Grontmij expects net operating result for 2002 unchanged from 2001

In the first six months of 2002 Grontmij achieved a net operating result of EUR 6.9 million - 10% lower than that for first half of 2001 (2001: EUR 7.7 million). The net operating result per share was therefore EUR 1.79 (2001: EUR 2.07), partly as a result of the increase in the number of shares in consequence of the stock dividend.

· Business-unit restructuring completed;
· Vagron fermentation unit partly out of commission;
· Net operating result for the first half year: down 10%; forecast for the whole of 2002: unchanged with respect to 2001;
· Revenue for the first half year: down 13%; revenue for the whole of 2002:

Revenue for the first half year was down 13% at EUR 210 million (2001: EUR 241 million). Revenue from Consultancy & Engineering was unchanged, despite the disposal of the interest in Ekolog in Poland and the restructuring of the property valuation (WOZ) activities and the Atenco business-unit in Belgium.

These restructurings have contributed to the improvement in the margin.

Development & Operations revenue fell during the first six months by 47% compared with the same period in 2001.

Outlook for the whole of 2002

For 2002, Grontmij currently expects a net operating result similar to that for 2001 (2001: EUR 14.5 million) and stable revenue. Consultancy & Engineering revenue is continuing to grow. Revenue from Development & Operations, which in 2002 will be achieved predominantly in the second half of the year, will fall slightly compared with 2001. Earnings per share for the whole of 2002 are expected to turn out at EUR 3,68 (2001: EUR 3,78).

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(source: Grontmij)

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