A new driving force

Transcription

A new driving force

A new
driving
force
Activity report 2012
Cockerill Maintenance & Ingénierie
Golf is a demanding sport which combines a global approach with extremely
precise movements. It calls for strategic intelligence, a good understanding
of the dangers a player has to confront at each hole, technical prowess and
the right equipment. Golf is played all over the world, with courses adapted
to specific local conditions. To play golf is above all a quest for performance,
with players constantly trying to surpass themselves.
During 2012, CMI concentrated its strategic intelligence on defining its
future trajectory. Following a detailed analysis of its environment and of
the threats to which it is exposed, the Group set its target and selected the
tactics which will help it take the obstacles out of play.
Today, the flag is in the hole, the approach has been defined and the clubs
are ready and waiting. With the benefit of the support of its team-mates,
and thanks to the passion which drives it on, CMI can hope to play a perfect
round in its desire to achieve sustainable industrial growth.
Message from
the Chairman
p.4
Consolidated
financial
statements p.44
Corporate
governance
p.38
Operational
activities
p.20
Strategic
orientations
p.10
Message from
the Chairman
A new driving force
In 2012, CMI recorded the best results in its history. This performance comes at
the end of ten years of private independent shareholding during which CMI has
radically changed, becoming a diversified and economically sound worldwide
technological group. The year 2012 was characterised by substantial commercial,
technological and operational progress within a depressed worldwide economic
context. But above all, this pivotal year has been dedicated to giving the Group a
new driving force and preparing it for the future: the development of operational
structures, construction of an extension to the headquarters building, strategic
reflections and investment in innovation and talent.
The year 2012
in images.
www.cmigroupe.com
Message from the Chairman
5
Strategic
reflection
2012: historic result
CMI celebrated its ten years of independent shareholding
with an operating result of more than 32 million Euros, up
by 60% compared to 2011. Its turnover, growing since
2010, returned to its highest level in 2012, that of before
the 2008 crisis. This sustained operational activity has
been equally spread among the four major sectors of
the Group: CMI Energy retains a
worldwide market share of more
than 10% in boilers for combined
cycle electricity plants, while also
developing its service activities
for plants in operation. CMI
Defence has completed two of
the five programs of a particularly
heavy workload. CMI Industry
has increased its activities in China and taken more orders
for diversified products. Where the operational activities
of CMI Services are concerned, these have developed in
particular in Brazil, where our teams are being very well
received by industrialists.
This order, which is the result of a patented development,
constitutes a key stage in positioning CMI Energy on the
market for producing electricity from renewable sources.
Driven by a capacity for innovation which forms part of its
DNA, CMI Defence presented a simulator embedded in a
turret as a world first at Eurosatory 2012, one of the major
defence shows in the world. It also completed its offering
with medium calibre weapon systems.
CMI Industry passed an important
threshold in the development
of continuous rolling with the
profound modernization and
commissioning of a rolling
mill at Avilès (Spain). It also
continued to develop innovative
industrial solutions for effluent treatment, energy efficiency,
benefiting from biomass, extractive metallurgy and Service
to Projects.
Innovation
and talents
Finally, order intake, down compared to 2011, is very
promising in terms of an upturn in activities: more than half
of orders taken involve applications which have formed
part of the Group portfolio for fewer than five years.
A successful round
Despite a somewhat depressed economic context, CMI
multiplied its commercial, strategic and operational
successes in 2012.
CMI Energy won its first order for a boiler for a 50 MWe
“tower“ thermo-solar electric power plant. This represents
a world premier, which will be installed in South Africa.
6
For its part, CMI Services has developed an innovative
solution for the storage of activated components for French
nuclear power plants, thus demonstrating its capacity to
supply high value-added services.
Playing on a worldwide course
Where international coverage is concerned, CMI has
strengthened its facilities in India, by doubling the capacity
of its Taloja factory, whose extension was inaugurated
in 2012. In China, CMI continues to develop its strategic
partnerships with the major steelmaking players: the joint
venture established in 2012 with WISET, a subsidiary of
giant WISCO, represents the fourth capital participation of
the Group in China. In Brazil, CMI Services has opened a
new agency in the State of Rio de Janeiro, in order to face
up to demand from more and more diversified clients. And
finally, CMI has increased prospecting activities in Africa,
where it won several contracts in 2012.
Innovation: always a winning
shot
More than ever, Group growth is allied to its capacity to
innovate. This is why during 2012 CMI invested a quarter
of its operating result in development activities. Programs
underway are aiming to extend the range of products
of CMI Defence. They also involve solutions designed to
improve the performance of steelmaking plants and for
producing new qualities of steel. The green economy
is not being left out, with the development of innovative
processes for producing electricity from renewable sources
and for reducing the environmental footprint of industries.
Shooting the Group into the
21st century
This development dynamic is driven by the permanent
attention paid to people management, whether within CMI
Group itself or via collaboration with external organisms. In
2012, CMI took great care to involve students, researchers
and young companies in its technological projects. The
Group also laid the first stone of its new headquarters,
which will provide a stimulating working environment,
designed to break down the technical and organisational
barriers between teams and encourage a multi-disciplinary
approach.
A new driving force
In 2012, the Group took the time to freeze frame and invest
in a profound strategic reflection exercise in order to define
the course for the next decade. The vision which resulted
from this represents an extension of what has
always been the Group’s strength: sustained
growth, equally divided among several sectors of
activity, and based on an extension of the offering
within its current trades. This vision, named CMI
2017 in reference to the year of the company’s
two hundredth anniversary, will be finalised and
deployed at the beginning of 2013. The first
results of this vision will be seen during the year.
Following ten years of a winning strategy
confirmed by the best results in its history, CMI
is setting off on the next part of its round. Its
ambitions have been defined, its choices made
and its trajectory set. Future progress is based on
two major axes: a stable shareholding structure
driven by a genuine industrial ambition and a
growing attractiveness to the Group’s clients,
personnel and partners.
Bernard Serin
Chairman
Managing Director
792.8
Growing constantly since 2010,
the Group’s turnover has now
returned to a level equivalent to
that of before the 2008 crisis,
792.8 million Euros. In ten years,
CMI has increased its turnover
by a factor of three.
32.1
Following ten years of positive
results, CMI has achieved the best
operational result in its history, at
32.1 million Euros.
51.4%
of orders written in 2012 involve
products and services in new
business domains.
3 677
At the end of 2012, the total
CMI workforce numbered 3 677
persons. Among these, one third
is active in the Group’s historical
territory (Belgium), another third
in the rest of Europe and the
remaining third in the rest of
the world, mainly in the BRIC
countries.
762
CMI took on 762 new starters in
2012, equivalent to more than
two (temporary or open-ended)
contracts per day.
www.cmigroupe.com
7
Key figures
The data below has been published in
accordance with IFRS (International Financial
Reporting Standards) norms. The application
of these recognised 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. The full financial
statement is available in the CMI financial
Report.
Evolution of order entries
(EUR Mios)
1000
933,306
800
694,635
600
530,958
487,010
200
0
0
2010
2011
2012
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. The tender book for 2013 is
also promising.
80
70
60
50
40
30
20
10
0
Dynamic
presentation of
CMI key figures.
8
734,835
710,666 792,789
561,937
30
25
32,126
25,010
20,108
20
15
400
200
2009
825,226
600
400
2008
35
1000
846,722
800
Evolution of operating results
(EUR Mios)
Evolution of turnover
(EUR Mios)
11,741
10
10,005
5
2008
2009
2010
2011
2012
0
2008
2009
2010
2011
2012
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.
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.
Evolution of cash-flow
(EUR Mios)
Evolution of shareholders’ equity
(EUR Mios)
75,684
150
54,184
61,355
120
52,462
122,694 119,699 123,244
90
39,108
72,075
88,586
60
30
2008
2009
2010
2011
2012
CMI closed the 2012 financial year with a net cashflow 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.
0
2008
2009
2010
2011
2012
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.
▶ Attractiveness and modern functionality for the “Orangerie“,
the new extension to Group headquarters at Seraing (Belgium).
The 2012 round
January
May
CMI launches a strategic reflection exercise. Named
CMI 2017 in reference to the year of the company’s
two hundredth anniversary, the project calls widely on
the vivacity and strength within the Group to lay out
the course for the coming decade.
February
CMI lays the first stone of its new headquarters,
which will house 600 persons. A genuine architectural
statement, the new building will strengthen the
attractiveness of the Group while respecting a
history going back centuries, as witnessed by the
adjacent Cockerill Chateau.
March
The new Internet site blows a breath of fresh air over
the image of CMI, which now presents a consolidated
overview of all its products and services.
From its side, CMI Proserpol sees itself mandated with
the delivery of water treatment units for a French
subsidiary of chemicals group Solvay.
April
September
CMI develops its infrastructures in India: it
inaugurates the extension to the Taloja factory, thus
doubling its Indian production capacity, and lays
the first stone of its future factory at Hedavali, near
Khopoli. At the same time, CMI Industry signs an
agreement with Siemens VAI, in order to set out
together to conquer the market for equipment for
stainless and electrical steels.
June
A remarkable presence for CMI at Eurosatory, the
great worldwide rendez-vous for the defense.
industry. CMI in particular unveils, as a world premier,
a simulator embedded in a turret designed for troop
training and operations.
July
In Brazil, further progress in services for the mining
sector with the signing of a long term contract
with the Ferrous group for the electromechanical
maintenance of its Viga site.
August
Just after celebrating its ten years of independent
shareholding, CMI signs a first order for a thermosolar receiver. A key stage for the Group which
is resolutely positioning itself on the renewable
market.
www.cmigroupe.com
The Atomic Energy and Alternative Energies
Commission (France) orders from CMI a pilot
installation for biomass roasting. This process forms
part of a development led by CMI within the framework
of the European Torbigap program.
CMI Services sets up in the “Massif Central“, in
France, with a first electromechanical maintenance
contract for Aubert & Duval / Eramet, signed for five
years.
October
CMI celebrates ten years of presence in China by
inaugurating a joint venture with WISET, a subsidiary
of steel giant WISCO.
In Spain, the Avilès cold rolling mill comes back
into operation following a major revamping carried
out by CMI.
November
CMI Services is selected as a potential supplier for the
modernization and safety program for French nuclear
power stations. A major investment, the consequences of
which are expected as from 2013. In Africa, CMI Services
wins its first orders following its prospection program
launched in 2012.
December
In China, a rubber mixing plant is successfully started,
constructed by CMI for Michelin. Signed in March
2010, this represents the first order won by CMI in its
Service to Projects activity.
9
Strategic
orientations
Management based
on a sustainable
industrial vision
In 2012, the Group evaded the obstacles of the economic crisis by playing on
diversified fields on the geographical and technological fronts. It multiplied the
approaches and registered progress through significant innovations. Beyond the
commercial, operational, and technological successes of the year, CMI took the
time in 2012 to set its course for the future. The strategic orientations that resulted
from this reflection have set the CMI Group off on a new decade of success.
www.cmigroupe.com
Strategic orientations
11
▶ Inauguration of the new factory at Taloja in India.
CMI 2017, a project for
commitment
adapting infrastructures and facilities. This in turn requires
investments that reflect the Group’s confidence in its
future.
The year 2012 was marked by a symbolic anniversary: ten
years of independent private shareholding for the CMI Group.
