Arcadis NV — Earnings Release 2012

Feb 27, 2013

PRESS RELEASE

ARCADIS STRONGLY GROWS REVENUE AND PROFIT IN 2012

• Gross revenues were a record €2.5 billion, up 26%
• Net revenues, €1.9 billion, were up 30%; organic growth reaches 4%
• Strong growth from Acquisitions, Emerging Markets and Multinational Clients
• Operational margin improved again, achieving 10% target for year
• Net income from operations was a record €105.1 million, up 29%
• Dividend proposal €0.52 per share, an increase of 11% over last year
• For 2013 a further increase of revenues and profit expected

AMSTERDAM -- February 27, 2013 -- ARCADIS (NYSE EURONEXT: ARCAD), a leading international consultancy, design, engineering and management services company, saw record revenue and profit growth in 2012. Net income from operations increased 29% to €105.1 million or on a per share basis €1.49, against €1.23 in 2011. The operational margin at 10.0% (2011: 9.7%) met target driven in part by strong margin performance of our US business, while cash flow from operations at €158.0 million (2011: €79.6 million) significantly improved. Our Leadership Balance Growth strategy targeted growth in emerging markets and in 2012 ARCADIS doubled its business in those geographies. This was achieved by a combination of acquisitions, accounting for almost two-thirds of the growth, and strong organic growth. The strongest overall growth was in the buildings business in property markets in the UK, Asia and the Middle East, while the strongest organic growth was achieved in infrastructure in especially South America. In developed markets in Europe and the US, market conditions remained challenging, mostly affecting our public sector clients in infrastructure and water business lines, partly compensated by growth from Multinational Clients in environment, water and buildings business lines.

It is proposed to the Annual Meeting of Shareholders to offer a dividend in cash or in shares of €0.52 per share, 11% above the level of last year. This represents a payout of 35% of net income from operations, in line with our dividend policy.

Strategically, several important steps were made. Our merger process with EC Harris was completed during the course of 2012 in an accelerated timeframe creating significant revenue and cost synergies. In April, our merger with Langdon & Seah was completed (2800 employees in 10 Asian countries; US\$125 million in revenues), providing us with a strong foothold in the fast-growing Asian market. In July we made a step into Switzerland with the addition of BMG (50 people; €8 million in revenues), which has excellent client relationships with a number of global pharmaceutical and chemical firms. In August, we acquired ETEP in Brazil (300 people; €20 million in revenues), and became the largest provider of water consulting services in Brazil by a wide margin.

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

ARCADIS CEO Neil McArthur said: "Our results reflect the success of the design and implementation of our strategy. Our timely switch to emerging markets and rebalancing towards private sector and multinational clients while focusing on performance improvement and organic growth are beginning to pay off. In emerging markets we have captured strong organic growth in South America and created strong growth on the back of acquisitions in the Middle East and Asia. This helped to offset lower organic growth in mature regions such as Europe and the US, where market conditions remained difficult due to government austerity and market uncertainties. With EC Harris, Langdon & Seah, BMG and ETEP we have added companies that offer broad synergy potential, which we have already partly capitalized on in 2012."

		Fourth quarter			Full year
Amounts in € millions unless otherwise noted	2012	2011		2012	2011	
Gross revenues	667	576	16%	2,544	2,017	26%
Organic gross revenue growth	2%			3%
Net revenues	489	402	22%	1,878	1,443	30%
Organic net revenue growth	4%			4%
EBITA	52.4	36.9	42%	166.4	144.4	15%
1) EBITA recurring	52.4	41.7	26%	170.6	141.8	20%
EBITA operational2)	59.3	40.0	48%	188.8	139.0	36%
Operational EBITA margin	12.1%	10.0%		10.0%	9.7%
Net income	28.0	20.6	36%	89.0	79.5	12%
Ditto per share (in €)	0.39	0.30	30%	1.26	1.20	6%
Net income from operations 3)	31.4	26.4	19%	105.1	81.6	29%
Ditto per share (in €) 3)	0.44	0.39	14%	1.49	1.23	22%
Average number of shares outstanding	71.3	68.1	5%	70.4	66.5	6%

