Modest decrease revenue; result significantly affected by restructuring costs and limited by Covid-19
Revenue from contracts with customers decreased to € 1,019.5 million (2019: € 1,041.8 million)
Operating profit (Ebitda) € 41.1 million (2019: € 50.4 million)
Net result € 10.3 million loss (2019: € 6.8 million profit)
Restructuring costs in the first half year 2020 amounted to € 11.4 million
Backlog € 3.2 billion (2019: € 3.4 billion)
Solvency 17.0% (end of 2019 and half year 2019: 16.9%)
The COVID-19 outbreak has spread rapidly in 2020 and the Group has taken appropriate actions to mitigate the impact of the Covid-19
At the moment, the consequences of Covid-19 on the business operations and results are limited
Key figures
2020
2019
Results (in millions of euros)
Half year
Half year
Revenue from contracts with customers
1,019.5
1,041.8
Ebitda
41.1
50.4
Amortization
3.8
4.4
Net result
-10.3
6.8
Net result attributable to
shareholders of Oranjewoud
-10.5
6.7
Employees (headcount)
Number at end of first halfyear
10048
10308
Backlog (in millions of euros)
Total at end of the first halfyear
3,198.5
3,411.5
Equity (in millions of euros)
06-30-2020
12-31-2019
Equity (E)
275.2
285.9
Total assets (TA)
1,622.4
1,689.5
E/TA
17.0%
16.9%
These figures are extracted from the administration of Oranjewoud N.V. and are unaudited.
1
General
Oranjewoud N.V., top holding of Strukton Groep and Antea Group, is a listed enterprise encompassing companies that operate both nationally and internationally. The companies that are part of Oranjewoud N.V. are active in the fields of civil infrastructure, rail systems, technology and buildings, environment, spatial planning, water and recreation. This covers the whole process, from preliminary studies, consultancy, design, planning and organization, right up to realization, management and operation.
Oranjewoud N.V. (Oranjewoud) is a leading partner in the development and application of sustainable and integral solutions for all facets of the environment in which we live, work, play and travel. Oranjewoud N.V. has pinpointed four strategic growth sectors for the medium to long term - environment, water, infrastructure, and spatial planning.
There are no new developments regarding the FIOD investigation. In 2019 the initial police report, and at the beginning of 2020 also the information that was confiscated during the raid, was made available to us digitally. We have determined that this information does not provide any new insights or requires further investigation into the reason for the raid on 15 February 2019.
After a careful process, the auditor issued an unqualified audit opinion on the financial statements 2019 of Oranjewoud N.V. on July 14, 2020. The key points of the audit were discussed with the supervisory board and described in the auditor's report as included in the 2019 annual report.
Covid-19
The COVID-19 outbreak has spread rapidly in 2020. Measures to stem the spread taken by governments across the globe have had a modest impact on the activities of the Group in the first six months of 2020. The developments have led to a positive recurring operating result in the first five months of 2020. Whether or not we will see revenue and profitability improve in the remaining months of 2020 depends on how long the areas in which we operate are exposed to COVID-19 and on the degree to which government measures are extended, amplified or eased. We will continue to abide by the policy and advice of the various national bodies, while at the same time doing everything within our power to proceed with our operations in the best and safest way possible without jeopardizing our workers' health. Although there is still uncertainty, we do not see the impact of the COVID-19 pandemic having a materially negative effect on our financial condition or liquidity.
Revenue and profit
Oranjewoud N.V. aims its activities at five segments.
Consulting and Engineering Services
Half year
Half year
(in millions of euros)
2020
2019
Revenue from contracts with customers
216.7
211.6
Ebitda
14.4
17.5
Backlog
294.5
268.6
Number of employees (half year end)
3272
3251
In the first half of 2019, the segment Consulting and Engineering Services (Antea Group) (the Netherlands, France, the United States, Belgium, Spain, Poland, Brazil and India) has realized in the first half year of 2020, despite the outbreak of the Covid-19 pandemic, higher revenues than the first half of 2019. Due to Covid-19, the operational results in France and the United States are behind plan. The backlog is well filled.
