• Total Revenue +29% € 807 million (2010: € 627 million)
• Operating profit -10.8% € 20.6 million (2010 : € 23.1 million)
• Underlying EBITA +1.4% € 28.1 million (2010: € 27.7 million)
• Telecoms divested, circa € 30 million deleverage in Q4
• Nine months Profit after tax € 3.2m (2010: € 9.2 million):
  • Revaluation of non-core assets in the Netherlands € (2.7) million
• Outlook FY2011:
  • Underlying EBITA circa € 40 million - worsening of result in the Netherlands and UK, planning for further restructuring
    
    

Sylvo Thijsen, CEO Grontmij N.V.:

‘Despite the good development in most Business Lines and Regions and our overall satisfactory order book we continued to experience difficult trading conditions in several markets of which the most important are the Netherlands and the UK.

In the Netherlands, utilization deteriorated further after the holiday period against indications from the current order book and pipeline. There was a particular sharp drop in the local market due to postponed, delayed and even cancelled orders. Management has taken and will take further actions to adjust resources and is planning to adjust the organisation towards a less decentralised set-up of the office space. In the next few years, Grontmij in the Netherlands will reduce the number of offices from 22 to 8.

Furthermore, in light of the current economic conditions and developments, we re-assessed the value of our non-core real estate assets in the Netherlands, resulting in a downward re-valuation of € (2.7)m.

We reached agreement to sell the French Telecoms division, and concluded the transaction during October, with cash proceeds in excess of circa € 30m helping to deleverage the balance sheet during Q4.

Due to the ongoing general economic and financial uncertainty in Europe and especially the deteriorating local markets in the Netherlands and the UK, we expect the 2011 full year underlying EBITA to be circa € 40m (2010: € 46.5m). As a consequence of further measures that we need to take in the fourth quarter, we take into account in our FY forecast that our year end net after tax profit will appear to be insufficient to cover a dividend payment for 2011.’

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Grontmij first nine months 2011: operating profit in the Netherlands drops by more than 50%.

Grontmij eerste negen maanden 2011: operationele winst in Nederland daalt met meer dan 50%.