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

Oman Botanical Garden, Muscat.
BAM International.
This net investment decreased because of the
aforementioned transfer of projects to the joint venture
with PGGM and the classification as assets held for sale.
Additionally, the Group had net investment
commitments as at 31 December 2011 in the amount
of €165 million (2010: €153 million). At present the
Group’s order book contains 36 PPP contracts (2010: 31),
including two preferred bidder contracts of which
22 (2010: 21) contracts are operational.
The book value of the participating interests fell to €19
million as at year-end 2011 (2010: €211 million), primarily
because of the sale of the participating interest in Van
Oord.
As regards projects for third parties, the Group’s balance
sheet as at 31 December 2011 includes projects in
progress with a total balance of €437 million (year-end
2010: €452 million). The balance consists of €936 million
(year-end 2010: €901 million) owed to clients and €499
million (2010: €449 million) receivable from clients.
As at 31 December 2011, gross investments in property
development amounted to €1,492 million (year-end
2010: €1,540 million). The reduction is primarily related
to the scaling down of property positions in the
Netherlands. Project funding for property development
fell more sharply in 2011 and stood at €595 million as at
31 December 2011 (year-end 2010: €709 million). From
this amount, a total of €372 million relates to nonrecourse
loans (year-end 2010: €402 million) and €223
million to recourse loans (year-end 2010: €307 million).
The net position (gross investment minus funding) as at
year-end 2011 was €897 million (year-end 2010: €831
million).
The assets for pension rights, minus provisions for
employee benefits, amounted to €37 million at year-end
2011. At year-end 2010, there was still a liability of €9
million. The change to an asset is due to the fact that the
employer’s contributions to the pension funds are higher
than the pension costs calculated on an actuarial basis.
The total balance sheet position for provisions (longterm
and short-term) increased to €137 million (2010:
€130 million). The increase is related to the dividend
guarantee arranged upon the sale of Van Oord
(€15 million). On the other hand, there is a decrease in
guarantee and reorganisation provisions.
The balance of the deferred tax positions on the balance
sheet is a deferred tax asset of €73 million (year-end
2010: €108 million). The decrease is almost entirely due
to the recognition of part of the deferred tax as an
immediate tax asset.
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2011