Second Quarter & First Half Year Results 2015 - ArcadisB4BC31B6-5CE0-43C1-9B24-A… · Second...

29 July 2015© 2015 ARCADIS

Second Quarter & First Half Year Results 2015Neil McArthur, Chief Executive Officer

Renier Vree, Chief Financial Officer

July 29, 2015

1


Disclaimer

Statements included in this presentation that are not historical facts (including any statements

concerning investment objectives, other plans and objectives of management for future operations or

economic performance, or assumptions or forecasts related thereto) are forward looking statements.

These statements are only predictions and are not guarantees. Actual events or the results of our

operations could differ materially from those expressed or implied in the forward looking statements.

Forward looking statements are typically identified by the use of terms such as “may,” “will,” “should,”

“expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or

the negative of such terms and other comparable terminology.

The forward looking statements are based upon our current expectations, plans, estimates,

assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the

foregoing involve judgments with respect to, among other things, future economic, competitive and

market conditions and future business decisions, all of which are difficult or impossible to predict

accurately and many of which are beyond our control. Although we believe that the expectations

reflected in such forward looking statements are based on reasonable assumptions, our actual results

and performance could differ materially from those set forth in the forward looking statements.

2


Agenda

Second Quarter & First Half Year Results 2015

Neil McArthur, CEO • First Half Year overview

Renier Vree, CFO • Q2 2015 financial results

• First Half Year 2015

financial results

Neil McArthur, CEO • Strategic Progress

• Performance Excellence

• North America

• Outlook

• Questions & Answers

Burj Khalifa, Dubai3

Burj Khalifa, Dubai


Agenda


Burj Khalifa, Dubai




financial results



• North America

• Outlook


4

Burj Khalifa, Dubai


ARCADIS delivers strong growth in H1 2015, good progress on leadership priorities, profitability impacted by Brazil and one-off US project overruns

5

• Gross and net revenue growth +41%; organic net revenue

growth +2%; organic backlog up +1%

• Operating EBITA up +22%, aided by Performance

Excellence program, negatively impacted by one-off -€13.9

million US environmental project cost overruns, and Brazil

• Operating EBITA margin of 8.6% (H1 2014: 10.0%),

excluding one-off project cost overruns 9.5%

• Integration of Hyder on track, synergies captured faster

than previous acquisitions and operating EBITA margin

improving to 8.1% in Q2 from 5.3% in Q1 2015

• Net income from operations up +3% to €57.3 million

• Working capital improving to 20.2% of gross revenues vs.

22.3% in Q1 2015

• Free cash flow improved by €38 million to -€30 million

(Q1 2015: -€68 million; H1 2014: -€12 million)

1.7(Organic: +3%)

1.3(Organic: +2%)

113.3(H1 2014: 92.7)

8.6%(H1 2014: 10.0%)

57.3(H1 2014: 55.8)

Gross revenues(€ billion)

Net income from

operations(€ millions)

Operating margin(% net revenues)

Operating EBITA(€ millions)

Net revenues(€ billion)

Free cash flow

(€ millions)

-30(H1 2014: -12)

First half-year 2015 highlights


Strategic highlights H1 2015

6

1. Deliver acquisition synergies:

- Hyder : Synergies on track

: Operating margin improved to 8.1% in Q2

- Callison : Synergies on track

: Decline in China, good growth elsewhere

2. Performance Excellence:

- First results visible: +0.6% contribution to operating

margin

- Significant restructuring spend, benefits as of H2

3. North America turnaround:

- Organic revenue decline slowed

- Turnaround on track

2015 Leadership Priorities

1. Brazil:

- YTD organic revenue decline -16%

- 25% capacity reduction underway

2. Environmental one-offs:

- 4 remediation projects required one-off adjustments

- €13.9 million EBITA impact

H1 Headwinds


Agenda


Burj Khalifa, Dubai




financial results



• North America

• Outlook


7

Burj Khalifa, Dubai


Portfolio delivers mixed returns

33%

32%

19%

16%

27%

20%

39%

North

America

Emerging

Markets

Continental

Europe

United

Kingdom

8.8%1)

8.0%

8.6%

9.6%

Infrastructure

Water

Environment

Buildings

9.9%

8.6%

4.7%2)

