results second quarter and first half 2002
DESCRIPTION
Results second quarter and first half 2002 . By Harrie Noy, Chairman Executive Board Amsterdam, The Netherlands, August 13, 2002. ARCADIS continues profit growth half year 2002 Net income from operations: +8% . Gross revenue Growth +3% Operational margin Operating income + 13% - PowerPoint PPT PresentationTRANSCRIPT
infrastructure
buildings environment
communications
Results second quarter and first half 2002 By Harrie Noy, Chairman Executive
Board Amsterdam, The Netherlands, August 13, 2002
ARCADIS continues profit growth half year 2002 Net income from operations: +8%
Gross revenue Growth +3%
Operational margin Operating income + 13% Margin rises from 6.3% to 7.2%
Earnings per share Increase 8% to € 0.52
Results satisfactory given economy
Income 2nd quarter 2002: € 6.7 mln
Gross revenue
Operating income
Net income from operations * Net income f/ operations per
share
Net income from operations excluding exchange rate effects
*) After goodwill: EUR 0.1 mln
2001
201
11.3
6.30.31
2002
202
12.6
6.70.33
Growth
0%
11%
7%
11%
11%
Strong effect from exchange rate declines (real, dollar)
Income 1st half 2002: € 10.6 mln
Gross revenue
Operating income
Net income from operations * Net income f/ operations per
share
Net income from operations excluding exchange rate effects
*) After goodwill: EUR 0.1 mln
2001
382
18.0
9.90.49
2002
395
20.3
10.60.52
Growth
3%
13%
8%
8%
10%
Sources of growth 2002
Total- Autonomous- Acquisitions/divestments- Exchange rates
- Autonomous excl. effect real estate valuations
First half year
3% 5%-1%-1%
6%
Gross revenueSecond quarter
0% 4%-1%-3%
5%
Important developments
Autonomous growth at a good levelGrowth mainly in Latin-America, Spain, BelgiumInfrastructure strong around the worldEnvironment continues growth in U.S.Gross revenues U.S. slightly lower Integration Dutch operations positive effects
Development operating income
In euro mln
12.6 13.116.3 18.0
20.3
0
5
10
15
20
25
1998 1999 2000 2001 2002
First half year11%8% 4% 24% 13%
Development net income and EPS (excl. extraordinary items)
6.57.2 8.8
9.9 10.6
02468
1012
1998 1999 2000 2001 2002
First half year+5% +11% +21% +13% +8%
0.90
0.60
0.30
0.00
In euro
0.45
0.15
0.75
In mln euro
0.340.38
0.440.49
0.52
Net income
Balance sheet
1.5
0.90.7
0.0
0.5
1.0
1.5
2.0
2000 2001 2002
Debt / EBITDA
34.6%41.5% 43.6%
0%10%20%30%40%50%
2000 2001 2002
Solvency
Healthy balance sheet Equity somewhat lower
resulting from exchange rate effects
Temporary pressure solvency through purchase of own shares
Low leverage limits interest burden
Enough room for acquisitions also after French takeover
Gross revenue: Market segments half year 2002
050
100150200250
2000 2001 2002
Buildings -/-8%
050
100150200250
2000 2001 2002
Infrastructure +13%
050
100150200250
2000 2001 2002
Environment +2%
050
100150200250
2000 2001 2002
Communications -/-16%
Infrastructure +13%
Netherlands: besides high speed and Betuwelijn, also Hanzelijn
Start ring Antwerp Large assignments Spain
related to investment program Growth U.S. despite some
market pressure Energy projects Brazil provide
strong growth Position rail infra Chili
HSL projects Spain
Environment +2%
Autonomous growth 4% Fully attributable to U.S. U.S. GRIP™ projects for DOD Brazil growth through Hydro
Ambiente Environment as entry point for
expansion services to industry
Buildings –8%
Decline in U.S. and Netherlands Continued growth in Spain and
Belgium Netherlands: decline office
market + recudtion less profitable work
U.S. almost stable vs. Q4 2001 Two large assignments U.S.
automotive industryRijksmuseum Amsterdam
Communications –16%
Decline from real estate valuation and telecom
Telecom stable vs. Q4 2001 Focus telecom on higher
margin projects: First mile Deventer Antenna’s on rail portals
GIS-market continues growth (+22%)
Gross revenue: Regions
0
50
100
150
200
2000 2001 2002
NL +3%(ex. real estate +6%)
0
50
100
150
200
2000 2001 2002
America's +1% (aut. +3%)
0
50
100
150
200
2000 2001 2002
Other countries +13%
0
50
100
150
200
2000 2001 2002
Other Europe +7%
AcquisitionsSpain (in Q2, 2002)
Casta, gross revenue EUR 4 mlnManage senior citizen housing and servicesGrowth market in Spain
France (after Q2, 2002)FCI, gross revenue EUR 60 mln; 800 employees 80% infrastructure; 20% environmentHome market position in France (top 5)
Positive effect on earnings per share
Outlook marketInfrastructure
Market demand stays at good level Environment
Opportunities for growth in U.S. Revenue gets long-term character through GRIPTM
Buildings Better order book U.S. Market recovery depends on economy
CommunicationsNo recovery in telecom before 2004Result from abolishment real estate tax limited
Outlook 2002
Lower autonomous growth in second half Insecurity economic recovery Earlier revenue decline buildings/communications
Exchange rates: negative translation effectCompensation from contribution acquisitions Further margin improvement Depending on economic recovery net income 5-10%
higher Barring: unforeseen circumstances
infrastructure, buildings, environment, communications
Part of a bigger picture