ARCADIS Reports Solid Results
2008年5月7日 - 2:30PM
PRニュース・ワイアー (英語)
ARNHEM, The Netherlands, May 7 /PRNewswire-FirstCall/ -- - Gross
Revenues Rise 20%; at 11% Organic Growth Stays at High Level - In
Infrastructure and Particularly in Environment Strong Organic
Growth - All Regions Contribute to Growth, United States and the
Netherlands the Most - Further Margin Improvement Achieved - Net
Income From Operations 20% Higher - Despite Economic Insecurity,
Outlook for Full Year 2008 Positive ARCADIS (EURONEXT: ARCAD), the
international consultancy, design and engineering company has
achieved solid results in the first quarter of 2008. Gross revenues
increased 20% to EUR 400 million. At 11%, organic growth stayed at
a high level, thanks to a good performance in the infrastructure
market and especially in the environmental market, where 19%
organic growth occurred. Despite the credit crisis, American gross
revenues grew, mainly in environment, while RTKL also performed
well. The Netherlands also delivered an important contribution to
growth. In other European countries, growth slowed down, especially
in the real estate market. Net income from operations rose 20% to
EUR 15.3 million (2007: EUR 12.8 million), as a result of activity
growth, margin improvement and a good contribution from
acquisitions. The decline of the American dollar and British pound
had a 6% negative effect on revenues and profits. At the end of
January 2008, LFR was acquired, a U.S. based environmental
consultancy company with gross revenues of US$ 127 million and more
than 480 employees. This acquisition strengthens our position in
the important Californian environmental market, adds specialist
expertise and offers plenty of opportunity for top line and
operational synergies. After the end of the first quarter, the
acquisition of Elekol was completed (gross revenues EUR 3 million,
40 employees), active in the Polish market for infrastructure,
allowing us to capitalize on the considerable level of investment
in the modernization and expansion of infrastructure in Central
Europe. CEO Harrie Noy about the results: "The solid results and
healthy organic growth reflect the strong market positions of
ARCADIS, based on a robust portfolio with a good spread of
activities, both geographically as well as in business lines and
clients. Strong growth in the environmental market, expansion of
activities in the water market and strict cost controls are the
basis for a good performance in the United States. RTKL also
performed well, because of its good order book and its focus on
market with growth opportunities. The inclusion in the Amsterdamp
Midkap starting in March of this year has enlarged the visibility
and therefore the attractiveness of our shares." Key figures
Amounts in EUR millions, unless otherwise noted First quarter 2008
2007 Variation Gross revenues 400 332 20% EBITA 27.5 22.6 22% Net
income 11.6 11.6 0% Net income per share (in EUR) (1) 0.57 0.57 1%
Net income from operations (2) 15.3 12.8 20% Ditto per share (in
EUR) (1,2) 0.76 0.63 21% 1) In 2008 based on 20.2 million shares
outstanding (in 2007: 20.4 million) 2) Before amortization and non
operational items Analysis Excluding the negative currency effect
of 6%, gross revenues increased by 26%. The contribution from
acquisitions was 16% and was the result on balance of the
acquisition of RTKL, LFR and some smaller companies as well as the
sale of Euroconsult. The organic growth of 11% came from all
regions, with the United States and the Netherlands, each at
approximately 13% organic. At 3% organic growth, Europe lagged
somewhat, especially as a result of a slowdown in the real estate
market. Net revenues, the revenues produced by our own staff,
increased 17%; and excluding currency effect by 23%. Acquisitions
on balance contributed 16%. The organic growth of 6% was lower than
in gross revenues, particularly as a result of the increase of
third party work, particularly in the environmental market. EBITA
rose 22%; excluding currency effect by 28%. Of this, 24% was the
result of acquisitions. The organic increase of 4% was negatively
affected by a reduced contribution from carbon credits from the
biogas facilities in Brazil. This amounted to EUR 0.6 million
compared to EUR 1.9 million last year. Excluding this effect, EBITA
organically increased by 9%. Despite the lower contribution form
carbon credits the margin (EBITA as a percentage of net revenues)
improved to 9.9% against 9.5% in the same period last year. Net
income from operations rose 20%. This is somewhat lower than the
increase in EBITA, especially as a result of higher financing
charges and a higher tax rate. Excluding derivatives, for interest
and currency risks financing charges increased to EUR 3.6 million
(2007: EUR 0.9 million), especially as a result of investments in
acquisitions. The tax pressure increased because a larger portion
of profits originates from the United States and because of a
reduction in the deductibility of option costs. Developments per
business line Figures noted below concern gross revenues for the
first three months of 2008 compared to the same period last year,
unless otherwise noted. - Infrastructure Gross revenues increased
1%. The contribution from acquisitions and divestments was on
balance 4% negative. The currency effect was 2% negative. The
organic growth of 6% was negatively impacted by the earlier decline
in land development in the United States as a result of the credit
crunch. Excluding this effect, organic growth amounted to 9%. Main
contributions came from the Netherlands, France, Poland and Brazil.
