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

Key figures (in €million, unless otherwise indicated)
2011 2010
Revenue 7,920 7,611
Operating result 150.7 (30.3)
Result before tax 158.7 26.0
Net result attributable to shareholders 126.0 15.3
Earnings per share (x €1,–)
• Basic 0.54 0.08
• Fully diluted 0.54 0.08
Dividend per ordinary share (in €1,–) 1 0.16 0.03
Payout ratio (as percentage) 30 45
Number of issued ordinary shares as at year-end (x 1,000) 232,938 231,766
Total number of issued shares as at year-end (x 1,000) 232,938 232,585
Closing price ordinary shares on 31 December (in €1,–) 3.26 4.60
Equity attributable to shareholders 1,162.4 1,099.9
Capital base 1,362.4 1,301.5
Order book 2 10,400 12,100
Net addition to tangible fixed assets
Depreciation/impairments
57.2 68.5
• Tangible assets 94.9 97.3
• Intangible assets 11.1 10.9
• Other impairments - 127.3
Cash flow before dividend 232.0 250.9
Average number of employees (fte) 26,639 26,840
Number of employees at year-end (fte) 27,007 26,088
Ratios:
• Result before tax as % of revenue 3 2.0 2.0
• Net result for the year as % of revenue 1.6 0.2
• Net result for the year as % of average equity 11.1 1.6
Capital ratios:
• Equity attributable to shareholders as % of total assets 16.1 15.4
• Capital base as % of total assets 18.9 18.2
1 Dividend proposal 2011.
2 The order book comprises both signed contracts, as well as verbally agreed upon orders.
3 Before impairment.
Contents
3 Foreword
5 Outlook
6 Organisational structure and offices
8 Core of BAM’s strategy, mission and ambition for 2020
13 Royal BAM Group shares
17 Report by the Supervisory Board to the shareholders
28 Remuneration report
36 Particulars of the Supervisory Board members
38 Particulars of the Executive Board members
Report by the Executive Board
39 Financial results
44 Declaration in accordance with the Dutch
Financial Supervision Act
44 Acquisitions and disposals
45 Corporate governance
54 Decision on Article 10 of the Takeover Directive
57 Risk and risk management
65 Corporate social responsibility
67 Human resources management
69 Worker participation
70 Construction industry barometer
72 Construction and mechanical and
electrical services
80 Civil engineering
92 Property
98 Public Private Partnerships
100 Consultancy and engineering
Financial statements 2011
103 Contents of the financial statements 2011
104 Consolidated balance sheet as at 31 December
105 Consolidated income statement
106 Consolidated statement of comprehensive income
107 Consolidated statement of equity
108 Consolidated cash flow statement
109 Company balance sheet as at 31 December
109 Company income statement
Other information
110 Proposed appropriation of profit for 2011
110 Provisions of the Articles of Association concerning
profit appropriation
111 Anti-takeover measures
114 Overview of principle subsidiaries and associates
115 Royal BAM Group nv executive officers
116 Ten-year key figures
118 Key financial dates
1
2011