Annual results Building the future together

Annual results 2010 Building the future together Headlines 2010 ¾ CFE attained its FY guidance ¾ Order book remains high and outlook is favourable...
Author: Barnard King
1 downloads 0 Views 8MB Size
Annual results

2010

Building the future together

Headlines 2010 ¾ CFE attained its FY guidance ¾ Order book remains high and outlook is favourable ¾ Increased revenues, EBITDA & EBIT ¾ Very strong activity in Dredging & Environmental division ¾ Significant investments in Dredging and Environmental division 2

Key figures – consolidated Key financials (€m) Revenues

2009

2H ’09

1H '10

1,602.6

826,0

869.5

Growth rate

-7.2%

-7.2%

12%

EBITDA

184.2

97.6

94.5

11.5%

11.8%

EBITDA margin EBIT

10.9%

2H '10

2010

904.9

1,774.4

9.6%

10.7%

102.8

197.3

11.4%

11.1%

50.7

99.1

5.6%

5.6%

56.9

105.3

6.3%

5.9%

31.2

63.3

3.4%

3.6%

88.6

42.1

48.4

5.5%

5.1%

5.6%

93.1

46.6

48.4

5.8%

5.6%

5.6%

61.7

27.4

32.1

Net margin

3.8%

3.3%

3.7%

Order book

2,024

2,024

2,020

1,939.1

1,939.1

Net financial debt

152.5

152.5

278

248.0

248.0

EBIT margin REBIT REBIT margin Net result

3

CFE : a multidisciplinary contractor Five cornerstones PPP-Concessions Construction ƒ Civil Engineering ƒ Infrastructure projects - tunnels, bridges, roads ƒ Buildings – offices, industrial, commercial and residential ƒ Renovation & rehabilitation ƒ Bonded laminates

ƒ ƒ ƒ ƒ ƒ ƒ

19% stake in PPP Schulen Eupen 45% stake in Rent-A-Port 25% stake in Locorail 18% stake in Coentunnel 25% stake in Bizerte Study costs concessions

Dredging and Environment ƒ ƒ ƒ ƒ ƒ

50% stake in Deme Capital dredging Maintenance dredging Environmental business Oil & Gas

0,0% 40,0% 51,0%

Real Estate and Management services ƒ Real estate development ƒ Specific associated services: - Project management - Property management

Multitechnics

1,0% 8,0%

ƒ Electrical contracting ƒ Railroad electrification and signalisation ƒ Installation of high tension lines ƒ Industrial & process automation ƒ HVAC

4

Key facts 2010 9

January •

In the multitechnics division, CFE exercised its option to purchase all the remaining shares of Druart, a company specialising in heating, ventilation and air conditioning.

Druart

5

Key facts 2010 9

February •

Start of excavation work for the first tunnel of the Liefkenshoek Rail Tunnel project in Antwerp. .

6

Key facts 2010 9

March •

CFE Polska started the turnkey construction of 143 apartments in the Ocean’s Four residential complex in Gdansk; BPI is the property developer .



DEME began work on the London Gateway, one of Europe’s biggest container terminals. It is located on the Thames, 50 km to the east of London .

The residential project , Ocean’s 4, in Gdansk

7

Key facts 2010 9

April •

CFE Tchad launched the first construction phase of the new University of N’Djamena in Chad.

Construction of the new campus of the University of N’Djamena in Chad

8

Key facts 2010 9

May •

CFE Brabant won the contract to build the fourth European school in Brussels on the site of the former Ecole des Cadets

Artist impression of European School in Laeken

9

Key facts 2010 9

June •

CFE acquired a 55% interest in Terryn, Belgium’s market leader for bonded laminates.

.

Group Terryn, Belgian market leader in the production and construction of bonded laminated structures

10

Key facts 2010 9

July •

DEME won several contracts in Russia, one of which calls for preparing the construction of the 2014 Winter Olympic Games Village in Sochi ; post-lay rock placement along 1,220 km of Nord Stream’s two gas pipelines that will run from Russia beneath the Baltic Sea to northern Germany ; the placement of 100,000 tonnes of calibrated gravel to form a bed for the Gazprom Neft Shelf gas platform

Post-lay rock placement along 1,220 km of Nord Stream’s two gas pipelines that will run from Russia beneath the Baltic Sea to northern Germany

11

Key facts 2010 9

September •

9

In Ostend, BPI was selected for the development of a housing complex on the sea front. This very large project (120,000 sq. metres of housing) will be carried out in phases.

October •

DEME strengthened its position in the Persian Gulf with the launch in Singapore of the Al Jarraf, a new self-propelled cutter dredger

Al Jarraf, a new self-propelled cutter dredger

12

Key facts 2010 9

November •

9

CFE acquired 65% of the share capital of SA Brantegem, a company based in Alost that specialises in HVAC and plumbing fixtures.

