Arcadis NV — Earnings Release 2012

Aug 2, 2012

PRESS RELEASE

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

ARCADIS DELIVERS STRONG GROWTH OF REVENUE AND INCOME

• Gross revenues Q2 and H1 2012 up 29%; net income from operations Q2 and H1 up 28%
• Organic net revenue Q2 up 2%, H1 up 4%;
• Growth driven by Infrastructure and Emerging Markets now 24% of net revenue
• Operational margin improved quarter over quarter to 9.2%, despite one-off charge Poland
• Backlog 5% higher compared to year-end 2011, strong order intake Buildings and Water
• Outlook 2012: higher revenues organic and from acquisitions, income 20 25% higher

August 2, 2012 – ARCADIS (NYSE EURONEXT: ARCAD), a leading international consultancy, design, engineering and management services company, realized a strong second quarter. Gross revenues rose 29% to €634 million, while net income from operations was 28% higher at €23.6 million. The strong results were aided by recent additions, including EC Harris and Langdon & Seah, as well as organic growth and were achieved despite a significant one-off charge in Poland. The underlying business is improving as evidenced by the rise of 30% in operational EBITA. Organic growth of net revenue came down from 6% in the first quarter to 2% in the second quarter, due to slower growth in mature markets, including Environment in the US. Strong organic growth in Infrastructure continued, mainly in emerging markets. In Water, the organic decline slowed while order intake was strong. In Buildings, acquisitions doubled revenues, although organic development was soft, despite good performance of RTKL.

For the first six months of 2012 growth of gross revenue was 29%, net revenue 30%, while net income from operations grew 28%.

Good strategic progress was achieved during the quarter. In early April, the merger with Langdon & Seah (L&S) added 2,800 employees in 10 Asian countries and US\$125 million in revenues. With this major strategic step, the Company strengthened its position in Asia considerably and now has a solid platform for growth in that region. In the first half year, the integration with EC Harris in the UK and Europe was fully designed and planned. Integration investments will continue in the second half of 2012, supporting higher profitability of EC Harris in 2013. EC Harris revenue synergies are now at €18 million. Furthermore, in July, the acquisition of BMG in Switzerland added 50 people, and annual gross revenues in Environment of €8 million. This step is important because of the direct access to a number of large multinational clients, who we will be able to serve with a broader range of ARCADIS global capabilities.

ARCADIS CEO Neil McArthur: "We had a good second quarter, although organic growth slowed due to softer conditions in the mature markets reflecting the general economy. Our well-diversified portfolio, both geographically as well as by business line, helps to offset some of these local market pressures. High growth in emerging markets continued, including

Brazil, Chile and China, while in Europe growth in private sector work held up. The profitability of our existing business improved, despite a one-off charge in Poland. The integration with EC Harris is going well and we are on track to meet the targeted margins. In Asia, the combination with L&S is already yielding synergy effects."

		Second quarter		First half year
Amounts in millions unless otherwise noted	2012	2011		2012	2011	
Gross revenue	634	492	29%	1,228	956	29%
Organic gross revenue growth Net revenue	3% 465	354	31%	6% 910	702	30%
Organic net revenue growth	2%			4%
EBITA	33.3	42.9	-23%	71.3	75.7	-6%
1) EBITA recurring	37.4	35.5	5%	75.4	68.3	10%
Net income	16.2	23.8	-32%	37.9	41.4	-9%
Ditto, per share (in €)	0.23	0.37	-38%	0.54	0.63	-14%
Net income from operations 2)	23.6	18.5	28%	47.2	37.0	28%
Ditto, per share (in €) 2)	0.34	0.28	21%	0.68	0.56	21%
Avg. # of outstanding shares (million)	70.6	65.2		69.7	65.9

Key figures

1) 2012 excluding acquisition cost Langdon & Seah; 2011 excluding profit on the sale of AAFM

2) Before amortization and non-operational items

Second quarter

Gross revenues rose 29%, of which 23% resulted from acquisitions (EC Harris and L&S). The deconsolidation of the Brazilian energy business had a negative impact of 3%. The currency effect was 6%. Organically, gross revenues increased 3%, with strong growth in Infrastructure offsetting a decline in Buildings and slower growth in Environment due to reduced federal spending in the US.

Net revenues (revenues produced by our own staff) increased 31%. The currency effect was 6%; the deconsolidation effect -3%. Acquisitions contributed 26%. Organic growth was 2%, driven by Infrastructure in Emerging Markets, France and by RTKL in the buildings business. Reduced government spending affected revenues in the US, the Netherlands, Belgium, and Poland. EC Harris and L&S developed in line with expectations.

