Stable revenue in 2013 provides platform for recovery

Presentation Q3 2013 results7 November 2013

Gerard van de Aast, CEOHans Turkesteen, CFO

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Highlights Q3 2013 results

Revenue in the quarter 1,256 million euro (Q2 2013: 1,274 million euro)

Operational EBITDA in the quarter -4 million euro (Q2 2013: -33 million euro)

Order intake YTD 2013 3,628 million euro, in line with revenue

Working capital Q3 stable versus Q2 despite regular seasonal increases

Earlier announced restructuring program largely completed and extended

Operational recovery Germany requiring more time; additional restructuring announced

Constructive dialogue covenant reset started

3

Back to running the business

Operational update Q3 2013

Financials Q3 2013

4

Restructuring program largely completed and extended

■ Increase of 650 FTE reduction for 2013 is mainly in Eastern Europe (230 FTEs, downsizing business), Nordic (240 FTEs, capture integration benefits) and Marine (60 FTEs improving efficiency)

■ Majority of the FTE reductions 2013 in Germany & Eastern Europe (780 FTEs), Benelux (350 FTEs), Traffic & Infra (240 FTEs), Nordic (240 FTEs) and Marine (150 FTEs)

■ Total average payback time is 15 months■ Additional reduction of 300 FTEs in Germany for 2014

Planned Actual

1300

650

300

1,355

Restructuring FTEs 2013 & 2014

2013

2014

Planned Actual

80

10

71

Restructuring costs 2013 (€m)

Total expected for 2013: ~€90m

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Operational update Q3 2013

Benelux Dutch Building Services in process of turnaround Industrial businesses progressing well and restoring results and margin

UK & Ireland Performance at a satisfactorily level Opportunities in Water, Waste & Energy and International businesses

Nordic Satisfactory performance Market conditions in Sweden and Finland remain difficult, Norway remains good Cost saving through post acquisition synergies

Spain & Turkey Spain: markets remain tough, South America projects in progress Turkey: reviewing strategic options, including book values

ICT Performance at a satisfactory level Several deals with strategic partners

Traffic & Infra Recovering due to restructurings

Marine New management has stabilized the business and enter into change program

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Operational update Q3 2013

Germany & Eastern Europe

Strong market with attractive projects in the market

A good reputation and market leadership position

German business trading weaker than assumed due to prior management

High cost structure and a number of weak project results

550 FTE reduction program in Germany halfway

Eastern Europe 240 FTE reduction program also halfway

Additional 300 FTE reduction in Germany will be implemented in 2014

3 year cost savings program (including stopping sponsoring activities) of €40m is underway

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Good new projects

Industrial technology

Upgrading cleanrooms at

Pfizer facilities in Ireland

Infra technology

7 years maintenance and

project contract at Dutch

energy network provider

Stedin for part of their

network in the Province of

Utrecht (NL)

Building technology

DBFMO contract for new to

be build Penitentiary

Zaandam (NL) including 25

years responsibility of

technical infrastructure

Marine technology

Delivering of HVAC systems

plus redundant cold and

warm water supply systems

for German research vessel

‘Sonne’

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Order intake first nine months 2013

(€m)

Order intake YTD 13

RevenueYTD 13

Benelux 499.5 496.6

Germany & Eastern Europe 639.0 782.8

UK & Ireland 466.7 563.3

Nordic 670.2 654.0

Spain & Turkey 168.4 187.7

ICT 494.0 479.3

Traffic & Infra 285.9 273.5

Marine 404.4 304.1

Total 3,628.1 3,741.3

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Stable revenue provides platform for recovery

Stable revenue Stable revenue performance during first nine months 2013 Order intake in line with revenue for first nine months 2013

Improvement operational

performance

Improve margins Restructuring to bring cost structure in line Improving project management and project execution Procurement process Scaling technologies

Working capital reduction

Focus on cash Reduce trade receivables Reduce work in progress

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Back to running the business

Operational update Q3 2013

Financials Q3 2013

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Group performance

(€m) Q3 2013 Q3 2012

Revenue 1,256.4 1,374.0

Operational EBITDA -4.0 -56.6

Non-operational costs -29.9 -

EBITDA -33.9 -56.6

Net finance result -30.3 -18.9

Result before tax -93.7 -98.4

Income tax -2.4 8.9

Net result -96.1 -89.5

Pro rata allocation of 2012 adjustments

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Breakdown operational EBITDA performance

