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MANAGEMENT REPORT
3
GROUP RESULTS
3.2.2
REVENUE BY DIVISION AND INVOICING RATE
In millions of euros
2015
2014
Total Variation
Organic Variation*
Group
907.7
866.6
4.7%
2.0%
Group excluding Staffing
847.6
789.4
7.4%
4.3%
Global Product Solutions
528.6
504.6
4.8%
4.6%
Energy & Infrastructure
311.1
277.7
12.0%
3.8%
Staffing
60.1
77.2
(22.2)%
(22.2)%
Miscellaneous
7.9
7.1
–
–
* At current exchange rate.
The 2015 revenue from Global Product Solutions is €528.6 million,
(58.2% of the consolidated revenue). It is up by 4.8%, of which 4.6%
is organic at the current exchange rate, and +0.2% is the scope effect.
The 2015 revenue from Energy & Infrastructure is €311.1 million,
(34.3% of consolidated revenue). It is up by 12.0%, of which 3.8% is
organic at the current exchange rate, and +8.2% is the scope effect
(integration of the Saudi company Radicon on 1 January 2015).
Staffing activities (€60.1 million revenue in 2015,
i.e.
6.6% of the
consolidated revenue) suffered negative growth of -22.2% due to
difficulties in the Oil & Gas sector which is their main market.
The Group’s operational billing rate for 2015 was 90.3% (
versus
90.7%
in 2014). This rate corresponds, in a given period, to the ratio of total
hours billed to total hours worked by billable staff.
3.2.3
RESULTS OF OPERATIONS AND FINANCIAL SITUATION
3.2.3.1
Operating profit before non-recurring items (EBITA)
Earnings Before Interest and Taxes (EBIT) stood at €57.8 million, representing 6.4% of revenue (compared with €52.1 million and 6.0%
respectively, in 2014).
EARNINGS BEFORE INTEREST AND TAXES (EBIT)*
In millions of euros
2015
As a % of revenue
2014 As a % of revenue
Group
57.8
6.4%
52.1
6.0%
Global Product Solutions
38.8
7.3%
35.1
7.0%
Energy & Infrastructure
25.7
8.3%
22.2
8.0%
Staffing
1.4
2.3%
2.2
2.9%
Holding company and Miscellaneous
(8.1)
–
(7.4)
–
* Earnings Before Interest and Taxes (EBIT) including the share of profit (loss) of associated businesses (in consolidated €0.5 million in 2015 and €0.3 million in 2014).
The Global Product Solutions EBIT is up by €3.7 million at €38.8 million,
i.e.
an operating margin of 7.3% compared to 7.0% in 2014.
Profit and margin grew strongly in the Automotive sector.
In Aerospace, they underwent the effect of a substantial reduction in
income from the research tax credit, due to a change in the business mix.
At the year-end, renewed growth in revenue and gradual adaptation to
the new business mix resulted in a marked improvement in both profit
and margin.
Energy & Infrastructure EBIT is up €3.5 million at €25.7 million,
i.e.
an
operating margin of 8.3% compared to 8.0% in 2014.
Profit and margin have benefited from the positive effect of the Radicon
acquisition, growth in this business activity and a continued high margin
level in Nuclear business. The somewhat sluggish context for other
activities in France, has had a slightly negative impact on the trend for
these two indicators.
Staffing EBIT is €1.4 million compared to €2.2 million in 2014,
i.e.
an operating margin of 2.3% in 2015 compared to 2.9% in 2014.
The reduction in fixed costs has made it possible to limit the effect the
fall in volume has had on the results.
The central costs of the Group (“Holding”), net of the results from the
activities grouped under “Miscellaneous” are -€8.1 million in 2015
compared to -€7.4 million in 2014.
39
ASSYSTEM
FINANCIAL REPORT
2015