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.