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In 2010, Fives again achieved a high level of order intake (the third best performance in the company’s history).
After the recession of 2009, Fives succeeded in extracting maximum benefit from the economic recovery that began in 2010. With the help of sustained commercial activity, the Group was able to rebuild its order book, and started 2011 with excellent forward visibility of workloads in the majority of its business lines.
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Against the backdrop of lower business levels as a result of a reduced opening order book, Fives returned a remarkable operating performance to deliver a set of results superior to those for 2009.
This performance was achieved thanks to the Group’s ability to manage and execute contracts and the quality of technologies it delivers. It also illustrates the responsiveness of the Group, which was successful in implementing the necessary adaptive measures from the start of the crisis.
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With its multi-sector expertise and international presence, Fives has benefitted from the investments made in growing industries and geographic areas. Although the metals sector continues to make the largest contribution to sales, 2010 saw impressive progress from both the automotive and energy divisions. In terms of geographic distribution, sales for the year were driven substantially by contracts in Asia, with markets in China and India remaining very active despite the global crisis. In the rest of the world, the distribution of sales was well balanced.
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Fives maintains a particularly strong and healthy financial structure.
Despite having funded the acquisition of Bronx, at the end of 2010, from its own cash reserves, the Group was able to maintain a high level of cash through to the end of the year, and is able to report a strong balance sheet. The notable growth in shareholders’ equity also attests to the sound management applied throughout the global economic crisis.
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Innovation is central to Fives strategy.
Group expenditure on R&D, which increased once again in 2010 to end the year at the record level of
€19.8 million, has increased by nearly 70% in 5 years. Fives once again confirms its ambition to increase its technological lead and continue to offer innovative solutions to its clients.
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