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Results second quarter and first half 2003

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Communications -/- 22% Further decline telecom in U.S. ... infrastructure, buildings, environment, communications. Part of a bigger picture ... – PowerPoint PPT presentation

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Title: Results second quarter and first half 2003


1
Results second quarter and first half 2003
  • By Harrie L.J. Noy, Chairman Executive Board
  • Amersfoort, The Netherlands, August 12, 2003

2
Net income from operations H1 2003
-10 Excluding currency effect -1
  • Net income decline caused in second quarter
  • Gross revenue remains level
  • Gross revenue H1 -1
  • Excluding currency effect 8
  • Net income from operations per share H1 0,47
  • Decline of 10
  • Excluding currency effect decline of 1

3
Net income second quarter 2003 5.7 mln
Excl. currency 6 -/-33 -/-8 -/-8
  • Gross revenue
  • Operating income
  • Net income f/ operations1)
  • Ditto per share2)
  • Before goodwill and extraordinary items
  • In 2002 and 2003 based on 20.3 million shares
    outstanding

2002 202 12.6 6.8 0.33
2003 198 7.9 5.7 0.28
_ ? _ -/-2 -/-37 -/-16 -/-16
Deteriorated Dutch market combined with higher
pension charges pressures result
4
Net income first half 2003 9.6 mln
Excl. currency 8 -/-21 -/-1 -/-1
  • Gross revenue
  • Operating income
  • Net income f/ operations1)
  • Ditto per share2)
  • 1) Before goodwill and extraordinary items
  • In 2002 and 2003 based on 20.3 million shares
    outstanding

2003 391 14.8 9.6 0.47
2002 395 20.3 10.7 0.52
_ ? _ -/-1 -/-27 -/-10 -/-10
5
Gross revenue development
First half -/-1 -/-9 9 -/-1
Second quarter -/-2 -/-8 9 -/-3
  • Total
  • Currency effect
  • Acquisitions/divestments
  • Organic
  • Gross revenue remains at reasonable level also
    organically

Gross revenue
6
Important developments
  • Stagnant Dutch market
  • Government reductions, focus on tendering
    procedures
  • Economy limits private investment
  • Discussion real estate valuations slows project
    starts in Q2
  • Delay projects Brazil compensated by contribution
    energy projects
  • Growth in Belgium and England, also United States
  • Infrastructure and mainly environment maintain
    growth
  • Breakthrough in facility management
  • Expansion through acquisitions, especially in
    U.S.

7
Measure to restore Dutch profitability
  • Cost reduction program intensified
  • Approximately 275 staff reductions
  • 100 already realised by attrition and reduction
    flexible contracts
  • Pension regulation to be reviewed

8
Development operating income H1-2003
In millions of euros
4
24
11
13
-/-27
9
Development operating income Q2-2003
Operating income
-/- 37
10
Net income from operations and EPS
In mln
0.52
0.47
0.49
0.44
0.38
21
13
8
-/-10 -/- 1(excl. currency)
11
Earnings per share (in )
11
Balance sheet
  • Healthy balance sheet ratios
  • Shareholders equity somewhat lower through
    currency effects
  • Low leverage limits interest cost
  • Enough room for acquisitions even after recent
    expansions

12
Gross revenue market segments H1-2003
13
Infrastructure 7
  • Growth mainly by acquisition (FCI)
  • Organic growth slows to 1 through Netherlands
    and Brazil
  • In Belgium and Spain organic growth remains at
    high level
  • Germany grows through work on high speed rail and
    floodings
  • Despite budget pressure still growth in the U.S.

Metrosur, Madrid
14
Environment -/- 6
  • Organic growth of 5 mainly from U.S.
  • GRIP approach in U.S. success in private and
    federal markets
  • New services for companies contribute to growth
  • Also growth in Netherlands, Belgium and Germany
  • In France and Brazil much synergy through MNC
    program

Fort Gordon (Georgia) GRIP for American
Department of Defense
15
Buildings -/- 3
  • Slow recovery U.S. third consecutive quarter
    with organic growth
  • Decline Europe as a result of economic downturn
  • In Netherlands and Spain reduced real estate
    investment of considerable impact
  • Contribution from acquisition FCI

Oosterdokseiland, Amsterdam
16
Communications -/- 22
  • Further decline telecom in U.S.
  • Elsewhere telecom market also remains difficult
  • Delays in new project starts in real estate
    valuations
  • GIS offers opportunity through links with
    infrastructure and environmental activities

GIS system for maintenance and water management
in Spain
17
Breakthrough in facility management
  • Total Facility Management for Philips Netherlands
  • Long term cooperation, contract for 4 years
  • Multiple services including
  • Technical maintenance buildings and sites
  • Contract management energy, water etc.
  • Transfer of 60 employees
  • Management over 50 million/year
  • As of 2004 contribution to results

18
Acquisition Homola in Germany
  • Strong in project- and program management
  • Top 3 position in Germany
  • Market leader in Czech Republic
  • 50 infrastructure 50 buildings
  • Gross revenue EUR 10 million
  • 125 employees

Hoofdkantoor Lufthansa
Isar South neighborhood, Münich
19
Acquisition Finkbeiner, Pettis Strout in U.S.
  • In Ohio, Michigan, North Carolina and Virginia
  • Water, wastewater and transportation
    infrastructure
  • Gross revenue US 30 million
  • 300 employees

Waste water treatment, Ohio
Reconstruction 12 Mile Road, Michigan
20
Acquisitions in infrastructure market Florida
  • Lawson Noble Webb
  • Transportation infrastructure
  • Land development
  • Gross revenue US 10 million
  • 125 employees
  • Reese Macon Associates
  • Water and wastewater
  • Membrane technology
  • Gross revenue US 2 million
  • 10 employees

I-95 Northlake Boulevard Palm Beach County,
Florida
Saturnia, Boca Raton, Florida
21
Geographical spread
2002
H1 - 2003
22
Market outlook
  • Infrastructure
  • In the Netherlands brake on government
    investments
  • Other Europe offers goed opportunities
  • Chances for growth in maintenance
    rail-infrastructure
  • Environment
  • Further growth market share in U.S.
  • Chances for growth in France, Belgium, Brazil,
    Czech Republic
  • Buildings
  • Recover U.S. depends on economy
  • Europe remains difficult
  • Communications
  • Real estate valuation round underway, GIS
    continues growth

23
Outlook 2003
  • Improvement of Dutch results by measures taken
    has high priority
  • Decline in operating income compensated by
    contribution energy projects Brazil in NCCs
  • Contribution acquisitions partly offset by
    currency effects
  • Net income from operations 10-15 lower
  • Aim is further expansion of activities through
    acquisitions

24
infrastructure, buildings, environment,
communications
Part of a bigger picture
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