Grontmij reports 3rd quarter 2015 results

Improved operating margin and stable revenues, public offer by Sweco successful;
Sweco currently holds over 97% of Grontmij shares
Stockholm, Sweden and De Bilt, the Netherlands, 23 October 2015 – Grontmij N.V.,
part of Sweco, Europe's leading architecture and engineering consultancy, today
announces its results for the third quarter of 2015. Markets did not
significantly change in the third quarter of 2015, with strong demand in the UK
and Germany while the Dutch market remained weak. Grontmij Group reported in the
third quarter of 2015 stable revenues. EBITA excluding exceptional items
improved to € 7.1 million (Q3 2014: € 4.8 million) resulting in an EBITA margin
excluding exceptional items of 4.5% (Q3 2014: 3.1%), driven by higher operating
margins in Denmark and UK. Following the launch of the public offer by Sweco on
13 July 2015, Sweco declared the public offer on all Grontmij shares
unconditional on 25 September 2015. On 1 October 2015, settlement took place
followed by a post-closing acceptance period that ran until 9 October.
Settlement of the post-closing acceptance period took place on 16 October 2015
with Sweco now holding 97.4% of all Grontmij shares. Sweco will commence a
statutory buy-out procedure for the remainder of the Grontmij shares not already
owned by Sweco. Delisting of Grontmij is expected on 19 November 2015.

Key points Q3 2015

  · Total revenue Q3 2015 of € 156.6 million (Q3 2014: € 154.4 million), with
organic growth of 0.8%. Net revenue Q3 2015 of € 129.2 million (Q3 2014: € 127.6
million), with organic growth of 0.6%
  · EBITA excluding exceptional items Q3 2015 € 7.1 million (Q3 2014: € 4.8
million), driven by improvements in Denmark and the UK; EBITA margin excluding
exceptional items improved to 4.5% in Q3 2015, compared to 3.1% for the same
period last year
  · Exceptional items in the third quarter were – € 3.0 million (Q3 2014: – €
1.3 million), mainly related to the public offer (– € 2.7 million)
  · Net result from continuing operations in Q3 2015 of – € 1.3 million (Q3 2014
€ 1.2 million), as the higher EBITA excluding exceptional items was partially
offset by higher exceptional costs (related to the public offer) and higher
finance expenses (impacted by the fair value increase of the Cumprefs: € 1.5
million)
  · Trade working capital (TWC) at the end of Q3 2015 was 14.6% (Q3 2014:
17.1%), with an underlying improvement of 1.8% versus last year
  · Net debt for covenants per end of Q3 2015 of € 68.0 million (Q3 2014: € 65.7
million).

Michiel Jaski, CEO of Grontmij N.V. until 1 October 2015: 'In the third quarter
we have made important progress on the public offer and the preparations for the
integration agenda which were both crucial to enable Grontmij and Sweco to join
forces. Our clients, employees and shareholders have responded in a positive way
to our announcement to become the leading engineering consultancy in Europe,
allowing us to swiftly move forward. Today we publish our results for Q3 showing
margin improvement and stable revenues, backed by solid performances in the UK,
Denmark and Germany, while the Netherlands continued to feel pressure. The
public offer has now provided Sweco with more than 97% of the Grontmij shares
and we expect delisting of Grontmij from Euronext Amsterdam on 19 November
2015.'
For more information, please contact:

Michèle Negen, Investor Relations Manager, Grontmij N.V., +31 888 11 58 84