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Royal BAM Group nv
Runnenburg 9, 3981 AZ Bunnik / P.O. Box 20, 3980 CA Bunnik,
Netherlands
Telephone +31 (0)30 659 89 88
Postbank 2903344 / ABN AMRO bank ’s-Gravenhage 43.00.08.97
Date 10 May 2012
No. of pages 6
BAM records net profit of €5 million under difficult conditions
• Construction and M&E services and Civil engineering: volumes and margins under pressure
• Property: worsening climate in the Netherlands, unchanged in other countries
• PPP: on track, with healthy active tender pipeline
• Order book increased in Q1 due mainly to large orders in Germany and Australia
• Financial position strengthened by refinancing
• Sale of Tebodin completed in April
(in € million, unless otherwise indicated)
First quarter
2012
First quarter
2011
Full year
2011
Revenue from continuing operations 1,556 1,625 7,697
Result before tax from continuing operations 2.8 24.1 143.5
Margin before tax from continuing operations 0.2% 1.5% 1.9%
Net result (including Tebodin) 5.1 20.1 126.0
Order book continuing operations (period-end) 10,800 11,800 10,400
Nico de Vries, Chairman of the Executive Board of Royal BAM Group:
“BAM’s Group results for the first three months of 2012 were broadly in line with our expectations for
what is our seasonally weakest quarter. Lower volumes and margins at Construction and M&E
services and Civil engineering reflected the tailing off of older, more profitable contracts in 2011, the
greater competitive pressure on new orders booked in recent quarters which are now flowing through
to revenue and the somewhat more severe winter conditions. We expect operational results to
improve in the remainder of the year. The closing order book is up on end-2011 but down versus a
year ago, reflecting our selective approach to tendering to protect profitability.
In our Property sector, conditions in the Dutch residential and commercial property markets are a
source of concern and we are monitoring these closely. PPP is performing well, with a strong pipeline
of active tenders and prospects.
Despite the difficult environment, we are making good progress on our strategic priorities to promote
synergies across the Group, to strengthen our financial position and to grow in new markets.”
Live audio webcast
On 10 May 2012, at 9.00 hrs CET, there will be a conference call in English for analysts, followed at
10.00 hrs CET by a conference call in Dutch for the press. Both calls can be followed via live audio
webcast (www.bam.eu).
Further information
Press: A.C. Pronk, +31 (0)30 659 86 21, ac.pronk@bamgroep.nl
Analysts: P. Snippe, +31 (0)30 659 87 07, p.snippe@bamgroep.nl

Royal BAM Group nv
Press release of 10 May 2012, page 2 of 6
Analysis by sector
(x € million) First quarter of 2012 First quarter of 2011
Results and revenue Result Revenue Result Revenue
Construction and M&E services 6.2 682 22.2 733
Civil engineering 1.3 773 3.7 823
Property 0.4 130 2.0 128
Public Private Partnerships (PPP) 1.8 128 1.2 94
Eliminations and miscellaneous - -157 -0.1 -153
Total for continuing sectors 9.7 1,556 29.0 1,625
Group overhead -2.2 -4.5
Group interest charge -4.7 -6.7
Result before tax from continuing
2.8 0.2% 17.8 1.1%
operational activities
Dredging - 6.3
Result before tax from continuing operations 2.8 0.2% 24.1 1.5%
Order book for continuing sectors (close of period) Q1 2012 Q4 2011
Construction and M&E Services 4,291 4,456
Civil engineering 5,484 5,087
Property 1,219 1,103
Public Private Partnerships (PPP) 792 908
Eliminations and miscellaneous -986 -1,154
Total 10,800 10,400
Q1 2012 results and order book for continuing operations
Total revenue of continuing sectors of €1,556 million was down by €69 million (-4%) on the comparable
revenue in the first quarter of 2011. This decline was due mainly to Construction and M&E services
and Civil engineering, each down by approximately €50 million, offset by a €35 million increase at PPP.
Revenue at Property was in line. The total result of continuing sectors was €9.7 million, a decline from
€29.0 million last year for the same sectors. Lower margins at Construction and M&E services
contributed most to this fall. Civil engineering and Property made a small profit, and the result at PPP
was higher. After Group costs and interest, the result before tax from continuing operations was
€2.8 million, giving a total Group pre-tax margin of 0.2% (Q1 2011 including dredging: €24.1 million, a
margin of 1.5%).
In regional terms, the already negative market conditions in most activities in the Netherlands
continued to deteriorate in the quarter; the other four home markets were relatively stable.
BAM International recorded, especially in Australia and the Middle East, good results and orders.
The total order book for continuing operations closed the quarter at €10.8 billion, up by €0.4 billion
(+4%) from €10.4 billion at 31 December 2011. Most of the increase was attributable to Civil
engineering, with orders at Property also higher. Order books fell at Construction and M&E services
and at PPP.
Q1 2012 Sector performance
At Construction and M&E services, revenue fell by €51 million (-7%) to €682 million, in line with
expectations. Most of this was due to the UK and Dutch non-residential activities following lower order
intake in 2011, offset by some growth in Germany and Belgium. After higher margins in Q1 2011 on

