BAM reports net loss due to non-cash impairments of Dutch property and goodwill

• Net loss including impairments for H1 2012: €251 million (H1 2011: profit €66 million)
• Results at Construction and M&E services and Civil engineering in line with management expectations given very difficult market circumstances
• Lower revenue at Property; further deterioration in Dutch property market leads to non-cash impairments of property portfolio by €247 million and of goodwill by €150 million
• Solid performance and good bid pipeline at PPP
• Order book at €10.8 billion at end of H1 2012 (year-end 2011: €10.4 billion)
• Sale of Tebodin completed in April; contribution to net result of €65 million
• Well within limits of banking covenants

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