The directors present the strategic report and audited financial statements for the year ended 31 December 2025.

The company is a subsidiary of DEME Building Materials N.V.

At the end of 2007 the company was granted a 15 year licence to dredge an area of the English Channel. Preliminary dredging commenced in June 2008 and the licence was fully operational in June 2009 when full scale dredging was able to commence. Meanwhile, the licence has been extended for another 15 years until 2039, enabling a continuation of dredging in this area. In 2016 the company started to dredge on one of the two permitted sites in the Humber Region. In 2018 the second concession in the Humber Region was opened and began dredging in the second quarter of 2018.

The results for the company showed a profit before tax of £172,439 (2024: £705,623 loss before tax) and sales in the year of £3,049,936 (2024: £2,608,778).

Business model evolution

During 2025, the company continued to operate within the DEME Building Materials group under a centrally managed transfer pricing model. Under this model, key commercial and operational functions, including customer management, commercial pricing and sales activities, are coordinated at group level. DEME Building Materials Limited operates as a cost plus entity and primarily acts as the holder and operator of marine aggregate extraction licences in the United Kingdom within the group’s integrated supply chain. The model is intended to improve operational efficiency, ensure consistent pricing policies and align the company’s remuneration with the functions performed, assets used and risks assumed.

Going concern

The company has net assets of £1,433,947 (2024: £1,128,212), including net current assets of £893,145 (2024: £502,679).

The directors have considered the company's forecasts for at least 12 months from the date of approval of these financial statements, the nature of the company's relationship with the rest of the DEME group and the expected impact of the group’s central transfer pricing model. Under this model, the company operates as a cost plus entity, which is expected to support a positive cash flow position. On this basis, the directors remain confident that the company is a going concern.

Future outlook

The dredging activities in the East English Channel are fully operational and the dredged sand and gravel is delivered to the Netherlands, Belgium, the United Kingdom and France on a continuing basis.

As part of its long-term strategy, the company is actively researching new areas with the aim of identifying additional profitable sites for dredging. This initiative supports the directors’ commitment to expanding operations and improving future profitability. It is anticipated that this exploration and development process may take several years, with progress expected through to 2027.

During 2026 the Area 484 production agreement is expected to terminate in accordance with the agreement reached with The Crown Estate. This has been incorporated into management's future plans and forecasts.

The company will continue to support the group’s integrated marine aggregates strategy. The central transfer pricing model is expected to provide greater transparency in the allocation of functions, risks and rewards across the group and to support the long-term sustainability of the business.

The management of the business and the execution of the company's strategy are subject to a number of key risks and uncertainties.

Liquidity Risk

The company is exposed to liquidity risk through the timing of recovery of transfer pricing balances from fellow group undertakings and the settlement of Crown Estate royalty commitments and other operating liabilities. As the company now operates under a transfer pricing model, a significant proportion of its assets and cash flows are dependent on intercompany settlements. The directors manage this risk through the group's treasury arrangements, regular monitoring of working capital balances and review of forecast cash flows.

Credit risk

The company's objective is to reduce the risk of financial loss due to a counter party's failure to honour its obligations. The company adopts standard payment terms to customers and individual exposures are monitored with customers subject to credit limits to ensure that the company's exposure to bad debts is not significant.

Transfer pricing and tax risk

The company participates in cross-border transactions with affiliated group companies. Management seeks to ensure that these transactions are conducted on an arm’s length basis and in compliance with applicable transfer pricing regulations. Changes in tax legislation, tax authority interpretations or transfer pricing policies may impact the financial results of the company.

Foreign currency risk

The company buys and sells goods and services denominated in currencies other than sterling. As a result the value of the company's non-sterling revenues, purchases, financial assets and liabilities and cash flows can be affected by movements in exchange rates in general.  Additionally, the company has intercompany borrowings denominated in currencies other than sterling.

The company's directors are of the opinion that the KPIs necessary for measuring the development, performance and position of the business are gross profit margin 5.0% (2024: 6.6%), net profit before tax £172,439 (2024: £705,623 net loss before tax) and net assets position £1,433,947 (2024: £1,128,212).

The improvement in profit before tax reflects the implementation of the central transfer pricing model, under which the company operates as a cost plus entity.

The board of directors of DEME Building Materials Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year to 31 December 2025.

This S172 statement below explains how the requirements of S172 have been met.

The likely consequences of any decision in the long term.

The directors consider the likely consequences of any decision in the long-term. Each company within the Group is bound by Group policies consistent with the Group’s culture in all key areas including supplier management and outsourcing, customer conduct, human resources and the environment. Details of any decisions made regarding dividends can be found in the directors’ report.

Engaging with our group employees

The directors recognise that employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible.

Engaging with our suppliers and customers

Delivering our strategy requires strong relationships with suppliers and customers. Customer feedback is obtained and discussed at directors' meetings.

Community and the environment

The company's approach is to use our position of strength to create positive change for the people and communities which we interact with.

Maintaining a reputation for high standards of business conduct

The directors adopt positive business values for the company. The general business principles adopted help the company act in line with these values and comply with relevant laws and regulations.

The need to act fairly as between members of the company

Our intention is to behave responsibly towards our shareholders and treat them fairly, so they too benefit from the successful delivery of the company's plan.

Approved by the board and signed on its behalf by

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of the acquisition of licences to enable the extraction of gravel from the seabed.

The results for the year are set out on page 9.

