In spite of a decline in turnover of 6.5% compared to 2009, amounting to EUR 1.8 billion, BESIX Group net result culminates at EUR 83 mio, 23% higher than the 2009 result (EURO 67,3mio) In spite of a start of the year with a reduced order book, resulting in lower billing, BESIX Group ends the year with record high numbers, not only in absolute value (83 mio€) but in % profitability (4,6%).
The lack of growth is due to the persisting financial crisis. However, long lead contracts obtained before the crisis allowed a better profitability. Belgium accounted for 32% of the activity, mainly through its regional companies such as Wust, Jacques Delens, Vanhout, Cobelba, West Construct, Socogetra and Franki Foundations.
The Middle East region has again been the majority contributor to the Group’s turnover and profitability. The disappearance of opportunities in Dubai has to a great extend been compensated by activities in the neighboring emirates.
On July 8th, 2010, in its aim to diversify its services, the BESIX Group acquired a 75% stake in Parkeerbeheer, one of the leading parking operators in Belgium. This new acquisition fits into the diversification strategy of BESIX Group as it profiles itself as a multiservice group.
Key figures evolution
The Group’s turnover has increased from EUR 776 million in 2004 to EUR 1.8 billion in 2010 with a peak of 2.1 billion in 2008.
The order book has increased from EUR 850 million in 2004 to EUR 3.1 billion in 2010 with a peak of EUR 3.6 billion in 2009.
There has also been an evolution in terms of personnel: 10,000 employees in 2004 compared to 17,000 employees in 2010 with a peak of 20,000 employees in 2008. The EBITDA comes to EUR 142.8 million compared to EUR 63.8 million in 2004. The free cash flow amounts EUR 120.2 million
Perspectives
The prospects for 2011 are positive as the order intake in 2010 has resulted in a 29% increase in back-log.
With the accumulated good results over the past 7 years, the group has a impressive positive cash position which gives it a solid base for potential opportunities.
The turmoil in countries where BESIX is present, such as Egypt and Bahrain, influences to a minor extend the activities. In Egypt where Besix is constructing a water intake for a power plant, works have restarted after a one week stoppage.