Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — FY2008 Earnings Presentation
50 slides from Compagnie d'Entreprises CFE SA's earnings presentation, Feb 26, 2009
Slide 1: Building the future together
Building the future together February 2009 1
Slide 2: CFE: a multidisciplinary contractor
CFE: a multidisciplinary contractor Five cornerstones Construction Dredging and Environment Civil Engineering PPP-Concessions 50% stake in Deme Infrastructure projects - tunnels, Capital dredging bridges, roads 45% stake in Rent-A-Port Maintenance dredging Buildings – offices, industrial, 25% stake
Slide 3: Highlights 2008
Highlights 2008 Ebitda and net result increased Sales and order book improved significantly CFE Hungary obtains the order for the construction of ‘Spirál Offices’, an office building Increase of the participation in Druart by 25%, of 34,000 m² in Budapest. rising to 62.5%. Druart is a company that i
Slide 4: Highlights 2008
Highlights 2008 Delivery and installation of the first foundations built by MBG, for the offshore wind farm that is being developed by C-Power in Ostend. CFE obtains the contract for the Coentunnel in Amsterdam. This is a ‘DBFM’ (Design, Build, Finance and Maintain) type of contract, with which CFE
Slide 5: Highlights 2008
Highlights 2008 The joint venture SeReAnt, jointly with DEC and Envisan, obtains the very important ‘AMORAS’ contract, for the design, construction and exploitation of a silt treatment and storage installation in the Antwerp harbour. Transfer of all shares of Climmolux to Fidentia, which has ordered
Slide 6: Highlights 2008
Highlights 2008 Signature of the contract for the Liefkenshoek railroad tunnel, between the 'Locorail' consortium on the one hand, of which CFE is a member, and Infrabel on the other hand, for the realisation of a 16.2 kilometre rail connection between the left hand and the right-hand banks of the S
Slide 7: Strategy
Strategy CFE can face the economic crisis, basing itself on a number of fundamental advantages : A healthy financial situation: The order books are at a historically high level, A better balance between construction and civil engineering in the Construction Division: A healthy real estate developmen
Slide 8: Strategy
Strategy An expansion of the training of our personnel, with the objective of being prepared for new market situations. Co-operative initiatives will be launched for this purpose, between construction activities and civil engineering, with the objective of making a good execution of the infrastructu
Slide 9: Strategy
Strategy Utilisation of opportunities. The economic crisis that is currently going on can be an opportunity for healthy companies, to increase their development potential through the acquisition of new competencies. CFE will therefore leave no opportunity unused for expanding its range of skills and
Slide 10: Income statement – consolidated
Income statement – consolidated Key financials (€m) 2007 2H ’07 1H '08 2H '08 2008 Revenues 1,467.6 844.2 837.3 891.1 1,728.4 Growth rate 26.1% 37.6% 34.3% 5,6% 17.8% EBITDA 166.9 81.9 97.2 99 196.2 EBITDA margin 11.4% 9.7% 11.6% 11.1% 11.4% EBIT 100.7 48.5 64.9 47.5 112.4 EBIT margin 6.9% 5.7% 7.8%
Slide 11: Important projects: Médiacité - Liège
Important projects Médiacité - Liège 11
Slide 12: Important projects: Diabolo – E19 Brussels-Antwerp
Important projects Diabolo – E19 Brussels-Antwerp 12
Slide 13: Important projects: Alco Bio Fuel - Ghent
Important projects Alco Bio Fuel - Ghent 13
Slide 14: Important projects: New tram depot - Haren
Important projects 14 New tram depot - Haren
Slide 15: Important projects: EIB - Luxemburg
Important projects 15 EIB - Luxemburg
Slide 16: Important projects: London 2012 Olympics
Important projects 16 London 2012 Olympics - England
Slide 17: Important projects: Saint-Gobain - Poland
Important projects Saint-Gobain - Poland 17
Slide 18: Important projects: Vertigo - Luxemburg
Important projects Vertigo - Luxemburg 18
Slide 19: Important projects: Green Park - Slovakia
Important projects Green Park - Slovakia 19
Slide 20: Big projects marketed
