6.1 Segment reporting

The Group distinguishes the following segments: Property Development, Building & Technology and Infra, in line with the management conducted by the Executive Board. The segments are managed primarily on the basis of underlying EBITDA. The segment figures include data that can be allocated to a segment either directly or on reasonable grounds.

Condensed income statement by business segment

2022

x € 1,000

Business segments

Property Development

Building & Technology

Infra

Other/ Eliminations

Total

Revenue

Third parties

569,685

611,136

631,177

210

1,812,208

Intercompany

-

321,377

30,042

-351,419

0

Total revenue

569,685

932,513

661,219

-351,209

1,812,208

Underlying EBITDA

42,462

38,192

55,243

-9,445

126,452

EBITDA of joint ventures

486

-2,517

-6,515

-126

-8,672

Write-downs on land holdings/property assets

-4,100

0

0

0

-4,100

Restructuring costs

0

-657

-597

-301

-1,555

Acquisition costs/gains and losses on sale of investments

0

0

-2,611

200

-2,411

Total exceptional items

-3,614

-3,174

-9,723

-227

-16,738

EBITDA

38,848

35,018

45,520

-9,672

109,714

Depreciation and amortisation

-1,163

-15,289

-18,476

-3,872

-38,800

Operating result

37,685

19,729

27,044

-13,544

70,914

Finance income

623

Finance expense

-5,525

Results of joint ventures and associates

-647

2,494

5,305

-83

7,069

Result before tax

73,081

Income tax

-13,501

Result after tax

59,580

The underlying EBITDA of the Infra segment includes income of €19 million (2021: a charge of €34 million) relating to Wintrack II. See note 6.30 Management estimates and judgements for further information.

2021

x € 1,000

Business segments

Property Development

Building & Technology

Infra

Other/ Eliminations

Total

Revenue

Third parties

548,184

484,621

715,371

308

1,748,484

Intercompany

-

304,026

22,221

-326,247

0

Total revenue

548,184

788,647

737,592

-325,939

1,748,484

Underlying EBITDA

35,859

33,631

41,212

-4,251

106,451

EBITDA of joint ventures

-6,765

1,150

-5,927

-28

-11,570

Write-downs on land holdings/property assets

-3,000

0

0

0

-3,000

Restructuring costs

0

-1,087

-1,276

-521

-2,884

Total exceptional items

-9,765

63

-7,203

-549

-17,454

EBITDA

26,094

33,694

34,009

-4,800

88,997

Depreciation and amortisation

-1,103

-11,436

-16,657

-4,602

-33,798

Operating result

24,991

22,258

17,352

-9,402

55,199

Finance income

621

Finance expense

-5,936

Results of joint ventures and associates

6,297

-1,183

-86

54

5,082

Result before tax

54,966

Income tax

-4,667

Result after tax

50,299

By underlying EBITDA, the Group is referring to earnings before interest, tax, depreciation and amortisation (equal to the operating result before depreciation/amortisation) including EBITDA of joint ventures and adjusted for any property write-down, restructuring costs, gains and losses on the sale of subsidiaries, any impairment losses on goodwill, release of pension indexation provisions and other non-operating results considered exceptional by the Group that are relevant in the above statement. The underlying EBITDA is also used as the basis of calculation for covenant reporting to the bank consortium.

Condensed balance sheet and balance sheet breakdown by business segment

2022

x € 1,000

Business segments

Property Development

Building & Technology

Infra

Other

Eliminations

Total

Assets

355,115

420,595

387,148

274,197

-381,711

1,055,344

Not allocated

28,046

Total assets

355,115

420,595

387,148

274,197

-381,711

1,083,390

Liabilities

205,794

358,722

298,444

217,075

-375,551

704,484

Not allocated

61,887

Total liabilities

205,794

358,722

298,444

217,075

-375,551

766,371

Equity

317,019

Total equity and liabilities

1,083,390

Property, plant and equipment

Depreciation

27

3,544

5,758

2,345

-

11,674

Investments

-

2,906

16,701

2,369

-

21,976

Right-of-use assets

Depreciation

1,136

9,024

12,719

1,527

-

24,406

Intangible assets

Amortisation

-

2,721

2,100

-

-

4,821

Joint ventures and associates

Carrying amount

50,023

1,149

20,133

1,743

-

73,048

2021

x € 1,000

Business segments

Property Development

Building & Technology

Infra

Other

Eliminations

Total

Assets

347,397

345,502

353,142

330,544

-418,210

958,375

Not allocated

33,053

Total assets

347,397

345,502

353,142

330,544

-418,210

991,428

Liabilities

231,484

299,110

294,078

224,034

-415,179

633,527

Not allocated

90,316

Total liabilities

231,484

299,110

294,078

224,034

-415,179

723,843

Equity

267,585

Total equity and liabilities

991,428

Property, plant and equipment

Depreciation

28

2,088

4,337

3,105

-

9,558

Investments

-

1,982

15,119

8,480

-

25,581

Right-of-use assets

Depreciation

1,075

8,328

12,320

1,496

-

23,219

Intangible assets

Amortisation

-

1,021

-

-

-

1,021

Joint ventures and associates

Carrying amount

62,872

1,500

17,786

294

-

82,452

Transactions between business segments are conducted on arm’s length terms that are comparable to those for transactions with third parties. Assets not allocated mainly concern deferred tax assets. Unallocated liabilities mainly concern interest-bearing loans, other financing commitments and VAT payable.

By the nature of its operations, the Infra segment is highly dependent on public sector contracts.

Revenue in 2022 and in 2021 was generated entirely in the Netherlands.

The non-current assets (PP&E) are located in the Netherlands.

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