KONINKLIJKE VOLKERWESSELS Annual Results 2019
Amersfoort, 13 February 2020
Content
HES, Hartel Tank Terminal
General Overview
Operational Overview
Sustainability
Financial Overview
Outlook
Appendix
| 2
Highlights
EBITDA FY 2019 increased to € 269 million (+7.2%) from € 251 million
Net result attributable to shareholders € 145 million (+5.8%), net result per share € 1.81 (FY 2018: € 1.71)
Order book remains high at € 8,916 million
Revenue increased to € 6,642 million (+12.1%)
Solvency 33.4% (+90bps)
Due to the formal launch of the offer by the majority shareholder Reggeborgh, the company will not propose to pay a final dividend over 2019
Continued delay in the tendering of large integrated infra project due to Nitrogen
Outlook: 2020 financial performance expected to be in line with 2019
All numbers exclude share incentive charge | | 3 |
All numbers exclude the impact of IFRS 16 |
Performance FY 2019 (I)
Underlying operational performance (excluding the OpenIJ provision and IFRS 16)
Net result | EBITDA | Net cash | |||
attributable to | EBITDA | ROCE | Solvency | ||
margin | position | ||||
shareholders | |||||
2019 | 2019 | 2019 | 31/12/19 | 31/12/19 | 31/12/19 |
€ 149 m | € 273 m | 4.1 % | 25.3 % | 33.4 % | € 563 m |
10.2 | 5.9 | 80 | 130 | 90 | €197 |
% | % | bps | |||
bps | bps | m | |||
2018 | 2018 | 2018 | 31/12/18 | 31/12/18 | 31/12/18 |
€ 166 m | € 290 m | 4.9 % | 24.0 % | 32.5 % | € 366 m |
Order Book | Revenue |
31/12/19 | 2019 |
€ 8,916 m | € 6,642 m |
12.1 | |
% | |
31/12/18 | 2018 |
€ 8,924 m | € 5,924 m |
Financial performance (including the OpenIJ provision and excluding IFRS 16)
Net result | EBITDA | Net cash | |||||
attributable to | EBITDA | ROCE | Solvency | Order Book | Revenue | ||
margin | position | ||||||
shareholders | |||||||
2019 | 2019 | 2019 | 31/12/19 | 31/12/19 | 31/12/19 | 31/12/19 | 2019 |
€ 146 m | € 269 m | 4.1 % | 25.8 % | 33.4 % | € 563 m | € 8,916 m | € 6,642 m |
10 | 570 | 90 | €197 | 12.1 | |||
6.6% | 7.2% | bps | |||||
bps | bps | m | % | ||||
2018 | 2018 | 2018 | 31/12/18 | 31/12/18 | 31/12/18 | 31/12/18 | 2018 |
€ 137 m | € 251 m | 4.2 % | 20.1 % | 32.5 % | € 366 m | € 8,924 m | € 5,924 m |
All numbers exclude share incentive charge (2019: € 4 million; 2018: € 6 million)
| 4
Performance FY 2019 (II)
Reported financial performance (including the OpenIJ provision and IFRS 16)*
Net result | EBITDA | Net cash | |||||
attributable to | EBITDA | ROCE | Solvency | Order Book | Revenue | ||
margin | position | ||||||
shareholders | |||||||
2019 | 2019 | 2019 | 31/12/19 | 31/12/19 | 31/12/19 | 31/12/19 | 2019 |
€ 145 m | € 342 m | 5.2 % | 19.0 % | 31.4 % | € 312 m | € 8,916 m | € 6,642 m |
5.8 | 36.3 | 100 | 110 | 110 | € 54 | 12.1 | |
bps | bps | m | |||||
% | % | bps | % | ||||
2018 | 2018 | 2018 | 31/12/18 | 31/12/18 | 31/12/18 | 31/12/18 | 2018 |
€ 137 m | € 251 m | 4.2 % | 20.1 % | 32.5 % | € 366 m | € 8,924 m | € 5,924 m |
