Cascal N.V. Announces Nine Months and Third Quarter 2010 Results
- Revenue of $132.9 million, up 11.7% at constant exchange rates
- EBITDA of $45.6 million, up 5.8% at constant exchange rates
- Net profit and EPS up 11% to $18.9 million and $0.62 respectively
LONDON, Feb. 10 /PRNewswire-FirstCall/ -- Cascal N.V. (NYSE: HOO) (the "Company"), a leading provider of water and wastewater services in eight countries, today announced unaudited financial results for the nine months and the third quarter ended December 31, 2009. Cascal N.V. results are presented in U.S. dollars.
Year-to-date Fiscal 2010 Results
Revenue for the nine months ended December 31, 2009 increased by $13.9 million or 11.7% at constant exchange rates, compared to the same period last year. Of this increase, $5.5 million was contributed by acquisitions, with the remaining $8.4 million contributed by the pre-existing portfolio through a combination of rate increases, additional customers and higher volumes. At current exchange rates, the $13.9 million increase was offset by a $6.6 million translation effect into USD, most notably $7.2 million due to USD-GBP movements.
Year-to-date Revenue by Region (at constant exchange rates):
- Revenue in China increased by $6.1 million or 41%, compared to the same period last year. This increase was mainly due to the $5.0 million contribution made by the Company's Yancheng joint venture and Zhumadian subsidiary, including $2.6 million due to an increase in contracting work in the period ended December 31, 2009. The remaining $1.1 million of the increase came from a combination of rate and volume increases in the Company's pre-existing operations in China.
- Revenue in Chile increased by $4.5 million or 62%, compared to the same period last year. Servicomunal and Servilampa contributed $3.2 million of the overall increase, and $1.1 million was contributed by the Company's operations in Northern Chile as a result of volume and rate increases. The remainder of the increase originates from pre-existing operations in Santiago as a result of inflation based rate adjustments, additional customers and higher volumes sold.
- Revenue in the United Kingdom increased by $1.6 million or 2.7%, compared to the same period last year, with $0.9 million due to rate and volume increases in the Company's regulated business. The remainder of the increase comes from the Company's unregulated businesses, most notably an increase from its heating business.
- Revenue in South Africa increased by $0.9 million or 5.4%, compared to the same period last year, mainly as a result of a July 2009 10% rate increase implemented by the Nelspruit business and a 9% rate increase implemented by Siza Water. These increases were partially offset by lower sundry revenue for additional services in the Company's Nelspruit subsidiary.
- Revenue in the Caribbean Region decreased by $0.4 million or 4.9%, compared to the same period last year. This decrease was due to the recognition in the period to December 2008 of $0.5 million in revenue from a prior period, following the late approval of various rate increases by the Company's Panamanian client. This was partially offset by the contribution from the Company's Caribbean acquisition which commenced on December 15, 2009.
Commenting on the Company's results, Stephane Richer, Cascal Chief Executive Officer, stated, "Cascal continues to execute successfully on its growth agenda as evidenced by our continued ability to deliver double-digit year-over-year revenue growth at constant exchange rates through a combination of organic growth and strategic acquisitions. In addition to solid revenue growth, our EBITDA margin has remained strong at around 35%, and our cash flow generation has improved. We are very pleased to have recently bolstered our portfolio with the addition of desalination operations on the islands of Antigua, Curacao and Bonaire." Richer continued, "We are also pleased to have successfully collected the outstanding balance of approximately $7 million owed to us by the Panamanian state-owned water authority and look forward to continuing to deliver high quality water to the more than 300,000 people in that region."
For the nine months ended December 31, 2009, EBITDA increased by $2.5 million or 5.8% at constant exchange rates, compared to the same period last year.
