment was successful in maintaining the order book in the first half-year at € 720 million. The underlying order book contracted because of good progress on the major projects of more than € 100 million. The contraction was almost entirely countered by the regional companies, helped by the acquisition in the first quarter of the operations of the construction company Heddes.

Ballast Nedam has reached agreement with the Hogeschool van Amsterdam for part of the Amstel Campus for € 93 million. This project will include the construction of educational facilities, office space, an underground car park, student apartments and sports facilities. This project has yet to be entered into the order book.

The Building and Development segment has prequalified for two new PPP projects for the Ministry of Safety and Justice, including the new Netherlands Supreme Court building.

The assets of the Building and Development segment rose in the first half-year because of progress on implementing the PPP projects, the Heddes acquisition and growth in the land bank. Ballast Nedam's estimated land bank development potential in the Netherlands rose from 14 900 homes to 15 400. The carrying amount of the land bank rose by € 6 million to € 166 million because of the acquisition of several Heddes property positions and progress on the Nieuwvliet-Bad Beach Resort area development. The outstanding unconditional purchase commitments for land at year-end remained unchanged at € 30 million, of which € 6 million will fall in 2011.

Good progress was made on running down the risk on unsold property. The investment in unsold stock, both completed and under construction, went down in the first half of 2011 by € 8 million to € 31 million. The obligation to complete was unchanged at € 3 million. The number of unsold homes declined from 124 at year-end 2010 to 113. The number of completed homes also declined from 102 to 63, which were spread over 9 projects. Of these 63 homes, agreement was then reached in the third quarter regarding the sale of another 35 completed homes on a project in Spijkenisse. The remainder of the completed unsold stock consisted of 1 609 m2 of leased and 1 000 m2 of unleased commercial space.

Specialized Companies

                         1st half   1st half   Full year
    x EUR 1 million          2011       2010        2010

    Revenue                    96         93         214
    EBIT                      ( 3)         -           2
    Margin                   -3.1%       0.0%        0.9%
    Order book                113         80          80
    Assets                    103         98         107

The revenue for the Specialized Companies segment rose in the first half-year by € 3 million to € 96 million. The Specialized Companies segment was helped by seasonal effects in achieving a profit on this revenue. A profit is expected for the full year. Market conditions for the specialized companies are reasonable. The order book grew in the first half-year by € 33 million to € 113 million. The high quality of the order book is attributable to the contribution of the Specialized Companies to major projects such as Avenue 2 and MaVa, which will be implemented in the years ahead.

All BIM activities were concentrated in January 2011 in a Ballast Nedam BIM Centre. A Building Information Model (BIM) is a digital object-oriented model that comprises both the building project and all the associated building processes. All contributions from everywhere in the chain are brought together and reused to achieve higher efficiency, lower failure costs and optimum processes. Ballast Nedam is an international leader in the application of BIM, and employs BIM on all large and complex projects.

Supplies

                         1st half   1st half   Full year
    x EUR 1 million          2011       2010        2010
    Revenue                   102         89         202
    EBIT                        1          3          10
    Margin                    1.0%       2.9%        5.0%
    Order book                 57         71          67
    Assets                    196        186         186

The revenue of the Supplies segment increased by € 12 million to € 102 million. The raw materials revenue rose because of the supplies from our Norwegian quarry to Maasvlakte and offshore projects near Nova Zembla, and because of higher sales by Feniks Recycling of secondary waste processing ash to the many road projects now in execution. The revenue rise of the raw material companies exceeded the revenue decline of the prefabricated concrete companies. The raw material companies accordingly achieved a good first half-year profit. The prefabricated concrete companies incurred a loss through underutilization in the first half-year as a consequence of the low market volumes and the accompanying low prices.

The order book contracted in the first half-year by € 10 million to € 57 million. The order book also comprises 70 iQwoning units. The underutilization in some prefabricated concrete companies will persist into the second half of this year. For the whole of 2011 we accordingly expect the Supplies segment to achieve a lower profit than for 2010.

The assets of the Supplies segment increased in the first half-year by € 10 million to € 196 million through investment in the new iQwoning® plant in Weert and in new installations by Feniks Recycling in England and Amsterdam for recovering secondary raw materials from waste incineration ash.

