FY2008 Figures March 2009

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FY2008 Figures

March 2009

GrontmijSustainable design & engineering

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Contents

1. Results 2008 Headlines

2. Financial performance 2008

3. Market & strategy

4. Outlook 2009

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RESULTS 2008

HEADLINES

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Headlines 2008

• Total Revenue € 846.2 mln (€ 772.8 mln)

• Net Revenue € 664.0 mln (€ 598.1 mln) up 14%*

• Operating profit € 65.1 mln (€ 54.1 mln) up 20%

• Profit after tax € 38.8 mln (€ 32.7 mln) up 18.5%

• Operating margin (EBITA on TR) 7.7% (7.0%)

• Earnings per share € 2.16 (€ 1.84) up 17%

• Order book well over one year

• Dividend proposal increased to € 1.15 (53% of EPS)*14% excl. currency, 8.2% organic; currency -2.7%

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Grontmij 2008: Key Facts

500

600

700

400

800

900

Total revenue (€ mln)

543

846

15

20

25

10

30

35

Net result (€ mln)

22.1

38.8

0.50

1.00

1.50

0.00

2.00

2.50

Earnings/share (€)

1.31

2.16

‘08‘07‘06 ‘08‘07‘06 ‘08‘07‘06

773

+10%

32.7

+18,5%

40

1.84

+17%

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Sound key ratio’s 2008

• EBITA on TR 7.7% (2007: 7.0%)

• EBITA on NR 9.8% (2007: 9.0%

• RoE 23.3% (2007: 22.1%)

• Interest coverage ratio 9.3 (2007: 9.0)

• Solvency 27.9% (2007: 26.4%)

• Net debt / EBITDA 1.1 (2007: 1.4)

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Grontmij’s growth 1998-2008

309369

472511 495 481 473

441

846

543

773

38,8

9,6

13,716

11,1 13,9

4,9

11,1 13

22,9

32,7

0

100

200

300

400

500

600

700

800

900

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Tu

rno

ver

€ m

ln

0

5

10

15

20

25

30

35

40

45

Net

pro

fit

€ m

ln

Divest Non-core

Carl Bro Acquisition

Restructuring NL

Acquisition/ share issue

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0

10

20

30

40

50

60

70

2004 2005 2006 2007 2008

€ million

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

10,0%

EBITA margin%

EBITA % of tot rev % of net rev

Operating margin improvement (EBITA)

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Creating value in operations

sell/stop

norm

repair

Consultancy & DesignMultidisciplinary

projectmanagement

8

6

4

2

12

10

0

EngineeringAsset

management& maintenance

Turnkey Contracting

more cooperation top design firms

limited “own” technology

invest in competences

training

cost cutting sell / partner

industr. eng. decrease

volume

risk mgt training PFI with

contractors

invest framework contract

1 3 42 5

cross selling

EBITA %

enlarge

decrease

enlarge

2006

2003

2007

2008

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EBIT per country on Total Revenue

EBIT per country (%)

6,2% 6,1%

8,2%

6,2%

10,3%

6,1%6,3%

7,8%

8,4%

7,5%

6,1%

12,6%

8,2% 8,1%

5,2%

6,1%

8,0%

9,2%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

10,0%

11,0%

12,0%

13,0%

Belgium Denmark Germany/Poland The Netherlands United Kingdom/Ireland

Sweden

2006 Pro forma

2007

2008

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Share price performance 2004-2008

Indexed share price movement (100 on 3 March 2005)

0

50

100

150

200

250

300

350

400

Grontmij

AEX

AScX

2004 2005 2006 2007 2008

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0,44 0,530,75

1,10 1,15

0,690,81

1,23

1,84

2,16

0,00

1,50

3,00

2004 2005 2006 2007 2008

in €

dividend per share earnings per share

Solvency 27.8 27.6 26.8 26.4 27.9

Dividend and Earnings per share - trendRemains at high level

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Did we meet our objectives?