Key figures

1) Excluding € 4.2 million acquisition cost Langdon & Seah (Q1 2012), €4.8 million acquisition cost EC Harris (Q4 2011), €7.4 million gain from divestment of AAFM (Q2 2011)

2) Excluding restructuring & integration costs and impact energy projects Brazil

3) Before amortization and non-operational items

Fourth quarter

In the fourth quarter, gross revenues rose 16% of which 12% came from acquisitions. Organic growth in the quarter amounted to 2%. The currency effect was 2%.

Net revenues rose 22%, with the contribution from acquisitions being 16%, and a currency effect of 2%. Organic growth was 4%, mainly from South America and the Middle East. The lower organic growth of gross revenue can be explained by the completion of the Floriade project in the Netherlands, which included significant subcontracting. In Europe, German and French activities grew, but were offset by declines elsewhere in the region. Overall the US was flat, but did see an increase in water revenues as a result of the emergency support work which followed Hurricane Sandy on the East Coast. EC Harris as well as multinational clients contributed to organic growth.

Recurring EBITA was €52.4 million, a 26% increase. The currency effect was 2%, while the contribution from acquisitions was 37% fuelled by profits from EC Harris and Langdon & Seah. Higher profits from Brazil, Chile, EC Harris, Belgium and RTKL were insufficient to offset lower results in other European countries leading to an organic EBITA decline of 13%. This also includes reorganization- and integration costs of €6.9 million (2011: €2.1 million) related to the integration of EC Harris. Corrected for these, organic EBITA declined 1%.

The operational margin (operational EBITA as a percentage of net revenues) reached 12.1% (2011: 10.0%). Results in Q4 benefited from lower management costs at EC Harris due to the benefits from continuing its partnership structure. The impact on EBITA was a gain of €7 million, of which €5 million relates to the first three quarters. It is expected that the annual gain in future years will be around €4 million. At €6.3 million financing charges were above last year (€5.0 million) due to the investments in acquisitions. The tax rate came out at 28.2% compared to 31.1% last year. Net income from operations increased 19% to €31.4 million.

Full year

Gross revenues grew by 26%, reaching more than €2.5 billion, while net revenues increased by 30% to €1.9 billion. After the merger with EC Harris in November 2011, another important merger was realized in April 2012 with Langdon & Seah in Asia. The acquisitions of BMG in Switzerland and ETEP in Brazil also contributed to the revenue increase from acquisitions and the overall growth of 26%. Organic gross revenue growth was 3% and for net revenue 4%. The organic growth was driven mainly by growth in South America, where in addition to continued demand from the private sector, public sector work is also increasing. In developed markets in Europe, revenues declined due to challenging market conditions for public sector clients. Nevertheless, France and Germany realized revenue growth on the back of a strong performance in respectively rail work and environmental consulting. US revenues were 1% higher with growth for private sector clients at strong margins, being partly offset by environmental and water services to public sector clients.

On a recurring basis, EBITA increased 20% to € 170.6 million (2011: €141.8 million). The currency effect was 6%, while acquisitions contributed on balance 16%. Organically EBITA declined 2%. EBITA was impacted by organizational adjustments due to reduced market demand, and integration of activities due to recent mergers. This resulted in €18.2 million of costs for reorganization and integration (2011: €12.7 million). Excluding these costs, operational EBITA was €188.8 million (2011: €139.0 million), an increase of 36%.

The margin (recurring EBITA as % of net revenue) was 9.1% (2011: 9.8%). Excluding reorganization and integration costs, the underlying operational margin was 10.0%. This compares to 9.7% in 2011 and reflects the business shift to more profitable emerging markets.