Railsystems
Half year
Half year
(in millions of euros)
2020
2019
Revenue from contracts with customers
339.3
351.6
Ebitda
10.4
16.3
Backlog
1,593.8
1,641.7
Number of employees (half year end)
3618
3849
2
Revenues in the Rail Systems segment decreased modestly compared to the comparable period of the previous year. This is mainly due to a lower production volume in Sweden and Denmark as a result of the Covid-19 pandemic, which is partly compensated by the higher production volume in the Netherlands. Due to reorganizations, the number of employees decreased. The backlog is modestly lower than previous year.
Civil infrastructure
Half year
Half year
(in millions of euros)
2020
2019
Revenue from contracts with customers
184.6
258.9
Ebitda
6.3
9.2
Backlog
530.7
608.1
Number of employees (half year end)
1179
1256
In the Civil infrastructure segment, revenues have decreased due to the problems around both nitrogen/PFAS and Covid-19. Next to this, the revenues and result of the metro project in Riyadh are lower due to Covid-19. The results in the Netherlands are affected by a few reorganizations, but are stable. The backlog of the Civil Infrastructure segment is well filled. The number of employees decreased as a result of reorganizations within the divisions.
Technology and Buildings
Half year
Half year
(in millions of euros)
2020
2019
Revenue from contracts with customers
248.7
186.3
Ebitda
9.8
6.7
Backlog
746.8
850.6
Number of employees (half year end)
1845
1772
The increase in revenue in the Technology and Buildings segment is due to a growth in maintenance contracts as well as the number of large projects. This has resulted in a higher Ebitda. The backlog is well filled. As a consequence of the increase in revenue, the number of employees has increased as well.
Other
Half year
Half year
(in millions of euros)
2020
2019
Revenue from contracts with customers
30.2
33.4
Ebitda
0.1
0.7
Backlog
32.7
42.5
Number of employees (half year end)
134
180
The Other segment consists of Sports, Temporary Staff and Others. The decrease of the revenue and the backlog is realized by both Sport and Temporary Staff and the decrease in Ebitda is realized by Temporary Staff and Other.
Balance sheet and cash flows
The solvency at the end of the first half year 2020 is 17.0%. At the end of 2019 the solvency was 16.9%. The cash flows and cash position are in line with expectations.
Financing
Per June 30, 2020 Oranjewoud N.V. and Strukton Groep N.V. are compliant with respect to the covenants agreed with the banks.
Risks
The description of the main risks is included in the annual report 2019. The projections in this semi-annual statement are the same as those used in the preparation of the consolidated financial statements for the financial year 2019.
3
Outlook
The Board of Oranjewoud N.V. does not make statements with respect to revenues or profit for the whole financial year 2020.
Declaration of the board
This semi-annual report was not subjected to a review by an auditor.
The Board declares that, to the best of its knowledge:
this 2020 semi-annual report gives a true and fair view of the assets, liabilities, financial position and profit or loss of Oranjewoud N.V. and its consolidated companies;
this semi-annual report issued by the Board of Directors gives a fair view of the information pursuant to section 5:25d, subsection 8 and 9, of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).
