ARCADIS Shows Excellent Performance Despite Crisis

By Arcadis Nv, PRNE
Sunday, March 7, 2010

Net Income From Operations up 6% to EUR 74.3 Million; per Share to EUR 1.18

ARNHEM, The Netherlands, March 8, 2010 - ARCADIS (EURONEXT: ARCAD), the international design,
consulting, engineering and management services company, in 2009 again showed
an excellent performance despite the crisis. Net income from operations rose
6% to EUR 74.3 million. Per share this is EUR 1.18 against EUR 1.16 in 2008.
Gross revenues rose 3% to EUR 1.8 billion, partly due to the merger with
Malcolm Pirnie. Although gross revenues declined organically by 6%, the
margin was maintained above the target of 10%. Government investments kept
the infrastructure market at a good level, with growth softening due to
pressure in municipal markets. In the environmental market the margin target
was reached despite an organic revenue decline caused by reduced private
client spending. The crisis was felt most in the buildings market, especially
commercial properties, resulting in a strong revenue decline and lower
margins. Order intake in the second half of the year indicates a gradual
recovery in the environmental market and a bottoming out in buildings.
Effective working capital management pushed cash flow from operating
activities up to EUR 152 million.

It is proposed to keep the cash dividend unchanged at EUR 0.45 per share.
This represents a pay-out of 40% of net income from operations with 10% more
shares outstanding.

Through the merger in early July 2009 with Malcolm Pirnie (1,700
employees, gross revenue $392 million), active in water and environment, a
top 10 position was reached in the United States and in the global water
market. At year-end 2009, Bohemiaplan was acquired (70 employees, gross
revenue EUR 3.5 million) strengthening infrastructure in the Czech Republic.

CEO Harrie Noy said: "All of our people deserve compliments for the
excellent results that were achieved. Through a strong focus on clients and
markets with growth potential and strict cost management, we have been able
to cope well with the crisis until now. This is also attributable to our
strong market positions and balanced portfolio in terms of geographies,
clients and business lines. The merger with Malcolm Pirnie - the largest in
our history - was an important milestone. As of this year, Water is our
fourth business line which allows us to capitalize on the expected strong
growth in the global water market."

    Key figures

    Amounts in EUR million, unless otherwise noted

                                            Fourth quarter     Full year
                                           2009  2008 Change 2009 2008 Change

    Gross revenue                           484   485    0%  1,786 1,740  3%
    Net revenue                             322   312    3%  1,218 1,162  5%
    EBITA                                  35.5  44.6  -20%  121.6 131.8 -8%
    EBITA recurring 1)                     35.5  44.6  -20%  123.8 131.8 -6%
    Net income from operations 2)          23.5  22.2    6%   74.3  70.0  6%
    Ditto per share (in EUR) 2)            0.35  0.37   -4%   1.18  1.16  2%
    Average shares outstanding
    (in millions)                          66.4  60.2   10%   63.1  60.5  4%

1) Excluding effect share participation plan Lovinklaan Foundation; see
analysis below

2) Before amortization and non-operational items

Fourth quarter

In last year's fourth quarter, two energy projects were sold in Brazil.
Excluding the proceeds from that sale, gross revenues increased 2%. The
contribution from acquisitions - especially Malcolm Pirnie - was 13%. After a
positive currency effect in the first nine months of 2009, it was 4% negative
in the fourth quarter, especially because of a weaker dollar. The organic
revenue decline stabilized at 7%.

Excluding the proceeds from the sale of energy projects in 2008, net
revenues (revenues generated by own staff) rose 6%. The contribution from
acquisitions was 15%; the currency effect was 5% negative. The organic
decline of 4% is an improvement versus the previous quarter when it was still
6%.

In Brazil and the Netherlands some large contracts with significant
subcontracting were completed as a result of which gross revenues declined
more strongly than net revenues. The Netherlands, Poland, France and to a
lesser extent Germany showed organic growth. The strongest decline occurred
in England and with RTKL as a result of the poor real estate market. In the
American infrastructure and environmental market and in the Belgian market
for industrial services, activities also declined organically.