In the United States water and to a somewhat lesser extent
transportation saw healthy growth. - Environment Gross revenues
increased 19%, despite a negative currency effect of 12%. The
contribution of acquisitions was 12% and mainly came from Vectra in
the United Kingdom and LFR in the United States. The organic growth
was 19%. The United States contributed most to this growth, while
in Europe activities grew in the Netherlands, the United Kingdom
and Belgium. For the U.S. Army, a new GRiP(R) contract was won, and
with AkzoNobel a master services agreement was signed for global
delivery of environmental services, fitting in the trend among
multinationals to limit the number of vendors. - Buildings Gross
revenues grew 67%, primarily as a result of acquisitions. This
included RTKL in the United States as well as APS in England. The
currency effect was 3% negative. The organic growth was limited at
3% because in project management we were bothered by the slowdown
in the real estate market, especially in England, and in the United
States an important project ended. Although within RTKL some
commercial projects saw delays, gross revenues and profits remained
at a good level. In the Netherlands, the Philips facility
management contract was extended for five years and considerably
expanded. Outlook In Europe, the infrastructure market remains
favorable, with private financing being used for accelerated
approaches to bottlenecks. Given the considerable investments, the
Polish market offers excellent opportunities. The same holds true
for Brazil and Chile. In the United States, the transportation
market appears stable, while the master services contract in New
Orleans with already over $ 30 million in task orders this year,
provides a solid basis for the water market. Sustainability and
climate change are drivers for the environmental market. Demand for
international services, demand from the oil and gas industry, more
GRiP(R) contracts from the U.S. Army and synergy with LFR offer
opportunities to expand services. It is expected that the credit
crisis will lead to delays in commercial real estate projects in
the buildings market, especially in the United States and England.
RTKL has successfully pursued projects in Asia, Central/Eastern
Europe and the Middle East. For project management, opportunities
exist in infrastructure and in the Middle East. The new facility
management contract with Philips provides a solid basis for further
expansion of this service. CEO Noy concludes: "The markets in which
we operate offer plenty of opportunity. Still, the economic
insecurity requires that we operate with care. Cost controls and
more intense market development efforts and sales have a high
priority to drive profitable growth. Our strong home market
positions, client focused approach and internal cooperation
directed at synergy, provide us a differentiating market position,
allowing us to gain market share. Further expansion through
acquisitions remains high on the priority list. Barring unforeseen
circumstances we expect further growth of revenues and profits in
2008." ARCADIS is an international company providing consultancy,
design and engineering and management services in infrastructure,
environment and facilities, to enhance mobility, sustainability and
quality of life. ARCADIS develops, designs, implements, maintains
and operates projects for companies and governments. With more than
13,500 employees and EUR 1.5 billion in gross revenue, the company
has an extensive international network that is supported by strong
local market positions. Except for historical information contained
herein, the statements in this release are forward-looking
statements that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause the company's actual results in future
periods to differ materially from forecasted results. Those risks
include, among others, the risk that our delisting from NASDAQ and
subsequent deregistration with the SEC will not become effective as