9.7%

Net

revenues

Operating

margin

Operating

margin

Net

revenues

14%

8

H1 2015 Performance Summary

• Decline slows, growth in

water

• Margin impacted by one-

off project cost overruns

• High growth Middle East

& Asia, Brazil worsened

• Margin diluted by Hyder

• Good organic growth

• Margin improved

• Strong growth

• Margin improved

• Strong organic growth

across all regions

• Margin improved in UK,

N. America and Europe

• Good growth from Hyder,

Latin America decline

• Margin stable

• Organic growth North

America and UK

• Margin improved in

N. America, ROW lower

• North America decline

• Margin impacted by one-

off project cost overruns

1) Adjusted for one-off project cost overruns: 11.5%



Q2 financial results

• Currency effects: Gross revenues +15%; Net revenues +14%; EBITA +18%

• Acquisitions related to Hyder, Callison and Franz

• Restructuring and integration costs: €11.5 million (Q2 2014: €3.2 million)

• Acquisition-related costs: €0.8 million (Q2 2014: €3.6 million)

• Operating EBITA margin adjusted for one-off project cost overruns: 10.0%

1) Excluding acquisition, restructuring and integration-related costs

€ millions Q2 2015 Q2 2014 Change

Gross revenues 868 610 +42%

Organic gross revenue growth +5%

Net revenues 661 470 +41%

Organic net revenue growth +2%

EBITA 41.7 41.7 0%

Operating EBITA1) 53.9 48.6 +11%

Operating EBITA margin 8.2% 10.3%

9

53.9

11.5

7.9

48.6

0 10 20 30 40 50 60 70 80

Operating

EBITA Q2 2015

Project cost overruns

Organic

Acquisitions

-13.9

-0.2

Currency

Operating

EBITA Q2 2014

€ millions


Q2 and H1: Organic net revenue growth +2%H1: Excluding North America and Brazil +8%

Organic growth (NR)

-1%

0%

1%

2%

3%

4%

Q1

2015

Q4

2014

Q2

2014

Q3

2014

Q1

2014

Q2

2013

Q4

2013

Q3

2013

Q2

2015

10 © 2015 ARCADIS

Organic Growth H1 (% NR)

10

2%

BrazilNorth America Organic

Growth

H1 2015

ARCADIS

ROW

8%

-2.5%

-16%


Q2: Weak market conditions in Brazil, project cost overruns in North America

11

• Market conditions remain challenging…

- reduced spend by mining clients

- slowdown in public and private procurement processes

• …resulting in severe downturn…

- NR decline of -16% in H1, outlook H2 -25%/-30% decline

- book to bill ratio of 0.8 for H1

• …and restructuring of our operations

- Capacity reduced by August > 700 (25%) from Dec 2014

- Operating margin >10% maintained

• Outlook 2016: revenues stabilizing at least at H2

levels

Brazil

• North American environmental business has a long track

record of high margin lump-sum remediation projects

(GR >$1 billion to date)

• Developments on a ten-year old lump-sum project result

in estimated €9 million cost overrun

- extensive investigation on alternative remediation options

- rejection of alternatives by regulatory authorities (poor contract)

- necessitating additional costs over and above prior estimates

and insurance coverage

• Consequently, initiated a review of US environmental

lump-sum project portfolio leading to additional cost

overruns estimated at €4.9 million across three other

projects

• Net revenue backlog of €64 million in US on 37

environmental lump-sum projects with insurance and €48

million on ~2,000 other lump-sum environmental projects

• Confident adjustments are one-off in nature

US environmental project cost overruns

Q1 Actual

Q2 Actual

H2 Forecast

-15%

-17%

-25%/-30%

Organic net revenue growth


H1 financial results

• Currency effects: Gross revenues +14%; Net revenues +13%; EBITA +15%

• Acquisitions relate to Hyder, Callison and Franz

• Restructuring and integration costs: €23.3 million (H1 2014: €5.5 million)

• Acquisition-related costs: €1.0 million (H1 2014: €3.9 million)

• Operating EBITA margin adjusted for one-off project cost overruns: 9.5%

1) Excluding acquisition, restructuring and integration-related costs 2) Before amortization of Identifiable intangible assets and acquisition-related costs (net of income taxes) 3) 2015 based on 82.0 million average outstanding shares (H1 2014: 72.7 million)

