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

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Property Key figures for the property sector (x €million) 2011 2010 Revenue 674 593 Result before tax (23.4) (59.7) Margin before tax - - Order book (year-end) 1,103 1,394 Het Meesterwerk (70 houses and 59 apartments), Amersfoort, the Netherlands. AM (in joint venture). Insert: Development and construction of 100 apartments in the Karspelhof project, Amsterdam-Zuidoost. BAM Woningbouw.
The Dutch property activities recorded a break-even operating result in 2011. The market for newly built homes continued to deteriorate in 2011 and further worsening is expected in 2012. The area and property developer AM has adjusted its organisation to these negative market conditions. The focus on reducing the invested capital in the coming years led to provisions of €20 million for a few property positions that are eligible for accelerated sale or where development might be delayed. 2,230 homes were sold from own development projects in the Netherlands in 2011 (2010: 2,174 homes). During the second half of 2011, the sales to individual buyers fell sharply. The Group’s completed but unsold or unlet stock in the Netherlands increased to 170 homes and approximately 10,760 m2 of commercial property as at 31 December 2011 (year-end 2010: 111 homes and approximately 2,300 m2 of commercial property). The increase in unlet commercial property relates to retail shops. The number of unsold homes still under construction fell to 308 as at 31 December 2011 (year-end 2010: 642). Thus the total number of unsold homes under construction or completed as at 31 December 2011 fell by a third compared to the total number at year-end 2010 (478 compared to 753). In the United Kingdom, BAM Properties recorded a small negative result in 2011 because of insufficient coverage of overheads. The sale of a commercial property in Glasgow caused the invested capital in the United Kingdom to decrease. Conditions in the British property market remained difficult. As at 31 December 2011, the Group’s supply of unsold and unlet commercial property in the United Kingdom was around 18,900 m2 (at year-end 2010: 22,700 m2 ). In Ireland, the property market offers no opportunities for sales at present. This led to a small negative result, owing to insufficient coverage of overheads and interest charges. The Belgian property company Kaïros posted a good result, owing to the successful development or redevelopment of a number of residential projects in urban centres such as Brussels and the sale of commercial property projects for the Belgian Government. The order book offers favourable prospects for the coming years. Total investment in the stock of property decreased to €1,492 million as at 31 December 2011 (year end 2010: €1,540 million), primarily due to disinvestments in the fourth quarter. €1,167 million of this total was invested in the Netherlands, €169 million in the United Kingdom, €45 million in Ireland and €111 million in Belgium. The investments in stock are funded in part by recourse and non-recourse project-related property loans. As at 31 December 2011, the recourse property loans stood at €223 million (year-end 2010: €307 million) and the non recourse property loans at €372 million (year-end 2010: €402 million). 93 2011
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2011 Abbreviated Annual Report
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Key figures (in €million, unless
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Foreword Royal BAM Group nv hereby
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Outlook Royal BAM Group started 201
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Construction and mechanical and ele
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Better results are generally accomp
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2. Optimum exploitation of strength
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24 22 20 18 16 14 12 10 8 6 4 2 0 S
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Dividend policy Dividend policy and
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Report by the Supervisory Board to
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Fotobijschrift: 19 2011
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eported in each case on the state o
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Multipurpose complex for care and s
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and reported to the Supervisory Boa
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27 2011
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to the financial objectives (maximu
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The variable remuneration actually
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The graduated scale shown below app
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The company has no other remunerati
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C.M.C. Mahieu (1959) Ms Mahieu grad
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Financial results Report by the Exe
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: Laela-Sumbawanga road improvement p
Page 97 and 98: Redevelopment of a former domestic
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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
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Page 117 and 118: Royal BAM Group nv Royal BAM Group
Page 119 and 120: 2006 2005 2004 2003 1 2002 IFRS IFR
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Page 124: Royal BAM Group nv Runnenburg 9 398
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