(€m) Q3 2013 Q3 2013 % Q2 2013 % Q1 2013 %

Benelux -1.1 -0.7% -8.0% -2.5%

Germany & Eastern Europe -19.7 -7.3% -11.3% -10.2%

UK & Ireland 9.3 4.9% 3.9% 4.0%

Nordic 6.6 3.3% 5.3% 1.4%

Spain & Turkey -2.2 -3.5% -0.6% 0.8%

ICT 6.3 3.6% 3.1% 5.2%

Traffic & Infra 3.9 4.6% 3.5% -2.3%

Marine -1.6 -1.4% -12.5% -0.1%

Group management -5.5 - - -

-4.0 -0.3% -2.6% -1.1%

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Balance sheet

(€m) Q3 2013 Q2 2013 Q4 2012

Goodwill & other intangible assets 1,266.1 1,277.9 1,299.7

Other fixed assets 233.2 239.2 237.3

Assets held for sale 25.3 26.5 27.6

Working capital 335.7 332.3 106.2

Capital employed 1,860.3 1,875.9 1,670.8

Equity 678.4 291.6* 524.5

Net interest-bearing debt 835.7 1,205.9 773.0

Other (non-interest bearing) LT liabilities 19.7 25.1 24.8

Restructuring provisions 28.4 50.5 24.0

Other liabilities 298.1 302.8 324.5

Funding 1,860.3 1,875.9 1,670.8* Equity before completion of rights issue of ordinary shares and issue of cumulative financing preference shares

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Balance sheet – equity movement

(€m)

Equity 30 June 2013 291.6

Result for the quarter -96.1

Proceeds from rights issue ordinary shares 499.2

Proceeds from issue cumulative financing preference shares 30.0

Transaction related costs -41.6

Other -4.7

Equity 30 September 2013 678.4

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Balance sheet – working capital

(€m) Q3 2013 Q2 2013 Q4 2012

Work in progress 382.0 347.5 264.8

Trade receivables 938.1 938.7 1,132.1

Other current assets 265.7 337.7 283.8

Trade payables -708.7 -722.6 -890.8

Other current liabilities -541.4 -569.0 -683.7

Working capital 335.7 332.3 106.2

% LTM revenue 6.4% 6.2% 2.0%

Other current liabilities Q3 2013 includes accrued project expenses (€125m), accrued personnel expenses (€183m), deferred income (€65m), VAT payable (€39m) and various other accrued liabilities

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Aging of trade receivables

(€m, net amount) Q3 2013 Q2 2013 Q4 2012

Not past due 668.5 664.3 767.8

Past due <180 days 140.6 146.6 228.8

Past due >180 days 129.0 127.8 135.5

Total 938.1 938.7 1,132.1

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Balance sheet – net interest-bearing debt

(€m)

Q3 2013

Q2 2013

Q4 2012

Syndicated bank loans 450.7 608.3 488.3

Senior notes 322.3 326.4 326.3

Other interest-bearing debt 210.0 399.9 343.5

Cash -147.3 -128.7 -385.1

Net interest-bearing debt 835.7 1,205.9 773.0

Movement net interest-bearing debt(€m)

Net interest-bearing debt 30 June 2013 -1,205.9

Operational EBITDA -4,0

Change in working capital -3.4

Net capex -5,7

Paid interest & tax (net) -23.2

Restructuring & refinancing payments -61.9

Net proceeds from equity +487.6

Other -19.2

Net interest-bearing debt 30 September 2013 -835.7

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Extraordinary items first nine months

(€m) Headcount FinancialTotal

restructuring

Announced 90* 110 200

Incurred YTD 2013 70.7 90.5 161.2

Accounted YTD 2013Non-operationalFinance expensesPrepaid expensesAmortised cost of loansEquity

70.7----

16.919.6

-12.441.6

87.619.6

-12.441.6

70.7 90.5 161.2

Paid YTD 2013 39.3 90.5 129.8

* Including extended restructuring program, but excluding additional redundancies in Germany in 2014

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Q&A