The availability of high quality energy - SOCOMEC Group

SOCOMEC
Group
Financial note 2010
4
328.9
2008
2008
2269
Growth
■ Turnover (M€)
■ Workforce
35.3
(10.7 %)
€
85.5
310.2
24
2009
26.7
(8.6 %)
€
2009
Operating profit (EBIT / M€)
(% of turnover)
2008
2475
98.3
A year of strong recovery
Declared ambitions
114.3
-3.1
2009
382.5
2010
36.9
(9.6 %)
€
2010
-7
2711
2010
Corporate financing (M€)
■ Equity capital
■ % of corporate borrowing on equity
capital
2010 financial results:
recovery after the crisis
After a year of economic crisis that the
Socomec Group withstood quite well, the
level of business activity in 2010 saw an
upturn of 23 % to reach 383 M€. In erasing
the drop of 5.8 % in turnover that occurred
in 2009, the year 2010 represents a healthy
increase of 16.3 % compared to 2008.
The company’s policy of internationalisation
remains unchanged. The Asian countries,
especially China and India, have been the
main incubator for growth. Europe too has
been making progress, particularly in Italy
(where the new Solar division was launched
in 2009, with turnover of 13.5 M€) and
Romania, thanks to the acquisition of a local
distributor.
With the integration of Vertelis, one of
France’s leading energy management web
portals, Socomec is now in the position to
propose one of the most accomplished and
high-performance offers on the emerging
energy efficiency market, providing solutions
from the energy sensor to the web portal.
Encouraging results
Operating profit (EBIT) has benefitted from
the upturn to reach 9.7 % compared to 8.6 %
in 2009. The rises in the cost of raw materials
and the scarcity of components, which have
been amplified by the extent of the recovery,
have of course had consequences for profit
margins. Despite the important resources
allocated to the sales force and R&D,
expenditure remains tightly under control.
Net profit therefore is posted at 6 % of
turnover.
Heading for 2020
The Socomec Group was able finally to
come through the crisis relatively unscathed.
The road map has been traced: to reach a
billion euros in turnover by 2020 ! Backed by
its two historic divisions, SCP (Solutions for
Control & Power) and UPS (Uninterruptible
Power Supplies), the company intends to
take advantage of the impetus provided
by its new markets in the PV and Energy
Efficiency markets to triple its turnover over
the next 10 years.
The perspectives for 2011 are part of this
impetus. Despite an expected slowing down
in world growth, the company’s sales should
increase by 13.6 %. The Solar division,
launched in 2009, is expected to confirm the
promise shown by the performance given in
2010. The new Energy Efficiency speciality
will for the moment have only a marginal
impact on the figures but will be making its
presence felt in the commercial networks.
Sound capital structure
Socomec continues the consolidation of its
capital structure. The acquisition of Vertelis
has not impeded this trend, and the minimal
debt ratio has enabled the company to ride
out the crisis and to finance recovery. In
addition, the company’s healthy financial
position offers the means to finance corporate
ambitions over the next ten years.
Responsible growth
The priority given by Socomec to innovation,
the control over its international growth
and its approach to responsible economic
development have been recognized by
winning the 2011 Family-owned and Sole
Proprietor Business trophy awarded by the
French association of medium-sized and
family-owned businesses (ASMEP-ETI). An
award that recognizes significant economic
success, but also concrete actions in the fields
of social and environmental responsibility.