AEB happy with step towards sale

AEB Amsterdam is ready for sale. This is evidenced by a letter sent today to the city council by the Municipal Executive of the municipality of Amsterdam. The management of AEB is pleased with this development, which is in line with the improved financial and maintenance technical situation of the company.

Amsterdam is taking over AEB's share in Westpoort Warmte, the district heating network. This fits in with the aim of concentrating on the core task. This transaction will enable AEB to repay part of its debts and provide it with a buffer for the coming period.

Positive results

Another positive development for AEB is that the company expects to achieve positive financial returns for financial year 2020. After an initial decline due to the outbreak of COVID-19, the supply of waste is now back to normal. In addition, AEB, like all companies in the Netherlands, is entitled to the staggered refund scheme used by the Dutch tax authorities for taxes suspended by corona. The banks have reconfirmed their relaxation of the loan conditions as agreed on 1 July.

AEB is in a more stable financial environment. That is why the company can waive the extra support from the municipality of Amsterdam. This support was for approval by the European Commission. A modified restructuring plan has been sent to Brussels in the meantime.

"This revised plan confirms the upward trend in which we find ourselves," says Managing Director Paul Dirix. "We are in much better shape than we were in the summer of 2019. We are ready for sale.

In control

AEB Amsterdam will continue to work in the coming period to further improve the technical condition of the installations and to strengthen the internal processes. "We are now well advanced," says Dirix.  This is confirmed by, among other things, the technical analysis carried out by an engineering firm that examined the installations as part of the vendor due diligence.  Dirix: "They independently establish that we are "in control". If something goes wrong, we can solve it safely. That is a striking difference with the situation surrounding the decision to shut down the lines in mid-2019".

The engineering office also noted that morale among AEB employees has risen sharply. According to Dirix, colleagues look forward to the coming period with confidence. "Waste processing is, and will continue to be, primarily human work. In and around the installations, many people work hard every day for AEB and for the city. They have done a fantastic job over the past year and a half, especially given the circumstances. I have great appreciation for all their efforts. Dirix thanks the Board of B&W and all its employees and advisors. "I see it as a sign of confidence that Amsterdam is holding on to this course.