Last year's EBITA included a contribution from the sale of energy
projects of EUR 6.8 million. Excluding that effect, EBITA declined 5%.
Acquisitions delivered an increase of 10%; the currency effect was 3%
negative. The organic decline of 12% was mainly the result of the poor real
estate market and less profits from Belgium and Brazil. In the Netherlands,
the strong performance continued, while in England the effects of the
restructuring became visible. The contribution from the sale of carbon
credits in Brazil was EUR 0.1 million (2008: EUR 0.6 million). The
restructuring charges were EUR 0.2 million. The margin (EBITA as a percentage
of net revenues) came out at 11.0% (2008: 14.3% and excluding the sale of
energy projects 12.5%).

Financing charges were EUR 4.1 million. This is lower than the EUR 5.5
million
(excluding effects of derivatives) in 2008, due to lower market
interest rates, less working capital, and exchange rate differences on loans
in Brazil. The low tax rate of 24.7% was mainly the result of a tax benefit
on option costs and a tax credit in the United States.

Net income from operations rose 6% to EUR 23.5 million, compared to EUR
22.2 million
in 2008. That last amount included EUR 2.2 million from the sale
of energy projects. The profit increase was the result of a good contribution
from Malcolm Pirnie, lower financing charges and a lower tax rate.

Full year

Gross revenues increased 3%, net revenues 5%. The currency effect was 1%
positive, the contribution from acquisitions 8%. Organically, gross revenues
declined 6%. As a result of less outsourcing, the organic decline in our own
activities was limited to 4%.

The poor real estate market caused a strong decline in revenues in the
United Kingdom and with RTKL while as a result of reduced demand for
environmental services from private sector clients also in the United States
revenues declined organically. This was partly offset by growth in the
Netherlands
, Poland, France and Chile, especially in infrastructure.

EBITA includes EUR 2.2 million one-off costs for the share participation
program from the Lovinklaan Foundation (major shareholder in ARCADIS) which
have been earmarked as non-recurring. Recurring EBITA declined by 6% to EUR
123.8 million
(2008: EUR 131.8 million). Acquisitions contributed 8%; the
currency effect was 2%. Without the contribution from the sale of energy
projects in the fourth quarter of 2008 of EUR 6.8 million, EBITA declined
organically by EUR 14.2 million or 11%. Of this, EUR 3.1 million was caused
by a lower contribution from the sale of carbon credits due to slow
procedures and EUR 7.8 million by restructuring charges. The remaining
decline resulted from lower profits in the buildings market in the United
Kingdom
, the Middle East and RTKL, which was partly offset by a strong
performance in the Netherlands and solid results in the United States.

The margin (on a recurring basis) was 10.2% (2008: 11.3%). Corrected for
the sale of energy projects in 2008 and the reduced contribution from carbon
credits in 2009, the margin declined from 10.8% in 2008 to 10.4% in 2009. The
best performance was in infrastructure where the underlying margin improved
to 10.8% (2008: 10.1% excluding energy projects). Due to the impact of the
crisis, the margin in environment declined to 12.3% (2008: 13.7%) of which
0.8% was from fewer carbon credits, and in buildings to 6.0% (2008: 8.7%).

The unwinding of derivatives in early 2009 had a favorable effect on
financing charges of EUR 7.5 million. Excluding the effects of derivatives,
financing charges declined to EUR 11.1 million (2008: EUR 17.7 million). The
reasons were the same as mentioned for the fourth quarter. At 33.4% the tax
rate was lower than the 34.3% in 2008, especially as a result of the earlier
mentioned tax benefits which totaled EUR 2.0 million on an annual basis. The
contribution from associated companies was slightly higher. Minority interest
declined sharply due to a lower profit contribution from Brazil (where
ARCADIS holds 50.01% in ARCADIS Logos) as a result of fewer carbon credits,
no contribution from the sale of energy projects and less operational
profits.

Net income from operations rose 6% to EUR 74.3 million. The difference
with the 6% decline in recurring EBITA is the result of lower interest rates,
a lower tax rate and a lower minority interest.

Cash flow, investments and balance sheet

The cash flow from operational activities at EUR 152 million was very
high (2008: EUR 81 million), especially as a result of effective working
capital management. EUR 80 million was invested in acquisitions, of which EUR
5 million
was for after payments on earlier takeovers. The acquired goodwill
amounted to EUR 92 million and the identified intangible assets were EUR 10
million
. In addition, EUR 12 million was invested in associated companies and
other non-financial assets, predominantly for Brazilian energy projects.

