CMB strengthens growth and looks towards the future
For 2019, the construction sector observatory Cresme indicates an upturn in investments in the sector in Italy, with works and concessions put to tender totalling € 39,970 million, an increase of 39.2% compared to 2018. In this context, CMB closed 2019 with the acquisition of the Santa Chiara Hospital in Pisa, while on the European front, it was involved in the restoration of the United Nations offices in Geneva.
“Today, the company’s order portfolio is worth almost € 3 billion, one of the highest ever, and it is focusing its strategy for the coming years on a sustainable rise in revenue and margins, containing the risks connected with the activity with an integrated offer of constructions and services, and concentrating commercial activity on tenders that place the accent on quality, rather than the lowest possible price”, underlined the President, Carlo Zini. A step in this direction is the partnership with the Australian property developer Lendlease for the redevelopment of the Expo area for the University of Milan, and the recent framework agreement signed for the construction of the “Spark One” and “Spark Two” office complexes in the Santa Giulia district in Milan.
On the financial front, 2019 closed with a drop in the indebtedness that has been continuing since 2012, and an improvement in the main performance indicators. A drop in net financial position is also expected for 2020, given the self-financing of the construction activity and the policy disposal of property assets and mature hospital projects.
The main objectives are to bring revenue to € 650 million in 2020, with an average annual growth of 7% thanks to a number of large orders in Italy and abroad. From a commercial point of view, CMB has confirmed its intention to export its specialist skills, in particular in the hospital sector and the construction of tall buildings, to countries with a high rating, such as Denmark and Switzerland. The Group’s capital structure has once again proved solid and well-balanced, with a level of financial indebtedness below the sector average, and the containment strategy currently applied will continue for the following years, in line with the prudent approach that is the hallmark of CMB.
As regards human resources policy, the process of bringing in younger staff continues; 120 people joined the company between 2018 and 2019, with a further 40 expected in 2020. With the new company agreement, active since December, CMB aims to place key importance on valuing its members and employees, with a new performance management and company welfare model, as well as the introduction of a bonus for results obtained.
The 2020 Budget, the update of the Plan and the Forecasts for 2021 were presented to members on Saturday 15 February, with speeches given by the President of the Emilia – Romagna Region, Stefano Bonaccini, and the President of Legacoop Estense, Andrea Benini.
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