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 Civil Engineering Infrastructure projects - tunnels, bridges, roads Buildings – offices, industrial, commercial and residential Renovation & rehabilitation Bonded laminates
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
50% stake in Deme Capital dredging Maintenance dredging Environmental business Oil & Gas
0,0% 40,0% 51,0%
Real Estate and Management services Real estate development Specific associated services: - Project management - Property management
Multitechnics
1,0% 8,0%
Electrical contracting Railroad electrification and signalisation Installation of high tension lines Industrial & process automation 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