During this first decade, the Group underwent a profound
transformation: strong growth, development of service
activities, extension of the technologies portfolio, international
establishments, etc. Having increased its turnover and
operating income threefold and sevenfold respectively,
CMI now projects a new image – that of a worldwide,
technological, diversified and economically sound group.
In Belgium, CMI laid the foundation for the extension
of its headquarters in Seraing in February. Named the
“Orangerie“, this building represents an ambitious
architectural feat. It is connected to the Cockerill Chateau
which has been housing the Group’s headquarters for
nearly 200 years. As of autumn 2013, the “Cockerill
Chateau & Orangerie“ complex will constitute the Group’s
densest engineering concentration with some 600 people.
Equipped with modern facilities, it has been designed to
stimulate exchanges between the multidisciplinary teams
situated in Seraing and their counterparts anywhere in the
world. In extending its headquarters, CMI has set out the
working and cooperation methods for decades to come, in
line with its future development projects.
Drawing on the lessons of these ten years, the Group
capitalized on 2012 to rechart its roadmap. This led to
an exercise in strategic thinking that called extensively
on the driving forces of the Group. Named CMI 2017, a
reference to the company’s bicentennial, this in-depth
effort consolidated and structured the Group’s knowledge
in terms of markets, technologies and mobilizable skills to
identify potential development options. At the beginning
of 2013, CMI made its choices, charted its course and
defined its goals for the next decade.
The CMI 2017 vision comes in the wake of the strategy
deployed since 2002: strong and balanced growth for the
next ten years, continuing to expand the offering in the
current lines of business, within a stable shareholding driven
by a sustainable industrial vision. The choices made are
reflected in clear keywords: diversity, internationalization,
growth, added value, profitability, attractiveness.
Paving the way of working
for the future
The year 2012 was not only one of reflection concerning
the Group’s future. Preparing the future also requires
12
Innovation, the trump card
for success
More than 50% of the orders
booked by the Group in 2012
pertain to applications that were not
part of its offering five years ago.
This reflects a proactive approach
to diversification on the part of the
Group. True to its reputation for
technological excellence, CMI is
constantly seeking to develop new
products and services, alone or with
partners. In 2012, it allocated 8.1 million Euros, or one
quarter of its operating result, to support Research and
Development programs, in parallel with its engineering
activities which, by their very essence, include a sizeable
share of development.
Several of these innovations came to successful fruition in
2012. The CMI receiver for a thermosolar power station
developed jointly with the Spanish firm Abengoa was part
of an order won in May for the electric power plant Khi Solar
One to be installed in South Africa. CMI also landed its first
contract for a furnace dedicated to biomass torrefaction,
developed with the French Atomic Energy and Alternative
Energies Commission. In terms of services to nuclear
power stations, CMI pursued its innovations by designing
storage containers for activated nuclear components for
Electricité de France (EDF). Finally, research conducted
by CMI under the Intelligent Maintenance (MINT) project
continues to generate innovative services. In 2012, CMI
placed on the market the LI-corneTM system, dedicated to
reliability and optimization of manual lubricating operations.
It was also in 2012 that, driven by a capacity to innovate
that is part of its DNA, CMI unveiled a simulator embedded
in a turret by way of a world premier at Eurosatory 2012,
a major meeting point for the world of defense. It also
completed its offering with a medium calibre weapon
system developed in barely twelve
months and ready to be marketed
today. As for heat recovery boilers,
CMI fully optimized the design of its
horizontal configuration boilers by
developing three models adapted
to the specific needs of the market.
A strategy
teeming with
ambitions
Finally, in 2012, CMI continued to
make its innovation processes even
more professional. It thus bolstered
its intellectual property management capacities with training
and awareness raising programs for the project teams.
The management of the development portfolio was also
reinforced, as were the partnerships with academic and
scientific bodies, to create a first-rate innovative force.
▶ The International Technical Meeting, the Group rendez-vous for innovation.
A global presence
The diversification and growth of CMI are
also reflected by an international basis that
guarantees a global reach.
In India, CMI inaugurated the new layout of its
plant in Taloja (Maharashtra). The construction
of a new hall was accompanied by an indepth overhaul of the manufacturing flows and
management processes. Thus configured, the
Taloja site doubled its
production capacity to
become the Centre of
Excellence for Cold Rolling
Mills Manufacturing. Also
in India, CMI FPE, the
Group’s Indian subsidiary,
laid the foundations of a
new plant to be built in
Hedavali, near Khopoli, to
meet the future needs of the Group and of the
Indian market.
In Brazil, CMI Services developed its range
of activities and created a new entity in the
State of Rio de Janeiro.
Finally, in Africa, CMI Services stepped up its
canvassing of the market and landed several
promising contracts for sustainable business
activity on the continent in 2012.
Controlled risks
In parallel with its growth,
CMI continued to make
sizeable investments
in order to minimize its
exposure to risks of all
sorts. It reinforced its
coherence and solidity
with cross-sectional
programs to standardize
its management tools,
risk control processes
and financing methods.
Innovation,
engine
for progress
In China, CMI created Wuhan Cockerill
Engineering and Technology Co. Ltd, a
joint venture with WISET, the subsidiary of
the giant WISCO corporation. This is CMI’s
fourth capital interest in China. CMI Industry
also concluded a partnership with Siemens
VAI to conquer the Chinese electrical and
stainless steel market. Thanks to its strategic
partnerships with leading players, CMI is
in a good position to accompany the 12th
Chinese five-year plan which announces a
qualitative shift in Chinese industry toward
greener production with higher added value.
The Group reached a new milestone in this
approach in 2012 with the establishment
of a Risk Management Committee. Given
responsibility for the dynamic assessment of
the Group’s risk and the monitoring of action
plans, this committee started to update and
complete the consolidated risk map of the
Group dating from 2010. The establishment
of this committee is yet another step taken to
bolster the Group’s governance.
Drawing on ten years of experience, the
Engagement and Contract Monitoring Committee
is yet another centerpiece of this risk management
www.cmigroupe.com
apparatus. A forum for reflection on the conditions
under which the Group embarks on new contracts,
then for periodic follow-up of the progress of such
contracts, this Committee met 220 times during
the year. The systematic reliance on this analysis
body guarantees that CMI starts its project with a
known, mitigated and controlled level of risk.
On the financial front, CMI deployed during the
year a pooling system for liquidities available
within the Group. Implemented in the Euro zone,
this cash pooling system helped improve the
Group’s overall financial capacity while reducing
its banking financing needs.
Ethics at the core of
sustainable development
Sustainable development is a permanent driving
force at CMI. The Group always endeavors to
achieve sustainable industrial development in its
projects for the sake of its customers, employees,
shareholders, local communities and the planet
as a whole.
The Group has set up an Ethics Committee to
share this principle among the whole of its staff.
This committee’s task is to define good practices
in business ethics and share them with all the
Group’s entities. It organizes and verifies the way
they are applied. Established in the last quarter
of 2012, this committee will be fully efficient
in 2013. By proceeding in this way, CMI has
formalized the importance it has for many years
attached to ethical, honest and upright behaviour
and practices from its employees.
13
Safety overriding priority
as always
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.
CMI creates jobs
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 increase is particularly striking in
Brazil (+50%). It was also sizeable in India and France.
This growth is the result of an intensive
recruitment drive, with 762 contracts of
employment signed in 2012.
Safety
first
Global and fair management of a culturally
and geographically diverse workforce
requires improving the tools and processes
to create conditions for the professional
self-fulfillment of employees everywhere in the world.
The scope of electronic interfaces for recruitment and
assessment management was accordingly extended
to all the Group’s subsidiaries in 2012. CMI employees
everywhere on the planet now have access to the
same tools for managing their personal development
and advancement in the Group.
Cross-sectional training programs have also been
Safety performance evolution
LF
25
LS
0.78
18.31
0.44
20.03
1
0.8
20
0.36
12.28
15
0.43
10.70
10
0
0.6
0.10
5.19
5
2008
2009
2010
2011
2012
0.4
Level of Frequency (LF): Frequency level
of accidents causing stoppage
Accidents X 1 000 000 / hours worked
Level of Severity (LS): Severity level
of accidents causing stoppage
Days lost X 1 000 / hours worked
0.2
0.0
▶ CMI’s safety performance improved substantially in 2012. While stepping up its work on the material and technical causes, CMI is at this time introducing
mechanisms to counter behavioral causes.
14
activated. Various training modules on project and
procurement management, safety and
leadership were given in the Group. During
the year, nearly 500 employees attended at
least one of these four modules. Through
these programs devised specifically for the
Group, CMI is keen to improve individual
and collective efficiency among its
employees by helping them complete their
project successfully.
A clear, attractive and global
identity
One of the CMI Group’s main strengths, its geographical
and technological diversity, is also one of the main
challenges it faces when it comes to image. Keen to
Man,
CMI’s
main asset
▶ Enthusiasm and commitment at the annual Top Managers Convention.
be known, recognized and understood in all
its markets, CMI refurbished its website in
2012 to transform it into a clear, attractive
and instructional showcase. The new website
presents the Group’s full portfolio of products
and services, including its world positioning, its
general organization and global ambition.
Attentive as it is to the image it projects to
the world, the Group also stepped up the
opportunities to share the CMI culture in-house
in 2012. The CMIpolis information meeting
held near the Group’s general headquarters in
Belgium was attended, as every year, by nearly
600 managers from every corner of the world.
This is the Group’s traditional meeting event at
the beginning of the year. Its expansion to the
regional level was another innovation in 2012:
Indiapolis in May and Chinapolis in September
were attended by Indian and Chinese employees
respectively in the presence of Group officials.
These three major events, together with local
meetings, helped reinforce pride for belonging to
the CMI Group. They also had a positive impact
on intercontinental cooperation within the Group
itself.
Evolution of the geographic workforce distribution (on 31 december)
4000
3500
3677
3356
3192
3318
3393
▶ 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.
3000
2500
2000
Rest of the world
1500
India
Brazil
1000
United States
500
France
Belgium
0
2008
2009
2010
2011
www.cmigroupe.com
CMI recruits!
2012
15
From
John Cockerill
to CMI
Based from the beginning in the former castle of the PrinceBishops of Liège, where John Cockerill was established in 1817,
CMI Group continues the tradition of this industrial genius who,
throughout his whole life, sparked off the remarkable economic
future for Wallonia (Belgium).
Always in contact with foreign countries and driven by diversified
interests, John Cockerill was a great industrial explorer, who
continues today to inspire his successors with a taste for
entrepreneurship and the determination to surpass oneself.
1817
John Cockerill, a British businessman,
begins his industrial activity as part of a
family business established in the Liège area
(Belgium), where it produces textile looms.
He soon becomes interested in steam
machinery and builds the first working steam
locomotive on the European continent.
1823-1910
The Cockerill establishments diversify their
activities by investing in a blast furnace,
developing their first gun, and banking on
the Diesel engine in particular to power their
locomotives.
1950-1980
The Company’s centre of gravity shifts
through successive mergers from
mechanical engineering to the steel industry.
Nevertheless, the equipment manufacturing
activity continues to develop on the margins
of this new core business, thanks to a
method that has proved successful down to
the present day: alertness to new technical
developments, acquisition of patents and
enhancement of processes.
