Adjusted result before tax

Result before tax excluding restructuring costs and other exceptional costs, impairment charges and pension one-off.

Adjusted pre-tax margin

Adjusted result before tax divided by rolling year revenue.

Capital base

Equity attributable to the shareholders of the Company plus subordinated debt.

Capital employed

Non-current assets plus net working capital and cash and cash equivalents.

Capital ratio

Capital base divided by total assets.

Carbon footprint

Total amount of greenhouse gas (GHG) emissions caused during a defined period, or across the total or part of the duration of a project. It is expressed in terms of the amount of carbon dixiode equivalents CO2(e) emitted.

Cash flow before dividend

Net result attributable to the shareholders of the Company adjusted for depreciation, amortisation and impairment charges

Community engagement

The process by which community benefit organisations and individuals build ongoing, permanent relationships for the purpose of applying a collective vision for the benefit of a (local) community. 

Comprehensive income

The change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with shareholders in their capacity as shareholders.

Earnings per share

Net result attributable to shareholders divided by the weighted average number of ordinary shares in issue during the year.


Earnings before interest and tax.

Emissions and waste

BAM solely reports CO2 emissions. Other greenhouse substances, such as CH4 (methane), N2O (nitrous oxide) are excluded as they are considered not material. BAM reports all waste leaving
its sites and offices.

General Meeting

Annual General Meeting of Shareholders.


Greenhouse gases which have a global warming impact.


Health, safety and environment

IF BAM total

Incident frequency including all employees working for BAM (BAM, hired, subcontractors and third parties).

Incident frequency (IF)

The total number of industrial accidents leading to absence from work per million hours worked on construction sites.

Net debt

Long-term borrowings plus short-term borrowings less cash and cash equivalents.

Return on capital employed (ROCE)

Rolling year EBIT divided by the average capital employed.

Return on equity (ROE)

Rolling year net result divided by the average invested equity. 

Serious accident 

An industrial accident that leads to the person involved being admitted to hospital for more than 24 hours or results in electrocution, amputation or fracture with lost time.


Equity attributable to shareholders of the Company divided by total assets.

Total shareholder return (TSR)

Metric used to compare the performance of companies in BAM’s peer group’s shares over time. The relative TSR position reflects the market perception of overall performance relative to the peer group.

Trade working capital

Working capital (excluding cash and cash equivalents and current borrowings) related to the ordinary operations. 

Trade working capital efficiency 

The average four-quarters’ trade working capital divided by rolling year revenue.