BAM continues operations at majority of sites, maintains strong liquidity position
First quarter 2020 trading update
BAM’s highest priority remains to preserve health, safety and wellbeing of all its stakeholders while continuing to protect liquidity. The performance in the first quarter of 2020 was held back by three businesses, where improvement measures continue to be a key focus. Covid-19 has led to lower activity levels and reduced operational efficiency as of mid-March. Looking ahead, Covid-19 will have a substantial impact on the construction industry and BAM’s performance.
- First quarter results affected by underperforming businesses and include initial Covid-19 impact in Belgium
- Strong liquidity position (€944 million, including drawn RCF) and trade working capital efficiency maintained
- Order book strong and stable
- Covid-19: major impact on project performance in second quarter; operational efficiency improving
- Management response: focus on health and safety, reduction of cost and capex, and RCF extended to 2024
- Outlook: material uncertainty persists regarding future evolution of Covid-19 and its impact on BAM’s financial performance
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