Financing charges were lower than last year at €21.8 million (2011: €23.4 million). On balance they were €2.4 million higher as last year's amount included €3.9 million one-off costs for the refinancing of loans. This increase was mainly caused by investments in acquisitions and somewhat higher interest rates on the debt that was refinanced in 2011. The effective tax rate was 28.1%, at the same level as 2011 (28.0%). In 2011 the tax rate was supported by the favorable impact of the non-taxable profit related to the divestment of AAFM. In 2012 the change in geographical spread, as well as the positive impact of taxes related to share based payments supported a lower tax rate.

Net income from operations was €105.1 million or €1.49 per share (2011: €81.6 million or €1.23 per share). The increase in net income from operations of 29% was higher than in recurring EBITA (+20%) due to a lower effective tax rate and lower minority interests following the acquisition of Arcadis Logos.

Cash flow, investments and balance sheet

At €158.0 million (2011: €79.6 million) net cash from operating activities was much stronger. The improvement stems from lower financing costs and tax charges paid, as well as an improvement in working capital from 15.1% in 2011 to 14.9% in 2012. Free cash flow, after regular investments in ongoing businesses, was €124.0 million (2011: €44.9 million).

Balance sheet total rose to €1,771 million (2012: €1,559 million), mainly resulting from acquisitions and exchange rate differences. Net debt (cash and cash equivalents minus interest-bearing debt) rose to €282 million (2011: €268 million). Balance sheet ratios remained strong at year-end 2012. Average net debt to EBITDA (calculated according to bank covenants was 1.5 (2011: 1.4), while the interest coverage ratio was 8 (2011: 7).

Developments per business line

Figures noted below concern gross revenues for the full year 2012, compared to the same period last year, unless otherwise mentioned. Operational margin is based on recurring EBITA, excluding restructuring & integration charges and the impact from energy projects in Brazil.

Infrastructure (26% of revenues)

Gross revenues grew by 18%, of which the contribution from acquisitions was 10%. Organic gross revenues increased by 9% and net revenues by 16%, the difference explained by reduced subcontracting in Brazil. Our strategy to grow in emerging markets paid off, with strong organic growth in Brazil and Chile from ongoing work in energy and mining, and new public infrastructure projects. This offset declines in most European countries. Our operational margin declined to 8.1% (2011: 9.2%) due to lower margins in continental Europe, which were in part compensated by improvements in EC Harris.

Water (15% of revenues)

Gross revenues increased by 16%. The contribution of acquisitions (EC Harris, ETEP) was 6%. The currency effect was 6%. Organically, gross revenues were flat, while net revenues declined 2%. The difference can be explained by higher subcontracting in the US. Compared to last year, the US market is stabilizing, supported by industrial water projects and new opportunities for local municipalities. Organic growth was strong in Chile and Brazil. The Middle East, UK and the Netherlands also generated growth in water treatment. The water management market saw lack of public funding although in the fourth quarter, ARCADIS became involved in emergency water projects triggered by Hurricane Sandy. The operational margin was 9.3% (2011: 9.4%).

Environment (33% of revenues)

Gross revenues grew 11% of which 4% from organic growth and 7% as a result of currency effects. Net revenues increased organically by 2%. The year started off strong with growth in private sector environmental work in the US, and South America,

offsetting declines in US government markets. As economic uncertainty prevailed during the year, clients slowed investments in environmental issues and private sector growth decelerated. Oil and gas clients, our biggest client sector in environment, continued to contribute to growth. As a result of strong cost management, the operational margin improved to 12.6% (2011: 12.2%).

Buildings (26% of revenues)

Overall gross revenue growth was 78% and for net revenue 82%. Two strategic mergers contributed to the very strong growth. EC Harris and Langdon & Seah each grew their revenues, in part as a result of synergies. - Total synergy bookings were approximately €70 million during the year. EC Harris improved its margin through the year, delivering more than 9% EBITA for the year, putting us on track to achieve the 10% margin target already by 2013, one year ahead of plan. Langdon & Seah retained its high margin at well above average levels. In Europe and the US, revenues were under pressure, with the notable exception of London, where demand for high-end residential property increased. RTKL had a strong performance in the Middle East and Asia. Organically, gross revenues declined by 5%, the currency impact was 5% and net revenue declined organically by 4%. The contribution from performance improvement and successful acquisitions helped to increase the operational margin to 9.9% (2011: 7.0%).

