• Total revenue (2) is expected to be approximately € 1,038 million (2010: € 922 million);
• Underlying EBITA3 is expected to be € 33 million, this is approximately € 3 million under the low-end of the guided range of € 36 – 40 million (2010: € 47 million);
• Expected net loss of € 54 – 56 million (2010: net profit of € 17 million).

Results are lower than previously expected, mainly because of:

• Downward revision EBITA in France
• Additional one-off charges and write-downs on non-core assets
• Impairments
• Write-downs on tax assets

The fourth quarter and annual results 2011 will be published on 9 March 2012.

Michiel Jaski, CEO Grontmij N.V.: ‘In line with the company’s announcement on the 29th November 2011, Grontmij is in the process of finalising an extensive strategic and financial review. This includes a prudent assessment of our performance and our assets. The extensive review allows Grontmij to create a new foundation for the future. We consider this an essential step in the development of a new and adequate financial structure. We will provide a further update on 9 March 2012, when we will also present the results of our strategic and financial review and the annual results for 2011.’

Full year underlying EBITA (3)
With the exception of France, Grontmij estimates Group performance in the fourth quarter of 2011 to be in line with the guidance of 19 December 2011. The contribution of France to the full year EBITA is expected to be approximately € 6 million lower than anticipated, mainly due to additional provisions and write-offs. As a result, on a like-for-like basis Grontmij is expecting underlying Group EBITA3 to be approximately € 3 million under the low end of the guided range of € 36 – 40 million (2010: € 47 million).

(1) Numbers today reported are preliminary and unaudited.
(2) Total revenue includes approximately € 104 million from the Telecom activities that were sold in October 2011. These activities will be reported as ‘Result from discontinued operations’ in our 2011 Annual Report. Total revenue from continuing operations is approximately € 934 million (2010: € 841 million).
(3) Underlying EBITA excludes restructuring charges, revaluations, impairment losses and results from investments in equity accounted investees (EAI) and includes approximately € 7 million EBITA of the French Telecom activities, which were sold in October 2011. These activities will be reported as ‘Result from discontinued operations’ in our 2011 Annual Report.

Underlying EBITA excludes non-recurring items which are estimated to be approximately € 60 million for 2011 and are made up as follows:

Restructuring costs
The total restructuring costs for 2011 are expected to be approximately € 19 million, mainly related to the Netherlands, the UK and the corporate head office.

One-off charges
One-off charges incurred in the fourth quarter of 2011 are estimated to be approximately € 8 million and relate mainly to a pension provision (approximately € 3 million) and a provision for IT restructuring costs (approximately € 3 million).

Additional write downs on non-core assets
The total write downs for 2011 on non-core assets are estimated to be approximately € 6 million, to reflect the expected value of the assets considering the current economic environment.

Impairments
For the full year 2011, approximately € 27 million in impairments will be taken. In 2011, both revenue and profitability in the UK have not recovered in line with expectations. For the full year 2011, an impairment of approximately € 23 million is necessary on goodwill and brand names, predominantly in the UK. In addition, an impairment of approximately € 4 million will be taken on the book value of non-core assets.

Net loss
The net loss for the full year 2011 is expected to be € 54 – 56 million (2010: net profit of € 17 million) and includes a tax asset write-off of approximately € 2 million, which is necessary due to lower than expected profit before tax mainly in the Netherlands and UK.

As announced earlier, Grontmij is set to provide an update on the outcome of the financial and strategic review on 9 March 2012, at the publication of the fourth quarter and annual results 2011.

Disclaimer
This press release contains statements of a forward-looking nature with respect to the financial condition, results of operations and business of Grontmij and certain of the plans and objectives of Grontmij with respect to these items. Given the dynamics of the markets and the environments in which Grontmij provides its services, the company cannot guarantee the accuracy and completeness of such statements.

Unforeseen circumstances include, but are not limited to, exceptional income and expense items, unexpected economic, political and foreign exchange developments, and possible changes to IFRS reporting rules.
Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties of the markets and environments in which Grontmij operates. These factors could lead to actual results being materially different from those expected.

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Note to editors

Grontmij is the third largest engineering consultancy in Europe with nearly 10,000 professionals. At the heart of our business is the sustainability by design principle. It is a leading value proposition for our customers delivered in four business lines: Planning & Design, Transportation & Mobility, Water & Energy, Monitoring & Testing.

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Grontmij provides update on preliminary key figures for the full year 2011