1982
Cockerill’s Mechanical Construction
Division becomes a subsidiary of Cockerill
Sambre and takes on the name of Cockerill
Mechanical Industries (CMI).
1995
Always receptive to the demands of its
markets, CMI also embarks on maintenance
and services, becoming a complete
specialist in industrial equipment.
16
2002
Usinor, a shareholder in the Walloon iron and
steel company Cockerill Sambre, sells CMI
to private independent shareholders, which
still own the Group to the present day.
2004
Cockerill Mechanical Industries becomes
Cockerill Maintenance & Ingénierie.
This change in name highlights CMI’s
determination to capitalize on the synergies
between its two core lines of business,
maintenance and engineering.
2008
Following China, Brazil and then Russia, CMI
further expands its coverage of the BRIC
countries by setting up in India. The Group
is now capable of supplying complexes for
cold steelmaking.
2010
Capitalizing on the diversity of its activities,
CMI develops solutions to reduce the
environmental footprint of industrial activity.
2011
CMI develops a simulator for training troops
to use military hardware and embarks on the
treatment of industrial effluents.
2012
CMI markets for the first time its receiver
for a thermo-solar electric power plant and
redefines its strategic orientations for a new
decade of success.
www.cmigroupe.com
17
CMI, an increasingly
sustainable group
CMI wishes to generate sustainable industrial progress for the benefit of its
customers, employees, shareholders, the communities in which it is located
and the planet. This determination constitutes the backdrop of all the Group’s
decisions based on the six cornerstones of its commitment.
1. Provide quality jobs
Providing quality jobs entails in particular an ongoing
commitment to occupational safety, strict compliance
with the relevant national and international legislation,
unwavering attention to the development of skills,
mechanisms for consultation and mobilization to
tackle looming challenges or, more simply, programs
to make the workplace more pleasant and more
ergonomic.
2. Reinforce governance
and promote responsible
behavior
Ethics Committee, codes of conduct for employees, an
ethics charter for financiers, an internal Audit unit…
CMI is constantly improving its governance tools.
It encourages its partners and employees to adopt
responsible individual and collective behavior.
3. Encourage the
development and
production of “green“
technologies
CMI places its expertise at the disposal of electricity
generation from renewable energy sources such as
the sun, wood and the wind. The Group considers
improvement of the ecological footprint a major
criterion for assessing its technological innovations.
Furthermore, it is the very aim of CMI to improve
the efficiency of facilities it is entrusted to design,
modernize or maintain. CMI is developing technologies
18
and services geared to reducing the environmental
footprint of its client industries by reducing energy
consumption, limiting and recycling polluting
emissions, and recovering lost calories and waste.
6. Guarantee the Group’s
growth and viability in
the long term
4. Reduce the Group’s own
environmental footprint
To remain viable and generate the financial means
for growth, the Group is sustained by a continuous
progress process along six axes. The progress
objectives are reviewed periodically depending on
the change of the environment, and action plans are
implemented at all levels of the organization, from the
Group to the individuals.
CMI endeavors to minimize its own environmental
footprint and is stepping up its actions to that
end: carbon footprint assessments of sites and
products, selective waste sorting, undertaking local
commitments to encourage remote communication
to reduce travel, employee awareness raising,
selection of supplies and suppliers, adapted mobility
policy, etc. Its environmental management meets the
requirements of the ISO 14001 standard and has
passed with flying colors Sustainable Development
audits.
5. Support local
developments in
communities where CMI
is established
The CMI Group is keen to contribute to the development
of regions in which it is established. Beyond the
repercussions of its economic activity in terms of jobs
and income, representatives of the CMI Group do not
hesitate to place their skills and facilities at the service
of local initiatives or to pay particular attention to the
demands of local residents, particularly when it comes
to supporting education, culture or sport.
Sustainable Development on a daily basis
The six great cornerstones of Sustainable Industrial Progress influence the Group’s choices at the highest level. They are also experienced daily,
through varied and at times very simple initiatives. Here are a few very concrete examples of local achievements which characterized the year
2012:
�
The selective collection of waste, the
volume of which has dropped by 30%
in seven years and for which CMI was
rewarded.
�
CMI welcomes students as part of the
“Planète Métiers“ program, enabling
young people to become familiarized
with the realities of the world of work.
�
A symbolic action, the Group’s sign at
general headquarters is now illuminated
with LEDs.
�
�
Support for the organization of the
“Power to the winds of change“
international seminar, dedicated to
promoting renewable sources of energy.
CMI installs a “Made by CMI“ Christmas
tree in front of the Liège (Belgium) train
station.
�
CMI opens its chateau to the general
public as part of Wallonia Heritage Days
(Belgium).
www.cmigroupe.com
�
CMI makes its infrastructures available
for a music festival, to help young people
who are training in the performing arts.
�
CMI supports the deployment of a free
minibus providing new mobility solutions
for both elderly and young people.
�
Selo Verde (Green Label) certification for
CMI Serviços Brasil (acquired in 2013).
19
Operational
activities
The complementary
nature of a group
CMI designs, integrates, modernises and maintains technical equipment. Its aim is
to improve the economic and technical performance of its customers’ equipment,
while pursuing its interventions within an overall approach designed to reduce the
environmental footprint of industrial processes.
CMI combines expertise in engineering, maintenance and international project
management. Thanks to its vast technological and geographical scope, the Group
can provide, all around the world, custom solutions throughout the lifecycle of
equipment.
Its engineering activities are today organized in three sectors: CMI Energy, CMI
Defence and CMI Industry. The Group’s fourth sector, CMI Services, comprises the
service activities for all industries.
www.cmigroupe.com
Operational activities
21
CMI Energy
Technologies
in the service
of enhanced
efficiency
CMI Energy designs, supplies and installs steam
generators associated with gas turbines of all capacities.
Its equipment generates steam for combined cycle (gassteam or solar) and cogeneration power plants, and for
process industries. CMI steam generators are a key
element for the growing energy performance of electric
power plants. In parallel, CMI Energy provides technical
assistance and expertise along with the overhaul and
modernization of boilers of all makes.
CMI Energy designs vertical and horizontal boilers with
natural, forced or assisted circulation. These boilers
are particularly adapted to operating in cycling mode
(frequent starting and stopping in accordance with the
demand for electricity), and can be installed behind
turbines fired by all types of fuels, including natural gas,
light, heavy or crude oil. They can also be used in hybrid
electric power stations, where a solar cycle is associated
with a conventional combined cycle.
Thanks to its extensive experience in steam generators,
CMI Energy has also developed steam generators for
high capacity thermo-solar electric power stations (CSP).
This equipment is adapted to “solar tower“ technology
(which operates by reheating a fluid contained in the
receiver installed on top of a tower upon which the sun’s
rays are concentrated).
All CMI boilers perfectly meet current market
requirements in terms of performance, power, yield and
flexibility.
CMI Energy provides support and guidance for its
customers throughout the world, both to install new
capacities and to maintain existing units. Its teams are
based in Liège (Belgium) and Erie (Pennsylvania, United
States). They rely on a worldwide marketing network and
cooperate with three licensees which essentially cover
China, South Korea and India.
The 2012 round
In 2012, CMI Energy recorded a major
commercial success with the first marketing
of a thermo-solar receiver developed and
patented by its teams.
CMI boilers for combined cycle power
plants also performed well, with 23 of them
sold throughout the world in 2012. With a
worldwide market share exceeding 10%,
CMI Energy and its licensees remain a
major reference point. CMI Energy retains
its technological leadership by constantly
improving the performance of its equipment
to offer its customers boilers for the electric
power stations of tomorrow.
And finally, 2012 was also a year dedicated
to aftermarket services, a strong point
of CMI Energy, which stands out for the
responsiveness and expertise of its teams
of experienced technicians.
Technological recognition
CMI landed the first order for a thermo-solar
receiver for the “tower“ electric power station
in Upington (South Africa) from the Spanish
company Abengoa Solar, shortly after honing
the development of this product. With power of
almost 300 MWth, the CMI receiver will generate
superheated high pressure steam to run a
50 MWe steam turbine. Stored in accumulators,
the surplus of steam can be called upon when
required to generate electricity, even at night.
Called Khi Solar One, this
50 MWe power station
will be commissioned
in 2014 and will supply
energy to more than
27 000 households. As a
CMI patented development,
this order constitutes a
key step: it positions CMI
Energy on the solar energy
generation market. CMI is
already developing thermosolar receivers with larger capacities, i.e. 100
and 400 MWe.
of the units in 2012. This process consists of
blasting pressure onto the soiled parts, using
CO2 at very low temperature.
In Belgium, CMI
Energy repaired a
seriously damaged
recovery boiler built in
1997 by a competitor.
Thanks to a rapid and
efficient intervention,
the teams of CMI
Energy managed to recommission the power
station in 11 weeks,
having faithfully reconstructed the inlet duct and
other damaged components of the boiler.
starting boiler that can operate at high steam
temperatures. The CMI boiler enables the electric
power station to reach its maximum power in
less than 30 minutes
with a yield exceeding
60%. This remarkable
performance is
highly appreciated by
electricity producers
confronted with a
growing fluctuation
in generation needs,
particularly to offset the
intermittent nature of
renewable energies.
An even more
competitive
design
A market share
exceeding 10%
In 2012, CMI Energy and its licensees sold 23
boilers throughout the world. CMI thus confirmed
its position, and thereby maintained its share
in the recovery boiler market at over 10%.
Independent from any turbine manufacturer, EPC
or electricity producer, CMI Energy demonstrates
its capacity to gain acceptance for the quality of
its offering throughout the world. Its boilers are
most often specified for the ever more efficient
and increasingly powerful latest generation
turbines.
One key driver:
technological excellence
CMI Energy has built a solid reputation by focusing
on improving the design of its products. In 2012,
its horizontal recovery boilers were optimized.
CMI Energy bolsters its competitiveness by now
providing three horizontal boiler designs. The
“CMI Bundle“ design meets the expectations
In China, Wuxi Huaguang Boiler, a licensee holder
of CMI Energy, multiplied its order bookings in
2012. This follows the extension of the CMI
licensing agreement
to include horizontal
technology and the opening
of a CMI sales office in
Wuxi in 2011. To keep pace
with growth in the Chinese
market, Wuxi expanded
its manufacturing and
assembling capacities in
2012.
Power,
flexibility,
yield
Effective services
CMI Energy remains attentive to its
customers’ needs throughout the lifecycle of
their equipment. Its long standing customers
regularly call on it to renovate or overhaul
existing boilers. To improve the efficiency of
16 boilers built in the United Arab Emirates
in 1999, CMI Energy provided CO2 cleaning
Flexibility in the service
of yield
In the spring of 2012, CMI Energy landed a
contract for an innovative project: the construction
in Bouchain (France) of a new generation
combined cycle electric power station, equipped
with the FlexEfficiency50 technology from GE
Energy. CMI Energy was mandated with the
design and supply of the boiler for this power
station, in particular thanks to its technical
expertise and its competence in designing a fast▶ With a first reference for “tower“ thermo-solar power stations, CMI Energy aims to broaden its
range of receivers for larger capacity power stations.
www.cmigroupe.com
23
▶ Always attentive to supporting its customers throughout the life-cycle of
their equipment, CMI Energy has thus met with outstanding success in
its aftermarket activities.
of the market by offering more competitive technical
solutions. The “CMI M-100“ design accelerates onsite assembly, thanks to the prefabrication of certain
structural and reinforcing elements in the workshop.
