Royal BAM Group nv shares

Stock exchange listing

BAM has been listed on Euronext Amsterdam since 1959 (symbol: BAMNB; ISIN code: NL0000337319). As of 21 December 2020, the share was included in the AScX index, instead of the AMX index, and remained included in the Euronext NEXT-150 Index. Options are traded by Liffe, the Euronext derivatives exchange. The market capitalisation was €466 million at year-end 2020 (year-end 2019: €734 million).

Investor relations policy

The purpose of the investor relations policy is to provide accurate, transparent and consistent information simultaneously and timely to stakeholders, which include existing and potential shareholders, financial institutions, brokers and the media. BAM wants to ensure a clear understanding about its strategy, performance and decisions to create awareness and confidence. Information is made available through the annual integrated report, quarterly (financial) information, press releases and presentations to investors, which are all available on the website. BAM discloses price-sensitive information without delay by press release and on its site.

BAM publishes quarterly (financial) information. The full-year and half-year results are presented at analyst meetings. The trading updates for the first quarter and the nine months are presented during conference calls. These events are held in the English language and can be followed live or on demand on the website. BAM organises road shows and participates in investor conferences to meet existing and potential investors. All data and venues are published on the website.

BAM observes a closed period in which no meetings with existing or potential investors take place. For the annual results, this period extends from 1 January up to the date of publication. For the half-year results the closed period extends from 1 July up to the day of publication. For the trading updates after the first quarter and the nine months, it extends from 1 April and 1 October, up to the day of publication.

BAM is covered by analysts of all major Dutch brokers; they are key in distributing information to support the investment case to their clients. Research reports about BAM are available through these brokers. Contact details are available on the website.

All activities comply with the rules and regulations of Euronext Amsterdam and the Dutch Authority for the Financial Markets (AFM).

More information about investor relations is available on www. bam.com under the link Investor relations or from Manager Investor Relations Michel Aupers, ir@bam.com, +31 (0)30 659 89 88.

Share price

The 2020 closing price of the ordinary share was €1.71, which was 36 per cent below the closing price at year-end 2019 (€2.69). The AMX index ended the year 3 per cent higher. BAM’s share price decreased by 67 per cent over the last five years. By way of comparison, the AEX and the AMX index rose by 41 per cent and 34 per cent in the same period.

Graph 47 shows the history of the BAM ordinary share price over the past five years.

47 Ordinary share price movement
(in €)

 

Trading volume on Euronext Amsterdam

The average daily trade was 3,331,000 ordinary shares (2019: 2,528,000). In 2020 the average daily trade in BAM shares was €5.3 million (2019: €7.9 million).

48 Information per share
(in € per share, unless otherwise indicated)

  2020 2019 2018 2017 (4) 2016
Number of ordinary shares ranking for dividend  273,296,017  273,296,017  273,296,017  273,213,334  270,621,583
Average number of ordinary shares  273,296,017  273,495,636  273,490,657  272,215,432  270,503,004
Net result ranking for dividend  0.45  0.04  0.09  (0.05)  0.17
Net result from continued operations  1.00  0.04  0.09  (0.05)  0.17
Average number of ordinary shares (diluted)  299,124,151  299,039,187  298,269,233  296,427,682  283,642,546
Number of ordinary shares ranking for dividend (diluted)  298,143,950  299,157,729  298,297,517  297,584,081  294,547,317
Net result (diluted)  0.45  0.04  0.09  (0.05)  0.17
Net result from continued operations (diluted)  1.00  0.04  0.09  (0.05)  0.17
Cash flow before dividend  0.41  0.69  0.43  0.18  0.60
Equity attributable to shareholders  2.13  2.30  2.61  2.64  3.08
Dividend 1  0.00  0.02  0.14  0.10  0.09
Pay-out (in %)  0.0  40  40  50  50
Dividend yield (in %) 2  0.0  7.4  5.6  2.6  2.1
Highest closing price  2.68 4.38  4.16  5.46  5.02
Lowest closing price  1.03  2.16  2.37  3.45  2.97
Price on 31 December  1.71  2.69  2.51  3.83  4.39
Average daily trade (in number of shares)  3,331,000  2,528,000  1,723,000  1,926,000  1,717,000
Market capitalisation at year-end (x €1,000) 3  465,970  734,074  687,066  1,053,239  1,193,267
  

1 Dividend proposal 2020 2 Based on share price at year-end. 3 Based on total number of ordinary shares in issue. 4 Adjusted for IFRS 15.

49 Geographical distribution shareholders as at 31 December 2020

1 Netherlands including treasury shares
2 Retail, Primary dutch shareholders

Shareholders

BAM closely monitors the development in its shareholder base by following public market information and a yearly shareholder identification report. Under the Dutch Financial Supervision Act, shareholders must disclose to the Dutch Authority for the Financial Markets (AFM) when they hold 3 per cent or more of shares and when they transfer to a different threshold level. At the end of 2020 no shareholders disclosed a position surpassing 3 per cent in BAM’s share capital. The Company holds 6,111,432 (2 per cent) treasury shares, of which 2,800,000 shares for the long-term incentive plan of management.

Number of outstanding ordinary shares

50 The movement in the number of outstanding shares

  2020 2019
Outstanding ordinary shares as at 1 January  279,407,449  278,779,019
Shares issued for stock dividend -  628,430
Outstanding ordinary shares as at 31 December  279,407,449  279,407,449
Treasury shares to offset dilution stock dividend  (3,311,432)  (4,482,030)
Treasury shares held for performance share plan  (2,800,000)  (1,629,402)
Ordinary shares ranking for dividend as at 31 December  273,296,017  273,296,017
Percentage ordinary shares ranking for dividend  97.8%  97.8%
 

Subordinated unsecured convertible bonds

In 2016, BAM placed €125 million subordinated unsecured convertible bonds to redeem the existing subordinated loan of the same amount. The transaction was in line with BAM’s financing strategy to strengthen its balance sheet by lengthening the maturity and broadening the sources of its funding. It also improved BAM’s commercial position and supports the execution of its strategy.

The bonds have an annual coupon of 3.5 per cent, an initial conversion premium of 32.5 per cent and are convertible into ordinary shares of BAM with a nominal value of €0.10 each. The bonds were issued at 100 per cent of their principal amount and, unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed at their principal amount on or around 13 June 2021. In December, BAM repurchased €4.9 million of the outstanding subordinated unsecured convertible bond at an average price of 97 per cent of the nominal value.

Upon exercise of their conversion rights, holders will receive shares at the then prevailing conversion price. BAM will have the option to call all but not some of the outstanding bonds at their principal amount plus accrued but unpaid interest from 28 June 2019, if the value of the shares underlying a bond exceeds €130,000 for a specified period. The bonds are trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange.

More details of the subordinated unsecured convertible bond are published on www.bam.com under the link Investor relations.

Dividend policy

BAM has a dividend policy to distribute a dividend between 30 and 50 per cent of the net result for the year. When deciding upon the dividend, the Company considers the balance sheet structure supporting the strategic agenda. In accordance with the Company’s dividend policy the proposal is to distribute no dividend per ordinary share for 2020 (2019: no dividend, proposal of 2 euro cents was later withdrawn in reaction to the outbreak of the Covid-19 pandemic).

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