Royal BAM Group nv reported it has delivered a “strong” first half-year of 2022, based on a “solid operational performance, further de-risking on projects and substantial progress with divestments.”
The net result, it said, improved significantly to €86 million, with its cash position and order backlog remaining at a good level.
For 2022, BAM says it expects to deliver an adjusted EBITDA margin of at least 4 %, excluding the anticipated result on the Wayss & Freytag divestment. BAM expects to propose a dividend over the full-year 2022.
Other highlights include:
- Revenue increased 2% in Netherlands, United Kingdom and Ireland; total revenue declined 8% versus H1 2021 due to divestments
- The adjusted EBITDA was an increase of 16%, reflecting a margin of 5.5%, including positive effect of €16 million following settlement of Museum of the Future (Dubai) in Q2
- Earnings per share of €0.31 in first half-year
- Liquidity position of €830 million, excluding €188 million for Wayss & Freytag reported as held for sale
- Capital ratio improved to 17.7% (14.5% year-end 2021 and 13.2% H1 2021), completion of Wayss & Freytag transaction will add 2.3%
- Solid order book of €12.2 billion (including €900 million impact of divestments)