ARCADIS Increases Profit Outlook for 2005.ARNHEM Arnhem (är`nəm), Ger. Arnheim, city (1994 pop. 133,670), capital of Gelderland prov., E Netherlands, a port on the Lower Rhine. It is an industrial, transportation, and tourist center. , The Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. -- Please replace the release due to multiple revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. CONSOLIDATED BALANCE SHEET consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. IN US$ table. (see below note): ARCADIS' primary reporting currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. is the Euro. Nevertheless the Company provides shareholders with a convenience translation into U.S. dollars to facilitate their review of the Company's results. An error occurred in the formula for this convenience translation in the ARCADIS NV balance sheet as published on November November: see month. 9, 2005 as an annex an·nex tr.v. an·nexed, an·nex·ing, an·nex·es 1. To append or attach, especially to a larger or more significant thing. 2. to the press release discussing the Company's results for the third quarter and first nine months of 2005. This error only affected the US dollar-denominated balance sheet, and had no effect on the Company's Euro-denominated balance sheet. A corrected copy of the US dollar-denominated balance sheet is included in the press release below. The corrected release reads: ARCADIS INCREASES PROFIT OUTLOOK FOR 2005 --Net income in the third quarter increases 36%; net income from operations increases 46% --Gross revenue grows 7% of which 5% is organic --Growth particularly strong in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. environmental market and in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. --Considerable margin improvement --Expected increase in net income from operations for the full year 2005: 30 to 35% ARCADIS (Nasdaq: ARCAF; Euronext  Euronext N.V. is a pan-European stock exchange based in Paris[1] : ARCAD), the international
consulting and engineering company, today reported that it has had an
excellent third quarter 2005. Gross revenue increased 7% to EUR EURIn currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 236 million, while net income was 36% higher at EUR 6.3 million. Net income from operations (excluding amortization and non-recurring effects in the third quarter of 2004) rose by 46%. At 8.0%, the operational margin was at the level of the stated financial goals of the firm, compared to 5.7% in the third quarter of 2004. In the first nine months of 2005 gross revenue grew 6%. Net income rose by 41% and net income from operations grew by 31%. The favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. development is the result of organic growth of activities, combined with a considerable improvement of margins. As a result of the sale of less profitable businesses and expansion with companies with good margins, acquisitions also contributed strongly to the profitability increase. At the end of the third quarter, Blasland, Bouck & Lee, Inc. (BBL "Be back later." See digispeak. (chat) BBL - (I will) be back later. ) was acquired in the U.S. BBL fully specializes in environmental and soil remediation services, and has more than 900 employees, spread across 42 offices in the United States. Expected gross revenues for BBL in 2005 amounts to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. EUR 142 million. Of that amount some 80% is generated from private sector clients, among which are a considerable number of multinationals from the Fortune 100. The company is consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: in the balance sheet per September September: see month. 30, 2005 and contributes to results starting in the fourth quarter of 2005. In a reaction to the results, ARCADIS CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Harrie Noy said: "Our strategy aimed at margin improvement is clearly yielding results. The continuous attention of our employees for efficiency and the replacement of less profitable businesses with activities yielding higher added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) companies."
Key figures
Amounts x EUR 1 million unless First nine
otherwise noted Third Quarter months
2005 2004 (DELTA) 2005 2004 (DELTA)
----------------------------------------------------------------------
Gross revenue 236 221 7% 692 652 6%
Ebita 13.0 5.6 133% 38.5 22.8 68%
Net income 6.3 4.6 36% 20.8 14.8 41%
Net income per share (in EUR) 1) 0.31 0.23 36% 1.03 0.74 40%
Net income from operations 2) 7.5 5.1 46% 20.8 15.8 31%
Net income from operations per
share (in EUR) 1,2) 0.37 0.25 46% 1.02 0.79 30%
----------------------------------------------------------------------
1) In 2005 based on 20.3 million shares outstanding (2004: 20.1
million)
2) Excluding amortization, pension adjustments and non-recurring items
(in 2004 book profits and reorganization charges and in 2005 book
profits).
Analysis As of 2005 ARCADIS reports according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System (International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). ). Comparable figures for 2004 have been adjusted accordingly. Third quarter Gross revenue increased 7%. Taking into account a book profit in the third quarter of 2004, recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. gross revenue increased 9%. Of this increase 2% was the result of the sum of acquisitions and divestments. For the first time in a long while the currency effect was positive at 2%, as a result of the strengthening of the Brazilian real The real (IPA: [xe'aw] or [ʁe'aɫ], symbol: R$, ISO 4217 code: BRL, plural: reais) is the currency of Brazil. It is also the name of the earliest Brazilian currency (see from the Colonial period to 1942. , while the U.S. dollar was neutral versus a year ago. Organic growth was 5% mainly from the United States and Brazil. In Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, saw strong growth,
while France and Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. also showed healthy gains. In the Netherlands,
revenues declined slightly, but the profitability improvement continued.
