BAM: solid results of net €126 million and good progress on strategic agenda

• Resilient performance in all sectors underpins results in line with guidance
• Pre-tax margins under pressure, at bottom of 2-4% outlook range
• Order book down due mainly to selective tendering
• Financial position strengthened by PPP joint venture transfer and sale of Van Oord in 2011 and sale of Tebodin and refinancing in 2012
• Proposed dividend of €0.16 per share with stock alternative (2010: €0.03)

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