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

More documents

Recommendations

Info

38 2011 N.J. de Vries (1951), Chairman Mr De Vries completed an architecture foundation course in 1971. He went on to earn a degree in civil engineering from Delft University of Technology in 1977. In 1977 Mr De Vries joined BAM as a planning engineer after which he held positions as project manager, works manager and branch director. In 1986 he was appointed deputy director and in 1990 director of BAM Utiliteitsbouw, which was followed in 1995 by his appointment as sector director of civil engineering for Royal BAM Group. Mr De Vries has been a member of the Executive Board of Royal BAM Group since 1998. He was appointed as Chairman of the Executive Board in October 2010. He is a Dutch national. Other offices: Member of the Board of Vereniging van Nederlandse aannemers met belangen in het buitenland (NABU); member of the Board of Directors of the International Chamber of Commerce Nederland; member of the Board of Directors of Nederlands- Duitse Handelskamer; member of the Board of Directors of Stichting Raad van Arbitrage voor de Bouw. M.J. Rogers (1955) Mr Rogers gained a higher National Diploma in Building Studies at the Hertfordshire College of Building. He is a Fellow of the Chartered Institute of Building (FCIOB) and a Fellow of the Institution of Civil Engineers (FICE). Mr Rogers spent the early part of his career with medium-sized construction and civil engineering companies in the United Kingdom before joining BAM in 1979. Mr Rogers’ initial position was planning engineer working on major pharmaceutical and industrial projects, prior to moving into project management in 1981. He was appointed as a construction director in 1989 Particulars of the Executive Board members before becoming an associate director in 1992 and regional director in 1995. He was promoted to the main board of BAM Construct UK in 2001 and became managing director in 2002. In 2007 he became CEO of BAM Nuttall Ltd. Mr Rogers became a member of the Executive Board of Royal BAMGroup in 2009. He is a British national. Other offices: member of the CBI Construction Council; member of the South East Regional Council. J. Ruis (1950) Mr Ruis joined BAM in 1971 and has held a number of different financial positions. Mr Ruis has been on Royal BAM Group’s Executive Board since 2004 (Chief Financial Officer). He is a Dutch national. Retirement schedule for the Executive Board Left to right: N.J. de Vries, M.J. Rogers, J. Ruis and R.P. van Wingerden. R.P. van Wingerden (1961) Mr Van Wingerden graduated as a civil engineer from Delft University of Technology in 1988. He joined the Group as a project surveyor in 1988 and subsequently worked in a variety of (project) management roles for operating companies in the Netherlands and elsewhere. He completed his MBA at Twente School of Management in 1994. He was appointed Director of HBG Bouw en Vastgoed in 2000, and subsequently became Director at BAM Utiliteitsbouw in 2002, prior to being appointed Chairman of the Board of BAM Woningbouw in 2005. Mr Van Wingerden has been a member of the Executive Board of Royal BAM Group since 2008. He is a Dutch national. Other offices: member of the Board of Governors of the Dutch Construction and Infrastructure Federation (Bouwend Nederland); member of the independent construction industry platform Vernieuwing Bouw; Chairman of the Supervisory Board of GEN (Gebieden Energieneutraal); member of the Supervisory Board of Royal Saan; member of the Board of Nationaal Renovatie Platform. As of January 2012 Year of Year of Period of appointment re-appointment appointment 1 N.J. de Vries 1998 Unlimited M.J. Rogers 2009 Four years J. Ruis 2004 2008 Four years R.P. van Wingerden 2008 Four years 1 New members of the Executive Board have been appointed (re-appointed where applicable) for a maximum four-year period since 2004.
