AMSTERDAM, Nov 13 (Reuters) - Dutch building firm Heijmans said on Thursday it was not certain of meeting its loan covenants and announced 200 job cuts as part of its restructuring efforts.
Heijmans, which has made a number of profit warnings this year, said capital ratios agreed with lenders were met at the end of June, but the impact of the credit crisis made meeting them less certain in the short term.
"The task of getting Heijmans back on track has not been made any easier by the credit crisis. It will take longer, but we will certainly set things right," Chief Executive Rob van Gelder said in a statement.
Shares in Heijmans, which have fallen 80 percent this year, were down 8.6 percent at 5.61 euros at 1005 GMT, underperforming the Amsterdam midcap index, which was down 2.9 percent. The AMX is down 46 percent for the year.
"They have to get their operations under control. That is the first priority, and that will take some effort and then, secondly, the financial position," said Petercam analyst Paul Linssen, who rates Heijmans shares "sell".
"Perhaps they should even sell some more assets. But the prospects are not good."
Heijmans's Dutch building division has triggered several profit warnings in recent quarters, for which it blamed its risk management systems for pricing projects too cheaply.
The company said on Thursday that given uncertainties regarding the completion of a few large construction projects, it had decided to postpone publication of its 2008 results to April 29, 2009, from the originally set date of Feb. 19.

Analysts have said both Heijmans and its Dutch rival BAM are considered vulnerable to the economic slowdown, with the Dutch construction organisation EIB warning recently that residential and non-residential construction would see a sharp decline in production in 2009 and 2010.
Heijmans said revenues in the second half of the year had been lower due to a drop in housing sales and a more selective contracting policy, but added that sales over the first nine months were stable relative to 2007.
But the company did not give a full-year net profit forecast, having withdrawn an earlier forecast of a net result of 50 million euros when it presented its second-quarter results in August.
Heijmans, which appointed Van Gelder in July to lead the company's restructuring efforts, said its Dutch-focused reorganisation was gathering pace, and its new operational structure would be in place by Dec. 31.

(Reporting by Aaron Gray-Block, editing by Will Waterman) Keywords: HEIJMANS/ (aaron.gray-block@thomsonreuters.com; +31 20 504 5001; Reuters Messaging: aaron.gray-block.reuters.com@reuters.net)

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