Arcadis NV — Earnings Release 2010

Mar 7, 2011

PRESS RELEASE

ARCADIS PROFIT INCREASES; SALES ABOVE € 2 BILLION

• Net income from operations rises 6%; gross revenues 12% higher
• Return to organic growth; 5% in fourth quarter
• Growth comes from U.S. environmental market, South America and Asia
• Margin remains at target level of 10%, despite weaker markets in Europe
• Dividend proposal is an increase to € 0.47 per share, versus € 0.45 last year
• Outlook 2011 cautiously positive

March 7, 2011 – ARCADIS (NYSE EURONEXT: ARCAD), the international consultancy, design, engineering and management services company, in 2010 again realized revenue and profit growth despite the severe downturn. Gross revenues rose 12% to € 2,003 million, also because of the merger with Malcolm Pirnie and a weaker euro against other currencies relevant to ARCADIS. Annual organic revenue growth was flat, but in the course of the year economic recovery fostered the return of organic growth. In all business lines activities grew organically, except in buildings. Net income from operations rose 6% to € 78.4 million. Per share this is € 1.19 against € 1.18 in 2009. This good result is attributable to improvement of the U.S. environmental market, expansion of activities in Asia and favorable market conditions in South America, partly offset by lesser results in Europe due to pressure on government budgets.

It is proposed to increase the dividend (in cash) to € 0.47 per share (2009: € 0.45). This reflects a distribution of 40% of net income from operations .

In the fourth quarter two acquisitions were completed, both in the buildings business line. In Germany GFÖB was acquired with 15 employees, specialized in sustainability of buildings. The acquisition of Rise International in the U.S., with 180 people active in project and program management, strengthens our position in these high level services and provides a solid basis for further expansion to the U.S. private sector.

CEO Harrie Noy commented: "Thanks to acceleration of organic growth to 5% during the fourth quarter, we crossed the revenue threshold of € 2 billion, exactly five years after passing the € 1 billion milestone. Although ARCADIS was also affected by the crisis, revenues and profits grew every year, while the margin stayed at a good level. This strong performance can be allotted to a well diversified portfolio of activities, a consistent focus on services higher in the value chain, successful acquisitions, strict cost controls and above all the entrepreneurship and commitment of our people. Because of their client focus, mutual cooperation and internal synergies our market share is growing."

ARCADIS NV Gustav Mahlerplein 97-103 P.O. Box 7895 1008 AB Amsterdam The Netherlands Tel +31 20 2011 011 www.arcadis.com

Key figures

	Fourth quarter			Full year
Amounts in millions unless otherwise noted	2010	2009	∆	2010	2009	∆
Gross revenue	540	484	12%	2,003	1,786	12%
Net revenue	350	322	9%	1,375	1,218	13%
EBITA	39.7	35.5	12%	135.9	121.6	12%
EBITA recurring 1)	39.7	35.5	12%	135.9	123.8	10%
Net income from operations 2)	23.7	23.5	1%	78.4	74.3	6%
Ditto, per share (in €) 2)	0.36	0.35	2%	1.19	1.18	1%
Avg. number of outstanding shares (mln)	65.9	66.4	-1%	66.1	63.1	5%

1) Excluding one-off effect of € 2.2 million in 2009 of share participation plan Lovinklaan Foundation

2) Before amortization and non-operational items

Fourth quarter

Gross revenue rose 12%, net revenue (revenues generated by own staff) 9%. The currency effect was 6%, the contribution from acquisitions limited. Organically, gross revenue grew 5%, net revenue 3%. The difference was caused by the start of large environmental projects in America with substantial subcontracting. This more than offset the decline in infrastructure caused by the early start of the winter and the completion of a number of projects with considerable subcontracting in the fourth quarter of 2009.

The organic growth mainly came from North and South America. In the United States, demand for environmental services from the private sector increased, while large remediation projects that were won earlier, entered execution. In Brazil and Chile investments in mining and energy generated growth. In most European countries (including the Netherlands) revenues declined, especially due to reduced demand in local markets and in Poland due to delays in large road projects. In Germany, the strong economic recovery triggered growth, while in Belgium services to industrial customers increased.

