ARCADIS Reports Full Year 2002 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 10, 2003 ARCADIS, the international consultancy and engineering firm, today announced that net operational income in 2002 rose 7% to 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. 24.9 million or EUR 1.22 per share. Excluding currency exchange effects, profit growth amounted to 11%. The increase in profits is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to margin improvement. In addition, the acquisition in mid- mid- pref. Middle: midbrain. 2002 of French-based FC International SA (FCI (Flux Changes per Inch) The measurement of polarity reversals on a magnetic surface. In MFM, each flux change is equal to one bit. In RLL, a flux change generates more than one bit. , 800 employees, annual gross revenues of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. EUR 70 million), contributed to profit growth as of the third quarter. With an increase of 11%, 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. developed very favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . This was mainly the result of a substantial improvement in the operational margin, which increased from 6.9% to 7.4%. Acquisitions also contributed to the rise in operating income. This was, however, largely offset by the negative effects from declines in the exchange rates of U.S., Brazilian and Chilean currencies. Excluding these currency fluctuations, operating income increased by 16%. With the exception of 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. , all regions, particularly other European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries and 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. , contributed to the improvement of results. For 2002, management proposes to raise the cash dividend to EUR 0.48 per share, compared to EUR 0.44 per share for 2001 (+ 9%), leading to a dividend yield of approximately 6%. Commenting on these results, Harrie Noy, Chairman of the Executive Board said: "Given economic 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 it is quite positive that ARCADIS has been able to again improve results. This proves that the spread of activities, geographically 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 , in market segments and in client types, provides a solid base for stable profit development. By reducing unprofitable activities and focussing on customers who can appreciate the professionalism professionalism the upholding by individuals of the principles, laws, ethics and conventions of their profession. and quality of our service offering, we were able to improve margins. This is a great compliment Not to be confused with Complement. Compliment may be
Key figures
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Amounts in millions of euros 4th quarter Full year
unless otherwise stated
2002 2001 increase 2002 2001 increase
----------------------------------------------------------------------
Gross revenue 226 216 5% 819 797 3%
Operating income 13.3 12.5 6% 42.9 38.8 11%
Net operational income(1) 8.6 8.2 6% 24.9 23.2 7%
Net operational income per
share (in EUR)(2) 0.42 0.40 6% 1.22 1.14 7%
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(1) Before goodwill amortization and excluding extraordinary items.
(2) Both in 2002 and 2001 based on 20.3 million shares outstanding.
Fourth quarter The 5% growth in gross revenues in the 2002 fourth quarter is the result of a positive contribution from acquisitions of 10% (mainly FCI), offset by a negative currency-effect of 5%. Organic growth was negatively impacted by the decline in contracting activities in the Netherlands due to soft conditions in this market and the steps the Company has taken to focus on higher margin segments. Excluding contracting, organic growth amounted to 2%, particularly due to growth in other European countries, 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. , 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. and to a lesser extent the Dutch consulting units. Full year results Gross revenues for full year 2002 rose by 3%. Of this growth, 4% was generated by acquisitions, offset by a negative currency exchange effect of 3%. Organic growth amounted to 2% and was negatively impacted by the decline in 2001 in property valuation activities and the decline in contracting activities, both in the Netherlands. Excluding these factors, organic growth amounted to 4%, with the Company's activities 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. , 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. and South America demonstrating particularly strong growth. The Dutch consulting activities, particularly in rail infrastructure, also contributed to growth, although in the second half of the year circumstances in the municipal consulting market softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. . Revenues in the U.S. showed a slight organic decline, as the flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. growth in the infrastructure and environmental fields was not sufficient to compensate for the decline in the Company's buildings and telecom activities. Acquisitions and currency exchange rate developments caused 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 2002. The contribution of revenues from North and South America declined to 36% (2001: 39%). Another 36% of revenues were generated in the Netherlands (2001: 38%). The largest increase was in other European countries, which represented 22% of revenues (2001: 18%), while 6% of revenues came from other countries (2001: 5%). Balance sheet and cashflow Despite the negative impact from currency exchange rate changes on 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. , balance sheet ratios remained strong. Because of the steps the Company has taken to reduce working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , particularly in the fourth quarter, the Company generated a good level of EUR 46 million in operational cash flow for the year. As a result, net cash (subtracting all interest-baring debt) 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. 