Heijmans N.V. (property development, construction and infrastructure) has made a net profit in 2004 of â¬75 million excluding an exceptional charge of â¬ 30 million in connection with the fines imposed by the competition authorities. The previously issued prognosis was â¬ 66 million. The increase of â¬9 million is chiefly due to a once only tax gain of in balance â¬8 million (2003: â¬5 million).
Positive influences on the result included a 20% rise in the sale of homes, an important contribution by major infrastructure projects and a strengthening of the results in Belgium and the UK. The letting of commercial real estate was problematic and, as expected, there was pressure on margins in construction.
The financial position improved considerably due to growth in the operational cash flow from â¬ 59 million to â¬ 219 million and a reduction in the net debt from â¬ 350 million at the end of 2003 to â¬ 199 million. 'Heijmans has strengthened its financial scope in 2004, laying down a solid foundation for further growth in the future,' says chairman of the board, Guus Hoefsloot.
Heijmans expects the net profit of â¬ 72 million for 2004 based on IFRS (provisional figure) to increase by over 10% for 2005.
Heijmans will propose a dividend over 2004 to its shareholders of â¬ 1.22 for each ordinary share.