On behalf of the Board of Directors
Mr. G.P. Sanderink
September 25, 2020
4
ABBREVIATED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in thousands of euros)
06-30-2020
12-31-2019
Non-current assets
Intangible assets (1)
69,375
72,822
Property, plant and equipment (2)
155,568
163,715
Right-of-use assets
127,298
136,269
Investment property
4,742
4,864
Associates
37,096
41,871
Other financial non-current assets (3)
110,101
82,901
Deferred tax assets
51,174
48,206
555,354
550,647
Current assets
Inventories
30,712
25,905
Receivables (4)
393,758
542,612
Work in progress
342,543
274,903
Income tax receivables
22,809
12,736
Cash and cash equivalents (5)
277,212
282,664
1,067,034
1,138,820
Total assets
1,622,388
1,689,467
Equity attributable to equity
holders of the parent company
275,158
285,887
Non-controlling interests
1,804
1,719
Total equity (6)
276,962
287,606
Non-current liabilities
Deferred employee benefits
75,269
74,637
Provisions
50,258
50,391
Deferred tax liabilities
6,397
7,696
Lease liabilities
90,953
95,667
Subordinated loans (7)
21,000
11,000
Non-current liabilities (7)
246,667
238,166
Total non-current liabilities
490,544
477,557
Current liabilities
Trade payables
267,425
311,511
Amounts owed to credit institutions
58,358
56,888
Work in progress
152,639
205,398
Corporate income tax payable
2,008
4,667
Provisions
25,709
20,896
Lease liabilities
39,893
42,752
Other current liabilities (8)
308,851
282,193
Total current liabilities
854,882
924,305
Total equity and liabilities
1,622,388
1,689,467
*) Unaudited.
5
CONSOLIDATED STATEMENT OF INCOME
(in thousands of euros)
2020
2019
For the first half year: *)
Revenue from contracts with customers
1,019,483
1,041,841
Other operating income
358
151
Total operating income (10)
1,019,841
1,041,992
Project costs of third parties
(479,971)
(492,490)
Added value
539,870
549,502
Staff costs
(406,999)
(416,605)
Other operating expenses
(91,764)
(82,473)
Depreciation (12)
(41,332)
(36,543)
Total operating expenses
(540,095)
(535,621)
Operating profit
(225)
13,881
Finance revenue (13)
3,662
1,911
Finance costs (13)
(8,651)
(6,745)
Net finance revenue/(costs) (13)
(4,989)
(4,834)
Share in profit of associates
(1,247)
2,889
Profit before taxes
(6,461)
11,936
Income tax (14)
(3,871)
(5,092)
Net profit for the year
(10,332)
6,844
Attributable to:
Equity holders of the parent company
(10,512)
6,662
Non-controlling interests
180
182
EARNINGS PER SHARE (in euros)
Net earnings per share attributable to equity holders
of the parent company (basic and diluted)
(0.17)
0.11
Average number of shares outstanding
62,872,869
62,872,869
*) Unaudited.
6
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in thousands of euros)
For the first half year: *)
2020
2019
Profit after taxes
(10,332)
6,844
Unrealized gains and losses
-
15,748
Other comprehensive income to be reclassified to
profit and loss in future periods
Currency translation differences
(217)
1,151
(217)
1,151
Other comprehensive income to be reclassified to
profit and loss in future periods
(217)
1,151
Total comprehensive income after taxes
(10,549)
23,743
Attributable to:
Equity holders of Oranjewoud
(10,728)
23,561
Non-controlling interests
180
182
Total comprehensive income after taxes
(10,549)
23,743
*) Unaudited.