EBITA rose 12% to € 39.7 million. The currency effect was 8%. On balance, acquisitions and divestment had a negative impact of 3%, caused by the divestment of infrastructure activities in Germany at the end of 2009. The organic increase of 7% resulted in part from the restart of the sale of carbon credits in Brazil, bringing in € 1.8 million (2009: € 0.1 million). Excluding carbon credits EBITA rose organically by 3%. Reorganization charges totaled € 2.0 million (2009: € 0.2 million). The margin (EBITA as percentage of net revenue) came out to 11.3%, and excluding the impact of carbon credits 10.9%. (2009: 11.0%).

At € 4.6 million, financing charges were slightly higher than last year (€ 4.1 million), especially due to currency effects and higher interest charges in Brazil. The low tax rate of 25.4%, was as last year (24.7%) partially the result of a tax credit on option costs. Net income from operations amounted to € 23.7 million, an increase of 1%. This is less than the increase

of EBITA especially because more profit came from Brazil, where ARCADIS has a 50.01% share.

Full year

Gross revenue increased 12%, net revenue 13%. The currency effect was 4%, the contribution from acquisitions (especially Malcolm Pirnie) 8 – 9%. On an annual basis organic growth was flat. After a strong organic revenue decline in 2009, the second half of 2010 saw a recovery with return to organic growth. This mainly came from the environmental market in the U.S. and from Brazil and Chile. RTKL also recovered strongly with growth in the second half year through an increase of work from Asia and the Middle East. In Europe revenues declined in all countries with the exception of Germany, mainly due to reduced local market demand.

Recurring EBITA rose by 10% to € 135.9 million. The currency effect was 5%. The contribution from acquisitions on balance was 5%, whereby the increase of 8% from Malcolm Pirnie was offset by acquisition costs and lower income from divestments. In EBITA the following special elements were included:

• − Losses on an energy project in Brazil which were partially offset by sales proceeds, leaving a remaining loss of on balance € 3.2 million.
• − Proceeds from the sale of carbon credits in Brazil amounting to € 1.9 million (2009: € 0.4 million).

Taking these effects into account, EBITA rose organically by 1%, in part due to lower reorganization charges (2010: € 6.8 million versus 2009: € 7.8 million). Against improved profitability in the United States, Brazil and at RTKL stood lower profits from most European countries due to revenue declines and price pressure.

The margin was 9.9% (2009: 10.2% on a recurring basis). Corrected for the effect of Brazilian energy projects and the contribution from carbon credits the margin was 10.0%, in line with our target. This is a good result given the strong competition and price pressure in many markets. In infrastructure and environment margins were maintained at a good level. In infrastructure the margin was 10.2% and corrected for the energy projects 11.1% (2009: 11.7%), in environment 12.3% and without carbon credits 11.9% (2009: 12.3%). The margin in water declined to 7.2% (2009: 8.9%) mainly due to project losses in the Netherlands and Brazil. In buildings the restructuring and the recovery at RTKL yielded results; the margin improved to 8.2% (2009: 6.0%).

Financing charges came out to € 18.3 million, against € 11.1 million in 2009 (excluding a gain of € 7.5 million from the sale of derivatives), an increase that was caused by acquisitions, a higher exchange rate for the dollar and higher interest charges in Brazil. The tax rate was 31.1% (2009: 33.4% ). The contribution from associated companies rose slightly, while minority interest was up sharply due to more profit from Brazil.

Net income from operations rose 6% to € 78.4 million. The increase lagged that of EBITA due to higher financing charges and a larger minority interest.

Cash flow, investments and balance sheet

At € 92 million, cash flow from operating activities was at a good level, but below the € 152 million in 2009 when working capital was reduced in part due to a contraction in activities, while in the fourth quarter of 2010 more working capital was needed for growth. Investments of € 16.4 million were made in acquisitions, € 23.8 million was paid in after-payments for earlier acquisitions. Another € 10.4 million was invested in associated companies and other non-financial assets, especially Brazilian energy projects.

Balance sheet total rose to € 1,425 million (2009: € 1,315 million) mainly due to currency effects and acquisitions. As a percentage of gross revenue working capital was 13.0%, similar to 2009. Net debt rose to € 207 million (2009: € 174 million) of which € 24 million due to currency effects. Balance sheet ratios remained strong. Net debt to EBITDA (according to bank covenants) was 1.4 (2009: 1.0), the interest coverage ratio was 7 (2009: 10).

