Grontmij N.V. Analyst presentation. Financial results Q April 2014

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1 Grontmij N.V. Analyst presentation Financial results Q April 2014

2 Encouraging start of the year for Grontmij Highlights Q Total revenue shows modest decline, net revenue is stable compared to last year EBITA excluding exceptional items improved to 7.0 million (Q1 2013: 2.6 million), also impacted by a strong performance in Sweden Net debt at 63.6 million (FY 2013: 54.1 million), explained by the additional equity as part of the refinancing and the seasonal increase of trade working capital Review strategic options France: Grontmij will initiate a divestment process of the French activities, either as a whole or in parts

3 Contents 3 Strategy and business update Michiel Jaski Financial results Q Frits Vervoort

4 Grontmij Back on Track strategy and financial targets 4 1 Restructuring a b c d Cost reduction Operational excellence improvements Portfolio optimisation Accelerate improvements Netherlands 2 Realising profitable growth e f Continue to build Europe Focus on five selected growth segments Target EBITA margin 6-8% of TR 1 in % TR 1 organic growth from 2015 onwards Target TWC 2 of 13% of TR by 2016 Note: 1. TR = Total Revenue; 2. TWC = Trade Working Capital

5 million million Cost reduction Cost reduction programme according to plan 5 Targeted cost savings Status Q Cost reductions Cost reduction programme is progressing according to plan Cost reductions 15 One-off cash 13.0 Annual run rate of 4.1m (excl inflation) 4 One-off cash out impact of 0.2m Target 2016 Run rate Q (excl. inflation 15-16) Expected Realised to date

6 Operational Excellence (OPE) improvements What is OPE? 6 OPE programme: Pipeline Management Bid Decision Management Project Budgeting and Follow-Up Project Changes and Additional Work Client Satisfaction Surveys

7 OPE scores per country OPE Topics Business processes and tools designed and released Business processes and tools implemented Update as per End Q1 2014

8 Portfolio optimisation 8 France Review strategic options: A divestment process of the French activities either as a whole or in parts will be initiated Consideration given towards continued presence in France to bid for large projects in Light Rail in Paris region Committed to clients and employees Non-core assets Golf course Naarderbos: Closing of announced sale of Naarderbos golf course delayed due to delay on buyers side Grontmij has taken legal actions Court ruled on 25 April 2014 in favour of Grontmij s legal claim and ordered buyer to fulfil its obligations under the SPA

9 Accelerate improvements Netherlands Grontmij Netherlands improvement program 9 Focus on large projects and clients Clients Leading European Consulting & Engineering company, top 3 position in the Netherlands Differentiated profile in attractive market segments Growth segments Solid and predictable growth of operational profitability Professionalisation and cost savings

10 Our Group Growth Segments 10 Komenvoir Energy Highways & Roads Light Rail Sustainable Buildings Ronesans Water

11 Group Growth Segment Energy Consortium with Grontmij, TU Delft and Stedin 11 Issue: 15% of the Dutch gas network will reach its technical lifetime withinthe next 10 years Our role: Develop new strategy to replace existing gas infrastructure in the West of the Netherlands

12 Group Growth Segment Energy 12 Issue: Connect consumers in the South of Germany with renewable power plants in the North Our role: Perform risk analyses and carry out environmental planning for 100 s of high-voltage energy lines VDE I FNN/Übertragungsnetzbetreiber Main clients: Amprion and Westnetz

13 Group Growth Segment Water 13 Issue: Inhabitants of North Jakarta need protection from water flooding Our role: Draft a master plan that offers long-term solution to flooding

14 John Sturrock Group Growth Segment Sustainable Buildings Grontmij awarded BREEAM Assessor Company of the Year John Sturrock Issue: Clients want to reduce energy consumption in new and existing buildings, aiming for buildings with high indoor-comfort and low exploitation-costs across the life cycle

15 Group Growth Segments Q Process update per country and segment 15 Energy Water Highways & Roads Light Rail Sustainable Buildings NL DK SE BE FR UK GE PL TU CH Total On target Below target, expected to reach target Below target, expected to stay below target

