Ballast Nedam (BLSNF.PK) reported that its fiscal 2012 loss was 41 million euros, compared to profit of 9 million euros in the previous year. Loss before income tax was 38 million euros, compared to profit of 12 million euros in the prior year.
The company incurred an operating loss of 31 million euros following 49 million euros of reorganization expenses and impairment losses on land positions, and property, plant and equipment.In 2011 the operating profit was 19 million euros.
Annual revenue declined to 1.296 billion euros from 1.382 billion euros last year.
The company expects operating profit of approximately 15 million euros for 2013.
The company noted that the current dividend policy is to place 50 per cent of the profit for the period at the disposal of shareholders for distribution as dividend. A substantial loss was made in 2012, solvency deteriorated, and the difficult market conditions are expected to continue.
For these reasons, the Board of Management, with the approval of the Supervisory Board, has decided in line with the dividend policy to refrain from paying a dividend for 2012, the company said. The dividend for 2011 was 0.47 euros. In view of the loss incurred and the loss of more than 500 jobs, no bonuses will be paid in the company for 2012.
The company said that its Supervisory Board has resolved to fill the vacancy that arose on the departure of Boelen as a member of the Supervisory Board. At the General Meeting of Shareholders to be held in May 2013 the Supervisory Board proposes to nominate Insinger to fill this vacancy. She is an independent consultant and interim manager, is a partner in De Nieuwe Commissaris Consult B.V., and holds several supervisory positions. For some years she was CFO, and is a member of various audit committees.
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