€m	2009	2008	2007
Net revenue	478	491	441
Gross margin	111	115	100
EBITDA*	42	47	31
EBITA*	33	38	23
Profit after tax	20.1	26.6	22.0
Working capital	187	219	200
Net debt	-108	-131	-99

* Before non-recurring restructuring costs of € -3.1 m (2008: € -0.1 m), profits from EAI € 3.0 m (2008: € 3.7 m), profit from divestment of EAI € 5.2 m (2008: € 2.5 m) & revaluations € -1.0 m (2008: nil)

Sylvo Thijsen, Grontmij CEO comments:

“The 24% decline of profit after tax in the first nine months reflects the recessionary effects in Europe especially the UK with recovery slower than expected. What we are seeing is that clients, also in the very important public sector, are postponing start dates on contracted projects. Whilst revenues hold up, margins fell due to sliding productivity. We expect markets to stabilize in the first half of 2010 and expect a slight recovery in the second half of 2010.

Our response to these market conditions has been focused and fast. We were already committed to further improving operational performance through managing overhead, exiting low performing activities and tightening cash management. At the third quarter we have incurred restructuring costs of € -3.1 million, and asset revaluations of € -1.0 million. We forecast a further € 6-8 million of restructuring provisions for the year to result in a structurally improved cost base. We believe these actions are necessary to position Grontmij for sustainable growth as European player. The estimated EBITA before exceptional items for the year 2009 will be approximately € 43-45 million while profit after tax including all costs, provisions and revaluations will amount to approximately € 18-20 million.”

Outlook

Current challenging economic conditions have led to increased uncertainty in most market segments in Europe. In view of these increased uncertainties and changed market circumstances we have taken and plan to take further actions to take advantage when markets improve. We are cutting costs, quitting low performing activities and tightening cash.

Our market position in the Transportation, Environment, Water and Energy sectors remains strong and will be leveraged to generate sustainable growth for the long term. We expect full-year underlying EBITA before restructuring costs, result of EAI and revaluation to be in the range of € 43-45 million. Full-year restructuring costs, provisions and revaluations are expected to be in the range of € 10-12 million. Profit after tax after restructuring costs, provisions and revaluations is expected to be approximately € 18-20 million.

Read the full Quarter three results announcement.