currently anticipated, risks associated with possible changes in
environmental legislation and risks with regard to the Company's
ability to acquire and execute projects. These and other risks are
described in ARCADIS' filings with the Securities and Exchange
Commission over the last 12 months, copies of which will be
available from the SEC or may be obtained upon request from the
Company. ARCADIS NV CONSOLIDATED STATEMENT OF INCOME Amounts in EUR
millions, unless otherwise stated First quarter 2008 2007 Gross
revenue 399.9 332.1 Materials, services of third parties and
subcontractors (123.0) (95.1) Net revenue 276.9 237.0 Operational
cost (244.0) (210.2) Depreciation (5.6) (4.2) Other income 0.2
EBITA 27.5 22.6 Amortization identifiable intangible assets (2.2)
(1.8) Operating income 25.3 20.8 Financing items (6.5) (0.8) Income
from associates 0.2 (0.5) Income before taxes 19.0 19.5 Income
taxes (6.6) (6.6) Profit for the period 12.4 12.9 Attributable to:
Net income (Equity holders of the Company) 11.6 11.6 Minority
interest 0.8 1.3 Net income 11.6 11.6 Amortization identifiable
intangible assets after taxes 1.4 1.2 Option costs UK share save
scheme 0.1 Net effects of financial instruments 2.2 - Net income
from operations 15.3 12.8 Net income per share (in euros) 0.57 0.57
Net income from operations per share (in euros) 0.76 0.63 Weighted
average number of shares (in thousands) 20,174 20,399 ARCADIS NV
CONDENSED CONSOLIDATED BALANCE SHEET Amounts in EUR millions March
31, 2008 December 31, 2007 Assets Non-current assets 343.7 332.9
Current assets 626.3 588.8 Total 970.0 921.7 Equity and Liabilities
Shareholders' equity 182.6 187.7 Minority interest 9.8 11.5 Total
equity 192.4 199.2 Non-current liabilities 331.6 229.7 Current
liabilities 446.0 492.8 Total 970.0 921.7 ARCADIS NV CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY Total Amounts Cumulative share- in
EUR Share Share reserve Retained holders' Minority Total millions
capital premium translation earnings equity interest equity Balance
at 31-12-2006 1.0 44.2 (7.6) 151.3 188.9 11.8 200.7 Exchange rate
differences (2.0) (2.0) 0.1 (1.9) Taxes related to share-based
compensation - - - Income directly recognized in equity (2.0) -
(2.0) 0.1 (1.9) Profit for the period 11.6 11.6 1.3 12.9 Total
income / (expenses) for the period (2.0) 11.6 9.6 1.4 11.0
Dividends to shareholders (0.9) (0.9) Share-based compensation 0.8
0.8 0.8 Options exercised 1.2 1.2 1.2 Balance at 31-03-2007 1.0
44.2 (9.6) 164.9 200.5 12.3 212.8 Balance at 31-12-2007 1.0 44.2
(29.8) 172.3 187.7 11.5 199.2 Exchange rate differences (18.3)
(18.3) (0.6) (18.9) Taxes related to share-based compensation 0.1
0.1 0.1 Income directly recognized in equity (18.3) 0.1 (18.2)
(0.6) (18.8) Profit for the period 11.6 11.6 0.8 12.4 Total income
/ (expenses) for the period (18.3) 11.7 (6.6) 0.2 (6.4) Share-based
compensation 1.4 1.4 1.4 Dividends to shareholders (1.1) (1.1)
Options exercised 0.1 0.1 0.1 Expansion ownership (0.8) (0.8)
Balance at 31-03-2008 1.0 44.2 (48.1) 185.5 182.6 9.8 192.4 ARCADIS
NV CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS First quarter
2008 2007 Net income 11.6 11.6 Depreciation and amortization 7.7
6.0 Gross cash flow 19.3 17.6 Net working capital (85.0) (65.5)
Other changes 2.1 6.0 Net cash provided/(used) by operating
activities (63.6) (41.9) Investments/divestments (net) in:
(In)tangible fixed assets (6.8) 5.9 Acquisitions/divestments (31.2)
(7.6) Financial assets (1.8) (2.2) Net cash used in investing
activities (39.8) (3.9) Net cash provided by financing activities
94.5 25.1 Change in cash and equivalents (8.9) (20.7) Exchange rate
differences (2.8) (0.7) Cash and cash equivalents at January 1 92.6
101.5 Cash and cash equivalents at March 31 80.9 80.1 DATASOURCE:
ARCADIS NV CONTACT: For more information, contact: Joost Slooten of
ARCADIS NV at +31-26-3778604 outside regular office hours please
call +31-6-2706-1880; email: .
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