2002 was EUR 11 million. The return on capital invested (shareholders' equity + interest-baring debt) amounted to 16.5%. Market developments The figures in this section are related to full-year 2002 gross revenues in comparison to 2001, unless otherwise noted. Infrastructure With 11% growth, this was the most important growth segment for ARCADIS in 2002. The share of this segment in total revenues increased to 51% (2001: 47%). Growth was aided by the acquisition of FCI. Organic growth amounted to 7%. In the second half of the year organic growth softened, predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. due to the decline in Dutch contracting activities. 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. , the investment budgets of the individual states came under pressure, which resulted in a slight organic decline in the fourth quarter. Full-year revenues in both the United States as well as the Dutch consulting activities contributed to growth. In the Netherlands, large infrastructure projects, including the high speed railway line to the south, 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 Hanze line, yielded a large amount of work. The main growth, however, came from Belgium, Spain and South America. In Brazil the development of three energy infrastructure projects resulted in strong growth. In Belgium the work related to the Antwerp Antwerp, city, Belgium Antwerp, Du. Antwerpen, Fr. Anvers, city (1991 pop. 467,518), capital of Antwerp prov., N Belgium, on the Scheldt River. Beltway provided a strong contribution to revenues. In Spain, work continued on many large scale projects in both road- and rail infrastructure. Due to floodings in the fall of 2002, assignments were won in both 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). and the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. related to damage repair and consultancy to prevent future problems. Environment This segment generated 28% of revenues in 2002 (2001: 29%). Revenues decreased by 1% as a result of exchange rate declines and divestments. Excluding these effects, growth amounted to 5%. This also includes the environmental activities which were added through the acquisition of FCI, which brought the Company a solid position in the French environmental market. Organic growth amounted to 2% and was predominantly generated in the United States, where application of cost effective remediation technologies and our GRIP(TM) program developed by ARCADIS led to an increase in market share. In addition, the assignments won in early 2002 from the federal government, for the clean-up clean-up n → nettoyage m clean-up clean n to give sth a clean-up → etw gründlich sauber machen clean-up n of military sites contributed to growth. In Brazil, activities at Hidro Ambiente - which was acquired in mid-2001 - increased considerably, especially through the awards of 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. This customer category was also responsible for solid growth in Belgium and the United Kingdom. Buildings After a strong decline in 2001, revenues stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. in this segment in 2002, due to acquisitions completed during in the year. This segment's share of total revenues remained level at 13%. Organically, revenues declined 3%. This was predominantly caused by the declines in private sector investments which began in the United States in 2001. In the fourth quarter improved activity levels could be seen in this market, as a result of a number of large assignments which were won in the automotive market. In Belgium and Spain, considerable growth was achieved, although this flattened flat·ten v. flat·tened, flat·ten·ing, flat·tens v.tr. 1. To make flat or flatter. 2. To knock down; lay low: The boxer was flattened with one punch. out during the fourth quarter. In Belgium, ARCADIS benefited from the increased amount of outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. by industrial clients, while in Spain the market for building investments was favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . Demand in the Netherlands declined due to an increase in vacant office space. Communications In this segment revenues declined by 18% as a result of which the share in total revenues declined to 8% (2001: 11%). The organic decline amounted to 15% and was caused by declines in telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. as well as property valuation activities. At first, telecom activities appeared to stabilize stabilize See peg. , but the continued poor market climate in that segment caused further declines in the second half of 2002, particularly in the United States. In the Netherlands, telecom revenues remained flat, as a result of the focus on profitable niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the projects. The reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. of property valuation activities was successfully concluded, resulting in a positive contribution from this business. Growth in geographical information systems Geographical Information System - Geographic Information System continued, especially in the Netherlands and Spain. Strategy In the middle of 2000 the Company implemented a revised strategy. Core to that strategy is a strengthening of profitable growth in the 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 markets in which ARCADIS is already active. After more than two years, this strategy has now been evaluated. The main conclusion of this evaluation is that ARCADIS is on track and that the core strategy will remain unchanged. To compensate for the lack of growth in the telecom market new growth initiatives have been identified including a push to broaden the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. coverage in rail infrastructure and facility management. For the latter, the joint venture with Aqumen which was set up in 2002, is an important instrument. In addition, a stronger emphasis will be placed on the improvement of the commercial process as well as the development of new products and services, making use of the knowledge and client relationships that