Heijmans: dividend proposal and extraordinary expense for NMa fines

Based on the NMa decisions of 19 December 2003, Heijmans N.V. (construction, property development and related activities) will charge an extraordinary expense of EUR 15 million against the 2003 result. It will be proposed that shareholders receive a cash dividend of EUR 1.22 for each ordinary share or depositary receipt. This is in line with a payment of 40% of the expected net result before making the expense now being announced.

On 10 December 2003, Heijmans announced that the net result for the entire 2003 financial year will amount to approximately EUR 75 million, which is in line with earlier guidance. This means that EPS will be around EUR 3.04. This result was subject to a reservation for fines possibly to be imposed by the Public Prosecutions Department and NMa.

On 19 December 2003, Heijmans received NMa decisions in four cases (of the six investigations currently underway against Heijmans), which entail a total fine of almost EUR 15 million. Heijmans must take a final decision in this respect on 30 January 2004.

Because it is unclear whether there will be certainty about the definitive amount of the fine before the closing of the 2003 annual accounts, caution dictates that the maximum amount be charged as an extraordinary expense against the 2003 financial year. This means that the net result for the entire 2003 financial year is expected to amount to EUR 60 million, with EPS at approximately EUR 2.37.
In connection with the one-off nature of the extraordinary expense being made, Heijmans will propose to the General Meeting of Shareholders - slated for 5 May 2004 - that a cash dividend of EUR 1.22 per ordinary share be paid.

Heijmans will publish its final results for 2003 on 11 March 2003.

Source: Heijmans N.V.

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