7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands of euros)
Total equity
Attributable to equity holders of the parent company
Non-
Total
Issued
Share
Transla-
Hedge-
Actua-
Retained
Profit for
Total
control-
share
premium
tion dif-
reserve
rial
earnings
the finan-
capital
ling in-
capital
ferences
reserve
cial year
and
terests
reserve
reserves
Balance at January 1, 2019
6,287
201,896
3,920
(3,446)
(15,379)
81,191
10,919
285,388
41,727
327,115
Retained earnings for 2018
-
-
-
-
-
10,919
(10,919)
-
-
-
Subtotal
6,287
201,896
3,920
(3,446)
(15,379)
92,110
-
285,388
41,727
327,115
Result for the financial year
-
-
-
-
-
-
6,662
6,662
182
6,844
Unrealized gains and losses
-
-
1,151
-
-
15,748
-
16,899
-
16,899
Total comprehensive
income after taxes
-
-
1,151
-
-
15,748
6,662
23,561
182
23,743
Other changes
-
-
-
-
-
-
-
-
(40,323)
(40,323)
Balance at June 30, 2019 *)
6,287
201,896
5,071
(3,446)
(15,379)
107,858
6,662
308,949
1,586
310,535
Balance at January 1, 2020
6,287
201,896
4,420
(4,116)
(26,067)
107,846
(4,379)
285,887
1,719
287,606
Retained earnings for 2019
-
-
-
-
-
(4,379)
4,379
-
-
-
Subtotal
6,287
201,896
4,420
(4,116)
(26,067)
103,467
-
285,887
1,719
287,606
Result for the financial year
-
-
-
-
-
-
(10,512)
(10,512)
180
(10,332)
Unrealized gains and losses
-
-
(217)
-
-
-
-
(217)
-
(217)
Total comprehensive
income after taxes
-
-
(217)
-
-
-
(10,512)
(10,728)
180
(10,549)
Other changes
-
-
-
-
-
-
-
-
(95)
(95)
Balance at June 30, 2020 *)
6,287
201,896
4,203
(4,116)
(26,067)
103,467
(10,512)
275,158
1,804
276,962
*) Unaudited.
8
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of euros)
For the first half year: *)
2020
2019
Profit after taxes
(10,332)
6,844
Non-cash movements:
Profit/(loss) of associates
1,247
(2,889)
Corporate income tax
3,871
5,092
Finance revenue and costs
4,989
4,834
Depreciation and gain on sale of property, plant and equipment
41,332
36,543
Other changes lease
1,324
-
Change in provisions
4,004
92
Cash flow from operating activities before
changes in working capital
46,435
50,516
Changes in working capital:
Trade payables
(44,086)
(19,061)
Other current liabilities
14,946
(42,899)
Inventories
(4,806)
(1,079)
Work in progress
(121,796)
(95,471)
Trade receivables
60,877
36,816
Other receivables and prepayments and accrued income
89,664
26,279
Change in working capital
(5,201)
(95,415)
Received dividends of associates
-
2,811
Interest received
882
1,356
Interest leases paid
-
(897)
Income tax paid
(20,713)
(5,263)
(25,032)
(97,408)
Cash flow from operating activities
21,403
(46,892)
Investments in intangible assets
(380)
(933)
Investments in property, plant and equipment
(6,415)
(10,565)
Investments of associates
-
(545)
Investments in consolidated companies
-
(22,853)
Disposal of property, plant and equipment
764
(199)
Disposal of associates
3,075
(4,878)
Change in other financial non-current assets
(26,920)
1,933
Cash flow from investing activities
(29,876)
(38,040)
Drawings subordinated loans
10,000
10,000
Drawings loans
22,463
22,018
Repayments loans
(605)
(1,864)
Leases paid
(23,589)
(18,323)
Interest paid
(6,564)
(6,496)
Cash flow from financing activities
1,705
5,335
Net cash flow
(6,768)
(79,597)
Balance of cash and cash equivalents at January 1
265,776
253,625
Exchange differences on cash and cash equivalents
(154)
661
Balance of cash and cash equivalents
at June 30
note 5
258,854
174,689
*) Unaudited.
9
ACCOUNTING POLICIES
General information
Oranjewoud N.V. is a public limited liability company established under Dutch law in the Netherlands in Gouda, Antwerpseweg 8, and registered in the Dutch Trade Register under number 29030061. The shares of the company are listed on the official market of Euronext N.V. in Amsterdam. Sanderink Investments B.V. holds 98.96% of the shares in Oranjewoud N.V. Sanderink Investments B.V. is wholly owned by Gerard Sanderink's Stichting Administratiekantoor Sanderink Investments.
The semi-annual report 2020 was drawn up on September 25, 2020 by the Board of Directors and approved by the Supervisory Board.