    Revenue
                             1st half   1st half   Full year
    x EUR 1 million              2011       2010        2010

    Infrastructure                251        237         534
    Building and Development      280        330         641
    Specialized companies          96         93         214
    Supplies                      102         89         202
                                  728        748       1 591

    Other / elimination         ( 120)     ( 123)      ( 232)
    
    Total                         608        625       1 359

Revenue for the first half-year was € 608 million. For the whole of 2011 we expect approximately the same revenue as for 2010.

    EBIT
                             1st half   1st half   Full year
    x EUR 1 million              2011       2010        2010

    Infrastructure                 11          4          10
    Building and Development        1          3           4
    Specialized companies         ( 3)         -           2
    Supplies                        1          3          10
                                   10         10          26
    Other                         ( 2)       ( 4)        ( 8)
    Total                           8          6          18

Ballast Nedam's operating profit rose from € 6 million for the first half of 2010 to € 8 million. The total operating profit of the segments was equal to the profit for the first half of 2010 on an approximately equal revenue. The 'Other' result consisted mainly of holding company costs, and was € 2 million better than for the first half of 2010 because the release from a provision, which was formed in 2002 for court action concerned with competition rules, exceeded the additional costs of introducing the cluster structure.

    Margin
                             1st half   1st half   Full year
                                 2011       2010        2010

    Infrastructure               4.4%       1.8%        1.8%
    Building and Development     0.4%       0.9%        0.7%
    Specialized companies       -3.1%       0.0%        0.9%
    Supplies                     1.0%       2.9%        5.0%

    Total                        1.3%       1.0%        1.3%

The overall margin on a half-year basis rose by 1.0% to 1.3%. The Infrastructure segment margin for the full year will be lower than for the first half-year because of the timing of execution of the projects. The margins of the other segments will be higher on an annual basis than for the first half-year.

    Profit for the period
                                   1st half   1st half   Full year
    x EUR 1 million                    2011       2010        2010

    EBIT                                  8          6          18
    Net finance income and expense      ( 3)       ( 4)        ( 7)
    Profit before income tax              5          2          11
    Income tax benefit / (expense)      ( 1)         -         ( 4)
    Profit for the period                 4          2           7

The interest item improved relative to the first half of 2010 by € 1 million to € 3 million. The capitalized interest on PPP receivables increased by € 1 million to € 4 million. The interest expenses remained unchanged at € 7 million. Profit before income tax was € 5 million, which was up by € 3 million. Ballast Nedam's profit for the period rose by € 2 million for the first half of 2010 to € 4 million.

    Order book
                             1st half   1st half   Full year
    x EUR 1 million              2011       2010        2010

    Infrastructure                858        686         986
    Building and Development      720        882         735
    Specialized companies         113         80          80
    Supplies                       57         71          67
                                1 748      1 719       1 868
    Other / elimination          ( 32)      ( 35)       ( 27)
    Total                       1 716      1 684       1 841

The order book was stable, and even grew slightly relative to the first half of 2010 to € 1 716 million. Of this order book, 68% will be implemented in 2012 or later. The quality, composition and size of the total order book continue to give Ballast Nedam a relatively strong starting position in a poor market. Ballast Nedam will therefore be able to continue to bid with discipline and to gradually adjust capacity to the market conditions.

Equity and cash flows

The capital ratio declined in the first half-year from 20% at year-end 2010 to 19%. This is the capital ratio that emerges from the method that accounts for joint ventures as an interest in accordance with the share in the assets (i.e. the equity method). The currently chosen alternative accounting method that is allowed under IFRS, of proportionate consolidation of joint ventures (such as the PPP projects), yields a  capital ratio of 14%. Most of this difference in capital ratio is attributable to the 5 ongoing PPP projects, which are largely financed through loans that provide no opportunity of recourse on Ballast Nedam.

Ballast Nedam's shareholders' equity went down relative to year-end 2010 by € 1 million to € 160 million. This decline comprised the profit for the period of € 4 million, the dividend distribution of € 4 million and an addition of € 1 million to the hedging reserve for interest rate derivatives for the PPP projects.

Total assets rose in the first half-year by € 78 million to € 1 162 million through progress on the PPP projects and the increase in the receivables. The increased assets and the fractional decline in shareholders' equity caused the capital ratio to go down from 15% at year-end 2010 to 14%. Capital employed increased in the first half-year by € 86 million to € 511 million. Noncurrent assets increased by € 36 million in particular because of the PPP projects and investment in the iQwoning® plant. Any sale of the operational PPP projects would cause a decrease in assets of approximately € 180 million.

