Ballast Nedam temporarily out of financial trouble – nrc.nl

Economy

Ballast Nedam, which was in acute financial distress is temporarily out of financial problems thanks to an agreement with its banks and the consortium with which the construction company grows the A15 motorway. The company received a loan of EUR 43 million and takes another 20 million euros through the issue of new shares.

Ballast Nedam financial problems that include stem from the loss-making project from the widening of the A15 . The company made the news about the new round of funding today in a statement on the website. The share issue, which the money will be used to repay a bridge loan is guaranteed by construction partner Strukton (10 million euros) and the syndicate of banks consisting of ING Bank, Rabobank and the Royal Bank of Scotland (another 10 million euros).

Annual figures follow tomorrow

Last week, the construction company for the second consecutive time the presentation of the annual results, because negotiations on its financing “took longer than expected.” That was an omen that Ballast Nedam had them fast cash. After the announcement, the shares were significantly down. The annual results will now be presented tomorrow after market. A press conference follows Friday.

The timing of the agreement is probably not a coincidence. Tomorrow expect the construction consortium on the A15 operates a large payment of Rijkswaterstaat. The contract states that the client Rijkswaterstaat 250 million excluding VAT makes over once the A15 is available. NRC editor Carola Houtekamer wrote (€) last week about it:

“The project is not finished yet. Chances are that RWS anyway find a reason to make the payment or, say, the various parties involved, but certainly it is not. “

Anywhere get a little money from

It is not the first time that Ballast Nedam’s capital touts to avert bigger problems. In recent years the construction company borrowed additional money from its principal banks, the new shares issued from the business units and pushed off. Economics Editor Houtekamer says:

“They are doing this a long time. The catch is yet again a bit of money from everywhere. The big difference this time is that they reduce their share of large infrastructure projects. “

Share broadening A15 down

The widening of the A15 through the Botlek area, Ballast Nedam already 100 million euro loss delivered. The company wrote extremely low in the tender and took all difficult to manage risks in itself. Today Ballast Nedam announced to reduce its share in the project from 40 percent to 10 percent. The two partners, Strukton and Strabag take the interests of Ballast Nedam and now both get a share of 45 percent.

The construction company announced further reduce its activities in the area of ​​large infrastructure projects, including the project of the A2 in Maastricht. Ballast Nedam is taking the real estate development in the project itself, and makes the infrastructure of Strukton

Also at NRC. Q: Widening A15 ends in tragedy for farmers (€)

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