ENP Newswire -
Release date- 16052014 -
The sector results were mixed. The lower sector results at Construction and M&E services and Civil engineering related to older orders and shortfall in overhead recovery in
As the first quarter showed, we are still dealing with a backlog of lower quality orders won during extremely difficult market conditions and some of our Dutch operating companies have still not filled their order book completely for this year. Therefore, we re-iterate that we expect margins in Construction and M&E services and Civil engineering will remain under pressure during 2014 and it will be a year of stabilisation for the Group overall.
I am encouraged by the positive trends in some of our market segments which, together with our improved tendering procedures, are strengthening the quality and volume of our new order intake. So far this year we have won several large projects across our home markets and international. If this momentum is sustained or strengthened, this will form the platform for improved performance in 2015.'
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At Construction and M&E services, revenue fell by
Revenue at Civil engineering was up by
The order books in
At PPP, the positive result reflected the transfer of four projects to the joint venture with PGGM. BAM expects to transfer another two projects to the joint venture before the end of 2014. The bid pipeline remains healthy.
Financial position and balance sheet
The effect of seasonality on working capital in Q1 2014 was in line with Q1 2013.
Property divestment programme has realized over
Trade working capital efficiency was stable in Q1 2014.
The capital ratio at end-Q1 2014 improved to 22% (Q4 2013: 19.8%), largely due to changes to the cash flow hedge reserves related to the transfers of PPP projects to the joint venture with PGGM.
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