EBITDA changes by Region (at constant exchange rates):
- China (+$1.9 million or 43%)
- Chile (+$1.7 million or 94%)
- Holding companies (+$0.4 million)
- The Philippines (+$0.1 million or +10%)
- Indonesia (-$0.1 million or -2.3%)
- South Africa (-$0.5 million or -8.5%)
- Caribbean Region (-$0.1 million or -2.4%)
- The U.K. (-$0.9 million or -3.3%)
The $1.9 million increase in China comprises $0.8 million from the Yancheng and Zhumadian acquisitions and $1.1 million from the pre-existing operations. The $1.7 million increase in Chile comprises $1.1 million from the Servicomunal and Servilampa acquisitions and $0.6 million from the pre-existing operations. The $0.9 million decline in the U.K. is due to a -2.4% real rate adjustment in the regulated business in April 2009 and some margin contraction in the unregulated business. These U.K. results include $0.6 million of one-off costs ($0.3 million due to the recent rate review process and $0.3 million in pension costs). The $0.1 million reduction in the Caribbean Region is comprised of a $0.4 million EBITDA improvement due to a reduction in costs in the period to December 2009 offset by the impact of the revenue recognition in 2008 previously described ($0.5 million). The reduction in South Africa is mainly due to increases in raw materials costs, particularly electricity, chemicals and raw water. Excluding one-off items, EBITDA was $46.2 million or 34.8% compared to $42.3 million or 35.7%. Please read "Use of Non-GAAP Financial Measures" for a description of EBITDA.
For the nine months ended December 31, 2009, net financial expense was $4.0 million compared to a net financial income of $0.2 million in the comparable period. The change was a result of:
- $9.4 million reduction in exchange rate results
- $1.8 million reduction in interest income
- $7.0 million reduction in interest expense
For the nine months ended December 31, 2009, net profit was $18.9 million, or $0.62 per share, compared to net profit of $17.0 million, or $0.56 per share for the same period last year.
The effective tax rate incurred was 19.2% compared to 38.8% in the same period last year. Changes in U.K. tax law that stipulated that dividends remitted from foreign operations are no longer subject to tax resulted in deferred tax provisions being reversed in relation to the Company's operations in Panama. This reversal has resulted in a credit of $2.7 million during the nine-month period and is expected to contribute $4.0 million for the full year to March 2010. In addition, for the nine months ended December 2008 the Company incurred a charge of $2.9 million relating to a change in the system of tax allowances for industrial buildings in the United Kingdom. Excluding these changes, the underlying tax rate has been stable at approximately 30%.
Cash flow before investment in fixed assets was $35.9 million compared to $35.2 million for the previous period. Investment in fixed asset net of third party contributions were $28.1 million compared to $39.3 million. This resulted in a strengthening of the Company's cash flow.
As of December 31, 2009, the consolidated balance sheet shows cash and cash equivalents of $37.3 million.
Results for Third Quarter Ended December 31, 2009
Revenue for the three months ended December 31, 2009 increased by $5.7 million or 13.4% at constant exchange rates, compared to the same period last year. The revenue increase was essentially contributed by the Company's operations in:
- China (+$2.8 million or 45%)
- United Kingdom (+$1.5 million or 7.3%)
- Indonesia (+$0.7 million or 21%)
- Chile (+$0.6 million or 19%)
- South Africa (+$0.3 million or 5.4%)
Of the $5.7 million increase, approximately $2.9 million came from a combination of new customers, additional volumes and rates increases, and approximately $2.8 million came from increased contracting work in China and in the Company's unregulated business in the U.K. At current exchange rates, the $5.7 million increase was supplemented by a favorable $4.1 million translation effect into USD, including $1.5 million due to USD-GBP movements.
