Royal BAM Group nv First nine months Amsterdam, 18 November 2010

Transcription

1 Royal BAM Group nv First nine months 2010 Press and analysts meeting Amsterdam, 18 November 2010

2 BAM forecasts break-even result for 2010 despite property impairments Net result for the first nine months of 2010: million (2009: 65.4 million) Revenue for the first nine months of 2010: 5,271 million (2009: 5,954 million) All sectors profitable, except Property Stable order book: 12.3 billion (+11% on year-end 2009) Royal BAM Group First nine months

3 Construction 9M10 9M09 Good results by the Dutch Revenue 2,190 2,588-15% operating companies with reduced revenues - organic: -16% - currency: +1% Reduced revenues and results in Result 1) the United Kingdom Margin 2.8% 2.8% Good margin in Germany with sharply reduced revenues Order book 4,814 4,942-3% Good, but reduced contribution to (in million, unless stated otherwise) 1) Result before tax the result by Belgium Royal BAM Group First nine months

4 Property 9M10 9M09 Operational loss on Dutch Revenue % property activities: 50 million - organic: -30% - currency: +0% Result 1) Margin Neg. Neg. Order book 1,470 1,657-11% (in million, unless stated otherwise) Impairment of Dutch property portfolio: 127 million Housing sales from own developments: 1,784 homes (same period in 2009: 1,104 homes) 1) Result before tax Additional provision in the United Kingdom: 6 million Result in Ireland: break-even Belgium maintains good result Royal BAM Group First nine months

5 Property Netherlands Proprietary property development home sales: Q Q Q Q4 879 Total 1,784 1,983 Stock of unsold and unlet premises : 9M homes under construction (number) homes finished (number) commercial property (m 2 ) 4,000 5,000 Royal BAM Group First nine months

6 Property investments 9M M09 Total investments: Land and building rights NL: 1,229 million Property development UK: 164 million Total investments (a) 1,551 1,714 1,814 EI: 60 million BE: 98 million Non-recourse loans Recourse loans Total loans (b) Net investments (a) (b) (in million, unless stated otherwise) Royal BAM Group First nine months

7 Property investments Land and building rights* Property development* Commercial houses Commercial houses Total NL ,228 UK EI BE Total ,551 (in million) *Combined housing-/commercial developments are broken down Royal BAM Group First nine months

8 Civil engineering 9M10 9M09 Slightly increased revenue from Revenue 2,580 2,796-8% Dutch civil engineering companies - organic: -9% Strong order book in the United - currency: +1% Kingdom Result 1) Margin 2.2% 2.6% Order book 5,254 4, % (in million, unless stated otherwise) 1) Result before tax Improved results from Belgian civil engineering companies Modest profit from Irish activities German results under pressure because of reduced revenues BAM International revenues sharply reduced with a good result Royal BAM Group First nine months

9 Public private partnerships 9M10 9M09 Six new contracts in the first nine Revenue % months of organic: +4% Operational results as forecast - currency: +1% Result 1) Margin 3.1% 0.6% Order book 1, % (in million, unless stated otherwise) 1) Result before tax Large number of tenders in progress Royal BAM Group First nine months

10 Public private partnerships: portfolio PPP portfolio 9M M09 Contracts in portfolio 1) Of which: - Operational Under construction Balance sheet positions 9M M09 PPS assets (intangibles, receivables) Non-recourse PPP loans Net PPP equity investment 2) - Actual Committed (approx.) (in million, unless stated otherwise) 1) Including two contracts in preferred bidder stage 2) Including other assets and liabilities / non-consolidated PPP contracts Royal BAM Group First nine months

11 Mechanical and electrical contracting 9M10 9M09 Reduced result from BAM Revenue % Techniek with higher revenue - organic: +10% Result 1) Margin 2.2% 3.5% Order book % in million, unless stated otherwise) 1) Result before tax Royal BAM Group First nine months

