BAM reports 1H18 adjusted pre-tax result of €57.8 million and reconfirms full year outlook

• Construction & Property: Dutch residential property development drives margin improvement
• Civil engineering: cost overrun IJmuiden largely offset by improved results outside the Netherlands
• PPP: solid result from existing portfolio supported by project transfer to PGGM joint venture
• Order book: stable and developing in line with markets
• Higher cash outflow in first half 2018; trade working capital efficiency reduced from -11.1% to -10%
• Adoption IFRS 15 accounting change: restatement 2017 opening shareholders’ equity and result

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