ARCADIS Reports 2003 Fourth Quarter and Full Year Results.Business Editors 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--(BUSINESS WIRE)--March 8, 2004 ARCADIS (Nasdaq:ARCAF, AEX AEX See: Amsterdam Exchange :ARCAD) -- Gross revenue growth 10% (excluding currency effect), mainly through acquisitions -- Environmental segment the main growth market with 10% organic increase -- Limited decline in net income from operations of 9%; excluding currency effect 4% -- Improvement of organic growth in 4th quarter -- Proposal to maintain dividend at EUR EUR In 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. 0.48 per share ARCADIS (Nasdaq:ARCAF, AEX:ARCAD), the international consulting and engineering company, today announced that despite difficult market conditions, profit in 2003 was maintained at an acceptable level. Net income from operations totaled EUR 22.5 million, or EUR 1.11 per share a decline of 9%. Of this decline, 5% resulted from the decline of the U.S. dollar against the euro. Excluding this currency effect, the income decrease was limited to 4%. Acquisitions performed in line with expectations. Gross revenue increased by 3% to EUR 841 million. Excluding currency effect, gross revenue growth totaled 10%, consistent with the Company's annual strategic gross revenue growth goal. The lower income was mainly the result of market conditions in 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. , where competition increased due to continued soft market demand. Combined with higher pension charges, this resulted in declines in gross revenue and income. To adjust capacity to the lower market demand, a staff reduction of 325 employees (mainly through attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: and a reduction in the number of flexible labor contracts) was instituted. The Company also announced that its Executive Board is proposing to maintain the Company's dividend (in cash) at EUR 0.48 per share. At current share prices, this results in a dividend yield of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5%. In a reaction to the results, Harrie L.J. Noy, Chief Executive Officer said: "It is encouraging that, despite the difficult market conditions, we were able to maintain income at a good level, except in The Netherlands. In the two most significant market segments for ARCADIS, infrastructure and environment, we achieved solid performance. In the infrastructure market, the decline in The Netherlands and 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. was offset by growth in other European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries; while in the environmental market, the success of the GRiP(TM)* program 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. resulted in 10% organic growth. Our acquisitions strengthen our home market positions and resulted in the addition of approximately 10% in annual gross revenues. Our breakthrough in facility management provides the basis for further growth of these activities. Consistent with our strategy, we are succeeding in expanding our higher value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: activities and are providing more services on the basis of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts."
Key figures
Amounts in EUR 1 million,
unless otherwise noted Fourth quarter Full year
2003 2002 Change 2003 2002 Change
----------------------------------------------------------------------
Gross revenue 243 226 7% 841 819 3%
Operating income(1) 13.3 13.3 0% 36.0 42.9 -/- 16%
Net income from operations(1) 7.9 8.6 -/- 9% 22.5 24.9 -/- 9%
Net income from operations per
share (in EUR)(2) 0.39 0.42 -/-9% 1.11 1.22 -/- 9%
----------------------------------------------------------------------
(1) Before goodwill amortization
(2) In 2003 based on 20.4 million shares outstanding (2002: 20.3
million).
