{"id":1854,"date":"2019-08-07T00:00:00","date_gmt":"2019-08-07T00:00:00","guid":{"rendered":"https:\/\/invesis.localhost\/bam-lowers-full-year-outlook-maintains-2020-strategic-targets\/"},"modified":"2023-06-22T12:39:29","modified_gmt":"2023-06-22T12:39:29","slug":"bam-lowers-full-year-outlook-maintains-2020-strategic-targets","status":"publish","type":"post","link":"https:\/\/www.invesis.com\/nl\/bam-lowers-full-year-outlook-maintains-2020-strategic-targets\/","title":{"rendered":"BAM lowers full year outlook; maintains 2020 strategic targets"},"content":{"rendered":"<div class=\"node-content\">\n<p><a class=\"fancybox-image-link\" href=\"https:\/\/www.bam.com\/sites\/default\/files\/domain-606\/news\/default-teaser-image-1-606-15625609761644867558.jpg\"><img decoding=\"async\" class=\"bam-base-image-style teaser-image image-style\" title=\"BAM lowers full year outlook; maintains 2020 strategic targets \" src=\"https:\/\/www.bam.com\/sites\/default\/files\/domain-606\/styles\/nelissen__news_teaser\/public\/news\/default-teaser-image-1-606-15625609761644867558.jpg?itok=JYXifhFN\" alt=\"BAM lowers full year outlook; maintains 2020 strategic targets \" \/><\/a><\/p>\n<ul>\n<li>Outlook for full year 2019 lowered to an adjusted result before tax margin of around 1 per cent<\/li>\n<li>Higher than expected costs for a civil project and a small number of construction projects in Germany (approximately \u20ac65\u00a0million) and a BAM International project (approximately \u20ac25 million)<\/li>\n<li>Part of these costs will be recovered, but claim recognitions currently are not foreseen in 2019<\/li>\n<li>As a result BAM will report a loss for the first half of 2019; detailed first half year figures on 22\u00a0August 2019<\/li>\n<li>Continuing solid performance in the UK, Ireland, PPP and Dutch Construction and Property<\/li>\n<li>BAM\u2019s cash position remains solid, in line with the level of mid-2018<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Bunnik, the Netherlands, 8 July 2019 &#8211; Rob van Wingerden, CEO Royal BAM Group nv:<\/p>\n<p>\u2018At an early stage of our Q2 reporting cycle we lower our guidance for the full year to an adjusted result before tax of around 1 per cent. Previously our outlook was to improve this margin above the 2018 level of 2.1 per cent.<\/p>\n<p>Higher than expected costs will impact the half year result by approximately \u20ac65 million for a large civil project and a small number of construction projects in Germany and by about \u20ac25\u00a0million at a BAM International project. This is partly caused by scope changes and project delays for which BAM is not responsible. BAM is in discussion with clients for compensation, which can be lengthy processes. The recognitions of our claims are currently not foreseen in 2019. This also illustrates the impact of IFRS\u00a015, resulting in the delay of revenue recognition and a higher earnings volatility.<\/p>\n<p>We sincerely regret that these developments cast a shadow over the strong performance of our other activities and result in a lower profitability. We continue to rigorously implement the lessons learnt in our tendering for new projects, which going forward will result in a better risk reward balance. Our recently installed Executive Committee is strongly committed to improving this balance and the predictability of our business. We are confident that the acceleration of our strategic agenda will enable us to realise BAM\u2019s targets for 2020.\u2019<\/p>\n<h3>Audio webcast<\/h3>\n<p>The Executive Board of Royal BAM Group will hold a conference call for analysts at 9 a.m. CET today (in English). The recording of this call can be accessed via <a href=\"https:\/\/www.bam.com\/en\">www.bam.com<\/a>.<\/p>\n<h3>Key financial dates<\/h3>\n<ul>\n<li>22 August 2019: Publication half-year results 2019<\/li>\n<li>7 November 2019: Trading update first nine months 2019<\/li>\n<li>21 February 2020: Publication annual results 2019<\/li>\n<\/ul>\n<h3>Further information<\/h3>\n<ul>\n<li>Analysts: Michel Aupers, <a href=\"tel:+31306598707\">+31 (0)30\u00a0659 87 07<\/a>, <a href=\"mailto:michel.aupers@bam.com?subject=BAM%20lowers%20full%20year%20outlook%3B%20maintains%202020%20strategic%20targets\">michel.aupers@bam.com<\/a>;<\/li>\n<li>Press: Niels van Dongen, <a href=\"mailto:niels.van.dongen@bam.com?subject=BAM%20lowers%20full%20year%20outlook%3B%20maintains%202020%20strategic%20targets\">niels.van.dongen@bam.com<\/a>, or\u00a0Arno Pronk, <a href=\"mailto:arno.pronk@bam.com?subject=BAM%20lowers%20full%20year%20outlook%3B%20maintains%202020%20strategic%20targets\">arno.pronk@bam.com<\/a>, <a href=\"tel:+31306598623\">+31 (0)30\u00a0659 86 23<\/a>.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Outlook for full year 2019 lowered to an adjusted result before tax margin of around 1 per cent Higher than expected costs for a civil project and a small number &hellip; <a href=\"https:\/\/www.invesis.com\/nl\/bam-lowers-full-year-outlook-maintains-2020-strategic-targets\/\">Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":1855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[217],"class_list":["post-1854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shareholder-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BAM lowers full year outlook; maintains 2020 strategic targets | Invesis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.invesis.com\/bam-lowers-full-year-outlook-maintains-2020-strategic-targets\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BAM lowers full year outlook; 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