• 7.7% EBITA on sales (Total Revenue)

• Solvency 25-30% (28%)

• Healthy interest coverage (EBIT/Interest ≥ 5)

• Increase earnings per share

• Maintain high dividend level (increase € 1,10 € 1,15)

• € 20 million redemption acquisition loan

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FINANCIAL

PERFORMANCE 2008

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Income statement (2008 vs 2007)

In € thousand 2008 2007 Amount of

Difference

Difference

%

Total Revenue 846.223 772.846 73.377 9.5%

Third party expenses 182.254 174.701 7.553 4.3%

Net Revenue 663.969 598.145 65.824 11.0%

Employee benefit expenses 504.528 456.907 47.621 10.4%

Other operating expenses 95.602 90.503 5.099 5.6%

Depreciation and amortisation 18.337 18.247 90 0.5%

Total operating expenses 618.467 565.657 52.810 9.3%

Net Revenue less operating expenses 45.502 32.488 13.014 40.1%

Joint ventures 12.684 15.504 -2.820 -18.2%

Operating result (EBIT) 58.186 47.992 10.194 21.2%

Financial result -7.465 -6.000 -1.465 24.4%

Profit before income tax 50.721 41.992 8.729 20.8%

Tax -11.951 -9.272 -2.679 28.9%

Profit after income tax 38.770 32.720 6.050 18.5%

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Growth 2008 (Net Revenue)

In € million or % Incl. currency % Excl. currency %

Net Revenue 2008 664.0 664.0

Currency 16.3

Net Revenue 2007 598.1 598.1

Growth 65.8 11.0% 82.1 13.7%

Net divested / Invested (2007/2008) 33.0 33.0

Organic growth 32.8 5.5% 49.1 8.2%

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Currency impact 2008 (PLN, SEK, GBP)

Equity € -5.6 million

Total Revenue € -20.0 million

Net Revenue € -16.3 million

EBIT € -1.6 million

EPS € -0.06

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Ratio’s

In € million or % 2008 2007 Amount of Difference

Difference %

Revenue 846.2 772.8 73.4 9.5%

Third party expenses 182.2 174.7 7.5 4.3%

Net Revenue (own production) 664.0 598.1 65.9 11.0%

Earnings before interest and taxes 58.2 48.0 10.2 21.2%

Amortisation 6.9 6.1 0.8 14.1%

EBITA 65.1 54.1 11.0 20.4%

EBIT % 6.9% 6.2%

EBIT % (Net Revenue) 8.8% 8.0%

EBITA % (Revenue) 7.7% 7.0%

EBITA % (Net Revenue) 9.8% 9.0%

Result after tax 38.8 32.7 18.5%

Result after tax / Revenue 4.6% 4.2%

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EBIT per country

In € thousand 2008 2007

Total revenue

EBIT EBIT% Total revenue

EBIT EBIT %

Belgium 58.489 5.397 9.23% 53.023 5.435 10.25%

Denmark 171.197 10.431 6.09% 150.587 9.203 6.11%

Germany/Poland 66.607 8.375 12.57% 51.377 3.236 6.30%

Netherlands 332.050 27.316 8.23% 315.195 24.488 7.77%

Sweden 88.998 7.147 8.03% 96.277 7.186 7.46%

UK / Ireland 115.412 9.325 8.08% 85.764 7.202 8.40%

Holdings 13.470 -9.805 20.623 -8.758

846.223 58.186 6.88% 772.846 47.992 6.21%

Interest -7.465 -6.000

Tax -11.951 -9.272

38.770 4.58% 32.720 4.23%

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Profitability

In € million Total

Net Revenue 2008 664.0

Net Revenue 2007 598.1

Change in Net Revenue 65.9

EBIT 2008 58.2

EBIT 2007 48.0

Change in EBIT 10.2

Due to Revenue 4.6

Due to profitability 5.7

10.3

Currency impact -1.6

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Income statement (Non)-recurring

