Download PDF version English (3237KB) - Hamon

Part 3 - Financial statements
77
The largest customer of the Group in 2012 was a Saudi customer that represented 1,2 % of the Group’s total revenue.
8. Revenue
Group’s revenue (excluding discontinued operations)
increased by respectively 25% and 37% compared to
2011 and 2010.
This performance mainly came from the excellent level
of the backlog as of 1 January 2012 that allowed all
Business Units, with the exception of the BU Chimneys,
to progress compared to 2011, but also from:
■ The integration of Deltak for a full year compared to
4 months in 2011 (impact of + EUR 20,4 million);
■ The better performance of the US dollar (impact of
+ EUR 8,7 million).
The breakdown by type of activities is as follow:
in EUR ‘000’
2012 2011 2010
Construction contract
Manufacturing
Spare parts
Services
Royalties
Total
428 811 355 249 324 482
34 687 17 950 13 110
7 256 3 721 3 815
3 185 1 782 3 615
469 247 511
474 408 378 949 345 533
9. Operating expenses
in EUR ‘000’
2012 2011 2010
Gross remuneration
Employer’s contribution for social security
Other personnel costs
Charges/costs of the personnel
Depreciation & amortization
Other operating expenses
Total gross operating expenses
Costs allocation (1)
Total net operating expenses
Sale & marketing costs
General & administrative costs
Research & development costs
Total net operating expenses
82 937 66 699 65 208
12 386 11 284 10 598
2 525 2 620 2 002
97 848 80 603 77 808
7 186 6 447 4 572
41 462 31 502 29 920
146 496 118 552 112 300
(78 962 ) (61 879 ) (56 226 )
67 534 56 673 56 074
13 283 13 584 10 499
52 588 41 783 43 870
1 663 1 306 1 705
67 534 56 673 56 074
Average Headcount
(1)
Costs of time spent by employees on development projects, proposals and customer contracts
1 664 1 435 1 221
The increase in gross operating expenses of the Group
is mainly due to the changes in consolidation scope
between 2011 and 2012 (+ EUR 9,6 million), to the
significant development of our activities in the air-cooled
condensers (in Europe and China) as well as the growth of
our activities in the BUs Cooling Systems and Air Pollution
Control EMEA/Brazil in Asia (mainly India and Korea).
The increase of allocations on proposals, contracts
and development projects has not been able to
compensate for this increase and, as a result, net
operating expenses increased significantly compared to
2011 (19% or EUR 10,9 million). Please note however
that this growth is nevertheless lower than the one of
revenue (19% versus 25%).