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BUSINESS OVERVIEW
services (excluding Staffing activities) are provided at a fixed price,
reflecting the high esteem in which its teams are held by customers
due to their capacity to lead projects, develop their know-how and
reliably and recurrently deliver high productivity. This underlying trend
has been accompanied by internationalisation in the way services are
produced within Assystem, backed up by the increasing strength of
customer interface centres, specialised skills and production at the best
cost according to customer requirements.
Assystem brings added value to industrial companies, utilities
and contractors in nuclear energy, conventional energy, transport
infrastructures, life sciences and other complex infrastructures thanks to
its history in the nuclear industry, and therefore its experience in restricted
environments with strong safety requirements. The main role of its experts
is in particular to help major players in the energy industry (operators
and equipment manufacturers) to manage their industrial investments
at every step of the process – from design through to construction,
commissioning and conservation in operational conditions. Assystem’s
competitors in this market are above all British and North American
groups such as Atkins (which is also Assystem’s partner through the
Engage companies and the “n.triple.a” joint venture), CH2MHill, Amec
and Jacobs Engineering, as well as French groups including Egis, Systra
and Ingérop.
The Energy & Infrastructure division has strong prospects for growth in
France and abroad, especially in Saudi Arabia, where at the beginning
of 2015 it finalised the acquisition of an engineering company called
Radicon Gulf Consult. With a local workforce of 400 people, Assystem-
Radicon represents not only a strategic geographical presence for
Assystem, but also a significant input of skills in the infrastructure field.
A limited proportion of Assystem’s revenue also originates from providing
consultants specialised in Oil & Gas and Industry, essentially in the
Middle East, Africa and Asia. This activity, known as staffing in the
engineering world, is mainly inherited from an acquisition carried
out in 2012 (MPH Global Services) to which Assystem’s pre-existing
staffing activities were added. Its main market, the Oil & Gas sector
(representing more than 75% of its revenue in 2015) was hit hard by the
plunge in oil prices throughout 2015. MPH Global Services is working
to diversify its customer portfolio in order to cope with this situation.
3.1.1.2
Assystem’s organisation
Assytem’s organisation is structured around two main divisions: Global
Product Solutions (58.2% of consolidated revenue in 2015) and Energy
& Infrastructure (34.3% of consolidated revenue in 2015). Staffing
activities (6.6% of consolidated revenue in 2015) were previously
included in the Energy & Infrastructure division, but in 2015 they were
constituted as a separate division.
3.1.2
COMMENTS ON THE GROUP’S OVERALL
ACTIVITY DURING THE PREVIOUS YEAR
AND SIGNIFICANT EVENTS OF THE YEAR
2015
3.1.2.1
Cash flows from the Group’s operating
activities
Assystem’s consolidated revenue in 2015 was €907.7 million. It
recorded solid growth over the year, up by 4.7%. Growth accelerated
considerably in the second half year (up by 7.6%) and the 4
th
quarter
(up by 9.6%).
Consolidated organic growth, at a constant exchange rate, was up by
2.0%. Excluding the impact of negative growth in Staffing business, it
stands at +4.3% (of which +1.4% linked to the change in parity between
the Pound sterling and the Euro).
On 31 December 2015, Assystem had 11,553 employees, an increase
of 761 employees compared to 31 December 2014 and of 286
employees on a like-for-like basis.
The Company’s main employee-related information and more broadly,
its Corporate Social Responsibility (CSR) actions and key indicators are
provided in Chapter 4 of this document.
3.1.2.2
Significant events
GLOBAL PRODUCT SOLUTIONS
In Aerospace, the Group recorded a return to growth in the second half
year, with an acceleration in activities linked to the production process
and supply chain optimisation.
Automotive growth was robust. The cross-functional organisation set
up to make the most of the European market’s dynamism has been
a success. The opening of a second engineering site in Romania
is a concrete affirmation of our increasingly strong activities in this
country. The acquisition of Plast Concept in France in the 4
th
quarter (a
company specialising in plasturgy engineering) has enriched the skills
and offerings of Assystem’s mechanical engineering activities.
ENERGY & INFRASTRUCTURE
In 2015, Nuclear activities underwent a marked and sustained recovery
with an acceleration in growth in the second half year, buoyed by the
business with EDF in France and the United Kingdom.
The other activities (transport and building infrastructures, conventional
energy, life sciences) remained stable on a like-for-like basis, in a
somewhat sluggish economic environment in France.
Integration of the Saudi company Radicon, acquired in January 2015,
which generated €30 million of revenue in the year 2015, contributed
to strong growth in these activities.
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ASSYSTEM
FINANCIAL REPORT
2015