Big projects marketed Name Description Estimated Status amount at 100% (Construction cost) Designated preferred Antwerp ring road 10 km ring road, viaduct & tunnel ~ 2 € billion bidder December 2007 MAVA (A15) Redevelop and maintain the A15 road (South of under 1 € billion Prequalification stage Rot
Slide 21: An eye on the divisions
An An eye eyeon onthe divisions the divisions Construction division Real estate & management services division Multitechnics division PPP – concessions division Dredging & environmental division 21
Slide 22: Construction Division
Under embargo until Thursday February 26, 2009 – 17 H 40 CET. CONSTRUCTION DIVISION CONSTRUCTION DIVISION 22 Tunnel boring machine – Diabolo project
Slide 23: Construction profile
Construction profile Key financials (€m) 2007 1H08 2H08 2008 Order book increases further (26%) and Revenues 695.6 396.8 403.2 800.0 amounts to 1,110 million EUR EBITDA 15.5 12.2 12.2 24.4 Civil infrastructure back log strenghtened EBITDA margin 2.2% 3.1% 3.0% 3.1% further EBIT 11.2 8.8 1.3 10.1 EBI
Slide 24: Construction profile
Construction profile EBIT increases at almost all entities but suffers from : study costs on large projects that are expensed as incurred difficulties on an important Luxemburg’s site Order book breakdown Roads 5% Buildings 41% Civil Engineering 54% C-Power gravity based foundations - Ostend Tanker
Slide 25: Real Estate Development and Management Services
Under embargo until Thursday February 26, 2009 – 17 H 40 CET. REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES 25 Greenwood – Luxemburg Arch. Samyn and Partners
Slide 26: Real Estate and management services profile
Real Estate and management services profile Key financials (€m) 2007 1H08 2H08 2008 Revenues 36.4 17.0 20.4 37.4 EBITDA 13.3 2.2 10.5 12.7 EBITDA margin 36.5% 12.9% 51.5% 34.0% EBIT 15.3 2.3 7.7 10 EBIT margin 42% 13.5% 37.7% 26.6% Net result 12 1.4 5.5 6.9 Net margin 33% 8.2% 27% 18.4% Capital empl
Slide 27: Real Estate and management services profile
Real Estate and management services profile Climmolux - Route d‘Arlon at Luxemburg Sand Court - Brussels 27
Slide 28: Multitechnics Division
Under embargo until Thursday February 26, 2009 – 17 H 40 CET. REAL ESTATE DEVELOPEMENT AND MANAGEMENT SERVICES REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES MULTITECHNICS DIVISION 28 Catenary works – Brussels South railway station
Slide 29: Multitechnics profile
Multitechnics profile Key financials (€m) 2007 1H08 2H08 2008 Revenues 80.1 65.2 70 135.2 EBITDA 5.5 4.9 8.7 13.6 Segment strengthened EBITDA margin 6.9% 7.5% 12.4% 10.0% Order book growth (52,6 million EUR) due to the EBIT 4.1 4.2 4.8 9 acquisition of Stevens & control of Druart & internal growth a
Slide 30: Multitechnics profile
Multitechnics profile Tram depot – Haren Railway station Guillemins – Liège Subway station Eddy Merckx – Brussels 30
Slide 31: PPP - Concessions Division
Under embargo until Thursday February 26, 2009 – 17 H 40 CET. REAL ESTATE DEVELOPEMENT AND MANAGEMENT SERVICES REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES PPP - CONCESSIONSDIVISION MULTITECHNICS DIVISION 31 Coentunnel – Amsterdam
Slide 32: PPP-concessions profile
PPP-concessions profile Key financials (€m) 2007 1H08 2H08 2008 Revenues 2.1 1.3 6.2 7.5 Succesfull in obtaining Coentunnel & EBITDA 0.8 2.2 -1 1.2 Liefkenshoek rail tunnel EBITDA margin 3.8% - - 16.4% JV with Vinci Park in Turnhout parking EBIT 0.7 1.9 -1 0.9 Rent A Port continues in developing an
Slide 33: Dredging and Environmental Division
Under embargo until Thursday February 26, 2009 – 17 H 40 CET. DREDGING REAL AND ESTATE DEVELOPEMENT ENVIRONMENTAL AND DIVISION MANAGEMENT SERVICES REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES PPP - CONCESSIONSDIVISION MULTITECHNICS DIVISION 33 TSHD Breydel
Slide 34: DEME (at 100%)
DEME (at 100%) Key financials (€m) - 2007 1H08 2H08 2008 Revenues 1,313.9 721.4 787.4 1,508.8 EBITDA 259.4 160.0 142 302.0 EBITDA margin 19.7% 22.2% 18% 20.0% EBIT 148.6 100.8 74 174.8 EBIT margin 11.3% 14% 9,4% 11.6% Net result 90.2 64.3 50.5 114.8 Net margin 6.9% 8.9% 6,4% 7.6% Recovery of acid ta
Slide 35: DEME – Stand alone