16 Order book development per Q Netherlands Denmark Sweden Belgium Trend (6 months) Increasing Declining Declining Stable Comments T&M increasing, P&D and W&E stabilising Some recovery experienced in last months Ramping up of large projects, but good market opportunities in coming months High in all business lines France Stable Slight recovery in Buildings UK Declining W&E impacted by AMP6 tendering Germany Other countries Increasing Stable High in all business lines Increasing in Turkey and China, decreasing in Poland

17 Contents 17 Strategy and business update Michiel Jaski Financial results Q Frits Vervoort

18 Key financials Q million, unless otherw ise indicated Q Q % change % organic grow th Total revenue % -1.8% Net revenue % 0.4% EBITA % 89.0% Exceptional items EBITA excluding exceptional items % 165.9% Net result from continuing operations Net result from discontinued operations Net result EBITA margin 2.1% 1.0% EBITA margin excluding exceptional items 3.8% 1.3% # employees (average FTE) 6,791 7, % Special items ( millions) Q Q Net result from continuing operations Interest rate sw ap (charge in Q1 2014) 1.1 Income tax (benefit in Q1 2013) Total revenues 186.6m (Q1 2013: 192.0), with organic decline of 1.8%; net revenue stable with modest organic growth of 0.4% EBITA excl. exceptional items improved to 7.0m (Q m), also impacted by strong performance in Sweden EBITA excl. exceptional items margin improved from 1.3% in Q to 3.8% this year Exceptional items are higher than last year, relating to the additional cost saving programme

19 EBITA excluding exceptional items bridge Q versus Q EBITA excl bridge per country EBITA excl bridge P&L items Q1 13 SE DK BE Other countries Q1 14 Q1 13 NR Direct costs* Indirect costs* Other Q1 14 * Adjusted for 2.0 million reclassification of expenses between direct and indirect costs

20 Key balance sheet items Q Trade working capital TWC increased to 137.8m (Q1 2013: 130.8m) TWC as % of total revenue increased to 18.2% at the end of Q (Q1 2013: 16.8%), due to higher WIP and lower payables Net debt Total net debt of 63.6m (FY 2013: 54.1m) Main movements equity issue ( 20.5m) and seasonal increase of TWC requirements Financial covenants Net debt/ebitda ratio was 2.0x per end Q (covenant: <3.5x) Interest cover ratio per end Q was 4.2x (covenant: >2.5x)

21 Encouraging start of the year for Grontmij Highlights Q Total revenue shows modest decline, net revenue is stable compared to last year EBITA excluding exceptional items improved to 7.0 million (Q1 2013: 2.6 million), also impacted by a strong performance in Sweden Net debt at 63.6 million (FY 2013: 54.1 million), explained by the additional equity as part of the refinancing and the seasonal increase of trade working capital Review strategic options France: Grontmij will initiate a divestment process of the French activities, either as a whole or in parts

22 Disclaimer This presentation is being communicated only to persons who have professional experience in matters relating to investments and other persons should not rely on or act upon this presentation. By attending the meeting where this presentation is made, or by reading the slides, you agree to be bound by the following limitations. This presentation is being supplied to you solely for your information and use as of the date of today. The information may be subject to updating, completion, revision and amendment and such information may change materially. No representation or warranty, express, or implied is or will be made by Grontmij N.V. or any other person as to the accuracy, completeness or fairness of the information or opinions contained therein and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, neither Grontmij N.V., its associates, or any other person accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from the use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation includes statements that are forward-looking in nature. By their nature, forward-looking statements involve risks, uncertainties and assumptions because they relate to events and depend on circumstances that will occur in the future, many of which are beyond our control and are provisional only and for indicative, preliminary and illustrative purposes only. Actual results and developments and projected or targeted results may differ materially from those expressed in such statement and from historical trends, depending on a variety of factors. Such factors may cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. However we believe that the expectations reflected in such forward looking statements are based on reasonable assumptions. Grontmij N.V. expresses no view, estimate or assessment whatsoever on the likelihood that targets will be achieved. Grontmij N.V. reserves the right, but does not have any obligation, to amend or change projections, assumptions or targets if it deems it appropriate to do so. This presentation contains certain non-ifrs financial measures. These financial measures may differ from similarly titled measures used by other companies. This presentation contains information sourced from third parties about the markets in which the Company competes, including market growth, market size and market segment sizes. There is no guarantee that this information is accurate or complete and not misleading.

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