In the second quarter of 2011 a non-recurring gain of €7.4 million was realized related to the divestment of facility management activities (AAFM), while in the second quarter of 2012 acquisition costs related to L&S are included of €4.2 million. Both these items contributed to the EBITA decline of 23%. Excluding these items, recurring EBITA grew 5% to €37.4 million. The currency effect was 10%, especially due to a stronger US dollar. The acquisitions of EC Harris, and L&S, net of option costs related to these acquisitions, contributed 16%, while the deconsolidation of the Brazilian energy activities (a €9.5 million gain on the sale of

two energy projects last year) had an impact of -27%. Following poor performance in 2011 and the appointment of a new Polish CEO earlier this year, a review of the Polish business resulted in a non-cash charge of €5.3 million. The non-cash charge was created for overstated work in progress, project cost overruns and re-scoping of road projects by the client. Organically, recurring EBITA rose 6%, mainly due to a strong recovery in the UK and higher profit contributions from Brazil, the US and the Netherlands. The costs for reorganization and integration projects amounted to €5.2 million (2011: €6.9 million) and were mainly related to the integration of EC Harris and capacity adjustments in the Netherlands. Operational EBITA rose 30% to €42.6 million (2011: €32.9 million).

The margin (recurring EBITA as a percentage of net revenue) was 8.0% (2011: 10.0%). Corrected for the impact of energy projects in Brazil and reorganization charges, the operational margin was 9.2% compared to 9.6% in 2011. Excluding EC Harris and L&S the operational margin in our underlying business improved to 9.7%, slightly ahead of last year.

At €5.6 million financing charges were below last year (€7.7 million), but last year included a non-recurring charge for the settlement of derivatives related to the debt refinancing. Higher interest charges resulting from acquisition-related debt and slightly higher interest rates were partially offset by the effect of deconsolidating the Brazilian energy business. The tax rate was 30% (2011: 21% - due to the non-taxable gain on the sale of the facility management activities). Net income from operations amounted to €23.6 million, an increase of 28%. This was clearly more than the increase in recurring EBITA and was due to the effect from the acquisition in mid-2011 of the remaining interest in ARCADIS Logos and comparably lower taxes, because the gain on the sale of AAFM is excluded from Net income from operations.

First half year

In the first six months of 2012 gross revenues rose 29%. The currency effect was 4%, the contribution from acquisitions 19%, while organic growth amounted to 6%. Net revenues were 30% higher, also with a 4% currency effect and a contribution from acquisitions of 21%. Organic growth in net revenues was 4%.

EBITA amounted to €71.3 million (2011: €75.7 million) but corrected for the effect of the sale of AAFM last year and acquisition cost for L&S this year, recurring EBITA was up 10%. The currency effect was 7%. The acquisitions of EC Harris, and L&S, net of option costs related to these acquisitions, contributed 11%, while the deconsolidation of the Brazilian energy activities had an impact of -17%. Organically, recurring EBITA rose 9%. Main contributors to the improvement were the UK, Netherlands, Brazil, and the US. Costs for reorganization and integration amounted to €6.7 million (2011: €8.6 million). Operational EBITA rose 26% to € 82.1 million (2011: 65.1 million).

The margin (recurring EBITA) was 8.3% (2011: 9.7%), while the operational margin was 9.0% (2011: 9.4%). Excluding EC Harris and L&S the operational margin in our underlying business improved to 9.7% (2011: 9.4%).

Financing charges amounted to €10.5 million (2011 €12.3 million) and the tax rate 29% (2011: 25.5%). Net income from operations rose 28% to €47.2 million (2011: €37.0 million).

At €2.8 million, operational cash flow in the first half year was considerably stronger than last year (- €33.5 million). Working capital was at 17.9% and slightly higher than in the first quarter (17.6%). Net debt amounted to €403 million (year-end 2011: €283 million) due mainly to acquisitions. The net debt to EBITDA ratio (according to bank covenants) was 1.7 (year-end 2011: 1.4).

Developments by business line

Figures noted below concern gross revenues for the first half of 2012 compared to the same period last year, unless otherwise mentioned.