Outlook

In the Infrastructure market, our involvement in many multi-year large projects, and our strong position in Brazil and Chile provide a good basis for continued growth. Although mining clients pace their investments in these countries, public sector work is on the rise. Government budget cuts in continental Europe are likely to also impact investments in large projects, which may affect our growth. Projects using alternative financing and delivery concepts, like PPP, and increased government outsourcing provide opportunities to combat this.

In the water market tight government budgets are causing revenue pressure, although in some markets, such as the US, we are able to offset this with private sector work and projects for network improvements. Flood protection work, such as related to Hurricane Sandy may offer additional opportunities. In addition, we target further expansion in selected markets in Europe and are capitalizing on opportunities in the Middle East. In South America, especially in Brazil and Chile, recent investments in water companies have considerably strengthened our position and create new avenues for growth.

The environmental market is growing slightly, driven by the private sector. In the US, we benefit from the trend that private sector firms outsource non-core activities, but we still face challenging public sector conditions. Our advanced technology allows us to bring contaminated sites to closure quicker and at lower cost. We believe that we are gaining market share, especially in complex projects and portfolios of sites and our Guaranteed Outcomes offering should help us maintain a strong position in these markets. Mining, energy and manufacturing projects drive demand for environmental services in Brazil and Chile. In Europe, demand from the private sector is picking up, compensating for a decline in government work.

In the buildings market, we now have a strong position with excellent opportunities for synergies and global growth. The commercial real estate market in Europe is in decline while the US market is starting to recover. In London, Asia and the Middle East we have a strong

position where we see significant growth potential. We are well positioned to help our clients with large investment programs and provide built asset consultancy to maximize value throughout an asset's lifecycle.

Europe

ARCADIS announced the introduction of a new pan-European operating model that is directed at better serving our multinational, large national and local clients, by leveraging our best practices and capabilities. The model combines client proximity at the country level with a pan-European leadership team and shared services in support functions. These initiatives are expected to generate annual cost savings of €25 million, which should bring Continental Europe to an EBITA margin of 10% by the fourth quarter of 2014 (compared with 5% in 2012). Total restructuring charges in 2013/2014 are expected to be approximately €20 million.

CEO Neil McArthur concluded: "We have excellent potential for continued synergies with newly acquired companies and stronger positions in key growth markets. Our backlog developed in line with revenue growth and is steady at 11 months of revenue. We expect continued growth in infrastructure and buildings, a stable market in environment, and a further recovery in water. Maintaining, and where possible, improving our margin is an important priority. We have developed a clear path for margin improvement in Europe, which should help us achieve overall target levels, also in 2013. Further strengthening our position through acquisitions remains on the agenda. For full year 2013 we expect a further increase of revenues and profit. 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 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 22,000 employees and more than EUR 2.5 billion in revenues, the company has an extensive global 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 adoption of the annual accounts of ARCADIS NV. The figures in this press release for the full year 2012 have been derived from the annual accounts of ARCADIS NV which are not yet public at the moment this press release is issued. These annual accounts 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 2012 in this press release are unaudited.

This press release contains forward looking statements, which are predictions only and not guarantees. The forward looking statements are based upon our current expectations, plans, estimates, assumptions and beliefs that involve risks and uncertainties. Assumptions relating to the foregoing involve judgments on matters and circumstances 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 - - -

