Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — FY2007 Earnings Presentation
41 slides from Compagnie d'Entreprises CFE SA's earnings presentation, Feb 27, 2008
Slide 1: Building the future together
Building the future together February 2008
Slide 2: CFE: a leader in construction
Under embargo until Wednesday27, 2008 – 17H40 CET CFE: a leader in construction Construction Five cornerstones Dredging and Environment Civil Engineering 50% stake in Deme Infrastructure projects - tunnels, Capital dredging bridges, roads PPP-Concessions Maintenance dredging Buildings – offices, ind
Slide 3: Highlights 2007
Under embargo until Wednesday27, 2008 – 17H40 CET Highlights 2007 Operational and net result increased strongly Sales and order book improved significantly In a temporary association, the companies Bageci, CFE EcoTech and Nizet Entreprise obtained the order for the project for main sewers in Namur a
Slide 4: Highlights 2007
Under embargo until Wednesday27, 2008 – 17H40 CET Highlights 2007 Commencement of construction works by MBG of the 6 first foundations for the far-shore wind power park developed by C-Power NV of which DEME is a shareholder. Acquisition of the Ghent electricity company VMA active in tertiary electri
Slide 5: Highlights 2007
Under embargo until Wednesday27, 2008 – 17H40 CET Highlights 2007 Signature of the contract for works called “Diabolo” for the realisation of the railway link between the E19 motorway and Zaventem airport through the temporary association Dialink of which MBG is a part. Decision by the extraordinary
Slide 6: Highlights 2007
Under embargo until Wednesday27, 2008 – 17H40 CET Highlights 2007 The grouping of the contract-holder Noriant, in which CFE holds 14%, is declared the "preferred bidder" for the execution of the Antwerp ring. The TSHD Brabo is operational as of November 2007. TSHD Breydel has been launched end 2007.
Slide 7: Strategy
Under embargo until Wednesday27, 2008 – 17H40 CET Strategy Defined targets with a strengthened financial position and an increased human resource capacity PPP-Concessions • Set up of a specialised service dedicated to PPP- concessions in order to respond to market evolution Construction • The rejuve
Slide 8: Strategy
Under embargo until Wednesday27, 2008 – 17H40 CET Strategy Improvement of productivity through The execution methods of the building sites The search for the best synergies Staff training 8
Slide 9: Income statement – consolidated
Under embargo until Wednesday27, 2008 – 17H40 CET Income statement – consolidated Key financials (€m ) 2005 2006 2H ’06 1H '07 2H '07 2007 Revenues 975.4 1,164.0 613.3 623.4 844.2 1,467.6 Growth rate 14.2% 19.3% 18.8% 13.2% 37.6% 26.1% EBITDA 90.0 125.5 67.8 85.0 81.9 166.9 EBITDA margin 9.2% 10.8%
Slide 10: Important projects
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Name Delivered Business unit(s) involved Le Dôme (Construction phase) March 2007 Construction Arena Plaza December 2007 Construction ECE Name Delivery expected Business unit(s) involved EIB Luxemburg March 2008 Construction Médiaci
Slide 11: Important projects
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Name Delivery expected Business unit(s) involved Godavari River April 2008 Dredging Al Marjan Island Dredging Farshore wind farm on Thorntonbank 2008 (Phase 1) Dredging-Construction Durban Mid 2009 Dredging Fos 2XL Jan 2010 Dredgin
Slide 12: Important projects: Médiacité - Liège
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Médiacité - Liège 12
Slide 13: Important projects: Arena Plaza - Hungary
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Arena Plaza - Hungary 13
Slide 14: Important projects: Saint-Gobain Glass - Poland
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Saint-Gobain Glass - Poland 14
Slide 15: Important projects: Kattendijkdok - Antwerp
