Finance 

Result 2008

Revenue in 2008 was slightly higher than in 2007 but profit was lower. The low volume of projects in the Netherlands and also in Germany placed pressure on margins. As a result, capacity utilisation was low, especially for the large rail renewal equipment. Nevertheless, rail performed better than the market as a whole, as reflected in its market share.

Consolidated balance sheet
(x EUR 1,000)

  31-12-08

31-12-07

NON-CURRENT ASSETS
Intangible assets 15,064

9,382

Property, plant and equipment 86,292

80,670

Financial assets 22,441

19,654

SUM OF NON-CURRENT ASSETS 123,797

109,706

 
CURRENT ASSETS
Inventories 5,319

4,781

Construction work in progress 27,349

28,346

Trades and other receivables 147,872

124,571

Cash and cash equivalents 2,325

3,348

SUM OF CURRENT ASSETS 182,865

161,046

 
CURRENT LIABILITIES
Trade and other payables 106,978

99,332

Taxation / pensions 17,827

24,271

Provisions 5,040

5,063

Construction work in progress 22,877

19,676

SUM OF CURRENT LIABILTIES 152,722

148,342

 
Net work in progress 4,472

8,670

WORKING CAPITAL 30,143

12,704

CAPITAL EMPLOYED 153,940

122,410

Other data

2008

2007

OPERATING INCOME 531,854

496,654

Investments 19,731

21,860

Training costs (out of pocket) 5,152

5,288

Number of FTEs 3,252

3,017