12 Consultancy and engineering 9M10 9M09 Good performance by Tebodin in Revenue % current market - organic: +1% - currency: +1% Result 1) Margin 6.5% 6.0% Order book % in million, unless stated otherwise) 1) Result before tax Royal BAM Group First nine months

13 Dredging (stake 21,5% Van Oord) 9M10 9M Result contribution Van Oord 19,0 16,2 27,3 Book value stake in Van Oord 178,7 160,0 172,0 (in million, unless stated otherwise) Royal BAM Group First nine months

14 Revenue and results per sector 9M M 2009 Revenue Result 1) Revenue Result 1) Construction 2, , Property Civil engineering 2, , PPP M & E contracting Consultancy and engineering Eliminations and other Total sectors 5, , (in million, unless stated otherwise) 1) Result before tax Royal BAM Group First nine months

15 Key figures income statement 9M10 margin 9M09 margin Total result sectors % % Group overhead Group interest Operating activities Dredging Result before tax and impairment % % Impairment property positions Impairment goodwill Income tax Minority interest Net result % % (in 1,-, unless stated otherwise) Royal BAM Group First nine months

16 Earnings per ordinary share 9M10 9M Net result Net result (fully diluted) Number of shares (x 1,000) 231, , ,197 Average number of shares (x 1,000) 171, , ,197 - idem; fully diluted 172, , ,543 Adjusted for rights issue: Average number of shares (x 1,000) 194, , ,193 - idem; fully diluted 195, , ,636 (in 1,-, unless stated otherwise) Royal BAM Group First nine months

17 Key figures balance sheet Balance sheet total 6,929 6,809 6,940 Shareholders equity Capital base 1,167 1,077 1,075 Capital ratio 16.8% 15.8% 15.5% Cash Net cash Interest-bearing debt 2,240 2,107 2,341 Net debt position 1,538 1,388 1,835 Working capital (excl. net cash position) (in million, unless stated otherwise) 9M M09 Net cash: - Higher due to rights issue - Lower due to seasonal pattern Increase net debt position due to increase in non-recourse PPP loans Working capital - Higher due to seasonal pattern - Lower due to impairment property development Royal BAM Group First nine months

18 Breakdown of net debt position 9M M09 Non-recourse PPP loans Non-recourse project financing Other project financing Total project related 1,619 1,475 1,524 Subordinated loan Loan BAM Financial lease liabilities Bank overdrafts and other loans Total interest-bearing debts 2,240 2,107 2,341 Less: cash -/ / /- 507 Net debt position 1,538 1,388 1,834 Recourse net debt position (in million, unless stated otherwise) Royal BAM Group First nine months

19 Recourse leverage ratio Recourse interest coverage ratio 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 2,2 1,6 1,7 1,6 1,1 1,2 0,7 0,8 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 12,0 10,0 8,0 6,0 4,0 2,0 0,0 10,4 9,9 8,7 7,7 7,3 7,7 6,2 4,9 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 Recourse leverage Limit recourse leverage Recourse interest coverage Limit recourse interest coverage Current ratio Recourse solvency ratio 1,4 1,2 1 0,8 0,6 0,4 0,2 1,24 1,21 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 19,8% 19,3% 19,9% 20,3% 20,4% 20,8% 25,2% 24,0% 0 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 0,0% 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 Current ratio Limit current ratio Recourse solvency Limit recourse solvency Royal BAM Group First nine months

20 Order book Sept. Dec Order book 12,300 11, % - Organic +10% - Currency +1% Increase primarily achieved in PPP, United Kingdom and Belgium To be executed*: ,400 6, and after 9,900 4,800 Expected revenue for remainder of the year in order book (in million, unless stated otherwise) * Approximate figures Approx. 100% Approx. 80% Royal BAM Group First nine months

21 Turnover and result outlook 2010 Royal BAM Group forecasts a turnover of approximately 7.7 billion for As forecast, BAM will report an approximately break-even net result for 2010 as a whole. Royal BAM Group First nine months

22 Questions & Answers Royal BAM Group First nine months