1. Annual Results 2008 Harrie Noy, Chief Executive Officer
September 21, 2018
Annual Results 2008
Harrie Noy, Chief Executive Officer

2. Another record year for ARCADIS
Net income from operations +12% to € 70 million
Gross revenue 15% higher at € 1.7 billion
Organic growth 6%
Margin improved to 11.3% (2007: 10.5%)
All three business lines contribute to growth of revenue and profit
Dividend proposal € 0.45 per share (+10%)
Short term outlook is mixed; longer term positive
Fine results by timely anticipating on a more difficult market

3. Income Q4 2008 € 22.2 million Gross revenue Net revenue EBITA
September 21, 2018
Income Q € 22.2 million
Gross revenue
Net revenue
EBITA
EBITA recurring
Income1)
EPS1,2)
2008
485
312
44.6
22.2
0.37
2007
422
271
32.7
31.4
19.2
0.31
_  _
15%
36%
42%
16%
17%
Currency effect +2 to 3% from increase US$
Q407 EBITA recurring adjusted for book gain from sale of real estate in France
1) Net income from operations before amortization and non-operational items
2) In 2008 based on 60.2 million shares outstanding (2007: 60.7 million)

4. Important developments in Q4
High organic growth in Central Europe, Brazil, Chile
Sale energy projects sale spikes revenue and profit in Brazil
Growth U.S. to 7% from strong increase infrastructure and improvement in environment
RTKL made good contribution, but order intake is decreasing
Clear decline in U.K. (commercial) property market
Dutch municipal market weaker, but project management and consultancy are doing well

5. Hydro power plants Brazil has portfolio of hydro power plants
Plays role as developer, engineer and shareholder
As soon as operational: sale
Two small hydro plants sold Q4 (50 Mw)
EBITA contribution € 6.8 million
Net income effect € 2.2 million

6. Locations energy projectsAM RR AP PA RO AC MT TO MA PI CE RN PB PE AL SE BA DF GO SP PR SC RS RJ ES
55º 0º
Manaus
Belém
Florianópolis
Curitiba
São Paulo
Rio de Janeiro
Belo Horizonte
Brasília
.Fortaleza
.Porto Alegre MS MG
Cuiabá
.Campo Grande
Different stages of development
50 Mw in operation (sold)
82 Mw under construction
165 Mw final development stage
194 Mw initial stage
350 Mw selection stage

7. Solid performance in Q4
Organic growth 6%; excluding sale energy projects 3 – 4%
Recurring EBITA organic rises 28%, excluding sale energy projects 6%
Contribution from sale carbon credits Brazil € 0.6 million (2007: - € 0.1 million)
Margin rose to 12.5% (2007: 11.6%), excluding sale energy projects

8. Income FY 2008 € 70.0 million Gross revenue Net revenue EBITA
September 21, 2018
Income FY € 70.0 million
Gross revenue
Net revenue
EBITA
EBITA recurring
Income1)
EPS1,2)
2008
1,740
1,162
131.8
70.0
1.16
2007
1,510
1,004
107.2
105.9
62.3
1.02
_  _
15%
16%
23%
25%
12%
13%
Currency effect -3% from decline US$ and GBP
Q407 EBITA recurring adjusted for book gain from sale of real estate in France
1) Net income from operations before amortization and non-operational items
2) In 2008 based on 60.5 million shares outstanding (2007: 61.0 million)

9. Main developments 2008 Organic growth 6%, close to target (7.5%)
More growth in NL, Central Europe, South America and RTKL
In U.S. organic growth 4%, softening in H2
Revenue decline in U.K. property market
Good contribution acquisitions, especially RTKL and LFR
Infrastructure - strong across the board, good margin gains
Environment - slight margin increase but weaker growth in H2
Buildings - organic growth at good level, margin under pressure

10. Almost all financial goals achieved
Gross revenue
Organic growth
Margin
Growth EPS
ROIC
Goal
15%
7.5%
>10%
Achieved
18% 6%
11.3%
17%
18.1%
*) Ex. currency effect

11. Organic growth

12. Stronger through acquisitions
Activity
Environment
Water
Rail
Infrastructure
Engineering
Total
Country
U.S.
Netherlands
Poland
Belgium
Italy
Rumania
Name
LFR
Meander
Elekol
VDS
SET
TGH
Revenue 80 1 3 4 9
100
People
480 7 40 35 65
662
Consolidated Feb. 2008
Apr. 2008
Mei 2008
Jul. 2008

13. EBITA recurring In € million
Compounded annual growth rate : 30%
Change
Ex. currency
+9%
+12%
+47%
+44%
+38%
+34%
+38%
+25%
+28%

14. EBITA increases by 25% (recurring)
In € million
105.9
-3%
14% 6% 8%
131.8

15. Some financial details
Contribution carbon credits to EBITA € 3.5 million (2007: € 2.6 million)
Financing charges rose through growth, higher interest rates and currency differences on Brazilian loans
Effect from derivatives on financing charges: € 5.9 million
Derivatives unwound in January ’09; book gain: € 7.5 million in Q109
Tax rate higher due to geographical shifts
Minority interest rises from energy project sale in Brazil