Balance sheet total increased to EUR 1,315 million (2008: EUR 1,058
million
). Excluding Malcolm Pirnie (with higher working capital), working
capital as a percentage of gross revenues was 11.0% (2008: 11.2%). Despite
investments in acquisitions, net debt only increased slightly to EUR 174
million
(2008: EUR 171 million). Balance sheet ratios remained strong. The
ratio of net debt to EBITDA (according to bank covenants) was 1.0 (2008:
1.3), the interest coverage ratio was 10 (2008: 7). The first redemption of
long term debt is not until 2011.

Developments per business line

Figures noted below concern gross revenues for the full year 2009
compared to the same period last year, unless otherwise noted.

- Infrastructure

Gross revenues increased 19%. The currency effect was minus 1%. The
contribution from acquisitions of 14% mainly came from the water activities
of Malcolm Pirnie. Organic growth amounted to 6% for gross and 4% for net
revenues. The difference was caused by subcontracting in a large energy
project in Brazil that was completed in the fourth quarter. In Europe,
government investments created strong growth in the Netherlands, Belgium,
Poland and France. In the second half of the year, organic growth weakened
somewhat due to pressure in the U.S. municipal market while the impact of the
stimulus package was still limited. In Brazil and Chile, growth slowed as
private investments were reduced.

- Environment

Gross revenues declined by 2%. The currency effect was 2% and the
contribution from acquisitions 8% (LFR, SET and environmental activities from
Malcolm Pirnie). Organic decline was 12%, but in net revenues limited to 4%
due to less outsourcing. Private clients spent less on environmental work or
postponed projects as a result of the crisis. In the second half of the year
activities stabilized. In part this resulted from winning some large GRiP(R)
contracts in the United States with a total value of $200 million. In Europe,
revenues grew, mostly because of more work for governments. In Brazil,
revenues for industrial clients declined, while in Chile work for mining
companies generated growth.

- Buildings

Gross revenues were 14% lower, with a currency effect of 1%. Organic
decline was 14% in gross and 15% in net revenue. The commercial property
market was hard hit by the crisis with the largest impact for ARCADIS in
England and with RTKL, where activities strongly declined. Services for
industrial clients in Belgium also suffered from the recession, while in
facility management, growth occurred due to the focus on cost savings. RTKL
was successful in landing new projects in the Middle East and Asia, which
resulted in strong growth of backlog in the fourth quarter. Public sector
demand remained at good levels. In the United States, project management work
for schools and government buildings grew.

Outlook

The first signs of economic recovery are visible, especially in the
United States
. However, the recovery is still fragile and there is still
significant uncertainty as to when and to what extent this will influence the
different markets in which ARCADIS is active.

The infrastructure market is likely to remain robust in 2010 because
governments will continue to invest to stimulate recovery. In Europe,
multiyear investment programs provide a solid backlog. In the Netherlands,
this includes an upgrade in rail as well as road projects such as the A2
tunnel through Maastricht, in Poland it concerns trans-European connections,
while in Belgium and France large design-build projects are planned. In the
United States
, the stimulus package will start to have an effect in 2010.
Synergies with Malcolm Pirnie will create more work, also internationally.
Climate change drives demand for water management. In Brazil and Chile,
investments will increase again, in part due to large sports events.

In the environmental market regulation and sustainability provide a solid
basis. Clients use the recession to focus on their core business, while
outsourcing portfolios of contaminated sites for clean-up. In the United
States
, this led to a number of large contracts and higher backlog. ARCADIS
and Malcolm Pirnie have both been selected for global environmental programs
of the U.S. Army. Through vendor reduction and our advanced remediation
technology we can increase market share. In Europe we recently signed a
five-year contract for environmental services in 10 countries with ARCADIS as
the preferred supplier. Demand for consultancy on energy savings, carbon
footprint reduction and climate change grows.

The buildings market appears to be bottoming out. In the second half year
of 2009, contract cancellations strongly declined, while in the fourth
quarter, for the first time since the start of the crisis, backlog increased.
The commercial market stabilized at a low level, without expectations for a
recovery in the short term. RTKL will continue to offset declines in the U.S.
and European markets with projects in Asia and the Middle East. Demand from
the public sector, including schools and healthcare, will remain at a good
level, although the public debate about healthcare in the United States may
lead to a slowdown in projects. Facility management can grow further, because
it meets the demand for costs savings.