The accumulated capital contributions to the PPPs increased in the first half-year by € 3 million to € 12 million. The net outstanding obligation for additional capital contributions decreased accordingly from € 18 million to € 15 million.

Cash flow for the first half of 2011 was € 72 million negative against € 73 million negative for 2010.

The operating cash flow was € 38 million negative against a negative operating cash flow of € 59 million for the first half of 2010.

The cash flow from investing activities increased by € 2 million to € 46 million negative, largely consisting of € 49 million of investments, € 5 million for the acquisition of business operations and € 8 million of disposals. The investments comprised € 20 million for property, plant and equipment, € 2 million for intangible assets and € 27 million for financial assets. Most of the financial assets were PPP receivables. The net investment in property, plant and equipment of € 14 million was € 3 million higher than depreciation.

The positive cash flow from financing activities of € 12 million consisted of € 16 million of net drawing of long-term loans and a € 4 million dividend distribution.

    Net financing position

    x EUR 1 million          1st half 2011    1st half 2010   Full year 2010

    Net cash                          ( 11)              38               61
    Current portion of long-term loans ( 6)             ( 3)             ( 7)
    Long-term loans                  ( 302)           ( 233)           ( 285)
                                     ( 319)           ( 198)           ( 231)

Ballast Nedam's net financing position decreased in the first half-year by € 88 million to € 319 million. Long-term loans increased by € 17 million to € 302 million. Much of this increase is attributable to the € 16 million net increase in PPP loans. Net cash decreased by € 72 million to € 11 million credit because of the sharp increase in receivables and the decline in prepayments received on large projects by € 26 million to € 106 million. The financing requirement is always higher in the course of the year than at year-end.

Financing

There is no reason to refinance the long-term loans in the years ahead. The € 50 million general loan matures on 1 April 2014 and has a fixed interest rate of 5.4%. Mortgages were taken out on a number of properties in use by Ballast Nedam as security for the loan. The other large loan of € 34 million is mainly for financing several land positions in a separate company. This loan matures in October 2015 and the interest rate is Euribor plus a margin. The land positions concerned were mortgaged as security for the loan. There are no financial covenants in the conditions of either loan.

The other long-term loans of € 224 million consist of € 177 million for the PPP loans, which provide no opportunity for recourse on Ballast Nedam, and for which the interest rate is fixed by means of derivatives.

CO2 reduction

Ballast Nedam pursues a reduction in energy consumption and is actively engaged within its markets in sustainable energy, including the application of green gas, heat/cold storage and wind energy. The objective for our internal operations is to cut CO2 emission in 2020 by 30% relative to 2008. The envisaged 10% reduction in 2010 was achieved. The CO2 emission in the first half of 2011 was 35.4 kilotons. The increased utilization of certain high-energy production companies meant that the relative emission was higher.

Risks and uncertainties

The profit to be achieved in the remaining period of 2011 may be affected upward or downward, in particular by the outcomes of claims concerned with a limited number of projects and changes in the overall market.

There are no substantial changes relative to the risks stated in the 2010 Annual Report, such as the financing risk, the reputation risk, the sector risk, the operating risks and the housing market risk.

There is no significant financing risk in the short term. The most important loans mature in 2014 and 2015. Among the factors that limit the financing risk is that no covenants apply. The pressure on the lines of guarantee for the PPPs is unchanged. Compared with the period before the credit crisis, banks now require a larger guarantee on new PPP projects.

Reputation risk: Ballast Nedam enjoys a solid and favourable reputation, which is a valuable asset for the group. Measures that have been taken to safeguard our reputation include the introduction of socially responsible procurement and an internal Code of Conduct. We expect our suppliers and subcontractors to act accordingly. In addition we operate an internal compliance programme to ensure the ongoing training and awareness of our employees of the importance of upholding the Code of Conduct.

Sector risk: an improvement in the construction and property development markets has yet to materialize. The reduction in the transfer tax rate will help improve housing market performance, with benefits working through in due course to the construction of new homes.

Operating risk: the broad spread in the order book and the existing risk control policy continue to be the foundations of the management of operating risk. There were no significant new operating risks in the first half of 2011.

The status quo of several specific risks has remained reasonably stable. These risks are the tax claims from Saudi Arabia and Canada, an investigation into a foreign entity that closed in 2001, and the civil proceedings against an ex-director.

