May 7, 2020 / 6:00 AM / a month ago

BRIEF-BAM Groep Q1 Adjusted Result Before Tax Falls To 1.3 Million Euros

May 7 (Reuters) - Koninklijke BAM Groep NV:

* Q1 RESULTS AFFECTED BY UNDERPERFORMING BUSINESSES AND INCLUDE INITIAL COVID-19 IMPACT IN BELGIUM

* COVID-19: MAJOR IMPACT ON PROJECT PERFORMANCE IN Q2; OPERATIONAL EFFICIENCY IMPROVING

* STRONG LIQUIDITY POSITION (€944 MILLION, INCLUDING DRAWN RCF) AND TRADE WORKING CAPITAL EFFICIENCY MAINTAINED

* BAM CONTINUES OPERATIONS AT MAJORITY OF SITES, MAINTAINS STRONG LIQUIDITY POSITION

* ORDER BOOK STRONG AND STABLE

* FOCUS ON HEALTH AND SAFETY, REDUCTION OF COST AND CAPEX, AND RCF EXTENDED TO 2024

* IN THE NETHERLANDS AND GERMANY, THE MAJORITY OF BAM’S SITES CAN STILL CONTINUE OPERATIONS

* BAM INTERNATIONAL HAS DOWNSCALED MOST OF ITS PROJECT SITES IN ORDER TO COMPLY WITH LOCAL COVID-19 REGULATIONS

* ON SOME SITES BAM IS EXPERIENCING CONSTRAINTS ON SUPPLIES AND DELIVERIES

* OUTLOOK: MATERIAL UNCERTAINTY PERSISTS REGARDING FUTURE EVOLUTION OF COVID-19 AND ITS IMPACT ON BAM’S FINANCIAL PERFORMANCE

* Q1 REVENUE EUR 1.60 BILLION VERSUS EUR 1.59 BILLION YEAR AGO

* REVOLVING CREDIT FACILITY EXTENDED BY ONE YEAR TO MARCH 2024 WITH A TOTAL COMMITTED AMOUNT OF €360 MILLION FOR THE ADDITIONAL YEAR

* Q1 ADJUSTED RESULT BEFORE TAX EUR 1.3 MILLION VERSUS EUR 16.8 MILLION YEAR AGO Source text : bit.ly/3dnSid1 Further company coverage: (Gdansk Newsroom)

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