Developments by business line

Figures noted below concern gross revenues for the full year 2010 compared to the same period last year, unless otherwise noted. As of 2010, Water is a separate business line, whereas previously this was part of Infrastructure.

• Infrastructure (26% of gross revenue)

Gross revenue rose 2%. The currency effect was 5%. Organically gross revenue declined 4%, but net revenue rose 3%. The difference resulted from a strong decline in subcontracting in Brazil (completion large energy project end 2009) and in the Netherlands (effect severe winter). The growth mainly came from Brazil and Chile, driven by investments in mining and energy. Although in Europe lower spending of local governments is causing revenue pressure, activities in the Netherlands and the Czech Republic grew. After a decline earlier in the year, revenue in the U.S. seems to stabilize.

• Water (19% of gross revenue)

Gross revenue increased 44%, largely due to the merger with Malcolm Pirnie. The currency effect was 4%. Organically, gross revenue was stable while net revenue increased 3%. This came from an increase in water management activities in most European countries, growth of Malcolm Pirnie in the American waste water treatment market and expansion of activities in Chile. Due to pressure on government budgets growth declined in the course of the year. The pending completion in 2011 of the New Orleans project led to a reduction in water management in the U.S.

• Environment (36% of gross revenue)

Gross revenue rose 16%. Acquisitions (Malcolm Pirnie) contributed 5%. The currency effect was 5%. Organically, gross revenue rose 6%, net revenue 1%. Growth mainly came from the U.S. and Brazil due to increased private sector demand. Gross revenue received extra impetus in the fourth quarter from the start of large remediation projects with substantial subcontracting. In most European countries the public sector market was under pressure, while private sector demand stalled. In the U.K., revenue and income declined sharply as large projects were completed, without sufficient backlog being present.

• Buildings (19% of gross revenue)

Gross revenue fell 2%. The currency effect was 3%, acquisitions contributed 1%. The organic gross revenue decline was 5%, and for net revenue 6%. After a very difficult 2009, the second half of 2010 saw an end to the decline of activities. The recovery was strongest at RTKL, especially due to an increase of work from Asia/Middle East, but also the market stabilization in the U.K., increasing industrial demand in Belgium and growth of project management in Germany contributed to the recovery. Pressure on government budgets led to a decline of activities in the public sector.

Outlook

The economy in the U.S. and Europe is gradually recovering, driving increased private sector investments. In the public sector the crisis until now mainly affected local governments. In the meantime central governments in Europe have announced measures to balance their budgets. The same is happening in the United States. As yet it is unclear what the effect thereof will be on the economy and the markets relevant to us. Market conditions in Brazil and Chile are very favorable, while also Asia and the Middle East offer opportunities for further growth.

In the infrastructure market ARCADIS works on large projects, based on multiyear programs for which financing is secured. Examples are the A2 through Maastricht, the upgrading of the Dutch rail system, the high speed railway line Tours-Bordeaux and the subway in Rennes. For new projects, interest in PPP is strongly increasing, while demand for intelligent traffic systems is also on the rise. The situation in local markets is not expected to improve soon, with prices remaining under pressure as a result. In Brazil and Chile, recently won large assignments lay the groundwork for solid growth. The World Soccer Championship (2014) and Olympics (2016) will give Brazil an additional push.

The water market mostly concerns utilities with projects financed from specific water charges. This makes that market less sensitive to budget cuts. Because ARCADIS is active in the whole water cycle, the market offers many opportunities. In the U.S. new work has been won recently, focused on expansion and renewal of existing facilities in large cities. Demand for process optimization and cost reduction among water companies is on the rise. Recent floodings have put water management on the agenda. We continue to focus on vulnerable coasts and river areas in the U.S. and Europe. With the expertise and experience of Malcolm Pirnie, we can capitalize on growth potential in Chile, Brazil and the Middle East.

