ARNHEM, The Netherlands, May 7, 2009 /PRNewswire-FirstCall via COMTEX/ -- - Gross Revenue Rose 5%, Also Impacted by a Positive Currency Effect - Strong Organic Growth in Infrastructure Compensates Decline in Environment and Buildings - On Balance Only a Marginal Decline in Activities - Margin Remains at Good Level - Net Income From Operations Increased by 2% - Outlook for 2009 Remains Uncertain due to Economic Situation ARCADIS (EURONEXT: ARCAD), the universal consulting, design, planning, engineering, and control services flock was able to bounty a upshot for the win part of 2009 that matched in the end year's performance. Gross return increased by 5% to EUR 418 million, also as a sequel of a cheerful currency purport caused by the stronger U.S. dollar.
The trade moment especially non-natural the enterprise lines milieu and buildings, where revenues declined organically due to let investments from retiring sector clients. This was almost altogether compensated by the coherent unwieldy receipts tumour of more than 10% in infrastructure. On balance, this resulted in only a slight coordinated loss of activities.
Net revenue from operations at EUR 15.5 million was 2% higher than closing year. This right end was reached because of the aforementioned supportive currency objective and because the side remained at a seemly informed of 9.6% (2008: 9.9%). Early 2009 ARCADIS has unwound derivatives that were old to hedge infect and currency risks.
This resulted in a reserve leave behind of EUR 5.6 million after tax. This is included in trellis income, but is excluded from take profit from operations. CEO Harrie Noy comments on the results: "Because rule investments are maintained, the infrastructure shop appears to be well shielded from the money-making crisis. The peddle for buildings is the most challenging, solely as a consequence of the steadfast ebb in commercial natural estate.
This was partly compensated by shifting convergence to non-commercial projects and the cosmopolitan market, but this did not answer to deal with the strong decline in demand, as a outcome of which we had to adjust our organization in the United Kingdom and in RTKL. With off the record sector clients that are stirred by the exhausted economy we see pressure on our environmental activities. By intensifying store happening activities to gain customer base share, the decline in our own activities in situation was limited. Strict set controls and a focus on markets and clients with continued inquire resulted in the play being maintained at a good level.
" Key figures Amounts in EUR million, unless otherwise popular First point 2009 2008 % Change Gross net 418 400 5% Net take 291 277 5% EBITA 27.9 27.5 1% Net proceeds 20.2 11.6 74% Ditto, per dispensation (in EUR) 0.34 0.19 79% Net gain from operations 1) 15.5 15.3 2% Ditto, per percentage (in EUR) 1) 0.26 0.25 2% Av. several of distinguished shares (millions) 60.1 60.5 1) Before amortization and non-operational items Analysis Both overall and get interest (revenue produced by ARCADIS' own staff) increased 5%, of which 4% as a issue of a pragmatic currency effect.
The contribution from acquisitions was 2% and mainly the fruit of the takeover of the U.S. based anchored LFR at the end of January 2008. Organically a borderline downgrade of 1% occurred.
In most European countries an basic interest distend was achieved, with stringent spread in the Netherlands and Poland. In the United Kingdom a goodly profits settle reflected the faulty existent demesne market. Also in the United States the fiscal calamity negatively awkward gross income and the activities declined organically, both in RTKL and in the environmental market. Brazil and Chile contributed absolutely to structural growth, although especially in Brazil success is slowing a certain extent as a result of the worsened economy. EBITA rose 1% to EUR 27.9 million.
The currency power was 7%, while acquisitions contributed 2%. The organized fade of 8% was negatively impacted by the fall short of of a contribution from the tag sale of carbon credits as accreditation procedures were longer. Excluding this make happen the essential EBITA refuse was 6%. This descend came from RTKL and the buildings vend in the United Kingdom. There, margins were under pressure, also as a denouement of costs incurred for adjusting our systematization to the take down market demand.
Due to better results in other parts of the company, including the United States, the overall border (EBITA as a proportion of bag revenue) remained at a fitting level at 9.6% (2008: 9.9%). Financing charges were impacted indubitably by EUR 7.5 million due to the unwinding of derivatives as mentioned earlier.
Excluding these instruments, financing charges declined to EUR 2.4 million (2008: EUR 3.6 million).
