BAM delivers adjusted EBITDA of €278 million in 2021, on track with strategy execution
For the full-year 2021, Royal BAM Group nv reports an adjusted EBITDA of €278 million (a margin of 3.8%) and a revenue of €7.3 billion. All activities contributed to the operational improvement, with the exception of the large contracts division of Dutch Civil engineering. The net result was impacted by non-cash impairments of €82 million, due to changes in Dutch and UK tax laws and the effect of divestments. The liquidity position is strong and the capital ratio improved. The order book remains at a high level. BAM is making good progress with the execution of the new strategy, with continued focus on portfolio restructuring, de-risking and creating a sustainable platform for future growth. For 2022, BAM expects a further improvement of the adjusted EBITDA margin.
- Revenue increased by 7% compared to full-year 2020
- Adjusted EBITDA improved to €278 million (2020: €201 million), an adjusted EBITDA margin of 3.8%
- Strong performance from Dutch Construction and Property, good contributions from United Kingdom and Ireland, and underperformance of large contracts division Dutch Civil engineering
- Net result of €18 million, including non-cash deferred tax charge of €34 million and €49 million impairments, of which €26 million for divestments
- Liquidity position remains strong at €1.3 billion and capital ratio strengthened to 14.5% (year-end 2020: 13.4%), despite repayment convertible bond
- No dividend recommended for 2021, as capital ratio is still below strategic target
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