Bouygues receives £55m to cover EfW losses

摘要

A Bouygues subsidiary in the UK has received a £55m cash injection from its parent company after losing tens of millions on two energy-from-waste (EfW) projects. The balance sheet for Bouygues Energies & Services Contracting UK was left in tatters after the company lost almost £83m on two EfW projects, one in Belfast (pictured) and the other in Hoddesdon, Hertfordshire, in 2018. This contributed to a £50.4m pre-tax loss for the year ending 31 December 20l8.The loss left the firm showing net liabilities of £7l.7m and net current liabilities of £80.7m on its balance sheet. Directors warned that the business faced being barred from bidding for work because of the heavy liabilities, while its weak finances were also affecting its joint venture partnerships and supply chain negotiations. On 4 December, just under four weeks before its 2019 financial year end, Bouygues E&S directors signed a deal to inject £55m into the firm through the French parent company's acquisition of 55 million new shares.