BAM Abbreviated Annual Report 2011 - Siteseeing in the world of ...

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Public-Private Partnerships (PPP) Key figures for the PPP sector (x €million) 2011 2010 Revenue 508 311 Result before tax 10.5 3.5 Margin before tax 2.1% 1.1% Order book (year-end) 908 1,288 ‘Neumatt - Cantonal Administration Center Burgdorf’: design, finance, build and operate a new, regional prison complex for 110 inmates, including working space and office space. BAM PPP, BAM Deutschland (in joint venture). Insert: Widening of the Utrecht Lunetten to Veenendaal stretch of the A12 motorway (the Netherlands). BAM Wegen with BAM PPP, BAM Civiel, BAM Infratechniek, BAM Infraconsult.
BAM PPP is responsible for Royal BAM Group’s involvement in the European Public-Private Partnerships (PPP) market. BAM PPP’s result reflects the investment activities. Profit arising from construction and maintenance activities associated with PPP projects is reported under the relevant sectors. Operating from offices in Bunnik, Birmingham, Brussels, Dublin, Frankfurt am Main and Glasgow, BAM PPP is active in the roads, rail, education, health care, judicial and general accommodation sectors in the BAM Group’s European home markets. The result before tax in 2011 was €10.5 million (2010: €3.5 million). The improvement in profitability during 2011 reflects the continuing successes in winning projects, the initial impact of the joint venture with PGGM into which the first transfer of projects was completed. In 2011, BAM PPP was awarded five new concessions, three of which reached financial close during the year. The two projects remaining at the preferred bidder stage are expected to reach financial close during the first half of 2012. The new concessions increase the committed net investment obligation for the portfolio by €54 million which – after taking account of the impact of transfers into the joint venture with PGGM – increases committed net investment to €253 million (2010: €240 million), of which €88 million (2010: €87 million) has actually been invested. The directors’ valuation of the portfolio at 31 December 2011 was approximately €300 million (31 December 2010: approximately €300 million) reflecting the net impact of our successful investment and strategic divestment activities during the year. As at 31 December 2011, BAM had 36 PPP contracts in its order book (including the two preferred bidder contracts), of which 29 are managed by BAM PPP; the remaining seven contracts involve a very limited amount of shareholders’ equity and are managed by sister companies responsible for the construction and maintenance work under the contract. Additions to the PPP portfolio in 2011 included: • two prison projects at Beveren and Dendermonde in Belgium; • the extension of the A9 motorway in Thuringia in Germany; • the upgrade of the N11 and junction improvements on the N7 in Ireland (preferred bidder) and • Schools Bundle 3 in Ireland consisting of 8 new schools on 7 sites (preferred bidder). BAM PPP’s projects are distributed across all of BAM’s European markets and are predominantly availability based. The ratio of accommodation to civil engineering projects is also balanced, although civil engineering schemes are often greater in scope and therefore, when expressed as a percentage of committed equity, infrastructure projects represent 61 percent of BAM’s current portfolio. In May 2011 BAM PPP signed a joint venture agreement with Dutch pension fund manager PGGM. The committed investment in the joint venture totalled €390 million, of which €240 million is to be allocated to new projects and €150 million to existing projects. The agreement provided BAM PPP with the twin benefits of a significant and robust position from which to pursue further projects and a stable platform within which equity can be recycled whilst also allowing BAM PPP to retain a long term interest in concessions. Progress achieved by the joint venture to date has been good with eight bids commenced and three existing projects transferred in December 2011. Notwithstanding continuing economic uncertainty, the PPP market remained robust during 2011 and is continuing to offer an attractive level of bidding opportunities. There is a clear trend towards bigger infrastructure projects which are particularly interesting to BAM which is well positioned to play a key role in this market because of the comprehensive range of integrated services available within the BAM organisation. The high level of bidding activity experienced during 2011 is expected to continue in 2012. The Netherlands and Belgium are expected to be the most active markets offering a wide range of road, rail, judicial, education and general accommodation schemes. The United Kingdom appears likely to offer improved deal flow particularly from schemes located in Scotland, however projects in England remain subject to the current review of PFI by the Government and it is currently unclear as to when and in what form further projects will be progressed. The German and Swiss markets appear likely to continue to offer steady growth. It is not likely that there will be many opportunities emerging from the Irish market in the short to medium term following the announcement of the recent Government spending review. The underlying performances of projects in their construction and operational phases were stable and in line with expectations in 2011. 99 2011
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2011 Abbreviated Annual Report
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Key figures (in €million, unless
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Foreword Royal BAM Group nv hereby
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Outlook Royal BAM Group started 201
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Construction and mechanical and ele
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Better results are generally accomp
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2. Optimum exploitation of strength
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24 22 20 18 16 14 12 10 8 6 4 2 0 S
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Dividend policy Dividend policy and
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Report by the Supervisory Board to
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Fotobijschrift: 19 2011
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eported in each case on the state o
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Multipurpose complex for care and s
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and reported to the Supervisory Boa
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27 2011
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to the financial objectives (maximu
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The variable remuneration actually
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The graduated scale shown below app
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The company has no other remunerati
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C.M.C. Mahieu (1959) Ms Mahieu grad
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Financial results Report by the Exe
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Result per ordinary share The numbe
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Oman Botanical Garden, Muscat. BAM
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of €16 million and a super divide
Page 49 and 50: financial year and the subsequent f
Page 51 and 52: manner with regard to the other mem
Page 53 and 54: Sporen in Arnhem: modernisation and
Page 55 and 56: Approximately 130 metres-high ‘De
Page 57 and 58: Netherlands with a remaining term m
Page 59 and 60: N218 Hartel canal cycle bridge (600
Page 61 and 62: On the one hand, the operating comp
Page 63 and 64: ensure that it consistently and eff
Page 65 and 66: carrying out this project but was n
Page 67 and 68: Corporate Social Responsibility Pol
Page 69 and 70: Green walls and roofs of the BSH In
Page 71 and 72: Worker participation European Works
Page 73 and 74: y 7.7 percent in 2012. On the other
Page 75 and 76: Royal BAM Group is active in the co
Page 77 and 78: 18 homes in the Elzenhagen neighbou
Page 79 and 80: The company continued to perform st
Page 81 and 82: Four school buildings for Alfons Ke
Page 83 and 84: Royal BAM Group operates in the Dut
Page 85 and 86: Underground high-voltage link for t
Page 87 and 88: Design of quay wall and mooring jet
Page 89 and 90: Renovation and expansion of Tottenh
Page 91 and 92: Silberberg Railway Tunnel (7.4 kilo
Page 93 and 94: Laela-Sumbawanga road improvement p
Page 95 and 96: The Dutch property activities recor
Page 97 and 98: Redevelopment of a former domestic
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Page 103 and 104: Tebodin Consultants & Engineers is
Page 105 and 106: Financial statements 2011 104 Conso
Page 107 and 108: Consolidated income statement (x
Page 109 and 110: Consolidated statement of equity (x
Page 111 and 112: Company balance sheet at 31 Decembe
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Page 117 and 118: Royal BAM Group nv Royal BAM Group
Page 119 and 120: 2006 2005 2004 2003 1 2002 IFRS IFR
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Page 124: Royal BAM Group nv Runnenburg 9 398
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