BAM records first quarter adjusted result of €8 million

• Construction and M&E services: margins impacted by subcontractor bankruptcies at older projects
• Civil engineering: positive result mainly from Germany and the UK
• Investment sectors: strong quarter at both Property and PPP
• Order book: quality improving; volume reduced by one cancellation and the weaker pound sterling
• Strong cash flow reflecting continuing improvement in working capital
• Outlook for full year 2016 unchanged

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