Finally, the “CMI B+“ design also simplifies assembly
as the frame columns are integrated in the workshop.
The Middle East,
a key market
CMI Energy has been conducting business in the
Middle East for several decades. In 2012, CMI Energy
sold eight boilers for the first combined cycle in Iraq
and two boilers in Turkey, bringing the number of CMI
boilers installed in this latter country to 25.
Electricity
storage thanks
to thermo-solar
energy
In 2012, CMI Energy also renovated 16 boilers in
the United Arab Emirates and multiplied its technical
conferences and missions in this region of the world.
▶ The flexibility of CMI heat recovery boilers enables an effective
response to growing fluctuations in demand for electricity.
Key Figures
2008
2009
2010
2011
2012
Turnover (EUR 000)
338 548
268 457
135 197
169 430
165 541
Order entries (EUR 000)
376 035
36 778
157 532
168 006
166 636
285
281
260
273
286
Workforce (on 31 December)
24
Outlook
In 2013, CMI Energy will concentrate its attention on commissioning the
solar power plant Khi Solar One, the performance of which will be decisive
for the future of “tower“ technology. It will also continue the development
of higher capacity solar receivers and will optimise its energy storage
mechanisms to strengthen its presence on the tower solar power station
market.
Where recovery boilers are concerned, the future situation is expected
to differ depending on markets. In Europe, the high price of gas (three
times higher than in the United States), the low impact of the CO2 quotas
mechanism and the subsidies granted to renewable energies, stand in the
way of enabling combined cycle power stations to operate sufficiently to
be profitable. Only a stable political framework in Europe, particularly with
regard to the remuneration of production capacities made available, could
revive investments. In the United States on the other hand, a highly active
market is expected, mainly following the massive exploitation of shale gas,
which makes the price of gas competitive. In the Middle East, and mainly
in Saudi Arabia, the conversion of open cycle gas turbines to combined
cycle holds out excellent prospects for CMI Energy, whose technology is
particularly well suited to this.
In line with its growth ambitions and with the CMI 2017 vision,
CMI Energy will also seek to strengthen its aftermarket service
activities for boilers installed in combined cycle power stations.
This market is particularly promising as 5 000 HRSG’s are in
operation throughout the world. CMI Energy also aims to broaden
its current offering. More specifically, with the support of its Indian
licensee Larsen & Toubro, it plans to promote single-wide boilers
installed behind gas turbines of 80 MW maximum. In 2013, it will
target the market of lower capacity power stations in South East
Asia, India and the Middle East.
Finally, CMI Energy will remain attentive to opportunities to develop
its offerings through alternative lines of power generation, by
calling upon the experience and technologies already available
in the Group.
6 830
Megawatts will be generated
by electric power stations for
which CMI Energy supplied
boilers in 2012.
60%
The CMI boiler installed
in the EDF power plant at
Bouchain (France) enables
a yield of over 60% to be
achieved.
120
CMI boilers are installed in
the Middle East.
4 000
The Khi Solar One power
plant in South Africa has
4 000 mirrors of 120 m²
which transmit solar energy
to the CMI receiver located
on top of a tower.
▶ Remaining true to its reputation for technological excellence, CMI Energy now offers three horizontal boiler concepts: the “CMI Bundle“, the “CMI B+“ and the “CMI M-100“.
www.cmigroupe.com
25
CMI Defence
The authority on weapon systems
integrated on highly mobile armoured
vehicles
CMI Defence is the undisputed technological leader in
multifunctional, high-power weapon systems for light
and medium weight armoured vehicles. Independent
from any and all vehicle manufacturer, CMI Defence is
known for the technical and operational excellence of its
equipment, but also for its capacity to provide integrated
solutions that make it a reliable partner of modern armed
forces.
CMI Defence relies on its cutting edge expertise in
software, ballistics and mechatronic engineering to
design and integrate gun-turret systems for the entire
20 mm to 120 mm calibre range. Embodying the
essence of the Cockerill brand – great fire power for a
light weight system – this equipment packs performance
superior to that of equivalent systems on the market
while ensuring the mobility and protection of the crews.
The electronic architecture of the systems gives them
unrivalled modularity so that customers can upgrade
them easily, rapidly and at moderate cost.
CMI Defence also provides its customers with technical
and tactical assistance to optimise their integrated
logistics, plus advice and support throughout the lifecycle of their equipment: training, maintenance, onsite and remote technical assistance, modernization,
documentation, spare parts, tools, etc. The missiles and
the PC-Based or embedded simulation systems are
two recent examples of the capacity of CMI Defence to
develop specific products in order to improve equipment
use and operational efficiency.
Always at the cutting edge of innovation, offering
constantly greater value, CMI Defence anticipates the
growing versatility requirement to help improve the
operational response, flexibility and efficiency of modern
highly mobile armed forces.
The 2012 round
Driven by a capacity to innovate that is part
of its DNA, CMI Defence experienced a
particularly intense year in 2012 on every
front.
Supplementing the
offering in the
20-120 mm range
On the technological front, CMI Defence
doubled its offering by supplementing its
range with medium calibre systems.
Supported by an increasingly more modular
design, the developments
made to one calibre can
be applied more and
more rapidly to other
calibres within the range.
Following the simulator in 2011, CMI Defence is
continuing to expand its technology portfolio with
the development of Cockerill medium calibre
turrets. Capitalising on previous developments,
the engineers of CMI Defence designed and
assembled a qualification
demonstrator in less than
12 months. The Cockerill
Medium Calibre is today
certified by the Dutch
organization TNO at the preindustrialization stage (TRL7,
which corresponds to the
demonstration of the prototype system in an
operational environment), and is thus ready to
be marketed.
Innovation
as DNA
On the operational
front, CMI Defence pursued five programs
concurrently, two of which were finalised
during the course of the year.
On the commercial front, the activity
was driven by a noted presence at the
Eurosatory 2012 fair, the world defense
meeting place. CMI Defence unveiled,
by way of world premier a simulator
embedded in a turret. The year was
brought to a close on the commercial
front with an extension of the contract for
additional simulators which reflects only
partially the promising potential of the new
CMI Defence portfolio.
Finally, internally, CMI Defence continued its
evolution to bring its talents, organization and
infrastructure in line with its new ambitions.
New success for the
simulator
In December 2012, some 15 months after it
had landed an initial contract, CMI Defence
was entrusted with an order extension for six
additional Cockerill LCTS 90MP turret simulation
systems. Placed on turrets or used as external
stations, these simulators can virtually reproduce
theatres of military operations and have crews
operate in a flexible, controllable space-time
framework, analysable ad infinitum. It is an
efficient, cost-effective training tool for preparing
troops. CMI Defence unveiled this embedded
simulation system by way of world premier at
the Eurosatory defense fair in Paris (France) in
June 2012.
At Eurosatory 2012, CMI Defence also launched
its remote-operated medium calibre station, the
Cockerill CPWS adjustable to 20-25-30 mm
calibre. This unmanned system provides
maximum protection for the vehicle crew – a
major concern for modern armed forces.
simultaneously. Two of these were finished
on schedule during the course of the year. In
October 2012, the Belgian Army accepted the
last turrets from CMI Defence, thereby bringing
its Armoured Infantry Vehicle (AIV) program to
a close. It may be recalled that this program
entailed the delivery of 18 Cockerill LCTS 90MP
systems along with the assembly of 117 Piranha
armoured vehicles in the Aubange (Belgium)
production unit. In December 2012, the last 22
Cockerill CSE 90LP systems ordered in 2010
under a program for the Indonesian army were
also delivered on schedule.
Additionally, the last kits of the program to
modernise 144 Cockerill LCTS 90MP systems
initiated in 2010 were delivered and are being
assembled on-site by local CMI teams.
Finally, the progress on the program initiated in
2011 for the supply of 84 new Cockerill LCTS
90MP systems is on target, as is the completion
of the first order for Cockerill LCTS 90MP turret
simulation systems, likewise initiated in 2011.
At the end of the year, CMI Defence also
launched the development of a 120 mm calibre
system based on a combination of existing and
acquired technologies.
Missile: from the Falarick®
105 to the Falarick® 90
The Cockerill CT-CV® 105HP system can be
used as a missile launcher since 2010. It was at
Eurosatory 2010, in fact, that CMI Defence had
unveiled the Falarick® 105, an anti-tank guided
missile developed to significantly boost the fire
power of its 105 mm system.
Backed in this approach by the armed forces,
CMI Defence organized test campaigns in 2012
for a Falarick® 90 missile launched from its
Cockerill LCTS 90MP system. Like its 105 mm
counterpart, the Falarick® 90 offers users of
medium pressure Cockerill 90 mm turrets a
considerable advantage, as they can now reach
a distant target while remaining out of range,
without being identified as the missile launchers.
Five programs
simultaneously
The year 2012 was particularly active on the
operational front with five contracts carried out
▶ The embedded simulator of CMI Defence was unveiled at Eurosatory 2012 as a world premier.
www.cmigroupe.com
27
▶ Unveiled at Eurosatory 2012, the protected, remotely operated Cockerill
CPWS station (20-25-30 mm) provides better protection for the
vehicle crew. Developed in record time, the Cockerill Medium Calibre
turret range is extensively adaptable: it can incorporate several guns,
secondary armaments, sighting and protection systems… irrespective
of the manufacturer of the vehicle and the subsystem.
The ability to carry out these five programs simultaneously
attests to the makeover of CMI Defence, which has
succeeded in bringing its organization and infrastructure
into line with its new ambitions, engendered by the
extension of its portfolio.
Increasingly more
international
The extension of CMI Defence portfolio goes hand in
hand with an increasingly more international base.
CMI Defence is bolstering its
modular design approach to
facilitate transfers of technologies
to other geographical areas. This
enables it to handle an increasing
activity level and to assume the
execution of several programs
concurrently, thanks to access to
several production sites. Already
present in Belgium and in France,
CMI Defence can also offer even
more efficient local manufacturing possibilities, particularly
appreciated by its customers for the economic benefits
this brings.
Sustainable talent
management
Following six successive years of growth, the CMI Defence
labour force continued to increase in 2012, by nearly
20%. This phenomenon is the logical consequence of an
increase in activity, whether technological, commercial
or operational. As rapid as it is sizeable, this growth is
obviously a strength, but also a real challenge for the
organization. CMI Defence has approached this challenge
as an opportunity to make its processes and operating
methods even more professional.
Extension of
the product
portfolio
“OPALE“, this program aims to map key resources,
network expertise and proceed to a structured sharing of
operating experience. Redeployed in this way, the teams
can place their talents at the full disposal of the current and
future activity of CMI Defence.
In the short term, CMI Defence
has endeavoured to integrate
new staff, so that everyone can
be fully operational within a
particularly short period of time.
Looking to the longer term,
CMI Defence embarked on a
complete internal reorganization.
The roles and responsibilities of
each department were honed and redefined and the
interfaces clarified. At the same time, CMI Defence
launched a vast knowledge management project. Named
Key Figures
Turnover (EUR 000)
28
2008
2009
2010
2011
2012
10 546
63 437
59 441
197 567
260 229
3 831
276 446
308 891
60 636
34 081
65
82
101
145
175
Outlook
Taking full advantage of its technological
momentum, CMI Defence intends to
continue the development and marketing of
new solutions for armed forces. CMI Defence
will thus work on its 120 mm calibre system
as well as on the development of additional
solutions for military operations.