€ millions H1 2015 H1 2014 Change

Gross revenues 1,691 1,198 +41%

Organic gross revenue growth +3%

Net revenues 1,316 932 +41%

Organic net revenue growth +2%

EBITA 89.0 83.3 +7%

Operating EBITA1) 113.3 92.7 +22%

Operating EBITA margin 8.6% 10.0%

Net income from operations 2) 57.3 55.8 +3%

EPS (in €) 2,3) 0.70 0.77 -9%

12

113.3

21.8

13.1

92.7

0 20 40 60 80 100 120 140

Operating

EBITA H1 2014

Operating

EBITA H1 2015

Project cost overruns

-0.4Organic

Acquisitions

-13.9

Currency

€ millions


-15%

-10%

-5%

0%

5%

10%

15%

H1 H2 H1 H2 H1

2013 2013 2014 2014 2015

Infrastructure Water Environment Buildings Total

Organic net revenue growth driven by Buildings and Water

13

Org

an

ic g

row

th (

NR

)

All regions

North America & UK

Latin America

North America


Operating margin: Improvements by Performance Excellence visible, ahead of plan

14

1) Operating EBITA margin is 9.7% excluding Hyder/Callison

2) Operating EBITA margin is 10.2% excluding one-offs and

Hyder/Callison

Operating margin: H1 2015

2013 2014 2015

Q1 9.2% 9.6% 9.1%1)

Q2 9.0% 10.3% 8.2%2)

Q3 10.9% 10.4%

Q4 10.8% 10.0%

Year 10.0% 10.1%

Operating EBITA margin: Historical

0.9%

0.4%

0.5% 0.6%0.2%

10.0%

OtherHyder

Callison

H1 2015

8.6%

BrazilProject cost

overruns

H1 2014 Performance

Excellence

H2 2015

outlook

• One-offs,

no impact

in H2

• Stabilized

at >10%

• Synergies

will improve

margins

• Impact

increases,

full year

+0.8%


Working capital improves to 20.2% from 22.3% end Q1

€ millions H1 2013 H1 2014 FY 2014 H1 2015

Net working capital1) 18.4% 18.4% 18.8% 20.2%

Free cash flow -61 -12 103 -30

Net working capital as % of gross revenues

0%

5%

10%

15%

20%

25%

Q2 2015Q1 2015Q4 2014Q3 2014Q2 2014Q1 2014Q4 2013Q3 2013Q2 2013

15

• Good progress made in working

capital to 20.2% (Q1 2015: 22.3%)

• Still impacted by higher working

capital needs of Hyder, Callison

• Strong free cash flow of + €38

million in Q2 (Q2 2014: €22 million)

• H1 cash flow -€30 million (H1 2014:

-€12 million)

• Focus on further roll-out of

ARCADIS’ cash management

processes towards Hyder and

Callison

• Outlook: Net working capital % by

end 2015 below end 2014

1) End period


Balance sheet remains solid. Well diversified sources of funding

1) Calculated using bank covenants methodology

• Net debt level June 2015: €623 million

(H1 2014: €284 million)

• Net debt reduced in Q2 by €35 million

through reduced working capital

• June 2015 net debt / EBITDA is 2.6

(Q2 2014: 1.2)

• June 2015 average net debt / EBITDA of

2.4 (Q2 2014: 1.1)

• Well diversified sources of funding

• Good spread of loan maturities

• Debut German bond (Schuldschein)

raised €170 million mainly to refinance

acquisition bridge debt

Maturity Profile of Committed Facilities

2.4

1.51.4

1.51.4

0.0

0.5

1.0

1.5

2.0

2.5

Q2 20152014201320122011

Average Net debt / EBITDA1)

0

50

100

150

200

250

300

2017

€ millions

2022202120202019201820162015

Schuldschein EUR 170m

RCFs EUR 175M

USPPs USD 200M

Term Loans USD 357M & EUR 24M

16


Business lines

INFRASTRUCTURE

WATER

ENVIRONMENT

BUILDINGS

17


Solid performance across three business lines

€ millions H1 2013 H1 2014 H1 2015

Gross revenues 305.5 294.4 429.6

Net revenues 260.0 247.8 359.7

Operating EBITA 18.3 24.9 35.7

Operating margin 7.0% 10.0% 9.9%

€ millions H1 2013 H1 2014 H1 2015


Net revenues 143.0 137.1 187.6



€ millions H1 2013 H1 2014 H1 2015


Net revenues 264.6 243.3 261.5


Operating margin 11.8% 10.9% 4.7%1)

