- 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 http://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 /
DATASOURCE: Cascal N.V. CONTACT: Investors, KCSA Strategic
Communications, Jeffrey Goldberger, +1-212-896-1249, , or Yemi
Rose, +1-212-896-1233, Web Site: http://www.cascal.co.uk/
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