December •

CFE Concessions, in a joint venture, signed the contract to finance, build, refurbish and maintain seven schools in the German-speaking Community of Belgium

.

Refurbishment and maintain seven schools in the German-speaking Community of Belgium

13

Big projects marketed Name

Description

Estimated amount Status at 100% (Construction cost)

Antwerp ring road

10 km ring road, viaduct & tunnel

> 2.300 € million

Preferred bidder

Livan I

Design, build, finance and maintenance of tram infrastructure project in Antwerp

Capex < 100 million €

First offer end April

Stelplaatsen II

Design, build, finance and maintenance of 4 bus depots in the Flemish region

Capex < 100 million €

First offer end March

Missing Links A11 Brugge

Design, build, finance and maintenance of new road infrastructure in the area of Brugge.

Capex around 350 million €

First offer mid May

Missing Links North-South connection Limburg

Design, build, finance and maintenance of new road infrastructure in the area of Limburg.

Capex around 350 million €

First offer mid August

Police Office Charleroi

Design, build and finance of new police offices in Charleroi

Capex < 100 million €

BAFO submitted en 2010

14

Images 2010

Office buildings Access and Bridge - Brussels

15

Images 2010

Commercial centre Przymorze and Decathlon – Gdansk (Poland)

16

Images 2010

Flintstone - DEME

Images 2010

Liefkenshoek rail tunnel - Antwerp

18

Images 2010

Biomassa III - Rodenhuize

19

Images 2010

Congo River - DEME

20

Images 2010

Rail tunnel project – Delft (Netherlands)

21

Images 2010

Overhead lines – Schaerbeek

22

Images 2010

Victor Horta - DEME

Images 2010

Two piers for the new Maasvlakte LNG terminal - Rotterdam

24

Images 2010

Renovation office building and commercial centre - Brussels

25

Images 2010

Dredging works – Valencia (Spain)

26

An eye on the divisions ¾ Construction division ¾ Real estate & management services division ¾ Multitechnics division ¾ PPP – concessions division ¾ Dredging & environmental division

27

CONSTRUCTION DIVISION 28

Construction profile Key financials (€m)

2009

1H10

2H10

Revenues

742.5

344.7

363.1

707.8

26.0

9.1

10.3

19.4

3.5%

2.6%

2.8%

2.7%

8.8

6.0

4.2

10.2

1.2%

1.8%

1.2%

1.4%

11.5

6.0

4.2

10.2

1.6%

1.8%

1.2%

1.4%

3.5

4.9

3.9

8.8

Net margin

0.5%

1.4%

1.1%

1.2%

Order book

845.0

873.1

826.4

826.4

EBITDA EBITDA margin EBIT EBIT margin REBIT REBIT margin Net result

2010

¾

Order book decreases with 2.2% or 19 million EUR compared to FY 2009, but new important order intake of 70 million EUR in January

¾

Activity decreases with 4.7% due to decrease in “building” mainly in Luxemburg

¾

Results are driven by MBG, CFE Brabant, GEKA, BPC and Amart

¾

CFE acquired a 55% stake in Terryn, Belgian market leader in the production and construction of bonded laminated structures (consideration paid : 10.7 million EUR)

Group Terryn - Belgian market leader in the production and construction of bonded laminated structures

29

Construction profile Order book breakdown 2010

Order book breakdown 2009

Roads 2,0%

Roads 3,2%

Buildings 41,7%

Civil Engineering 41,0% Buildings 57,0%

Civil Engineering 55,1%

Breakdown of revenues construction by activity 2010-2009

Breakdown of revenues construction by region 2010-2009

Roads 5%

Roads Other 3% 6%

International ECE 5% 8% Luxemburg 4%

Civil Engineering 31% Civil Engineering 34%

Buildings 57%

Netherlands 15% Buildings 64%

ECE 8% Luxemburg 11%

Netherlands 13% Belgium 68%

Belgium 68%

30

REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES

31

Real Estate and management services profile Key financials (€m) Revenues EBITDA EBITDA margin EBIT EBIT margin Net result Net margin Capital employed Order book ¾ ¾ ¾ ¾ ¾ ¾

2009

1H10

2H10

2010

27.0

10.1

9.7

19.8

7.0

6.4

2.7

9.1

26.0%

63.0%

28.2%

46.1%

7.4

2.6

4.6

7.2

27.4%

25.9%

20.3%

23.1%

5.2

0.9

2.6

3.5

19.0%

8,9%

27.0%

17.8%

135.0

141

137

137

9.4

6.5

17.0

17.0

Real estate activity remains high In Belgium, three jointly developed office projects were sold in 2010 BPI won a PPPPPP-tender in Ostende to develop 55,000 m² m² residentials In Poland BPI launched a residential project “Ocean Four” Four” commercializing is Green Hill - Luxembourg on target The segment increased its position in Luxemburg by a 25% stake in in “Green Hill” Hill” and 50% in an office development project EBIT is comparable with last year with a shift from Luxemburg towards towards Belgium as largest contributor