All numbers exclude share incentive charge (2019: € 4 million; 2018: € 6 million). | | 5 |
* The comparative information for 2018 is not restated for IFRS 16
Revenue and EBITDA* per Segment - 2019 vs 2018
Revenue | EBITDA* | |||||
(€ million, unless stated otherwise) | 2019 | 2018 | 2019 | 2018 | ||
NL - C&RED | 2,358 | 2,105 | 12.0% | 110 | 100 | 10.0% |
NL - Infrastructure ** | 1,513 | 1,414 | 7.0% | **46 | **61 | -24.6% |
NL - Energy & Telecoms Infrastructure | 865 | 751 | 15.2% | 44 | 39 | 12.8% |
United Kingdom | 1,344 | 1,116 | 20.4% | 46 | 39 | 17.9% |
Local currency GBP | 1,180 | 984 | 19.9% | 40 | 34 | 17.6% |
North America | 338 | 350 | -3.4% | 41 | 47 | -12.8% |
Local currency CAD | 507 | 538 | -5.8% | 62 | 72 | -13.9% |
Germany | 301 | 268 | 12.3% | 18 | 16 | 12.5% |
Other/eliminations | -77 | -80 | -32 | -12 | ||
Subtotal | 6,642 | 5,924 | 12.1% | 273 | 290 | -5.9% |
OpenIJ provision | -4 | -39 | ||||
Subtotal | 269 | 251 | 7.2% | |||
IFRS 16 impact | 73 | - | ||||
Total | 6,642 | 5,924 | 12.1% | 342 | 251 | 36.3% |
* EBITDA excluding share incentive charge (2019: € 4 million; 2018: € 6 million). | | 6 |
** EBITDA NL-Infrastructure 2019 is excluding additional loss OpenIJ of € 4 million (2018: € 39 million). |
IFRS 16
IFRS 16 transition
VolkerWessels adopted IFRS 16 with effect from 1 January 2019. We have applied the simplified transition approach and have not restated comparative amounts for the year prior to first adoption (2018).
The EBITDA 2019 increased with € 73 million to € 342 million as a result of these new accounting
standards.
The impact on our net result for 2019 amounts to - € 1 million. On adoption of IFRS 16, we have recognised, in addition to the already existing finance lease agreements, right-of-use assets of € 235 million and corresponding lease liabilities of € 235 million.
Operating cash flows increased and financing cash flows decreased by € 73 million as repayment of the principal portion of the lease liabilities are classified as cash flows from financing activities instead of cash flows from operating activities.
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High Quality Order Book with Good Visibility
Solid Growth in Order Book...
Total Order Book End of Year / Revenue for the Year
1.5x | 1.5x | 1.4x | 1.5x | 1.3x |
Breakdown Order Book | ||||
€ 8.9Bn | € 8.9Bn | |||
€ 7.7Bn | € 8.2Bn | € 8.1Bn | ||
YE 2015 YE 2016 YE 2017 YE 2018 YE 2019
Germany | NL Energy & Telecoms | |
North America | NL Infrastructure | |
UK | NL C&RED | |
with Good Visibility of This Year's Revenue
Signed and secured orders are included in the Order Book
Expected additional work from current projects, not yet agreed upon, is not included in Order Book
Framework agreements are only included in Order Book for secured (signed) volumes
Order Book Development
Order Book at € 8.9 billion is stable compared to 2018, however with a different composition
NL-C&RED stable at € 3.5 billion NL-Infrastructure stable at € 1.7 billion