€ millions H1 2013 H1 2014 H1 2015


Net revenues 282.5 303.4 507.0



Infrastructure Water

Buildings

18

Environment



Infrastructure

Rotterdam Central Station The Netherlands

Paddington Bridge, London, UK

Infrastructure

Infrastructure

Tower Bridge, London, UK

World-class intelligent and integrated road and rail transport solutions

Specialties: stations, ports, airports, tunnels, bridges, large projects

19


Infrastructure (25% of gross revenues)

H1 revenues (€ millions)

1) Rounding and reclassifications may impact totals

2) Organic development compared to year-end 2014

• Strengthened market position in the

Middle East and UK through the

combination with Hyder

• Growth in North America remained

steady at good levels, while Continental

Europe further improved

• Latin America market conditions

worsened driving overall negative organic

growth

0

100

200

300

400

500

H1 2013H1 2012 H1 2015H1 2014

Key Financials H1 2015

Gross revenue growth1) 46%

Organic -5%

Acquisitions 47%

Currency impact 5%

Net revenue growth1) 45%

Organic -5%

Backlog2) 4%

20

Nanterre Station, France

Net revenuesGross revenues


“The Big U”, flood protection

New York, US

Water

World-class water supply and waste water treatment system consultancy and

design, also for Industry

Leading heritage in water management

21


Water (14% of gross revenues)




• Overall growth driven by the addition

of Hyder

• Organic growth driven by North

America

• UK and Middle East also performed

well

• Municipal water companies in Brazil

suffering from budget constraints



Organic 2%

Acquisitions 15%

Currency impact 16%


Organic 5%

Backlog2) -1%

0

100

200

300

H1 2012 H1 2014 H1 2015H1 2013

Gross revenues Net revenues

22

Thames Weirs Gates Replacement, UK


Mining remediation Canada

Environment

Murray Darling Basin, Australia

World-class remediation consulting and technologies

Compliance management, impact assessments, climate adaptation

23


Environment (24% of gross revenues)




• Decline in North America continues

driving overall negative organic growth

• Competition from smaller market

participants underlines need for simple

solutions: FieldTech Solutions launched

• UK and Continental Europe essentially

flat, decline in Brazil0

100

200

300

400

500

H1 2012 H1 2015H1 2014H1 2013

Gross revenues Net revenues



Organic -8%

Acquisitions 6%

Currency impact 16%

Project cost overruns -5%


Organic -7%

Backlog2) 3%

24

Environmental Impact Assessment, A28 Hoevelaken,

The Netherlands


Retail for schools

London, UKBuildingsBurj Khalifa, Dubai

Plan, design, create, operate and regenerate buildings

Sustainability by design, built asset consultancy, large scale program, project and

cost management

25


Buildings (37% of gross revenues)




• Overall growth driven by both Callison

and Hyder

• Good organic growth achieved across

all regions

• North America and Middle East also

doing well in architecture

• Good growth Asia despite slowdown

China

0

100

200

300

400

500

600

700

H1 2015H1 2012 H1 2013 H1 2014

Net revenuesGross revenues



Organic 21%

Acquisitions 34%

Currency impact 18%


Organic 13%

Backlog2) 0%

26

Program management for HSBC’s global capital expenditure

program


Regions

NORTH AMERICA

EMERGING MARKETS

CONTINENTAL EUROPE

UNITED KINGDOM

27


Strong growth across all regions during H1 2015

€ millions H1 2013 H1 2014 H1 2015


Net revenues 374.4 343.5 433.4


Operating margin 10.9% 11.0% 8.8%1)

€ millions H1 2013 H1 2014 H1 2015


Net revenues 247.3 242.1 422.2



€ millions H1 2013 H1 2014 H1 2015


Net revenues 215.0 221.9 243.4



€ millions H1 2013 H1 2014 H1 2015


Net revenues 113.4 124.1 216.8



North America Emerging Markets

Continental Europe United Kingdom

28



Agenda


Burj Khalifa, Dubai




financial results



• North America

• Outlook


29

Burj Khalifa, Dubai

29 July2015© 2015 ARCADIS

Strategic targets: on track but organic growth likely to be missed

Growth

• Organic revenue growth >5% CAGR

• Inorganic revenue growth >5% CAGR

Margin

• Operating EBITA margin >11%

Cash

• Free cash flow > Net income

Return

• Return on invested capital >13%

30

Strategic targets 2014-2016

• North America -2.5%, Brazil -16%,

rest of world +8%

• Acquired ~€500 million in gross

revenues during Q4 2014

• Clear path to improve margins through

merger synergies and Performance

Excellence

• Cash management best practices

program will enhance cash flow

Comments

1) Adjusted for one-off project cost overruns

n.a.

n.a.