Statement of the Board of Management

To the best of the Board of Management's knowledge, the half-year financial statements as set out on pages 10 to 21, give a true and fair view of the assets, liabilities, financial position and profit of Ballast Nedam N.V. and the undertakings included in the consolidation taken as a whole. To the best of the Board of Management's knowledge, the half-year report gives a fair review of the material events in the first half-year and their effect on the half-year financial statements, a fair account of the main risks and uncertainties for the remaining periods of the year, and a fair review of the material transactions with associates.

Nieuwegein, 15 July 2011

Board of Management,

T.A.C.M. Bruijninckx

R. Malizia

P. van Zwieten

Consolidated income statement

   
    x EUR 1 million           1st half 2011    1st half 2010   Full year 2010

    Revenue                             608              625            1 359
    Other operating income                                                  6
    
    Raw materials and
    subcontractors           ( 417)              ( 469)         (1 005)
    Personnel expenses       ( 148)              ( 124)          ( 278)
    Other operating expenses  ( 24)               ( 14)           ( 37)
   

                                      ( 589)           ( 607)          (1 320)
    Share in results of
    associates                            -                -                -

    EBITDA                               19               18               45

    Depreciation and
    amortisation                       ( 11)            ( 12)            ( 26)
    Impairment of tangible
    and intangible assets                 -                -              ( 1)
    
    EBIT                                  8                6               18    Financial income             4                   3              10
    Financial expenses         ( 7)                ( 7)           ( 17)
    
    Net finance income and expense      ( 3)             ( 4)             ( 7)
    
    Profit before income tax              5                2               11
    Income tax benefit / (expense)      ( 1)               -              ( 4)
    
    Profit for the period                 4                2                7
   
    Attributable to owners of
    the company:
   
    Basic earnings per share (EUR)      0.36             0.17            0.73
    Diluted earnings per share (EUR)    0.36             0.17            0.73

     

    
Consolidated statement of comprehensive income

                              1st half 2011    1st half 2010   Full year 2010
    x EUR 1 million

    Profit for the period                 
4               
 2                7
    
    Other comprehensive income:

    Foreign currency translation
    
differences                           
-                 -               1
    Net changes in hedging reserve      
( 1)              ( 7)            ( 3)
    
    Total comprehensive income
    
for the period                        3               ( 5)              5

    Attributable to:
    Owners of the company                
 3               ( 5)              5
    Non-controlling interest                                -

    Total comprehensive income
    
for the period                        
3               ( 5)              5
<end_table>
 



Consolidated statement of financial position

                                                             
    x EUR 1 million          1st half 2011   Full year   1st half
                                 2011             2010       2010
    Non-current assets                    
    Intangible assets              30               29         29
    Property, plant and equipment 193              184        184
    Financial assets              193              167        133
    Investments in associates       2                2          2
    Deferred tax assets            38               38         42
                                        456             420        390

    Current assets
    Inventories                   253              252        233
    Work in progress              108              101        113
    Receivables                   293              230        243
    Cash and cash equivalents      52               81         58
                                  706              664        647

    Current liabilities
    Bank overdrafts              ( 63)            ( 20)      ( 20)
    Current portion of
    long-term loans               ( 6)             ( 7)       ( 3)
    Prepaid on inventories        ( 6)             ( 1)       ( 6)
    Work in progress            ( 132)           ( 128)     ( 159)
    Trade payables              ( 221)           ( 217)     ( 222)
    Income tax payable              -              ( 1)         -
    Other liabilities           ( 188)           ( 178)     ( 167)
    Provisions                   ( 46)            ( 46)      ( 32)
                                ( 662)           ( 598)     ( 609)

    Current assets minus
    current liabilities                  44              66         38
                                        500             486        428

    Non-current liabilities

    Loans                         302              285        233
    Derivatives                    20               18         23
    Deferred tax liabilities        4                4          3
    Employee benefits               5                5          3
    Provisions                      9               13         11
                                        340             325        273

    Total equity
    Equity attributable to
    owners of the company         160              161       155
    Non-controlling interest        -                -
    
                                        160            161         155
                                        500            486         428

 



Summary consolidated statement of changes in 
equity
                                               
                                     1st half   Full year    1st half
    x EUR 1 million                      2011        2010        2010

    Share capital                          60          60          60
    Share premium                          52          52          52
    Reserves                               49          50          50
    
    Opening                               161         162         162
    
    Foreign currency
    translation differences                 -           1           -
    Net change in hedging reserve         ( 1)        ( 3)        ( 7)
    