Fourth quarter Gross revenue in the 2003 fourth quarter increased by 7%; or 12% excluding the currency effect. Of this 12% increase, 9% was the result of acquisitions; therefore, organic growth was 3%. This acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. in organic growth, compared to earlier quarters, was mainly the result of a solid performance in the U.S. environmental market where the GRiP(TM) projects, which were won earlier, provided a revenue increase. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. remained level with last year. The positive contribution from acquisitions was offset by a negative currency effect and an organic decline, which was somewhat lower than the third quarter of 2003. Full year For the 2003 full-year period, gross revenue increased 3% to EUR 841 million (including the currency effect). Excluding the 7% currency effect, gross revenues grew 10% versus a year ago. Of this increase, 9% came from acquisitions. Organic growth totaled 1%. The Netherlands, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , and the donor-financed markets, however, saw organic declines. In Brazil, a change in government caused delays in project awards, while similar effects were seen in the donor-financed market due to the unstable unstable, adj 1. not firm or fixed in one place; likely to move. 2. capable of undergoing spontaneous change. A nuclide in an unstable state is called radioactive. An atom in an unstable state is called excited. international political environment. In other European countries and the United States, gross revenue increased. The 16% decline in operating income for 2003 can largely be attributed to the situation in The Netherlands and Brazil. In Brazil, this was offset by the contribution from energy projects developed in 2002, in which ARCADIS has a minority stake held by its Brazilian subsidiary. Including this contribution, the organic decline in operating income totaled 9%. The Brazilian energy projects produced an increase in income from non-consolidated companies. Combined with lower minority interest, this resulted in a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. development of net income from operations than from operating income. Market conditions produced a decline in margin (operating income as a percentage of net revenue) from 7.4% to 6.0%. If the contribution from the Brazilian energy projects is added to operating income, the margin rises to 6.5%. In 2003 for the first time, ARCADIS reports margins per market segment. Margins for infrastructure and environment were solid at 7.4% and 9.3%, respectively. Margins for buildings and communications were -1.1% and -0.6%, respectively, reflecting difficult market conditions in these two segments, as previously discussed. Acquisitions and exchange rate differences produced a considerable shift in the geographical distribution the natural arrangements of animals and plants in particular regions or districts. See under Distribution. See also: Distribution Geographic of revenues. In 2003, 32% of revenues came from North and South America (2002: 36%), while The Netherlands contributed 35% (2002: 36%). Other European countries increased to 27% largely due to acquisitions (2002: 22%), while other countries remained stable at 6%. Balance sheet and cash flow The balance sheet ratios remain strong. Solvency The ability of an individual to pay his or her debts as they mature in the normal and ordinary course of business, or the financial condition of owning property of sufficient value to discharge all of one's debts. solvency n. 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. 2003 was 41.5%, and the Company's debt to equity ratio The debt to equity ratio (D/E) is a financial ratio indicating the relative proportion of equity and debt used to finance a company's assets. It is equal to total debt divided by shareholders' equity. at year-end was 0.2. As a result of acquisitions, goodwill on the balance sheet increased by EUR 30 million. Because working capital was reduced, cash flow from operational activities totaled EUR 59 million. The net cash position (cash minus interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid debt) at year-end 2003 was EUR 7 million negative versus a positive EUR 10 million at year-end 2002. This shows that a considerable part of the investments in acquisitions of EUR 42 million could be financed from the improvements in working capital. Return on average capital invested (shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. plus net interest-bearing debt) was 15.7% (2002: 18.5%). Market developments The results and analysis in the following section apply to the gross revenue developments in full-year 2003 in comparison with full-year 2002, unless otherwise mentioned. -- Infrastructure The 8% growth in the infrastructure market was generated by acquisitions. The share in total revenues increased to 53% (2002: 51%). Organic growth declined to 0%, mainly the result of developments in The Netherlands, Brazil, and the donor-financed market. In The Netherlands, a decline occurred in the municipal sector, which was partly offset by growth in the market for artificial soccer fields. Although the large projects are past their peak as far as the civil engineering component is concerned, much work was still done on the superstructure superstructure /su·per·struc·ture/ (soo´per-struk?chur) the overlying or visible portion of a structure. su·per·struc·ture n. A structure above the surface. of the Betuwe Betuwe is an area in the Netherlands in the province of Gelderland. Tacitus knew it as Insula Batavorum ("Island of the Batavians," the Germanic tribe from which the modern name is derived) and indeed it could be considered a large river island, but nowadays it hardly freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or railway line and the doubling of the tracks between Utrecht Utrecht, city, Netherlands Utrecht, city (1994 pop. 234,106), capital of Utrecht prov., central Netherlands, on a branch of the Lower Rhine (Neder Rijn) River. It is a transportation, financial, and industrial center. and 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. . After a strong decline in the 2003 first half, Brazil saw some recovery in the fourth quarter. In 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. and Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , ARCADIS is involved in many expansions and improvements in infrastructure, resulting in continued solid organic growth. Work on water projects and high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. railway lines produced growth 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). for the first time in several years. In the United States infrastructure market, activities were strongly expanded through acquisitions, and modest organic growth was achieved despite pressure on government budgets. -- Environment With organic growth at 10%, the environmental segment by far was the most significant growth market for ARCADIS in 2003. A negative currency effect, however, resulted in overall revenues to decline by 2%. As a result, this segment's share in total ARCADIS revenues decreased to 27% (2002: 28%). By far the most growth was achieved in the United States, where the GRiP(TM) program was successfully expanded to the federal government. After winning projects earlier worth US$ 40 million for the remediation of military sites, September September: see month. 2003 saw more project wins valued at US$ 85 million. Outside the United States, organic growth was also achieved across the board, although this weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. in the second half of the year.
