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

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2011
Renovation of the National Maritime Museum, Amsterdam.
BAM Utiliteitsbouw, BAM Techniek.
Operating capital (excluding cash and cash equivalents
and current liabilities) stood at €621 million as at
31 December 2011 (year-end 2010: €311 million). The
increase in operating capital in 2011 was partly due to
one-off factors, including a number of milestone
payments for PPP contracts in 2012, and partly due to the
classification of assets held for sale (PPP projects to be
transferred to the joint venture with PGGM and cessation
of activities (Tebodin)). The total effect of these one-off
factors on the increase in operating capital amounted to
approximately €160 million.
The Group’s shareholders’ equity stood at €1,162 million
as at 31 December 2011, having increased compared to
the position at year-end 2010 (€1,100 million). The
principal changes in shareholders’ equity are the net
result for 2011 (€126 million) and the negative effect of
hedge accounting (a loss of €73 million). The dividend
distribution for 2010 and exchange rate increases had a
limited effect.
Apart from the aforementioned shareholders’ equity, the
capital base only comprises the subordinated loan, which
did not change in 2011. The preference shares (€1.7
million) were all converted in 2011 or repurchased. As a
result, the increase in the capital base was virtually the
same as the increase in the shareholders’ equity.
Solvency based on the capital base stood at 18.9 percent
as at 31 December 2011, which is higher than the position
at year-end 2010 (18.2 percent). Solvency excluding
public-private partnerships increased as well, standing at
21.9 percent as at 31 December 2011 (year-end 2010:
21.0 percent).
Recourse solvency, the ratio in accordance with the bank
covenants, also increased to reach 25.7 percent as at
31 December 2011 (year-end 2010: 23.8 percent), which
is well above the lower limit of 15 percent.
Development of (other) balance sheet positions
Various balance sheet positions were influenced as at
31 December 2011 by the classification ‘held for sale’ of
several PPP projects to be transferred to the joint venture
with PGGM, and by the sale of Tebodin.
The book value of property, plant and equipment fell
slightly to €374 million (2010: €409 million). In 2011, net
investment amounted to €57 million (2010: €68 million)
and depreciation amounted to €95 million (2010: €97
million).
The book value of the intangible assets was €734 million
at year-end 2011 (2010: €850 million). The decrease was
almost entirely due to the aforementioned
reclassification as ‘assets held for sale’ of both PPP
concessions and the goodwill relating to Tebodin.
The total PPP receivables increased in 2011 to €879
million (year-end 2010: €765 million). The increase
primarily reflects the progress of current PPP activities
(new loans granted minus repayments), involving a net
amount of €403 million (2010: €241 million). On the
other hand, there are decreases resulting from the
transfer of three projects to the joint venture with PGGM
in December 2011 (€213 million), and receivables worth
€78 million were classified as assets held for sale.
The total intangible and financial PPP assets (including
the short-term component) amounted to €1,063 million
as at year-end 2011 (2010: €1,019 million). The related
(non-)recourse PPP loans increased by a comparable
amount and stood at €991 million as at 31 December
2011 (year-end 2010: €942 million). Therefore the net
position as at 31 December 2011 was €72 million
(year-end 2010: €77 million). In addition, a net
investment of €16 million was made with regard to other
assets and liabilities in these SPVs and non-consolidated
associates (year-end 2010: €27 million). The Group’s total
net investment in public-private partnerships was
therefore €88 million (year-end 2010: €104 million).