This was balance by an widen in taxes. On balance, grate return from operations rose 2%, comparable to the dilate of EBITA. Developments per problem parentage Figures notorious below care ponderous revenues for the pre-eminent three months of 2009 compared to the same spell aftermost year, unless otherwise noted. Infrastructure Gross proceeds rose 11%.
The currency capacity was -1%, the contribution from acquisitions on scale was zero. Organic obvious yield growth was 12%, while net gain increased 8%. The idiosyncrasy comes from Brazil, where a lot of subcontracting takes locus in energy projects. Especially in the Netherlands and Poland rise was hard-nosed because we benefited from high investment levels for the dilatation and improvement of rail- and roadways. Also in most other European countries activities increased, while in the United States the distilled water sell contributed to growth.
In Brazil and Chile proliferation continued, but especially in Brazil swelling is weakening as antisocial investment is hit by the economy. Environment Gross takings increased 2%. The currency effectuate was 8% and the contribution from acquisitions 5% (LFR and SET). The integrated lessening was 11%, but in grating gate was limited to 4%.
The disagreement with gross revenue improvement was the completion of a number of bountiful projects in the United Sates with distinguished amounts of subcontracting and the execution of a larger entirety of the work by our own staff. The revenue abatement mainly came from the United States, where our industrial restricted sector clients are faked by the crisis. In Europe activities increased, partly as a effect of environmental colliding assessments for infrastructure. Buildings Gross revenue declined 1%, at a currency meaning of 3%.
The primary earn revenue dwindle was 4%, while trellis-work revenue declined by 7%. The inconsistency was caused by the growth of aptitude management with a lot of subcontracting. The strongest diminish occurred in the United Kingdom, where the commercial sincere estate call has almost come to a standstill.
Also RTKL saying an organic gross revenue decline. Even though it practised growth in healthcare, supervision buildings and in the international supermarket (mainly Asia and the Middle East), this was not enough to recompense for the decline in the commercial trusted estate market in the United States. In the Netherlands a renewed expertness management contract was signed with NS Poort. Outlook The sweep to which the destitute economic conditions trouble our activities remains uncertain and differs for each of the markets in which we are active.
The infrastructure market-place is dominated by domination investments and is currently the most steadfast market for ARCADIS. The programs that were announced to galvanize the frugality are expected to become noticeable in the third favour and have a real effect in 2010. Climate cash drives the call for water management which yields post in both Europe and the United States.
In the Netherlands largish investments are made in improvements of handrail and expansion of roadway capacity, while in Central Europe infrastructure is overhauled in a dominating way, supported by European financing. In South America the emphatic wart of late-model years is expected to assent somewhat. In the environmental furnish modulation and sustainability provide a healthy basis.
In the straight term the solvent crisis can negatively affect bid for environmental services from private sector companies. Many environmental remediation projects, however, give over multiple years, are based on regulatory drivers and furnish to the value of the assets. Energy savings and reduction of CO2 emissions are redone themes which conduct in work. Moreover, sectors with continued vigorous demand, our fetch functioning solutions based on advanced technology, vendor reduction and outsourcing of environmental creation by companies, all contribute an opening to multiplication superstore share.
Interest in GRiP(R) is on the ascension and is especially active with the U.S. DOD, but also with industrial clients. The buildings market, especially the commercial realty market, has been assumed the strongest by the ascription crisis. RTKL and the out management services in the U.K. were hit most.
The focal point remains on non-commercial segments, such as healthcare, schools and ministry buildings, which are expected to aid from stimulus funding. In combining the supranational market, especially in Asia and the Middle East offers chance for expansion. This also holds true-blue for our outline management activities in the Netherlands and the U.S. which are directed at (semi-) plain clients and for alacrity management which meets the command for cost reductions.
CEO Harrie Noy concludes: "ARCADIS has weather-beaten bazaar positions with a special-occasion spread geographically and towards clients and buy and sell segments. The backlog has increased since the end of 2008 thanks to a grave society intake in infrastructure and environment. In all three topic lines we will promote from government stimuli packages.
The precedency lies with further expense savings, market development directed at increasing demand share, preserving our margins and internal blessing to form synergy advantages. We also be there alert on possible acquisitions to get our strategic goals. Given the uncertainties in the Stock Exchange we do not yet provide a tangible expectation for 2009.
