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FY2008 Figures March 2009

Grontmij Sustainable design & engineering. FY2008 Figures March 2009. Contents. Results 2008 Headlines Financial performance 2008 Market & strategy Outlook 2009. RESULTS 2008 HEADLINES. Headlines 2008. Total Revenue € 846.2 mln (€ 772.8 mln)

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FY2008 Figures March 2009

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  1. GrontmijSustainable design & engineering FY2008 Figures March 2009

  2. Contents • Results 2008 Headlines • Financial performance 2008 • Market & strategy • Outlook 2009

  3. RESULTS 2008 HEADLINES

  4. 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%

  5. Grontmij 2008: Key Facts Total revenue (€ mln) Net result (€ mln) Earnings/share (€) 38.8 40 900 35 2.50 32.7 846 2.16 800 30 2.00 773 1.84 +18,5% 700 25 1.50 1.31 22.1 +10% 600 20 1.00 +17% 543 500 15 0.50 400 10 0.00 ‘06 ‘07 ‘08 ‘06 ‘07 ‘08 ‘06 ‘07 ‘08

  6. 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)

  7. Grontmij’s growth 1998-2008 Divest Non-core Carl Bro Acquisition Acquisition/ share issue Restructuring NL

  8. Operating margin improvement (EBITA)

  9. Creating value in operations 12 10 8 6 4 2 0 EBITA % 2008 2007 norm 2006 decrease repair 2003 enlarge enlarge sell/stop cross selling Consultancy & Design Multidisciplinary project management Engineering Turnkey Contracting Asset management & maintenance 1 2 3 4 5 • invest • framework • contract • 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

  10. EBIT per country on Total Revenue

  11. Share price performance 2004-2008

  12. Dividend and Earnings per share - trendRemains at high level Solvency 26.8 27.8 26.4 27.9 27.6

  13. 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 

  14. FINANCIAL PERFORMANCE 2008

  15. Income statement (2008 vs 2007)

  16. Growth 2008 (Net Revenue)

  17. Currency impact 2008 (PLN, SEK, GBP)

  18. Ratio’s

  19. EBIT per country

  20. Profitability

  21. Income statement (Non)-recurring

  22. Seasonal pattern

  23. Balance sheet

  24. Cash flow

  25. Growth Q4 2008 (Net Revenue)

  26. Ratio’s Q4 2008 vs Q4 2007

  27. MARKET & STRATEGY

  28. Strategy 2007-2010 • Consolidation in our home markets (Belgium, Denmark, Germany, the Netherlands, Sweden and the United Kingdom) • Top 3 position in Europe • Expansion in new niche markets involving products such as water, energy and transportation (including rail) Enhanced profitability 8-9% Strategy • Gaining new market share • Entering new regions in Central and Eastern Europe • Selected PFI (private finance initiatives Reorganisation of current business Portfolio management • Divestments step • by step • non core • poor performers

  29. Strategy 2007-2010Towards a solid Northwest European platform Revenue(in € x 1.000 ) 1500 1250 sector specialisation to global services 1000 sustainable design& management 750 500 250 B, D, NL B, DK, D, NL, S, UK B, DK, D, NL, S, UK > 2010 no. 1-3 in Europe 2004 no. 1 in The Netherlands 2007 no. 4 in Europe

  30. Market: diversified and well spread portfolio Geography Market Segments Client Base Figures in % of Total Revenue

  31. Market conditionsPressure on growth & pricing Industry poor Building poor Building poor Building poor Poor Good OK

  32. The European marketRecession 2009-2010 but stable demand in most market sectors > 0% 0 to -1,4% -1,5% to -2.9% ≥-3.0% 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 Sweden 2009 2010-1,4% +1,2% Estonia 2009 2010-4,7% +1,2% Denmark UK 2009 2010-2,8% +0,2% 2009 2010-1,0% +0,6% Latvia 2009 2010-6,9% -2,4% Netherlands 2009 2010-2,0% +0,2% Lithuania 2009 2010-4,0% -2,6% Ireland Poland 2009 2010-5,0% +0% 2009 2010+2,0% +2,4% Czech Rep. 2009 2010+1,7% +2,3% Belgium 2009 2010-1,9% +0,3% Hungary 2009 2010-1,6% +1,0% Germany 2009 2010-2,3% +0,7% Turkey 2009 2010-1,5%* +1,7%* Sources: European Commission, * Economist Intelligence Unit

  33. Drivers for growth in Grontmij businesses INTERNAL • Relational resources • Relationships • Reputation • Competences • Knowledge • Capabilities • Attitude 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

  34. Major urban and economic development Focus on: • Urbanisation • Transportation • Water • Climate & energy (Source: ESPON)

  35. TransportationTrans European Network priority axes and projects (TEN-T) Total investments 2007-2020 > € 100 Bn Strong demand • Highways • Rail • Waterways/harbors (Source: TEN-T)

  36. Energy Trans European Network priority axes and projects (TEN-E) Total investments 2007-2020 > € 100 Bn Steady demand in: • Transmission • Distribution • Renewals

  37. OUTLOOK

  38. 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

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