The environmental market is expected to recover further. In the U.S. and Brazil this is clearly visible and it is expected that also in Europe economic recovery will push demand from companies. The crisis has caused companies to focus on core activities while looking at vendor reduction and outsourcing of environmental services. With our advanced technology and international positions we can benefit from this and increase market share. Contracting of new GRiP® projects was delayed, but the pipeline is well filled. Several framework contracts with the U.S. Army are yielding work, both in the U.S. and in Europe. Demand for consultancy services for energy savings and carbon footprint reduction is increasing.

The situation in the buildings market has improved. The market for commercial real estate in Europe and the U.S. is stable. Demand for redevelopment of existing real estate is starting to increase. Uncertainty about reform is causing delays in the U.S. healthcare market. RTKL remains fully geared on international expansion with a focus on Asia and the Middle East. The market for project management for publicly funded projects is under pressure. Investments of companies are increasing and our global network has already yielded several framework contracts with multinationals for offices, laboratories and data centers, both for design services and project management.

As part of the regular planning cycle, we have evaluated our strategy in 2010, resulting in a new, already communicated strategy: "Leadership, Balance, Growth", a logical continuation of the successful direction to date. Within the framework of the revised strategy it was decided to focus in Brazil on expansion of our core business. This means that the interests of ARCADIS Logos in self-developed energy projects will be sold. Meanwhile an agreement has been reached about the sale of most of the Biogas activities. As soon as the necessary approvals are received the agreement will be definitive and the activities will be deconsolidated and carried against market value. The gain depends on several factors, including the gas production. The effect on net income from operations of ARCADIS in 2011 is expected to be € 3 - € 5 million.

CEO Harrie Noy concluded: "Our order book has grown again in the fourth quarter and is now 9% above the level at the beginning of 2010. Our revised strategy provides an excellent touch stone to capitalize on the many opportunities in the market and for further expansion of activities through acquisitions. The integration with Malcolm Pirnie is on schedule. Maintaining margins remains an important priority, also in markets with price pressure. Although government austerity programs are causing uncertainty, especially in the European infrastructure market, the economic recovery has a positive impact on the environmental and buildings market, while emerging markets offer a lot of potential. That is why, on balance, we are cautiously positive about the outlook for 2011 and expect an increase of revenue and profits. This is barring unforeseen circumstances and currency effects."

For more information, please contact Joost Slooten of ARCADIS at +31-202011083 or outside office hours at +31-627061880 or e-mail joost.slooten@arcadis.com

About ARCADIS:

ARCADIS is an international company providing consultancy, design, engineering and management services in infrastructure, water, environment and buildings. We 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 2 billion in revenues, the company has an extensive international network supported by strong local market positions. ARCADIS supports UN-HABITAT with knowledge and expertise to improve the quality of life in rapidly growing cities around the world. Visit us at: www.arcadis.com

This press release has been drafted in the period between the preparation and approval of the annual accounts of ARCADIS NV. The figures in this press release for the full year 2010 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 2010 in this press release are unaudited.

• • • Tables follow - - -

Tables belonging to the press release "Results fourth quarter and full year 2010 of ARCADIS NV", as issued on March 7, 2011.

ARCADIS NV CONDENSED CONSOLIDATED STATEMENT OF INCOME

Amounts in € millions, unless otherwise stated	Fourth quarter		Full year
	2010	2009	2010	2009
Gross revenue	540.2	483.5	2,002.8	1,785.8
Materials, services of third parties and subcontractors	(190.1)	(161.1)	(628.1)	(568.2)
Net revenue	350.1	322.4	1,374.7	1,217.6
Operational cost	(303.6)	(281.2)	(1,211.8)	(1,073.2)
Depreciation	(6.8)	(6.6)	(27.3)	(24.5)
Other income	-	0.9	0.3	1.7
EBITA	39.7	35.5	135.9	121.6
Amortization identifiable intangible assets	(1.5)	(1.9)	(6.3)	(7.2)
Operating income	38.2	33.6	129.6	114.4
Net finance expense	(4.6)	(4.1)	(18.3)	(3.6)
Income from associates	(0.3)	-	0.7	-
Profit before taxes	33.3	29.5	112.0	110.8
Income taxes	(8.6)	(7.3)	(34.6)	(37.0)
Profit for the period	24.7	22.2	77.4	73.8
Attributable to:
Net income (Equity holders of the Company)	22.6	22.1	73.9	72.8
Minority interest	2.1	0.1	3.5	1.0
Net income	22.6	22.1	73.9	72.8
Amortization identifiable intangible assets after taxes	1.1	1.1	4.2	4.5
Lovinklaan employee share purchase plan	-	0.3	0.3	2.6
Net effects of financial instruments	-	-	-	(5.6)
Net income from operations	23.7	23.5	78.4	74.3
Net income per share (in euros)	0.34	0.33	1.12	1.15
Net income from operations per share (in euros)	0.36	0.35	1.19	1.18
Weighted average number of shares (in thousands)	65,917	66,354	66,111	63,097