The multinational multinational 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) clients program contributed to growth, particularly in England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. , Brazil, France, and Belgium. Growth was limited in The Netherlands, while the donor-financed markets saw a decline. -- Buildings The 5% growth in the buildings market was entirely produced by acquisitions. The share in total revenues remained stable at 13%. Organically, gross revenue declined by 8% due to a strong decline 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). , where the disappointing economic climate
resulted in decreased private-sector investment. This was particularly seen in The Netherlands and Spain. In the United States, organic growth was achieved over the full year; however, growth slowed significantly during the second half of the year. This reflects insecurity Insecurity Inseparability (See FRIENDSHIP.) Insolence (See ARROGANCE.) Hamlet introspective, vacillating Prince of Denmark. [Br. Lit.: Hamlet] Linus cartoon character who is lost without his security blanket. about the prospects of economic recovery, which in turn led to delays in expansion investments. As a result of the acquisitions of PRC Bouwcentrum and Homola, the number of higher value-added activities was expanded. Both companies are active in the area of project management and consulting for the buildings and infrastructure markets. The four-year contract with Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. Nederland Nederland (nē`dərlənd), city (1990 pop. 16,192), Jefferson co., SE Tex.; founded by Dutch settlers as a rice-farming community in 1897, inc. 1940. for facility management of 650,000 square meters Noun 1. square meter - a centare is 1/100th of an are centare, square metre area unit, square measure - a system of units used to measure areas of office space represents a breakthrough in this field and provides opportunity for expansion to other clients. -- Communications The downward trend in revenue from earlier years continued into 2003 with a decline of 17%, of which 14% was organic. Share of this segment in the Company's total revenues dropped to 7% (2002: 8%). The decline was caused by continued weak demand in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. market and the renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. discussions about municipal real estate taxes that resulted in a considerable decline in real estate valuation activities. This was offset by a continued increase in geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge information systems. Outlook Although there are initial signals of economic recovery, market conditions for ARCADIS are expected to remain mixed. In The Netherlands, pressure on government budgets is causing a shift from new projects to refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of, and modifications to, existing infrastructure. Given the need for improving railway infrastructure, this offers opportunities for ARCADIS. In other European countries, our involvement in large projects, combined with European investment programs for transnational infrastructure, offer other prospects for growth. It is expected that the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of infrastructure market will remain stable, while conditions in South America may improve. ARCADIS' success with the GRiP(TM) program and services to multinational clients provide a solid basis for continued growth in the environmental market. The buildings market in Europe offers opportunities in niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. and project management services; while in the United States, a recovery in the buildings market is not expected before the second half of the year. The telecommunications market is beginning to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective but is not expected to contribute significantly to ARCADIS' growth in 2004. 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. Noy concluded: "The relatively favorable development of results in 2003 demonstrates ARCADIS' strong market positions. Market conditions in The Netherlands are expected to remain difficult, and we are therefore focusing on further strengthening our competitive edge in that country. In addition to previous measures, we will also implement a program for further reducing overhead costs overhead costs see fixed costs. in our Dutch operations. We believe that concentrating on specific segments, such as facility management, refurbishment of rail infrastructure, project and program management, and the GRiP(TM) program, will allow for growth, even under current market conditions. Opportunities are also increasing for public/private partnership projects, in which private-sector parties will play a larger role in development and financing. The acquisitions completed in 2003 will contribute to growth in 2004, and are expected to provide synergies with some of our existing activities. On the basis of our strong balance sheet, we will continue our expansion through acquisitions in 2004. Consistent implementation of our chosen strategy aimed at profitable growth will again be the basis of success for ARCADIS, but because of the insecurities in currency developments and the Dutch market, it is not yet possible to provide a specific outlook for year-end 2004 results." ARCADIS is a leading, global, knowledge-driven consulting and engineering company, active in the fields of infrastructure, buildings, environment, and communications. With client success central to our total business approach, we fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. project or program needs from concept to completion and beyond. Together, we generate EUR 850 million in annual revenues. There are 9,000 of us, results-oriented people, continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. investing in our skills to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. value while creating viable solutions. 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 and other risks are described in ARCADIS' filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which will be available from the SEC or may be obtained upon request from the Company.
