HBG announces preliminary unaudited results 2001

5 February 2002 12:15 - Royal BAM Group nv

Rijswijk, the Netherlands – In relation to Dragados' intention to make an offer for the shares of HBG, Hollandsche Beton Groep nv, HBG today announces its preliminary and unaudited key figures for the year 2001. HBG will publish audited financial results for the year 2001 on 15 March 2002. The annual report will be made available mid April.

Revenues per sector

€ million Revenues  
  2001e 2000
Construction and property 2,476 2,445
Civil engineering 2,433 2,324
Dredging (pro forma) 465 411
Consultancy and engineering 135 133
Other - 151
  5,509 5,464
Duplications -45 -67
  5,464 5,397

 

HBG's activities are well spread in 2001. HBG realised 29% of the revenues in the United Kingdom [2000: 27%], 7% in Ireland [5%], 23% in the Netherlands [28%], 3% in Belgium [4%], 18% in Germany [17%], 9% in the United States [10%] and 11% in other markets [9%].

Operating result and EBIT per sector and net result

€ million Results  
  2001e 2000
Construction and property 32 -2
Civil engineering 49 24
Dredging (pro forma) 39 57
Consultancy and engineering 8 8
Other - -2
Operating result before exceptional items 128 85
Exceptional result -21 -136
EBIT 107 -51

 

Result on ordinary activities after interest and tax 64 -72
Extraordinary result after tax 46 5
Net Result 110 -67
Earnings before share in € 3.09 -1.92

 

At the moment of publication of HBG's half year figures for 2001, the Group forecasted a net result for the whole of 2001 of €90 million. This amount was including a positive after tax extraordinary result of €14 million, mainly as a result of the sale of HBG's interest in NEM during the first half year.

The currently estimated negative exceptional result for 2001 of €21 million includes a non-recurring supplement of €17 million to HBG's Pensionfund to compensate for the reduced value of its assets due to stock market developments in 2001. The positive extraordinary net result of € 46 million includes the results of the sale of HBG's interest in NEM and of the book profit of the Ballast Ham Dredging transaction minus intended restructuring costs.

As earlier stated by HBG the 2000 operating result for dredging was exceptionally high. The 2001 operating result is influenced by conservative profit recognition due to the start of several large projects. Based on the percentage of completion method of accounting, profits on these projects in a financial year are not recognised before 35% completion.

HBG's pre-exceptional EBITDA for 2001 is estimated at €223 million [2000: €178 million].

The unaudited net cash position at year end amounts to €208 million [2000: €200 million].

HBG confirms its expectation that the Group will achieve EBIT of at least €200 million in 2003. HBG's EBIT forecast for 2002 is around €160 million.

For further information:

Arno C. Pronk, HBG Public Relations, +31 70 3722121.