ARCADIS NV CONDENSED CONSOLIDATED BALANCE SHEET

Amounts in € millions
Assets	December 31, 2010	December 31, 2009
Intangible assets	373.4	342.7
Property, plant & equipment	93.4	84.8
Investments in associates	30.5	26.2
Other investments	0.2	0.2
Other non-current assets	24.4	19.8
Derivatives	0.1	1.2
Deferred tax assets	29.1	18.0
Total non-current assets	551.1	492.9
Inventories	0.4	0.5
Derivatives	0.4	0.1
(Un)billed receivables	591.9	555.1
Other current assets	44.4	35.9
Corporate tax assets	4.1	6.2
Assets classified as held for sale	24.4	-
Cash and cash equivalents	207.8	224.5
Total current assets	873.4	822.3
Total assets	1,424.5	1,315.2
Equity and Liabilities
Shareholders' equity	392.8	351.7
Minority interest	18.4	16.8
Total equity	411.2	368.5
Provisions	26.6	28.4
Deferred tax liabilities	11.0	10.8
Loans and borrowings	318.2	342.1
Derivatives	7.2	0.8
Total non-current liabilities	363.0	382.1
Billing in excess of cost	157.2	158.8
Corporate tax liabilities	14.8	7.4
Current portion of loans and borrowings	68.1	5.6
Current portion of provisions	6.4	6.0
Derivatives	3.9	2.7
Accounts payable	139.6	128.9
Accrued expenses	15.9	21.3
Bankoverdrafts	9.5	12.0
Short term borrowings	12.7	14.9
Other current liabilities	199.0	207.0
Liabilities classified as held for sale	23.2	-
Total current liabilities	650.3	564.6
Total equity and liabilities	1,424.5	1,315.2

ARCADIS NV CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Amounts in € millions	Share capital	m miu Share pre	Hedging Reserve	mulative translation reserve Cu	Retained earnings	shareholders' equity Total	Minority interest	Total equity
Balance at December 31, 2008	1.2	36.2		(40.2)	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		11.8	3.7	15.5
Effective portion of changes in fair value of cash flow hedges			0.1			0.1		0.1
Other comprehensive income			0.1	11.8		11.9	3.7	15.6
Total comprehensive income for the period			0.1	11.8	72.8	84.7	4.7	89.4
Transactions with owners of the Company
Dividends to shareholders					(27.1)	(27.1)	(0.2)	(27.3)
Share-based compensation					9.3	9.3		9.3
Taxes related to share-based compensation					3.1	3.1		3.1
Additional paid in capital	0.1	70.6				70.7		70.7
Options exercised					3.4	3.4		3.4
Total transactions with owners of the Company	0.1	70.6			(11.3)	59.4	(0.2)	59.2
Balance at December 31, 2009	1.3	106.8	0.1	(28.4)	271.9	351.7	16.8	368.5
Balance at December 31, 2009	1.3	106.8	0.1	(28.4)	271.9	351.7	16.8	368.5
Profit for the period					73.9	73.9	3.5	77.4
Exchange rate differences				7.5		7.5	2.1	9.6
Effective portion of changes in fair value of
cash flow hedges Other comprehensive income			(4.0) (4.0)	7.5		(4.0) 3.5	2.1	(4.0) 5.6
Total comprehensive income for the period			(4.0)	7.5	73.9	77.4	5.6	83.0
Transactions with owners of the Company
Dividends to shareholders					(29.8)	(29.8)	(2.3)	(32.1)
Share-based compensation					7.3	7.3		7.3
Taxes related to share-based compensation					1.0	1.0		1.0
Purchase of own shares					(18.7)	(18.7)		(18.7)
Options exercised					5.1	5.1		5.1
Acquisition of non-controlling interests					(1.2)	(1.2)	(1.7)	(2.9)
Total transactions with owners of the
Company					(36.3)	(36.3)	(4.0)	(40.3)
Balance at December 31, 2010	1.3	106.8	(3.9)	(20.9)	309.5	392.8	18.4	411.2

