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40
Hamon Annual Report 2012
2. Summarized consolidated income statement
in EUR million
Revenue
EBITDA
EBITDA/Revenue
Recurring EBIT
Non-recurring gains and losses
Operating profit (EBIT)
Net finance costs
Result before tax (continued operations)
Income tax expenses
Net result from continued operations
Net result of discontinued operations
Net result for the period
Share of the Group in the net result
2012 2011
474,4 378,9
17,1 20,4
3,6 % 5,4 %
9,9 14,0
-0,6 -2,1
9,3 11,9
-6,8 -6,5
2,6 5,4
-4,2 -1,3
-1,6 4,1
0,0 -0,1
-1,6 4,0
-2,5 2,8
EBITDA in % of revenue
EBIT in % of revenue
Result before tax (continued operation) in % revenue
Net result for the year in % revenue
3,6 % 5,4 %
2,0 % 3,1 %
0,5 % 1,4 %
-0,3 % 1,1 %
EBITDA analysis
Mature activities
Growth activities
Other
EBITDA
30,9 30,8
-14,0 -9,7
0,1 -0,6
17,1 20,4
Revenue increased by 25% versus 2011. While good,
this increase remains below our expectations as some
contracts were delayed by our customers, e.g. in India.
EBITDA decreased versus 2011. This decrease should
be analyzed by separately looking at the mature Hamon
activities, the growth or (re)deployed activities (Dry Cooling,
APC outside NAFTA and Deltak) and the other elements.
EBITDA of mature activities improved versus 2011 and
increased by +25,9% between the 1st and the 2nd half
year of 2012. This improvement resulted from higher
revenues and good operating leverage. In addition,
we maintained very good margins in our U.S. activities
(APC, Chimneys) and our worldwide Wet cooling activity.
The cost of growth activities, at EUR -14 million, started
to reduce during the 2nd half of the year 2012, in line
with our business plan which foresees a progressive
return to profitability for these activities.
1st half year benefitting from positive foreign exchange
differences of EUR +2,1 million whereas these differences
amounted to EUR -2,5 million during the 2nd half year.
Result before tax amounted to EUR +2,6 million (2011:
EUR +5,4 million). The lack of global tax consolidation
did not allow us to entirely compensate the negative results
of loss-making activities with the benefits made by
the rest of the Group, which resulted in an excessive
tax burden. Due to this, the net result for the period was
a loss amounting to EUR -1,6 million versus a benefit of
EUR +4,0 million in 2011.
Detailed explanations of the activities by business unit
are available in part 2 of this annual report – Overview
by Business Unit.
Finally, EBITDA included foreign exchange differences
of EUR -0,4 million (2011: EUR -0,6 million) and the
profit made on the sale of an office building in S. Korea
(EUR +0,6 million). The split by half year is uneven, the