6.13 Joint ventures and associates

The line item joint ventures and associates can be broken down as follows:

When the Group’s financial statements are prepared, the figures for joint ventures and associates for the financial year may not yet be available. In such cases, the Group uses interim figures to determine the measurement of such joint ventures and associates.

6.13a Joint ventures

The amounts below represent the Group’s interest in the equity of the continuing activities of joint ventures:

The amounts below represent the Group’s interest in the net result of the continuing activities of joint ventures:

On the basis of an analysis of the share in the equity, the net result and the revenues of joint ventures, it has been established that none of the joint ventures individually is of material significance to the Group.

The joint ventures in the Living segment realised revenue of € 54 million in 2024 (2023: € 51 million) and at the end of the financial year had a total of € 89 million (2023: € 65 million) in inventories on the statement of financial position, consisting primarily of land holdings. The amounts stated are the Group’s share. Furthermore, the Group made purchases of € 11 million (2023: € 11 million) from and sales of approximately € 8 million to these joint ventures, both consisting primarily of land holdings. The Group recognised an impairment of € 4.4 million in 2024 in the Zuidplaspolder area development.

In the other joint ventures, namely those relating to the Group’s other business segments (Working and Connecting), projects are carried out in combinations, as is the case with the asphalt company AsfaltNu (a collaboration with Royal BAM Groep N.V.). Over the course of the financial year, the Group made purchases of approximately € 65 million (2023: € 32 million) from these joint ventures, consisting entirely of purchased asphalt. In addition, the Group made sales of approximately € 5 million (2023: € 2 million) to these joint ventures.

In joint ventures, dividend distributions must always be decided in consultation with the other partner(s). In addition, several joint ventures are subject to restrictions on dividend payments based on articles of association and/or other agreements, amounting to approximately € 7 million (2023: € 10 million), as a result of which certain reserves are not freely distributable. These restrictions are often related to the priority given to repaying the debts of the joint ventures.

The Group undertook no commitments to joint ventures in 2024 (2023: none) relating to the granting of subordinated loans. Apart from the commitments and contingent liabilities disclosed in notes ‘6.27a Contractual commitments joint ventures’ and ‘6.28a Contingent liabilities joint ventures’, the Group has no commitments or contingent liabilities related to joint ventures.

In 2024, the Group recognised a total of € 2 million in trade and other receivables due from joint ventures (2023: € 6 million) and recognised a total of € 0 million in trade and other payables to joint ventures (2023: € 3 million). Heijmans also granted loans to joint ventures (see note ‘6.14 Loans granted and other receivables’).

6.13b Associates

The amounts shown below are related to Heijmans’ interests in the equity and net results from the continuing operations of associates:

In the year under review, the Group made purchases of approximately € 15 million (2023: € 11 million) from associates. The group made no sales to associates.