32

Real Estate and management services profile Breakdown of capital employed 2010-2009 Commercialisation 10%

Commercialisation 10% Design & Development 35%

Construction 36%

Design & Development 54%

Construction 55%

33

MULTITECHNICS DIVISION

34

Multitechnics profile Key financials (€m)

2009

1H10

2H10

2010

Revenues

140.7

68.7

79.9

148.6

7.7

4.1

5.2

9.3

5.5%

5.9%

6.5%

6.2%

4.2

2.1

4.2

6.3

3.0%

3.0%

5.2%

4.2%

6.0

2.1

4.2

6.3

4,3%

3.0%

5.2%

4.2%

1.3

1.0

2.7

3.7

Net margin

0.9%

1.5%

3.4%

2.5%

Order book

108.7

104.1

128.2

128.2

EBITDA EBITDA margin EBIT EBIT margin REBIT REBIT margin Net result

Van De Maele Multi-Techniek – electrical installation and lighting a new office building belonging to the Embassy of the Netherlands in Brussels

¾

Order book increased considerable with 19 million EUR or 18% to 128 million EUR

¾

The increased revenues are attributable to the acquisition of Van Van De Maele MultiMulti-Techniek

¾

EBIT increased slightly driven by VMA, Van De Maele MultiMultiTechniek and Engema

¾

During the first half year CFE acquired for 3 million EUR the remaining stake of Druart (call option), it became profitable again.

¾

During the second half year CFE acquired Brantegem

35

PPP - CONCESSIONS DIVISION 36

PPP-concessions profile Key financials (€m) Revenues EBITDA EBITDA margin EBIT EBIT margin

2009

1H10

2H10

2010

3.6

1.2

2.2

3.4

(0.5)

(1.5)

(0.6)

(2.1)

-

-

-

-

(1.9)

(1.6)

(2.1)

(3.7)

-

-

-

-

(1.6)

(2.1)

(3.7)

-

-

(0.8)

(1.0)

(2.4)

(3.4)

-

-

-

-

Rebit Rebit margin Net result Net margin

¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾

Design and construction of the Liefkenshoek and Coentunnel are in progress The parking Turnhout developed jointly with Vinci Park entered into exploitation CFE acquired in partnership the order for schools in “German Community” Community” in Belgium In addition CFE has been pre qualified for the missing links, a tramline in Antwerp and bus depots Relative to Antwerp Ring Road, Noriant is waiting for the Flemish Government decision CFE and AVH created RAP Energy with on purpose to coordinate and explore wind turbine concessions RentRent-A-Port continues developing its service activities and port concessions in Vietnam, Nigeria and Oman Results are hit by a one off write off on a project in Liberia

Construction of the Liefkenshoek rail tunnel

37

HOLDING DIVISION 38

Holding profile Key financials (€m) Revenues EBITDA EBITDA margin EBIT EBIT margin REBIT REBIT margin Net result Net margin

2009

1H10

2H10

2010

0.0

0.0

0.0

(0.6)

0.3

(0.3)

-

-

-

(0.4)

(6.4)

(6.7)

-

-

-

(0.4)

(0.2)

(0.6)

-

-

-

(0.5)

(5.3)

(5.8)

-

-

-

¾

Considering the current political situation CFE amortized partly its asset under construction on a project in Bizerte

Order book

39

DREDGING AND ENVIRONMENTAL DIVISION 40

DEME (at 100%) Key financials (€m) -

2009

1H10

2H10

2010

1,402.6

887.8

912.8

1,800.6

289.0

155.3

173.4

328.7

20.6%

17.5%

19.0%

18.3%

146.8

83.7

93.2

176.9

10.5%

9.4%

10.2%

9.8%

Net result

103.0

55.6

60.9

116.5

Net margin

7.3%

6.3%

6.7%

6.5%

290

250

155

405

2,122.0

2,074

1,935.0

1,935.0

Revenues EBITDA EBITDA margin EBIT EBIT margin

Capex Order book

Huge contribution of container terminal at London Gateway

¾ Significant YoY increase of revenues and results ¾ The well diversified order book characterized by the obtention of multiple contracts remains high ¾ Order book was increased with 500 million EUR new order intake after YE ¾ Huge contribution of container terminal at London Gateway, the wind turbines and Westerscheldt

41

DEME – (at 100%) Widening and deepening of the Pacific side entrance to the Panama Canal

