6.1 Segment reporting

The Group distinguishes the following segments: Property Development, Building & Technology, Infra and Van Wanrooij, which Heijmans acquired in 2023, 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 per business segment

2023

x € 1,000

Business segments	Property Development	Building & Technology	Infra	Van Wanrooij	Other/ Eliminations	Total

Revenue
Third parties	411,527	806,003	774,815	124,760	212	2,117,317
Intercompany	267	269,935	25,216	0	-295,418	0
Total revenue	411,794	1,075,938	800,031	124,760	-295,206	2,117,317


Underlying EBITDA	26,583	46,072	66,306	20,089	-11,948	147,102

EBITDA of joint ventures	-482	-314	-4,142	-323	-107	-5,368
Write-downs on land holdings/property assets	0	0	0	0	0	0
Restructuring costs	-1,008	-869	-616	0	-493	-2,986
Acquisition costs/gains and losses on sale of investments	0	0	0	0	-9,410	-9,410
Long-term incentive bonuses	0	0	0	-2,400	0	-2,400
Total exceptional items	-1,490	-1,183	-4,758	-2,723	-10,010	-20,164

EBITDA	25,093	44,889	61,548	17,366	-21,958	126,938

Depreciation and amortisation	-1,326	-13,642	-22,129	-2,942	-5,913	-45,952

Operating result	23,767	31,247	39,419	14,424	-27,871	80,986

Finance income						5,809
Finance expense						-8,524
Results of joint ventures and associates	575	353	2,228	-833	521	2,844

Result before tax						81,115

Income tax						-21,382

Result after tax						59,733

The underlying EBITDA of the Infra segment includes income of € 14 million (2022: income of € 19 million) related to the release of the remaining, unused part of the provision taken for Wintrack II in 2021. See also note 6.24 Provisions.

2022

x € 1,000

Business segments	Property Development	Building & Technology	Infra	Other/ Eliminations	Total


Revenue	569,685	611,136	631,177	210	1,812,208
Third parties	-	321,377	30,042	-351,419	0
Intercompany	569,685	932,513	661,219	-351,209	1,812,208
Total revenue

	42,462	38,192	55,243	-9,445	126,452
Underlying EBITDA
	486	-2,517	-6,515	-126	-8,672
EBITDA of joint ventures	-4,100	0	0	0	-4,100
Write-downs on land holdings/property assets	0	-657	-597	-301	-1,555
Restructuring costs	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

Underlying EBITDA is the operating result before depreciation, including EBITDA of joint ventures, excluding any impairments of property and/or goodwill, restructuring costs, acquisition costs, including retention bonuses and gains or losses on the acquisition/sale of entities. Underlying EBITDA defined in this way is also used as the basis for the calculation of the financial covenants reported to the bank consortium.

Condensed balance sheet and balance sheet breakdown per business segment

2023

x € 1,000

Business segments	Property Development	Building & Technology	Infra	Van Wanrooij	Other	Eliminations	Total

Assets	310,844	459,438	393,733	268,927	379,162	-498,102	1,314,002
Not allocated							21,596
Total assets	310,844	459,438	393,733	268,927	379,162	-498,102	1,335,598

Liabilities	157,876	361,510	265,679	102,614	259,778	-383,733	763,724
Not allocated							188,217
Total liabilities	157,876	361,510	265,679	102,614	259,778	-383,733	951,941

Equity							383,657

Total equity and liabilities							1,335,598

Property, plant and equipment
Depreciation	28	795	7,058	394	4,177	-	12,452
Investments	-	3,591	21,230	117	19,022	-	43,960

Right-of-use assets
Depreciation	1,298	11,114	14,600	415	1,736	-	29,163

Intangible assets
Amortisation	-	1,734	470	2,133	-	-	4,337

Joint ventures and associates
Carrying amount	55,684	1,001	18,120	19,968	6,074	-	100,847

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

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 2023 and in 2022 was generated entirely in the Netherlands.

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