ARCADIS CONTINUES SOLID PERFORMANCE IN 2011 - Seite 2

capitalize even more on the growth opportunities in markets which are important
to us."

Key figures

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Fourth quarter Full year
Amounts in EUR millions unless otherwise noted
2011 2010 D 2011 2010 D
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Gross revenues 576 540 7% 2,017 2,003 1%

Net revenues 402 350 15% 1,443 1,375 5%

EBITA 36.9 39.7 -7% 144.4 135.9 6%

EBITA recurring( 1))() 41.7 39.7 5% 141.8 135.9 4%

Net income 20.6 22.6 -9% 79.5 73.9 8%

Ditto per share (in EUR) 0.30 0.34 -12% 1.20 1.12 7%

Net income from operations (2)) 26.4 23.7 12% 81.6 78.4 4%

Ditto per share (in EUR) (2)) 0.39 0.36 8% 1.23 1.19 3%

Average of shares outstanding (in mln)(3)) 68.1 65.9 3% 66.5 66.1 1%
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1)  Excluding EUR7.4 million profit on the sale of 50% in AAFM and EUR4.8 million
merger cost EC Harris
2)  Before amortization and non-operational items (profit sale AAFM, one-off
financing charges, cost Lovinklaan and merger cost EC Harris)
3)  The number of shares outstanding at year-end 2011 rose to 69.3 million
(2010: 66.1 million), especially due to the issuance of 4.16 million shares for
expansion of our Brazilian interests and merger EC Harris

Fourth quarter

In the fourth quarter, gross revenues rose 7%, mainly as a result of the merger
- in early November - with EC Harris. This merger and the acquisition of US-
based Rise (in the fourth quarter 2010) on the one hand and the sale of
AAFM[1]()) on the other hand, on balance had a positive effect on gross revenues
of 8%. The currency effect was nil. Organically gross revenues declined 1%.

Net revenues rose 15%, mainly as a result of the EC Harris merger. The
contribution from acquisitions and divestments on balance was 13%, the currency
effect nil. Organic growth came to 2%. In the US, growth in the environmental
market was offset by the decline in the water market. In South America and Asia,
growth remained at a high level, while in Europe, activities in France and
Germany increased. In the UK increased private sector spending fuelled a strong
recovery. In Poland revenues declined sharply due to the stoppage of projects.

In Brazil, our strategy is focused on consulting and engineering work. The
stakes we have in self-developed energy projects (hydropower plants and biogas
installations), which are included in a separate legal entity, are being sold.
Per year-end 2011, the ARCADIS interest in this entity has been reduced to 50%