The teams of CMI Defence should materialize
part of the potential of a particularly well filled
tender book in 2013. They will also look into
opportunities to broaden the international
base of CMI Defence by reinforcing the
recognition of Cockerill systems as a brand,
and by establishing subsidiaries in certain
regions where programs have been identified
for the medium term.
response capability, flexibility and efficiency
of modern, highly mobile armed forces.
Internally, CMI Defence will concentrate on the
OPALE project which organises knowledge
management. It will also take every measure
for the security of its technologies, whether
in terms of patents and the management
of intellectual property or the transfer of
technologies to its subsidiaries.
Innovation, commercial successes,
operational excellence, internationalization:
CMI Defence will continue to show its added
value in 2013 to improve the operational
2
The CMI Defence offering doubled in 2012
thanks to the development of its medium calibre
range.
5
CMI Defence’s teams have carried out
five programs simultaneously in 2012.
6
The workforce of CMI Defence has grown
for six consecutive years.
▶ Like all Cockerill weapon systems, the CT-CV® 105HP is able to be adapted for both wheeled and tracked vehicles. One of its major advantages is its capacity to launch Falarick® 105 missiles.
www.cmigroupe.com
29
CMI Industry
Engineering in
the service of
industrial competitiveness
As an expert in industrial processes, CMI Industry
designs, integrates, supplies and upgrades industrial
equipment in the mechanical, thermal, chemical,
biological and energy efficiency fields.
CMI Industry supplies steelmakers with cold rolling
mill complexes and all their related equipment.
Designed by CMI, these facilities boast state-of-theart technologies for the production of increasingly
more sophisticated flat carbon steel. Some of these
technologies are also available in equipment for
processing other products such as stainless or
electrical steel or long products.
For other process industries, CMI Industry provides
Service to Projects solutions, assuming full charge
of the complete installation of their new production
facilities including all technologies. CMI has in
particular developed expertise in managing complex
projects in emerging economies where it has
established efficient local networks.
CMI Industry also provides industrialists with
technological solutions for reducing their
environmental footprint. Some of these solutions
improve the functioning of this equipment to reduce
energy consumption and polluting emissions. Others
are used to recover waste heat or to treat or recycle
polluting effluents and emissions. And yet others
recover industrial waste, while improving productivity
and the quality of finished products.
In all cases, CMI Industry provides tailored
technological solutions to guarantee a rapid return
on investment, further enhanced by related services
such as the know-how transfer, expert services for
training, commissioning, remote assistance and
performance audits for the facilities.
To serve its customers in every corner of the
globe, CMI Industry has technological centers and
commercial and operational Business Units in
Europe, North America, Latin America, China, India
and Russia.
The 2012 round
In a worldwide economic context not very
conducive to investments, CMI Industry
focused on adaptation in 2012.
with the commissioning of the cold rolling mill of
ArcelorMittal Avilès (Spain). It is the first thorough
revamping of a tinplate rolling mill.
On the steelmaking front, it responded to
a structural slowdown of investments in
new capacities by diversifying its equipment
toward new qualities of steel, new types
of processing lines and new solutions to
optimize their technical and environmental
performance.
In addition, CMI supplied two latest generation
skinpasses in 2012, one in Germany and the
other in Canada, intended for high end products.
Beyond this traditional market, CMI
Industry has continued to diversify its
industrial solutions in such fields as effluent
treatment, energy efficiency, biomass
recovery, extractive metallurgy, and Service
to Projects.
Dedicated to innovation, 2012 was a
pivotal year for CMI Industry. Half of the
orders booked during the year consisted
of solutions that were not in its portfolio in
2008. This offer renewal rate is promising
for the future of CMI Industry which remains
attentive to its markets.
Extending the steel
processing lines offering
In high end applications for flat carbon steel,
the galvanizing lines of CMI Industry have long
shown their technological capabilities. To meet
the demands of the market, CMI Industry has
also developed aluminium coated steel sheet
processes that are increasingly appreciated in
the automobile industry. In 2012, CMI Industry
sold two lines of this type in Italy and China.
Furthermore, CMI Industry
designed a latest generation
continuous annealing line
for China, which is currently
being installed.
In France, the teams of
CMI Industry successfully
completed the upgrade of
a stainless steel annealing/pickling line, including
the supply of a new furnace and a new pickling
section.
Supplier of know-how
for China
Having supplied the Chinese steel industry for ten
years with the installation of new capacities, CMI
Industry has adapted to what has now become
a stable market and to the objectives of the 12th
Chinese five-year plan. This plan encourages
Chinese industries to produce better rather than
more. Faced with this development, CMI Industry
emphasized its expertise and know-how transfer
services. In particular, it concluded a service
contract with the steelmaker Shougang in 2012
to optimize the use of certain production facilities.
Furthermore, CMI Industry widened its
partnership network by creating a joint venture
with WISET, the engineering subsidiary of the
steelmaking giant WISCO. Named Wuhan
Cockerill Engineering and Technology Co.Ltd.,
this joint venture is installed in Wuhan. It will
advise and support WISCO in particular in its
plans to boost its production capacities and
to improve its existing facilities. CMI now has
four capital interests in China, which represent
partnerships with leading players in Chinese
industrial engineering.
Production capacity
doubled in India
CMI Industry engaged
in intense commercial
and operational activities
in India in 2012. On the
commercial front, order
bookings for CMI FPE, the
Group’s Indian subsidiary,
remained at a sustained
level. The customer portfolio is expanding far
beyond the Indian subcontinent, particularly in
Africa, Vietnam and even in Turkey, where CMI
FPE concluded a contract with Tezcan Galvaniz
AS in 2012 for the supply of a 6-Hi reversing
cold rolling mill.
Transfer of
know-how
Advances in continuous
rolling
Already the world leader in reversing rolling
mills with its Indian subsidiary CMI FPE, CMI
Industry continues its mastery of continuous
rolling. In 2012, CMI took a new decisive step
rolling mills, thereby doubling its initial capacity.
This investment is accompanied by an in-depth
reorganization of the manufacturing flows and
project management processes, the full impact
of which will be appreciated in 2013. CMI
Industry also laid the first stone of a new plant
in Hedavali.
Out to conquer stainless
and electrical steel
CMI Industry signed a cooperation agreement
with Siemens VAI during the year to jointly
conquer the stainless and electrical steel
markets. The two companies draw on this
partnership to offer a combination of the best
mechanical and rolling technology as well as
chemical and thermal technologies. Together,
they provide first-rate solutions that are more
profitable and more energy efficient.
Toward greener
industries
In 2012, CMI Industry confirmed its technological
expertise in energy efficiency solutions,
particularly through several furnace upgrade
projects for the Vallourec Group. These operations
led to improvements in energy consumption
exceeding 30%. Similarly, the installation of a
heat recovery system from smoke on the furnace
of a continuous annealing line at Tata Steel Port
Talbot (UK) will constitute a new step toward
its energy independence with an excellent
return on investment. Finally, the application of
mathematical models on several processing
lines in Europe and the United States, have made
it possible to reduce their energy consumption
while improving productivity and product quality.
In 2012, CMI Industry also added to its range
with the development of solutions for industrial
effluent treatment and for fluid recycling.
On the operational front, CMI FPE inaugurated
in May the extension of its Taloja (Maharashtra)
facility. In its new configuration, the workshop
can simultaneously take charge of the assembly
of ten cold rolling mills or two five-stand tandem
▶ In September 2012, CMI celebrated ten years of presence in China by bringing together its
personnel and partners during the Chinapolis meeting.
www.cmigroupe.com
31
Energy
efficiency
solutions
Start up of a first line for
Michelin
Extractive metallurgy: a new
chemical outlet
Since 2010, CMI Industry has
been developing an offer of
Service to Projects based on its
experience and professionalism.
Its strength lies in its capacity
to accompany its customers in
regions where it can capitalise on
its networks of partners, suppliers
and subcontractors and on its
knowledge of the local legal context.
Another particularly appreciated
element: given its experience
in technical project management, CMI can preserve the
technological confidentiality of the equipment to be installed,
while ensuring the overall management of the project.
In 2012, CMI Industry capitalised
on the potential of its chemical
treatment solutions beyond its
traditional markets. Following
the calcination of molybdenum
and the extraction of nickel and
magnesium oxide, it developed
solutions for the separation and
purification of rare earths, and
for the recovery of acid used to
extract alumina and titanium oxide.
These developments in extractive
metallurgy were rewarded with an
initial order for an acid regeneration unit in Canada.
Expert in
complex
project
management
CMI is thus accompanying Michelin which has been
expanding worldwide for nearly three years now. It has been
entrusted, in turn, with the establishment of rubber mixing
plants in China, India, Brazil and North America. The first of
these plants was successfully commissioned in 2012.
New horizons for heat
treatment furnaces
CMI Industry took advantage of 2012 to get the maximum
out of its industrial thermal systems and to embark on new
outlets. With a range of technologies reinforced in particular
by powerful digital simulation and modelling resources,
in 2012 CMI Industry sold heat treatment furnaces to
major customers in the aeronautics, automobile, tubes
and energy sectors. Well-known names such as Safran,
Farinia, Eramet and Veridiam opted for the excellence of
energy solutions from CMI Industry.
Roasting for Nesa Solutions®
Following the pyrolysis of electronic waste, the activation
of coal, the decarbonation of industrial minerals and the
sintering of molybdenum, the multiple hearth furnaces from
Nesa Solutions® now include an additional application:
CMI Industry marketed a pilot biomass roasting process
for the first time in 2012. This contract was concluded
with the French Atomic Energy and Alternative Energies
Commission (CEA) following a development effort carried
out under the European Torbigap project. The agreement
with the CEA also includes a research component over
four years with the objective of investigating the roasting
process in greater depth.
Treatment of liquids: naturally
Active in the treatment and recycling of industrial effluents
since the acquisition of the French firm Proserpol at the
Key Figures
2008
2009
2010
2011
2012
Turnover (EUR 000)
285 554
256 625
201 800
181 905
208 417
378 483
86 157
208 423
282 670
128 818
1 154
973
957
1 105
1 178
32
Outlook
CMI Industry will pursue a dual approach in 2013.
It will strengthen its technological base among
steelmakers throughout the world by relying on
its expertise and capacity for innovation. It will
also continue to develop an offer of state-of-theart solutions to manage the production facilities
of an increasingly diversified set of industries.
The year 2013 will also witness an internal
reorganization assuring optimal efficiency for
these two activities in accordance with their
respective markets. The aim in both cases will
be to complete the integration of technologies
currently in the portfolio to further improve the
innovative nature of CMI solutions and equipment.
The approach is naturally dictated by an
unrelenting quest for synergies by systematically
applying each solution
to each technical and
geographical market
under the same guiding
principle: to meet the
specific needs of each
customer.
this approach will prove beneficial not only to the
planet, but also to industrialists.
Finally, CMI Industry will
endeavour to improve
the competitiveness of
its offerings, through
a continuous search
for technological and
operational excellence and
an alignment of overheads
at the level of the activity.
