Cascal N.V. Announces Nine Months and Third Quarter 2010 Results

- 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: [phone] (local), [phone] (international), [phone] (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 [phone] (local) or [phone] (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,

[phone], , or Yemi Rose, [phone],





Web Site:  http://www.cascal.co.uk/ 

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