NL-E&T Infrastructure decreased € 134 million due to delivery production volume on a fixed long-term contract, underlying orderbook increased significantly
United Kingdom decreased € 175 million
North America increased € 381 million
Germany decreased € 98 million
Medium-Term Management Objective for Organic Revenue Growth at 3 - 4%
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Content
General Overview
Operational Overview
Sustainability
Financial Overview
Outlook
Appendix
Market Hotel, Groningen
| 9
Construction & Real Estate Development Netherlands
Actual
Revenue (€ m) | EBITDA (€ m) and | Order Book (€ m) | ||||||
2,358 | EBITDA margin (%) | 3,493 | 3,477 | |||||
2,043 | 2,105 | |||||||
110 | 2,831 | |||||||
93 | 100 | |||||||
4.6 | 4.8 | 4.7 | ||||||||
2017 2018 2019 2017 * | 2018 | 2019 | YE | YE | YE | |||||
2017 | 2018 | 2019 |
EBITDA margin
EBITDA
Highlights
Revenue increased by 12.0%, or € 253 million, to € 2,358 million in 2019, mainly as a result of the continuing strong market conditions especially in the residential construction market
New homes sold increased to 2,728 coming from 2,140 in 2018
EBITDA increased € 10 million to € 110 million, up 10%
EBITDA margin is stable at 4.7% compared with 4.8% over 2018
Order book stable at € 3.5 billion and remains very strong at almost
1.5 times the 2019 revenue
Opening of BIC,
Eindhoven
ING Head office,
Amsterdam
* EBITDA 2017 excluding € 13 million third party result | | 10 |
Infrastructure Netherlands
Actual
Revenue (€ m) | EBITDA (€ m) and | Order Book (€ m) | ||||||||
1,474 | 1,513 | EBITDA margin (%) | 1,660 | 1,676 | ||||||
1,414 | 52 | 1,568 | ||||||||
3.5 | 22 | 42 | ||||||||
2.8 | ||||||||||
1.6 | ||||||||||
2017 2018 | 2019 2017 2018 | 2019 | YE | YE | YE | |||||
2017 | 2018 | 2019 |
EBITDA margin
EBITDA
Highlights
Revenue increased by 7% or € 99 million to € 1,513 million in 2019
Excluding the provision for OpenIJ, EBITDA decreased by € 15 million to € 46 million. Taken into account the additional provision for OpenIJ, EBITDA is € 42 million. Our 2019 result was impacted by restructuring costs and an impairment of € 2 million on our gravel pit in Norway
Order book stable at € 1.7 billion at year end 2019
The market for multidisciplinary infrastructure projects was severely disrupted by Nitrogen, PFAS and PFOS issues from the summer of 2019 onwards. As a consequence, government entities are delaying Infrastructure projects which translates in lower capacity utilization and margin pressure going forward. We experience delays in the tendering of large new infra projects
Hybrid roller | Upgrade of race circuit, |
Zandvoort |
| 11
OpenIJ, sea lock project in IJmuiden update YE 2019
OpenIJ in IJmuiden
The loss provision for OpenIJ at the end of the year is € 111 million which is a reduction of € 4 million since the end of the 3rd quarter. Total loss for OpenIJ in 2019 amounts to € 4 million.