ARCADIS has at its disposal. In light of the current economic circumstances, the Company's financial goals were also reviewed. This resulted in the following adjusted goals for the mid- to 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. : - Gross revenues: average annual growth of 10% or more, half of which will come from organic growth - Operational margin: 8% (operating income as a percentage of net revenues) - Earnings per share: average annual growth of 10% or more - Return on invested capital: 15% or more These goals are excluding the effects of goodwill amortization and currency exchange rates, while growth levels also depend on the speed with which acquisitions are completed. Outlook The continued economic 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. has forced companies and governments to reduce investments. In addition, the Dutch market sees sluggish assignment patterns among governmental clients. In the infrastructure market, long-term contracts and large projects provide a firm basis for revenues. Although the large rail infrastructure projects have peaked, additional investments in the upgrading of existing rail infrastructure provide new opportunities for which ARCADIS is particularly well qualified. The good position ARCADIS has in 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 environmental market continues to offer opportunities for an increase in market share with government clients as well as new client categories such as the metals and mining industries. In addition, growth is expected in less developed environmental markets such as France and Brazil. In the buildings market, signs of a slight recovery are visible in the United States. The trend in companies to outsource outsource verb To assign specific work to a 3rd party for a specific length of time at an set price and service level Managed care To use outside labor to perform functions–billing and collections, accounting, janitorial services, ER more of their non-core activities offers opportunities for facility management. Recovery in the telecom market is not expected to occur this year, so attention remains focussed on niche projects. A new round of property valuations which has commenced in the Netherlands and demand for geographical information systems are expected to positively influence revenues in the communications segment. The level of coverage of the ARCADIS Pension Fund in the Netherlands at the end of 2002 was above 105%, thereby meeting the requirement of Dutch pension fund authorities for the year. For 2003, the pension premiums for the Dutch operating company operating company A business that engages in transactions with outsiders. are increased by approximately EUR 6 million. Given the fact that ARCADIS is not unique in this respect, these additional costs will become a component of the billing rates, in so far as this is commercially viable. In addition, earlier concentrations in our Dutch operations, will lead to additional cost savings. Chairman Harrie L.J. Noy commented: "The long term developments in the markets relevant to ARCADIS offer many opportunities for growth. As a result of our strong positions in important countries 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). and North and South America, ARCADIS is in a good position to
benefit from these conditions. In the short term, economic and political
developments will exert pressure on organic growth. By providing more
attention to demand from existing clients and well directed initiatives,
existing opportunities for growth, such as facility management, will be
pursued. In addition, productivity improvements and cost reductions will
ensure that margins remain level or improve further. The negative
currency exchange rate effect, which is expected to continue in the
first half, is not expected to be fully compensated compensated /com·pen·sat·ed/ (kom´pen-sa?tid) counterbalanced; offset. for by growing
revenues from acquisitions completed in 2002. Further expansion of
activities by way of well-selected acquisitions will continue to be a
priority in 2003. In line with our strategy, all these actions are
directed at achieving growth in revenues and profit, but in view of the
insecurities mentioned, it is not possible at this point to give
specific guidance with regard to the 2003 results."
ARCADIS is a leading, global, knowledge-driven service provider, 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 8,500 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 that assure your success. 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 projects. These and 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, ARCADIS NV, +31-26-3778604 E-mail j.slooten@arcadis.nl Visit us on our website: www.arcadis.nl
ARCADIS NV
CONSOLIDATED STATEMENT OF INCOME IN EUR
Amounts x 1 million, except per share amounts and in accordance with
NL-GAAP
Fourth Fourth Full Full
quarter quarter year year
2002 2001 2002 2001
Gross revenue 226.1 215.6 819.1 797.4
Materials, services of third parties 74.6 70.2 241.3 234.0
-------- -------- ------- -------
Net revenue 151.5 145.4 577.8 563.4
Operational cost 134.0 128.9 519.0 509.2
Depreciation 4.2 4.0 15.9 15.4
-------- -------- ------- -------
Operating income 13.3 12.5 42.9 38.8
Financing income/expenses net (0.8) (0.7) (2.2) (2.6)
-------- -------- ------- -------
Income before taxes 12.5 11.8 40.7 36.2
Taxes (3.9) (3.6) (14.4) (12.5)
-------- -------- ------- -------
Income after taxes 8.6 8.2 26.3 23.7
Income from non-consolidated
companies 0.5 0.2 0.7 0.5
-------- -------- ------- -------
Group income after taxes 9.1 8.4 27.0 24.2
Minority interest (0.5) (0.2) (2.1) (1.0)
-------- -------- ------- -------
Net income from operations 8.6 8.2 24.9 23.2
Amortization of goodwill 0.0 (0.1) (0.2) (0.1)
Extraordinary items after taxes - - - 2.0
-------- -------- ------- -------
Net income 8.6 8.1 24.7 25.1
Net income per share (1) 0.41 0.40 1.21 1.24
Net income from operations per share 0.42 0.40 1.22 1.14
Number of shares outstanding
(in thousands) 20,297 20,285 20,297 20,285
(1) Net income per share is based on the weighted average number of
outstanding shares.
