Ballast Nedam’s headquarters and logo. Photo ANP / Lex van Lieshout
Ballast Nedam last year a net loss of 103 million euros. That made the construction company last night announced at the presentation of the annual results for 2014. Despite profit warnings were issued before the loss was worse than expected.
The company itself calls the figures “dramatic”. In profit warnings in recent months, said Ballast Nedam that losing more than 45 million euros would be. The presentation of the annual results was postponed twice. The operating loss was EUR 65 million, sales decreased by about 100 million to 1.1 billion. In particular, the infrastructure division turned a very bad year. There was an operating loss of 59 million euros.
Survival Fight
Ballast Nedam financial problems that include stem from the loss-making project from the widening of the A15. Thereupon has depreciated more than 100 million. Last Wednesday, the company appeared to be provisionally financial ruin rescued after providing his house banks and partners of the project on the A15 prepared took loans and issue new shares.
It is not the first time Ballast Nedam’s capital touts to avert bigger problems. In recent years borrowed the construction company additional money from its principal banks, the new shares issued and repelled the profitable business segments.
Controlled shrinkage
At the fair was Wednesday responded enthusiastically to the new financing round. Yet the rescue plan does not seem to point to growth, but rather a controlled shrinkage. So Ballast Nedam’s share is reduced in the A15 project from 40 to 10 percent and announced the construction company continue to reduce its activities in the area of large infrastructure projects, also in the other major project of the A2 in Maastricht.
In the first quarter of 2015, Ballast Nedam reported only that it has fulfilled the expectations. The construction company did not mention any figures
Read more at NRC Q: again, Ballast Nedam rescued – who are the winners and losers
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