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Artist’s impression Kattendijkdok - Antwerp 15
Slide 16: Important projects: Vortex – Namur
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Vortex – Namur 16
Slide 17: Important projects: Soil depollution, London
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Depolution of soils (Olympic Games) - London 17
Slide 18: Important projects: Sepetiba - Brazil
Under embargo until Wednesday27, 2008 – 17H40 CET Important projects Sepetiba -Brazil 18
Slide 19: Big projects marketed
Under embargo until Wednesday27, 2008 – 17H40 CET Big projects marketed Name Description Estimated amount Status at 100% Antwerp ring road 10 km ring road, viaduct & tunnel ~ 1,85 € billion Designated preferred bidder end December Coentunnel New parallel tunnel and renovation of existing ~ 500 € mil
Slide 20: Construction profile
Under embargo until Wednesday27, 2008 – 17H40 CET Construction profile Order book increases by 54% (internal growth 49%) driven in Key financials (€m) 2006 1H07 2H07 2007 particularly by MBG and CFE Polska Revenues 537.2 297.9 397.7 695.6 Successful in Diabolo tendering EBITDA 21.2 10.8 4.7 15.5 Con
Slide 21: Construction profile: Outlook
Under embargo until Wednesday27, 2008 – 17H40 CET Construction profile Outlook Increase activity with focus on margin Positive expectations to be successful in obtaining one or more big projects in civil works Strong efforts to improve efficiency and sites organisation Construction of wind farm foun
Slide 22: Real Estate and management services profile
Under embargo until Wednesday27, 2008 – 17H40 CET Real Estate and management services profile Revenues and result are supported by Key financials (€m) 2006 1H07 2H07 2007 commercialisation of Crown Avenue, an additional result Revenues (*) 28.4 23.7 12.7 36.4 on the project “Dôme” and plus value on
Slide 23: Real Estate and management services outlook
Under embargo until Wednesday27, 2008 – 17H40 CET Real Estate and management services profile Outlook Increased number of projects New investments foreseen or planned Favourable outlook for the next two years Artist’s impression Brugmann - Brussels Climmolux - Route d‘Arlon te Luxembourg 23
Slide 24: Multitechnics profile
Under embargo until Wednesday27, 2008 – 17H40 CET Multitechnics profile Key financials (€m) 2006 1H07 2H07 2007 Revenues 60.9 31.2 48.9 80.1 Segment strengthened EBITDA 4.4 1.6 3.9 5.5 by the acquisition of VMA a company that EBITDA margin 7.2% 5.1% 8.0% 6.9% realises total projects in the electrote
Slide 25: Multitechnics profile: Outlook
Under embargo until Wednesday27, 2008 – 17H40 CET Multitechnics profile Increased order book related to the acquisition of VMA (16 million Eur), consolidated from June 30, 2007 Outlook Integrate the new acquired businesses Develop synergies within the segment Develop activities in ECE with strong co
Slide 26: PPP-concessions profile
Under embargo until Wednesday27, 2008 – 17H40 CET PPP-concessions profile New segment created in order to face the client Key financials (€m) 2007 demands in PPP projects Revenues 2.1 Positive evolution in Antwerp Ring project and EBITDA 0.8 Coentunnel EBITDA margin 3.8% EBIT 0.7 Development of Rent
Slide 27: Dredging & environment profile
Under embargo until Wednesday27, 2008 – 17H40 CET Dredging & environment profile Key financials (€m) - 2006 1H07 2H07 2007 50% Revenues 538.7 274.5 382.4 656.9 EBITDA 83.8 59.7 69.10 128.8 EBITDA margin 15.6% 21.8% 18.07% 19.6% EBIT 39.2 33.0 40.5 73.5 EBIT margin 7.3% 12.0% 10.6% 11.2% Net result 2
Slide 28: DEME – Stand alone
Under embargo until Wednesday27, 2008 – 17H40 CET DEME – Stand alone Key financials (€m) - 2006 1H07 2H07 2007 High demand fuelled by multiple long term drivers : Revenues 1,078.0 547.1 766.8 1,313.9 booming world trade EBITDA 176.6 119.3 140.1 259.4 increase of global energy needs EBITDA margin 16.