Due to the completion of a number of large projects, revenues in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). declined.The strong increase in Ebita was partially caused by non-recurring items in 2004, when restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs and the sale of participations negatively affected Ebita by EUR 3.1 million. Excluding these effects Ebita rose 49%. Acquisitions and divestments on balance contributed 20%, while the currency effect was 6% positive. Activity growth and margin improvement across a broad cross section of the Company contributed 23% to Ebita growth. Net income from operations rose 46% and was somewhat behind the increase of recurring Ebita. This is the result of a lower contribution from non-consolidated companies and an increase in minority interest caused by the strong profitability increase in Brazil, where ARCADIS has a 50.01% share. First nine months Gross revenue rose 6%, recurring gross revenue (excluding the effect of book profits) rose 7%. Of this increase, 6% was organic growth. Acquisitions and divestments on balance yielded 1% growth. Currencies had no effect. Ebita increased by 68%. Excluding the effect of a book profit of EUR 2.1 million in the second quarter of 2005 and negative non-recurring effects of on balance EUR 4.5 million as a result of book gains and restructurings in 2004, the recurring Ebita increase was 33%. The contribution from acquisitions and divestments was 13%; the currency effect 1%. Organically, Ebita increased 19%, through growth and margin improvement. The margin (recurring Ebita as a percentage of net revenue) rose to 7.4% compared to 5.8% in the same period last year. Balance sheet and cash flow statement Balance sheet total increased from EUR 433 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2004 to EUR 627 million at the end of the third quarter 2005. The cash flow from operating activities in the first nine months was significantly higher than last year. The increase in balance sheet total is mainly the result of acquisitions. The Company is looking into ways to optimize optimize - optimisation its financing structure to lower the balance sheet total and limit interest expenses. It is expected that the balance sheet total will be lower at year-end 2005. Developments per market segment The figures mentioned below relate to gross revenue developments and, unless otherwise noted, discuss comparisons between the first nine months of 2005 and of 2004. --Infrastructure Gross revenue grew 8%, of which 4% came through acquisitions and 1% through currency effects. Organic growth was 3% mainly from Brazil, the United States and France. In Brazil strong raw materials demand led to high private investments, while the government is also stepping up investment. Growth in America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. was mainly driven by the housing market, which is now seeing some slowing. In Europe, developments in France, Belgium and Poland are positive. In the Netherlands work was won on the Zuid-as project, a prestigious project in Amsterdam Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. intended to strengthen city's structure. --Environment The 11% growth was fully organic. The contribution of 2% from acquisitions was offset by a negative currency effect of the same size. The most important contribution to growth came from the United States, where both the GRiP(R) projects as well as traditional activities exhibited strong growth. In Poland, Brazil and Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. growth was mainly achieved in services for private sector companies. Germany and Belgium also saw revenue increases. --Facilities Gross revenue rose 5%. The acquisition of AYH AYH abbr. American Youth Hostels AYH n abbr (= American Youth Hostels) → Jugendherbergsverband, DJHV m , which closed in mid-June n. 1. the middle part of June. Noun 1. mid-June - the middle part of June period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" , contributed strongly to growth and almost entirely offset the effects of earlier divestments on revenues. Organic growth declined to 6%. This was caused by a decline of revenues in the third quarter, mainly by shifts in subcontracting. Net revenue in the quarter increased organically by more than 10%. In the Netherlands, ARCADIS AQUMEN signed the final facility management contract with DSM 1. DSM - Data Structure Manager. An object-oriented language by J.E. Rumbaugh and M.E. Loomis of GE, similar to C++. It is used in implementation of CAD/CAE software. DSM is written in DSM and C and produces C as output. and Sabic shortly after the quarter. Outlook The Dutch market is gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. recovering. The number of public private partnership initiatives for infrastructure is increasing, more money is being invested in rail improvement and the municipal market is improving. In Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. infrastructure expansion is a main priority. In Poland this recently led to several large assignments for the design of ring roads near Warsaw Warsaw (wôr`sô), Pol. Warszawa, city (1993 est. pop. 1,655,700), capital of Poland and of Mazowieckie prov., central Poland, on both banks of the Vistula River. and Wroclaw Wrocław (vrôts`läf), Ger. Breslau, city (1993 est. pop. 644,000), capital