For the three months ended December 31, 2009, EBITDA increased by $2.0 million or 14% at constant exchange rates, compared to the same period last year. The EBITDA increase was essentially contributed by the Company's operations in:
- China (+$1.2 million or 80%)
- United Kingdom (+$0.4 million or 4.5%)
- Caribbean Region (+$0.2 million or 18%)
- Indonesia (+$0.2 million or 13%)
- Chile (+$0.1 million or 14%)
- The Philippines (+$0.1 million or 33%)
- Holding companies (-$0.2 million)
For the quarter ended December 31, 2009, net financial expense was $3.9 million compared to a net financial income of $2.5 million in the comparative quarter. The change was a result of:
- $7.0 million reduction in exchange rate results
- $0.2 million reduction in interest income
- $0.8 million reduction in interest expense
The tax rate for the quarter was 6.8%, compared with 33.0% for the same quarter last year. Excluding the effects of the abolition of industrial allowances in the United Kingdom in 2008 and changes on tax on dividends from foreign operations in 2009 referred to above, the underlying tax rate is stable at 29%.
For the quarter ended December 31, 2009, net profit was $5.0 million, or $0.16 per share, compared to net profit of $6.0 million, or $0.20 per share for the same period last year.
Guidance for Fiscal Year ending March 31, 2010
With regard to the guidance for the year ending March 2010 issued last June, the Company now expects higher EPS of approximately $0.76, with revenue and EBITDA expected close to the initial guidance levels of $174 million and $63 million respectively.
Recent Business Highlights
- In November, the Company received the Final Determination of Rates for its Bournemouth and West Hampshire Water subsidiary, published by the U.K. regulator, Ofwat. The final determination for Bournemouth and West Hampshire Water includes yearly real rate adjustments (i.e. before inflation) of +4.0%, +2.1%, -0.5%, -0.8%, and +0.2%, for the five years starting on April 1, 2010. The final determination also provides for a capital investment of 44 million pounds Sterling for the period 2010-2015 compared to 55 million pounds for the period 2005-2010.
- In December, the Company announced the acquisition of three Caribbean desalination businesses. The Company took over the ongoing development, operations and maintenance of water services for municipalities and private resorts on the islands of Antigua, Curacao and Bonaire, and is providing up to five million gallons of water per day utilizing reverse osmosis desalination technologies. Cascal acquired the three businesses for a total cost of $7.0 million, consisting of a cash purchase price of $6.9 million plus cost of acquisition. The businesses currently generate combined annual revenue of approximately $4 million and are expected to increase the Company's EBITDA margin and Net Profit from the date of acquisition.
- In January, the Company announced that its wholly owned subsidiary, Aguas de Panama, SA, ("APSA"), had successfully collected the outstanding balance of approximately $7 million due from Instituto de Acueductos y Alcantarillados Nacionales ("IDAAN"), the Panamanian state-owned water authority. APSA had been in discussions for more than two years with Panamanian authorities to resolve the issue of non-payment of rate increases applied for in accordance with the terms of its contract with IDAAN. Consistent with these discussions, IDAAN formally approved the rate increases applied for by APSA, accepted all of the corresponding invoices and sourced the necessary funds from the Ministry of Finance.
Conference Call
The Company will host a conference call at 9 a.m. ET (2 p.m. GMT) on February 11, 2010. On the call, Stephane Richer, CEO of Cascal, and Mark Thurston, CFO, will discuss the Company's results, and review operational highlights and other business developments. The Company invites you to participate on the call at the following telephone numbers: (877) 375-4189 (local), (404) 665-9923 (international), (0800) 032-3836 (UK Freephone). The access code for all callers is 52718442. The call will also be available via webcast at www.cascal.co.uk. Please allow extra time prior to the call to visit the site and to download any necessary software to listen to the Internet broadcast. An online archive of the webcast will be available on the Company's website for 30 days following the call. A replay of the call will be available from 2/11/2010 at 9:45 a.m. ET (2.45 p.m. GMT), through 3/11/2010 at 11:59 p.m. ET (4.59 a.m. GMT). To access the replay, please call (800) 642-1687 (local) or (706) 645-9291 (international) and enter the following code: 52718442.
About Cascal N.V.
Cascal provides water and wastewater services to its customers in eight countries: the United Kingdom, South Africa, Indonesia, China, Chile, Panama, Antigua and The Philippines. Cascal's customers are predominantly homes and businesses representing a total population of approximately 4.7 million.