Ever more
technological
Aware of the universal
need to reduce the environmental footprint
of industries, CMI Industry will focus its
developments, action plans and commercial
approaches chiefly on this theme, convinced that
end of 2011, CMI Industry met with considerable
success on this market in 2012. The most
indicative elements of such success include the
contract concluded with a subsidiary of the Solvay
chemical group for the delivery of new treatment
units for its plant in Tavaux (France). This facility is
to be commissioned in July 2013.
50%
of orders taken by CMI Industry in
2012 involve activities which entered
the portfolio after January 1st 2008.
7
In 2012 CMI Industry concluded its
seventh Service to Projects contract.
10
Since 2012 CMI Industry is benefiting
from a doubled production capacity in
India, and is now capable of assembling
ten cold rolling mills at the same time.
▶ Already the world leader in reversing rolling mills, CMI Industry is earning a
reputation for excellence in continuous rolling year after year.
▶ Stainless steel, electrical steel, extractive metallurgy, biomass recovery, heat treatment, effluent treatment, Service to Projects, etc.:
CMI Industry has broadly expanded its expertise, initially focused on flat carbon steel.
www.cmigroupe.com
▶ CMI Industry is investing in India for the benefit of its organization as a whole.
33
CMI Services
CMI Services assisting you
CMI Services provides its customers with the assembly,
Thanks to an ever-wider and ever-more-technological
operational management, modernization and
portfolio, CMI Services caters to a large number of
maintenance of their industrial facilities. It carries out
industries: conventional, renewable and nuclear power
scheduled or unscheduled specialised interventions, and
generation, the steel industry, petrochemicals, rail,
local services to improve the technical, economic and
cement works, mines and quarries, etc.
environmental performance of their equipment.
CMI Services also designs and supplies new equipment
The CMI Services offering ranges from simple repair of
in its areas of specialization (industrial steam generation
components to the complete overhaul of facilities, and also
boilers, shunting locomotives, etc.) as well as customised
includes maintenance, specific engineering and expertise.
parts, components or subassemblies (gears and
With its scheduled interventions, CMI Services assumes the
gearboxes, butterfly valves, spare parts for Cockerill
full management of a project, from preparatory studies to
Diesel engines, etc.).
implementation by specialised staff.
CMI Services is an valued partner for the complementary
CMI Services is made up of a network of local intervention
nature of its expertise in engineering, implementation and
units, workshops and technology centers. It has
project management.
permanent installations in Belgium, Brazil, France, and
Luxembourg and an occasional presence in North Africa,
the Middle East and South-East Asia.
The 2012 round
Although the global economic context
was rather sluggish, CMI Services
managed to record some notable
successes thanks to the quality of
its agency network and the diversity
of its services. The success of its
diversification approach is reflected
in the fact that the steel industry, its
historical client, accounted for only
one third of its turnover in 2012, while
new segments such as services for the
nuclear industry, petrochemicals, mines
and wind energy increasingly grew in
importance.
In Brazil in particular, CMI Services
expanded its customer portfolio
substantially toward oil and gas, mines,
power generators and engineering firms
that subcontract to it maintenance
operations, specialised services and the
erection of industrial installations.
In France and
Belgium, CMI
Services succeeded
in attracting new
customers and in
consolidating its
market shares by
making use of its
talents’ expertise
and know-how.
life-cycle of French nuclear power stations or to
dismantle them. The next step has already been
identified: upgrade the design of this packaging
for such materials so that these components can
not only be stored but also transported.
Compagnie Parisienne de Chauffage Urbain“.
It is thus through its expertise in energy that
CMI Services is embarking on the conquest of
industrialists in the Paris region.
Finally, CMI Services was invited by EDF to join
the select club of partners involved in its “Grand
Carénage“ program devoted to the modernization
and safety of French nuclear power stations.
Setting course for Africa
Brazil is booming
CMI Services established itself in Brazil in 2003
to carry out a global maintenance contract. This
seven year contract involved the steelmaking
complex of Vega do Sul. CMI Services has since
then developed rapidly in the country. Today it
has branches in the principal states of the South
and South East: Santa Catarina, Minas Gerais,
Espírito Santo and Rio de Janeiro.
The growth of CMI Services also involves
expanding into new territories. In 2012, CMI
Services set up a prospecting team in charge
of looking into business opportunities in Africa,
where it can call upon long-standing references.
Initial contacts have been made, particularly in
the Ivory Coast and the Democratic Republic
of Congo, along with Congo Brazzaville. These
may lead to recurrent activities in these
countries in 2013.
In 2012, CMI Services also developed business
relations with renowned industrialists such as
the Ferrous mining group, with which it signed
a contract for the global
maintenance of the Viga
mine, and the energy
company Tractebel
Energia Brasil. It also
won important orders
from the steelmakers
ArcelorMittal, Gerdau
and Usiminas.
Increase the
added value
of services
In parallel, CMI Services laid the
foundations for development in new
regions, particularly in Africa.
New status in the
nuclear sector
Having entered the French nuclear market in
2008, CMI Services is today one of the reference
suppliers of Electricité de France (EDF). In
November 2012, CMI thus earned the highest
assessment score for an eight-week operation to
overhaul the primary and secondary circuits (259
taps and valves) of one section of the nuclear
power station at Paluel (France).
In 2012, going beyond its usual services for
fittings, opening and closing of reactor vessels,
and the fire circuits, CMI Services also placed
its engineering capacities at the service of EDF
by developing innovative storage containers for
activated nuclear components and waste to
be replaced as part of the effort to extend the
Driven forward by a
diversified and promising business context in
the steelmaking, mining, energy and oil & gas
sectors, CMI Services increased its turnover
in Brazil by 30% compared to 2011, with a
workforce of almost 500 persons as at
December 31.
Densification of the
French network
CMI Services capitalised on 2012 to boost its
presence in France even further. Already present
in the East, the South and the North of France, it
signed a maintenance contract in Ancizes, in the
center of the country, with the special steel and
alloy producer Aubert & Duval (Eramet Group). This
is a five year progress contract concluded with
a new customer. Using this contract as a base,
CMI Services intends to establish a permanent
presence in this region to provide services to local
industrial concerns.
CMI Services also opened a branch in the
Paris region in 2012 to meet the needs of “La
www.cmigroupe.com
▶ CMI Services is now among the reference providers of Electricité de France (EDF) on the French
nuclear market. Its engineers have developed innovative storage containers for activated nuclear
components and waste.
35
Diversification,
the leitmotiv
▶ CMI Services is capitalizing on its 12-year contract with REpower
Systems at the Thornton Bank (North Sea) to develop unique expertise
in the maintenance of offshore wind farms.
It is noteworthy that it was from the Ivory Coast that CMI
Services assumed the task of rapidly and economically
renovating shunting locomotives.
Rejuvenation for Cockerill
Diesel engines
Increase of flow rate in
hydraulic power plants
In 2012, CMI Services continued to organize its offering of
services to hydraulic power plants. Following some initial
experiences in 2011, it acquired its first certifications
(for the maintenance of turbines
and the renovation of valves) and
landed nine maintenance and
renovation contracts from EDF
Hydraulique during the course
of the year. This development of
services for EDF Hydraulique is in
line with the ongoing acquisition
of experience in this field by
CMI Services in Belgium.
Africa, for
tomorrow’s
success
CMI Services is the exclusive
world supplier of genuine
spare parts for Cockerill
Diesel engines. CMI Services
takes further advantage of this
exclusivity every year, given
the many Cockerill engines
in operation throughout
the world. In 2012, CMI Services thus concluded
numerous contracts for the supply of spare parts
and the renovation of Cockerill engines. A particularly
important contract is that signed with Sonelgaz, the
Algerian energy operator.
Wind in the blades
In 2011, CMI Services signed a 12-year contract for the
electromechanical maintenance of 54 wind turbines at the
Thornton Bank offshore wind farm (North Sea). The first full
year of operation of this contract proved most instructive
and satisfactory. The year also saw a number of other
occasional contracts from REpower Systems. The CMI
Services teams also capitalised on 2012 to develop this
initial meaningful reference among other (future) operators
of offshore wind farms, with an expectation of similar new
contracts in the long term.
CMI Services will build on its initial success to continue its
forward path in 2013, gearing its development particularly
toward further certifications at EDF Hydraulique.
Key Figures
2008
2009
2010
2011
2012
Turnover (EUR 000)
190 578
146 254
165 499
161 764
158 602
174 957
131 577
171 876
183 323
157 475
1 723
1 692
1 831
1 706
1 885
36
Outlook
Geographical expansion, diversification of client
industries, development of high added value
activities: these three themes summarise the
strategy that CMI Services intends to pursue in
2013.
The geographical expansion will be mainly
geared to New Caledonia and to Africa where
CMI Services has identified outlets for growth
in the Democratic Republic of Congo, Congo
Brazzaville, Ivory Coast and Morocco. CMI
Services naturally intends to bolster its positions
further in Brazil where opportunities are
increasing.
The diversification of client industries will be
pursued on two fronts. First, an effort will be made
to consolidate the market shares acquired in the
first sectors into which CMI Services diversified
its activities, namely energy, the nuclear industry,
wind energy, and petrochemicals; and secondly,
CMI Services intends to develop market shares in
fields approached more recently such as mines,
quarries and hydraulic power generation.
capacities in all its areas of specialization to meet
the specific needs of its customers.
Finally, all these strategic projects and
developments will be pursued with constant
attention to the safety and self-fulfilment of the
men and women who make up its teams, as CMI
Services considers its teams to be its greatest
asset.
CMI Services will ensure it provides services with
ever greater added value to all these territories
and all these client industries. It will therefore
optimally develop its design and engineering
▶ The value of the services provided by CMI Services is based on the response to customer needs. Here, an intervention at height
by recourse to mountaineering techniques, rather than to scaffolding, but always safely.
50%
The CMI Services workforce in
Brazil doubled in 2012, and now
stands at almost 500 persons
active in the country.
5
CMI Services has concluded
with Aubert & Duval (Eramet
Group) a five year contract
for the maintenance of its
site in Ancizes (France).
67%
In 2012 CMI Services
achieved 67% of its turnover
outside of its traditional
steelmaking market.
▶ In Brazil, CMI Services developed its activities to increasingly more varied industries: steel, energy, petrochemicals, oil and gas, etc. Here, the maintenance of the Viga
mine, for the Ferrous Group.
www.cmigroupe.com
37
Corporate
governance
Coherence and cohesion
CMI Group is governed by decision-making bodies that reflect the Group’s
organisational approach. They operate at three levels: the Group, the sectors and
the operating units.
Beyond this management hierarchy, coordinating bodies within each support
function ensure the cohesion of the Group and of cross-sectorial actions.
The stable shareholders endeavour to ensure the continuity of governance
and management bodies at Group level, while securing their development.
Furthermore, new committees are set up to strengthen the governance in line with
the Group’s expansion. For example, a Risk Management Committee and an Ethics
Committee were created in 2012.
www.cmigroupe.com
Corporate governance
39
Bernard Serin
Pierre Meyers
The Board of Directors
CMI’s Board of Directors comprises nine members,
including one executive director and eight non-executive
directors, chosen for their strategic, industrial, financial,
social and commercial experience and their commitment
to CMI.
