Annual Report 2009 Royal BAM Group nv

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166 2009 38. Service concession arrangements The Group operates various service concession arrangements. Most of these activities are performed in separate legal entities, either alone or with third parties. An entity is (proportionately) consolidated if the Group has (joint) control. An entity is accounted for as an associate if the Group has significant influence but no decisive control. The Group is involved in the following PPP contracts: Interest Opera- As Concession- (in %) Type Country tional from period Accommodations: East Ayrshire Hospital 100 Health UK Yes 2000 25 Wharfedale Hospital 75 Health UK Yes 2004 30 Derby Police 100 Justice UK Yes 2000 30 Cheshire Police 100 Justice UK Yes 2003 30 Peacehaven Schools 100 Education UK Yes 2001 25 Bromsgrove Schools 100 Education UK Yes 2008 30 Solihull Schools 100 Education UK No 2010 25 West Dunbartonshire Schools 100 Education UK No 2010 30 Ghent University 100 Education Belgium No 2011 33 Justice court Ghent 25 Justice Belgium Yes 2006 27 Justice court Antwerp 33,3 Justice Belgium Yes 2005 27 Potsdam 100 Other Germany No 2012 30 Stadium Dresden 100 Other Germany No 2009 30 Arena Ludwigsburg 99 Other Germany No 2010 20 Sonderschule Frechen 100 Education Germany Yes 2005 25 Alfons-Kern-Schule, Pforzheim 100 Education Germany No 2010 30 JVA München 100 Justice Germany No 2009 20 Burgdorf Prison 100 Justice Switzerland No 2012 25 Infrastructure: Dundalk By-pass 33,3 Roads Ireland Yes 2005 28 Waterford By-pass 33 Roads Ireland Yes 2009 30 Portlaoise 33 Roads Ireland No 2010 30 A59 70 Roads Netherlands Yes 2005 15 N31 33,3 Roads Netherlands Yes 2007 15 Infraspeed HSL 10,5 Railroads Netherlands Yes 2006 25 A8 25 Roads Germany No 2010 30 Liefkenshoektunnel 50 Railroads Belgium No 2013 38 Broadland Environmental Services 90 Other UK Yes 1999 20
Operational concessions generated revenue of €66.1 million in 2009 (2008: €66.7 million) with a profit before taxes of €11.2 million (2008: €19.4 million). Please refer to Note 6. The Group’s total net investments in PPP projects are €61 million at year-end 2009 (year-end 2008: €69 million). Please refer to Note 7. The Group also has approximately €128 million of liabilities with regard to capital to be paid in PPP projects (2008: €110 million). Revenue yet to be realised from construction activities on PPP projects currently in the realisation phase amounts to approximately €520 million (2008: €560 million). A more detailed disclosure of operational concessions is as follows. Accommodation These concessions relate to schools, police stations, hospitals, sports complexes, a penitentiary institution and a laboratory building. Concession payments depend entirely on the availability of the accommodation. The actual use of the accommodation has no impact on the payments. The concessions sometimes include support services for the accommodation, such as maintenance and facility management. Revenue and results are recognised on the basis of the (fixed) fees received from government. If a fee relates to support services, it is accounted for in proportion to the services rendered. During the concession periods, fees are based on the availability of the accommodation and the support services. The majority of concession arrangements contain indexation clauses. (Some of) the services are periodically benchmarked against the market, generally once every 5 years. The relevant parts of the fees can be adjusted on this basis. However, the volatility of the total revenue and result is limited. The Group transferred four operational PPP contracts into a joint venture with the Dutch Infrastructure Fund (DIF) in 2007. At the time, the Group’s interest in the joint venture was 75 percent and DIF’s interest was 25 percent. The Group sold a second block of shares, 25 percent, to DIF in 2008 and the remaining 50 percent in 2009. This means that the Group’s no longer had an interest in this joint venture at year-end 2009. Infrastructure These concessions relate to motorways in Ireland, the Netherlands and Germany, a railway tunnel in Belgium and a railway line in the Netherlands and Ireland, and a coastal defence scheme in the United Kingdom. Concession fees in the Netherlands, Belgium and the UK are based on the availability of the related infrastructure. This availability is tested against contractually established criteria. These criteria cover the intensity of usage, temporary closures and maintenance. If availability does not meet the contractual criteria, the concession fee can be (temporarily) adjusted. Revenue and results are recognised on the basis of fees received from government. The volatility of the revenue and results is limited. In Ireland and Germany, concession fees are directly based on the volume of traffic (toll collection). The revenue and results of this entity therefore depend on road traffic and, hence, they are volatile to some extent. The concessions started between 1999 and 2009, for periods varying from 15 to 28 years. 39. Government grants Government grants received during the financial year amount to approximately €10 million (2008: approximately €16 million). Government grants relate predominantly to PPP concessions, education, research and development, and wages. Government grants received are offset against costs incurred or against the valuation of the PPP concession in question. 167 2009
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