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HY2008 Figures

August 2008

GrontmijSustainable design & engineering

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Contents

1. Results HY 2008

2. Strategy

3. Market: Country and Sector performance

4. Finance

5. Outlook

6. Sustainable Design & Engineering

7. Q&A

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RESULTS 2008

FIRST HALF YEAR

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Grontmij HY 2008 - Key Facts

200

300

400

100

500

600

Revenue (€ million)Net revenue (+13%)

206

384

418

10

15

20

5

25

30

+20%

Net result (€ million)+20%

8.3

15.4

18.5

0.50

1.00

1.50

0.00

2.00

2.50

+20%

Earnings/share (€)+20%

0.47

0.87

1.04

‘08‘07’06* ‘08‘07‘06 ‘08‘07‘06

295333

+13%

156

*excl. Carl Bro

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Headlines HY 2008

• Result after tax: increased by 20% to € 18.5 million

• Revenue: increased to € 418.4 million (2007: € 383.6 million)

• Net revenue (own production): increased to € 332.6 million

• Organic growth: 12.3% (2.3% currency effect)

• EBIT: increased by 23.6% to € 27.2 million (2007: € 22.0 million)

• EBITA: 7.1% of Revenue (2007: 6.7%)

• All countries in Europe are in line with expectations

• Outlook: unchanged; approaching 8% EBITA on Revenue

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Headlines Q2 2008

Strong second quarter

• Revenue: increased by 18% to € 222.5 million (2007: € 188.5 million)

• Net revenue: increased by 21.9% to € 175.0 million (2007: € 143.5 million)

• EBIT: increased by 24.7% to € 14.1 million (2007: € 11.3 million)

• Acquisitions contributed 3.5% of Revenue increase

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Financial result HY 2008

In € million or % 2008 2007 Amount of Difference

HY1 HY1 Difference %

Revenue 418.4 383.6 34.8 9.1%

Net revenue 332.6 294.6 38.0 12.9%

EBIT 27.2 22.0 5.2 23.6%

EBIT (% of Revenue) 6.5% 5.7%

EBIT (% of Net revenue) 8.2% 7.5%

EBITA 29.7 25.8 3.9 15.1%

EBITA (% of Revenue) 7.1% 6.7%

EBITA (% of Net revenue) 8.9% 8.8%

Result after tax 18.5 15.4 3.1 20.1%

Result after tax (% of Revenue) 4.4% 4.0%

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STRATEGY

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Current strategy 2007-2010

Reorganisation current

businessStrategy

Enhanced profitability

8-9%

Divestments stepby step non core low performers

Portfolio management

Gaining new market share Entering new regions in Europe:

IRL, P, CR, H, T Selected PFI’s

Enlargement in new niche markets

products as Water, Energy and

Transportation (including rail)

Consolidation in the home markets

(Belgium, Germany, Denmark,

Sweden, UK and the Netherlands) Top 3 position in Europe

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Strategy 2007-2010

2004nr 1 in NL

2007nr 4 in EU

B, DK, G, NL, UK, S

250

1500

1250

1000

750

500

2010nr 1-3 in EU

B, G, NL

Revenue

€ x 1000

B, DK, G, NL, UK, S

sector specialisation to global services

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Services & Competences

• Project definition• Conceptual design• Functional

program• Feasibility study• Investment plan

• Program management

• Design management

• Project management

• Financial, organisational and legal management support

• Technical specs• Engineering• Detail engineering• Work drawings• Calculations• Samples, surveys• Data

• Supervision• Quantity survey• Construction

management• (Turn-key)

contract management

• Maintenance scheme

• Monitoring & control

• Facility management

Consultancy& Design

ProjectManagement Engineering Contracting

AssetManagement

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Creating value in operations

norm

Consultancy & DesignMultidisciplinary

projectmanagement

8

6

4

2

12

10

0

EngineeringAsset

management& maintenance

Turnkey Contracting

1 3 42 5

cross selling

EBITA %

enlarge

decrease

enlarge

2006

2003

2007

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MARKET:COUNTRY & SECTOR

PERFORMANCE

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Revenue by country

Revenue by country HY 2007 (%)

6,9%

19,3%

6,6%

38,7%

11,1%

13,4%

4,1%

Belgium

Denmark

Germany and Poland

The Netherlands

United Kingdom and Ireland

Sweden

Holdings and eliminations

Revenue by country HY 2008 (%)

7,2%

19,4%

7,1%

40,8%

12,8%

11,2%1,5%

Belgium

Denmark

Germany and Poland

The Netherlands

United Kingdom and Ireland

Sweden

Holdings and eliminations

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Market Sectors (indication)