Royal BAM Group nv
Press release of 10 May 2012, page 3 of 6
older orders, the margin in Q1 2012 was sharply lower due to fierce competition for new orders booked
last year. The sector pre-tax result fell to €6.2 million, equivalent to a margin of 0.9%. The closing order
book of €4,291 million was 4% lower than end-2011 due to a continued selective approach to
tendering. Looking ahead, volumes of new tenders are low and competition remains intense.
Revenue at Civil engineering was €50 million lower (-6%) at €773 million, also in line with
management’s estimates. Revenue trends in most of the domestic markets are lower. BAM
International performed strongly. Due to the lower quality of the order book in 2011, the sector pre-tax
result fell to €1.3 million from €3.7 million last year. Good new orders in Germany and BAM
International helped push up the closing order book to €5,484 million (+8%). The ongoing climate for
new tenders is mixed with some signs of improvement in the United Kingdom and a strong outlook at
BAM International, and a more subdued picture in the Netherlands and Belgium.
In Property, total revenue grew by 2% to €130 million, and there was a small positive pre-tax result of
€0.4 million. Conditions in the Dutch residential housing and commercial property markets continued to
worsen during the quarter. In the Netherlands, 619 homes were sold (Q1 2011: 662). The Dutch sales
mix was significantly biased to cheaper, ‘student’ apartments and to institutional rather than retail
buyers. Elsewhere, conditions in Ireland and the United Kingdom outside the South-East remained
subdued; the performance in Belgium was again encouraging.
Total investment in the stock of property at end-Q1 2012 was €1,499 million (31 December 2011:
€1,492 million). €1,192 million of this total amount was invested in the Netherlands; this included stock
of 142 completed but unsold homes, approximately 10,700 m 2 of finished but unlet commercial
property and 319 unsold homes still under construction.
Looking ahead, the economic and political developments in the Netherlands since the end of the
quarter may lead to further weakening in the Dutch property markets. This, in turn, could lead us to use
more prudent assumptions in the valuation of our Dutch property assets.
At Public-Private Partnerships (PPP), revenue was up significantly to €128 million. The positive result
of €1.8 million was due mostly to the book profit on the transfer of one small project to the joint venture
with PGGM. The closing order book of € 792 million was down on three months earlier but the tender
pipeline remains healthy, with currently 12 active bids of which 5 expected final decision this year and
18 new projects expected to commence bidding this year. European governments continue to
recognise the financial and operations merits of using PPP structures for new infrastructure and
construction projects, particularly in times of austerity.
Financial position
An increase of working capital in Q1 of approximately €280 million was mostly due to the normal
seasonal pattern. The corporate interest-bearing debt dropped by approximately €210 million, following
the refinancing concluded in Q1. This led to the reduction of €495 million cash in hand to €518 million
at the end of the quarter, in line with the more efficient use of cash as previously announced. The
Group was within the limits of all its banking covenants as at 31 March 2012.
Subsequent event
The sale of Tebodin by BAM to Bilfinger Berger was completed on 24 April 2012 and results in a profit
contribution of approximately € 65 million in 2012.

Royal BAM Group nv
Press release of 10 May 2012, page 4 of 6
Outlook
Royal BAM Group is confident about its prospects based on a sharp focus on its core business
activities, its scope to promote synergies across the Group, its strengthened financial position and its
prospects for growth in new markets. However, BAM is not yet issuing any profit guidance for 2012
given the economic and political uncertainties.
Annexes
1. Condensed consolidated income statement
2. Consolidated balance sheet
3. Condensed cash flow statement
4. Explanatory notes to the interim report
1. Condensed consolidated income statement
(x € million)
First quarter
of 2012
First quarter
of 2011
Full year
2011
Revenue 1,556 1,625 7,697
Operating result before depreciation, amortisation and impairments 26.1 46.2 238.7
Depreciation and amortisation -20.3 -26.7 -103.3
Operating result 5.8 19.5 135.4
Finance income 18.9 16.0 72.7
Finance expense -22.4 -19.3 -99.0
Result from associates 0.5 7.9 34.4
Result before tax 2.8 24.1 143.5
Income tax -2.0 -5.1 -28.0
Net result from continuing operations 0.8 19.0 115.5
Minority interest 0.0 -0.1 -1.6
Net result from continuing operations attributable to
0.8 18.9 113.9
shareholders
Net result from discontinued operations 4.3 1.2 12.1
Net result attributable to shareholders 5.1 20.1 126.0
Number of shares ranking for dividend (x 1,000) 232,938 231,765 232,938
Average number of shares ranking for dividend (x1,000) 232,938 231,765 232,378
Per ordinary share with par value of €0.10
- Net result from continuing operations attributable to shareholders 0.00 0.08 0.49
- Net result attributable to shareholders 0.02 0.09 0.54