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future of our operations in Panama. Such forward-looking statements are not guarantees of future performance. There are important factors, many of which are outside of our control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, housing and population growth trends, changes in energy prices and taxes, fluctuations with currency exchange rates, changes in regulations or regulatory treatment, changes in environmental compliance and water quality requirements, availability and the cost of capital, the success of growth initiatives, acquisitions and our ability to successfully integrate acquired companies and other factors discussed in our filings with the Securities and Exchange Commission, including under Risk Factors in our Form 20-F for the fiscal year ended March 31, 2009, filed with the SEC on July 1, 2009. We do not undertake and have no obligation to publicly update or revise any forward-looking statement.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company uses EBITDA as a supplemental measure of its operating performance. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. The term EBITDA is not defined under generally accepted accounting principles, or GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA has limitations as an analytical tool, and when assessing the Company's operating performance, investors should not consider EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP.
Tables follow
Consolidated Statements of Income
Nine months ended December 31, 2009
Amounts, except shares
and per share amounts, Continuing Discontinued
expressed in operations operations Total
millions of USD Unaudited Unaudited Unaudited
------------------ --------- --------- ---------
Revenue 132.9 - 132.9
Operating Expenses
Raw and auxiliary
materials and other
external costs 36.8 - 36.8
Staff costs 28.9 - 28.9
Depreciation and
amortization of
intangible and tangible
fixed assets and
negative goodwill 18.6 - 18.6
Profit on disposal of
intangible and tangible
fixed assets (1.3) - (1.3)
Other operating charges 21.6 - 21.6
---- --- ----
104.6 - 104.6
----- --- -----
Operating Profit 28.3 - 28.3
---- --- ----
Gain on disposal /
termination of
subsidiary - 0.2 0.2
Net Financial Income and
Expense
Exchange rate results 0.6 - 0.6
Interest income 0.6 - 0.6
Interest expense (5.2) - (5.2)
---- --- ----
(4.0) - (4.0)
---- --- ----
Profit before Taxation 24.3 0.2 24.5
Taxation (4.6) (0.1) (4.7)
---- ---- ----
Profit after Taxation 19.7 0.1 19.8
Minority Interest (0.9) - (0.9)
---- --- ----
Net Profit 18.8 0.1 18.9
---- --- ----
Earnings per share -
Basic and Diluted 0.61 0.01 0.62
Weighted average number
of shares - Basic and
Diluted 30,571,193 30,571,193 30,571,193
----------------------- ---------- ---------- ----------
Nine months ended December 31, 2008
Amounts, except shares
and per share amounts, Continuing Discontinued
expressed in operations operations Total
millions of USD Unaudited Unaudited Unaudited
------------------ --------- --------- ---------
Revenue 125.6 - 125.6
Operating Expenses
Raw and auxiliary
materials and other
external costs 30.9 - 30.9
Staff costs 27.2 - 27.2
Depreciation and
amortization of
intangible and tangible
fixed assets and
negative goodwill 17.9 - 17.9
Profit on disposal of
intangible and tangible
fixed assets (0.9) - (0.9)
Other operating charges 21.8 - 21.8
---- --- ----
96.9 - 96.9
---- --- ----
Operating Profit 28.7 - 28.7
---- --- ----
Gain on disposal /
termination of
