- Significant debt reduction paves way for operational recovery

Financial solution implemented providing stability going forward
Pro forma net interest-bearing debt per 30 September down to 364 million euro
Pro forma equity per 30 September 482 million euro
Revenue in the third quarter 940 million euro, first nine months 2,892 million euro
Operational EBITDA loss improved and now limited to 5.6 million euro in Q3
Order intake continues to develop favourably with book-to-bill ratio well over 90%, both in quarter and first nine months
Legacy items further reduced
Non-operating items such as restructuring, advisory and financing costs of 70 million euro in Q3 and 320 million euro for the first nine months drive negative result
Non-operating items nearing completion
Improved working capital target bandwidth set at -3% to 0% of revenue

Key figures
Quarters in € million, unless otherwise indicated First nine months
Q3 2014 Q3 2013* 2014 2013*

940.2 1,064.4 Revenue and other income 2,892.2 3,226.5
-5.6 -8.4 Operational EBITDA -30.5 -67.1
-24.9 -28.0 Non-operational costs -94.8 -129.4
-30.5 -36.4 EBITDA -125.3 -196.5
-44.0 -56.8 Operating result (EBIT) -165.9 -254.0
-75.0 -89.2 Result from continuing operations -306.7 -317.8
- -6.9 Result from discontinued operations -69.8 -8.8
-75.0 -96.1 Net result -376.5 -326.6
862.4 936.1 Order intake 2,817.3 3,028.5
89.2 335.7 Working capital 89.2 335.7
1,135.3 835.7 Net interest-bearing debt (for the group) 1,135.3 835.7
1,157.4 835.7 Net interest-bearing debt (as reported) 1,157.4 835.7

Margins-0.6% -0.8% Operational EBITDA margin -1.1% -2.1%
-3.2% -3.4% EBITDA margin -4.3% -6.1%

23,021 25,046 Number of employees (in FTE) 23,021 25,046
Unaudited figures
* Restated, see notes 4 and 5 to the Interim Financial Statements H1 2014.

Gerard van de Aast, CEO: "With the financial restructuring having been addressed we can now fully focus on further operational improvement. Whilst significant progress has been made, we still need decisive improvement in our performance specifically in Germany & Eastern Europe and the Benelux. We are executing plans to drive improvement in project execution as well as a reduction in and upgrade of our back office functions and related costs. We have derisked our project execution profile by enhanced tendering procedures and are running our business with working capital well within our defined target range. On the back of these measures we confirm the achievability of our mid-term financial targets."

Financial solution implemented
In October 2014, we implemented the previously announced financial solution (rights issue and sale of ICT division). The pro forma net interest-bearing debt per 30 September reduced significantly to 364 million euro and pro forma equity position returned to a positive amount of 482 million euro.

Pro forma balance sheet after implementation of financial solution:

in € million
Actual as of 30 Sep 2014 Pro forma after implementation financial solution
30 Sep 2014

Property plant and equipment 131.9 131.9
Goodwill 809.9 809.9
Other intangible assets 94.5 94.5
Other non-current assets 51.9 77.8
Non-current assets 1,088.2 1,114.1
Working capital 89.2 90.3
Assets held for sale 427.2 -
Capital employed 1,604.6 1,204.4
Equity -101.2 481.9
Net interest-bearing debt* 1,157.4 364.4
Other non-current liabilities 40.7 32.0
Restructuring provisions 9.4 9.4
Other liabilities 316.6 316.7
Liabilities held for sale 181.7 -
Funding 1,604.6 1,204.4
Unaudited figures
* See Appendix 7 for a further breakdown of net interest-bearing debt

Pro forma capital employed is 400 million euro lower than reported, mainly due to the decrease of assets held for sale in relation to our ICT division (427 million euro).

Pro forma equity increases with 583 million euro to 482 million euro mainly due to the net proceeds of the rights issue of 567 million euro and a capital gain of 31 million euro on the debt buyback programme.

One-off and financing costs drive negative result of 75 million euro in Q3
The net loss for the third quarter of 75 million euro includes an operational EBITDA loss of 5.6 million euro and significant and financing costs:

in € million Q3 2014 First nine months 2014
Operational EBITDA -5.6 -30.5
Non-operational costs -24.9 -94.8
EBITDA -30.5 -125.3
Depreciation -7.8 -22.2
Amortisation & impairment -5.7 -18.4
Operating result (EBIT) -44.0 -165.9
Net finance result -44.6 -165.5
Share of results of associates, joint ventures and other investments 11.9 12.5
Income tax benefit 1.7 12.2
Result from continuing operations -75.0 -306.7
Result from discontinued operations - -69.8
Net result -75.0 -376.5
Unaudited figures

Specification of non-operational costs and net finance result:
in € million Q3 2014 First nine months 2014
Non-operational costs 24.9 94.8
Restructuring costs 13.7 30.3
Advisory cost 8.9 33.7
Other non-operational items 2.3 30.8
Net finance result 44.6 165.5
Net interest expense 30.1 127.6
Cost of guarantees 3.4 8.8
Other finance expenses 11.1 29.1
Non-cash part of Net finance result 15.0 85.0

One-off items within Net finance result
Cash amendment fee - 13.6
Paid-in-Kind amendment fee (non-cash) - 9.5
Make whole amount (non-cash) - 31.9
Amortization capitalised cost (non-cash) - 18.3 73.3
Unaudited figures

For the third quarter 2014
The restructuring costs of 13.7 million euro relate mainly to Germany & Eastern Europe, Nordic, UK & Ireland and Marine. The cost for the additional restructuring measures as announced on 26 August 2014 relating to headcount reduction and real estate rationalisation have not yet been included in the Q3 2014 results.

Other finance expenses amounted to 11.1 million euro and include amongst others employee benefits and net currency exchange loss. The capital gain from the debt buy back of 31 million euro will be recorded in the net finance result in Q4 2014, net of other one-off financing costs.

In Q3 2014 the share of results of associates, joint ventures and other investments is 11.9 million euro positive and includes a book profit on the sale of the investment in associate IHC Systems.

For the first nine months 2014
The advisory costs of 33.7 million euro include an amount of 25 million euro which is related to the implementation of the Medium Term Solution as announced on 18 March 2014, while the remainder of the advisory costs is related to the implementation of the financial solution in October 2014. The other non-operational items of 30.8 million euro mainly relate to the closure of the Russian business, the termination of a German sponsorship agreement, the settlement on the NKS project in Nordic and closure of legacy items (sale of a commercial building in Germany and the settlement of a 2010 project dispute in Spain).

The one-off items for the first nine months within net finance result amounted to 73.3 million euro. All one-off items relate to the implementation of the Medium Term Solution as announced on 18 March 2014.

On 27 October 2014, the revised interest agreements became effective. The revolving credit facility has a margin on euribor of 3.75% and the senior notes have an interest of around 7%. Guarantee fees range from 1.9%-2.25%. Going forward, all interest and guarantee cost will be cash.

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Outlook
2014 is a transition year in which we are implementing the next phase of our operational and financial recovery programme. Given the size of this transition and the challenging market circumstances, no specific forecasts are given regarding 2014.

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