Page: 10/12

ARCADIS NV CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Amounts in € millions	2010	2009
Cash flow from operating activities
Profit for the period	77.4	73.8
Adjustments for:
- Depreciation and amortization	33.6	31.7
- Taxes on income	34.6	37.0
- Net finance expense	18.3	3.6
- Income from associates	(0.7)	-
	163.2	146.1
Share-based compensation	7.3	9.3
Sale of activities and assets, net of cost	-	(1.9)
Change in fair value of derivatives in operating income	4.7	-
Settlement of operational derivatives	(4.4)
Change in inventories	0.1	0.3
Change in receivables	(27.6)	73.1
Change in provisions	(2.2)	1.9
Change in billing in excess of costs	(9.2)	(30.2)
Change in current liabilities	7.3	12.1
Dividend received	0.5	0.3
Interest received	3.5	3.4
Interest paid	(22.1)	(16.2)
Corporate tax paid	(29.3)	(45.7)
Net cash from operating activities	91.8	152.5
Cash flows from investing activities
Investments in (in)tangible assets	(35.7)	(26.3)
Proceeds from sale of (in)tangible assets	2.1	1.9
Investments in consolidated companies	(40.2)	(80.2)
Proceeds from sale of consolidated companies	-	1.8
Investments in associates and other financial non-current assets	(10.4)	(12.6)
Proceeds from sale of associates and other financial non-current assets	6.9	3.1
Net cash used in investing activities	(77.3)	(112.3)
Cash flows from financing activities
Proceeds from options exercised	5.1	3.4
Issued shares	-	5.8
Purchase of own shares	(18.7)	-
Settlement of financing derivatives	(4.3)	(5.6)
New long-term loans and borrowings	25.5	90.9
Repayment of long-term loans and borrowings	(10.2)	(16.9)
Changes in short-term borrowings	(4.0)	9.3
Dividend paid	(32.1)	(27.3) 59.6
Net cash from financing activities	(38.7)
Net change in cash and cash equivalents less bank overdrafts	(24.2)	99.8
Exchange rate differences	9.9	1.0
Cash and cash equivalents less bank overdrafts at January 1	212.5	111.7
Cash and cash equivalents less bank overdrafts at December 31	198.2	212.5

ATTACHMENT TO PRESS RELEASE ANNUAL RESULTS 2010 OF ARCADIS NV

Geographical information

Amounts in € millions or %

Gross revenue¹

	2010	2009
Netherlands	401	423
Other European countries	330	331
United States	1,070	868
Rest of world	202	164
Total	2,003	1,786

1 Based on origin of production

EBITA, recurring1,2 Margin, recurring

	2010	2009
Netherlands	27.7	31.6
Other European countries	9.7	16.2
United States	80.9	68.4
Rest of world	17.6	7.6
Total	135.9	123.8

1 Based on origin of production

2 After allocation of corporate costs

Information about business lines

	2010	2009
Infrastructure	515	507
Water	374	259
Environment	733	632
Buildings	381	388
Total	2,003	1,786

Margin, recurring

	2010	2009
Infrastructure	10.2%	11.7%
Water	7.2%	8.9%
Environment	12.3%	12.3%
Buildings	8.2%	6.0%
Total	9.9%	10.2%

Geographic mix (gross revenue)

	2010	2009
Netherlands	20%	24%
Other European countries	17%	18%
United States	53%	49%
Rest of world	10%	9%
Total	100%	100%

	2010	2009
Netherlands	9.8%	11.0%
Other European countries	3.7%	6.0%
United States	11.4%	11.8%
Rest of world	15.3%	9.6%
Total	9.9%	10.2%

Gross revenue Activity mix (gross revenue)

	2010	2009
Infrastructure	26%	28%
Water	19%	15%
Environment	36%	35%
Buildings	19%	22%
Total	100%	100%