CEO Harrie Noy concludes: "Our backlog is healthy and compared to
year-end 2008, increased by approximately 5%. In infrastructure the strong
growth of recent years is softening, especially as a result of pressure in
the local government market. In environment, the good order intake indicates
a gradual market recovery with opportunities for growth. In buildings,
activities appear stable with possible recovery in the second half of 2010.
Because we have adjusted our capacity and some large projects with high
levels of subcontracting are completed, also in the coming quarters revenues
will decline organically. Maintaining margins remains a priority, by
absorbing price pressure through cost savings and a strong client-focused
approach. The integration with Malcolm Pirnie creates synergy opportunities
and as of 2011, operational benefits. We continue to look for acquisitions to
realize our strategic goals. Although the crisis also impacts our business,
themes like sustainability, climate change, urban renewal, mobility, water
and energy offer a lot of potential. Because of uncertainties about economic
recovery, it is too early to give a specific outlook for 2010."

About ARCADIS:

ARCADIS is an international company providing consultancy, design,
engineering and management services in infrastructure, environment and
buildings. We aim to enhance mobility, sustainability and quality of life by
creating balance in the built and natural environment. ARCADIS develops,
designs, implements, maintains and operates projects for companies and
governments. With 15,000 employees and EUR 1.8 billion in revenues, the
company has an extensive international network that is supported by strong
local market positions. Visit us on the internet at: www.arcadis.com

This press release has been drafted in the period between preparation and
approval of the annual accounts of ARCADIS NV. The figures in this press
release for the full year 2009 have been derived from the annual accounts of
ARCADIS NV which were not yet public at the moment this press release is
issued. These annual results were audited and the auditor has issued an
unqualified report. The annual accounts have not yet been adopted by the
General Meeting of Shareholders. The figures related to the fourth quarter
2009 in this press release are unaudited.

    ARCADIS NV

    CONDENSED CONSOLIDATED STATEMENT OF INCOME
    Amounts in EUR millions, unless      Fourth quarter          Full year
    otherwise stated
                                        2009    2008       2009        2008
    Gross revenue                       483.5   485.4       1,785.8   1,739.9
    Materials, services of third
    parties and subcontractors        (161.1) (173.1)       (568.2)   (578.0)
    Net revenue                         322.4   312.3       1,217.6   1,161.9
    Operational cost                  (281.2) (261.4)     (1.073.2) (1,008.7)
    Depreciation                        (6.6)   (6.3)        (24.5)    (23.3)
    Other income                          0.9       -           1.7       1.9
    EBITA                                35.5    44.6         121.6     131.8
    Amortization identifiable
    intangible assets                   (1.9)   (4.0)         (7.2)    (12.2)
    Operating income                     33.6    40.6         114.4     119.6
    Net finance expense                 (4.1)   (8.7)         (3.6)    (23.6)
    Income from associates                  -   (0.2)             -     (0.1)
    Profit before taxes                  29.5    31.7         110.8      95.9
    Income taxes                        (7.3)  (11.6)        (37.0)    (32.9)
    Profit for the period                22.2    20.1          73.8      63.0

    Attributable to:
    Net income (Equity holders of
    the Company)                         22.1    17.3          72.8      57.3
    Minority interest                     0.1     2.8           1.0       5.7
    Net income                           22.1    17.3          72.8      57.3
    Amortization identifiable
    intangible assets after taxes         1.1     2.5           4.5       8.1
    Lovinklaan employee share
    purchase plan                         0.3                   2.6       0.2
    Net effects of financial
    instruments                                   2.4         (5.6)       4.4
    Net income from operations           23.5    22.2          74.3      70.0
    Net income per share (in euros)      0.33    0.29          1.15      0.95
    Net income from operations per
    share (in euros)                     0.35    0.37          1.18      1.16
    Weighted average number of
    shares (in thousands)              66,354  60,197        63,097    60,519

