Spie: 2008 Results – Positive Momentum Continues
CERGY,
achieved good results in 2008. The growth in revenues to nearly
billion
to
development model. This was achieved despite the deteriorated financial
environment in the second half. The year ended also saw acquisitions remain
at a high level with
In 2008 there was also continuous improvement in our financial structure
with negative working capital requirements for the third consecutive year
generating excellent cash flow to self-finance our growth.
Since the Group’s LBO in 2006 it has generated over
cash. The Group’s net debt has decreased significantly, with the debt/EBITDA
ratio falling to 3.6 this year, which brings us more in line with traditional
financing models.
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2008 pro forma revenues: up 8.4% to
Operating income from ordinary activities: up 26% to
With average organic growth of 7%, excluding SPIE Matthew Hall whose
revenues in euros were affected by the declining pound, SPIE held its ground
in what was nonetheless a less favourable general economic situation. Thus in
the countries hit particularly hard by the crisis, such as the
and
In other countries benefiting from a combination of a strong market and the
improvement of our organisation, such as
operating margin was often over 5%. Specialised activities in the energy
field held up well.
Breakdown of revenue in 2008
Revenue % change
In EUR millions 2008 2008/2007
SPIE Ile-de-France Nord-Ouest 448 12.6%
SPIE Est 251 5.5%
SPIE Ouest-Centre 432 33.0%
SPIE Sud-Ouest 360 14.9%
SPIE Sud-Est 345 11.3%
TOTAL multi-technical businesses (France) 1,836
Germany 36 11.9%
Morocco 66 9.1%
Spain 59 27.1%
Portugal 49 - 0.4%
Belgium 175 - 3%
Netherlands 290 51%
United Kingdom (SPIE Matthew Hall) 389 - 23.3%
TOTAL multi-technical businesses (outside France) 1,064
SPIE Nucleaire 136 -
SPIE Communications 283 - 0.7%
SPIE Oil & Gas Services 429 11.1%
TOTAL specialised businesses 848
TOTAL SPIE pro forma 3,748 8.4%
Outlook
Despite the highly deteriorated economic situation, at the end of 2008
SPIE was fully confident in its future and its ability to draw on its
resources to become, eventually, the European leader in its sector of
activity. It has confidence in its business model that is based on a broad
division of risks and repeat contracts enabling it to generate sustainable
growth. The recurring nature of SPIE’s business, its local approach and its
strategic commitment to meet the long-term environmental and energy-related
challenges faced by its customers mean that the Group can envision its future
serenely in a world undergoing profound change.
“Over the next few years, companies’ societal role will increase. The
energy-related and environmental challenges faced by our local and regional
authority and corporate customers will therefore represent new opportunities
to be seized in markets destined to grow in an economy that must redefine
itself by at last taking into account the scarcity of resources. By the very
nature of its businesses, SPIE is in the front line for providing concrete
solutions in terms of energy efficiency and the reduction of CO2 emissions
and for promoting the development of renewable energy”, said
Louette
About SPIE
As European leader in electrical, mechanical and HVAC engineering, energy
and communications systems, SPIE provides advanced technical services and
solutions to local authorities and businesses to design, build, operate and
maintain their facilities.
SPIE’s more than 29,000 employees work from nearly 400 locations in 30
countries and last year SPIE posted sales of
income from ordinary activities of
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SOURCE Spie