In € million or % Building and Industry

Transportation Environment, Water and Energy

Total Revenue 130 120 165

Total Revenue (% total) 31% 29% 40%

EBIT 7% 8% 8%

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Market positioning 2008

• Good access in regional markets in Europe

• Strong order book

• Strong demand Water, Energy and Environmental services

• Increasing demand for sustainable design, green building and industrial ecology

• Recruitment and pricing under control

• Engineering market competitive and fragmented

• Competitive strength by increasing cross selling, cross border tendering and improving processes

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FINANCE

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Profit & loss account

In € million 2008 2007 Difference

HY1 HY1

Revenue 418.4 383.6 34.8

Third party -85.8 -89.0

Net revenue 332.6 294.6 38.0

Operational cost 305.7 281.6

26.9 13.0

JV’s 2.8 12.8

EBITA 29.7 25.8

Amortisation -2.5 -3.8

EBIT 27.2 22.0 5.2

Interest -2.9 -2.9

EBT 24.3 19.1 5.2

Tax -5.8 -3.7

Net result 18.5 15.4 3.1

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Growth (Net revenue)

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

%

Net revenue HY 2008 332.6 332.6

currency 6.8

Net revenue HY 2007 294.6 294.6

Growth 38.0 12.9% 44.8 15.2%

Net divested (2007/2008) 3.0 3.0

Invested (2008) -11.5 -11.5

Organic growth 29.5 10.0% 36.3 12.3%

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EBIT per country

In € 1.000 or % HY 2008 HY 2007

Total revenue

EBIT % Total revenue

EBIT %

Belgium 30.262 3.544 11.7% 26.368 2.318 8.8%

Denmark 81.201 3.125 3.8% 74.120 2.089 2.8%

Germany / Poland 29.573 2.598 8.8% 25.182 1.115 4.4%

Netherlands 170.698 14.678 8.6% 149.672 16.152 10.8%

Sweden 46.921 4.153 8.9% 51.279 4.166 8.1%

UK / Ireland 53.549 3.835 7.2% 42.394 2.722 6.4%

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EBIT increase (+23.6%)

In € million EBIT

EBIT 2007 HY1 22.0

EBIT 2008 HY1 27.2

Increase 5.2

€ 35 million more revenue x 5.7% 2.0

0.8% more profitability x € 418 million 3.2

5.2

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Cash flow statement

In € million HY 2008 HY 2007

Net cash from operations -0.7 -2.8

Net cash from investing activities -33.9 -0.4

Net cash from financing activities -1.1 -12.9

-35.7 -16.1

• Normal seasonal pattern• Cash position: € 20 million (31-12-2007: € 34 million)

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Financial result Q2 2008

In € million or % 2008 2007 Amount of Difference

Q2 Q2 Difference %

Revenue 222.5 188.5 34.0 18.0%

Net revenue 175.0 143.5 31.5 21.9%

EBIT 14.1 11.3 2.8 24.7%

EBIT (% of Revenue) 6.3% 6.0%

EBIT (% of Net revenue) 8.1% 7.9%

EBITA 15.7 13.3

EBITA (% of Revenue) 7.1% 7.1%

EBITA (% of Net revenue) 9.0% 9.3%

Result after tax 9.2 7.1 2.1 29.6%

Result after tax (% of Revenue) 4.1% 3.8%

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OUTLOOK

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Outlook

• Solid platform in all regions

• Order book improving

• Leading positions in sustainable design and engineering (Water,

Environment, Energy and Transportation)

• Cross-selling (synergies)

• Cash management

• Add-on acquisitions

Outlook 2008: unchanged; approaching 8% EBITA on Revenue

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SUSTAINABLE DESIGN & ENGINEERING

- a varied number of assignments in HY2008 -

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Sustainable design & engineering

Climate & Energy

• Reduce CO2 discharge

• Suppress/control emission• Green energy (wind, sun, water, bio mass)• Efficient use of fossil fuels• Flood management

Waste to energy,

Germany

The River Mølle system,

Denmark

Geostatistical Vegetation Mapping,

United Kingdom

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Sustainable design & engineering

Green building concept• Energy passive

• CO2 neutral

• (Terrestrial) heat exchange• Waste/water recycling and treatment systems• Use of sustainable materials

Haus Cumberland

Berlin, Germany

House of Musik

Aalborg, Denmark

Audi site

Brussels, Belgium

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Sustainable design & engineering

Environmental Impact Assessment Study,

Dutch coast

‘Room for the river project’,

The Netherlands

Redeveloping Faelledparken

Copenhagen, Denmark

Health & Safety• Sewage and waste water treatment• Waste collection and recycling• Soil/water remediation• Shared space• Separated flows of traffic• Storage of hazardous materials

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Spoorzone Delft• Spatial planning: “Spoorzone Delft” (railway area)• Turnover Grontmij appr. € 13.5 million• Project set up according to the innovative Systems

Engineering process

Sustainable design & engineering

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QUESTIONS&

ANSWERS