Financial results Report by the Executive Board • Result before tax 2011: €158.7 million (2010: €25.9 million). • Operating revenue up by 4 percent in 2011 to €7.9 billion (2010: €7.6 billion). • Profit margin before tax: 2.0 percent (2010: 2.0 percent (before tax and impairments)). • Net result 2011: €126.0 million (2010: €15.3 million). • Proposed dividend of €0.16 per ordinary share with stock alternative (2010: €0.03 or stock alternative). • Order book: €10.4 billion (year-end 2010: €12.1 billion). Course of business Across the board, the Group companies – given the market conditions – recorded solid performances in 2011. The course of business in the various sectors is explained elsewhere in this Annual Report. Operating revenue Royal BAM Group posted operating revenue of €7,920 million in 2011, which is an increase of €309 million (up 4 percent) compared with 2010 (€7,611 million). Operating revenue increased in all sectors with the exception of construction and mechanical and electrical services. The increase was almost entirely organic and was primarily due to less severe wintry periods and a number of large PPP and civil engineering projects that were in progress. The effects of exchange rate differences and takeovers on the increase in operating revenue were small. Operating revenue is divided as follows across the sectors: (x €1 million) 2011 2010 Construction and Mechanical and Electrical Services 3,390 3,459 Civil Engineering 3,834 3,659 Property 674 593 Public-Private Partnerships (PPP) 508 311 Consultancy and Engineering 223 210 Less: intercompany sales (709) (621) 7,920 7,611 Operating revenue in construction and mechanical and electrical services fell, in particular at the British and to a lesser extent also at the Belgian non-residential construction company. In the Netherlands and Germany there was a slight increase in operating revenue. The civil engineering sector recorded strong growth in operating revenue compared with 2010. Earnings went up in the Netherlands, the United Kingdom and Belgium in particular, owing to a number of large projects that were in progress. Operating revenue decreased in Ireland and Germany. The increase in the property sector largely concerned the Dutch market and was due especially to the sale of a substantial number of homes from the supply of unsold property and good progress in current projects. Operating revenue also went up in the United Kingdom. In Ireland, operating revenue fell to zero. The Belgian property company recorded lower operating revenue in 2011 than in 2010. The increase in operating revenue in the PPP sector was related to the increased number of projects in the construction phase. Operating revenue in the consultancy and engineering sector went up slightly. Result The Group’s net result for the two years breaks down as follows: (x €1 million) Operating result before depreciation/amortisation 2011 2010 and impairments Depreciation/amortisation of tangible and intangible 256.7 206.2 fixed assets (106.0) (108.3) Impairments - (128.2) Operating result 150.7 (30.3) Finance income 72.8 87.2 Finance expense (99.2) (64.7) Result from associates 34.4 33.7 Result before tax 158.7 25.9 Taxes (31.0) (7.6) Minority interest ( 1.7) (3.0) Net result 126.0 15.3 39 2011
Page 1 and 2: 2011 Abbreviated Annual Report
Page 3 and 4: Key figures (in €million, unless
Page 5 and 6: Foreword Royal BAM Group nv hereby
Page 7 and 8: Outlook Royal BAM Group started 201
Page 9 and 10: Construction and mechanical and ele
Page 11 and 12: Better results are generally accomp
Page 13 and 14: 2. Optimum exploitation of strength
Page 15 and 16: 24 22 20 18 16 14 12 10 8 6 4 2 0 S
Page 17 and 18: Dividend policy Dividend policy and
Page 19 and 20: Report by the Supervisory Board to
Page 21 and 22: Fotobijschrift: 19 2011
Page 23 and 24: eported in each case on the state o
Page 25 and 26: Multipurpose complex for care and s
Page 27 and 28: and reported to the Supervisory Boa
Page 29 and 30: 27 2011
Page 31 and 32: to the financial objectives (maximu
Page 33 and 34: The variable remuneration actually
Page 35 and 36: The graduated scale shown below app
Page 37 and 38: The company has no other remunerati
Page 39: C.M.C. Mahieu (1959) Ms Mahieu grad
Page 43 and 44: Result per ordinary share The numbe
Page 45 and 46: Oman Botanical Garden, Muscat. BAM
Page 47 and 48: 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
Page 99 and 100:
97 2011
Page 101 and 102:
BAM PPP is responsible for Royal BA
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
Page 113 and 114:
The Supervisory Board shall determi
Page 115 and 116:
113 2011
Page 117 and 118:
Royal BAM Group nv Royal BAM Group
Page 119 and 120:
2006 2005 2004 2003 1 2002 IFRS IFR
Page 121 and 122:
119 2011
Page 124:
Royal BAM Group nv Runnenburg 9 398
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?