9.5%1)

28%

H1 2015

2%

Target

• Hyder and project cost overruns

impacting 2015


2015 Leadership priorities aligned with our strategy

1. Deliver acquisition synergies through co-creation processes

– Design to Lead: Callison

– Evolve to Win: Hyder

– Canada: Combine SENES and Franz into ARCADIS Canada

2. Performance Excellence

– Deliver quick wins

– Design changes required to further drive performance

3. Return North America to growth, improve margins

31


1. Acquisitions: Callison

Synergy capture plan: Cost out and revenue synergies in line with acquisition case

Performance: Slowdown China, good growth elsewhere, operating EBITA margin 13%

32

Go to

Market Strategy

Operating

Model

Organization /

Leadership

Synergy Capture

Plan

Ongoing

Operations

ZARA US

• Architect of record

• Architectural and

construction administration

Synergy Wins

Middle EastUS Asia

Meraasland

Development, Dubai

• Luxury Villa Interiors

• Interior & architectural

design

• Furniture, fixture &

equipment coordination

Shilla Duty Free Shops,

Singapore

• Interior design


1. Acquisitions: Hyder

Synergy capture plan: £15 million EBITA run rate Q4 2016 will be achieved through cost out only

Performance: Strong growth, operating EBITA margin: Q2 8.1% up from 5.3% Q1

33

Go to

Market Strategy

Operating

Model

Organization /

Leadership

Synergy Capture

Plan

Ongoing

Operations

Crossrail & Crossrail 2,

London, UK

• London underground

connection

• Feasibility study

Crossrail 2

Eurostar – Depot Modification,

London UK

• Concept & design

• Post construction and

modification process

management

Doha Metro, Qatar

• Detailed design

• Structural & landscape

design

• Construction support

Al Rajhi Bank, Riyadh, KSA

• Program management

• Project management, cost

management & claims

management

Synergy WinsMiddle EastUK


0%

5%

10%

15%

20%

0 Q1 Q2 Q3

Accelerating synergy capture

34

1. Acquisitions: Hyder, Global Design helps accelerate synergy wins

Major acquisitions synergy wins capture

% of Acquired

Net Revenue

Global Design Excellence

• Gaining momentum in Continental

Europe, US and across all business

lines

• 9% increase in headcount since

year-end 2014

• Continental Europe >70% win rate

on pursuits using Global Design

Hyder

Langdon & Seah

EC Harris


2. Performance Excellence: Quick wins on track

35

• Standardized approach to project

management based on best practice

• (Re)training of project managers

Project

management

• Drive organic growth by scaling Hyder

global design model

• Staff and manage design & engineering

from most capable and cost effective

design excellence center

Global design

• Improve flexibility and mobility of our

people

• Create larger, more efficient resource pools

Resource

optimization

• Improve approach to sub-contracting and

overhead

• Leverage scale of ARCADIS globallyProcurement

• Apply global standards and improve

footprint

• Improve collaborative tools

Workplace &

collaboration

Description H1 focus and results

• Bidding new work using Global Design

• Headcount in Global Design Excellence

Centers increased by 9%

• Established procurement capabilities in US,

UK and Continental Europe

• Initial round of overhead purchasing

negotiations complete

• Implementing revised approach in US, UK

and Continental Europe

• Improved project margins over Q2 2014 in

UK and Continental Europe

• Defined global standards for offices

• Initiated global office portfolio prioritization

• Ongoing implementation of quick wins in

US, UK and Continental Europe, billability

improved ~1% over Q2 2014

• Australia Pacific diagnostic complete,

actions taken to impact H2

Performance Drivers


2. Performance Excellence: Savings ahead of target

36

Diagnostic

2014

Quick Wins/

Design

2015

Sustain

2017

Implement

2016

Cumulative

Operating

Margin

Improvement

(% NR)

