Cascal N.V. Announces Six Months and Second Quarter 2010 Results
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LONDON, Nov. 10 /PRNewswire-FirstCall/ -- Cascal N.V. (NYSE: HOO) (the "Company"), a leading provider of water and wastewater services in seven countries, today announced unaudited financial results for the six months and the second quarter ended September 30, 2009. Cascal N.V. results are presented in U.S. dollars.
Year-to-date Fiscal 2010 Results
Revenue for the six months ended September 30, 2009 increased by $8.0 million or 10.5% at constant exchange rates, compared to the same period last year. This increase was the result of approximately $5.9 million contributed by the acquisitions completed last year, with the remaining $2.6 million achieved by the Company's historical portfolio (through a combination of rate increases, additional customers and higher volumes), offset by $0.5 million reduction in Panama due to prior period revenue recognition. At current exchange rates, the $8.0 million increase was offset by a $10.6 million translation effect into USD, including $8.7 million due to USD-GBP movements.
-- Revenue in Chile increased by $3.9 million or 93% at constant exchange
rates, compared to the same period last year. Servicomunal and
Servilampa, which were acquired on June 27, 2008, contributed $2.9
million of the overall increase, and $0.7 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 the Company's
operations in Santiago.
-- Revenue in China increased by $3.4 million or 39% at constant exchange
rates, compared to the same period last year. This increase was mainly
due to the $3.0 million contribution made by Yancheng joint venture and
Zhumadian subsidiary, which were acquired on April 29, 2008 and July 23,
2008, respectively. The remainder of the increase came from a
combination of rate and volume increases in the Company's pre-existing
operations in China.
-- Revenue in South Africa increased by $0.7 million or 6.0% at constant
exchange rates, compared to the same period last year, mainly as a
result of a 10% rate increase implemented by the Nelspruit business and
a 9% increase implemented by Siza Water, both with effect from July
2009. These increases were partially offset by lower sundry revenue for
additional services in our Nelspruit subsidiary.
-- Revenue in Panama decreased by $0.5 million or 8.9%, compared to the
same period last year, due to $0.5 million additional revenue recognized
in the six months ended September 30, 2008 which related to a prior
period following the late approval by our client of a rate increase.
For the six months ended September 30, 2009, EBITDA increased by $0.6 million or 2.0% at constant exchange rates, compared to the same period last year. The acquisitions completed last year contributed $2.0 million of additional EBITDA and a reduction in corporate overhead contributed a further $0.3 million. Excluding acquisitions and corporate overhead, EBITDA changes from pre-existing operations were Chile (+$0.6 million), The Philippines (+$0.2 million), China (-$0.1 million), Indonesia (-$0.3 million), South Africa (-$0.3 million), Panama (-$0.4 million) and the U.K. (-$1.4 million). The $1.4 million decline in the U.K. is due to a -2.4% real rate adjustment in the regulated business and some margin contraction in the unregulated business, together with one-off costs associated with the current five yearly rate review process ($0.2 million) and pension costs ($0.3 million). The $0.4 million reduction in Panama is in fact a $0.1 million increase offset by the impact of the prior period revenue recognition described above. Similarly, the reduction in South Africa is due to a $0.3 million bad debt recovery included in the six months ended September 30, 2008 in connection with the buy back of the previous 10% minority shareholding in our Nelspruit subsidiary.
Excluding one-off items, EBITDA increased by $1.9 million or 6.6% at constant exchange rates. Please read "Use of Non-GAAP Financial Measures" for a description of EBITDA.
Overall, net financial income and expense decreased by $2.0 million for the six months ended September 30, 2009, essentially as a result of the reduction of our Artesian loan balance driven by negative indexation of the retail price index in the United Kingdom. For the six months ended September 30, 2009, net profit was $13.9 million, or $0.45 per share, compared to net profit of $11.0 million, or $0.36 per share for the same period last year.
The effective tax rate incurred was 23.2% compared to 41.4% in the same period last year. A change in U.K. tax law which means that dividends remitted from foreign operations are no longer subject to tax has resulted in deferred tax provisions being reversed in relation to our company in Panama. This reversal has resulted in a credit of $1.4m during the six months ended September 30, 2009 and is expected to contribute a total credit of $4.0 million for the full year to March 2010. In addition, in the six months ended September 30, 2008 we incurred a charge of $1.5 million relating to a change in the system of tax allowances for industrial buildings in the United Kingdom. In addition to these two one-off items, the underlying tax rate has continued to decline following the implementation of a more tax efficient holding company structure in February 2009.
