Royal BAM Group nv reports for the first half-year of 2021 an adjusted EBITDA of €157 million versus an adjusted EBITDA of negative €54 million in the same period of 2020. All activities contributed to the operational improvement, with the exception of Dutch Civil engineering.
The convertible bond (€120 million) and revolving credit facility (RCF; €400 million) were repaid in the period and the cash position remains solid. The order book of €13.8 billion remains high. BAM is making good progress with its new strategy, with continued focus on restructuring the portfolio, de-risking, increasing profitability and creating a sustainable platform for future growth. For 2021, BAM anticipates an adjusted EBITDA margin of around 3.5 per cent.
- Revenue increased by 17% compared to first half-year 2020 which was severely impacted by Covid-19
- Sharp upturn of adjusted EBITDA to €157 million, meaning adjusted EBITDA margin of 4.3%
- Very strong performance from Dutch Construction and Property and good contributions from United Kingdom and Ireland; underperformance in Dutch Civil engineering
- Net result of €20 million, including non-cash deferred tax charge of circa €30 million
- Liquidity position of €1.2 billion after repaying €400 million RCF and €120 million convertible bond; capital ratio 13.2% (year-end 2020: 13.4%)
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