Basis of preparation
The semi-annual report is a summary and does not contain all the information and explanatory notes found in the annual financial statements. It should therefore be read in conjunction with the 2019 financial statements. The semi-annual figures are given in euro's, which is the organization's functional currency.
The semi-annual report was prepared in accordance with the International Financial Reporting Standards (IFRS) as approved by the European Union. The same principles were applied in the preparation of this interim report as were applied in the 2019 financial statements. The 2019 financial statements, which provide a thorough treatment of these principles, are available on our website (www.oranjewoudnv.nl). The 2020 semi-annual report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.
Risks and estimates
The preparation of this semi-annual report in accordance with IAS 34 requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and of income and expenses. The estimates and associated assumptions are based on past experience and various other factors that are considered reasonable under the circumstances. The actual results may differ from these estimates. The estimates and underlying assumptions are constantly assessed. Revisions to estimates are recognized in the period in which the estimate is revised, or in future periods if the revision relates to future periods. The estimates in this semi-annual report are the same as those applied in the preparation of the consolidated financial statements for the financial year 2019.
Financial risk management
The Group has a strict policy that is aimed at limiting and controlling current and future risks as much as possible and minimizing the financial costs. This is achieved through general control measures, such as internal procedures and instructions and specific measures focusing on managing specified risks. The Group's financial risks mainly relate to interest rate risks, currency risks, credit risks and supplier risks. The risk of fluctuations in exchange rates and interest rates are partly hedged using various derivatives, as a result of which risks to which the primary financial instruments are subject are transferred to other contract parties. Interest rate and exchange risks are largely managed centrally. No speculative positions are taken. The manner in which these risks are hedged has not changed compared to year-end 2019.
Seasonal effects
The development of revenue and operational results in a calendar year is influenced by seasonal effects. Traditionally the revenue and profits show stronger growth in the second half of a calendar year. This seasonal pattern is particularly evident in the Rail systems, Civil infrastructure and Technology and Buildings segments as well as in Sports (in the segment Other).
10
1. Intangible fixed assets
Acquired participations generate cash flows either independently or with other components of the cash flows segment and are therefore defined internally as cash generating unit (CGU) either independently or together with these segment components. An impairment test is conducted on the capitalized goodwill once a year in accordance with IAS 36. We have considered the changes in economic and market circumstances due to Covid- 19 and considered it not necessary to impair goodwill of the CGUs.
2. Tangible fixed assets
The first half of 2020 saw € 6.4 million in investments in tangible fixed assets (10.6 million in the first half of 2019) and € 0.3 million in disposals (first half of 2019: € 0.3 million). These disposals involved a total purchase value of
9.5 million (first half of 2018: € 3.3 million).
3. Other financial non-current assets
Non-cur-
Ppp-
Invest-
Financial
Total
rent recei-
recei-
ments
deri-
vables
vables
vatives
Carrying amount at January 1, 2019
26,122
34,933
1,810
14
62,879
Loans
286
22,647
-
-
22,933
Loan repayments
(5,278)
(453)
-
(14)
(5,745)
Accretion
-
2,145
-
-
2,145
Other changes
424
265
-
-
689
Carrying amount at December 31, 2019
21,554
59,537
1,810
-
82,901
Carrying amount at January 1, 2020
21,554
59,537
1,810
-
82,901
Loans
-
30,572
-
-
30,572
Other changes
(3,372)
-
-
-
(3,372)
Carrying amount at June 30, 2020
18,182
90,109
1,810
-
110,101
The ppp receivables are outstanding payments arising from concession agreements in the Netherlands. The term of the various ppp receivables is approx. 25 years. The majority (of the sum of the receivables) has a term of over five years. Given the nature of the contracting parties the credit risk has been estimated at zero.