Without prejudice to its legal and statutory powers and
those of the General Meeting of Shareholders, the Board of
Directors is responsible, upon proposal from the Executive
Committee, for:
�
Defining the Group’s strategic guidelines and annual
budget;
�
Ensuring the establishment of the appropriate structure
and management needed to attain the objectives;
�
Making decisions on long-term financing transactions,
acquisitions and divestments;
�
Monitoring the quality of day-to-day management and
its compliance with the charted strategy;
�
Providing quality information to shareholders.
To perform its missions, the Board of Directors is assisted
by:
Gérard Bernard
The Board of Directors meets at least four times a year.
Critical issues may require additional meetings to be
held. In 2012 the Board of Directors met four times, the
Audit Committee three times, and the Appointment and
Remuneration Committee twice. Where the net income
appropriation policy is concerned, the Board of Directors
intends to prioritise the financing of the Group’s strategic
industrial development while ensuring a prudent distribution
of dividends over an average business cycle.
The Audit Committee
The Audit Committee verifies that the internal control and
risk management systems are appropriate and efficient.
It also watches over the quality and integrity of financial
reporting and supervises the preparation of the annual
accounts in particular. It makes recommendations to the
Board of Directors about the appointment, remuneration
and independence of external auditors.
It is chaired by Pierre Meyers and is composed of
Bernard Serin and Libert Froidmont. It relies on the work
of the Internal Audi Unit to carry out its missions. The
newly created Risk Management Committee and Ethics
Committee also report to it.
The Risk Management
Committee
�
An Audit Committee;
�
A Risk Management Committee;
�
An Ethics Committee;
�
An Appointment and Remuneration Committee;
�
A Development Committee;
To develop its proactive approach to risk management
and internal control even further, the Group set up a Risk
Management Committee in 2012 to assess the risks
faced by the Group and to monitor the action plans for
controlling those risks.
�
An Executive Committee whose members can be
invited to attend Board Meetings when important
items within their scope of responsibilities are on the
agenda.
Its first mission is to update the consolidated risk mapping
of the Group, scheduled for March 2013. In line with
the reinforcement of the governance of the Group, this
committee is intent on making progress on all levels. It
40
Libert Froidmont
reports directly to the Audit Committee.
The Ethics Committee
Ethics management within CMI Group falls within the
remit of the Ethics Committee composed of five members
chosen and recognised for their integrity and experience in
the Group. This committee is responsible for defining good
practices in business ethics and making them available to
all entities of the Group. It organizes and supervises their
implementation and arbitrates when needed. It draws up
regular reports for the Audit Committee. Set up in the last
quarter of 2012, this committee will be operating at full
efficiency in 2013.
The Appointment
and Remuneration
Committee
The Appointment and Remuneration Committee assists
the Board of Directors and the shareholders in choosing
directors, members of specialised committees and
Group managers to sit on the Executive Committee. This
Committee also decides on the remuneration of the Group’s
executives, with the assistance of experts independent of
CMI’s management bodies. It is chaired by Bernard Serin
and composed of Pierre Meyers and Libert Froidmont.
The Development
Committee
The sustainable development of an engineering group
depends highly on its capacity to regenerate its portfolio
of technologies and products. Created in 2011, the
Development Committee defines the Group’s policy
on development and innovation. It sets the priorities for
the coming financial years, makes sure that sufficient
The Board of Directors
(on 31 December 2012) - Term of office expires in: April 2013
Bernard Serin, Chairman and Managing Director (Executive)
Pierre Meyers, Vice-Chairman
Gérard Bernard, Independent Director
Libert Froidmont, Independent Director
Albert Henon, Independent Director
Hans-Joachim Krüger, Independent Director
Nicolas Serin, Director
Louis Smal Consulting, Represented by Louis Smal, Independent Director
S2M Productions SPRL(1), Represented by Maurice Semer, Independent Director
(1) Appointment of S2M Productions, represented by Maurice Semer, co-opted at the meeting of the Board of
Directors of 11 December 2012 to replace Jean Potier who passed away in September 2012.
Albert Henon
Hans-Joachim Krüger
Nicolas Serin
resources are allocated, and monitors the
progress of projects through periodic reviews.
It also supervises the proper implementation of
decisions in the different Technology Poles. This
committee is organised by the Chief Development
Officer and chaired by Bernard Serin. It meets
four times a year, but may meet more frequently
as and when required by the intensity of the
developments portfolio.
Louis Smal
Maurice Semer
The CMI Group shareholders
(on 31 December 2012)
Percentage
Number of shares
80,65%
659 478
Chrysos SA
For the Record
1
Dodeca SA
19,35%
158 270
Euremis Luxembourg SA
www.cmigroupe.com
41
Bernard Serin
Pierre Meyers
Brigitte Coppens
Yves Honhon
The Executive Committee
The Executive Committee (COMEX) makes proposals to
the Board of Directors regarding the strategy, development,
monitoring and financing of the Group’s activities, to ensure
profitable growth. It takes operational decisions in line with
the decisions of the Board of Directors. It defines the options
that CMI’s representatives will present at board level of the
various subsidiaries. The Executive Committee ensures the
optimization of the convergence between operating sectors
in financial, human, technical and commercial terms. If
necessary it arbitrates. It embodies CMI’s values and spirit,
and ensures compliance with the Corporate Identity. It
represents the Group before its institutional partners.
The composition of the Executive Committee changes in
42
Jean-Marc Kohlgruber
line with the development of the Group to guarantee a
balanced representation of the operating and functional
units.
In its core format, the Executive Committee is composed of
the Chairman and Managing Director, the Vice-Chairman
of the Board of Directors, four operating managers (one
per sector) and four managers of support functions. In its
extended version, six senior managers join the Executive
Committee for a quarterly operational monitoring and an
annual strategic reflection.
Pierre Melin
Each of them is headed by an Executive President who
heads a Sector Committee (COSEC). These committees are
responsible for the profitable and sustainable growth of the
activities of the Group in the various markets, consistent
with the strategies and policies set by the Board of Directors
and the Executive Committee.
The Technology Poles and
Regional Committees
The Sector Committees
The operational activities within the Sectors can be grouped
according to two complementary – technological and
geographic – approaches.
The Group’s operational management is grouped into
activity sectors that benefit from extensive autonomy.
The Technology Poles bring together, under joint authority,
the specialised resources of a Sector dedicated to a line of
The Executive Committee
The Extended Executive
Committee
(on 31 Decembre 2012)
Bernard Serin, Chairman and Managing Director
Pierre Meyers, Vice-Chairman of the Board Directors
Brigitte Coppens, Chief Communication Officer
Yves Honhon, Chief Financial and Administrative Officer
Jean-Marc Kohlgruber, Executive President of CMI Industry
Pierre Melin, Executive President of CMI Energy
Patrick Paramore, Chief Sales and Legal Officer
Franck Pasqualini, Executive President of CMI Services
Jean-Luc Taelman, Chief Human Resources Officer
Paul Thonon, Executive President of CMI Defence
Patrick Paramore
(on 31 Decembre 2012)
Michel Boyer, Executive President of CMI Thermline
José Callegari, Executive President of CMI Processing Lines
Denis Debroux, Chief Information Officer
Jean-Marie Hansoul, Vice Executive President of CMI Energy
Jean Jouet, Chief Development Officer
Gérard Kocher, Chief Safety and Environment Officer
Franck Pasqualini
products or services that correspond to a specific
market niche. These poles are responsible for the
technological and commercial development of
the portfolio of products/services of the market
concerned.
Generally part of a separate legal entity, each of the
Operational Units is responsible for the profitable
execution of the contracts and the satisfaction
of its customers. When several operational units
coexist within a close geographic area, they
can be brought under a joint regional authority,
the Region. This arrangement ensures a more
efficient commercial coverage, personalised
follow-up of customers, and rational use of
resources in the same area.
Jean-Luc Taelman
Each Operational Unit has its own management
committee. These committees organise the
implementation of the operational decisions
taken by the Sector Committee (COSEC) in
their scope of activities. They are answerable
for achieving the targets set for them and for the
optimal development of the technical and human
resources entrusted to them in compliance with
the strategic and policy lines drawn up by their
Sector Committee.
www.cmigroupe.com
Paul Thonon
Certified Public Accountant
DELOITTE Reviseurs d’Entreprises
SC s.f.d. SCRL
Represented by Laurent Weerts
Rue Alfred Deponthière, 46
BE - 4431 Liège (Loncin)
Belgium
End of appointed term: April 2013
43
Consolidated
financial
statements
At the end of the round:
the scores
The Group consolidates the accounts of all its subsidiaries according to the
International Financial Reporting Standards (IFRS).
The Auditor has issued an unreserved opinion on the consolidated accounts of
CMI, from which the financial statements below are taken. The complete accounts
are published in the 2012 Financial report.
In accordance with the Companies Code, the CMI consolidated accounts, the
management report and the auditor’s report are filed with the National Bank of
Belgium. These documents are also available upon request.
www.cmigroupe.com
Consolidated financial statements
45
Assets
In thousands of euros
NON CURRENT ASSETS
31/12/2012
31/12/2011
31/12/2010
138 426
122 856
130 535
43 617
43 453
40 049
Goodwill
Intangible assets
8 520
4 933
5 617
Tangible assets
52 606
48 515
60 180
Investments in associates
1
937
670
Other financial assets
9 658
8 784
7 957
Other non current assets
4 277
1 596
789
Deferred tax assets
19 747
14 638
15 273
CURRENT ASSETS
339 018
419 379
391 186
Inventories
45 984
60 182
59 060
243 464
294 721
257 838
Income tax receivable
2 168
2 233
1 378
Other financial assets
2 732
4 489
2 128
41 137
52 854
61 436
3 533
4 900
9 346
477 444
542 235
521 721
Trade and other receivables
Cash and cash equivalents
Other current assets
TOTAL ASSETS
Liabilities and shareholders equity
31/12/2012
31/12/2011
31/12/2010
Equity
80 973
65 008
115 475
Capital
42 038
42 038
47 000
Other reserves
-1 518
-224
2 645
Retained earnings
40 453
23 194
65 830
7 613
7 067
7 769
59 201
66 953
34 948
4 077
3 351
3 306
Provisions
11 457
10 991
6 666
Borrowings
33 055
42 480
16 584
943
2 096
0
3 212
3 730
3 605
NON CONTROLLING INTERESTS
NON-CURRENT LIABILITIES
Employee Benefits
Other financial liabilities
Other non current liabilities
Deferred tax liabilities
CURRENT LIABILITIES
Employee Benefits
6 457
4 305
4 787
329 657
403 207
363 529
50
3
3
Provisions
8 064
6 325
11 665
Borrowings
20 366
37 215
47 204
1 483
3 766
354
281 381
347 009
289 676
8 830
1 246
2 116
Other financial liabilities
Trade debts
Income tax payable
Other current liabilities
TOTAL LIABILITIES
46
9 483
7 643
12 511
477 444
542 235
521 721
Consolidated profit and loss account
31/12/2012
31/12/2011
31/12/2010
Revenue
792 789
710 666
561 937
Cost of sales
-655 001
-606 945
-473 861
GROSS MARGIN
137 788
103 721
88 076
-6 428
-5 162
-2 897
Sales and marketing costs
-26 526
-20 472
-18 286
General and administrative costs
-68 872
-65 799
-62 010
Other operating income / (expenses)
-3 836
7 820
6 592
OPERATING PROFIT BEFORE RESTRUCTURING
COSTS
32 126
20 108
11 475
Research and development costs
Restructuring costs
OPERATING PROFIT (EBIT)
0
0
-1 470
32 126
20 108
10 005
Interest income
272
938
645
Interest charges
2 968
2 587
1 779
Net finance cost
Other financial income / (expenses)
Share of the net result of associates
-2 696
-790
-516
-1 649
-3 007
326
-1 134
-1 555
1 234
RESULT BEFORE TAX
28 124
15 778
8 550
Income taxes
-9 735
-3 189
-6 420
RESULT AFTER TAX
18 389
12 589
2 130
Non controlling interest
357
639
543
GROUP NET RESULT
18 032
11 950
1 587
www.cmigroupe.com
47
Consolidated companies on 31 December 2012
Company
CMI SA
CMI AMERICA INC
CMI BEUGIN SASU
CMI BRAZIL LTDA
CMI BRAZIL PARTICIPAÇOES LTDA
CMI BRAZIL SERVIÇOS DE MANUT. EQUIP.