Infrastructure (27% of gross revenues)

Gross revenues grew 27% of which 11% resulted from acquisitions (EC Harris). The currency effect was negligible. Organic growth for gross revenues was 16%, net revenues 13%. The difference is due to subcontracting during the finalization of the Floriade project in the Netherlands. Growth came mainly from Brazil and Chile, where mining and energy investments continued and a large hydropower project was won. Public markets also offer ample opportunities in South America. Reduced government spending caused declines in the Netherlands and Belgium, while project issues affected performance in Poland. In France, transportation projects pushed growth. In Abu Dhabi a large port project was won.

Water (15% of gross revenues)

Gross revenues rose 11%. The currency effect was 6%; the contribution from acquisitions (EC Harris) 3%. Organically, gross revenues rose 2%, while the organic decline in net revenues slowed to 3%. Compared to last year, the US market is stabilizing, supported by industrial water projects and new opportunities emerging in local municipalities. Growth was strong in Chile and Brazil. The Middle East, UK and the Netherlands generated growth in water treatment. The water management market is still difficult due to lack of public funding.

Environment (33% of gross revenues)

Gross revenues increased 11% The currency effect was 7%; the deconsolidation in Brazil had a negative effect of 1%. Organically, gross revenues rose 5%, net revenues 3%. The main cause for the slowdown from previous quarters is the delay in issuing new projects by the US federal government and the completion of major emergency response field projects. US private sector clients have continued their environmental investments and as a result core industrial bookings are significantly ahead of last year. The South American environmental market is driven by mining and energy investments. In Europe the government markets experienced cutbacks, while industrial clients continue to invest. A project was won to advise more than 150 European cities on climate change.

Buildings (25% of gross revenues)

Gross revenues rose 84%, mainly as a result of recent acquisitions (EC Harris, L&S). The currency effect was 5%. Organically, gross revenues were down by 6% and net revenues

3%. With public spending under pressure in many European countries and the US, activities in government markets declined. The uncertain economy is also affecting investment decisions of private sector clients. Nevertheless we saw a strong performance in retail, banking and aviation sectors in France, Belgium, and the UK, while RTKL performed well in Asia and the Middle East. EC Harris performed according to expectations, grew backlog, won a €45 million assignment in Qatar and was named single source supplier to Lloyds Banking group in the UK.

Outlook

In the Infrastructure market we have a strong basis for sustained growth. We are involved in many large, multi-year projects and despite budget pressure, governments do their utmost to continue these projects, also by using private financing. In Brazil and Chile the market remains favorable as a result of mining and energy investments, while also recent public sector wins in Chile (metro systems) and opportunities in Brazil (Olympic Games, rail, airports, and water) give confidence. The situation in local markets in Europe is not expected to improve in the short run, resulting in price pressure. In the US, a new \$105 billion transportation bill may yield work.

In the Water market we expect further stabilization in the course of the year. In the US we saw strong order intake during the second quarter. In addition to public sector pursuits, we have started programs to drive expansion with industrial clients, which are already yielding results in the US and will be expanded to Europe. We are also focusing on further penetrating in water treatment in Europe and on seizing opportunities in South America and the Middle East. As a result of flooding in urban deltas and climate change, demand for water management is growing, but financing of projects is still often a limiting factor.

In the Environmental market we foresee continued growth with industrial clients in the US and to a lesser extent in Europe – now also including Switzerland. Our client-focused approach and advanced technology are strong differentiators, especially in complex projects and portfolios of sites. Reduced public sector investment impacts growth in Europe and with the US federal government. Mining and energy yield significant work in North America, Brazil and Chile with opportunities elsewhere in South America, Africa, and Asia.

In the Buildings market our position has been considerably strengthened due to the mergers with EC Harris and L&S, with synergy opportunities presenting themselves in Europe, the Middle East, Latin America and Asia. The property market in the Netherlands is under pressure but stable in other European countries. In the US there are indications that this market is starting to pick up, although healthcare investments are lagging. RTKL offsets this through international expansion. The market in China and the Middle East offers ample opportunity in hospitality, commercial/retail and in social infrastructure investments including healthcare, civic and education facilities.

