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Heijmans trading update: Developments first months 2016 according to plan


* Revenues in the first quarter of 2016 slightly higher compared to the first
quarter of 2015, partly due to higher revenues in Property Development and
the German infrastructure activities;
* Total homes sold: 489 through April, with 391 of these sold to private
buyers (first four months of 2015: 387, of which 348 sold to private
* Order book at end-March: € 2.1 billion, comparable to the end of 2015.

Bert van der Els, CEO Heijmans NV:
'Heijmans developed in line with expectations in the first quarter of 2016. We
are satisfied with the growth in Dutch Housing and were able to further
expand our position in that market. Germany and Belgium also performed in
line with expectations. We remain vigilant in the Non-residential and Infra
segments. The market conditions in these segments remain poor. We continue to
be engaged in the realisation of a number of difficult projects. These are
progressing steadily whereby the risk level remains high. Our order book is
stable, to which we have been able to add two interesting projects with the
recently acquired Amsterdam Courthouse PPP project and the contract for the
realisation and maintenance of the sewage water purification plant in

Operational activities

The residential market is growing and this is visible in the development of
the Residential Building and Property Development segment. In Property
Development in particular, revenues showed a clear increase compared to the
first quarter of 2015. Heijmans closed a contract with Amvest Investment
Management for the construction of 38 private rental apartments in the
'Perron073' project in 's-Hertogenbosch. The first 30 Heijmans ONE homes are
in production and will be delivered to the Wonen Limburg housing corporation
this spring. The Belgian construction activities were stable in the period
under review.

As expected, revenues in Non-residential decreased considerably compared to
the same period of 2015. The market remains challenging: there are fewer
projects in the market, prices are under pressure and Heijmans has a
selective acquisition policy. In February, Heijmans joined the consortium for
the Rotterdam area development Hart van Zuid. This integrated contract for
the renewal and strengthening of the area around Zuidplein and the Ahoy
convention centre and arena includes the realisation of an international
conference centre, music hall, cinema and hotel, as well as the construction
of an arts centre complete with library and theatre, the renovation of the
Zuidplein shopping centre and improvement of the public transport network.
The financing agreement was completed at the end of April and work on the
project has commenced. There is potential in the market for services,
maintenance and management and Heijmans is steadily expanding its position in
that market. We were awarded a five-year contract from Leiden University for
the maintenance and management of all electro-technical installations. We
also delivered the first phase of the new Science Campus of the Mathematics
and Natural sciences division. In Roermond the new-build project for the
Laurentius Hospital was taken into operation. Very recently, the Amsterdam
Courthouse PPP project was awarded by the Dutch Building Agency to a
consortium that includes Heijmans as key partner during the realisation and
operating phase.

Revenues at Infra (Roads and Civil) were slightly higher in the first quarter
of 2016 when compared to the same period of 2015. The regional projects and
asset management contracts in the Dutch infrastructure activities continued
to develop positively. The market for large and complex infrastructural works
remains challenging. The risk level of a number of large, ongoing projects
remains high. The Belgian and German infrastructure activities are performing
in line with expectations. Revenues at our German subsidiary Oevermann were
substantially higher in the first quarter of 2016 than in the same period of
In February, financial close was realised in the PPP project 'Construction 3rd
lock chamber Princess Beatrix Lock and widening Lek canal'. Heijmans recently
signed a contract for the design, realisation and 10-year maintenance of the
sewage water purification plant in Utrecht. The realisation of the A12
Veenendaal - Ede - Grijsoord is progressing well and delivery is scheduled
for the coming summer. In the north of the Netherlands, Heijmans won the
contract for the strengthening of a 13-kilometre stretch of Wadden Sea dykes
in the province of Friesland. In Eindhoven, a pilot project was launched
involving the Bike Scout innovation, a road safety system that warns drivers
of approaching cyclists by means of sensor technology and LED lights in the
road surface. Additionally, this year saw the installation of the world's
largest lock doors made of polymer composite in the new Lock III of the
Wilhelmina canal in Tilburg.

Strategy, outlook and financing

Based on its strategy 'to improve and renew', Heijmans is making targeted
efforts to further strengthen its core processes, and to capitalise on its
innovations and sustainability ambitions. The internal 'Improve the Core'
programme is putting the focus on the tightening, uniformity and centralised
management of tender, project and procurement management and commerce.
Heijmans has implemented a number of measures, from different 'pricing' of
design and staff costs, as well as disciplined application of go/no
go-moments to a different valuation of opportunities and risks.

Heijmans is committed to a 'margin over volume' policy, selective acquisition
of new contracts and risk management. The infrastructure activities are a
specific focal point in this context in view of a number of previously
acquired large and integrated projects that are moving towards completion
with difficulty and are negatively affecting the company's results. The aim
is controlled completion of these works, which are expected to account for
almost 10% of the revenues of the Dutch infrastructure activities this year.
The appointment of a fourth member of the Executive Board with specific
responsibility for Infra underlines the priority the Board places on
improving the results of the Dutch infrastructure operations. The first
results of this policy are visible, in particular in the regional
infrastructural projects and asset management contracts, which account for
approximately 40% of the total revenues of the Dutch infrastructure

In early 2016, we amended the credit facility made available by the syndicate
of banks, which has extended the financing to June 2018. The documentation of
the new agreement has been completed. As of end-March, Heijmans was operating
within the bandwidths of the prevailing financial covenants. In line with the
new agreements, Heijmans has made a structural improvement of the net debt /
EBITDA ratio a high priority for the coming period. Partly in view of the
persistent pressure on the working capital, Heijmans also continues to devote
attention to the optimisation of the cash flow, in part by means of the 'Fit
for Cash' programme.

This overall approach should result in continued recovery in 2016. Heijmans is
developing in line with expectations and is taking clear steps forward to be
able to end the year with a positive underlying operating result.

About Heijmans

Heijmans is a listed company that combines activities related to property
development, residential building, non-residential building and
infrastructure in the working areas living, working and connecting. Heijmans
is active in the Netherlands, Belgium and Germany and as a technology
partners delivers know-how and concepts in various markets. Our constant
focus on quality improvements, innovation and integrated solutions enables us
to generate added value for our clients. Heijmans realises projects for
private consumers, companies and public sector bodies. With over 6,500
employees and almost € 2.0 billion in revenues in 2015, we are building the
spatial contours of tomorrow. You will find additional information
r more information:

Marieke Swinkels-Verstappen
+31 73 543 52 17


Guido Peters
+31 73 543 52 17

Press release


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Heijmans NV via Globenewswire


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