    Other comprehensive income            ( 1)        ( 2)        ( 7)
    
    Profit for the period                   4           7           2
    Dividend paid                         ( 4)        ( 3)        ( 3)
    Other                                   -         ( 3)          1
    
    Closing                               160         161         155
 



Consolidated statement of cash flows

    x EUR 1 million            1st half        1st half     Full year
                                   2011            2010          2010
   
    Net cash - opening balance       61             111           111

    Profit for the period             4               2             7
    Adjustments                      11              11            25
    Depreciation                      -               1             1
    Amortization                      -               -             1
    Impairment
    Interest expenses                 7               7            17
    Interest income                 ( 4)            ( 3)         ( 10)
    Equity-settled share-based
    payment transactions              -               1             -
    Income tax expense / (benefit)    1               -             4
    Share in results of associates    -               -             -
    Movements
    Movements in other receivables  ( 3)              -           ( 4)
    Movement in work in progress    ( 9)           ( 40)         ( 59)
    Movement in inventories           6             ( 9)         ( 33)
    Movement in provisions and
    employee benefits                 1               1            19
    Interest paid                   ( 7)            ( 7)         ( 11)
    Paid on hedging instruments       -               -           ( 5)
    Interest received                 -               -             -
    Income taxes paid                 -             ( 1)          ( 3)
    Change in other current
    assets and current liabilities ( 45)           ( 21)           12
    
    Net cash from operating
    activities                           ( 38)           ( 59)         ( 39)
                                                                    
    Intangible assets
     investments                    ( 2)            ( 2)          ( 2)
     disposals                        1               -             -

    Property, plant and equipment
     investments                   ( 20)           ( 14)         ( 32)
     disposals                        6               2             8

    Financial fixed assets
     investments                   ( 27)           ( 30)         ( 70)
     disposals                        1               -             4
     dividends received               -               -             2
    Investments in associates         -               -           ( 2)
    Acquisitions of business
    activities                      ( 5)              -             -
    
    Net cash used in investing
    activities                           ( 46)             (44)        ( 92)
    
    Proceeds from long-term loans    21              36           107
    Repayment of long-term loans    ( 5)            ( 3)         ( 19)
    Acquisition of non-controlling
    interest                                                      ( 3)
    Dividend paid                   ( 4)            ( 3)          ( 3)
    Repurchase of own shares          -               -             -
    
    Net cash from financing
    activities                             12               30           82
    
    Effect of exchange rate
    fluctuations on cash held               -                -          ( 1)

    Net cash - closing balance           ( 11)              38           61

 

    Net cash

    x EUR 1 million          1st half 2011   1st half 2010    Full year 2010

    Cash and cash equivalents           52               58               81
    Bank overdrafts                   ( 63)            ( 20)            ( 20)
    
    Net cash                          ( 11)              38               61

    Unrestricted cash balances        ( 31)              14               47
    Proportionately consolidated        20               24               14
    
    Net cash                          ( 11)              38               61
    
    Net financing position

    x EUR 1 million          1st half 2011   1st half 2010    Full year 2010

    Net cash                          ( 11)              38               61
    Current portion of
    long-term loans                    ( 6)             ( 3)             ( 7)
    Long-term loans                  ( 302)           ( 233)           ( 285)
                                     ( 319)           ( 198)           ( 231)

 



Operating segments

    Revenue
                                   1st half   1st half   Full year
    x EUR 1 million                    2011       2010        2010

    Infrastructure                      251        237        534
    Building and Development            280        330        641
    Specialized companies                96         93        214
    Supplies                            102         89        202
                                        728        748      1 591
    Other / elimination               ( 120)     ( 123)     ( 232)
    
    Total                               608        625      1 359

    
    EBIT
                                   1st half   1st half   Full year
    x EUR 1 million                    2011       2010        2010

    Infrastructure                       11          4          10
    Building and Development              1          3           4
    Specialized companies               ( 3)         -           2
    Supplies                              1          3          10

                                         10         10          26
    Other                               ( 2)      ( 4)         ( 8)
    
    Total                                 8         6           18

    
    Margin
                                   1st half   1st half   Full year
                                       2011       2010        2010

    Infrastructure                     4.4%       1.8%        1.8%
    Building and Development           0.4%       0.9%        0.7%
    Specialized companies             -3.1%       0.0%        0.9%
    Supplies                           1.0%       2.9%        5.0%