-- tables follow --
ARCADIS NV
CONSOLIDATED STATEMENT OF INCOME IN EUR
Amounts in millions, except per share amounts
Amounts in accordance with NL-GAAP
Fourth quarter Full year
2003 2002 2003 2002
----------------------------------------------------------------------
Gross revenue 242.6 226.1 840.6 819.1
Materials, services of third parties 81.6 74.6 245.2 241.3
------- ------- ------- -------
Net revenue 161.0 151.5 595.4 577.8
Operational cost 143.4 134.0 543.3 519.0
Depreciation 4.3 4.2 16.1 15.9
------- ------- ------- -------
Operating income 13.3 13.3 36.0 42.9
Financing income/expenses net (1.0) (0.8) (2.8) (2.2)
------- ------- ------- -------
Income before taxes 12.3 12.5 33.2 40.7
Taxes (4.3) (3.9) (11.7) (14.4)
------- ------- ------- -------
Income after taxes 8.0 8.6 21.5 26.3
Income from non-consolidated companies 0.5 0.5 2.6 0.7
------- ------- ------- -------
Group income after taxes 8.5 9.1 24.1 27.0
Minority interest (0.6) (0.5) (1.6) (2.1)
------- ------- ------- -------
Net income from operations 7.9 8.6 22.5 24.9
Amortization goodwill (0.6) - (1.1) (0.2)
------- ------- ------- -------
Net income 7.3 8.6 21.4 24.7
Net income per share (1) 0.36 0.41 1.05 1.21
Net income from operations per share 0.39 0.42 1.11 1.22
Number of shares outstanding (in
thousands) 20,431 20,297 20,431 20,297
(1) 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 amounts
Amounts in accordance with NL-GAAP
Fourth quarter Full year
2003 2002 2003 2002
----------------------------------------------------------------------
Gross revenue 288.2 226.0 952.7 775.3
Materials, services of third parties 96.9 74.5 278.9 229.1
------- ------- ------- --------
Net revenue 191.3 151.5 673.8 546.2
Operational cost 170.4 133.8 614.5 490.3
Depreciation 5.1 4.3 18.2 15.1
------- ------- ------- --------
Operating income 15.8 13.4 41.1 40.8
Financing income/expenses net (1.3) (0.8) (3.3) (2.1)
------- ------- ------- --------
Income before taxes 14.5 12.6 37.8 38.7
Taxes (5.0) (4.0) (13.3) (13.7)
------- ------- ------- --------
Income after taxes 9.5 8.6 24.5 25.0
Income from non-consolidated
companies 0.5 0.5 2.9 0.7
------- ------- ------- --------
Group income after taxes 10.0 9.1 27.4 25.7
Minority interest (0.6) (0.5) (1.7) (2.0)
------- ------- ------- --------
Net income from operations 9.4 8.6 25.7 23.7
Amortization goodwill (0.7) (0.1) (1.3) (0.2)
------- ------- ------- --------
Net income 8.7 8.5 24.4 23.5
Net income per share (1) 0.42 0.42 1.19 1.16
Net income from operations per share 0.46 0.43 1.26 1.17
Number of shares outstanding (in
thousands) 20,431 20,297 20,431 20,297
Dollar exchange rate 1st quarter
EUR 1= $1.07 0.88
Dollar exchange rate 2nd quarter
EUR 1= $1.13 0.92
Dollar exchange rate 3rd quarter
EUR 1= $1.12 0.98
Dollar exchange rate 4th quarter
EUR 1= $1.19 1.00
(1) Net income per share is based on the weighted average number
of outstanding shares.