Commenting on the Company's results, Stephane Richer, Cascal Chief Executive Officer, stated, "Consistent with every quarter since our IPO in early 2008, Cascal has again delivered revenue growth at constant exchange rates. Our EBITDA margin close to 35% has remained strong and resilient in a tough operating environment and confirms our business model based upon targeted acquisitions together with organic growth of our international portfolio. Our cash flows have been solid with $29.2 million generated from operating activities and $25.0 million invested in capital expenditure net of proceeds from disposals (including $7.7 million relating to a one-time investment in our Zhumadian subsidiary). I am also especially pleased that our financial performance has not been at the expense of the quality of the services that we provide with our U.K. company, Bournemouth and West Hampshire Water, recently announced as the number one ranked water company for overall performance by the U.K. regulator."
As of September 30, 2009, the consolidated balance sheet shows cash and cash equivalents of $38.1 million, an improvement of $3.5 million during the six months ended September 30, 2009.
Results for Second Quarter Ended September 30, 2009
Revenue for the three months ended September 30, 2009 increased by $3.3 million or 8.2% at constant exchange rates, compared to the same period last year. The $3.3 million increase was the result of $2.2 million contributed by the acquisitions completed last year, with the remaining $1.1 million achieved by the Company's historical portfolio. At current exchange rates, the $3.3 million increase was offset by a $3.8 million translation effect into USD, including $3.3 million due to USD-GBP movements.
For the three months ended September 30, 2009, EBITDA increased by $0.3 million or 2% at constant exchange rates, compared to the same period last year. The EBITDA increase was essentially contributed by the Company's operations in Chile (+$0.7 million), China (+$0.2 million), Panama (+$0.2 million) and The Philippines (+$0.1 million) offset by reductions in the UK (-$1.1 million), South Africa. (-$0.4 million) and Indonesia (-$0.1 million). Additionally corporate overhead reduced by $0.7 million which was mainly the result of decreased costs of Sarbanes-Oxley compliance and a reduction in legal and other professional fees.
Overall, net financial income and expense increased by $0.8 million for the quarter ended September 30, 2009. A reduction in interest expense of $3.0 million due to the reduction of our Artesian loan balance driven by negative indexation of the retail price index in the United Kingdom was offset by a reduction in exchange rate results of $3.0 million. The remaining movement is largely due to the recognition in the six months to September 30, 2008 of $0.6 million accrued interest income due under the terms of a loan advanced to the former minority shareholder in our Nelspruit subsidiary.
For the quarter ended September 30, 2009, net profit was $7.4 million, or $0.24 per share, compared to net profit of $5.5 million, or $0.18 per share for the same period last year.
Guidance for Fiscal Year ending March 31, 2010
With regard to the guidance for the year 2009/10 issued last June, the Company now expects higher EPS of approximately $0.70, primarily due to the much improved effective tax rate, with revenue and EBITDA expected marginally below the initial guidance levels of $174 million and $63 million respectively.
Recent Business Highlights
-- In September, the Company named Mark Thurston, age 45, as its new Chief
Financial Officer. Most recently, Thurston served as UK Finance Director
for Colt Telecommunications, a $2 billion revenue B2B alternative
network provider of voice and data services. Prior to that, he served as
Deputy Finance Director for Xansa PLC, an information technology
outsourcing and business process management company.
-- Dividend of $0.09 per share was paid on September 30, 2009.
-- In October, Cascal announced that its United Kingdom subsidiary,
Bournemouth and West Hampshire Water (BWHW), has been ranked number one
out of all UK water companies in "Overall Performance" in the UK
regulator's annual Service and Delivery Assessment Report.
-- In October, the last of four promissory notes from the Government of
Belize which formed deferred consideration following the sale of the
Company's 83% interest in Belize Water Services Limited to the
Government of Belize was paid. Each $2.5 million promissory note was
paid on time and in full.