Dredging works in Durban

42

DEME

9 Invest programme continued as planned 9 Several vessels under construction : 9 Breughel : suction hopper dredger 9 Neptune : jack-up vessel 9 Ambiorix and Amazone : see going rock cutter dredgers 9 Congo River, Victor Horta, Flintstone, Al Jarraf will be operational in 2011-2012

43

Worldwide activities Well balanced worldwide activity spread

2010 Dredging

2009 Dredging

Marine w orks, DBM, GeoSea, Scaldis 10%

Marine engineering 10% Environmental activities 12%

Environmental activities 13%

Fallpipe and landfalles 10%

Maintenance dredging 16%

Capital dredging 51%

Oil & gas 7%

Capital dredging 53%

Maintenance dredging 18%

44

Worldwide activities Well balanced worldwide region spread

2010 Dredging Europe non EU 5%

2009 Dredging

Middle East 13% India, Pakistan 3%

Europe - EU 46%

Europe non EU 4%

Middle East 12% India, Pakistan 5%

Europe - EU 38%

Africa 13%

Asia & Oceania 10%

America 10%

Africa 17%

Asia & Oceania 14%

America 10%

45

Worldwide order book Well balanced worldwide activity spread

2010 Dredging

2009 Dredging Other 13%

Other 21%

Environmental 18%

Environmental 17%

Dredging 56%

Dredging 65%

Oil & gas 4%

Oil & gas 6%

46

Synthesis

GROUP CFE

47

Order book evolution 2.500

2.000 1.096 1.500 (€m)

906

800

1.000

695 500

500

44 4

45 7

507

529

573

2004

2005

2006

38 6

60 10

1.061

968

109 9

128 17

845

826

2009

2010

112 9

1.110 880

0 Construction

Real Estate and management services

2007

2008 Multitechnics

Dredging

48

(€m)

Recurring operational result Segment breakdown 125 120 115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 (5) (10)

1 0,2

86,5 86,4

72,9

73,4

39,1 20,8 1,5 9,8 9,3

2004

36,7 2,3 4,5 10,2

2005 Construction

3,5

4,0

12,1

14,8

11,8

11,2

2006

2007

Real Estate and management services

9,0 5,9 9,9

7,4

10,1

11,5

2008 Multitechnics

Dredging

6,2 7,2

-1,9

10,2 -3,6

2009

2010

PPP

49

Statement of financial position consolidated Key financials (€m)

2008

2009

2010

Non-current assets

592.7

680.5

854.3

Current assets

1,091.5

1,030.3

1,026.7

Total assets

1,684.2

1,710.8

1,881.0

Shareholders equity

368.2

423.2

475.4

Non-current liabilities

303.6

288.4

397.9

Current liabilities

1,014.4

998.6

1,007.7

Total equity and liabilities

1,684.2

1,710.8

1,881.0

Capital employed(1)

501.7

575.7

723.5

ROCE (REBIT/CE)

22%

16%

133.5

152.5

Net financial debt

¾

(2)

14% 248.0

Increased non currents assets driven by investments

Note: (1) Capital employed is defined as net financial debt + shareholders equity (2) Corrected ROCE for AUC amounts to 19%

50

Cash flow Breakdown 200 195

150 100 50 0

-10

-5

-11

-18

-15,7

-6

-50 -100 -150

-152,5

-200 -250

¾ ¾

-225

-248,2

Strong capex level in DEME Working capital decreased in DEME, but increased at Real estate 51

Net financial debt evolution 100 50 48

0

(€m)

(50)

-23

78

53

26 -24

-47

-8

-71

(100)

-127

-190

-181

-178

-186

-240

(150)

-254

(200) (250) (300)

2004

2005

2006

2007 CFE excl. DEME

• • •

2008

2009

June 2010

2010

DEME

NFD CFE increased due to investments in property development & working capital financing Diabolo site NFD CFE was positively influenced by selling offices in second half DEME managed to decrease debt level in second half unless investment program acceleration 52

Shareholders and share performance

Share price performance: Shareholders : Vinci Group : 46.84% Public : 53.16%

CFE

1M 2,4%

3M 23%

12M 60%

No of shares: 13.092.260 Share price (22-Feb-11) : 55.95 EUR Market Cap (22-Feb-11) : 731,464 K EUR

53

Dividend ¾ Gross dividend of 1.25 EUR (2009: 1.2 EUR) ¾ Net dividend of 0.9375 EUR (2009: 0.9 EUR) ¾ Pay out ratio 25.9% (2009 : 28.8%)

54

Shareholders agenda ¾ May 5, 2011

Shareholder meeting

¾ May 18, 2011 (After stock exchange)

Intermediary publication Q1

¾ May 18, 2011

Payment of dividend

¾ August 25, 2011 (After stock exchange)

Publication HY11 results

¾ November 15, 2011 (After stock exchange)

Intermediary publication Q3

55

Building the future together