Q3 2019 Koninklijke BAM Groep NV Corporate Sales Call Transcript
Good morning, ladies and gentlemen. Thank you for holding, and welcome to the Royal BAM Group Third Quarter Results 2019. (Operator Instructions)
I would like to hand over the conference to Mr. Rob van Wingerden. Please go ahead, sir.
Good morning, and welcome to the call for the Royal BAM Group Trading Update for the First 9 Months of 2019. I'm Rob van Wingerden, CEO, and with me on the line is Frans den Houter, our CFO; and also here is our Manager Investor Relations, Michel Aupers. I will make some short remarks before we take your questions.
We had a solid third quarter with an adjusted result before tax of EUR 47.7 million. Our rolling trade working capital efficiency and our cash position also developed positively in the quarter. Looking year-to-date, we see the impact of the projects in Germany and -- of BAM International we notified you about in July. And on the positive side, our results are supported by residential construction in the
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