AM on track for 2005 (NL)

After a good first half, AM NV is on track to meet its target of higher earnings per share in 2005 compared with 2004. The urban centre, shopping centre, housing and office developer reports operating income of €684 million (1st half 2004: €483 million) and net profit of €42 million (first half 2004: €13 million) for the first six months of this year. The operating margin (operating result as a percentage of operating income) increased to 9.6% (first half 2004: 5.9%).

The 2005 half-year figures are in line with the targets for the full year. As well as growth in earnings per share, AM's targets for the period 2005–2007 are an average operating margin of 8–10% and a capital ratio of at least 35%.
The half-year figures show an improvement on 2004, when AM's results were adversely affected by delays on a number of major projects and relatively heavy investments in new positions. As announced, however, AM made up for lost ground in the second half and ended the year with operating income of €1,255 million and net profit on continuing operations of €64 million (under IFRS).

Key figures for first half of 2005
Operating income:
€684 million (1st half 2005) €483 million (1st half 2004)
Operating result:
€ 66 million (1st half 2005) € 29 million (1st half 2004)
Net profit:
€ 42 million (1st half 2005) € 13 million (1st half 2004)
Earnings per share:
€0.47 (1st half 2005) €0.15 (1st half 2004)
Operating margin:
9.6% (1st half 2005) 5.9% (1st half 2004)
Capital ratio:
39.2% (1st half 2005) 35.2% (1st half 2004)

Source: AM

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