BAM reports net loss due to non-cash impairments of Dutch property and goodwill

23 August 2012 20:20 - Royal BAM Group nv
  • Net loss including impairments for H1 2012: €251 million (H1 2011: profit €66 million)
  • Results at Construction and M&E services and Civil engineering in line with management expectations given very difficult market circumstances
  • Lower revenue at Property; further deterioration in Dutch property market leads to non-cash impairments of property portfolio by €247 million and of goodwill by €150 million
  • Solid performance and good bid pipeline at PPP
  • Order book at €10.8 billion at end of H1 2012 (year-end 2011: €10.4 billion)
  • Sale of Tebodin completed in April; contribution to net result of €65 million
  • Well within limits of banking covenants

Click here for the full press release.