of Dolnośląskie prov., SW Poland, on the Oder (Odra) River. . In the United States, approval of the federal budget for transportation infrastructure has a positive effect on market conditions. In Brazil the market is favourable as a result of a high level of investment activity. The acquisition of BBL offers ample opportunity to realize further growth in the environmental market through synergies. In the facilities segment, growth opportunities exist in the expansion of project management services for international clients and in the expansion of facility management activities. CEO Noy concluded: "ARCADIS is on track in terms of achieving its strategic objectives. Our policy to create growth through synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. is taking hold and margins have improved considerably. Through acquisitions and divestments the emphasis has shifted to activities with higher added value and more growth prospects. Barring unforeseen circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or we expect an increase in net income from operations for full year 2005 of 30% to 35%." ARCADIS is an international company providing consultancy, 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 10,000 employees and over EUR 1 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, risks associated with possible changes in environmental legislation and risks with regard to the Company's ability to acquire and execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution projects. These are 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. For more information contact: Joost A peer-to-peer TV (P2P TV) system for streaming video over the Internet, developed by Skype and Kazaa founders Niklas Zennstrom and Janus Friis. Pronounced "juiced," with its name having no particular meaning in Scandinavian countries (like Haagen Dazs), Joost introduced beta clients for Slooten of ARCADIS at *31-26-3778604 or e-mail at jslooten@arcadis.nl. Visit us on the internet: www.arcadis-global.com
ARCADIS NV
CONSOLIDATED STATEMENT OF INCOME IN EUR
----------------------------------------------------------------------
Amounts in millions, except per share First nine
amounts Third quarter months
2005 2004 2005 2004
-------------------------------
Gross revenue 235.8 221.1 692.3 651.8
Materials, services of third parties 72.4 69.1 197.3 182.3
------- ------- ------- -------
Net revenue 163.4 152.0 495.0 469.5
Operational cost 146.7 142.6 445.1 434.9
Depreciation 3.6 3.8 11.4 11.8
------- ------- ------- -------
EBITA 13.1 5.6 38.5 22.8
Amortization identifiable intangible
fixed assets 1.2 0.1 2.0 0.1
------- ------- ------- -------
Operating income 11.9 5.5 36.5 22.7
Financing income/expenses net (0.8) (0.8) (2.3) (2.6)
------- ------- ------- -------
Income before taxes 11.1 4.7 34.2 20.1
Taxes (4.0) (0.3) (11.8) (6.0)
------- ------- ------- -------
Income after taxes 7.1 4.4 22.4 14.1
Income from non-consolidated companies 0.2 0.8 0.2 2.0
------- ------- ------- -------
Group income after taxes 7.3 5.2 22.6 16.1
Minority interest (1.0) (0.6) (1.8) (1.3)
------- ------- ------- -------
Net income 6.3 4.6 20.8 14.8
Amortization identifiable intangible
fixed assets 1.2 0.1 2.0 0.1
Pensions net - (0.2) - (0.5)
Non-recurring effects - 0.6 (2.1) 1.4
------- ------- ------- -------
Net income from operations 7.5 5.1 20.8 15.8
Net income per share 0.31 0.23 1.03 0.74
Net income from operations per share 0.37 0.25 1.02 0.79
Number of shares outstanding (in
thousands) 20,207 20,165 20,207 20,165
Net income per share is based on the
weighted average number of
outstanding shares.
ARCADIS NV
CONSOLIDATED STATEMENT OF INCOME IN US$
----------------------------------------------------------------------
Amounts in millions, except per share First nine
amounts Third quarter months
2005 2004 2005 2004
-------------------------------
Gross revenue 287.5 270.2 874.4 798.3
Materials, services of third parties 88.2 84.4 248.8 223.1
------- --------------- -------
Net revenue 199.3 185.8 625.6 575.2
Operational cost 179.0 174.3 562.6 532.8
Depreciation 4.4 4.7 14.5 14.5
------- --------------- -------
EBITA 15.9 6.8 48.5 27.9
Amortization identifiable intangible
fixed assets 1.5 (0.0) 2.5 0.1
------- ------- ------- -------
Operating income 14.4 6.8 46.0 27.8
Financing income/expenses net (0.9) (1.0) (2.9) (3.2)
------- ------- ------- -------
Income before taxes 13.5 5.8 43.1 24.6
Taxes (4.8) (0.3) (14.8) (7.4)
------- ------- ------- -------
Income after taxes 8.7 5.5 28.3 17.2
Income from non-consolidated companies 0.3 1.0 0.3 2.5
------- ------- ------- -------
Group income after taxes 9.0 6.5 28.6 19.7
Minority interest (1.3) (0.8) (2.3) (1.6)
------- ------- ------- -------
Net income 7.7 5.7 26.3 18.1
Amortization identifiable intangible
fixed assets 1.5 (0.1) 2.5 0.1
Pensions net - (0.2) 0.0 (0.6)
Non-recurring effects - 0.8 (2.6) 1.8
------- ------- ------- -------
Net income from operations 9.2 6.2 26.2 19.4
Net income per share 0.38 0.28 1.30 0.90
Net income from operations per share 0.45 0.31 1.29 0.96
Shares outstanding (thousands) 20,207 20,165 20,207 20,165
Dollar exchange rate Q1 EUR 1= $1.31 $1.25
Dollar exchange rate Q2 EUR 1= $1.26 $1.20
Dollar exchange rate Q3 EUR 1= $1.22 $1.22
Dollar exchange rate Q4 EUR 1= $1.30
Net income per share is based on the
weighted average number of outstanding
shares.
