Annual Report 2009 Royal BAM Group nv

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100 2009 29 8 9 9, 26 8, 26 28 28 11 21,22 Consolidated cash flow statement (x €1,000) Net result for the year Adjustments for: - Taxation - Depreciation of property, plant and equipment - Amortisation of intangible assets - Impairment of intangible assets - Impairment of other fixed assets - Result on sale of property, plant and equipment - Finance income - Finance expense - Result from associates Changes in provisions Changes in working capital (excluding net liquidities) Net cash flow from operating activities Interest paid Income tax paid Cash flow from operating activities 34 Acquisition of subsidiaries 8 Investments in property, plant and equipment 9 Investments in intangible assets 10,11,12 Investments in financial assets 8 Divestments in property, plant and equipment 9 Divestments in intangible assets 10,11,12 Divestments in financial assets 35 Non-current assets held for sale Interest received 11,28 Dividends received (including preference dividend) Net cash flow from investing activities 19 New non current borrowings 19 Repayment of non current borrowings 31 Dividend paid (including preference dividend) Dividend paid to minority interests 16,19 Conversion of convertible preference shares 19,20,28 Changes in derivatives Net cash flow from financing activities 15 15 Increase/decrease in net cash position Net cash position at beginning of the year Exchange rate difference on net cash position Net cash position at end of the year The notes on pages 101 to 168 are an integral part of these consolidated financial statements. 2009 36,231 (89,058) 93,003 9,728 41,584 22,747 (851) (13,327) 55,342 (28,732) (22,269) 433,499 537,897 (112,105) (51,918) 373,874 (12,598) (99,134) (56,887) (203,755) 16,686 470 33,997 - 14,378 21,396 (285,447) 720,210 (544,453) (67,598) (959) (36) (3,402) 103,762 192,189 509,735 13,228 715,152 2008 165,818 86,686 85,952 9,508 100,000 - (500) (27,162) 58,081 (50,015) (50,336) (47,917) 330,115 (121,450) (81,596) 127,069 (14,459) (132,886) (65,185) (169,192) 43,668 70 74,718 99 26,846 23,307 (213,014) 556,053 (349,948) (121,830) (321) - 2,827 86,781 836 566,261 (57,362) 509,735
1. General information Notes to the consolidated financial statements Royal BAM Group nv (´the Company´) was incorporated under Dutch law, and is domiciled in the Netherlands. The consolidated financial statements for the year 2009 cover the Company and its subsidiaries (referred to together as ´the Group´), and its share in joint ventures. Royal BAM Group is a public limited liability company with a listing on the Euronext Amsterdam Stock Exchange (AEX). These consolidated financial statements cover the year 2009 and were approved for publication by the Executive Board on 3 March 2010. The 2009 financial statements were approved by the Supervisory Board on 3 March 2010 and will be submitted for adoption to the annual General Meeting of Shareholders on 21 April 2010. 2. Business model This paragraph presents a summary of the Group’s activities from an accounting perspective. It should be borne in mind that the information set out here is limited to that subject and that it does not form a part of the summary of significant accounting policies as described in paragraph 3. The Group’s activities can be summarised as follows: • Construction contracts for projects with third parties; • Projects for the Group’s own risk (property development); • Public-private partnership (PPP) projects; • Rendering of services and other activities. The majority of the Group’s activities consist of construction contracts with third parties. Revenues and results from these contracts are accounted for in the income statement based on the progress of work. Construction contracts are presented in the balance sheet as receivables from or payables to customers, depending on the balance of cost incurred (including results recognised) and invoiced instalments. Please refer to Notes 3.10, 3.11, 3.21 and 3.22. Projects initiated at the Group’s own risk (property development) are treated as inventory on the balance sheet. Revenue and result are recognised in the income statement from the moment the beneficial ownership of projects is (fully or partially) transferred to third parties. From that moment on, the (fully or partially) transferred projects are presented on the balance sheet as receivables from or payables to customers, consistent with construction contracts with third parties. Non-recourse and other borrowings for projects are recorded separately, under borrowings. Please refer to Notes 3.9, 3.11, 3.16, 3.21 and 3.22. Activities under public-private partnerships include projects in the context of which (public) facilities and services are provided to third parties. Income received relates predominantly to the availability of facilities and, in some cases, to their actual use. These projects are accounted for on the balance sheet as financial fixed assets (PPP receivables) and intangible assets (PPP concessions), respectively. Non-recourse PPP loans for these projects are recorded separately, under borrowings. If income depends on the availability of a facility, cash inflows will consist of payments and interest income with regard to PPP receivables and (deferred) concession revenue. If income depends on the actual use of a facility, cash inflows will consist of payments actually received for using the facility. Cash outflows consist of repayments of and interest expense for borrowings and the cost of concession activities. The interest result, concession result and depreciation expense are accounted for in the income statement. PPP projects are treated as construction contracts during their construction phase. Please refer to Notes 3.7, 3.16, 3.22. Rendering of services consist predominantly of maintenance activities for third parties. Revenue and results are recognised in the income statement. Please refer to Notes 3.10 and 3.22. If it is probable that total contract cost will exceed total contract revenue, the expected loss will be recognised as an expense. Acquisition costs for new projects are initially recognised in the income statement. If there is adequate certainty that a project will be awarded to the Group, the costs will be subsequently capitalised. 101 2009
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Annual Report 2009 Soccer City foot
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Fire service and ambulance station,
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6 2009 Netherlands Belgium United K
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8 2009 Core of BAM’s strategy Mis
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12 2009 Stock exchange listing Roya
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26 2009 Remuneration report The fol
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30 2009 Rules governing securities
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32 2009 W.K. Wiechers (1940), Chair
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40 2009 Wft declaration In accordan
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Page 68 and 69: 66 2009 Restoration of Beverweert C
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Page 74 and 75: Property Approximately 300 luxury h
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156 2009 Impairments in 2009 were m
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186 2009 Revenue Operating result e
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188 2009 21 April 2010 General Meet
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