The percentage completion stands at 80% at year end 2019 and 92% of the provision has been funded
In our third quarter results we communicated our current expectation with respect to project OpenIJ with a managerial target for the final project result estimated between - € 110 million and - € 77.5 million (VolkerWessels' share)
At the end of the fourth quarter this expectation remains unchanged. As a consequence of the release of our management expectation and taking into account the fact that OpenIJ is behaving more and more like any other large integrated infrastructure project, we will refrain from further financial disclosure on this project going forward
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Energy & Telecoms Infrastructure Netherlands
Actual
Revenue (€ m) | EBITDA (€ m) and | Order Book (€ m) | |||||||||
865 | EBITDA margin (%) | 1,005 | |||||||||
751 | 932 | ||||||||||
798 | |||||||||||
674 | |||||||||||
39 | 44 | ||||||||||
32 | |||||||||||
5.2 | 5.1 | ||||||||||
4.7 | |||||||||||
2017 2018 | 2019 2017 | 2018 | 2019 | YE | YE | YE | |||||
2017 | 2018 | 2019 |
EBITDA margin
EBITDA
Highlights
Revenue increased by 15.2%, or € 114 million, to € 865 million, mainly due to favourable market conditions caused by the transition to sustainable energy sources in the energy infrastructure market and the ongoing digital transformation in the telecoms market
EBITDA increased with € 5 million to € 44 million in 2019
EBITDA margin for the segment was 5.1% in 2019 compared to 5.2% in 2018
The improved result came from both Telecom and Energy
The order book decreased due to the 2019 production volume delivered on a long-term contract. Underlying, the order book increased significantly
Hydrogen station in | |
Windpark Fryslân | Zuidbroek |
| 13
United Kingdom
Actual | |
Revenue (€ m) | EBITDA (€ m) and |
EBITDA margin (%) |
Order Book (€ m)
Highlights
Revenue in 2019 increased 20% to € 1,344 million following positive
1,116 | 1,344 | |||
995 | 46 | |||
39 | ||||
33 | ||||
1,213
1,528 1,353
developments across all market sectors in which we operate
EBITDA improved by € 7 million to € 46 million with the EBITDA margin decreasing 10 basis points to 3.4%
3.3 | 3.5 | 3.4 | |||
2017 | 2018 | 2019 | 2017 | 2018 | 2019 |
GBP | GBP |
2017: GBP 872 million | 2017: GBP 29 million |
2018: GBP 984 million | 2018: GBP 34 million |
2019: GBP 1,180 million | 2019: GBP 40 million |
YE YE YE
2017 2018 2019
GBP
31 Dec 2017: GBP 1,077 million
31 Dec 2018: GBP 1,367 million
31 Dec 2019: GBP 1,151 million
The order book decreased by 11.5% to € 1,353 million reflects a change in the mix of contract type in the order book with fewer high value projects and a higher level of 'zero' value framework contracts, for which specific values will only be released over the duration of the framework as individual projects are allocated
The general election held in December 2019 delivered a strong Government, which has confirmed its commitment to increasing investment in infrastructure. We believe this will bring greater economic clarity in the medium and long term
Luton DART | Regeneration of |
Meridian Water station | |
| 14
North America
Actual
Revenue (€ m) | EBITDA (€ m) and | Order Book (€ m) | |||||||||
351 | 350 | 338 | EBITDA margin (%) | 1,145 | |||||||
55 | |||||||||||
47 | 41 | 828 | 764 | ||||||||
15.7 | 13.4 | 12.1 | |||||||||
2017 | 2018 | 2019 2017 2018 2019 | YE | YE | YE | ||||||
2017 | 2018 | 2019 | |||||||||
CAD | CAD | CAD | |||||||||
2017: CAD 515 million | 2017: CAD 81 million | 31 Dec 2017: CAD 1,249 million | |||||||||
2018: CAD 538 million | 2018: CAD 72 million | 31 Dec 2018: CAD 1,193 million | |||||||||
2019: CAD 507 million | 2019: CAD 62 million | 31 Dec 2019: CAD 1,672 million |
Highlights
Revenue was relatively stable at € 338 million
