Press release

First half year 2011: business is solid overall, profitability has improved over end of June 2010

The Board of Directors of Colas, chaired by Mr. Hervé Le Bouc, met on August 29, 2011 to examine the half-year statements as of June 30, 2011 and outlook for the current year.


Consolidated key figures


In millions of euros

1st  half year 2010

1st half year 2011


1st half year


Reference full year 2010


Consolidated revenue




+ 8.0%


Current operating income




 + 34 M€



Operating income




+ 47 M€



Consolidated net profit

(Group share)




+ 31 M€



(a) -47 M€ posted during first half-year 2010 (-13 M€ were posted as "other operating incomes and expenses")

Overall, business was strong during first half-year with major geographic gaps:

As of June 30, 2011, the Colas Group posted consolidated revenue totaling 5.400 billion euros, compared to 5.002 billion euros at the end of June 2010, i.e., an 8.0% increase (4.1% with identical exchange rates and scope of business), made possible by an increase in business in mainland France and, to a lesser extent, in Northern Europe.   


At the end of June 2011, revenue totaled 3.5 billion euros, a 14.8% increase over the end of June 2010 (9.3% with identical scope of business).

In mainland France, revenue in the Group's Road companies rose 12%, boosted by milder first quarter winter weather compared to the previous year.  In spite of sharp contrasts as far as investments from local authorities are concerned, the road market is roughly identical to that of 2010, thanks to a slight rise in private investment along with road work projects linked to a number of city public transport plans.  Business in the Group's specialized activities is up a sharp 25% (+5% excluding new business derived from the sales of refined oil products by SRD: base oils, paraffin, fuels).  

Revenue in the French Overseas Departments has improved 5% thanks to good business in French Guiana and Mayotte, a slight recovery in Reunion Island, and despite the ongoing recession in the French West Indies.    



At the end of June 2011, revenue in the Group's international units and the French Overseas Territories totaled 1.9 billion euros, a slight 2.8% decrease over June 30, 2010 (-3.6% with identical exchange rates and scope of business).

North America recorded 0.7 billion euros in revenue (-1.6%).  Unfavorable weather conditions lasted well into May, making it impossible for Group companies to benefit from an increase in work-on-hand, especially in Canada. 

Revenue in the Group's companies operating in Northern Europe is up a slight 3%, at 0.5 billion euros.  

Business in central Europe posted a 20% drop at 0.3 billion euros, in line with all previous forecasts.  The slump was more patent in Slovakia and Romania. 

Elsewhere around the world, revenue at 0.4 billion euros is roughly similar to the figures recorded at the end of June 2010 (-3%), with a decrease in the Indian Ocean (Madagascar) and West Africa. 


By business sector:

A breakdown of the 5.4 billion euro revenue figures shows the following:

  • Roads: 4.0 billion euros (+6%)
  • Specialized activities (Civil Engineering, Pipes and mains, Waterproofing, Railways, Building and deconstruction, Safety and signaling, Sales of refined oil products): 1.4 billion euros (+16% and + 2% excluding sales of refined oil products)



Profitability has improved compared to the end of June 2010:

As of the end of June 2011, operating income has increased 47 million euros compared to the end of June 2010.

Current operating profits have increased 34 million euros, due to the following:

- more favorable weather conditions, except for North America,

- initial impact of streamlining and cost control plans implemented in 2010,

- smaller losses recorded in central Europe.

In addition, no non-current operating expenses were posted during the first half of 2011, contrary to the first half of 2010 when 13 million euros were recorded.


The Group share of net profit is positive at 2 million euros, a 31-million euro improvement over the end of June 2010.


Even though revenue rose during the first half year, good sales helped keep work-on-hand at an elevated 7.2 billion euros at the end of June 2011, stable compared to the end of June 2010 (including the following noteworthy projects:  a 96-million euro contract for the extension of the light metro in Kuala Lumpur, Malaysia, a 152-million euro long-term railway maintenance contract in Great Britain, a 48-million euro contract for the construction and widening of airport runways in Mauritius, a 41-million euro contract for the Fort McMurray, Canada airport, a 37-million euro design and build contract for a prison in Mayotte).

For the full year 2011, forecasts show an increase in revenue of over 5% in mainland France.  Business in the French Overseas Departments should be similar to last year.  In North America, a high level of work-on-hand augurs well, if the weather is more favorable during the second half year.  In Northern Europe, given the high level of business in 2010 upon which comparisons are based, figures could decrease some 10% (budget restrictions in the United Kingdom and Ireland).  In central Europe, programmed streamlining of activity is continuing as per Group strategy.  Business elsewhere around the world could be down very slightly (Madagascar and West Africa). 

Based on all currently available data, 2011 revenue targets set in February at 11.8 billion euros have been adjusted to 11.9 billion euros.  Plans launched in 2010 to help Group companies adapt have made it possible to confirm improved profitability for the full year 2011.

Download the pdf

Delphine Lombard
01 47 61 76 17 -