subsidiary - 0.2 0.2
Net Financial Income and
Expense
Exchange rate results 10.0 - 10.0
Interest income 2.4 - 2.4
Interest expense (12.2) - (12.2)
----- --- -----
0.2 - 0.2
--- --- ---
Profit before Taxation 28.9 0.2 29.1
Taxation (11.2) (0.1) (11.3)
----- ---- -----
Profit after Taxation 17.7 0.1 17.8
Minority Interest (0.8) - (0.8)
---- --- ----
Net Profit 16.9 0.1 17.0
---- --- ----
Earnings per share -
Basic and Diluted 0.55 0.01 0.56
Weighted average number
of shares - Basic and
Diluted 30,566,007 30,566,007 30,566,007
----------------------- ---------- ---------- ----------
Consolidated Statements of Income
Three months
ended
December 31,
2009 Three months ended December 31, 2008
Amounts, except Shares
and per share amounts, Continuing Discontinued
expressed in Total operations operations Total
millions of USD Unaudited Unaudited Unaudited Unaudited
--------------- --------- ---------- ------------ ---------
Revenue 48.2 38.4 - 38.4
Operating Expenses
Raw and auxiliary
materials and
other external
costs 14.7 10.4 - 10.4
Staff costs 10.1 8.8 - 8.8
Depreciation and
amortization of
intangible and
tangible fixed
assets and
negative goodwill 6.4 5.6 - 5.6
Profit on disposal
of intangible and
tangible fixed
assets - (0.1) - (0.1)
Other operating
charges 7.2 6.8 - 6.8
--- --- --- ---
38.4 31.5 - 31.5
---- ---- --- ----
Operating Profit 9.8 6.9 - 6.9
--- --- --- ---
Gain/(loss) on
disposal of
subsidiary - - (0.1) (0.1)
Net Financial
Income and Expense
Exchange rate results (0.2) 6.8 - 6.8
Interest income 0.2 0.4 - 0.4
Interest expense (3.9) (4.7) - (4.7)
---- ---- --- ----
(3.9) 2.5 - 2.5
---- --- --- ---
Profit before Taxation 5.9 9.4 (0.1) 9.3
Taxation (0.4) (3.1) - (3.1)
---- ---- --- ----
Profit after Taxation 5.5 6.3 (0.1) 6.2
Minority Interest (0.5) (0.2) - (0.2)
---- ---- --- ----
Net Profit 5.0 6.1 (0.1) 6.0
--- --- ---- ---
Earnings per
share - Basic
and Diluted 0.16 0.20 0.00 0.20
Weighted average
number of
shares - Basic
and Diluted 30,581,343 30,566,007 30,566,007 30,566,007
---------------- ---------- ---------- ---------- ----------
Revenue by segment
Three Three Nine Nine
months months months months
ended ended ended ended
December December December December
31, 2009 31, 2008 31, 2009 31, 2008
Unaudited Unaudited Unaudited Unaudited
--------- --------- --------- ---------
Amounts expressed
in millions of USD
-------------------
United Kingdom $22.0 $19.0 $61.3 $66.9
South Africa 5.9 4.3 17.7 16.0
Indonesia 4.1 2.9 10.7 9.9
China 9.0 6.2 21.1 14.9
Chile 3.7 2.5 11.8 7.3
Caribbean Region 2.6 2.6 7.7 8.1
The Philippines 0.8 0.7 2.2 2.1
Holding Companies 0.1 0.2 0.4 0.4
Total $48.2 $38.4 $132.9 $125.6
----------------- ----- ----- ------ ------
Revenue
-------
Dutch GAAP
Nine
months
Nine Nine ended Percentage
months months December Change change
ended ended 31, 2008 2008-2009 2008-2009
December December at at at
31, 2009 31, 2008 constant constant constant
(Dollars in as as exchange exchange exchange
millions) reported reported rates rates rates
---------- -------- -------- -------- --------- ----------
United Kingdom $61.3 $66.9 $59.7 $1.6 2.7%
South Africa 17.7 16.0 16.8 0.9 5.4%
Indonesia 10.7 9.9 9.7 1.0 10.3%
China 21.1 14.9 15.0 6.1 40.7%
Chile 11.8 7.3 7.3 4.5 61.6%
Caribbean Region 7.7 8.0 8.1 (0.4) (4.9)%
The Philippines 2.2 2.1 2.0 0.2 10.0%
Holding companies 0.4 0.4 0.4 - -
--- --- --- --- ---
Total
operations $132.9 $125.6 $119.0 $13.9 11.7%
------ ------ ------ ----- ----
Exchange
rate effect 6.6
---
Total after
exchange