    Total                              1.3%       1.0%        1.3%


    Profit for the period
                                   1st half   1st half   Full year
    x EUR 1 million                    2011       2010        2010

    EBIT                                  8          6          18
    Net finance income and expense      ( 3)       ( 4)        ( 7)

    Profit before income tax              5          2          11
    Income tax benefit / (expense)      ( 1)         -         ( 4)
    
    Profit for the period                 4          2           7
   
 



Operating segments 
(continued)
    Order book
                                       1st half   1st half  Full year
    x EUR 1 million                        2011       2010       2010

    Infrastructure                          858        686        986
    Building and Development                720        882        735
    Specialized companies                   113         80         80
    Supplies                                 57         71         67
  
                                          1 748      1 719      1 868
    Other / elimination                    ( 32)      ( 35)      ( 27)
    
    Total                                 1 716      1 684      1 841
    
    Assets

                                       1st half   1st half   Full year
    x EUR 1 million                        2011       2010        2010

    Infrastructure                          390        316         362
    Building and Development                530        458         467
    Specialized companies                   103         98         107
    Supplies                                196        186         186
                                          1 219      1 058       1 122

    Not allocated to segments               180        142         152
    Associates                                2          2           2
    Elimination and unallocated assets    ( 238)     ( 165)      ( 192)
    
    Total                                 1 162      1 037       1 084
 



Operating segments (continued)

   
    Infrastructure

                             1st half   1st half  Full year
    x EUR 1 million              2011       2010       2010

    Revenue                       251        237        534
    EBIT                           11         4          10
    Margin                       4.4%       1.8%        1.8%
    Order book                    858        686        986
    Assets                        390        316        362
    
    Building and Development
                             1st half   1st half  Full year
    x EUR 1 million              2011       2010       2010

    Revenue                       280        330        641
    EBIT                            1          3          4
    Margin                        0.4%       0.9%       0.7%
    Order book                    720        882        735
    Assets                        530        458        467

    Specialized companies
                             1st half   1st half   Full year
    x EUR 1 million              2011       2010        2010

    Revenue                        96         93         214
    EBIT                          ( 3)         -           2
    Margin                       -3.1%       0.0%        0.9%
    Order book                    113         80          80
    Assets                        103         98         107

    Supplies
                             1st half   1st half  Full year
    x EUR 1 million              2011       2010       2010

    Revenue                      102         89         202
    EBIT                           1          3          10
    Margin                       1.0%       2.9%        5.0%
    Order book                    57         71          67
    Assets                       196        186         186

 



Consolidated statement of financial position

                             Proportionately consolidated
    x EUR 1 million
                             1st half 2011
    Non-current assets
    Intangible assets                   30
    Property, plant and equipment      193
    Financial assets                   195
    Deferred tax assets                 38
    
                                             456

    Current assets
    Inventories                        253
    Work in progress                   108
    Receivables                        293
    Cash and cash equivalents           52
                                       706
    
    Current liabilities
    Bank overdrafts                   ( 63)
    Current portion of long-term loans ( 6)
    Prepaid on inventories             ( 6)
    Work in progress                 ( 132)
    Trade payables                   ( 221)
    Income tax payable                   -
    Other liabilities                ( 188)
    Provisions                        ( 46)
    
    Current assets minus current     ( 662)
    liabilities
                                               44
                                              500

    Non-current liabilities
    Loans                             302
    Derivatives                        20
    Deferred tax liabilities            4
    Employee benefits                   5
    Provisions                          9
    
                                              340

    Total equity

    Equity attributable to owners of  160
    the company
    Non-controlling interest

                                              160
                                              500
    Capital ratio                              14%
Consolidated 
statement of financial position (continued)

                                                  Equity-method
    x EUR 1 million
                         1st half 2011    Full year 2010   Full year 2009
    Non-current assets
    Intangible assets               28                27               26
    Property, plant and equipment  172               166              164
    Financial assets                45                53               52
    Deferred tax assets             32                33               33
    
                                        277             279              275

    Current assets
    Inventories                    217               216              188
    Work in progress               106                99              100
    Receivables                    228               169              176
    Cash and cash equivalents       20                60               91
                                   571               544              555

