As management we have a full focus on implementing all necessary measures to protect and improve our operations. Although the company structurally lowered its cost base and focused on near-shore projects with a more favourable risk/reward profile, the performance has failed to recover.
This relates to the impact of Covid-19, BAM International, the approximately €40 million costs related to the Cologne metro settlement as published on 30 June, and operational underperformance. Bunnik, the Netherlands, 10 August 2020 – Royal BAM Group nv has obtained a waiver from the providers of the revolving credit facility (RCF) whi...(Press release Marlet Property Group:) Dublin, 4 August 2020 – Marlet is pleased to announce the appointment of BAM Ireland as the main contract...(Press release Scottish and Southern Electricity Networks (SSEN):) Perth, Scotland, 3 August 2020 - Scottish and Southern Electricity Networks (SSEN) ...(Press release Bath & North East Somerset Council:) Bath, 29 July 2020 - A major milestone has been reached in the construction of the Bath Quays ...The World Health Organisation (WHO) has declared that the outbreak of the corona virus (COVID-19) is an international emergency. This video cannot be loaded because you have not given permission to place cookies. BAM’s management is implementing tangible actions, including cost reductions and initiatives to improve the risk profile, with a strong focus on cash. Also based on a strong order book, the results over the full year are expected to improve compared to the first half of 2020.In the first quarter, we reported that the results of Dutch civil engineering and German construction, and of BAM International were disappointing. This can be followed via live audio webcast.20 August 2020: announcement of results for the first half year 2020. BAM International’s head office is based in The Hague, the Netherlands and has regional … Due to these developments, the company expects a first half year adjusted loss before tax of approximately €130 - €150 million.
We will immediately start the process of winding down BAM International, which was already under strategic review. BAM International is a subsidiary of Royal BAM Group, one of Europe’s largest contracting companies active in construction, property, civil engineering, public-private partnerships, mechanical and electrical contracting and engineering in 30 countries across the globe. The combination of Covid-19 and the ongoing underperformance of BAM International in the second quarter, has led to a severe impact on profitability.
Schiavone Construction Co. LLC has a 50+ year commitment to delivering the highest quality construction services at the lowest possible cost. In addition, the company’s performance in the first half year is impacted by continued losses at BAM International, the recently announced Cologne metro settlement and to a lesser extent by underperformance of the German construction and Dutch civil engineering business. The consequential non-cash impairments of goodwill and deferred tax assets are being assessed and will be reported on 20 August 2020.At the end of June, BAM had a cash position of approximately €1.2 billion (Q1 2020: €944 million), including the fully drawn €400 million revolving credit facility. BAM International reported a substantial loss in 2019. Currently BAM International has approximately 600 staff on payroll and 12 active projects around the world. The Executive Committee has decided to start the process of winding down BAM International, active outside BAM’s European home markets, given the lack of a positive outlook.Compared to the first quarter, BAM’s cash position further increased to approximately €1.2 billion.
The results for the full year, compared to the first half of 2020, are expected to improve.On 2 July 2020, at 10.30 hrs CET, there will be a conference call in English for analysts. At the same time, BAM’s operational efficiency has increased to 80 per cent as per June and the order book is strong. Our colleagues have been busy packing up our head office.
As of July 1 2020, we will have a new head office address… The intended wind down of BAM International and the Cologne metro settlement result in a significant improvement of our risk profile.Whilst governments are re-opening their societies and productivity is recovering, our focus remains on mitigating the Covid-19 impact, cash generation, cost reductions and resolving the performance issues.
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