CONDENSED CONSOLIDATED STATEMENT OF INCOME

	Fourth	quarter		Full year
Amounts in € millions, unless otherwise stated	2012	2011	2012	2011
Gross revenue	666.6	576.4	2,544.5	2,017.4
Materials, services of third parties and subcontractors	(177.7)	(174.9)	(666.3)	(574.1)
Net revenue Operational cost	488.9	401.5 (362.7)	1,878.2	1,443.3 (1,284.4)
	(428.5)		(1,680.8)
Depreciation Other income	(8.9)	(7.5) 5.6	(32.5)	(27.7) 13.2
	0.9		1.5
EBITA	52.4	36.9	166.4	144.4
Amortization identifiable intangible assets	(4.2)	(2.3)	(14.9)	(5.4)
Operating income	48.2	34.6	151.5	139.0
Net finance expense	(6.3)	(5.0)	(21.8)	(23.4)
Income from associates	(1.5)	(0.4)	(3.1)	0.3
Profit before taxes	40.4	29.2	126.6	115.9
Income taxes	(11.8)	(9.2)	(36.4)	(32.4)
Profit for the period	28.6	20.0	90.2	83.5
Attributable to:
Net income (Equity holders of the Company)	28.0	20.6	89.0	79.5
Non-controlling interests	0.6	(0.6)	1.2	4.0
Net income	28.0	20.6	89.0	79.5
Amortization identifiable intangible assets after taxes	3.2	1.7	11.4	3.6
Lovinklaan employee share purchase plan	0.2	-	0.5	0.3
Net effects of financial instruments	-	-	-	1.5
Non-recurring1	-	4.1	4.2	(3.3)
Net income from operations	31.4	26.4	105.1	81.6
Net income per share (in euros)	0.39	0.30	1.26	1.20
Net income from operations per share (in euros)	0.44	0.39	1.49	1.23
Weighted average number of shares (in thousands)	71,267	68,143	70,399	66,510

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 as well as the acquisition cost for EC Harris.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Amounts in € millions
Assets	December 31, 2012	December 31, 2011
Intangible assets	596.2	501.3
Property, plant & equipment	79.2	73.9
Investments in associates	30.0	24.0
Other investments	0.8	0.2
Deferred tax assets	38.4	34.2
Derivatives	-	-
Other non-current assets	25.8	18.3
Total non-current assets	770.4	651.9
Inventories	0.7	0.9
Derivatives	1.6	0.7
(Un)billed receivables	719.2	691.9
Corporate income tax receivable	11.8	8.8
Other current assets	38.1	46.6
Cash and cash equivalents	229.1	158.2
Total current assets	1,000.5	907.1
Total assets	1,770,9	1,559.0
Equity and liabilities
Shareholders' equity	535.6	455.5
Non-controlling interests	1.1	(0.1)
Total equity	536.7	455.4
Provisions for employee benefits	35.2	38.6
Provisions for other liabilities and charges	24.4	13.2
Deferred tax liabilities	41.1	22.8
Loans and borrowings	300.5	371.4
Derivatives	3.8	5.2
Total non-current liabilities	405.0	451.2
Billing in excess of cost	177.4	169.2
Corporate tax liabilities	13.9	10.3
Current portion of loans and borrowings	68.7	0.7
Current portion of provisions	9.7	10.7
Derivatives	0.8	8.3
Accounts payable	135.8	154.3
Accrued expenses	37.2	32.1
Bank overdrafts	51.3	5.5
Short term borrowings	80.5	38.1
Other current liabilities	253.9	223.2
Total current liabilities	829.2	652.4
Total equity and liabilities	1,770.9	1,559.0