rate effect $132.9 $125.6 $125.6
------------ ------ ------ ------
Revenue
-------
Dutch GAAP
Three
months
Three Three ended Percentage
months months December Change change
ended ended 31, 2008 2008-2009 2008-2009
December December at at at
31, 31, 2008 constant constant constant
(Dollars in 2009 as as exchange exchange exchange
millions) reported reported rates rates rates
----------- --------- -------- -------- --------- ----------
United Kingdom $22.0 $19.0 $20.5 $1.5 7.3%
South Africa 5.9 4.3 5.6 0.3 5.4%
Indonesia 4.1 2.9 3.4 0.7 20.6%
China 9.0 6.2 6.2 2.8 45.2%
Chile 3.7 2.5 3.1 0.6 19.4%
Caribbean Region 2.6 2.6 2.6 - -
The Philippines 0.8 0.7 0.7 0.1 14.3%
Holding companies 0.1 0.2 0.4 (0.3) (75.0)%
--- --- --- ---- ------
Total
operations $48.2 $38.4 $42.5 $5.7 13.4%
----- ----- ----- ---- ----
Exchange
rate effect (4.1)
----
Total after
exchange
rate effect $48.2 $38.4 $38.4
------------ ----- ----- -----
Use of Non-GAAP Financial Measures - EBITDA
EBITDA represents net profit before interest expense/(income) and exchange rate results, taxation, depreciation and amortization of intangible and tangible fixed assets and negative goodwill, loss/(profit) on disposal of intangible and tangible fixed assets and minority interest. EBITDA is a non-GAAP measure and does not represent and should not be considered as an alternative to net profit or cash flow as determined under generally accepted accounting principles. We believe EBITDA facilitates operating performance comparisons from period to period. We believe EBITDA may facilitate company to company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting net interest expense), taxation and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance, and other non-recurring one-time items. We further believe that EBITDA is frequently used by securities analysts, investors and other interested parties in their evaluation of companies, many of which present an EBITDA measure when reporting their results.
EBITDA has limitations as an analytical tool, and you should not consider it either in isolation or as a substitute for analyzing our results as reported under Dutch GAAP. Some of these limitations are:
- EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
- EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
- EBITDA does not reflect our tax expense or the cash requirements to pay our taxes;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements of those replacements; and
- other companies in our industry may calculate EBITDA differently, limiting its usefulness as a comparative measure.
Because of these limitations, EBITDA should not be considered as the primary measure of our operating performance or as a measure of discretionary cash available to us to invest in the growth of our business. The following is a reconciliation of net profit, the most directly comparable Dutch GAAP performance measure, to EBITDA.
Nine months ended Nine months ended
(Dollars in millions) December 31, 2009 December 31, 2008
--------------------- ----------------- -----------------
Net profit $18.9 $17.0
Add:
Interest (income)/expense and
exchange rate results 4.0 (0.2)
Gain on disposal/termination of
subsidiary (0.2) (0.2)
Taxation 4.7 11.3
Depreciation and amortization of
intangible and tangible fixed
assets and negative goodwill 18.6 17.9
(Profit)/loss on disposal of
intangible and tangible fixed assets (1.3) (0.9)
Minority interest 0.9 0.8
--- ---
EBITDA $45.6 $45.7
----- -----
Revenue $132.9 $125.6
------ ------