    ARCADIS NV

    CONDENSED CONSOLIDATED BALANCE SHEET
    Amounts in EUR millions               December 31, 2009 December 31, 2008
    Assets
    Non-current assets
    Intangible assets                                 342.7             249.3
    Property, plant & equipment                        84.8              66.5
    Investments in associates                          26.2              15.7
    Other investments                                   0.2               0.2
    Other non-current assets                           19.8              14.8
    Derivatives                                         1.2               3.8
    Deferred tax assets                                18.0              12.2
    Total non-current assets                          492.9             362.5
    Current assets
    Inventories                                         0.5               0.8
    Derivatives                                         0.1               0.2
    (Un)billed receivables                            555.1             538.5
    Other current assets                               35.9              32.0
    Corporate tax assets                                6.2               6.5
    Cash and cash equivalents                         224.5             117.9
    Total current assets                              822.3             695.9
    Total assets                                    1,315.2           1,058.4

    Equity and Liabilities
    Shareholders' equity                              351.7             207.6
    Minority interest                                  16.8              12.3
    Total equity                                      368.5             219.9
    Non-current liabilities
    Provisions                                         28.4              26.7
    Deferred tax liabilities                           10.8               6.0
    Loans and borrowings                              342.1             266.8
    Derivatives                                         0.8              16.9
    Total non-current liabilities                     382.1             316.4
    Current liabilities
    Billing in excess of cost                         158.8             182.7
    Corporate tax liabilities                           7.4              18.7
    Current portion of loans and
    borrowings                                          5.6               4.9
    Current portion of provisions                       6.0               4.4
    Derivatives                                         2.7               0.1
    Accounts payable                                  128.9             133.2
    Accrued expenses                                   21.3              12.3
    Bankoverdrafts                                     12.0               6.2
    Short term borrowings                              14.9               3.6
    Other current liabilities                         207.0             156.0
    Total current liabilities                         564.6             522.1
    Total equity and liabilities                    1,315.2           1,058.4

    ARCADIS NV

    CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
    Amounts in                  Share     Share    Hedging   Cumulative
                               Capital   premium   Reserve   translation
                                                               reserve
    EUR millions  capital

    Balance at
    December 31,
    2007                          1.0    36.4                   (29.8)
    Profit for the period
    Exchange rate differences                                   (10.4)
    Taxes related to
    share-based compensation
    Other comprehensive
    income                                                      (10.4)
    Total comprehensive
    income for
    the period                                                  (10.4)
    Dividends to
    shareholders
    Stock split                   0.2    (0.2)
    Own shares purchased for
    granted options
    Share-based compensation
    Options exercised
    Expansion ownership
    Balance at December 31,
    2008                          1.2    36.2                   (40.2)

    Balance at December 31,
    2008                          1.2    36.2                   (40.2)
    Profit for the period
    Exchange rate
    differences                                                   11.8
    Effective portion of
    changes in fair value of
    cash flow hedges                                               0.1
    Taxes related to
    share-based compensation
    Other comprehensive
    income                                              0.1       11.8
    Total comprehensive
    income for the period                               0.1       11.8
    Dividends to
    shareholders
    Share-based
    compensation
    Additional
    paid in capital                                     0.1       70.6
    Options exercised
    Balance at December 31,
    2009                          1.3   106.8           0.1     (28.4)

    - TABLE CONTINUED - 

                                   Retained       Total      Minority  Total
                                   earnings    shareholders' interest equity
    Amounts in EUR millions                      equity

    Balance at December 31, 2007      180.1      187.7        11.5  199.2
    Profit for the period              57.3       57.3         5.7   63.0
    Exchange rate differences                   (10.4)       (2.8) (13.2)
    Taxes related to share-based
    compensation                      (0.7)      (0.7)              (0.7)
    Other comprehensive income        (0.7)     (11.1)       (2.8) (13.9)
    Total comprehensive income
    for the period                     56.6       46.2         2.9   49.1
    Dividends to shareholders        (24.8)     (24.8)       (1.2) (26.0)
    Stock split                                      -                  -
    Own shares purchased for
    granted options                   (9.1)      (9.1)              (9.1)
    Share-based compensation            6.0        6.0                6.0
    Options exercised                   1.6        1.6                1.6
    Expansion ownership                                      (0.9)  (0.9)
    Balance at December 31, 2008      210.4      207.6        12.3  219.9