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share capital	m miu Share pre	Hedging Reserve	mulative translation reserve Cu	Retained earnings	shareholders' equity Total	controlling interests Non	Total equity
Amounts in € millions
Balance at December 31, 2010 Profit for the period	1.3	106.8	(3.9)	(20.9)	309.5 79.5	392.8 79.5	18.4 4.0	411.2 83.5
Exchange rate differences Effective portion of changes in fair value of				2.8		2.8	-	2.8
cash flow hedges Actuarial (loss)/gain on post-employment			(2.3)			(2.3)		(2.3)
benefit obligations					(4.1)	(4.1)		(4.1)
Other comprehensive income			(2.3)	2.8	(4.1)	(3.6)	-	(3.6)
Total comprehensive income for the period			(2.3)	2.8	75.4	75.9	4.0	79.9
Transactions with owners of the Company:
Dividends to shareholders					(31.0)	(31.0)	(2.2)	(33.2)
Share-based compensation					6.8	6.8		6.8
Taxes related to share-based compensation					(1.3)	(1.3)		(1.3)
Purchase of own shares					(21.6)	(21.6)		(21.6)
Issuance of shares	0.1	61.6				61.7		61.7
Options exercised					3.3	3.3		3.3
Acquisition of non-controlling interests					(31.1)	(31.1)	(20.3)	(51.4)
Total transactions with owners of the
Company	0.1	61.6			(74.9)	(13.2)	(22.5)	(35.7)
Balance at December 31, 2011	1.4	168.4	(6.2)	(18.1)	310.0	455.5	(0.1)	455.4
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					89.0	89.0	1.2	90.2
Exchange rate differences				(9.8)		(9.8)	-	(9.8)
Effective portion of changes in fair value of
cash flow hedges			1.4			1.4		1.4
Actuarial (loss)/gain on post-employment benefit obligations
Taxes related to employee benefit obligations					(2.6) 2.2	(2.6) 2.2		(2.6) 2.2
Other comprehensive income			1.4	(9.8)	(0.4)	(8.8)	-	(8.8)
Total comprehensive income for the period			1.4	(9.8)	88.6	80.2	1.2	81.4
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					7.9	7.9		7.9
Taxes related to share-based compensation					2.9	2.9		2.9
Purchase of own shares					(28.5)	(28.5)		(28.5)
Options exercised					17.9	17.9		17.9
Total transactions with owners of the
Company	0.1	33.1			(33.2)	(0.1)	-	(0.1)
Balance at December 31, 2012	1.5	201.5	(4.8)	(27.9)	365.3	535.6	1.1	536.7

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Amounts in € millions	2012	2011
Cash flows from operating activities
Profit for the period	90.2	83.5
Adjustments for:
- Depreciation and amortization	47.4	33.1
- Taxes on income	36.4	32.4
- Net finance expense	21.8	23.4
- Income from associates	3.1	(0.3)
	198.9	172.1
Share-based compensation	7.9	6.8
Sale of activities and assets, net of cost	-	(13.0)
Change in fair value of derivatives in operating income	0.4	(6.4)
Settlement of operational derivatives	(0.9)	6.1
Change in inventories	0.2	(0.3)
Change in receivables	24.5	(48.4)
Change in provisions	(2.5)	2.3
Change in billing in excess of costs	(14.2)	4.9
Change in current liabilities	(10.1)	11.2
Dividend received	0.9	0.2
Interest received	3.1	3.9
Interest paid	(22.9)	(27.6)
Corporate tax paid	(27.3)	(32.2)
Net cash from operating activities	158.0	79.6
Cash flows from investing activities
Investments in (in)tangible assets	(34.8)	(35.3)
Proceeds from sale of (in)tangible assets	1.2	0.6
Investments in consolidated companies	(72.6)	(87.0)
Proceeds from sale of consolidated companies	-	5.8
Investments in associates and other financial non-current assets	(15.6)	(22.8)
Proceeds from sale of associates and other financial non-current assets	3.2	14.0
Net cash used in investing activities	(118.6)	(124.7)
Cash flows from financing activities Proceeds from options exercised		3.3
	17.9
Purchase of own shares	(28.5)	(21.6)
Settlement of financing derivatives	(6.4)	(4.3)
New long-term loans and borrowings	0.9	347.9
Repayment of long-term loans and borrowings	(0.7)	(322.8)
Changes in short-term borrowings	42.3	26.1
Dividend paid	(33.5)	(33.1)
Net cash from financing activities	(8.0)	(4.5)
Net change in cash and cash equivalents less bank overdrafts	31.4	(49.6)
Exchange rate differences	(6.3)	4.1
Cash and cash equivalents less bank overdrafts at January 1	152.7	198.2
Cash and cash equivalents less bank overdrafts at December 31	177.8	152.7