Conference Call
The Company will host a conference call at 9 a.m. Eastern Time / 2 p.m. GMT on November 11, 2009. 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 38595702. The call will also be available via webcast at www.cascal.co.uk. Please allow extra time prior to the call to visit the site and to download any necessary software to listen to the Internet broadcast. An online archive of the webcast will be available on the Company's website for 30 days following the call. A replay of the call will be available from November 11, 2009 at 9.45 a.m., ET/2.45 p.m. BST through November 11, 2009 at 4.59 a.m. BST. To access the replay, please call (800) 642-1687 (local) or +1(706) 645-9291 (international) and enter the following code: 38595702.
About Cascal N.V.
Cascal provides water and wastewater services to its customers in seven countries: the United Kingdom, South Africa, Indonesia, China, Chile, Panama and The Philippines. Cascal's customers are predominantly homes and businesses representing a total population of approximately 4.5 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.
Investor Contacts:
KCSA Strategic Communications
Jeffrey Goldberger / Yemi Rose
+1 212.896.1249 / +1 212.896.1233
jgoldberger@kcsa.com / yrose@kcsa.com
Tables follow
Consolidated Statements of Income
Six months ended September 30, 2009
Amounts, except shares
and per share
amounts,
expressed Continuing Discontinued
in thousands of operations operations Total
USD Unaudited Unaudited Unaudited
--------------- ---------- ---------- ----------
Revenue 84,717 - 84,717
Operating Expenses
Raw and auxiliary
materials and other
external costs 22,095 - 22,095
Staff costs 18,773 - 18,773
Depreciation and
amortization of
intangible and
tangible fixed
assets and negative
goodwill 12,191 - 12,191
Profit on disposal
of intangible and
tangible fixed
assets (1,275) - (1,275)
Other operating
charges 14,333 - 14,333
------ -- ------
66,117 - 66,117
------ -- ------
Operating Profit 18,600 - 18,600
------ -- ------
Gain on disposal /
termination of
subsidiary - 248 248
Net Financial Income
and Expense
Exchange rate
results 719 - 719
Interest income 433 - 433
Interest expense (1,327) - (1,327)
------ -- ------
(175) - (175)
---- -- ----
Profit before
Taxation 18,425 248 18,673
Taxation (4,270) (69) (4,339)
------ --- ------
Profit after
Taxation 14,155 179 14,334
Minority Interest (450) - (450)
---- -- ----
Net Profit 13,705 179 13,884
------ --- ------
Earnings per share -
Basic and Diluted 0.44 0.01 0.45
Weighted average
number of
shares - Basic
and Diluted 30,566,091 30,566,091 30,566,091
---------------- ---------- ---------- ----------
Six months ended September 30, 2008
Amounts, except shares
and per share
amounts,
expressed Continuing Discontinued
in thousands of operations operations Total
USD Unaudited Unaudited Unaudited
--------------- ---------- ---------- ----------
Revenue 87,256 - 87,256
Operating Expenses
Raw and auxiliary
materials and
other external
costs 20,531 - 20,531
Staff costs 18,401 - 18,401
Depreciation and
amortization of
intangible and
tangible fixed
assets and
negative
goodwill 12,366 - 12,366
Profit on
disposal of
intangible and
tangible fixed
assets (804) - (804)
Other operating
charges 14,955 - 14,955
------ -- ------
65,449 - 65,449
------ -- ------
Operating Profit 21,807 - 21,807
------ -- ------
Gain on disposal /
termination
of subsidiary - 251 251
Net Financial Income
and Expense
Exchange rate
results 3,262 - 3,262
Interest income 2,096 8 2,104
Interest expense (7,543) (1) (7,544)
------ -- ------
(2,185) 7 (2,178)
------ - ------
Profit before
Taxation 19,622 258 19,880
Taxation (8,162) (69) (8,231)
------ --- ------
Profit after
Taxation 11,460 189 11,649
Minority Interest (608) - (608)
---- -- ----
Net Profit 10,852 189 11,041
------ --- ------
Earnings per share -
