Q1 2009 Stock Exchange Security Figures For Oranjewoud N.V.
The market
Oranjewoud N.V. specializes in the areas of consultancy and engineering services, realization, and outsourcing. These are the group’s three core segments.
The consultancy and engineering segment has performed well in the first quarter of 2009. Traditionally there has been a fair amount of government work in the Dutch and Belgian domestic markets. There has been no discernible decrease in demand from these clients, nor do we expect any, given the planned economic stimulus packages.
Our client portfolio in the United States consists almost exclusively of private companies. In some cases, projects have been postponed, or canceled altogether. There is also some degree of pressure on the prices. However, the nature of working in the US has lessened the impact: clients must adhere to the current environmental rules and regulations, which means a steady stream of contracts for us.
The outsourcing segment is going through tougher times. By late 2008, the first signs of a drop in the market were noticeable. Management reacted quickly to this, and adjusted our capacity to the deteriorating economic circumstances. Our staff size is currently in tune with the demand from the market. Additional resources have been put into sales.
The situation is stable for realization. Although the consequences of the current economic climate have not gone unnoticed in this core segment, the order book is getting filled up.
Priorities
Oranjewoud N.V. is focusing on management of working capital. On the one hand, this will mitigate the increasing risk of untimely payment on the part of clients, and on the other hand it will make adequate cash flow available so we can still make acquisitions in the group’s core segments, even in the current market conditions.
In order to achieve cost savings, further integration will be necessary, in the back office for instance. These integration activities were initiated in 2008 and will continue in 2009.
Balance sheet and cash flows
Oranjewoud N.V.’s balance sheet is strong. Our solvency at the end of Q1 2009 has increased up to 52.2% from 46.8% in Q1 2008. Our cash flow and cash resources are in line with projections.
Outlook
Despite the positive start to 2009, there is still uncertainty within the markets where Oranjewoud N.V. operates. This makes it difficult to make projections regarding sales and results for the entire 2009 financial year. The management of Oranjewoud N.V. is of the opinion that the second half of 2009 will be indicative of the success of the 2009 as a whole.
| Oranjewoud N.V. | ||
| Amounts in thousands of € | Q1-2009 | Q1-2008 |
| Sales | 87,016 | 78,549 |
| EBITA | 3,598 | 4,613 |
| Amortization | 1,284 | 2,821 |
| Result from ongoing business activities after taxation | 1,595 | 1,286 |
| Result after taxation from completed business activities | 72 | |
| Result after taxation | 1,595 | 1,358 |
| Equity capital attributable to parent company shareholders | 110,180 | 93,486 |
| Total capital | 211,204 | 199,764 |
| Financial assets and cash equivalents | 14,796 | 6,007 |
| Order portfolio | 191,165 | 163,093 |
Explanation of sales and results
Within the group, particularly in the realization core segment, we are experiencing seasonal fluctuations. This means that the sales and the results in realization are not evenly distributed throughout the year. For realization, sales and results will peak in the second and third quarters. This effect will be amplified due to the acquisition of Edelgrass (Netherlands), PST Sport (Norway), and Gebrüder Becker Gmbh (Germany).
These figures were provided by Oranjewoud N.V.’s administration. These figures have not been subjected to review by an auditor.