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During the first six months of 2006, Royal BAM Group achieved a turnover of approximately €3.9 billion (2005: approximately €3.4 billion). The net profit amounted to €89.8 million (2005: €70.8 million). The increase in turnover and profit is partly the result of the financial consolidation as of 1 February of the participating interest in AM. Property developer AM operates independently and with its own identity at arm's length from BAM. Virtually all operating companies contributed to the profit. However, the developments at German non-residential construction company Wayss & Freytag Schlüsselfertigbau were again very disappointing. As a result, the loss in Germany rose from €9 million in the first quarter to approximately €19 million. This makes further intervention necessary at this group company. The Group expects to realise a turnover in excess of €8 billion in 2006, with a net profit of approximately €180 million.