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CMI is today structured to grow in a fluctuating economic environment. The four Sectors that underpin its activity have developed through the years. Operational synergies and the complementary nature of the cycles have forged solidarity between these four elements, reinforcing the Group’s stability. Similarly, the sound geographic coverage of its entities has enabled it to elude the accumulating economic turbulence. Against this background of rapid growth, CMI has endeavored to retain a light structure, which is indispensable for seizing opportunities on the markets.
The data below has been published in accordance with IFRS (International Financial Reporting Standards) norms. The application of these recognized standards guarantees homogenous consolidation of the accounts of the Group across the whole of its scope. This also enables international comprehension of the Group’s performance.
| EUR Mios | 2008 | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|---|
| CMI Energy | 338 548 000 | 268 457 000 | 135 197 000 | 169 430 000 | 165 541 000 |
| CMI Defence | 10 546 000 | 63 437 000 | 59 441 000 | 197 567 000 | 260 229 000 |
| CMI Industry | 285 554 000 | 256 625 000 | 201 800 000 | 181 905 000 | 208 417 000 |
| CMI Services | 192 578 000 | 146 254 000 | 165 499 000 | 161 764 000 | 158 602 000 |
| Total | 827 226 000 | 734 773 000 | 561 937 000 | 710 666 000 | 792 789 000 |
Making constant progress since 2010, CMI turnover amounts to 792.8 million Euros. CMI thus returns to a level of activity equivalent to that of before the 2008 crisis. Growth in 2012 is concentrated on the activities of CMI Defence, and to a lesser degree on those of CMI Industry. Continuing the growth trend will depend upon the level of orders taken during the first half of 2013.
| EUR Mios | 2008 | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|---|
| CMI Energy | 376 035 000 | 36 778 000 | 157 532 000 | 168 006 000 | 166 636 000 |
| CMI Defence | 3 831 000 | 276 446 000 | 308 891 000 | 60 636 000 | 34 081 000 |
| CMI Industry | 378 483 000 | 86 157 000 | 208 423 000 | 282 670 000 | 128 818 000 |
| CMI Services | 174 957 000 | 131 577 000 | 171 876 000 | 183 323 000 | 157 475 000 |
| Total | 933 306 000 | 530 958 000 | 846 722 000 | 694 635 000 | 487 010 000 |
Order entries in 2012 amount to 487 million Euros. Despite this relatively poor score, the Group order book is promising, with more than 50% of orders relating to products which were not in the Group portfolio on January 1st, 2008.
On the geographical level, order intake in Europe remains relatively stable, decreases in the BRIC countries and the Middle East, and doubles in Africa, where the Group intends to develop in the future.
| EUR Mios | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|
| RoW | 37 612 000 (7%) | 45 411 000 (5%) | 11 782 000 (2%) | 22 860 000 (5%) |
| Africa | 8 731 000 (2%) | 27 497 000 (3%) | 20 535 000 (3%) | 52 330 000 (10%) |
| Nafta | 3 518 000 (1%) | 38 264 000 (5%) | 48 539 000 (7%) | 22 740 000 (5%) |
| Middle East | 274 621 000 (52%) | 293 626 000 (35%) | 148 348 000 (21%) | 90 480 000 (19%) |
| BIC | 66 689 000 (13%) | 249 100 000 (29%) | 201 950 000 (29%) | 97 630 000 (20%) |
| Europe | 139 786 000 (26%) | 192 825 000 (23%) | 263 478 000 (38%) | 200 970 000 (41%) |
| Total | 530 960 000 | 846 720 000 | 694 630 000 | 487 010 000 |
| EUR Mios | 2008 | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|---|
| Operating result | 25,01 | 11,741 | 10,005 | 20,108 | 32,126 |
The operating result of CMI amounts to 32.1 million Euros, 60% up on 2011. Following ten years of positive results, this outstanding performance confirms the winning strategy pursued since the change in shareholding in 2002. This performance in 2012 has been principally driven by CMI Defence and CMI Energy.
| EUR Mios | 2008 | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|---|
| Cash-flow | 75,684 | 54,184 | 61,355 | 52,462 | 39,108 |
CMI closed the 2012 financial year with a net cash-flow position of 39.1 million Euros. This decrease compared to 2011 has to be seen in the light of an even more significant reduction in the use of short term financing to cover the Group’s working capital. With a constant growth in average profitability, CMI has gained the confidence of its financial partners, who have multiplied the granting of bank guarantees by a factor of six during the last ten years.
| EUR Mios | 2008 | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|---|
| Shareholders's equity | 122,694 | 119,699 | 123,244 | 72,075 | 88,586 |
At the end of 2012, CMI shareholders’ equity amounts to 88.6 million Euros, an increase of 23% compared to 2011. This increase largely comes from the positive results recorded in 2012, very slightly hindered by a negative currency exchange factor.
CMI Group posted its best safety performance in 2012, with a level of frequency of 5.19 and a level of severity of 0.10. These results cover the entire scope of the Group including those of CMI FPE, its Indian subsidiary. Thanks to the policy pursued for several years, safety is today part and parcel of CMI Group’s organization and operating procedures.
| 2008 | 2009 | 2010 | 2011 | 2012 | |
|---|---|---|---|---|---|
| Level of Frequency (LF) | 18,31 | 20,03 | 12,28 | 10,7 | 5,19 |
| Level of Severity (TS) | 0,78 | 0,44 | 0,36 | 0,43 | 0,10 |
| Nb. employees | 2008 | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|---|
| CMI Energy | 285 | 281 | 260 | 273 | 286 |
| CMI Defence | 65 | 82 | 105 | 145 | 175 |
| CMI Industry | 1154 | 973 | 957 | 1105 | 1178 |
| CMI Services | 1723 | 1692 | 1831 | 1706 | 1885 |
| CMI Corporate | 129 | 164 | 165 | 164 | 153 |
| Total | 3 356 | 3 192 | 3 318 | 3 393 | 3677 |
The men and women who work at CMI are the Group’s main asset. On 31 December 2012, the Group had 3 677 people under contract, up by 8.3% from the previous year. This growth is the result of an intensive recruitment drive, with 762 contracts of employment signed in 2012. It is noteworthy that the workforce of CMI Defence has grown for six consecutive years.
| Nb. employees | 2008 | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|---|
| Rest of the world | 234 | 209 | 225 | 178 | 190 |
| United States | 228 | 166 | 184 | 184 | 177 |
| Brazil | 194 | 198 | 402 | 327 | 489 |
| India | 487 | 495 | 531 | 599 | 654 |
| France | 802 | 796 | 790 | 826 | 896 |
| Belgium | 1411 | 1306 | 1204 | 1279 | 1271 |
| Total | 3356 | 3170 | 3336 | 3393 | 3677 |
With 3 677 persons at the end of 2012, CMI is principally present in Europe (62%), in India (17.8%), in Brazil (13%) and in the United States (5%). This workforce is made up of 38% blue collar workers and 62% white collar workers. In 2012, CMI workforce particularly increased in Brazil (+50%), and also in India and France.