ARCADIS NV
CONSOLIDATED STATEMENT OF INCOME IN US$
Amounts x 1 million, except per share amounts and in accordance with
NL-GAAP
Fourth Fourth Full Full
quarter quarter year year
2002 2001 2002 2001
Gross revenue 226.0 193.0 775.3 713.2
Materials, services of third parties 74.5 62.7 229.1 209.0
-------- ------------------------
Net revenue 151.5 130.3 546.2 504.2
Operational cost 133.8 115.5 490.3 455.7
Depreciation 4.3 3.6 15.1 13.8
-------- ------------------------
Operating income 13.4 11.2 40.8 34.7
Financing income/expenses net (0.8) (0.7) (2.1) (2.4)
-------- ------------------------
Income before taxes 12.6 10.5 38.7 32.3
Taxes (4.0) (3.2) (13.7) (11.1)
-------- ------------------------
Income after taxes 8.6 7.3 25.0 21.2
Income from non-consolidated
companies 0.5 0.2 0.7 0.5
-------- ------------------------
Group income after taxes 9.1 7.5 25.7 21.7
Minority interest (0.5) (0.2) (2.0) (0.9)
-------- ------------------------
Net income from operations 8.6 7.3 23.7 20.8
Amortization of goodwill (0.1) (0.1) (0.2) (0.1)
Extraordinary items after taxes - 0.0 - 1.7
-------- -------- ------- -------
Net income 8.5 7.2 23.5 22.4
Net income per share (1) 0.42 0.35 1.16 1.10
Net income from operations per share 0.43 0.35 1.17 1.02
Number of shares outstanding
(in thousands) 20,297 20,285 20,297 20,285
Dollar exchange rate 1st quarter
EUR 1= $0.88 $0.92
Dollar exchange rate 2nd quarter
EUR 1= $0.92 $0.87
Dollar exchange rate 3rd quarter
EUR 1= $0.98 $0.89
Dollar exchange rate 4th quarter
EUR 1= $1.00 $0.90
(1) Net income per share is based on the weighted average number of
outstanding shares.
ARCADIS NV
CONSOLIDATED BALANCE SHEET IN EUR
Amounts x 1 million and in accordance with NL-GAAP
December December
31, 31,
ASSETS 2002 2001
------------------
Fixed assets (a) 63.4 51.8
Current assets 280.4 258.2
------------------
TOTAL 343.8 310.0
==================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 170.6 144.0
Long term debt 27.6 22.0
Provisions 13.5 13.1
Total equity 132.1 130.9
------------------
TOTAL 343.8 310.0
==================
(a) Including capitalized goodwill 8.3 1.6
CHANGES IN SHAREHOLDERS' EQUITY IN EUR
Amounts x 1 million and in accordance with NL-GAAP
Shareholders' equity at January 1, 2002 124.8
Changes:
Net income current year 24.7
Set aside dividend 2002 (9.7)
Stock purchase plans 0.2
Purchase own stock (3.2)
Exchange rate differences (11.8)
---------
Shareholders' equity at December 31, 2002 125.0
=========
ARCADIS NV
CONSOLIDATED BALANCE SHEET IN US$
Amounts x 1 million and in accordance with NL-GAAP
December December
31, 31,
ASSETS 2002 2001
------------------
Fixed assets (a) 66.5 45.6
Current assets 294.1 227.6
------------------
TOTAL 360.6 273.2
==================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 179.0 126.9
Long term debt 28.9 19.4
Provisions 14.2 11.5
Total equity 138.5 115.4
------------------
TOTAL 360.6 273.2
==================
(a) Including capitalized goodwill 8.8 1.5
Calculated with US dollar rate of EUR 1.00 = $1.05 $0.88
CHANGES IN SHAREHOLDERS' EQUITY IN US$
Amounts x 1 million and in accordance with NL-GAAP
Shareholders' equity at January 1, 2002 110.0
Changes:
Net income current year 23.5
Set aside dividend 2002 (10.2)
Stock purchase plans 0.2
Purchase own stock (3.3)
Exchange rate differences 10.9
---------
Shareholders' equity at December 31, 2002 131.0
=========
ARCADIS NV
CONSOLIDATED CASH FLOW STATEMENT IN EUR
Amounts x 1 million and in accordance with NL-GAAP
Year Year
2002 2001
Net income 24.7 25.1
Depreciation 16.1 15.5
------ ------
Gross cash flow 40.8 40.6
Net working capital 4.6 4.4
Other changes 0.4 4.8
------ ------
Total operational cash flow 45.8 49.7
Investments (net) in:
(In)tangible fixed assets (13.3) (13.4)
Purchase own shares (3.2) -
Acquisitions/divestments (14.8) (0.1)
Total financing activities (4.9) (10.8)
------ ------
Change in cash and equivalents 9.6 25.4
ARCADIS NV
CONSOLIDATED CASH FLOW STATEMENT IN US$
Amounts x 1 million and in accordance with NL-GAAP
Year Year
2002 2001
Net income 23.5 22.3
Depreciation 15.3 13.9
------ ------
Gross cash flow 38.8 36.2
Net working capital 4.8 3.9
Other changes 0.2 4.2
------ ------
Total operational cash flow 43.8 44.3
Investments (net) in:
(In)tangible fixed assets (13.9) (11.8)
Purchase own shares (3.2) -
Acquisitions/divestments (15.7) (0.1)
Total financing activities (1.0) (10.0)
------ ------
Change in cash and equivalents 10.0 22.3
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