    Balance at December 31, 2008      210.4      207.6        12.3  219.9
    Profit for the period              72.8       72.8         1.0   73.8
    Exchange rate differences                     11.8         3.7   15.5
    Effective portion of changes
    in fair value of cash flow
    hedges                                         0.1                0.1
    Taxes related to share-based
    compensation                        3.1        3.1                3.1
    Other comprehensive income          3.1       15.0         3.7   18.7
    Total comprehensive income
    for the period                     75.9       87.8         4.7   92.5
    Dividends to shareholders        (27.1)     (27.1)       (0.2) (27.3)
    Share-based compensation            9.3        9.3                9.3
    Additional paid in capital                    70.7               70.7
    Options exercised                   3.4        3.4                3.4
    Balance at December 31, 2009      271.9      351.7        16.8  368.5

    ARCADIS NV

    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    Amounts in EUR millions                                 Full year
                                                          2009    2008
    Cash flow from operating activities
    Profit for the period                                   73.8    63.0
    Adjustments for:
    Depreciation and amortization                           31.7    35.5
    Taxes on income                                         37.0    32.9
    Net finance expense                                      3.6    23.6
    Income from associates                                     -     0.1
                                                           146.1   155.1
    Share-based compensation                                 9.3     6.0
    Sale of activities and assets, net of cost             (1.9)   (1.0)
    Change in fair value of derivatives                        -
    Change in working capital                               51.3  (18.3)
    Change in deferred taxes and provisions                  5.9   (7.6)
    Dividend received                                        0.3     0.5
    Corporate tax paid                                    (45.7)  (38.7)
    Interest received                                        3.4     6.3
    Interest paid                                         (16.2)  (21.8)
    Net cash from operating activities                     152.5    80.5

    Cash flow from investing activities
    Net change in (in)tangible fixed assets               (24.4)  (26.6)
    Acquisitions/divestments of consolidated companies    (78.5)  (73.2)
    Net change in associates and other investments         (6.4)     0.4
    Net change in other non-current assets                 (3.0)   (0.9)
    Net cash used in investing activities                (112.3) (100.3)

    Cash flow from financing activities
    Proceeds from options exercised                          3.4     1.6
    Proceeds from issue of shares                            5.8
    Purchase own shares                                            (9.1)
    Change in borrowings                                    77.7    93.9
    Dividends paid                                        (27.3)  (26.0)
    Net cash from financing activities                      59.6    60.4

    Net change in cash and cash equivalents less bank
    overdrafts                                              99.8    40.6
    Exchange rate differences                                1.0   (0.6)
    Cash and cash equivalents less bank overdrafts at
    January 1                                              111.7    71.7
    Cash and cash equivalents less bank overdrafts at      212.5   111.7
    December 31

    ATTACHMENT TO PRESS RELEASE ANNUAL RESULTS 2009 OF ARCADIS NV

    Geographical information
    Amounts in EUR millions or %

    Gross revenue (1)
                         2009  2008
    Netherlands           423   404
    Other European        331   378
    countries
    United States         868   791
    Rest of world         164   167
    Total               1,786 1,740

    Geographic mix (gross revenue)
                         2009 2008
    Netherlands           24%  23%
    Other European        18%  22%
    countries
    United States         49%  45%
    Rest of world          9%  10%
    Total                100% 100%

    1) Based on origin of production

    EBITA, recurring (1,2)
                         2009  2008
    Netherlands          31.6  24.5
    Other European       16.2  28.3
    countries
    United States        68.4  56.0
    Rest of world         7.6  23.0
    Total               123.8 131.8

    Margin, recurring
                         2009  2008
    Netherlands         11.0%  8.9%
    Other European       6.0%  9.5%
    countries
    United States       11.8% 11.3%
    Rest of world        9.6% 25.0%
    Total               10.2% 11.3%

    1) Based on origin of production
    2) After allocation of corporate costs

    Information about business lines

    Gross revenue
                     2009  2008
    Infrastructure    766   646
    Environment       632   643
    Buildings         388   451
    Total           1,786 1,740

    Activity mix (gross revenue)
                     2009 2008
    Infrastructure    43%  37%
    Environment       35%  37%
    Buildings         22%  26%
    Total            100% 100%

    Margin, recurring
                     2009  2008
    Infrastructure  10.8% 11.4%
    Environment     12.3% 13.7%
    Buildings        6.0%  8.7%
    Total           10.2% 11.3%

PRN NLD

For more information please contact: Joost Slooten of ARCADIS at +31-26-3778604 or outside office hours at +31-6-27061880, or e-mail at joost.slooten at arcadis.com.

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