    Current liabilities
    Bank overdrafts               ( 46)              ( 8)               -
    Current portion of
    long-term loans                ( 5)              ( 1)             ( 5)
    Prepaid on inventories         ( 6)                -              ( 9)
    Work in progress              ( 65)             ( 55)           ( 105)
    Trade payables               ( 159)            ( 160)           ( 199)
    Income tax payable               -                 -                -
    Other liabilities            ( 230)            ( 255)           ( 199)
    Provisions                    ( 49)             ( 47)            ( 31)
    
    Current assets minus current ( 560)            ( 526)           ( 548)
    liabilities
                                         11               18               7
                                        288              297             282

    Non-current liabilities
    Loans                          105               107               95
    Derivatives                      -                 -                -
    Deferred tax liabilities         3                 3                3
    Employee benefits                5                 5                5
    Provisions                      13                19               17                                        126              134             120

    Total equity

    Equity attributable
    to owners of                   162               163              162
    the company
                                                                         -
    Non-controlling interest

                                        162              163              162

                                        288              297              282
    Capital ratio                        19%              20%              20%
 



Notes to the semi-annual financial report

Significant accounting policies

Ballast Nedam N.V. is established at Nieuwegein in the Netherlands. The 
semi-annual financial report of Ballast Nedam N.V. covers the first six periods 
of the 2010 fiscal year from 1 January 2011 to 19 June 2011 (2010: 1 January 1 
to 20 June). This report includes Ballast Nedam N.V., head of the group and its 
subsidiaries, collectively called Ballast Nedam and Ballast Nedam's 
participation in associated businesses and entities that are controlled 
jointly.

The consolidated financial statement of Ballast Nedam N.V. for the year 2010 
is available through http://www.ballast-nedam.nl. 

Statement of compliance

The semi-annual financial report has been prepared in conformity with 
International Financial Reporting Standards IAS 34 "Interim Financial Reporting" 
as adopted by the European Union (hereinafter: 'EU-IFRS'). This report has not 
been audited. The semi-annual financial report does not contain all information 
required for complete annual financial statements and should be read in 
conjunction with the consolidated financial statements for the year 2010.

This half-yearly financial report was prepared and approved by the Board of 
Management on 14 July 2011.

Accounting policies used in the preparation of the semi-annual financial 
report

The semi-annual financial report has been prepared in accordance with the 
financial reporting principles as used for the 2010 financial statements.

Since 1 January 2011 Ballast Nedam brought the organization structure more in 
line with products and processes. Subsequent to the restructuring that was 
effected at the beginning of 2011, reporting will be in accordance with four 
segments. The segments are Building and Development, Infrastructure, Specialized 
Companies, and Supplies.

The Board of Management of Ballast Nedam regularly uses segmented information 
to make decision on the allocation of means and to make judgements of the 
company results. The decisions on allocation of means and on making judgements 
of the company results are made based on Earnings before Interest and Taxes 
(EBIT) on and capital employed.

Comparing figures are adapted according to the new segmentation.

Seasonal Patterns 

Ballast Nedam's activities are subject to seasonal patterns. In general, the 
majority of production takes place in the second half of the year.

Acquisition of business activities

Ballast Nedam reached agreement on 2 March 2011 to acquire part of the 
operations of the construction company Heddes. This acquisition is of 16 
projects with a volume of approximately € 100 million, the KleinBouw operation 
and the head office in Hoorn.

Since the acquisition of the business activities of Heddes, the company 
contributed € 13 million to the revenue.

The aggregate amount of the cash paid of € 5 million mostly arises from 
obtaining non-current assets and projects.

Transactions with associated parties

The parties associated with Ballast Nedam are its key management (Board of 
Management/Supervisory Board), its subsidiaries, associates, joint ventures, 
Stichting Pensioenfonds Ballast Nedam Pension Fund and their managers and senior 
officials of these companies. The main task of the Ballast Nedam Pension Fund is 
to implement the pension scheme for the employees of Ballast Nedam. Ballast 
Nedam Pension Fund makes use of the services of employees of Ballast Nedam 
companies. Actual expenses are charged on. Ballast Nedam buys and sells goods 
and services to various associated parties in which Ballast Nedam holds an 
interest of 50% or less. These transactions are conducted on commercial terms 
similar to those for transactions with third parties.