In € million 2008 2007 Amount of

Difference

Total Revenue 846.2 772.8 73.4

Recurring operations 54.5 40.6 13.9

One off (non recurring) -2.0 -2.1 0.1

Amortisation -6.9 -6.0 -0.9

Operational result before JV 45.6 32.5 13.1

JV’s and associates 12.7 15.5 -2.8

Interest -7.5 -6.0 -1.5

Result before tax 50.8 42.0 8.8

Tax -12.0 -9.3 -2.7

Result after tax 38.8 32.7 6.1

EBIT 58.2 48.0 10.2

Non recurring -2.0 -2.1 0.1

REBIT 60.2 50.1 10.1

Amortisation -6.9 -6.0 -0.9

REBITA 67.1 56.1 11.0

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Seasonal pattern

In € million or % 2008 2007 Difference

Net profit % year Net profit % year Net profit % year

Q1 9.3 24.0% 8.3 25.4% 1.0 12.0%

Q2 9.2 23.7% 7.1 21.7% 2.1 29.6%

18.5 47.7% 15.4 47.1% 3.1 20.1%

Q3 8.1 20.9% 6.6 20.2% 1.5 22.7%

26.6 68.6% 22.0 67.3% 4.6 20.9%

Q4 12.2 31.4% 10.7 32.7% 1.5 14.0%

38.8 100.0% 32.7 100.0% 6.1 18.7%

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Balance sheet

In € million 2008 2007

New

2007

Old

2008 2007

New

2007

Old

Non-current assets 292.2 249.6 249.6 Equity 174.9 157.2 157.2

Work in progress 139.2 141.7 141.7 Non-current liabilities 130.4 148.0 148.0

Prepayments -67.3

Net work in progress 139.2 141.7 74.4 Prepayments 73.8 67.3

Trade and other receivables 166.4 171.6 171.6 Other 248.2 224.0 224.0

Cash 29.5 33.6 33.6 Current liabilities 322.0 291.3 224.0

Current assets 335.1 346.9 279.6

Balance total 627.3 596.5 529.2 Balance total 627.3 596.5 529.2

Solvency 27.9 26.4 29.7

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Cash flow

In € million Actual 2008 Actual 2007

Profit after income tax 38.8 32.7

Depreciation & amortisation 18.3 18.3

Working capital -16.0 -23.8

Joint ventures 1.2 2.7

Other -7.8 -0.8

Net cash from operations 34.5 29.1

Net cash in investing activities -39.6 0.9

Dividends paid -19.5 -13.3

New loans 31.5 3.4

Redemptions loans -29.8 -28.2

Net cash financing activities -17.8 -38.1

NET CASH FLOW -22.9 -8.1

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Growth Q4 2008 (Net Revenue)

In € million or % Incl. currency % Excl. currency

%

Net Revenue Q4 2008 172.8 172.8

Currency 5.5

Net Revenue Q4 2007 157.2 157.2

Growth 15.7 10.0% 21.2 13.5%

Net divested / Invested (2007/Q4 2008) 10.7 10.7

Organic growth 5.0 3.2% 10.5 6.7%

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Ratio’s Q4 2008 vs Q4 2007

In € thousand 2008

Q4

2007

Q4

Amount of

Difference

Difference

%

Total Revenue 219.4 205.2 14.2 6.9%

Net Revenue (own production) 172.8 157.2 15.6 10.0%

Earnings before interest and taxes 18.2 16.0 2.2 14.0%

EBITA 21.1 17.4 3.7 21.2%

EBIT % 8.3% 7.8%

EBIT % (Net Revenue) 10.5% 10.2%

EBITA % (Revenue) 9.6% 8.5%

EBITA % (Net Revenue) 12.2% 11.1%

Result after tax 12.2 10.7 1.5 14.3%

Result after tax / revenue 5.6% 5.2%

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MARKET &

STRATEGY

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Strategy 2007-2010

Strategy

Enhanced profitability

8-9%

Divestments stepby step non core poor performers

Gaining new market share Entering new regions in Central and Eastern

Europe Selected PFI (private finance initiatives

Expansion in new niche markets involving products such as water, energy and transportation (including rail)