CEO Neil McArthur concluded: "We achieved organic growth despite the continued economic uncertainty in Europe and the slower economic recovery in the US. Our backlog is healthy and increased organically 5% vis-à-vis the end of 2011. Government investments in Europe and the US remain under pressure. In the private sector, investment decisions may be

affected by economic uncertainty. Nevertheless, we see that the emerging markets of South America, Asia and the Middle East offer ample opportunities for growth. With our expanded emerging market capabilities through L&S and EC Harris we expect to continue to benefit from these opportunities. Integration of EC Harris will continue in the second half year, which will lead to cost synergies as of 2013. In Europe we will review our businesses in the second half of the year, to improve performance. Based on the developments in the geographies and business lines, we expect continued organic growth. Maintaining, and, where possible, improving margins remains an important priority. Further strengthening our capabilities through add-on acquisitions stays on the agenda. For full year 2012 we expect increased revenues both organically and from recent acquisitions. We expect net income from operations to increase by 20 – 25%. This is barring unforeseen circumstances."

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

About ARCADIS:

ARCADIS is a leading 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 21,000 employees and €2.4 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

Statements included in this presentation that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward looking statements. These statements are only predictions and are not guarantees. Actual events or the results of our operations could differ materially from those expressed or implied in the forward looking statements. Forward looking statements are typically identified by the use of terms such as "may," "will," "should," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "potential" or the negative of such terms and other comparable terminology.

The forward looking statements are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward looking statements.

• • • Tables follow - - -

		Second quarter		First half year
Amounts in € millions, unless otherwise stated	2012	2011	2012	2011
Gross revenue	633.8	491.5	1,228.4	956.2
Materials, services of third parties and subcontractors	(169.0)	(137.6)	(318.6)	(254.2)
Net revenue	464.8	353.9	909.8	702.0
Operational cost	(423.9)	(311.7)	(823.5)	(620.6)
Depreciation	(8.1)	(6.7)	(15.6)	(13.2)
Other income	0.5	7.4	0.6	7.5
EBITA	33.3	42.9	71.3	75.7
Amortization identifiable intangible assets	(3.7)	(1.0)	(6.0)	(2.1)
Operating income	29.6	41.9	65.3	73.6
Net finance expense	(5.6)	(7.7)	(10.5)	(12.3)
Income from associates	(0.2)	0.4	(0.6)	0.9
Profit before taxes	23.8	34.6	54.2	62.2
Income taxes	(7.3)	(7.2)	(15.9)	(15.6)
Profit for the period	16.5	27.4	38.3	46.6
Attributable to:
Net income (Equity holders of the Company)	16.2	23.8	37.9	41.4
Non-controlling interests	0.3	3.6	0.4	5.2
Net income	16.2	23.8	37.9	41.4
Amortization identifiable intangible assets after taxes	3.1	0.6	4.9	1.3
Lovinklaan employee share purchase plan	0.1	-	0.2	0.2
Net effects of financial instruments		1.5		1.5
Non-recurring1	4.2	(7.4)	4.2	(7.4)
Net income from operations	23.6	18.5	47.2	37.0
Net income per share (in euros)	0.23	0.37	0.54	0.63
Net income from operations per share (in euros)	0.34	0.28	0.68	0.56
Weighted average number of shares (in thousands)	70,629	65,190	69,670	65,857

CONDENSED CONSOLIDATED STATEMENT OF INCOME

¹In 2012 the non-recurring items relate to the acquisition cost for Langdon & Seah, while in 2011 the result on the divestment of AAFM activities was included

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Amounts in € millions
Assets	June 30, 2012	December 31, 2011
Intangible assets	589.4	501.3
Property, plant & equipment	77.7	73.9
Investments in associates	36.4	24.0
Other investments	0.2	0.2
Deferred tax assets	41.6	34.2
Derivatives	-	-
Other non-current assets	25.9	18.3
Total non-current assets	771.2	651.9
Inventories	0.7	0.9
Derivatives	0.2	0.7
(Un)billed receivables	771.6	691.9
Corporate income tax receivable	15.1	8.8
Other current assets	73.8	46.6
Cash and cash equivalents	182.3	158.2
Total current assets	1,043.7	907.1
Total assets	1,814.9	1,559.0
Equity and liabilities
Shareholders' equity	485.9	455.5
Non-controlling interests	0.5	(0.1)
Total equity	486.4	455.4
Provisions for employee benefits	33.9	38.6
Provisions for other liabilities and charges	15.1	13.2
Deferred tax liabilities		22.8
	41.5
Loans and borrowings	316.9	371.4
Derivatives	4.4	5.2
Total non-current liabilities	411.8	451.2
Billing in excess of cost	180.7	169.2
Corporate tax liabilities	9.9	10.3
Current portion of loans and borrowings	71.4	0.7
Current portion of provisions	10.5	10.7
Derivatives	4.8	8.3
Accounts payable	136.9	154.3
Accrued expenses	35.9	32.1
Bank overdrafts	50.8	5.5
Short term borrowings	135.2	38.1
Other current liabilities	280.6	223.2
Total current liabilities	916.7	652.4
Total equity and liabilities	1,814.9	1,559.0