EBITDA as a percentage of revenue 34.3% 36.4%
Three months ended Three months ended
(Dollars in millions) December 31, 2009 December 31, 2008
--------------------- ------------------ ------------------
Net profit $5.0 $6.0
Add:
Interest
(income)/expense and
exchange rate results 3.9 (2.5)
Loss on disposal of subsidiary - 0.1
Taxation 0.4 3.1
Depreciation and amortization of
intangible and tangible fixed
assets and negative goodwill 6.4 5.6
Profit on disposal of intangible
and tangible fixed assets - (0.1)
Minority interest 0.5 0.2
--- ---
EBITDA $16.2 $12.4
----- -----
Revenue $48.2 $38.4
----- -----
EBITDA as a percentage of revenue 33.6% 32.3%
EBITDA
------
Dutch GAAP
Nine
months
Nine Nine ended Percentage
months months December Change change
ended ended 31, 2008 2008-2009 2008-2009
December December at at at
31, 2009 31, 2008 constant constant constant
(Dollars in as as exchange exchange exchange
millions) reported reported rates rates rates
----------- --------- --------- --------- ---------- -----------
United Kingdom $26.0 $30.2 $26.9 $(0.9) (3.3)%
South Africa 5.4 5.7 5.9 (0.5) (8.5)%
Indonesia 4.3 4.5 4.4 (0.1) (2.3)%
China 6.3 4.3 4.4 1.9 43.2%
Chile 3.5 1.8 1.8 1.7 94.4%
Caribbean Region 4.0 4.0 4.1 (0.1) (2.4)%
The Philippines 1.1 0.9 1.0 0.1 10.0%
Holding companies (5.0) (5.7) (5.4) 0.4 7.4%
---- ---- ---- --- ---
Total operations $45.6 $45.7 $43.1 $2.5 5.8%
----- ----- ----- ---- ---
Exchange rate
effect 2.6
---
Total after
exchange rate
effect $45.6 $45.7 $45.7
-------------- ----- ----- -----
EBITDA
------
Dutch GAAP
Three
months
Three Three ended Percentage
months months December Change change
ended ended 31, 2008 2008-2009 2008-2009
December December at at at
31, 2009 31, 2008 constant constant constant
(Dollars in as as exchange exchange exchange
millions) reported reported rates rates rates
----------- --------- --------- --------- ---------- -----------
United Kingdom $9.2 $8.0 $8.8 $0.4 4.5%
South Africa 1.7 1.2 1.7 - -
Indonesia 1.7 1.3 1.5 0.2 13.3%
China 2.7 1.5 1.5 1.2 80.0%
Chile 0.8 0.6 0.7 0.1 14.3%
Caribbean Region 1.3 1.1 1.1 0.2 18.2%
The Philippines 0.4 0.3 0.3 0.1 33.3%
Holding companies (1.6) (1.6) (1.4) (0.2) (14.3)%
---- ---- ---- ---- ------
Total operations $16.2 $12.4 $14.2 $2.0 14.1%
----- ----- ----- ---- ----
Exchange rate
effect (1.8)
----
Total after
exchange rate
effect $16.2 $12.4 $12.4
-------------- ----- ----- -----
Consolidated Balance Sheets
December 31, March 31,
2009 2009
Amounts expressed in millions of USD Unaudited
------------------------------------ ----------- --------
Assets
Fixed Assets
Intangible fixed assets 43.9 42.9
Tangible fixed assets 458.8 397.6
Financial fixed assets 23.5 19.3
---- ----
526.2 459.8
----- -----
Current Assets
Stocks 2.8 2.2
Work in progress 4.4 3.7
Debtors 56.6 51.3
Cash at bank and in hand 37.3 34.7
---- ----
101.1 91.9
----- ----
Total Assets 627.3 551.7
----- -----
Shareholders' Equity & Liabilities
Shareholders' equity 146.4 118.2
Minority shareholders' interest 35.5 35.1
---- ----
Group Equity 181.9 153.3
----- -----
Negative goodwill 1.2 1.2
Provisions 69.2 60.3
Deferred revenue 64.3 51.7
Long term liabilities 234.9 161.8
Current liabilities 75.8 123.4
---- -----
Total Liabilities 445.4 398.4
----- -----
Total Shareholders' Equity and Liabilities 627.3 551.7
Investor Contacts: |
|
KCSA Strategic Communications |
|
Jeffrey Goldberger / Yemi Rose |
|
+1 212.896.1249 / +1 212.896.1233 |
|
SOURCE Cascal N.V.
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