Basic and Diluted 0.35 0.01 0.36
Weighted average
number of
shares - Basic
and Diluted 30,566,007 30,566,007 30,566,007
---------------- ---------- ---------- ----------
Consolidated Statements of Income
Three months ended September 30, 2009
Amounts, except shares
and per share
amounts,
expressed Continuing Discontinued
in thousands of operations operations Total
USD Unaudited Unaudited Unaudited
--------------- ---------- ---------- ----------
Revenue 43,822 - 43,822
Operating Expenses
Raw and auxiliary
materials and
other external
costs 11,598 - 11,598
Staff costs 10,087 - 10,087
Depreciation and
amortization of
intangible and
tangible fixed
assets and
negative
goodwill 6,248 - 6,248
Profit on
disposal of
intangible and
tangible fixed
assets (40) - (40)
Other operating
charges 6,960 - 6,960
----- -- -----
34,853 - 34,853
------ -- ------
Operating Profit 8,969 - 8,969
----- -- -----
Gain on disposal
of subsidiary - 248 248
Net Financial
Income and Expense
Exchange rate
results 467 - 467
Interest income 211 - 211
Interest expense (895) - (895)
---- -- ----
(217) - (217)
---- -- ----
Profit before
Taxation 8,752 248 9,000
Taxation (1,259) (69) (1,328)
------ --- ------
Profit after
Taxation 7,493 179 7,672
Minority Interest (284) - (284)
---- -- ----
Net Profit 7,209 179 7,388
----- --- -----
Earnings per share -
Basic and Diluted 0.23 0.01 0.24
Weighted average
number of
shares - Basic
and Diluted 30,566,174 30,566,174 30,566,174
---------------- ---------- ---------- ----------
Three months ended September 30, 2008
Amounts, except shares
and per share
amounts,
expressed Continuing Discontinued
in thousands of operations operations Total
USD Unaudited Unaudited Unaudited
--------------- ---------- ---------- ----------
Revenue 44,294 - 44,294
Operating Expenses
Raw and auxiliary
materials and
other external
costs 10,498 - 10,498
Staff costs 9,531 - 9,531
Depreciation and
amortization of
intangible and
tangible fixed
assets and
negative
goodwill 6,441 - 6,441
Profit on
disposal of
intangible and
tangible fixed
assets (4) - (4)
Other operating
charges 7,669 - 7,669
----- -- -----
34,135 - 34,135
------ -- ------
Operating Profit 10,159 - 10,159
------ -- ------
Gain on disposal
of subsidiary - 248 248
Net Financial
Income and Expense
Exchange rate
results 3,443 - 3,443
Interest income 1,554 - 1,554
Interest expense (4,410) - (4,410)
------ -- ------
587 - 587
--- -- ---
Profit before
Taxation 10,746 248 10,994
Taxation (5,067) (69) (5,136)
------ --- ------
Profit after
Taxation 5,679 179 5,858
Minority Interest (310) - (310)
---- -- ----
Net Profit 5,369 179 5,548
----- --- -----
Earnings per share -
Basic and Diluted 0.17 0.01 0.18
Weighted average
number of
shares - Basic
and Diluted 30,566,007 30,566,007 30,566,007
---------------- ---------- ---------- ----------
Revenue by segment
Three Three Six Six
months months months months
ended ended ended ended
September September September September
Amounts expressed 30, 30, 30, 30,
in thousands of 2009 2008 2009 2008
USD Unaudited Unaudited Unaudited Unaudited
----------------- --------- --------- --------- ---------
United Kingdom $20,432 $23,694 $39,302 $47,898
South Africa 6,392 6,271 11,749 11,648
Indonesia 3,551 3,639 6,646 7,050
China 6,247 5,245 12,137 8,670
Chile 3,790 2,111 8,092 4,707
Panama 2,480 2,551 5,065 5,562
The Philippines 755 709 1,468 1,470
Holding Companies 175 74 258 251
Total $43,822 $44,294 $84,717 $87,256
----- ------- ------- ------- -------
Revenue
-------
Dutch GAAP
Six
Six Six months Percentage
months months ended Change change
ended ended September 30, 2008- 2008-
September September 2008 at 2009 at 2009 at
(Dollars 30, 2009 30, 2008 constant constant constant
in thousands) as as exchange exchange exchange
-------------- reported reported rates rates rates
United
Kingdom $39,302 $47,898 $39,173 $129 0.3%
