Despite difficult economic conditions, particularly in the 2nd half, 2009 proved to be a good year for SPIE. It posted turnover of EUR 3.7 billion and its operating profit of EUR 182.5 was on target. SPIE's 4.9% return on turnover makes SPIE one of the top performers in its sector.
SPIE's financial structure continued to improve in 2009. With a negative working capital requirement for the fourth year running, the cash flow generated by the Group exceeded its targets. The Group's net debt fell sharply, with a debt/EBITDA ratio down to 3.2 this year.
In 2009, SPIE pushed ahead with development based on external growth. The Group made 11 acquisitions, representing turnover of EUR 100 million, its principal acquisition being WHS in the UK, an electrical and instrumentation services provider in the energy sector.
Business in France fared better than elsewhere in Europe, thanks in particular to investment projects by local, regional and national authorities.
The growth drivers in the energy sector, oil & gas, nuclear, renewables, all delivered in 2009. The quality of SPIE's relations with its clients and the determination of its teams to meet ambitious targets were key assets in maintaining a high quality performance and withstanding the recession in 2009.
Despite a very uncertain economic climate, SPIE retains confidence in its corporate model based on a portfolio of recurring contracts which enable it to generate sustainable growth.
The Group is strengthening its position in a developing market based on a more restrained economy in terms of energy, particularly "carbon" energy. The very nature of its business lines puts SPIE right up in front when it comes to providing practical solutions which take account of energy price increases and the growing need to reduce greenhouse gas emissions. SPIE is therefore firmly committed to the green economy and is mobilising its innovation capabilities to meet its clients' energy and environmental challenges over the long term.
"Although the Copenhagen Summit failed to live up to all its promises, it established once and for all the urgent need for global action to develop an economy that recognises the scarcity of natural resources, especially energy, and which can cope with the challenges of climate change. SPIE engineers and technicians are particularly well placed to help our clients optimise their use of energy and raw materials, in preparation for the transition to a low carbon economy," said Gauthier Louette, CEO of the SPIE Group.
Agence Droit Devant