ATTACHMENT TO PRESS RELEASE "ANNUAL RESULTS 2012 OF ARCADIS NV"

Geographical information

Amounts in € millions or %

Gross revenue1			Geographic mix (gross revenue), %
	2012	2011		2012	2011
United States	1,144.0	1,051.5	United States	45	52
Emerging markets	525.7	274.9	Emerging markets	21	14
Europe excl. the Netherlands	563.8	360.0	Europe excl. the Netherlands	22	18
Netherlands	311.0	331.0	Netherlands	12	16
Total	2,544.5	2,017.4	Total	100	100

2012	2011	2012	2011

	2012	2011		2012	2011
United States	750.3	707.1	United States	40	49
Emerging markets	429.4	194.5	Emerging markets	23	14
Europe excl. the Netherlands	463.4	290.1	Europe excl. the Netherlands	25	20
Netherlands	235.1	251.6	Netherlands	12	17
Total	1,878.2	1,443.3	Total	100	100

Net revenue¹ Geographic mix (net revenue), %

2012	2011	2012	2011

EBITA, recurring1,2 Margin, recurring, %

	2012	2011		2012	2011
United States	89.6	79.9	United States	11.9	11.3
Emerging markets	48.7	39.0	Emerging markets	11.3	20.1
Europe excl. the Netherlands	16.1	3.7	Europe excl. the Netherlands	3.5	1.3
Netherlands	16.2	19.2	Netherlands	6.9	7.6
Total, recurring	170.6	141.8	Total, recurring	9.1	9.8

2012	2011	2012	2011

EBITA, operational1,2 Margin, operational, %

	2012	2011		2012	2011
United States	91.7	84.6	United States	12.2	12.0
Emerging markets	49.3	23.7	Emerging markets	11.5	13.0
Europe excl. the Netherlands	27.5	7.1	Europe excl. the Netherlands	5.9	2.5
Netherlands	20.3	23.6	Netherlands	8.6	9.4
Total, operational	188.8	139.0	Total, operational	10.0	9.7

2012	2011	2012	2011

¹ Based on origin of production

² After allocation of corporate costs

Information about business lines

Amounts in € millions or %

Gross revenue			Activity mix (gross revenue), %
	2012	2011		2012	2011
Infrastructure	657.6	558.0	Infrastructure	26	28
Water	369.5	319.3	Water	15	16
Environment	849.6	763.9	Environment	33	38
Buildings	667.8	376.2	Buildings	26	18
Total	2,544.5	2,017.4	Total	100	100

2012	2011		2012	2011

Net revenue			Activity mix (net revenue), %
	2012	2011		2012	2011
Infrastructure	531.7	419.9	Infrastructure	28	29
Water	286.4	251.0	Water	15	17
Environment	506.3	467.5	Environment	27	32
Buildings	553.8	304.9	Buildings	30	21
Total	1,878.2	1,443.3	Total	100	100

2012	2011		2012	2011

	2012	2011		2012	2011
Infrastructure	39.4	47.2	Infrastructure	7.4	11.2
Water	25.3	20.7	Water	8.8	8.2
Environment	61.0	56.5	Environment	12.0	12.1
Buildings	44.9	17.4	Buildings	8.1	5.7
Total, recurring	170.6	141.8	Total, recurring	9.1	9.8

EBITA, recurring¹ Margin, recurring, %

2011		2011
		2012

EBITA, operational1			Margin, operational, %
	2012	2011		2012	2011
Infrastructure	43.2	37.6	Infrastructure	8.1	9.2
Water	26.7	23.6	Water	9.3	9.4
Environment	63.9	56.5	Environment	12.6	12.2
Buildings	55.0	21.3	Buildings	9.9	7.0
Total, operational	188.8	139.0	Total, operational	10.0	9.7

¹ After allocation of corporate costs