4. Receivables
06-30-2020
12-31-2019
Receivables from affiliated companies
13
9
Trade receivables
314,865
375,742
Taxes and social security
10,190
18,814
Other receivables
14,654
96,226
Prepayments and accrued income
54,037
51,821
393,758
542,612
11
5. Cash and cash equivalents
06-30-2020
12-31-2019
Banks
277,201
282,579
Cash
11
85
277,212
282,664
Amounts owed to credit institutions:
Part of the cash management system of the Group
18,358
16,888
Not a part of the cash management system of the Group
40,000
40,000
58,358
56,888
For the statement of cash flows:
Cash and cash equivalents
277,212
282,664
Subtracting: amounts owed to credit institutions part of the
cash management system of the Group
18,358
16,888
Balance of cash and cash equivalents
258,854
265,776
A market-based interest is paid on bank balances.
The sum of cash and cash equivalents includes bank balances, deposits and cash balances. Bank debts that are payable on demand and that constitute an integral part of the cash management system of the company are included in the cash and cash equivalents in the cash flow statements.
Liquid assets include cash from construction consortiums in the amount of € 118.4 million (2019: € 172.6 million)
and cash received on blocked accounts in the amount of € 1.3 million (2019: € 1.6 million). This cash is not at the disposal of the company.
The funds included in construction consortiums relate to funds in joint ventures whereby it is contractually stipulated that the liquid assets may not be freely available. The cash received on blocked accounts mainly concerns the G-accounts within the framework of the Dutch Chain Liability Act (Wet Ketenaansprakelijkheid). The remaining liquid assets are entirely at free disposal.
6. Group equity
Equity capital attributable to parent company shareholders Capital
On June 30, 2020 the authorized capital amounted to € 10,000,000, consisting of 100,000,000 A and B shares of
0.10 each. The issued and paid capital amounted to 62,872,869 shares of € 0.10 each. On June 30, 2020 the issued capital consists of € 2,955,307 A shares and € 3,331,980 B shares. Unlike with A shares, no stock exchange listing has been requested for the B shares. There is no difference in terms of control or profit between the A shares and the B shares.
The articles of association of the company stipulate that the issue of shares takes place pursuant to a decision by management. The company may acquire fully paid-up shares, but only for no consideration. Acquisition other than for no consideration can only take place if the general meeting has authorized the board to do so.
Unrealized gains and losses
The increase of the unrealized gains and losses is the result of exchange rate differences.
12
Dividend
No dividend was paid in the reporting period.
Subordinated loans and non-current liabilities Subordinated loans
The subordinated loans concerns loans granted by associated party Sanderink Investments B.V., with a term of
years. Early repayment is possible. Interest on the loan is payable at a rate of 5.0%.
Subordination applies to all obligations of the Group towards the lender (Sanderink Investments B.V.), ensuing from this subordinated loan in relation to all current and future receivables of Rabobank under the Rabobank Loan Agreement, both in cases of bankruptcy as suspension of payments on the part of the borrower.
Non-current liabilities
06-30-2020
12-31-2019
Total current and non-current liabilites
267,141
245,283
Less:
Current portion of non-current liabilities
(20,474)
(7,117)
Non-current liabilities
246,667
238,166
Property, plant and equipment financing
532
533
Term loan
31,254
31,186
Debts financing real estate projects
1,453
1,679
Bankloans
43,015
32,880
Groupe IRH
1,117
1,117
Non-recoursePpp-financing
169,286
170,383
Other non-current liabilities
10
388
246,667
238,166
8. Other current liabilities
30-06-2020
31-12-2019
Repayment obligations
20,474
7,117
Debts to affiliated companies
406
339
Debts in respect of other
taxes and contributions
73,553
70,952
Pension obligations
6,883
2,959
Other liabilities
114,117
113,464
Accrued liablities
93,417
87,362
308,851
282,193
The other debts and the accrued liabilities mainly consist of invoices to be received for completed work and accrued holiday pay and accrued leave.
