Gross revenues rose 7%. The currency effect was minus 1%. The contribution from acquisitions – especially Malcolm Pirnie – was 16%. Organically, revenues declined 8%.

Net revenues (revenues generated by our own staff) rose 12%. The currency effect was minus 1%, the contribution from acquisitions 17%. The organic decline of 4% was at the same level as in the fourth quarter of 2009. As a result of the completion of several projects with a large amount of subcontracting, gross revenues organically declined more than net revenues. In most European countries, organic growth weakened, while in the U.S. revenues declined organically, although less than last year especially due to increasing demand in the private sector environmental market. The strongest organic decline was still seen in the real estate market in England and at RTKL, although in RTKL a recovery is visible.

EBITA rose 5% to € 29.3 million. The currency effect was minus 2%; acquisitions contributed 13%. On balance, the organic decline was 6%. In England, last year's restructuring yielded results, while in most other European countries results improved slightly. Offsetting this was a limited decrease of results in the Netherlands and Belgium, partly caused by the harsh winter, while in Brazil a number of energy projects generated a loss. As a result, the margin (EBITA as a percentage of net revenues) of 9.0% was slightly behind last year (2009: 9.6%). In the U.S. and in RTKL the good order intake in combination with a focus on cost control had a positive effect on results.

Just like last year, there was no contribution from the sale of carbon credits in Brazil. The procedures that caused the delay have almost been completed and the sale is expected to start again in the second quarter. Also because of the myriad opportunities in Brazil, strategic options for the Brazilian energy projects are being reviewed.

Financing charges were € 4.1 million compared to € 2.4 million last year – after correction for the proceeds of the unwinding of derivates of € 7.5 million early 2009. The increase is mainly the result of acquisitions.

Net income from operations increased 10%. This is more than the increase in EBITA as a result of lower taxes and a higher contribution from associated companies.

Gross revenues declined 4%. The currency effect was 3%. The organic revenue decline of 7% in part resulted from the completion late last year of a number of large projects with extensive subcontracting. Net revenues declined only slightly, also as a result of the harsh winter. After local markets came under pressure in the U.S. earlier, this was now also noticeable in Europe. Central government programs generated growth in Belgium, the Netherlands and Central Europe. A consortium with ARCADIS was selected for the high speed rail line Tours – Bordeaux, the largest PPP project ever in France.

Gross revenues more than doubled as a result of the merger with Malcolm Pirnie. The currency effect was minus 1%. Organically, gross revenues increased 1% and net revenues by 4%, especially due to increased demand in water management. In Brazil, a large contract was won for the São Francisco River to combat continual water shortages. Pressure on local government budgets also impacts the water market, but to a lesser extent. Malcolm Pirnie is able to offset declines in the western and southern U.S. with more work in the northeast.

Gross revenues rose 2%. The currency effect was minus 3% and the contribution from acquisitions 11% (environmental activities Malcolm Pirnie). The organic decline was 6%, but in net revenues was limited to 1%, a clear improvement from previous quarters. This also resulted from the large contract wins in the U.S. in 2009 and from a gradually increasing demand from companies as a result of the economic recovery. In Europe, activities rose almost across the board. A five year framework contract was signed with ExxonMobil for environmental services in ten European countries.

Revenues were down 15% at a currency effect of minus 2%. A small acquisition in the healthcare field in the Netherlands contributed 1%. Organically gross revenues were down 13%, net revenues 14%. The commercial real estate market in England and the U.S. has stabilized at a low level. RTKL compensates the decline in the U.S. and Europe with projects in Asia and the Middle East. The assignment for the design of the Shanghai Changzheng Pudong hospital, the largest new hospital in China, marks the breakthrough. In Belgium demand for industrial services is increasing.

The economic recovery is becoming more visible, especially in the United States. However, the recovery is fragile and it remains to be seen to what extent economic conditions will impact the different markets in which ARCADIS is active.

The infrastructure market remains healthy because governments continue to invest, mostly based on multiyear investment programs. In Europe, ARCADIS is involved in many of these programs. The attraction of PPP initiatives, for which ARCADIS is very well positioned, is increasing. The stimulus package in the U.S. helps, but the effect on our activities will be limited. Brazil offers many opportunities for growth, both in the public and the private sector, while in Chile reconstruction work is done following the earthquake.

In the water market the need for drinking water, a cleaner environment and flood protection are important growth drivers. This is strengthened by the attention for climate change. The effect of pressure on local government budgets is expected to be limited. Synergy with Malcolm Pirnie offers many opportunities in this market. Currently the strategy for water is being worked out with the aim of also expanding internationally. Priorities are Brazil, Chile and the Middle East.

In the environmental market regulation and sustainability provide a solid basis. Clients use the recession to focus on their core business, while outsourcing portfolios of contaminated sites for clean-up. This trend, which in the U.S. led to a number of large contracts, is expected to continue. Our strong competitive position, based on international presence and advanced technology, will allow us to gain market share, especially now that private sector demand comes up again and vendor reduction is increasing. We also benefit from growing demand for consultancy on energy savings and carbon footprint reduction.

The buildings market appears to be bottoming out. For the second quarter in a row backlog increased. The commercial market stabilized, without expectations for a recovery in the short term. At RTKL the situation clearly improved as a result of strong order intake in Asia, the Middle East and in healthcare. This development, and the fact that demand from the public sector, including schools and healthcare, remains at a good level, may lead to a recovery of revenues in the second half of 2010. Facility management can also contribute to this.