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2014-05-08

Heijmans trading update: stable revenues in demanding market

* First-quarter revenue virtually unchanged from last year;
* Order portfolio at end-March more than € 200 million higher across the
board;
* Home sales 234 through end of April, of which 129 (55%) to private buyers
compared with 60 homes in the same period last year (2013: all 60 sold to
private buyers);
* Consequences of IFRS 11 affect how joint ventures are consolidated. This
led to a lower balance sheet total and a 2% rise in the solvency ratio.
* Outlook: underlying operating result the first half of the year under
pressure, as expected, second half positive according to annual seasonal
pattern.

Bert van der Els, CEO Heijmans NV
: 'The market is recovering and Heijmans is focussing on promising tenders and
projects. This year can be described as a transition year. In the run up to
2015 the result development is under pressure in the first half of this year,
partly due to the lower production levels at residential and the limited
margin potential at the current infra projects. Based on the strategy
'improving and renewing' constant improvement is imperative. To this effect
we have implemented further standardization of functions and project
management processes. Moreover working capital has our undiminished
attention. Heijmans also distinguishes itself through innovation, from the
Smart Highway concept to 'integrated roof systems' and the moveable starters
home 'Heijmans One'. Truly enterprising projects that unite public sector,
private sector and users and that accelerate both sustainability and
innovation in the construction sector, government regulations and the
landscape."

Residential
The market is recovering and this led to higher home sales in the first four
months compared to the same period of last year. Sales to private customers
also showed an increase. New products and innovations, such as the 3D
printing construction technology are generating considerable interest among
potential clients. In addition to these innovations, however, it is vital
that we continue to make operational improvements to reap the benefits of
efficiency, know-how and scale. The market opportunities we are currently
seeing on the innovation front are in stark contrast with the continuing
strong pressure on prices. In the past quarter, Heijmans started the sale of
the Fenixloodsen in Rotterdam and, amongst others, acquired the contract for
the construction and development of 39 energy-neutral homes in Son en
Breugel. In Belgium Heijmans won the contract for the construction of 34
apartments in Evere.

Non-residential
The market for complex non-residential projects remains stable. In the past
quarter, Heijmans completed the new concert venue Muziekcentrum Vredenburg in
Utrecht. Heijmans also acquired new contracts for a technology centre for
DSM and for Lounge 2 of Amsterdam Schiphol Airport. We started construction
on the new Laurentius Hospital in Roermond and Non-residential also won the
contract for the maintenance and renovation of the 'largest government
building in the Netherlands.

Infra
In the past months, Heijmans acquired a number of large-scale projects,
including the Kreekrak bridges in Zeeland and the A12 Parallel structure near
Gouda. The Randweg Gent (R4) was recently delivered and our Groen en Golf
activities of business were sold via a management buy-out, which has
increased our focus on core activities within Roads. Even though volumes at
the infra activities are fairly in line with last year, current projects have
a limited margin potential. Furthermore, Heijmans is focused on achieving
improvement of operational processes with the help of a new ERP system as
well the necessary tight control of design processes.
Apart from these developments, various Heijmans projects attracted serious
attention from the international media in the past quarter, amongst which the
hockey pitch for the World Cup Hockey in The Hague and the 'Glowing Lines' in
Oss launched by transport minister Melanie Schulz-Van Haegen. We are
currently making further improvements to this technology, version 2.0 is due
to be launched in the near future. Heijmans also participated in
TEDxBinnenhof, where it unveiled the 'Hydrea Thermpipe' concept, which is
based on extracting heat from sewerage systems.

Miscellaneous
The working capital remains under pressure partly in view of the relatively
low production levels. Managing the working capital and decreasing capital
requirement will definitely continue to be our focus in 2014. Upon the
introduction of IFRS 11 as of 1 January 2014 Heijmans' reported net debt,
amongst others, decreased and the solvency ratio increased. Revenues and EBIT
reported under IFRS dropped slightly because some joint ventures are no
longer consolidated proportionately. The relevant results are reported as
'results from joint ventures'. IFRS 11 therefore has no impact on net
results.

A
b
out Heijmans
Heijmans is a listed company that combines activities related to property
development, residential building, non-residential building, technical
services and infrastructure. Heijmans operates in the Netherlands, Belgium
and Germany. Our focus on quality improvements, integrated projects,
sustainability and profitability allows Heijmans to provide added value for
our customers. Heijmans realises integrated projects for residential
consumers, companies and public sector bodies. With more than 7,400 employees
and € 2.1 billion in revenues in 2013, we are building the spatial contours
of tomorrow. For more information, visitwww.heijmans.nl.

Interim results 2014
Heijmans will publish the results for the first half of 2014 on 20 August 2014
before the opening of the stock exchange.

For more information / not for publication:
Media:
Lonneke Wijnhoven
+31 73 543 52 17
lwijnhoven@heijmans.nl

Analysts:
Frank Heerens
+31 73 543 52 17
fheerens@heijmans.nl

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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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