EBITDA decreased € 6 million to € 41 million, the decrease is partly weather-related, and partly caused by lower results from participating interest and lower land sales in the US
The order book increased to € 1,145 million (up 50% compared to 31 December 2018) as a result of successful (re)tenders of long term framework agreements, mainly the ten-year maintenance contracts in the province Alberta, and recent contract awards in the
US
Airport Extension, | Highway maintenance |
Calgary |
| 15
Germany
Actual
Revenue (€ m) | EBITDA (€ m) and | Order Book (€ m) | ||||||||
301 | EBITDA margin (%) | 684 | ||||||||
18 | ||||||||||
244 | 268 | 17 | 16 | 595 | 497 | |||||
7.0 | 6.0 | 6.0 | ||||||||
2017 2018 2019 | 2017 2018 | 2019 | YE | YE | YE | |||||
2017 | 2018 | 2019 |
EBITDA margin
EBITDA
Highlights
Revenue increased by 12.3%, or € 33 million, to € 301 million mainly in our construction companies
EBITDA increased with € 2 million to € 18 million in line with the revenue increase
The order book declined to € 497 million (-16.5% versus 31 December 2018), which is still strong and amounts to 1.7 times the revenue over 2019, the decrease mainly relates to the high volume delivered in 2019 and delays in the commencement of a few new development projects which will be added to our order book in 2020
In 2019, we constructed and delivered a total of 1,387 houses (2018: 746). The number of houses sold from VolkerWessels' own development in Germany in 2019 was 626 (2018: 537)
Maximillian Quartier, | Innenhof - O Quartier, |
Berlin | |
Berlin | |
| 16
Content
General Overview
Operational Overview
Sustainability
Financial Overview
Outlook
Appendix
Electric wrench
| 17
Sustainability
In 2019, we have developed roadmaps for each of these six focal points for the Netherlands, including preliminary targets for 2025. In the coming year, we will further elaborate on our ambitions, which may give rise to changes.
Examples of ambitions:
25% reduction in the CO2emissions of our car fleet, compared to 2020
80% of our own construction, real estate and infrastructure projects have a material passport with a score on material use
70% of homes built as part of our own developments have a zero energy bill
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RCF Sustainability Program
RCF KPI waste separation rate
93% | 94% | ||
53% | |||
2017 | 2018 | 2019 | |
Waste separation rate (%) | |||
RCF KPI zero-energy bill homes
16% | 14% | 13% |
2017 | 2018 | 2019 |
New zero-energy bill homes (%)
Since 2018 we have further strengthened our safety policy and culture resulting in a strong improvement of the IF rate
In 2018 we changed the definition of waste to include waste that is re-used/re-cycled (e.g. asphalt cold milling and concrete), whereas before only waste streams to waste processing plants were included. Waste separation under the old definition is 53% in 2019, which is below the target of 75%
CO2emissions of our vehicle fleet exclude the effects of our carbon offsetting programme effective since May 2019. Adjusted for this, we met the 2019 target for CO2emissions.
Challenges remain for Social Return and zero-energy bill Homes
Note that the RCF Sustainability Programme and the KPIs presented above are applicable to the Netherlands only
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Content
General Overview
Operational Overview
Sustainability
Financial Overview
Outlook
Appendix
Laycock Park Bridge,
Calgary
| 20
Seasonality Revenue and Earnings
Highlights
Typical seasonal pattern during the first quarter as a result of frost, snow and heavy rain in the winter
Consequently, revenue and EBITDA are typically lowest in Q1
Q3 activity typically impacted by reduced construction activities due to summer holidays
