19 May 2023
Strukton announced its unaudited 2020 results on February 15th 2023. The audit has now been completed and the figures are final. The results confirm the significant loss amounting to EUR 198.4 million, particularly caused by problems in a number of major projects and non-recurring costs. Strukton has in the meantime formulated a number of measures that are required to solve the problems from the past and to support a broader capital position to secure the continuity of the companies.
The 2020 annual accounts have been filed at a much later stage than legally required. That is an undesirable situation, as the Supervisory Board states in the report. The delay is caused by the fact that Strukton did not have an auditor for a period of time, capacity in the field of financial controlling was insufficient and issues concerning the governance of the company. The Supervisory Board suspended CEO and owner Gerard Sanderink in March 2023 and a new interim Executive Board has been announced, with Rob van Wingerden as CEO a.i., Mark de Haas as CTO a.i. and Arthur Vlaanderen as CFO.
Strukton International accounted for a large proportion of the loss in 2020 due to significant write-offs to reflect a deteriorating legal situation regarding the Riyadh Metro Project in Saudi Arabia. Strukton therefore decided to accelerate the withdrawal from this project and the Middle-East. As a result, the accountant could no longer access the financial figures of the consortium in Saudi Arabia to which Strukton belonged. The project results in 2020 cannot be audited due to this, which forced accountant Mazars to give a disclaimer of opinion with respect to the 2020 annual accounts. Given the fact that the 2021 annual accounts will include the 2020 figures for comparative purposes, the expectation is that the audit of financial year 2021 will have a similar disclaimer of opinion.
The results of the Dutch division Strukton Civiel were also disappointing, and the Hoofdstation Groningen project in particular had a negative impact. The Dutch MEET RIVM Project had a negative impact on the result as well, due to complexities which are subject to formal dispute resolution proceedings and may have significant impact on the temporary figures of financial years 2021 and onwards.
Strukton Rail realised stable results in 2020.
By filing the annual accounts of 2020, the necessary foundations have been laid for the audits of the years 2021 and 2022. The aim is to complete the accounts of 2021 during this year.
During 2021, Strukton has reviewed its long- and short-term strategy, involving further development towards a service provider in the field of sustainable infrastructure. The company primarily focuses on projects and contracts in the European Union. Strukton wants to actively contribute to the transition towards green transport and electrification and a European society free from fossil materials.