INDUST. LTDA
CMI DEFENCE SARL
CMI ENERGY FRANCE SAS
CMI ENERGY SERVICES BV
CMI ENGINEERING (BEIJING) CO LTD
CMI EPTI LLC
CMI EST SCI
CMI FPE LTD
CMI FRANCE SAS
CMI GREENLINE SAS
CMI INDUSTRY AMERICAS INC
CMI INDUSTRY AUTOMATION PVT LTD
CMI INTERNATIONAL LTD
CMI LUXEMBOURG HOLDING SARL
CMI LUXEMBOURG SERVICES SA
CMI MAINTENANCE EST SAS
CMI MAINTENANCE HAINAUT SA
CMI MAINTENANCE NORD SAS
CMI MCF SAS
CMI MECAREP SARL
CMI MUON SAS
CMI M+W ENGINEERING GMBH
CMI NEISIUS SA
CMI SERVICES MEUSE SARL
CMI STALPROEKT SPRL
CMI STIMEC SAS
CMI SUD SCI
CMI TECH3I SAS
CMI TECH5I Pastor SAS
CMI TECH5I LUXEMBOURG SARL
CMI TRACTION SA
CMI UVK GMBH
NEYRTEC ENVIRO INC
NICOU ENVIRONNEMENT SAS
PROSERPOL SAS
TMO LTD
G=Globale E=Equivalence
48
Country
Consolidation
Method
%
ownership
Belgium
United States
France
Brazil
Brazil
G
G
G
G
G
100,00%
100,00%
100,00%
99,99%
99,99%
Brazil
G
99,99%
France
France
The Netherlands
China
United States
France
India
France
France
United States
India
Great-Britain
Luxembourg
Luxembourg
France
Belgium
France
France
France
France
Germany
France
France
Russia
France
France
France
France
Luxembourg
Belgium
Germany
Canada
France
France
Ireland
G
G
G
G
G
G
G
G
G
G
G
E
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
G
E
100,00%
100,00%
100,00%
60,00%
100,00%
100,00%
75,00%
100,00%
100,00%
100,00%
100,00%
99,98%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
52,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
ENERGY
DEFENCE INDUSTRY SERVICES CORPORATE
Non-consolidated companies on 31 December 2012
Company
Country
CMI CHILE LIMITADO
Chili
CMI COCKERILL ARGENTINA SA
Argentina
CMI IBERICA SL
Spain
%
ownership
DEFENCE
INDUSTRY
SERVICES
CORPORATE
95,00%
34,00%
100,00%
CMI INDIA ENGINEERING PVT LTD
India
99,99%
CMI POWERINDO SE
Indonesia
45,00%
COCKERILL MECHANICAL INDUSTRIES SA DE CV
Mexico
100,00%
EMS SA
Belgium
46,19%
www.cmigroupe.com
ENERGY
49
ENERGY
INDUSTRY
In Belgium
TECHNOLOGY POLES
CMI Heat Recovery Systems
hrs@cmigroupe.com
Tel. +32 4 330 2428
CHEMLINE
chemline@cmigroupe.com
CMI Solar
solar@cmigroupe.com
Tel. +32 4 330 2505
In the United States
CMI Energy LLC (ex CMI EPTI)
energy.llc@cmigroupe.com
Tel. +1 814 897 7000
GREENLINE
greenline@cmigroupe.com
PROCESSING LINES
processing.lines@cmigroupe.com
ROLLING MILLS
rolling.mills@cmigroupe.com
THERMLINE
thermline@cmigroupe.com
OPERATIONAL UNITS
In Brazil
CMI Brasil Ltda
brasil@cmigroupe.com
Tel. +55 31 3789 5342
In China
DEFENCE
In Belgium
CMI Defence
defence@cmigroupe.com
Tel. +32 4 330 2001
CMI Beijing Engineering
beijing.engineering@cmigroupe.com
Tel. +86 10 5265 9779
In Europe
In France
CMI Beugin
Tel. +33 3 21 47 5200
CMI Defence
defence@cmigroupe.com
Tel. +33 3 82 88 8567
CMI Greenline Europe
greenline@cmigroupe.com
Tel. +33 1 64 69 5800
CMI
Worldwide
CMI Metallurgy
metallurgy@cmigroupe.com
Tel. +32 4 330 2027
CMI M+W Engineering GmbH
mw.engineering@cmigroupe.com
Tel. +49 231 77 52 0
CMI Proserpol
proserpol@cmigroupe.com
Tel. +33 1 30 45 9020
CMI Industry Russia (ex CMI Stalproekt)
industry.russia@cmigroupe.com
Tel. +7 474 251 6979
CMI Thermline Europe
thermline@cmigroupe.com
Tel. +32 4 330 7704
CMI UVK GmbH
Tel. +49 2602 99 99 0
In India
CMI FPE Ltd.
fpe@cmigroupe.com
Tel. +91 22 6676 2727
CMI Industry Automation Pvt. Ltd.
automation@cmigroupe.com
Tel. +91 22 6676 2727
In the United States
CMI Industry Americas Inc.
industry.americas@cmigroupe.com
Tel. +1 330 332 4661
SERVICES
TECHNOLOGY POLES
ENERGY
services.energy@cmigroupe.com
NUCLEAR
services.nuclear@cmigroupe.com
RAIL
services.rail@cmigroupe.com
STEEL
services.steel@cmigroupe.com
WINDTURBINE
services.windturbine@cmigroupe.com
OPERATIONAL UNITS
In Belgium (Flanders)
CMI Services Energy North
services.energy.north@cmigroupe.com
Tel. +32 3 860 0860
In Belgium (Wallonia)
CMI De Malzine
de.malzine@cmigroupe.com
Tel. +32 4 330 2501
CMI Locos Diesel
services.rail@cmigroupe.com
Tel. +32 4 330 2433
CMI Maintenance Hainaut
maintenance.hainaut@cmigroupe.com
Tel. +32 64 52 1611
CMI Maintenance Liège
maintenance.liege@cmigroupe.com
Tel. +32 4 330 2422
CMI Services Energy Sud
services.energy.sud@cmigroupe.com
Tel. +32 4 330 2419
CMI Traction
traction@cmigroupe.com
Tel. +32 64 521 631
In Brazil
CMI Serviços Brasil
servicos.brasil@cmigroupe.com
Belo Horizonte (Minas Gerais)
Tel. +55 31 3789 5342
Joinville (Santa Catarina)
Tel. +55 47 3027 7453
Gueugnon
Tel. +33 3 85 85 45 84
Le Pontet
Tel. +33 4 90 32 43 43
CMI Muon
services.nuclear@cmigroupe.com
Tel. +33 3 82 82 97 28
In Luxembourg
CMI Services Meuse
services.meuse@cmigroupe.com
Tel. +33 3 29 91 36 56
CORPORATE
CMI Tech5i Luxembourg
tech5i.luxembourg@cmigroupe.com
Tel. +352 266 743 10
CMI Maintenance Nord
maintenance.nord@cmigroupe.com
Tel. +33 3 28 51 84 20
India
india@cmigroupe.com
Tel. +91 22 6676 2727
CMI MCF
mcf@cmigroupe.com
Tel. +33 3 28 66 53 90
CMI Services Energy France
services.energy.sud@cmigroupe.com
Tel. +33 3 20 67 10 45
In France (Center)
In France (South)
CMI Stimec
stimec@cmigroupe.com
Tel. +33 3 85 84 42 40
CMI Tech3i
tech3i@cmigroupe.com
In France (East)
Martigues
Tel. +33 4 42 05 20 81
CMI Maintenance Est
maintenance.est@cmigroupe.com
Port-de-Bouc
Tel. +33 4 42 06 07 22
Belleville
Tel. +33 3 83 23 44 77
CMI Tech5i/Pastor
tech5i.pastor@cmigroupe.com
Beuvange
Tel. +33 3 82 50 60 00
Feuillane
Tel. +33 4 42 40 05 00
China
china@cmigroupe.com
Tel. +86 10 6561 1126
Europe (Head Office)
welcome@cmigroupe.com
Tel. +32 4 330 2243
In France (North)
Vitória/Serra (Espírito Santo)
Tel. +55 27 3065 3566
Brazil
brasil@cmigroupe.com
Tel. +55 31 3789 5342
Russia
russia@cmigroupe.com
Tel. +7 495 937 1920
Avenue Greiner, 1
BE - 4100 Seraing
Belgium
Tel. +32 4 330 22 43
Fax +32 4 330 25 82
The Communication Department thanks all those who contributed
to the making of this Activity report.
Ce Rapport d’activités est également disponible en français sur
demande à communication@cmigroupe.com
CMI also publishes a financial report containing all the financial
data in IFRS format. This financial report is available in French and
English on request at group.finance@cmigroupe.com
Information on the CMI Group is available in other languages
at www.cmigroupe.com
Produced by
The Communication Department of the CMI Group, in collaboration
with Alias Languages, AZPrint, H2 Marketing, Vectis consult and
Visible.be.
Edited by: Brigitte Coppens Chief Communication Officer CMI Group
Avenue Greiner, 1 – BE-4100 Seraing – Belgium.
Photo credits: © CMI, Getty Images, Jupiter Images, Shutterstock,
Thinkstock, Fabien Vieilletoile.
Publication produced according to ecological standards.
© 2013 Cockerill Maintenance & Ingénierie.
Energy
Defence
Industry
Services
CMI designs, installs, upgrades and services equipment for energy,
defence, steel-making and other general industry markets. Its objective is to assist clients throughout the whole of the life-cycle of their
equipment in order to improve the economic, technical and environmental performance of this equipment.
The benefits which CMI places at the disposal of its clients are numerous: a unique combination of engineering expertise and maintenance
along with the management of international projects, a vast geographic
and technological scope, and an ability to innovate in accordance with
the concrete needs of its customers.
CMI numbers almost 4 000 employees in Brazil, China, the United
States, Europe, India and Russia. A private independent Group since
2002, CMI has placed a great deal of emphasis on diversifying its portfolio. Following ten years of pursuing a winning strategy which has now
been crowned with the best results in its history, the CMI of today is
an attractive technological Group, driven on by a desire for sustainable
industrial progress.
CMI, ever more reliable, efficient equipment, and more
respectful of the environment.
Avenue Greiner, 1
BE - 4100 Seraing
Belgium
Tel. +32 4 330 22 43
Fax +32 4 330 25 82
www.cmigroupe.com

A new driving force

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