No ordinary dividends were paid (2024: Nil). The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signing the financial statements were as follows:

Research in connection with the development of new concessions was carried out during the year. Research and development written-off to profit and loss during the year amounted to £1.02m (2024: £707k). These costs were incurred in relation to the assessment and preparation of sites for dredging activities.

Details of future developments can be found in the Strategic report on Page 1.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The company has net assets of £1,433,947 (2024: £1,128,212), including net current assets of £893,145 (2024: £502,679).

The directors have considered the company's forecasts for at least 12 months from the date of approval of these financial statements, the nature of the company's relationship with the rest of the DEME group and the expected impact of the group’s central transfer pricing model. Under this model, the company operates as a cost plus entity, which is expected to support a positive cash flow position. On this basis, the directors remain confident that the company is a going concern.

We have audited the financial statements of DEME Building Materials Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

As a result of this assessment, we considered the opportunities and incentives that may exist within the company for fraud and identified that the greatest areas of risk were in relation to management override, completeness of income and the valuation of intangible assets.

We have obtained an understanding of the legal and regulatory frameworks that the company operates within through discussions with the directors and our knowledge of the company and its industry sector. Our focus has been on laws and regulations that have a direct impact on the determination of material amounts and disclosures in the financial statements. The key legislation considered in this context includes the UK Companies Act and local tax legislation. In addition, given the nature of the company’s operations, we have also considered marine licensing requirements under the Marine and Coastal Access Act 2009 and the Environmental Protection Act 1990, which govern activities such as dredging and the deposit or removal of substances from the seabed.

We performed the following audit procedures after consideration of the above risks which included the following:

• testing of the intangible assets carrying value and the amortisation of those assets;

• testing that transfer pricing income, sales invoices and related accrued income have been fully and properly included within turnover in the financial statements, including review of the year-end transfer pricing calculations, underlying shipment data and post year-end transactions to assess whether revenue has been recognised in the appropriate accounting period;

• enquiry of management of actual and potential litigation and claims;

• review of any correspondence with HMRC and the company’s legal advisors;

• reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

DEME Building Materials Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH and the place of business is Tavistock House, Tavistock Place, London, WC1H 9HR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of DEME N.V. These consolidated financial statements are available from its registered office, see note 16.

The directors have reviewed the company's forecasts for the period to at least 12 months from the date of approval of the financial statements. Based on forecast profitability under the group's transfer pricing arrangements and the company's expected cash flows, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future.true

Accordingly, the financial statements have been prepared on the going concern basis.

Turnover represents amounts receivable from fellow group undertakings under the group transfer pricing arrangement. Revenue is recognised when the related services have been provided and is measured at the amount receivable in accordance with the applicable transfer pricing methodology.

Other operating income represents the recovery of costs recharged to fellow group undertakings and is recognised when the related entitlement arises.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Deferred tax assets are not recognised in respect of losses expected to be group relieved.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Intangible assets (eg concessions) are valued at the cost incurred in surveying and other associated expenditure, for each concession area.  The company will consider the carrying value of each concession and judge whether an adjustment for impairment is required based on the estimated cash flows that will arise from each concession.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining the recoverability of intangible assets requires an estimation of the future cash flows expected to be generated from each concession area over the remaining licence term. The estimates are based on management forecasts, expected dredging activity, licence conditions and forecast revenues and costs associated with each concession. Changes in the underlying assumptions could impact the carrying value of the related assets.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

The development costs capitalised as intangible fixed assets comprise expenditure incurred with the aim of acquiring licences for the extraction of gravel from one area of the seabed.

Area:                  £

Humber             540,802

Total NBV             540,802

Humber Region

The company commenced to dredge on one of the sites in the Humber Region in 2016. This intangible asset is being amortised over 15 years, which is equal to the term of the dredging licence.

The company commenced to dredge the second site in the Humber Region in 2018. The intangible asset is being amortised over 15 years, which is equal to the term of the dredging licence.

Amortisation cost is included within Administrative expenses within the Profit and Loss account.

Following detailed surveys the company believes the economic value of the future income from the sites will exceed the costs and no impairment is required.

Trade debtors disclosed above are measured at amortised cost.

Amounts owed by parent/group undertakings include amounts that:

- have payment terms of 60 days after the invoice has been raised. There is no interest due on these

balances.

- are held on behalf of the company.

- are unsecured.

- are repayable within one year if demanded.

Amounts owed to group/parent undertakings include amounts that:

- have payment terms of 60 days after the invoice has been raised. There is no interest due on these

balances.

- are loaned to the company.

- are unsecured.

- are repayable within one year if demanded.

The company has one class of ordinary shares which carry no right to fixed income.

The minimum due to royalties which the company is estimated to pay in 2026 is £1,809,728 (2025: £1,878,025).

The company has taken advantage of the exemption in FRS102.33.1A not to disclose transactions with the other group companies as it is wholly owned within the group. Details of where consolidated Financial statements can be obtained are included in note 16.

DEME N.V., incorporated in Belgium, is regarded by the directors as the company’s ultimate parent undertaking and heads both the largest and smallest groups for which consolidated financial statements are prepared that include the company. The immediate parent company is DEME Building Materials N.V. (incorporated in Belgium).

Copies of the consolidated financial statements of DEME N.V. are available from the ultimate parent's registered office in Belgium:

Haven 1025

Scheldedijk 30

B 2070 Zwijndrecht

Belgium