Results warning from Ballast Nedam

09 October 2014

Netherlands-based contractor Ballast Nedam has warned its financial results for 2014 would deteriorate owing to a project overspend and “disappointing” performance of its infrastructure division.

According to its latest statement, the company’s 40% stake in the A15 Maasvlakte-Vaanplein public-private partnership road scheme led by the A-Lanes consortium, meant its losses would extend from €87 million to a projected sum of €100 million.

The major road project is estimated to be more than €30 million over budget, with costs rising from €217 million to €253 million – which has negatively affected Ballast Nedam’s liquidity.

In a further blow to the company, it anticipated that losses surrounding the project could potentially increase further. It is engaged in a dispute resolution over the contract in a bid to minimise its losses.

Consequently, the company has said it is at an “advanced stage” in pushing through the sale of a cluster of business interests in its supplies division.

Despite its project setbacks, the company said it still expected to be able to honour existing banking credit facilities and financial agreements.

Latest News
EIB to loan €300 million for hydroelectric power plant in Canary Islands
Construction of 200MW facility set to strengthen renewable energy supply on Gran Canaria
Mini excavators: to rent or buy – a dilemma for small businesses
Purchasing earthmoving equipment is always a big decision and there are a lot of moving parts to consider
Inside the Enerpac Experience Days 2024
One of the main attractions of the event was the Enerpac Roadshow Container- a custom-designed, mobile exhibit showcasing a comprehensive range of heavy lifting technologies and industrial tools.