South Africa 11,749 11,648 11,080 669 6.0%
Indonesia 6,646 7,050 6,300 346 5.5%
China 12,137 8,670 8,757 3,380 38.6%
Chile 8,092 4,707 4,194 3,898 92.9%
Panama 5,065 5,562 5,562 (497) (8.9)%
The Philippines 1,468 1,470 1,353 115 8.5%
Holding
companies 258 251 253 5 2.0%
--- --- --- - ---
Total
operations $84,717 $87,256 $76,672 $8,045 10.5%
------- ------- ------- ------ ----
Exchange rate
effect 10,584
------
Total after
exchange rate
effect $84,717 $87,256 $87,256
-------------- ------- ------- -------
Revenue
-------
Dutch GAAP
Three
Three Three months Percentage
months months ended Change change
ended ended September 30, 2008- 2008-
September September 2008 at 2009 at 2009 at
(Dollars 30, 2009 30, 2008 constant constant constant
in thousands) as as exchange exchange exchange
-------------- reported reported rates rates rates
United
Kingdom $20,432 $23,694 $20,410 $22 0.1%
South Africa 6,392 6,271 6,119 273 4.5%
Indonesia 3,551 3,639 3,342 209 6.3%
China 6,247 5,245 5,275 972 18.4%
Chile 3,790 2,111 2,001 1,789 89.4%
Panama 2,480 2,551 2,551 (71) (2.8)%
The Philippines 755 709 669 86 12.9%
Holding
companies 175 74 118 57 50.4%
--- -- --- -- ----
Total
operations $43,822 $44,294 $40,485 $3,337 8.2%
------- ------- ------- ------ ---
Exchange rate
effect 3,809
-----
Total after
exchange
rate effect $43,822 $44,294 $44,294
------------ ------- ------- -------
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.
Six months ended Six months ended
(Dollars in thousands) September 30, 2009 September 30, 2008
--------------------- --------------------- ---------------------
Net profit $13,884 $11,041
Add:
Interest (income)/expense
and exchange rate results 175 2,178
Gain on disposal/termination of
subsidiary (248) (251)
Taxation 4,339 8,231
Depreciation and amortization of
intangible and tangible fixed assets
and negative goodwill 12,191 12,366
(Profit)/loss on disposal of
intangible and tangible fixed assets (1,275) (804)
Minority interest 450 608
--- ---
EBITDA $29,516 $33,369
------- -------
Revenue $84,717 $87,256
------- -------
EBITDA as a percentage of revenue 34.8% 38.2%
---- ----
Three months ended Three months ended
(Dollars in thousands) September 30, 2009 September 30, 2008
--------------------- --------------------- ---------------------
Net profit $7,388 $5,548
Add:
Interest (income)/expense
and exchange rate results 217 (587)
Gain on disposal of subsidiary (248) (248)
Taxation 1,328 5,136
Depreciation and amortization
of intangible and tangible
fixed assets and negative goodwill 6,248 6,441
Profit on disposal of intangible
and tangible fixed assets (40) (4)
Minority interest 284 310
--- ---
EBITDA $15,177 $16,596
------- -------
Revenue $43,822 $44,294
------- -------
EBITDA as a percentage of revenue 34.6% 37.5%
---- ----
Consolidated Balance Sheets
September 30, March 31,
Amounts expressed in 2009 2009
thousands of USD Unaudited
-------------------- --------- ----
Assets
Fixed Assets
Intangible fixed assets 43,027 42,860
Tangible fixed assets 443,338 397,593
Financial fixed assets 22,812 19,298
------ ------
509,177 459,751
------- -------
Current Assets
Stocks 2,396 2,174
Work in progress 4,087 3,727
Debtors 62,686 51,350
Cash at bank and in hand 38,131 34,678
------ ------
107,300 91,929
------- ------
Total Assets 616,477 551,680
------- -------
Shareholders' Equity & Liabilities
Shareholders' equity 137,838 118,214
Minority shareholders' interest 34,995 35,080
------ ------
Group Equity 172,833 153,294
------- -------
Negative goodwill 1,182 1,210
Provisions 66,279 60,328
Deferred revenue 61,472 51,708
Long term liabilities 235,051 161,812
Current liabilities 79,660 123,328
------ -------
Total Liabilities 443,644 398,386
------- -------
Total Shareholders' Equity
and Liabilities 616,477 551,680
SOURCE Cascal N.V.
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