Highest activity and earnings typically during Q4, largely driven by increased demand from public sector clients completing projects before year- end
Quarterly Revenue Development (€ million)
1,747 | 1,758 | 1,882 | |||
1,539 | 1,681 | 1,705 | |||
1,473 | 1,397 | 1,374 | |||
1,195 | 1,299 | 1,230 | |||
Q1 17 | Q2 17 | Q3 17 | Q4 17 | Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 |
Quarterly EBITDA Development* (€ million) | |||||||||||
110 | 121 | 121 | |||||||||
77 | 69 | 82 | |||||||||
65 | |||||||||||
63 | |||||||||||
53 | |||||||||||
13 | 8 | 3 | |||||||||
Q1 17 | Q2 17 | Q3 17 | Q4 17 | Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 |
Overall EBITDA 2017 excl. € 13 million third party result and share incentive charge of € 5 million. Overall EBITDA excl. share incentive charge: 2018 € 6 million, 2019 € 4 million. | | 21 |
* 2017, 2018 and 2019 EBITDA includes OpenIJ provisioning: 2017: € 67.5 million; 2018: € 39 million; 2019: € 4 million. Impact IFRS 16 is not included. | |
Strong Cash and Working Capital performance
Net debt improved by € 197 million to a net cash position of € 563 million, including
IFRS 16 decrease to a net cash of € 312 million
31-12-2018 | €366m | ||||
EBITDA | €269m | ||||
Net Investments PP&E | -€95m | ||||
Dividend paid | -€84m | ||||
Improved Working Capital | €150m | ||||
Other | -€43m |
31-12-2019 (excl. lease liabilities) €563m
Lease liability 31-12-2019 | -€251m |
31-12-2019 (incl. lease liabilities) €312m
Traditional Working Capital and Strategic Working Capital
(€ million) | YE 2019 | YE 2018 |
Inventories (excl. property development) | 75 | 76 |
Balance of contract assets and liabilities* | -94 | -28 |
Trade and other receivables (excl. | 811 | 839 |
receivables from associates and JVs) | ||
Trade and other payables (excl. amounts | -1,522 | -1,497 |
owed to associates and JVs) | ||
Net taxes | -5 | -15 |
Traditional Working Capital | ||
-735 | -625 | |
Land | 174 | 184 |
Property development | 36 | 81 |
Property held for sale | 23 | 42 |
Associates and JVs less provisions | 148 | 132 |
Non-current receivables from associates and | 77 | 71 |
JVs | ||
Net receivables on participations | 113 | 101 |
Strategic Working Capital | ||
571 | 611 | |
Net Working Capital | -164 | -14 |
Medium-Term Management Objectives for Further Efficiency Improvement in Strategic Working Capital by ~€200m,
for Traditional Working Capital to Develop in Line With Revenue, and to Focus Land Bank on Actionable Development
| 22
Disciplined Cash Flow Management and
Strong Balance Sheet
Free Cash Flow & Net Capex * | Deleveraging Profile VolkerWessels ** |
€267m | €563m | ||||||||
€231m | |||||||||
€198m | |||||||||
€366m | |||||||||
€155m | €297m | ||||||||
Free Cash | €189m | ||||||||
Flow | |||||||||
2016 | 2017 | 2018 | 2019 | -€62m | -€79m | -€39m | |||
-€244m | -€197m | -€187m | |||||||
Net Capex % of the revenue | Capex | ||||||||
95 | -€484m | -€419m | |||||||
61 | 64 | 60 | |||||||
Net Capex | |||||||||
(PP&E) | Gross Debt | ||||||||
1.4 | Net Cash / (Debt) | ||||||||
1.1 | 1.1 | ||||||||
1.0 | |||||||||
2016 | 2017 | 2018 | 2019 | ||||||
YE 2014 | YE 2015 | YE 2016 | YE 2017 | YE 2018 | YE 2019 |
Medium-Term Management Objective for Capex at ~1.3% of Revenue
* Free Cash Flow 2019 is impacted by IFRS 16 for € 73 million, including IFRS 16 Free Cash Flow amounts to € 340 million | | 23 |
** IFRS 16 related lease liability as per 31-12-2019 is not included |
ROCE and Solvency (excl. IFRS 16)
ROCE | Solvency |
Development of Return on Capital Employed (%)* | Development of Solvency (%) |
end of period | end of period |
26% | 32% | 32% | 33% | 33% |
* * | ||||
22% | ||||
20% | 25% | |||
18% |
13%
YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 | YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 |
Increase ROCE is the result of the increased net cash position.