Interests in joint ventures

Joint ventures, consisting primarily of construction or development 
consortia, are consolidated on a proportional basis. For a list of the main 
joint ventures, please see the organizational chart in the annual report. 
Ballast Nedam has recognized the following interests in joint ventures in the 
consolidated balance 
sheet.
    Interests in joint ventures

    x EUR 1 million                   1st half 2011      Full year 2010    Non-current assets                          209                 178
    Current assets                              121                 105
    Non-current liabilities                   ( 218)              ( 200)
    Current liabilities                       ( 116)               ( 75)
    Balance of assets and liabilities           ( 4)                  8
   
 



The proportionally consolidated revenue and the cost of sales amounted to 
about 28% (2010: 13%) of total revenues and cost of sales. 

The total liabilities to third parties of companies for which Ballast Nedam 
holds joint and several liability, such as partnerships, excluding bank 
guarantees issued by those companies, amounted to € 1 232 million as 
of balance sheet date (€ 1 118 million at year end 2010), of which the € 
334 million portion of Ballast Nedam (€ 275 million at year end 2010) is 
included in the consolidated balance sheet.

Segmented information

The amounts for transactions between segments are determined on an arm's 
length basis. The results, assets and liabilities are determined in accordance 
with the financial reporting principles as used for the financial 
statements.

Liabilities

Guarantees

Declarations of intent and guarantees issued on Ballast Nedam's behalf by 
financial institutions in connection with the execution of projects and for 
prepayments received are recognized in 
'Guarantees'.
    Guarantees

    x EUR 1 million       1st half 2011      Full year 2010

    Guarantees                      265                 258
    
    Total                           265                 258
 



Estimates and judgements by management 

In preparing the semi-annual financial report, management of Ballast Nedam 
has made estimates and judgements which affect the amounts recognized for 
assets, liabilities, revenue, costs and the related remarks. 

Project results

The valuation of work in progress is based on forecasts of the final project 
results. The ultimate outcome may differ from these forecasts.

Recognition of income tax

Ballast Nedam makes an assessment of the tax position of all fiscal entities 
at the end of each period. This involves making estimates of the actual 
short-term tax charges and income as well as of the temporary differences 
between the fiscal valuation and carrying amounts of assets and liabilities for 
financial reporting purposes. A decision is taken on the balance sheet date as 
to whether unused tax losses and deferred tax assets due to temporary 
differences may be recognized. Ballast Nedam recognizes deferred tax assets if 
these are likely to be realized. The utilization of carry-forward losses depends 
on future taxable profits and tax planning opportunities. If the actual 
anticipated taxable profits differ from the estimates, and depending on the tax 
strategies which Ballast Nedam may introduce, capitalized unused deferred tax 
assets which have been recognized may not be realized, thus affecting the 
financial position and results of Ballast Nedam. 

Provisions

Provisions relating to actual obligations are based on estimates and 
judgements as to whether the criteria for treatment as a provision have been 
met, including an estimate of the size of the actual obligation. Actual 
obligations are disclosed if it is likely that an obligation will arise and its 
size can be reasonably estimated. If the actual outcome differs from the 
assumptions as to anticipated costs, the estimated provisions will be revised, 
and this could have an effect on the financial position and results of Ballast 
Nedam.

Subsequent events

None.

Nieuwegein, 14 July 2011

Board of Management,

T.A.C.M. Bruijninckx

R. Malizia

P. van Zwieten

This press release is for information purposes only. The forecasts and 
outlook presented in this press release are given with no form of guarantee 
whatsoever of their future achievement. This press release contains 
forward-looking statements, including with respect to intentions and outlook, 
which are based on current views and assumptions and are subject to known and 
unknown risks, uncertainties and other factors that are largely outside Ballast 
Nedam N.V.'s control, and which could cause the actual results or achievements 
to differ materially from the future results or achievements expressed or 
implied by the forward-looking statements. Ballast Nedam N.V. disclaims any 
obligation to update or amend the forward-looking statements in the light of new 
information, future events, or for any other reason whatsoever, except as 
required by applicable laws and regulations, or on the authority of a competent 
regulatory body.

Ballast Nedam has a leading position in construction and infrastructure. The 
company operates mainly in the Netherlands on integrated and other projects for 
companies, public authorities and housing consumers, in the fields of mobility, 
housing, employment, leisure and energy. Ballast Nedam operates internationally 
in various areas of expertise. Ballast Nedam supplies project, process and 
contract management in the development, implementation and management phases. 
The company also provides specialized know-how and skills, and semi-finished and 
finished products. Ballast Nedam is listed on NYSE Euronext in Amsterdam. The 
share is included in the Amsterdam Small Cap Index.

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