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	controlling interests Non	Total equity
Balance at December 31, 2010	1.3	106.8	(3.9)	(20.9)	309.5	392.8	18.4	411.2
Profit for the period Exchange rate differences				(7.0)	41.4	41.4 (7.0)	5.2 (0.5)	46.6 (7.5)
Effective portion of changes in fair value of
cash flow hedges			(3.3)			(3.3)		(3.3)
Other comprehensive income			(3.3)	(7.0)	-	(10.3)	(0.5)	(10.8)
Total comprehensive income for the period			(3.3)	(7.0)	41.4	31.1	4.7	35.8
Transactions with owners of the Company:
Dividends to shareholders					(30.9)	(30.9)	(2.2)	(33.1)
Share-based compensation					3.2	3.2		3.2
Taxes related to share-based compensation					(0.1)	(0.1)		(0.1)
Purchase of own shares Options exercised					(18.2) 1.9	(18.2) 1.9		(18.2) 1.9
Acquisition of non-controlling interests					(0.3)	(0.3)	(0.7)	(1.0)
Total transactions with owners of the
Company					(44.4)	(44.4)	(2.9)	(47.3)
Balance at June 30, 2011	1.3	106.8	(7.2)	(27.9)	306.5	379.5	20.2	399.7
Balance at December 31, 2011	1.4	168.4	(6.2)	(18.1)	310.0	455.5	(0.1)	455.4
Profit for the period					37.9	37.9	0.4	38.3
Exchange rate differences				6.6		6.6	-	6.6
Taxes related to employee benefit obligations Effective portion of changes in fair value of					1.1	1.1		1.1
cash flow hedges			0.6			0.6		0.6
Other comprehensive income			0.6	6.6	1.1	8.3	-	8.3
Total comprehensive income for the period			0.6	6.6	39.0	46.2	0.4	46.6
Transactions with owners of the Company:
Dividends to shareholders					(33.5)	(33.5)		(33.5)
Issuance of shares	0.1	33.1				33.2		33.2
Share-based compensation					4.6	4.6		4.6
Taxes related to share-based compensation Purchase of own shares					1.7 (28.5)	1.7 (28.5)		1.7 (28.5)
Options exercised					6.7	6.7		6.7
Acquisition of non-controlling interests							0.2	0.2
Total transactions with owners of the
Company	0.1	33.1			(49.0)	(15.8)	0.2	(15.6)
Balance at June 30, 2012	1.5	201.5	(5.6)	(11.5)	300.0	485.9	0.5	486.4

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		First half year
Amounts in € millions	2012	2011
Cash flows from operating activities
Profit for the period	38.3	46.6
Adjustments for:
- Depreciation and amortization	21.6	15.3
- Taxes on income	15.9	15.6
- Net finance expense	10.5	12.3
- Income from associates	0.6	(0.9)
	86.9	88.9
Share-based compensation	4.6	3.2
Sale of activities and assets, net of cost		(7.4)
Change in fair value of derivatives in operating income	(2.3)	0.7
Settlement of operational derivatives	2.9	(1.0)
Change in inventories	0.2	(0.1)
Change in receivables	(59.3)	(58.3)
Change in provisions	(5.9)	3.7
Change in billing in excess of costs	(14.4)	(9.5)
Change in current liabilities	16.2	(25.5)
Dividend received	0.4	0.2
Interest received	1.7	1.6
Interest paid	(12.3)	(12.3)
Corporate tax paid	(15.9)	(17.7)
Net cash from operating activities	2.8	(33.5)
Cash flows from investing activities
Investments in (in)tangible assets	(14.0)	(19.0)
Proceeds from sale of (in)tangible assets	0.5	0.1
Investments in consolidated companies	(46.8)	(5.3)
Proceeds from sale of consolidated companies	-	9.1
Investments in associates and other financial non-current assets	(5.4)	(6.2)
Proceeds from sale of associates and other financial non-current assets	1.3	6.3
Net cash used in investing activities	(64.4)	(15.0)
Cash flows from financing activities
Proceeds from options exercised	6.7	1.9
Purchase of own shares	(28.5)	(18.2)
Settlement of financing derivatives	(5.2)	(5.9)
New long-term loans and borrowings	0.5	331.7
Repayment of long-term loans and borrowings	(0.3)	(313.8)
Changes in short-term borrowings	96.9	37.1
Dividend paid	(33.5)	(31.7)
Net cash from financing activities	36.6	1.1
Net change in cash and cash equivalents less bank overdrafts	(25.0)	(47.4)
Exchange rate differences	3.8	(2.3)
Cash and cash equivalents less bank overdrafts at January 1	152.7	198.2 148.5
Cash and cash equivalents less bank overdrafts at June 30	131.5