ARCADIS NV
CONDENSED CONSOLIDATED BALANCE SHEET IN EUR
----------------------------------------------------------------------
December
September 31,
Amounts in millions 30, 2005 2004
ASSETS -------------------
Non-current assets (*) 192.0 112.7
Current assets 435.0 320.0
-------------------
TOTAL 627.0 432.7
===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 321.0 244.4
Long term debt 111.7 13.0
Provisions 29.0 29.9
Total equity 165.3 145.4
-------------------
TOTAL 627.0 432.7
===================
(*) Including capitalized goodwill 107.9 48.1
CHANGES IN SHAREHOLDERS' EQUITY IN EUR
First First
nine nine
months months
2005 2004
Shareholders' equity at January 1 136.4 125.0
Changes:
Net income current period 20.8 14.8
Expenses granted options 0.2 0.2
Options exercized 1.3 1.5
Dividend payment (9.7) (9.6)
Purchase own stock (4.2) -
Exchange rate differences 9.2 1.0
Other changes 0.1 -
-------------------
Shareholders' equity at balance sheet date 154.1 132.9
===================
ARCADIS NV
CONDENSED CONSOLIDATED BALANCE SHEET IN US$
----------------------------------------------------------------------
December
Amounts in millions September 31,
ASSETS 30, 2005 2004
-------------------
Non-current assets (*) 231.2 153.5
Current assets 523.8 435.9
-------------------
TOTAL 755.0 589.4
===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 386.5 332.8
Long term debt 134.6 17.7
Provisions 34.9 40.7
Total equity 199.0 198.2
-------------------
TOTAL 755.0 589.4
===================
(*) Including capitalized goodwill 129.9 65.5
Calculated with US dollar rate of EUR 1.00 = US$: 1.20 1.36
CHANGES IN SHAREHOLDERS' EQUITY IN US$
First First
nine nine
months months
2005 2004
Shareholders' equity at January 1 185.8 157.9
Changes:
Net income current period 26.3 18.1
Expenses granted options 0.3 0.2
Options exercized 1.5 1.8
Dividend payment (11.7) (11.7)
Purchase own stock (5.1) -
Exchange rate differences (11.6) (1.4)
Other changes 0.1 -
-------------------
Shareholders' equity at balance sheet date 185.6 164.9
===================
ARCADIS NV
CONDENSED CONSOLIDATED CASH FLOW STATEMENT in EUR
----------------------------------------------------------------------
First nine
Amounts in millions months
2005 2004
Net income 20.8 14.8
Depreciation and amortization 13.4 11.9
------ ------
Gross cash flow 34.2 26.7
Net working capital (12.9) (17.8)
Other changes 3.5 (4.8)
------ ------
Total operational cash flow 24.8 4.1
Investments/divestments (net) in:
(In)tangible fixed assets (10.2) (7.6)
Acquisitions/divestments (60.9) 5.2
Financial assets (1.8) (0.4)
------ ------
Total investing activities (72.9) (2.8)
------ ------
Total financing activities 79.3 5.8
------ ------
Change in cash and equivalents 31.2 7.1
Cash at January 1 48.2 31.3
------ ------
Cash at balance sheet date 79.4 38.4
ARCADIS NV
CONDENSED CONSOLIDATED CASH FLOW STATEMENT in US$
----------------------------------------------------------------------
First nine
Amounts in millions months
2005 2004
Net income 26.3 18.1
Depreciation and amortization 16.9 14.6
------ ------
Gross cash flow 43.2 32.7
Net working capital (15.5) (22.0)
Other changes 4.3 (6.0)
------ ------
Total operational cash flow 32.0 4.7
Investments/divestments (net) in:
(In)tangible fixed assets (12.3) (9.4)
Acquisitions/divestments (73.3) 6.5
Financial assets (2.2) (0.5)
------ ------
Total investing activities (87.8) (3.4)
------ ------
Total financing activities 93.4 7.7
------ ------
Change in cash and equivalents 37.6 8.9
Cash at January 1 65.7 39.5
Conversion difference January 1 amount (7.4) (1.5)
------ ------
Cash at balance sheet date 95.9 46.9
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