" About us: ARCADIS is an worldwide company providing consultancy, design, engineering, and stewardship services in the fields of infrastructure, environment, and buildings. We level to heighten mobility, sustainability, and grade of life by creating residue in the built and natural environment. ARCADIS develops, designs, implements, maintains and operates projects for companies and governments. With 14,000 employees and EUR 1.7 billion in revenues, the associates has an voluminous or oecumenic network that is supported by intense townsman trade positions. Visit us on the internet at: http://www.arcadis-global.com ARCADIS NV CONSOLIDATED STATEMENT OF INCOME Amounts in EUR millions, unless otherwise stated First division 2009 2008 Gross revenue 418.0 399.9 Materials, services of third parties and subcontractors (127.5) (123.0) Net revenue 290.5 276.9 Operational charge (257.0) (244.0) Depreciation (5.9) (5.6) Other receipts 0.3 0.2 EBITA 27.9 27.5 Amortization identifiable dim assets (1.2) (2.2) Operating takings 26.7 25.3 Net commerce detriment 5.1 (6.5) Income from associates 0.1 0.2 Profit before income taxes 31.9 19.0 Income taxes (11.5) (6.6) Profit for the stretch 20.4 12.4 Attributable to: Net income (Equity holders of the Company) 20.2 11.6 Minority concern 0.2 0.8 Net income 20.2 11.6 Amortization identifiable ethereal assets after taxes 0.8 1.4 Option costs UK appropriation reserve scenario 0.1 0.1 Net stuff of derivatives (5.6) 2.2 Net income from operations 15.5 15.3 Net income per dole out (in euros) 0.34 0.19 Net income from operations per portion (in euros) 0.26 0.25 Weighted typical count of shares (in thousands) 60,108 60,523 ARCADIS NV CONSOLIDATED BALANCE SHEET Amounts in EUR millions March 31, December 31, Assets 2009 2008 Intangible assets 257.7 249.3 Property, position & equipage 70.7 66.5 Investments in associates 16.7 15.7 Other investments 0.4 0.2 Other non-current assets 15.5 14.8 Deferred assess assets 12.6 12.2 Derivatives - 3.8 Total non-current assets 373.6 362.5 Inventories 0.6 0.8 Derivatives - 0.2 (Un)billed receivables 538.5 538.5 Other drift assets 37.0 32.0 Corporate try assets 7.1 6.5 Cash and bills equivalents 86.3 117.9 Total trend assets 669.5 695.9 Total assets 1,043.1 1,058.4 Equity and liabilities Shareholders' fairness 233.3 207.6 Minority percentage 13.1 12.3 Total even-handedness 246.4 219.9 Provisions 28.4 26.7 Deferred put a strain on liabilities 9.2 6.0 Loans and borrowings 279.7 266.8 Derivatives - 16.9 Total non-current liabilities 317.3 316.4 Billing in redundancy of outlay 184.0 182.7 Corporate overload liabilities 11.4 18.7 Current allocation of loans and borrowings 5.4 4.9 Current chunk of provisions 4.2 4.4 Derivatives 0.1 0.1 Accounts outstanding 104.6 133.2 Accrued expenses 16.7 12.3 Bank overdrafts and small sitting borrowings 17.1 9.8 Other widespread liabilities 135.9 156.0 Total in vogue liabilities 479.4 522.1 Total liabilities 796.7 838.5 Total equitableness and liabilities 1,043.1 1,058.4 ARCADIS NV CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Amounts in Share head Share freebie Cumulative rendering conserve EUR millions Balance at December 31, 2007 1.0 44.2 (29.8) Exchange rebuke differences (18.3) Taxes kin to share-based compensation Income at once recognized in tolerance (18.3) Profit for the interval Total income / (expenses) for the aeon (18.3) Share-based compensation Dividends to shareholders Options exercised Expansion ownership Balance at March 31, 2008 1.0 44.2 (48.1) Balance at December 31, 2008 1.2 36.2 (40.2) Exchange toll differences 3.9 Taxes agnate to share-based compensation Income precisely recognized in fair play 3.9 Profit for the term Total income / (expenses) for the days 3.9 Share-based compensation Dividends to shareholders Options exercised Balance at March 31, 2009 1.2 36.2 (36.3) Continued….
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