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Settlement North/South metro project, Cologne (2009) Bunnik, the Netherlands, 30 June 2020 – The City of Cologne, Cologne Public Transport (KVB) and the joint venture (‘Arge’) that constructed a section of Cologne’s North/South metro line have reached an agreement to settle all outstanding claims with regard to this project, including damages caused by the collapse of the building of the City archives on 3 March 2009. BAM’s operating company Wayss & Freytag Ingenieurbau is a one-third partner in the joint venture carrying out this project. Under the agreement, each joint venture partner will pay the City of Cologne and KVB €200 million, after which the parties will dismiss further claims against each other. A substantial part of Wayss & Freytag Ingenieurbau’s share is covered by insurance payments. For the remaining part, Royal BAM Group will take an exceptional charge in the 2020 accounts for an amount of approximately €40 million. BAM has repeatedly expressed its sincere regrets that two persons lost their lives as a result of this accident. The Executive Board considers the current agreement to resolve this long-standing and highly complex issue in the interest of all stakeholders, including BAM’s shareholders. Further information: - analysts: Michel Aupers, michel.aupers@bam.com, +31 (0)30 659 87 07; - press: Niels van Dongen, niels.van.dongen@bam.com or Arno Pronk, arno.pronk@bam.com, +31 (0)30 659 86 23. This press release contains inside information within the meaning of article 7(1) of the EU Market Abuse Regulation. -------------------------------------------------------------------------------- About BAM Royal BAM Group nv is a construction company with ten operating companies, active in Construction and Property, Civil engineering, as well as in Public-private partnerships. BAM has leading positions in five European home markets: the Netherlands, Belgium, the United Kingdom, Ireland and Germany. Furthermore, the Group delivers projects in Denmark, Luxembourg and Switzerland, while BAM International operates in niche markets worldwide. Sustainability and innovation are major drivers of BAM’s design, construction and facility management solutions. The Group has an aspiration to become the market leader in the use of digital technology to ensure that clients receive the highest possible standards of quality. BAM has annual revenues of approximately €7 billion, employs more than 19, 000 people and is listed on Euronext Amsterdam. Building the present, creating the future. www.bam.com |
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