DEME – Stand alone High occupancy rate Order book remains strong & well diversified High activity level Decrease in DEME result partly due impact negative MtM on fuel swaps (-9 million EUR 2H08 to 1H08) Docking of Pearl River Breakdown orderbook Marine engineering 9% Environmental activities 14% C-P
Slide 36: DEME – Stand alone
DEME – Stand alone Rehabilitation of the ‘Korle Lagoon’ - Ghana Dredging works on the Fly River - Papua New Guinea 36
Slide 37: Worldwide activities
Worldwide activities Well balanced worldwide activity spread 2007 2008 Dredging Dredging Marine engineering Marine engineering 5% 14% Environmental activities 10% Environmental activities Oil & gas 10% 13% Capital dredging 49% Capital dredging Oil & gas 56% 10% Maintenance dredging 16% Maintenance d
Slide 38: Worldwide activities
Worldwide activities Well balanced worldwide region spread 2008 2007 Dredging Dredging Europe non EU Europe non EU 3% 6% Middle East 22% Europe - EU Europe - EU Middle East 34% 37% 24% India, Pakistan 8% India, Pakistan Asia & 6% Oceania Asia & 7% Africa Oceania Africa 19% 7% 12% America America 7%
Slide 39: Holding
Holding Key financials (€m) 2007 2008 Revenues 0 0 2008 Result was negatively influenced by the MtM on financial instruments & a modification in EBITDA 1.3 -2.2 the accrual method of gratifications EBIT -5.7 -3 Net result -3.4 -3.9 Theatre piece with regard to safety, produced and realised by CFE 39
Slide 40: Group CFE Synthesis
Synthesis GROUP CFE 40
Slide 41: Order book evolution
Order book evolution 2.500 2.000 1096 1.500 906 (€m) 112 9 1.000 800 60 695 10 500 45 38 44 488 7 1110 500 6 4 880 25 23 529 573 507 293 0 2003 2004 2005 2006 2007 2008 Construction Real Estate and management services Multitechnics Dredging Increased order book in all segments Order book CFE ensures
Slide 42: Operational result – segment breakdown
Operational result – segment breakdown 125 120 1 115 110 105 0,2 100 95 90 85 80 75 70 86,5 65 72,9 (€m) 60 55 50 39,1 45 40 35 36,7 4,0 30 20,8 3,5 25 1,5 9,0 20 2,3 14,8 12,1 15 9,8 4,5 9,9 10 19,1 5 9,3 10,2 11,8 11,2 10,1 0 (1,4) (5) (0,8) (10) 2003 2004 2005 2006 2007 2008 Construction Real Est
Slide 43: Balance sheet – consolidated
Balance sheet – consolidated Key financials (€m) 2005 2006 2007 2008 Non-current assets 385.6 444.9 495.4 592.7 Current assets 669.6 778.3 857.8 1,091.5 Total assets 1,055.2 1,223.2 1,353.2 1,684.2 Shareholders equity 199.2 269.6 322.9 368.2 Non-current liabilities 205.0 179.0 194.3 303.6 Current li
Slide 44: Cash flow Breakdown
Cash flow Breakdown 170 185,4 120 70 20 4,1 -26,1 -8 -7,7 -15,7 -1,4 C N D FX O T N N h iv e a p e e -30 an t x er t t id o es ac in c n at g e ap te e n ca q io d ui e in re s n x si h a st w lc ti o o rk a n sh s .c -80 fl a p. o w -103,1 -130 -161 -133,5 -180 Strong capex level in DEME Working ca
Slide 45: Net financial debt evolution
Net financial debt evolution 100 50 78 48 59 53 0 -23 -54 -47 (50) (€m) -84 -190 -181 -192 -186 (100) -96 -127 (150) (200) (250) 2003 2004 2005 2006 2007 June 2008 2008 CFE excl. DEME DEME Note: 2003 figures in accordance with Belgian GAAP 45
Slide 46: Cash flow Breakdown
Cash flow Breakdown Focus on cash for CFE Debt level at DEME will increase in 2009 due to acceleration of existing investment program 46
Slide 47: Shareholders and share performance
Shareholders and share performance CFE’s weekly performance over the last years 100 90000 Shareholders 95 90 80000 Vinci Group 85 80 70000 46.84% 75 70 65 60000 Public 60 55 50000 53.16% 50 45 40000 40 35 30000 30 25 20 20000 15 10 10000 5 No of shares: 13.092.260 0 0 Share price 06 04 06 07 09 06 7
Slide 48: Dividend
Dividend Gross dividend of 1.2 EUR (2007: 1.2 EUR) Net dividend of 0.9 EUR (2007: 0.9 EUR) Pay out ratio 22.5% (2007: 25.2%) 48
Slide 49: Shareholders agenda
Shareholders agenda April 3, 2009 Extra ordinary Shareholder meeting May 7, 2009 Shareholder meeting May 18, 2009 Intermediary publication Q1 May 20, 2009 Dividends payment August 27, 2009 Publication HY09 results (after stock exchange) November 17, 2009 Intermediary publication Q3 49
Slide 50: Des femmes, des hommes, un groupe
Des femmes, des hommes, un groupe. Vrouwen, mannen, é€én groep.