Royal BAM Group nv shares

Stock exchange listing

BAM has been listed on Euronext Amsterdam since 1959 (symbol: BAMNB; ISIN code: NL0000337319). The share is included in the Amsterdam Midcap Index (AMX) and the Euronext NEXT-150 Index. Options are traded by Liffe, the Euronext derivatives exchange. The market capitalisation was €1.1 billion at year-end 2017 (year-end 2016: €1.2 billion).

Investor relations policy

The purpose of the investor relations policy is to provide accurate, transparent, consistent, simultaneously and timely information to stakeholders, which include existing and potential shareholders, financial institutions, brokers and the media. BAM wants to ensure a clear understanding about its the 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 publishes price sensitive information without delay by a 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 at 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 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 the activities comply with the rules and regulations of Euronext Amsterdam and the Dutch Authority for financial markets (AFM).

For more information about investor relations www.bam.com under the link Investor relations or contact Investor Relations Manager Joost van Galen, e-mail ir@bam.com, telephone +31 (0)30 659 87 07.

Share price

The 2017 closing price of the ordinary share was €3.83, which was 13 per cent below the closing price at year-end 2016 (€4.39). TheAMX index ended the year 21 per cent higher. BAM’s share price rose by about 19 per cent over the last five years. By way of comparison, the AEX and the AMX index rose by 59 per cent and 56 per cent in the same period.

Graph 69 shows the history of the BAM ordinary share price over the past five years.


69 - Ordinary share price movement (in €) 

 

Trading volume on Euronext Amsterdam

In 2017, the number of ordinary shares traded were 491 million (2016: 441 million).

The average daily trade was 1,926,000 ordinary shares (2016: 1,717,000). The value of ordinary shares traded in 2017 was €2,311 million (2016: €1,804 million). In 2017 the average daily trade in BAM shares was €9.0 million (2016: €7.0 million).

If necessary, ING and Rabobank act as liquidity providers for the trade in ordinary shares.


Graph 70 shows the development of the average number of ordinary shares traded in 2017 on Euronext Amsterdam.

70 - Number of traded ordinary shares in 2017
(average per day - Euronext 2017)

 


 71 - Information per share

(in € per share, unless otherwise indicated) 

 

 

2017

2016

2015

2014

2013

Number of ordinary shares ranking for dividend

273,213,334

270,621,583

270,393,982

 270,998,957 

269,424,089

Average number of ordinary shares

272,215,432

270,503,004

270,956,691

 270,394,899 

245,951,992

Net result ranking for dividend

0.05

0.17

0.04

 (0.40)

0.19

Net result from continued operations

0.05

0.17

0.04

 (0.40)

0.15

           

Average number of ordinary shares (diluted)

296,427,682

283,642,546

270,956,691

 270,394,899 

245,951,992

Number of ordinary shares ranking for dividend (diluted)

297,584,081

294,547,317

270,393,982

 270,998,957

269,424,089

           

Net result (diluted)

0.05

0.17

0.04

 (0.40)

0.19

Net result from continued operations (diluted)

0.05

0.17

0.04

 (0.40)

0.15

           

Cash flow before dividend

0.28

0.60

0.44

 0.33 

0.67

Equity attributable to shareholders 

3.12

3.08

3.34

 3.05 

3.45

Dividend 1 

0.10

0.09

0.02

-

0.05

Payout (in %)

50

50

50

-

30

Dividend yield (in %) 2

2.6

2.1

0.4

-

1.4

           

Highest closing price

5.46

5.02

5.16

4.50

4.73

Lowest closing price

3.45

2.97

2.22

1.65

2.99

Price on 31 December

3.83

4.39

5.13

2.58

3.78

Average daily trade (in number of shares)

1,926,000

1,717,000

3,117,000

2,742,000

1,439,200

Market capitalisation at year-end (x €1,000) 3 

1,053,239

1,193,267

1,387,121

698,093

1,019,321

 


1 Dividend proposal 2017. 
2 Based on share price at year-end.
3 Based on total number of ordinary shares in issue


Graph 72 shows the development of the average value of traded ordinary shares on Euronext Amsterdam in 2017.

72 - Value of traded ordinary shares in 2017
(average € per day - Euronext 2017)

 

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 of 3 per cent or more must disclose to the Dutch Authority for the Financial Markets (AFM) and when these shareholders transfer to a different threshold level. The Company holds 1,712,085 (0.6%) treasury shares for the long-term incentive plan of management.


73 - Geographical distribution shareholders as at 31 December 2017

1 Including treasury shares.
2 Primary Dutch shareholders. 


74 - Shareholders owning 3 per cent or more in BAM’s share capital as at 31 December 2017 

 

Ownership

Date of last notification

Interest above
3 per cent since *

       

A. van Herk

9.9%

2 March 2017

October 2005

NN Group N.V.

5.5%

26 May 2015

February 1992

I.M. Fares

5.0%

24 October 2014

July 2013


* According to the AFM register of substantial shareholdings. three institutional investors have real interests of 3 per cent or more. Changes may have occurred, however, within the disclosure thresholds. Danske Invest SICV is no longer a shareholder owning 3 per cent or more in BAM’s share capital (2016: 4.3%).

Number of outstanding ordinary shares  

The movement in the number of outstanding shares is shown in table 75. 


75 - The movement in the number of outstanding shares

    2017 2016
       
  Outstanding ordinary shares as at 1 January  271,814,728 270,998,957
  Shares issued for stock dividend 3,110,691 815,771
  Outstanding ordinary shares as at 31 December 274,925,419 271,814,728
  Treasury shares held for Performance Share Plan (1,712,085) (1,193,145)
  Ordinary shares ranking for dividend as at 31 December  273,213,334 270,621,583
  Percentage ordinary shares ranking for dividend 99.4% 99.6%


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 ‘Building the present, creating the future’. 
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. 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 of time. 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 the website.


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 takes into account the balance sheet structure supporting the strategic agenda ‘Building the present, creating the future’ and the interest of the shareholders.  In accordance with the company’s dividend policy the proposal is to distribute a dividend of 10 euro cents per ordinary share for 2017 (2016: 9 euro cents). This equates to a pay-out ratio of 50 per cent  of net result corrected for the non-operational and non- cash impairment of deferred tax assets (2016: 50 per cent) in line with BAM’s policy. Subject to approval by the Annual General Meeting on 18 April 2018, this will be paid in cash with a scrip alternative on 16 May 2018. BAM will repurchase and cancel shares to offset the dilution due to shareholders taking the scrip alternative.

 

 

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