Press releases

The rolling landscape round the historic village of Pool in Wharfedale, UK forms the backdrop to one of Nuttall's projects. A listed bridge is to be strengthened during the next few months so that it can carry today's heavier trucks.

Interbeton [the international group company of HBG] has been awarded the contract for the construction of a quay wall in Durban, South Africa. The project, in joint venture with South African construction companies Grinaker-LTA and BCW, is for the National Ports Authority. The contract value amounts to 33 million euros, of which HBG's share is more than 13 million euros.

FCI Constructors [part of HBG Constructors] in joint venture with Kiewitt Construction Company and Manson Company, has been awarded the contract for the replacement of the eastern span of the San Francisco-Oakland Bay Bridge, which stretches from Yerba Buena Island to Oakland. The contract value for this project is more than 1.04 billion US dollars, of which 255 million US dollars for HBG.

Further to the press release of 5 February 2002, Grupo Dragados, S.A. ['Grupo Dragados'] and Hollandsche Beton Groep nv ['HBG'] jointly announce that they have reached agreement on Grupo Dragados' recommended cash offer for all the outstanding ordinary shares in HBG [the 'Offer'].
Not for release, publication or distribution, in whole or in part, in or into, the UK, the US, Canada, Australia or Japan.
Press release of Grupo Dragados and HBG
Madrid / Rijswijk, 6 March 2002
The terms of the agreement confirm the major points which were announced in the 5 February 2002 press release, including the price of €21.25 in cash per HBG ordinary share. Under the terms of the Offer, HBG will declare no dividend for 2001. The offer document relating to the Offer [the 'Offer Document'] will contain the terms of the Offer, the conditions subject to which the Offer will be declared unconditional ['gestanddoening'] and the calendar of events.

Recycling of ink cartridges and toner kits for printers and fax machines is already fairly well-established in Western Europe. In Central and Eastern Europe, recycling is now also slowly getting off the ground. And Tebodin [HBG's consultants & engineers] is helping the process along.

HBG Construction has been awarded a £7.7 million contract to provide two new buildings at the University of Lancaster. The design and build contract involves construction of research and teaching facilities for the University and the National Environment Research Council [NERC], and refurbishment of additional buildings. The project includes provision of controlled environment rooms, clean rooms, laboratories and 15 glasshouses. Completion will be in July 2003.

No wonder the HBG Civiel workers whistle while they work in the Western Scheldt Tunnel in the South of the Netherlands. The tedious job of spraying the concrete lining on the tunnel walls is being undertaken by their new workmate, who never takes a break and never complains. How come? Because it's a robot! HBG developed the machine in conjunction with another construction firm forming part of the joint venture responsible for the project.

The UK Atomic Energy Authority has signed a deal with six companies to decommission the fast reactor and associated pipework at Dounreay in northern Scotland.

Tunnelling beneath the Western Scheldt Estuary has been completed. After 28 months, tunnelling machine Neeltje Suzanna finally surfaced again in January, attracting considerable interest.

Operating result [EBIT] in 2003 more than doubled to at least €200 million.
Programmes of change will produce a structural improvement in profitability, amounting to approximately €135 million annually from 2003 onwards, as a result of:

Improved operational performance: approx. €70 million

Savings from strategic sourcing and supply chain management: approx. €40 million

Reduced overheads due to changes at the corporate centre and introduction of service units at national level, including general savings: approx. €25 million

Change in the organisational structure of the Group – from a geographical organisation of group companies to a divisional one.

Strategic decisions involving acquisition or disposal of activities only after improvement in results in the Construction & Property and Civil Engineering sectors.

Medium term: evaluation of the portfolio of activities with a view to market leadership in those markets and market segments that are strategically important to HBG.

Operating result in 2003 more than doubled to at least €200 million

Rijswijk – HBG’s strategic reorientation will result in an EBIT margin of four per cent in 2003. This corresponds to more than a twofold increase in the operating result [EBIT]. At a meeting for investment analysts in Amsterdam, Mr C.J.A. Reigersman – President of the Board of Management of HBG, Hollandsche Beton Groep nv – announced the launch of a ‘full potential programme’ for HBG aimed at raising profitability as rapidly as possible. The planned action should produce an EBIT of at least €200 million in 2003.

Rijswijk, the Netherlands – Interbeton bv – the group company of HBG, Hollandsche Beton Groep nv, operating outside Western Europe – has been awarded the contract for the construction of a quay wall in Durban, South Africa.

