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

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2011
Declaration in accordance with the Dutch
Financial Supervision Act
In accordance with their statutory obligations under
Article 2:101(2) of the Netherlands Civil Code and Article
5:25c(2)(c) of the Dutch Financial Supervision Act, the
members of the Executive Board declare that, in so far as
they are aware:
• the financial statements provide a true and fair picture
of the assets, liabilities, financial position and the
result of both the parent company and the
consolidated companies; and
• the annual report provides a true and fair picture of
the situation on 31 December 2011 and the course of
business during the 2011 financial year at the parent
company and at the companies associated with the
parent company, for which the data have been
included in the parent company’s financial statements,
and the annual report describes the main risks facing
the parent company.
Acquisitions and disposals
Acquisitions
Royal BAM Group nv acquired all of the shares in Carmans
Spoorwerken nv of Alken in Belgium on 9 February 2011.
The management owned the shares.
Carmans Spoorwerken has specialised in laying railway
lines and installing the accompanying equipment –
especially in the Dutch-speaking part of Belgium – since
1982. Carmans’ annual turnover is approximately €5
million and the company has approximately fifteen
employees. Carmans will work closely in Belgium with
Betonac (BAM’s Belgian operating company which
specialises in building roads and other infrastructure,
including rail infrastructure) and with BAM Rail (BAM’s
Dutch railway builder which also works with local Group
companies in Belgium, Ireland and the United Kingdom).
BAM is expecting the Belgian rail market to continue
offering good opportunities in the years ahead and
considers the addition of Carmans to the Group as a
valuable supplement to Group expertise.
After the balance sheet date, BAM Immobilien-
Dienstleistungen GmbH – the BAM Deutschland
subsidiary which specialises in facility management –
acquired 75 percent of the share capital in MR Facility
Services GmbH of Hallbergmoos, near Munich. MR
Facility Services has an annual turnover of approximately
€4 million and employs approximately forty people. The
company provides technical equipment services,
domestic services and property management for retail
and office as well as residential buildings.
BAM Deutschland is strengthening its facility
management capacity so that it can continue responding
to the increased demand for these services, including in
relation to its own growing portfolio of PPP projects.
Disposals
On 22 December 2011, Royal BAM Group sold its
21.5 percent share in the dredging company Van Oord to
a consortium consisting of the Belgian investment
company Cobepa and the Dutch investment companies
Janivo, Breedinvest and Rinkelberg. The purchase price
was €200 million. Given the guarantees that were
provided, BAM took a provision in 2011 for the risk of
€15 million. This risk relates to a dividend guarantee for a
five-year period.
The total amount in cash received by BAM in the financial
year 2011 in connection with the interest in Van Oord
was €238 million. This amount comprises the purchase
price of €200 million, the receipt of an ordinary dividend