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"After the marked improvement seen in 2010, the global economic recovery continued in 2011. As was the case in the previous year, it was the world's emerging countries that delivered the growth, as a result of their substantial infrastructure needs and rising domestic demand. Despite the fact that they are still in the recovery stage (below-capacity production, still-depressed real-estate markets and public finance shortfalls), the developed countries of the world continued to make progress, albeit more modestly. Although the spectacularly dynamic start to the year was later impacted by the summer financial crisis, the recovery in industrial capital expenditure projects – which was particularly strong in the first half of the year – improved the wider business environment in which the Group operates.
Against this generally favorable, but still volatile and uncertain background, Fives delivered its best-ever performance in 2011, demonstrating the strength of its growth model and the relevance of its strategic positioning. As a result, Group order intake rose to the historically high level of €1,674 million, reflecting a 37% increase over 2010 (€1,224 million) and exceeding the previous record (€1,503 million set in 2007) by 11%. All business lines contributed to this success.
Business levels were particularly sustained in the emerging countries (which accounted for 56% of the year’s order intake) where the dynamic local presence of Fives continued to deliver impressive commercial successes, especially in Middle East, Brazil and China.
The Group also enjoyed a very good year at the operational level, reporting record EBITDA of €99.0 million (up 15% compared with 2010), whilst continuing to implement its policy of Research and Development and strengthening its commercial and operational structures in the emerging countries. |
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