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Positive result after three years of headwinds

Date: 22.03.2017

In 2016, Hurks group achieved a consolidated operating revenue of 291 million euros (net revenue 315 million). The consolidated operating result came to a tidy profit of nearly 13 million euros in contrast to a loss of € 4.6 million euros in 2015. We are once more counting on a substantial result for 2017. This expectation is partly based on a well-stocked order book and the effects of the restructuring announced in 2016. Read the details for 2016 in our comprehensive annual report and annual accounts.

The year 2016 is showing a net result totalling 5.4 million euros positive (2015: 11.4 million euros negative). A great result in view of it including a substantial provision for the MEET RIVM project in Utrecht. The net cash flow amounted to 10.2 million euros positive, bringing our liquidity position up to 22.6 million euros. Equity increased to 30.2 million euros, resulting in a comfortable solvency ratio of 25.8%. Intra-group revenue amounted to 134 million euros in 2016 (2015: 80 million euros).

Transition

The market conditions in the construction industry have changed considerably in recent years. In order to be able to provide a more effective response to queries from a market with professional clients, and from the perspective of driving down cost, we feel compelled to restructure Hurks group and reposition Hurks building & real-estate development. In that regard, Hurks plans to operate based on a decentralized management model with a small financial holding company and three independent divisions set up according to their nature: Hurks building & real-estate development (projects), Hurks construction components & engineering and Hurks construction materials.


A family business

Hurks expressly continues to be one family business with shared standards and values. The decentralized management model is a conscious choice in favour of short and clear lines of communication within the divisions. With the support functions close by in order to facilitate operations. The separate companies enjoy a high degree of autonomy within their division. Hurks is thus aiming to become a nimble organization and achieve greater effectiveness in the market. In this respect, we will not lose sight of the synergy between the divisions. Operating close to the market is the motto .

Operating close to the market is the motto

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