ARCADIS CONTINUES SOLID PERFORMANCE IN 2011 - Seite 3

minus 1 share, resulting in deconsolidation of these activities per year-end
2011. Reassessment of the fair value of the projects, resulted - after deduction
of operational losses - in a profit contribution of EUR3.4 million.

EBITA amounted to EUR36.9 million. This included EUR4.8 million of merger costs for
EC Harris, which have been classified[2]()) as non-recurring. Excluding these
costs, recurring EBITA rose 5% to EUR41.7 million. The currency effect was nil.
The contribution from acquisitions and divestments on balance was 7%, and mainly
came through EC Harris. Recurring EBITA included the following special items:

-        the aforementioned profit contribution from Brazilian energy projects
of EUR3.4 million;

-        a contribution from carbon credits from Brazil of  EUR0.3 million (2010:
EUR1.8 million);

-        reorganization- and integration costs of EUR2.1 million (2010: EUR2.0
million).

Taking these effects into account EBITA declined organically by 6%. A strong
profit recovery in the UK, and higher profits especially from Brazil and Asia,
were insufficient to offset lower results in Europe and losses in Poland.

The margin (recurring EBITA as a percentage of net revenues) reached 10.4%
(2010: 11.3%). Cleaned for the effects of energy projects, carbon credits and
reorganization charges, the operational margin was 10.0% versus 11.5% in 2010.

At EUR5.0 million, financing charges were slightly above last year (EUR4.6 million).
The tax rate of 31.1% was higher than last year (25.4%), due to a charge of EUR2.7
million related to staff share options in the US. Net income from operations
increased 12% to EUR26.4 million. This is clearly more than the increase in EBITA,
due to the acquisition of the remaining interest in ARCADIS Logos in Brazil.

Full year

Gross revenues rose 1%. The currency effect was 3% negative, and the
contribution from acquisitions and divestments on balance was 1% positive.
Organically, gross revenues increased 2% (excluding the contribution from the
sale of energy projects in Brazil).

Net revenues rose 5%. The currency effect was minus 3%. The contribution from
acquisitions and divestments of 4% mainly came from EC Harris and Rise, partly
offset by the sale of AAFM. Excluding the contribution from the sale of energy
projects, organic growth was 3%. This came from South America, Asia and the US
environmental market. In Europe, France and Germany contributed to growth, while
in the second half of the year the UK recovered. As a result of lower government
spending, activities declined in the US water market, in the Netherlands,