16. Net income from operations and EPS
In € million
In €
1,60
1,40
1,20
1,00
1.16
0,80
Before amortization and non-operational items
1.02
0,60
0.82
0,40
0.55
0.39
0,20
0,00
Compounded annual growth rate : 25%
Change
Ex.currency
+6%
+9%
+40%
+38%
+50%
+51%
+25%
+29%
+12%
+15%
Earnings per share (in €)

17. Cash flow remains at a good level
In € million

18. Balance sheet and return
Working capital as % of gross revenue to 11.2% (2007: 11.9%)
Net debt € 184 million (2007: € 155 million)
First redemption long term debt in 2011
1, 2
Invested capital: shareholders equity + net interest baring debt
1 basis: average quarterly balance sheets
2 based on net income from operations

19. Business lines
INFRASTRUCTURE
ENVIRONMENT
BUILDINGS

20. Growth in all Business Lines
( ) = organic
In € million

21. Infrastructure Full year 2008: +4% organic: +6%; acquisitions: 0%; currency: -2%
Negative effect decline land development U.S.
Contribution sale energy projects Brazil
Dutch market solid with growth in rail, roads and water
Strong growth in Central Europe
Favorable market in Brazil and Chile
Growth acceleration in U.S. water market from New Orleans contract: $70 million task orders
Development high speed rail Germany

22. Environment Full year 2008: +19% organic: +8%; acquisitions: +17%; currency: -6%
Organic growth softened in the second half year
Impact crisis on firms, mainly in U.S.
Organic net revenue growth in H2 3 to 4%
Europe and Brazil organic at good level
Due diligence reduced, REACH increased
Interest in GRiP® grows; in U.S. for $74 million in new work
Wetlands recovery project United States

23. Buildings Full year 2008: +28% organic: +5%; acquisitions: +26%; currency: -3%
Organic growth in Belgium, Germany, France and Dutch project management / consultancy
RTKL strong in non-commercial, international
U.K. revenue decline due to poor property market
Compensation in infrastructure, Middle East
Facility management: extension Philips contract and Van Lanschot new customer
Facility management,
Van Lanschot, the Netherlands

24. Again a margin increase
2005
2005
2006
2007
2008
Effect sale energy projects

25. Regional developments
Netherlands
Europe excluding the Netherlands
United States
Rest of world

26. Regional revenue growth
( ) = organic
In € million

27. Regional EBITA & margin
In € million

28. Geographical mix
2007
2008

29. Outlook

30. Outlook per Business Line
Infrastructure – solid market
Government programs in U.S. and Europe to stimulate the economy
Long term investments, e.g. Central Europe, Dutch rail
Climate change and New Orleans good for water market
Strong growth in South America may soften
Environment – healthy foundation from regulation and sustainability
Environmental clean-up takes years, often based on regulation
Focus on markets with demand: oil & gas, utilities
Cost effective technology, vendor reduction, outsourcing > market share
Interest in GRiP® growing, in U.S. and Europe
Buildings – take opportunities through focus
Focus RTKL on non commercial U.S. and international
Project management U.K.: focus on infrastructure and Middle East
Opportunities in schools, hospitals etc, also from stimulus money
Demand for facility management increases

31. Outlook 2009 ARCADIS Building Global Leadership
Backlog is healthy and grew slightly in 2008
Stimulus packages good for all three business lines
Focus on cost savings, sales and preserving margins
Acquisitions remain on the agenda
Short term outlook is mixed, but…
Sustainability, climate change, urban renewal, mobility and energy offer good long term perspective
Given uncertain market no tangible outlook for 2009
ARCADIS Building Global Leadership

32. Some great projects

33. European and Dutch coastal management projects in part related to climate change

34. High speed rail projects and mobility improvements in many European countries

35. Upgrade of Rotterdam metro safety system and build-out of other light rail networks in Europe

36. Environmental remediation projects for the largest petroleum producer in Poland

37. Assisting the development of sustainable energy sources both off-shore and on land.

38. Forum Duisburg, Germany, project management.
Green building with BREEAM certificate.

39. US Capitol Visitor Center Washington, DC Architecture
September 21, 2018
US Capitol Visitor Center
Washington, DC Architecture

40. LA Live Urban Revitalization, Los Angeles, CA Urban Design
September 21, 2018
LA Live Urban Revitalization,
Los Angeles, CA Urban Design

41. Dubai, UAE Architecture
September 21, 2018
Forum Duisburg, Germany, project management.
Green building with BREEAM certificate.
Mirdif City Center,
Dubai, UAE Architecture

42. September 21, 2018
Sandton City,
Johannesburg, RSA
Architecture

43. Southwest Medical Center Dallas, TX Architecture
September 21, 2018
University of Texas
Southwest Medical Center
Dallas, TX Architecture

44. Imagine the result