13
9. Financial instruments
The main financial instruments of the Group include bank loans and credits and cash and cash equivalents. The Group also uses interest rate swaps and inflation swaps to hedge the interest and inflation risks arising from corporate and project financing. The main purpose of the financial instruments is to attract financing for the Group's operating activities. In addition, there are various other financial fixed assets and liabilities, such as trade receivables and debts to suppliers, which arise directly from the operating activities. No derivatives or financial instruments are held for trading purposes.
All financial assets and liabilities with the exception of the ppp receivables, annuity loans and derivatives valued at fair value are valued in accordance with the category "loans and receivables" as referred to in IAS 39.
10. Segmented information
The distribution of revenue and profit/loss, as well as the balance sheet item distribution by company segment are as follows:
In millio ns o f euro s
Consulting
Rail
Civil
Technolo gy
Other
Eliminatio ns
To tal
Total
and Engineering
and Buildings
Services
F o r the firs t ha lf yea r:
20 20
2019
2 02 0
2019
20 2 0
2019
2 0 20
2019
2 02 0
2019
20 20
2019
2 011
2010
20 2 0
2019
Revenue from pro jects
2 16
.7
211.6
2 11.4
234.5
170
.5
242.3
151.6
99.5
2 7 .1
28.7
7 77
.3
816.6
Revenue from seco ndment
3 .1
4.7
3 .1
4.7
Revenue from maintenance
119
.8
114.8
1.3
9 7
.0
86.8
216
.8
202.9
Revenue from inventory
3
.7
4.3
3
.7
4.3
Revenue o ther
8 .1
2.3
10
.4
11.0
0 .1
18
.6
13.3
Revenue from co ntracts
with custo mers (external)
2 16
.7
211.6
3 3 9
.3
351.6
184
.6
258.9
24 8
.7
186.3
30
.2
33.4
1,019
.5
1,041.8
B etween segments
7
.6
9.2
4 .1
3.1
7
.6
5.7
6 .1
3.8
4
.8
3.2
- 3 0 .2
-25.0
Net pro fit
2
.2
7.1
- 12
.8
-1.4
- 0 .9
3.0
3
.7
0.7
- 2
.5
-2.6
- 10 .3
6.8
To tal assets
4 10
.5
390.1
7 0 9
.8
714.9
28 1.0
444.4
43 6
.2
419.1
- 9
.8
-3.3
- 20 5 .3
-140.6
1,6 22 .4
1,824.6
The geographical spread is as follows:
In millio ns o f euro s
The Nether-
Italy
Sweden
Other
US
So uth-A merica
A sia
M iddle East
To tal
lands
Europe
F o r the firs t ha lf yea r:
2 0 20
2019
20 2 0
2019
2 02 0
2019
2 0 20
2019
20 2 0
2019
2 02 0
2019
20 2 0
2019
2 02 0
2019
2 0 20
2019
Revenue fro m projects
5 23
.9
503.4
6 2
.8
67.2
17
.7
27.5
88
.6
110.9
3 4.7
35.0
2 .4
1.7
1.0
1.2
4 6 .2
69.7
7 77
.3
816.6
Revenue fro m seco ndment
3.1
4.7
3.1
4.7
Revenue fro m maintenance
149
.8
129.6
6 7
.0
73.7
-0.4
2 16
.8
202.9
Revenue fro m inventory
3
.7
4.3
3
.7
4.3
Revenue o ther
12
.5
13.3
0
.5
5
.6
18
.6
13.3
Revenue fro m co ntracts
with custo mers (external)
6 93
.0
655.3
6 3
.3
67.2
9 0
.3
101.2
88
.6
110.5
3 4.7
35.0
2 .4
1.7
1.0
1.2
4 6 .2
69.7
1,0 19
.5
1,041.8
To tal assets
9 30
.0
1,104.0
29 1.9
264.7
112
.6
114.0
2 08
.7
207.9
5 0.9
34.8
2 .5
4.7
4 .1
0.3
21.7
94.2
1,6 22
.4
1,824.6
11. Related parties
Sanderink Investments B.V., with its participations is identified as a related party. Oranjewoud N.V. is owned for 98.96% by Sanderink Investments B.V. Sanderink Investments B.V. is 100% owned by Stichting Administratiekantoor Sanderink Investments of Gerard Sanderink. The related parties of the Group comprise the associates and joint ventures, the directors and other related parties.
