Contents Key figures 3 Overview <strong>2008</strong> 4 Foreword 8 Information for shareholders 10 Supervisory Board 13 <strong>Report</strong> of the Supervisory Board 14 Meetings 14 Committees 15 Remuneration report 15 Composition 18 Financial statements and dividend 19 Executive Board 22 <strong>Report</strong> of the Executive Board 24 Mission, objectives and strategy 24 Market 29 Risk management 37 Financial performance 43 Organisation and personnel 50 Corporate Governance 52 Declarations 55 Corporate Social Responsibility <strong>Report</strong> 58 Financial statements 71 <strong>Report</strong> of Stichting Preferente Aandelen <strong>Grontmij</strong> 127 <strong>Report</strong> of Stichting Administratiekantoor van Aandelen <strong>Grontmij</strong> N.V. 128 Country management 130
Key figures <strong>2008</strong> 2007 2006 2005 2004 Revenue EUR 1,000 Total revenue 846,223 772,846 543,122 441,481 472,884 Third-party projects expenses 182,254 174,701 158,612 147,977 184,343 Net revenue 663,969 598,145 384,510 293,504 288,541 Workforce (average) fte Own staff 6,816 6,256 4,140 3,391 3,381 Agency staff 511 400 334 279 230 Total 7,327 6,656 4,474 3,670 3,611 Workforce (at year-end) fte 7,478 6,780 6,337 3,514 3,502 Profitability Earnings before interest and income tax (EBIT) EUR 1,000 58,186 47,992 30,362 20,036 18,415 Amortisation of intangible assets EUR 1,000 6,948 6,087 2,633 - - Earnings before interest, income tax and amortisation (EBITA) EUR 1,000 65,134 54,079 32,995 20,036 18,415 EBIT as percentage of total revenue % 6.9 6.2 5.6 4.5 3.9 EBIT as percentage of net revenue % 8.8 8.0 7.9 6.8 6.4 EBITA as percentage of total revenue % 7.7 7.0 6.1 4.5 3.9 EBITA as percentage of net revenue % 9.8 9.0 8.6 6.8 6.4 Profit after income tax EUR 1,000 38,770 32,720 22,053 13,229 11,388 Profit after income tax as a percentage of total revenue % 4.6 4.2 4.1 3.0 2.4 Profit after income tax as a percentage of net revenue % 5.8 5.5 5.7 4.5 3.9 Profit per employee € 5,291 4,916 4,929 3,605 3,154 Return on Equity % 23.3 22.1 18.7 14.1 11.2 Shares* Shares in issue at year-end 17,764,920 17,794,920 17,794,920 16,164,920 16,164,920 Shares in issue, average 17,764,920 17,794,920 16,698,252 16,164,920 16,164,920 Earnings per share € 2.16 1.84 1.31 0.81 0.69 Dividend per share (<strong>2008</strong>: proposal) € 1.15 1.10 0.75 0.53 0.44 Dividend/earnings per share % 53 60 57 65 64 Highest price € 30 41 23 15 10 Lowest price € 14 22 15 10 6 Closing price € 18 24 22 15 10 Year-end balance sheet Total equity EUR 1,000 174,943 157,203 138,708 97,042 91,247 Total assets EUR 1,000 627,344 596,619 533,810 351,399 327,672 Intangible assets and goodwill EUR 1,000 202,071 168,776 170,723 8,834 8,361 Loans and other interest bearing liabilities EUR 1,000 116,330 102,211 117,707 32,674 18,544 Solvency ratio % 27.9 26.4 26.0 27.6 27.8 * Adjusted in accordance with share split 1:4 as per June 1, 2007 GRONTMIJ | ANNUAL REPORT <strong>2008</strong> 3