On 6 March 2017, Heijmans reached agreement on the sale of all the shares in its German company Oevermann GmbH to PORR Deutschland GmbH, a subsidiary of the Austrian construction group PORR AG. The transaction is expected to be completed in the second quarter of 2017, subject to approval of the competition authorities. The anticipated net proceeds in cash for Heijmans will amount to € 60 million. The sale will produce a transaction result of approximately € 15 million, which will be recognized in the 2017 financial year.
The sale of Oevermann is an important step towards further debt reduction and a structural improvement of the financial leverage ratios. The transaction is consistent with the change in strategy initiated by Heijmans, which focuses on the Dutch market.
Oevermann GmbH operates in the road construction and non-residential construction sector in Germany. In 2016, the company's turnover amounted to € 215 million. The company has approximately 700 employees. PORR's international organization has identified Germany as one of its core markets and the acquisition of Oevermann means a further strengthening of PORR's position in this market.
ING Corporate Finance and Rabobank Corporate Finance act as financial advisors to Heijmans in this process.
About PORR
PORR Group is one of the largest Austrian construction companies and one of Europe's leading infrastructure specialists. As a full service provider, it covers every aspect of the modern construction industry - from building construction through to complex projects in railway and bridge construction, tunneling and road construction. The Group generates more than 86% of its production output on the five home markets of Austria, Germany, Switzerland, Poland and the Czech Republic. In terms of projects, the Group additionally works in selected countries in the CEE/SEE region, in Scandinavia, the UK and Qatar. PORR AG is listed on the Vienna Stock Exchange since April 1869; today it is listed on the prime market.
About Heijmans
Heijmans is a listed company that combines activities related to property development, residential building, non-residential building, roads and civil engineering in the fields living, working and connecting. Our constant focus on quality improvements, innovation and integrated solutions enables us to generate added value for our clients. Heijmans realises projects for private consumers, companies and public sector bodies and, in partnership with its clients, is building the spatial contours of tomorrow. You will find additional information on www.heijmans.nl
For more information/not for publication:
Media:
Marieke Swinkels-Verstappen
+31 73 543 52 17
mswinkelsverstappen@heijmans.nl
Analysts:
Guido Peters
+31 73 543 52 17
gpeters@heijmans.nl