Consolidation in our home markets (Belgium, Denmark, Germany, the Netherlands, Sweden and the United Kingdom)

Top 3 position in Europe

Reorganisation of current business

Portfolio management

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Strategy 2007-2010Towards a solid Northwest European platform

2004no. 1 in The Netherlands

2007no. 4 in Europe

B, DK, D, NL, S, UK

250

1500

1250

1000

750

500

> 2010no. 1-3 in Europe

B, D, NL

Revenue(in € x 1.000 )

B, DK, D, NL, S, UK

sector specialisation to global services

sustainable design& management

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Market: diversified and well spread portfolio

Geography

4%7%

7%

11%

13%19%

39%

Netherlands Denmark UK/Ireland

Sweden Belgium Germany/Poland

Other

Market Segments Client Base

41%28%

31%

Environment, Water, Energy

Building, Industry

Transportation

50%

20%

15%

15%

Government Utility

Private Multinationals

Figures in % of Total Revenue

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Market conditionsPressure on growth & pricing

Energy, Water & Environment

Transportation Building & Industry

Belgium

Denmark

Germany

Central Europe

n.a.

Netherlands

Sweden

United Kingdom

Good OK Poor

Industry poor

Building poor

Building poor

Building poor

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The European marketRecession 2009-2010 but stable demand in most market sectors

> 0%> 0%

0 to -1,4%0 to -1,4%

-1,5% to -2.9%-1,5% to -2.9%

≥-3.0%≥-3.0%

Sources: European Commission,

* Economist Intelligence Unit

2009 2010-1,4% +1,2%

2009 2010-2,8% +0,2%

2009 2010-5,0% +0%

2009 2010-1,9% +0,3%

2009 2010-2,0% +0,2%

2009 2010-1,0% +0,6%

2009 2010+2,0% +2,4%

2009 2010-2,3% +0,7%

2009 2010+1,7% +2,3%

2009 2010-1,6% +1,0%

2009 2010-1,5%* +1,7%*

2009 2010-4,7% +1,2%

2009 2010-6,9% -2,4%

2009 2010-4,0% -2,6%

Sweden

UK

Netherlands

Denmark

Ireland

Belgium

Estonia

Latvia

Lithuania

Czech Rep.

Poland

Hungary

Germany

Turkey

Forecasted GDP growth 2009

• No forecasted GDP growth in 2009

• Economic Recovery Plan of € 200 bn

and additional stimulus

• Grontmij’s market sectors: ongoing

demand for

─ transportation, water, energy,

environment, schools, hospitals

• Slowdown building and industry

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Drivers for growth in Grontmij businesses

EXTERNAL• GDP growth • EU investments • Urbanisation • Government privatization• Climate change

POLICIES• Recovery/stimulus plans:

Building, Transport, Energy

RISKS• Downturn private sector (building & industry)• Pricing• Capacity/utilization

INTERNAL

• Relational resources

– Relationships

– Reputation

• Competences

– Knowledge

– Capabilities

– Attitude

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Major urban and economic development

(Source: ESPON)

Focus on:• Urbanisation• Transportation• Water• Climate & energy

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Transportation Trans European Network priority axes and projects (TEN-T)

(Source: TEN-T)

Total investments 2007-2020

> € 100 Bn

Strong demand

• Highways

• Rail

• Waterways/harbors

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Energy Trans European Network priority axes and projects (TEN-E)

Total investments 2007-2020

> € 100 Bn

Steady demand in:

Transmission

Distribution

Renewals

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OUTLOOK

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Outlook

• Governmental market remains robust (70%)

─ Transportation, Water, Energy, Environment

• Slowdown building and industrial services

• Solid position, well spread portfolio

• Economic stimulus expected to accelerate demand

• Manage clients, costs, cash

• Uncertainty and turmoil (currency)

Equaling 2008 results challenging perspective for 2009