ARCADIS NV
CONSOLIDATED BALANCE SHEET IN EUR
Amounts in millions
Amounts in accordance with NL-GAAP
Dec. 31, Dec. 31,
ASSETS 2003 2002
-----------------
Fixed assets (*) 98.7 63.4
Current assets 248.6 280.4
-----------------
TOTAL 347.3 343.8
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 153.5 160.9(**)
Long term debt 29.7 27.6
Provisions 20.0 13.5
Total equity 144.1 141.8(**)
-----------------
TOTAL 347.3 343.8
=================
38.2 8.3
(*) Including capitalized goodwill
(**) Adjusted for change in guideline on dividend proposal
CHANGES IN SHAREHOLDERS' EQUITY IN EUR
Amounts in accordance with NL-GAAP
Shareholders' equity at January 1, 2003 134.7 (**)
Changes:
Net income current year 21.4
Dividend payment for fiscal year 2002 (9.6)
Options exercized 0.9
Purchase own stock (0.9)
Exchange rate differences (10.1)
Other changes 0.2
--------
Shareholders' equity at balance sheet date 136.6
========
ARCADIS NV
CONSOLIDATED BALANCE SHEET IN US$
Amounts in millions
Amounts in accordance with NL-GAAP Dec. 31, Dec. 31,
ASSETS 2003 2002
------------------
Fixed assets (*) 124.6 66.5
Current assets 314.0 294.1
------------------
TOTAL 438.6 360.6
==================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 193.8 168.8(**)
Long term debt 37.6 28.9
Provisions 25.2 14.2
Total equity 182.0 148.7(**)
------------------
TOTAL 438.6 360.6
==================
48.2 8.8
(*) Including capitalized goodwill
(**) Adjusted for change in guideline on dividend proposal
Calculated with US dollar rate of EUR 1.00 = US$: 1.26 1.05
CHANGES IN SHAREHOLDERS' EQUITY IN US$
Amounts in accordance with NL-GAAP
Shareholders' equity at January 1, 2003 141.2(**)
Changes:
Net income current year 24.4
Dividend payment for fiscal year 2002 (12.1)
Options exercised 1.1
Purchase own stock (1.1)
Exchange rate differences 18.6
Other changes 0.3
---------
Shareholders' equity at balance sheet date 172.4
=========
ARCADIS NV
CONSOLIDATED CASH FLOW STATEMENT in EUR
Amounts in millions
Amounts in accordance with NL-GAAP 2003 2002
Net income 21.4 24.7
Depreciation and amortization 17.2 16.1
------ ------
Gross cash flow 38.6 40.8
Net working capital 13.8 4.6
Other changes 6.7 0.4
------ ------
Total operational cash flow 59.1 45.8
Investments (net) in:
(In)tangible fixed assets (16.8) (13.3)
Purchase own shares (0.9) (3.2)
Acquisitions/divestments (41.2) (11.3)
Financial assets/divestments (2.4) (3.5)
Total financing activities (19.8) (4.9)
------ ------
Change in cash and equivalents (22.0) 9.6
ARCADIS NV
CONSOLIDATED CASH FLOW STATEMENT in US$
Amounts in millions
Amounts in accordance with NL-GAAP 2003 2002
Net income 24.3 23.5
Depreciation and amortization 19.6 15.3
------ ------
Gross cash flow 43.9 38.8
Net working capital 17.4 4.8
Other changes 8.3 0.2
------ ------
Total operational cash flow 69.6 43.8
Investments (net) in:
(In)tangible fixed assets (21.2) (13.9)
Purchase own shares (1.2) (3.2)
Acquisitions/divestments (52.1) (11.8)
Financial assets/divestments (3.0) (3.9)
Total financing activities (19.9) (1.0)
------ ------
Change in cash and equivalents (27.8) 10.0
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