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Annual Report 2016 Ballast Nedam

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Annual Report 2016 Ballast Nedam Annual Report 2016 Ballast Nedam Table of contents Report of the Board of Management Introduction .............................................................................................................................................. 3 1 Profile of Ballast Nedam .................................................................................................................. 4 Vision, mission and values ...................................................................................................... 4 Core activities and organizational structure ............................................................................ 5 Composition of the Board of Management .............................................................................. 6 Responsibility Statement of the Board of Management .......................................................... 7 2 Strategy ........................................................................................................................................... 8 Overview of 2016 ..................................................................................................................... 8 Financial results ....................................................................................................................... 9 Outlook for 2017 .................................................................................................................... 11 3 Risk and risk management ............................................................................................................ 12 Outline of risk management ................................................................................................... 12 Internal control of risks .......................................................................................................... 12 Evaluation .............................................................................................................................. 16 Relevant risks ........................................................................................................................ 17 4 Corporate Social Responsibility..................................................................................................... 21 Position of CSR in the organization ....................................................................................... 21 CSR objectives and results ................................................................................................... 22 Energy and CO2 ..................................................................................................................... 23 Waste, recycling and materials.............................................................................................. 24 Human resources .................................................................................................................. 25 Safety ..................................................................................................................................... 26 Business Ethics and Integrity ................................................................................................ 27 Corporate governance 5 Corporate governance ................................................................................................................... 29 Management and control structure ........................................................................................ 29 Report of the Supervisory Board ........................................................................................... 33 Composition of the Supervisory Board .................................................................................. 37 Remuneration report .............................................................................................................. 38 Consolidated financial statements 6 Consolidated financial statements ................................................................................................. 42 Consolidated statement of financial position ......................................................................... 43 Consolidated statement of profit and loss ............................................................................. 45 Consolidated statement of comprehensive income............................................................... 46 Consolidated statement of changes in equity ........................................................................ 47 Consolidated statement of cash flows ................................................................................... 48 Notes to the consolidated financial statements ..................................................................... 49 Company financial statement 7 Company financial statement ...................................................................................................... 105 Company statement of financial position (before appropriation of result) .......................... 106 Company statement of profit and loss ................................................................................. 107 Notes to the company financial statements ......................................................................... 107 Other information 8 Other information ......................................................................................................................... 112 Independent auditor's report ................................................................................................ 112 Profit appropriation and dividend policy .............................................................................. 119 Board members of the Ballast Nedam Administration Office .............................................. 120 Report of the Ballast Nedam Administration Office ............................................................. 121 Independent assurance report............................................................................................. 123 2 of 125 Introduction 2016 was Ballast Nedam’s year of transition. We have come a long way. We closed the year with a strengthened capital base and improved liquidity and reached agreement on refinancing. Following the completion of the major part of the acquisition by Rönesans (Rönesans Holding A.Ş. Group) on 30 December 2015, a combined team of Ballast Nedam and Rönesans worked intensively to achieve a new and more operational organizational structure and implemented a cost reduction plan. The basic principle was that the Dutch construction and infrastructure projects are the core of the new company. With the ultimate goal to be the most cost efficient and competitive player in the Dutch market. Our employees showed a high degree of resilience and a strong believe in the company during the restructuring process, which inevitably led to further redundancies. Organizational processes were adjusted and strengthened to ensure risk management and oversight. The company has also adopted new policies for selective tendering and disciplined pricing and continues to apply careful monitoring through periodic reporting. This approach, together with control mechanisms, has significantly helped Ballast Nedam become a stronger organization. It has led to a leaner organization with a more competitive cost structure. We have made our projects the core of the company. They are our main focus. We have adapted our organization so that it fits perfectly with the lifecycle of these projects. We have shorter lines within our organization to be closer to our operations. We make use of best practices and learn from each other (construction and infrastructure). As a result, many projects have been completed to the clients’ satisfaction. In addition, the order book has shifted towards high-quality, lower-risk profile projects and is running solid with new acquisitions for reputable clients such as Amsterdam ArenA, Siemens, Unibail- Rodamco and KLM and Schiphol. In our regions, selective tendering has had the same result in strong new acquisitions as a new intensive care unit for the Sint Anthonius Hospital in Utrecht and the transformation of an office building into 191 apartments in Amsterdam. Against this background, a refinancing package was agreed with ING, Rabobank and FGH, extending the maturity of cash and guarantee facilities to 31 December 2018. In parallel, Ballast Nedam has established a variety of bilateral bonding lines from new institutions, including Zurich Insurance, VHV, Ergo, Liberty and Deutsche Bank. Furthermore, we executed our strategy to gradually dispose of non-core assets that no longer served as primary drivers in the company’s core activities. The total cash proceeds of these divestments combined with the release of its funds in an escrow account (which was restricted as security for the bank loans) amounted to more than 60 million euro and has allowed us to structurally strengthen our balance sheet, which resulted in a healthy cash position. In addition, we managed to significantly reduce our bank debt balance to 78.7 million euro (2015: 108 million euro). Rönesans provided continued operational, commercial and technical support to Ballast Nedam in 2016 as its majority shareholder and has showed its intention to support the company’s future operations. We aim to continuously capitalize on the Rönesans’ experience and capabilities. We are proud that we have managed to bring Ballast Nedam back into the market as a financially strong, efficient and competitive construction company. We have established
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