Related party purchases are procured at normal market prices and comprise IT-related purchases in the normal course of business of both Oranjewoud N.V. and the other companies that are part of the Group. The total sum of these purchases amounts to € 1.7 million in the first half of 2020 (first half 2019: € 1.9 million). At June 30, 2020 the balance of outstanding receivables and liabilities resulting from transactions with Sanderink Investments B.V. amounted to a debt of € 0.4 million (on December 31, 2019: a debt of € 0.3 million).
Outstanding balances as at the half-year end are not covered by collateral securities, are not interest bearing and will be settled in cash. Current account relationships with related parties abroad are interest bearing, with an interest that deviates slightly from the prevailing variable market rate. No guarantees have been offered or received for receivables from or liabilities to related parties.
Additionally, on June 30, 2020 there are subordinated loans by Sanderink Investments B.V. of € 21 million (December 31, 2019: € 11 million).
14
12. Depreciation
Depreciation consists of depreciations on intangible fixed assets (amortization) and depreciations on tangible fixed assets. The structure of depreciation costs is as follows:
2020
2019
Intangible fixed assets (amortization)
3,827
4,444
Tangible fixed assets
13,843
13,535
Right-of-use assets
23,662
18,564
41,332
36,543
13. Finance revenue and costs
2020
2019
Finance revenue:
Interest income
3,147
1,537
Result on investments
10
-
Exchange gains
505
374
3,662
1,911
Finance costs:
Interest expense for bank debt and
affiliated companies
(6,936)
(5,838)
Interest costs leases
(1,006)
(898)
Exchange losses
(709)
(9)
(8,651)
(6,745)
Total finance revenue and costs
(4,989)
(4,834)
14. Taxation
The reported corporate income tax differs from the amount that theoretically would have been due if the nominal tax rate had been applied. The difference in tax burden is due to the fact that no deferred tax asset has been accounted for in loss making areas.
15. Subsequent events
There are no subsequent events.
15
SHAREHOLDER INFORMATION
Dutch Disclosure of Major Holdings Act (Wet Melding Zeggenschap)
Up to and including June 30, 2020 the following notification of share ownership has been received:
∙ Sanderink Investments B.V.
98.87%
Sanderink Investments B.V. is 100% owned by Gerard Sanderink's Stichting Administratiekantoor Sanderink Investments.
Transaction summary issued share capital
As of June 30, 2020 and December 31, 2019 the authorized share capital consisted of 100,000,000 ordinary shares of € 0.10 each.
2020
2019
Balance at January 1
62,872,869
62,872,869
Dividend
-
-
Balance at June 30
62,872,869
62,872,869
Changes second half year
-
Balance at December 31
62,872,869
NOT INTENDED FOR PUBLICATION
For further information:
Oranjewoud N.V.
Telephone: + 31 (0)36 530 81 91
email: ir@oranjewoudnv.nl
About Oranjewoud N.V.
Oranjewoud N.V., the top holding of Strukton Groep and Antea Group, is a listed enterprise encompassing companies operating both nationally and internationally. The companies belonging to Oranjewoud N.V. operate in the areas of civil infrastructure, railsystems, technology and buildings, the environment, spatial development and water. This covers the whole process, from preliminary studies, consultancy, design, planning and organization, right up to realization, management and operation.
Oranjewoud N.V. is listed on the official Euronext NV stock exchange in Amsterdam and is 98.96% owned by Sanderink Investments B.V. It employs around 10,000 people with a total revenue from contracts with customers of € 2.4 billion in 2019.
For further information, please visit www.oranjewoudnv.nl
Oranjewoud NV published this content on 07 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2020 12:49:04 UTC
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