Solvency at Solid Stable Level
Medium-Term Management Objective Full Year for ROCE > 18.0%
* Return on Capital Employed (ROCE) as EBIT / Capital employed (Group equity -/+ Net receivable) | | 24 |
** 2017 excluding € 13 million third party result
ROCE and Solvency (incl. IFRS 16)
ROCE | Solvency | |||
Development of Return on Capital Employed (%)* | Development of Solvency (%) | |||
end of period | end of period | |||
* * | 33% | |||
22% | 32% | 32% | 31% | |
20% |
18% | 19% |
25% | |
13%
YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 | YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 |
ROCE and Solvency at Solid Stable Level
Medium-Term Management Objective Full Year for ROCE > 18.0%
* Return on Capital Employed (ROCE) as EBIT / Capital employed (Group equity -/+ Net receivable) | | 25 |
** 2017 excluding € 13 million third party result
Content
General Overview
Operational Overview
Sustainability
Financial Overview
Outlook
Appendix
DWDR, Dover
| 26
Outlook
Outlook
2020 financial performance expected to be in line with 2019
| 27
Content
General Overview
Operational Overview
Sustainability
Financial Overview
Outlook
Appendix
Wonderwoods,
Utrecht
| 28
Breakdown Provisions
€ million | YE 2019 | YE 2018 | |
Employee benefits | 43 | 40 | |
Provisions for associates and JVs | 23 | 16 | |
Other provisions* | 116 | 138 | |
Deferred tax liabilities | 30 | 31 | |
Total non-current provisions | 212 | 225 | |
Employee benefits | 12 | 19 | |
Provisions for associates and JVs | 2 | 3 | |
Other provisions* | 126 | 98 | |
Total current provisions | 140 | 120 | |
Total provisions | 352 | 345 | |
* including provisions for onerous construction contracts | | 29 |
Movement Other Provisions (current and non-current)
Environmen- | |||||||
tal and | |||||||
€ million | Guaran- | Restruc- | remediation | Onerous | |||
tees | turing | costs | contracts | Other | Total | ||
As at 31 December 2018 | 68 | 3 | 4 | 127 | 34 | 236 | |
Impact of change in accounting | 0 | 0 | 0 | 0 | 0 | 0 | |
policy | |||||||
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | |
Addition * | 20 | 9 | 0 | 20 | 19 | 68 | |
Withdrawal | -15 | -5 | 0 | -11 | -7 | -38 | |
Release * | -4 | 0 | 0 | -14 | -7 | -25 | |
Other | 1 | 0 | 0 | 0 | 0 | 1 | |
As at 31 December 2019 | 70 | 7 | 4 | 122 | 39 | 242 | |
Non-current | 50 | 3 | 2 | 38 | 23 | 116 | |
Current | 20 | 4 | 2 | 84 | 16 | 126 | |
* Net impact of movement other provisions on EBITDA: 2019: - € 43 million (2018: - € 29 million)
| 30
Financial calendar and contact details
Event | Date |
Annual results 2019 (after trading) | 13 February 2020 |
Extraordinary General Meeting | 17 February 2020 |
Annual report 2019 available | 21 February 2020 |
Annual General Meeting of shareholders | 16 April 2020 |
VolkerWessels | Investor contact |
Podium 9 | Ingrid Prins |
3826 PA Amersfoort | iprins@volkerwessels.com |
The Netherlands | +31-6-51592484 |
www.volkerwessels.com | +31-88-1866658 |
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Important information
This document is intended to provide financial and general information about Royal VolkerWessels and its group
companies in respect of its most recent financial results and, as such, is solely informative.
This document must be read in connection with the relevant financial documents it refers to and such financial documents are leading in case of any inconsistency with the information as provided herein.
This document contains forward-looking statements which are based on the current expectations, estimates and projections of Royal VolkerWessels' management and information available at the date of publication of this document. These forward-looking-statements are subject to uncertainties and cannot be relied upon.
VolkerWessels does not assume any obligation to update or revise forward-looking-statements after the date of publication of this document.
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Disclaimer
Koninklijke Volker Wessels Stevin NV published this content on 13 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2020 22:28:08 UTC
