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Part 2 - Overview by Business Unit
45
Organization
The center of excellence of this unit is located in Mont-
St-Guibert (Belgium), its R & D center is located at
Drogenbos (Belgium). This unit has offices in different
countries: Australia, Bahrain, Brazil, China, France,
Germany, Great Britain, India, Indonesia, Russia, South
Africa, South Korea, Thailand, Turkey, UAE, U.S.A. and
a network of agents.
Critical components are manufactured by factories
of the Group based in China, France, India and United
States.
Research and Development
In 2012, R&D programs of the business unit focused
mainly on:
■ The development of new exchange surfaces to
increase the effectiveness of our wet refrigerants.
■ The development of a new type of hybrid refrigerant.
■ The development of new modeling tools for fluid
dynamics, allowing more optimized design of our
cooling towers.
■ Continuous improvement in the performance of our
air-cooled condensers.
Key figures
In EUR million 2012 2011
New order bookings 200,3 235,8
Revenue 208,6 136,6
Backlog on 31/12 355,6 363,3
EBITDA 4,9 5,9
EBITDA / revenue 2,3 % 4,3 %
Average headcount (1) 775 663
(1)
Excluding temporary workers for on-site erection
2012 results
New orders booked by Cooling Systems amounted to
EUR 100 million per half year in 2012. The second half
of 2011 benefited from an order for 10 air-cooled condensers
(Dry Cooling) for the Middle East while 2012
did not experience any mega order.
The main new orders booked in 2012 include:
■ Contracts signed with Korean engineering companies
to build hybrid or fan-assisted natural draft cooling
towers for Korea and the Middle East;
■ A contract for the construction of cooling towers in
FRP for the petrochemical industry in India;
■ A contract for the construction of four FRP cooling
towers for a fertilizer plant in Africa;
■ Service contracts that strengthen our position in
aftermarket in Western Europe;
■ Air-cooled condensers in China;
■ The first contract signed by Hamon for the construction
of an indirect dry cooling system for a power
plant of 2x300 MW in China.
With these attractive commercial successes, the backlog
is at a very good level. Revenue increased by over
50% in 2012. This growth is the result of marketing
efforts over the last few years but also the result of an
entire organization focused on the good realization of
these contracts.
The costs related to the growth activities (dry cooling)
have weighed on this BU amounting to EUR -7,2 million.
Excluding this, the performance in the traditional activities
of Cooling systems is in remarkable progression, both
in terms of volume and profit.
The headcount increase is explained mainly by the
preparation of our factory in China for the manufacture
of components for dry cooling systems. The factory
now runs at full capacity, a second line has been
operational since late 2012 and a third is being
installed and will be operational in early 2013.
Prospects for 2013
The outlook remains positive in the traditional activity
of Wet cooling systems. The results should be better
within the growth activity of Dry cooling. This activity
should now benefit from a high volume of activity, and
from the experience accumulated in the early projects.
The outlook at the commercial level remains very good
for both activities.