Page: 10/12

ATTACHMENT TO PRESS RELEASE "RESULTS SECOND QUARTER AND FIRST HALF YEAR 2012 OF ARCADIS NV"

Geographical information (amounts related to the first half year)

Amounts in € millions or %

Gross revenue1			Geographic mix (gross revenue), %
	2012	2011		2012	2011
Netherlands	165.9	164.0	Netherlands	13	17
Other European countries	273.4	161.0	Other European countries	22	17
United States	560.1	510.1	United States	46	53
Emerging markets	229.0	121.1	Emerging markets	19	13
Total	1,228.4	956.2	Total	100	100

	2012	2011		2012	2011
Netherlands	122.0	130.5	Netherlands	13	19
Other European countries	223.3	132.5	Other European countries	24	19
United States	377.9	351.9	United States	42	50
Emerging markets	186.6	87.1	Emerging markets	21	12
Total	909.8	702.0	Total	100	100

Net revenue¹ Geographic mix (net revenue), %

2012	2011	2012	2011

EBITA, recurring1,2 Margin, recurring, %

	2012	2011		2012	2011
Netherlands	9.3	7.6	Netherlands	7.6	5.8
Other European countries	0.9	1.2	Other European countries	0.4	0.9
United States	48.0	39.0	United States	12.7	11.1
Emerging markets	17.2	20.5	Emerging markets	9.2	23.6
Total, recurring	75.4	68.3	Total, recurring	8.3	9.7

2012	2011	2012	2011

Total, recurring	8.3	97
Emerging markets	9.2	23.6
United States	12.7	11.1
Other European countries	0.4	0.9
TVULULIAIIUS	7.W	.7.0

	2012	2011		2012	2011
Netherlands	10.5	11.5	Netherlands	8.6	8.8
Other European countries	4.9	4.2	Other European countries	2.2	3.2
United States	49.3	40.6	United States	13.0	11.5
Emerging markets	17.5	8.8	Emerging markets	9.4	11.9
Total, operational	82.1	65.1	Total, operational	9.0	9.4

EBITA, operational1,2 Margin, operational, %

2012	2011	2012	2011

¹ Based on origin of production

² After allocation of corporate costs

Information about business lines (amounts related to the first half year)

Amounts in € millions or %

Gross revenue			Activity mix (gross revenue), %
	2012	2011		2012	2011
Infrastructure	335.1	264.6	Infrastructure	27	28
Water	176.9	158.8	Water	15	16
Environment	404.7	363.3	Environment	33	38
Buildings	311.7	169.5	Buildings	25	18
Total	1,228.4	956.2	Total	100	100

2012	2011	2012	2011

	2012	2011		2012	2011
Infrastructure	264.5	206.5	Infrastructure	29	29
Water	135.6	126.7	Water	15	18
Environment	251.5	230.4	Environment	28	33
Buildings	258.2	138.4	Buildings	28	20
Total	909.8	702.0	Total	100	100

Net revenue Activity mix (net revenue), %

2012	2011	2012	2011

	2012	2011		2012	2011
Infrastructure	18.4	25.2	Infrastructure	7.0	12.2
Water	13.6	9.3	Water	10.0	7.3
Environment	29.1	27.7	Environment	11.6	12.0
Buildings	14.3	6.1	Buildings	5.6	4.4
Total, recurring	75.4	68.3	Total, recurring	8.3	9.7

EBITA, recurring¹ Margin, recurring, %

2012	2011	2012	2011

	2012	2011		2012	2011
Infrastructure	19.4	16.4	Infrastructure	7.3	8.4
Water	14.1	10.2	Water	10.4	8.0
Environment	30.5	26.5	Environment	12.1	11.7
Buildings	18.1	12.0	Buildings	7.0	8.6
Total, operational	82.1	65.1	Total, operational	9.0	9.4

EBITA, operational¹ Margin, operational, %

2012	2011	2012	2011

¹ After allocation of corporate costs