Financial Statements 2009 - Manutencoop

introductionThe Manutencoop Facility Management Group continued to expand during 2009: the current globalcrisis has had no significant effect on planned growth or the quality of the results achieved.Following a year of major corporate reorganisation as a necessary consequence of the numerous acquisitionsmade over the past two years, Manutencoop Facility Management remains the leading groupin the reference market having consolidated its position in Italy and further broadened the range ofservices that are available.1. Macroeconomic conditionsEconomic recovery commenced in the major advanced economies during the third quarter of 2009,while strengthening considerably in the emerging countries. Progress continued during the last part ofthe year, supported by the expansionary policies adopted by the principal economies.Macroeconomic indicators show that, although fragile, the recovery of the Euro area continued duringthe final quarter of 2009, although without building on the results seen in the summer quarter: GDPfor the Euro area as a whole rose by 0.1% with respect to the previous quarter, but fell by 2.1% yearon-year.In Italy 1 , GDP returned to growth in the summer months (up 0.6% with respect to the previous quarter)following five straight quarters of contraction, but slipped back in the last three months of 2009: contracting0.3% with respect to the previous quarter and 3.0% compared with the same period in 2008.Overall, Italian GDP fell by 5.0% during 2009.According to Istat, the latest decline in GDP reflects a reduction in industrial value added and broad stagnationin the value added by services, as partly offset by an increase in the value added by agriculture.With regard to the facility management sector in particular 2 , 2009 closed with a potential market worthEuro 36 billion based on published calls for bids. From the beginning of the year, the National FacilityManagement Observatory identified the start of 27,220 new contracts, including 18,930 where thecontract value is known.Over this period, building and infrastructure maintenance and management was the macrocategoryrepresenting the largest potential market, with 3,094 calls for bids (including 2,914 where the amountis known) worth Euro 9.5 billion. Ancillary services is also a significant market worth Euro 6.1 billion,with 2,691 calls for bids (including 2,428 where the amount is known).1. Source: Istat, Quarterly incomestatements – IVth quarter 2009, 10March 2010.2. Source: National Facility ManagementObservatory, Monthly ReportDecember 2009, Analysis by Cresme.8 - Consolidated financial statements as of 31 December 2009 Report on operations for the year ended 31 December 2009 - 9