Slide 29: DEME – Stand alone: Outlook
Under embargo until Wednesday27, 2008 – 17H40 CET DEME – Stand alone Outlook Excellent outlook fuelled by the long term drivers New investment program in all activities valued at 460 million EUR by adding more than 10 new main dredging units to the fleet (2012) DP Fall Pipe vessel Seahorse GRC – Soi
Slide 30: Worldwide activities
Under embargo until Wednesday27, 2008 – 17H40 CET Worldwide activities Well balanced worldwide activity spread 2006 2007 Dredging Dredging Civil w orks Other Civil w orks Other Environmental activities 2% 3% 3% 3% Environmental activities 10% 12% Oil & gas Oil & gas 13% Capital 10% Capital 50% 56% M
Slide 31: Worldwide activities
Under embargo until Wednesday27, 2008 – 17H40 CET Worldwide activities Well balanced worldwide region spread 2007 2006 Dredging Dredging Europe non EU 6% Europe non EU 2% Middle East Middle East Europe - EU 24% 25% 37% Europe - EU 48% India, Pakistan India, Pakistan 2% 6% Africa Asia & 10% Oceania A
Slide 32: Order book evolution
Under embargo until Wednesday27, 2008 – 17H40 CET Order book evolution 2.000 1.800 1.600 1.400 906 1.200 (€m) 1.000 800 60 695 10 800 500 45 600 38 44 488 7 6 4 880 400 25 23 529 573 507 200 293 0 2003 2004 2005 2006 2007 Construction Real Estate and management services Multitechnics Dredging Increa
Slide 33: Operational result – segment breakdown
Under embargo until Wednesday27, 2008 – 17H40 CET Operational result – segment breakdown 110 105 100 95 90 85 80 75 70 65 72,9 60 55 (€m) 50 45 39,1 40 35 36,7 30 20,8 3,5 4,0 25 1,5 20 2,3 12,1 14,8 15 9,8 4,5 10 19,1 5 9,3 10,2 11,8 11,2 0 (1,4) (5) (0,8) (10) 2003 2004 2005 2006 2007 Construction
Slide 34: Balance sheet – consolidated
Under embargo until Wednesday27, 2008 – 17H40 CET Balance sheet – consolidated Key financials (€m) 2005 2006 1H07 2007 Non-current assets 385.6 444.9 473.0 495.4 Current assets 669.6 778.3 829.8 857.8 Total assets 1,055.2 1,223.2 1,302.8 1,353.2 Shareholders equity 199.2 269.6 295.0 322.9 Non-curren
Slide 35: Net financial debt evolution
Under embargo until Wednesday27, 2008 – 17H40 CET Net financial debt evolution 250 200 150 127 100 96 190 189 181 (€m) 84 50 54 47 23 0 -48 -38 -78 (50) (100) 2003 2004 2005 2006 June 2007 2007 CFE excl. DEME DEME Note: 2003 figures in accordance with Belgian GAAP 35
Slide 36: Cash flow Breakdown
Under embargo until Wednesday27, 2008 – 17H40 CET Cash flow Breakdown 150 157 100 50 56 0 -32 -12 -17 -10 -3 O C T In N A D FX ax p ha e cq iv te -50 er t i on n es u re de ca at ge is st n ca pe i i on ti d -100 in o x sh a ns w lc -100 or a -103 k. sh ca fl -142 o p w -150 . Strong Capex level in
Slide 37: Cash flow Breakdown
Under embargo until Wednesday27, 2008 – 17H40 CET Cash flow Breakdown Increased leverage at CFE as a result of : real estate investments working capital increases resulting from Diabolo site Debt level at DEME will remain well balanced 37
Slide 38: Return on equity
Under embargo until Wednesday27, 2008 – 17H40 CET Return on equity Construction – Dredging Eliminations CFE Real Estate – Group Multitechnics – PPP (€m) (€m) (€m) Shareholders’ Equity (group) (opening) 100.4 168.9 - 3.8 265.5 Net result 20.07 45.1 -2.6 62.5 ROE 20.0% 26.7% 23.5% 38
Slide 39: Shareholders and share performance
Under embargo until Wednesday27, 2008 – 17H40 CET Shareholders and share performance CFE’s weekly performance over the last years Shareholders 100 90000 95 Vinci Group 90 80000 85 46.84% 80 70000 75 Public 70 60000 65 53.16% 60 55 50000 50 45 40000 40 35 30000 30 25 20 20000 15 10 10000 5 0 0 No of
Slide 40: Dividend : + 50%
Under embargo until Wednesday27, 2008 – 17H40 CET Dividend : + 50% Gross dividend of 1.2 EUR (2006: 0.8 EUR) Net dividend of 0.9 EUR (2006: 0.6 EUR) Pay out ratio 25,2% (2006: 25,7%) 40
Slide 41: Shareholders agenda
Under embargo until Wednesday27, 2008 – 17H40 CET Shareholders agenda April 30, 2008 Shareholder meeting May 14, 2008 Dividends payment August 28, 2008 Publication HY08 results 41