BAM reports improved results and strong cash flow; reiterates full year outlook

• Construction: Netherlands profitable and turnaround ongoing; negative result and refocus in Germany
• Civil engineering: strong margin improvement
• Property: improved results for residential and non-residential activities
• PPP: solid performance driven by portfolio; funding PGGM JV increased
• Brexit: predominantly FX translation effects
• Order book: lower level, improved quality due to tender discipline
• Cash flow: strong improvement in working capital efficiency

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