Dutch contractor Bam has announced a €108m loss for 2014, but reported a strong year for its PPP division.
The losses were largely down to €68.8m costs of restructuring, plus €115.9m of impairments during the year.
Bam’s PPP unit increased profits from €14.4m in 2013 to €38.6m last year, driven by asset management profits on transfers of existing projects to the joint venture with Dutch pension fund PGGM.
“PPP had an excellent year, with a particularly strong fourth quarter,” the firm said.
Bam won six PPP deals during 2014, which represented a hit rate of 50%. The total directors’ valuation of the PPP portfolio at the end of 2014 was €222m.
Earlier this month, PGGM announced a further capital injection into its joint venture with Bam, bringing the total capital committed to €600m.