Benefits

Capture

Implementation

Cost (€M)

0

5

FY Estimate

0.8%

YTD

0.6%

Target

~0.5+%

~1.0+%

Target

~1.5+%

Target

~25

Target

~20-25

YTD

~25

16

FY Estimate

Target


3. North America: Two year transformation on track

GOAL: RETURN TO GROWTH, IMPROVE MARGINS >11%

• Implement growth strategy

• Maintain performance culture, improve global collaboration

37

Implement revised market

approach

Deliver Performance

Excellence

Evolve the operating model

H1 Focus

• Implementing project management best practices

• Quick wins in resource optimization

• Plan to reduce office footprint by 25-30 offices by end 2016, built

procurement capabilities

• Environment: Launched FieldTech Solutions for “simple” remediation

• Water: Focus on growth in conveyance, industrial water and business

advisory. Developing “simple” model for conveyance

• Sharpened strategies and pricing across all business lines

• Streamlining operating model: Corporate and business lines

• New leadership enhancing accountability for growth and business results

• Increasing client development effectiveness and efficiency

Strategic levers for change


3. North America: Performance stabilizing

38

1) Excluding one-off project costs overruns

-4.0%

H1 2015H2 2014

-2.5%

-7.0%

H1 2014

Organic growth

Net Revenue

11.0%9.9%

H1 2014 H2 2014

11.5%1)

H1 2015

Operating EBITA

Margin


10.5-11%

H2 Outlook North AmericaHyderPerformance

Excellence

Adjusted H1

2015 Actual1)

9.5%

Outlook: Strong growth, improving margins

39

Operating EBITA margin H2 2015

1) Excluding one off-project cost overruns

Geography GrowthOrganic

Growth

Drivers Organic

Growth

North America ++ 0 Environment

Emerging

Markets++ 0 / - Brazil

Continental

Europe+ + Private sector

UK ++ ++Infrastructure,

Buildings

Total ++ +

Growth H2 2015

40

Outlook per business line

Infrastructure

Strong growth driven by acquisitions

• UK, Middle East, Continental Europe, Asia and Australia Pacific benefit from growth through Hyder

• UK, Continental Europe, North America good growth, Latin America further decline

Water

Growth in most regions

• North America return to growth, Continental Europe essentially flat, Latin America potential decline

• Middle East and UK benefit from Hyder

Environment

No growth

• North America unlikely to return to growth in 2015, slight decline in Continental Europe

• UK further growth in private sector work, Latin America impacted by slowdown

Outlook

Strong growth

• Architecture demand up in North America, down in China, Middle East strong

• Good growth in Continental Europe, UK. Asia slowing

Buildings

• Backlog up 6% due to favorable currency effects; net revenue backlog at €2.5 billion, organically up +1%

• Revenues to grow by about 30%

• Net income from operations to increase by approximately 20%

• Barring unforeseen circumstances


Q&A41


1) Compound Annual Growth Rate

Gross revenues 6 months (€ billion)

Strong growth in Buildings, Infrastructure and Water

CAGR1)

+ 9%

+ 9%

- 1%

+27%

33%

H1 2012

26%

1.23

27%

14%

25%

33%

27%

15%

25%

14%

31%

1.24

H1 2013

25%

14%

1.69

24%

37%30%

H1 2014

1.20

H1 2015

CAGR1)= 11%

EnvironmentWater BuildingsInfrastructure

42


41%

23%

13%

H1 2013

1.24

23%

44%

21%

12%

H1 2012

1.23

19%

46%

24%

11%

CAGR1)= 11%

H1 2015

1.69

28%

38%

18%

16%

H1 2014

1.20

23%

North AmericaContinental EuropeUnited Kingdom Emerging Markets

Strong growth in UK and Emerging Markets

CAGR1)

24%

1%

5%

28%

1) Compound Annual Growth Rate

Gross revenues 6 months (€ billion)

CAGR1)

21%

1%

1%

16%

Headcount at June 30 (thousands)

21%

39%

27%

H1 2013

22.0

11%

24%

28%

37%

H1 2012

21.3

10%

26%

35%

14%

22.2

H1 2015H1 2014

10%

24%

27.6

29%

23%

42%

CAGR1)= 9%

43

Second Quarter & First Half Year Results 2015 - ArcadisB4BC31B6-5CE0-43C1-9B24-A… · Second...

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