After a successful first stage tender, HBG Construction has been appointed to provide pre-construction services for the redevelopment of 3/6 Gracechurch Street and construction of a new nine-storey office building at Gracechurch Street in the City of London for client Universities Superannuation Scheme Ltd.

Grupo Dragados, Spain's leading construction and services group and HBG have jointly announced on 5 February 2002 Grupo Dragados’ intention to launch a cash offer for all the shares of HBG and thereafter proceed to the integration of the activities of both companies, in order to create a leading European construction and services group.

HBG Construction has been awarded a £7.7 million contract to provide two new buildings at the University of Lancaster, bringing the company’s current total of university projects to seven.

HBG Construction has been awarded two further refit and renewal contracts at Marks and Spencer stores.

Wayss & Freytag is part of a consortium constructing an office building to a cubist design on Hamburg’s waterfront. The Holzhafen, dating from 1724, is the oldest of the historic trading city's harbour basins still in existence. It is the site of the office project Holzhafen Ost. Two more harbour-side projects are planned in the next few years, including residential developments, shops, hotels and restaurants etcetera.

Rail passengers using Boston's South Station have been able to monitor progress on the Big Dig Project for all of ten years now. Hundreds of trains pass the construction site of this largest infrastructure project in the United States each day. Interbeton, HBG's international group company, is working flat out to complete tunnels, roads and viaducts.

After a radical redevelopment programme Lord Attenborough officially opened the Birmingham Hippodrome Theatre at the end of last year. Ken Dodd and the Hippodrome laid the foundation stone. HBG Construction completed a complex 49 million-euro project.

HBG Utiliteitsbouw [in joint venture] has almost completed the renovation and extension of the World Trade Centre in Amsterdam and is now getting ready for the next phase.

Edmund Nuttall Ltd has secured a five-year maintenance contract with Railtrack’s Southern Region.

On the banks of the River Meghna in Bangladesh work is shortly interrupted when – in celebration of Hindu festivities – an elephant set foot on the construction site.

The mouths of the rivers Ems, Jade, Weser and Elbe [where Germany’s major ports are concentrated] form the main theatre of operations for Brewaba. This dredging company, which is part of HBG Deutschland, has been active with trailing suction hopper dredgers for many years. Core activities are maintenance dredging, land reclamation and beach replenishment.

Rijswijk, the Netherlands – In relation to Dragados' intention to make an offer for the shares of HBG, Hollandsche Beton Groep nv, HBG today announces its preliminary and unaudited key figures for the year 2001. HBG will publish audited financial results for the year 2001 on 15 March 2002. The annual report will be made available mid April.

GRUPO DRAGADOS, S.A. (“Grupo Dragados”) and HOLLANDSCHE BETON GROEP nv (“HBG”) jointly announce that the expectation is justified that agreement can be reached between Grupo Dragados and HBG about a cash offer to be launched by Grupo Dragados for all the ordinary shares of HBG and the subsequent integration of the activities of both companies.
Not for release, publication or distribution, in whole or in part, in or into Germany, the UK, the US, Canada, Australia or Japan. This announcement and related materials do not constitute an offer for HBG shares but an offer is expected to be made in due course as set out in this press release.

The transaction values HBG at approximately €756 million, based on a price of €21.25 per ordinary HBG share (including 2001 dividends), to be paid in cash.

The combined entity will retain the name Grupo Dragados and will be led by a Management Board with four members from each company and will be chaired by Mr. Santiago Foncillas, current Chairman of the Board of Directors of Grupo Dragados.

The proposed transaction will be an important step for the common goal of creating a European services and construction group with international capabilities and an increasing focus on higher value added services.

Grupo Dragados will become the 3rd largest construction and services player in Europe and will enter the attractive dredging market in a leading position through HBG's two-thirds stake in BHD.

Grupo Dragados will solidify its position as world leader in the growing concessions (PFI) market, will leverage HBG's strong local network to replicate its diversification into services and will increase its geographic scope to sell industrial projects.

The transaction will be earnings enhancing [pre-goodwill] for Grupo Dragados by more than 15% in the current year ending December 2002.

Madrid/ Rijswijk, 5 February 2002
Grupo Dragados, Spain's leading construction and services group and HBG, the Dutch construction and dredging group listed on Euronext Amsterdam, jointly announce Grupo Dragados’ intention to launch a cash offer for all the shares of HBG and thereafter proceed to the integration of the activities of both companies, in order to create a leading European construction and services group.