Royal BAM Group nv
Press release of 10 May 2012, page 5 of 6
2. Consolidated balance sheet
(x € million)
31 March
2012
31 December
2011
31 March
2011
Property, plant and equipment 362.3 373.6 397.6
Intangible assets 734.2 734.5 845.1
PPP receivables 835.3 743.3 808.6
Associates 19.1 19.2 217.6
Other financial assets 71.8 70.9 49.3
Derivative financial instruments 0.9 0.8 3.0
Pension plan assets 140.9 137.6 114.0
Deferred tax assets 154.6 149.4 159.8
Non-current assets 2,319.1 2,229.3 2,595.0
Inventories 1,520.6 1,514.5 1,638.7
Trade and other receivables 2,158.9 2,116.9 2,015.5
Current income tax receivable 39.4 36.5 6.5
Derivative financial instruments 4.1 5.1 1.7
Cash and cash equivalents 517.6 1,012.6 709.6
Non-current assets held for sale 297.3 303.2 0.1
Current assets 4,537.9 4,988.8 4,372.1
Total assets 6,857.0 7,218.1 6,967.1
Equity attributable to the Company's shareholders 1,167.7 1,162.4 1,140.8
Minority interest 0.8 0.7 1.7
Group equity 1,168.5 1,163.1 1,142.5
Borrowings 1,711.8 1,951.1 1,956.9
Derivative financial instruments 254.4 249.5 104.9
Employee benefit obligations 100.3 100.9 122.1
Provisions 77.9 82.5 70.3
Deferred tax liabilities 75.5 76.1 67.8
Non-current liabilities 2,219.9 2,460.1 2,322.0
Borrowings 350.0 240.1 374.0
Trade and other payables 2,822.2 3,047.9 3,055.9
Derivative financial instruments 2.1 2.0 2.9
Provisions 51.8 54.3 49.6
Income tax payable 17.5 17.5 20.2
Liabilities non-current assets held for sale 225.0 233.1
Current liabilities 3,468.6 3,594.9 3,502.6
Total equity and liabilities 6,857.0 7,218.1 6,967.1
Capital base 1,292.7 1,362.4 1,342.4

Royal BAM Group nv
Press release of 10 May 2012, page 6 of 6
3. Condensed cash flow statement
(x € million)
First quarter
of 2012
First quarter
of 2011
Full year
2011
Net result for the period 5.1 20.2 127.7
Adjustments for:
- Taxation 2.0 5.7 31.0
- Depreciation and amortisation 20.4 27.4 106.0
- Result on sale of PPP projects -1.9 - -11.7
- Result on sale of property, plant and equipment -0.7 -1.0 -4.3
- Finance income and expense 3.5 3.3 26.3
- Result from associates -0.5 -7.9 -34.4
Investment ppp-receivables -102.6 -87.3 -419.0
Changes in provisions -11.1 -11.3 -40.2
Changes in working capital (excl. net cash position) -265.9 -195.3 -90.9
Cash flow from operations -351.7 -246.2 -309.5
Interest paid -27.4 -24.7 -130.0
Income tax paid -4.8 -3.6 -13.5
Net cash flow from operating activities -383.9 -274.5 -453.0
Investment/divestment fixed assets -4.7 -8.5 136.1
Sale PPP projects 4.8 - 25.4
Received interest 19.2 15.7 72.9
Received dividend 0.6 0.7 41.8
Other investment activities -1.0 -3.1 -3.0
Net cash flow from investing activities 19.1 4.8 273.2
Repurchase preference shares - - -0.3
Changes long-term loans -139.6 63.4 291.2
Paid dividend (incl. minority interest) - - -5.3
Net cash flow from financing activities -139.6 63.4 285.6
Increase/decrease in net cash position -504.4 -206.3 105.8
Net cash position at beginning of the year 1,008.0 912.9 912.9
Change net-liquidities assets and liabilities held for sale - - -17.2
Exchange rate differences on net cash position 0.3 -7.5 6.5
Net cash position at period-end 503.9 699.1 1,008.0
Of which in construction consortiums and other partnerships 224.3 223.6 204.8
4. Explanatory notes
Royal BAM Group was incorporated under Dutch law and is domiciled in the Netherlands. This interim
report contains the financial data for the first quarter of 2011 for the Company and its subsidiaries
(jointly referred to as ‘the Group’) and for its share in joint ventures.
This interim report does not contain all the information and explanatory notes prescribed for financial
statements and should therefore be read in conjunction with the 2011 Annual Report.
This interim report was approved by the Supervisory Board and released for publication by the
Executive Board. This interim report also serves as an interim statement as referred to in Section 5:25e
of the Financial Supervision Act [Wet financieel toezicht].
This press release has not been audited.