FABRICOM SHOWS STRONG 1999 RESULTS.
Fabricom, Tractebel's wholly-owned subsidiary, showed net profit amounted to BEF 769.9 million compared with BEF 813.3 million for 1998. This slight fall is mainly due to reduced financial income, which was increased during 1998 by extraordinary dividends received. The Board of Directors said it wanted to give the company the financial resources it needs to pursue strategic objectives. Therefore, following an earlier decision, it will recommend at the AGM that a dividend should not be declared, thus bringing the capital and reserves of Groupe Fabricom to BEF 16,093 million. The group's turnover in 1999 amounted to BEF 110.1 billion, compared with BEF 95.2 billion in 1998. Fabricom continued its policy of expansion in 1999. Investments were maintained at a very high level, amounting to more than BEF 12 billion compared with BEF 13.8 billion in 1998. In addition to significant internal growth, the group experienced strong external expansion in its three areas of activity: technical installations, technical management and waste management. This external growth was particularly apparent outside Belgium, where the group carried out more than 60% of its activities in 1999. The group now employs 27,000 people, 11,000 of them in Belgium. The impact of depreciating consolidation goodwill - resulting from a voluntary policy of external growth - has declined in relative terms because of the increase in the group's profits. "A further improvement in the results may therefore be expected in 2000", said the press statement.