Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — H1 2010 Earnings Presentation
38 slides from Compagnie d'Entreprises CFE SA's earnings presentation, Aug 26, 2010
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Slide 2: Headlines First Half 2010
Headlines First Half 2010 9 CFE maintains its FY result guidance 9 Order book remains at high level and outlook is favourable 9 Increased yoy revenues, EBITDA & EBIT 9 Very strong activity in Dredging & Environmental division 9 Significant investments in Dredging & Environmental division 9 CFE incre
Slide 3: Key figures – consolidated
Key figures – consolidated Key financials (€m) 2009 1H '09 2H '09 1H '10 Revenues 1,602.6 776.6 826.0 869.5 Growth rate -7.2% -7.2% -7.2% 12% EBITDA 184.2 86.6 97.6 94.5 EBITDA margin 11.5% 11.2% 11.8% 10.9% EBIT 88.6 46.5 42.1 48.4 EBIT margin 5.5% 6% 5.1% 5.6% REBIT 93.1 46.5 46.6 48.4 REBIT margi
Slide 4: CFE: a multidisciplinary contractor
CFE : a multidisciplinary contractor Five cornerstones PPP-Concessions 45% stake in Rent-A-Port 25% stake in Locorail Construction Dredging and Environment 18% stake in Coentunnel 25% stake in Bizerte 50% stake in Deme Civil Engineering Study costs concessions Infrastructure projects
Slide 5: Key facts 2010 - First Half 2010: January
Key facts 2010 - First Half 2010 9 January • CFE takes the remaining shares of Druart (multitechnics division) over what lead to a 100% participation. • DEME, in joint venture, receives finally the GO to construct the London Gateway Port, a major new port development project on the river Thames. A s
Slide 6: Key facts 2010 - First Half 2010: February
Key facts 2010 - First Half 2010 9 February • Boring starts on the first 6 km long tunnel for the Liefkenshoek rail tunnel project in Antwerp. 6
Slide 7: Key facts 2010 - First Half 2010: March
Key facts 2010 - First Half 2010 9 March • CFE LNG vof, joint venture, who executes the construction of three concrete LNG tanks in the outer harbour of Rotterdam, has been nominated by his client GATE Terminal as "Contractor of the month". CFE LNG vof received this prize for its excellent performan
Slide 8: Key facts 2010 - First Half 2010: April
Key facts 2010 - First Half 2010 9 April • CFE Tchad starts the first faze for the construction of the new campus of the University of N’Djamena in Chad. • DEME launches its brand-new fallpipe vessel for the next generation at Sembawang Shipyard in Singapore. The ‘Flintstone’ is built on behalf of T
Slide 9: Key facts 2010 - First Half 2010: May
Key facts 2010 - First Half 2010 9 May • The Board of Directors of the CFE group extends with two new members, Mr. Jean Rossi and Mr. Alfred Bouckaert, and consists as from now of 10 members. • CFE Brabant, in a joint venture, is awarded the construction of a fourth European School in Laeken, Brusse
Slide 10: Key facts 2010 - First Half 2010: June
Key facts 2010 - First Half 2010 9 June • CFE acquires a 55% shareholding in Group Terryn, Belgian market leader in the production and construction of bonded laminated structures for the industrial and tertiary sectors. • CLE signs a contract for the construction of the residential project, Green Hi
Slide 11: Key facts 2010 - First Half 2010: June
Key facts 2010 - First Half 2010 9 June • DEC and Dredging International,in a joint venture, finalises the purchase of 140 hectare (approx. 345 acres) derelict and contaminated land. The area is located on the territory of the municipalities Zelzate, Evergem and Ghent. The joint venture has now purc
Slide 12: An eye on the divisions
An eye on the divisions 9 Construction division 9 Real estate & management services division 9 Multitechnics division 9 PPP – concessions division 9 Dredging & environmental division 12
Slide 13: Construction division
Construction division Liefkenshoek rail tunnel - Antwerp 13
Slide 14: Construction division
Construction division Key financials (€m) 2009 1H09 2H09 1H10 Revenues 742.5 380.1 362.4 344.7 9 Order book increased with 3.3% or 28 million EBITDA 26.0 19.9 6.1 9.1 Euro compared to FY2009 (internal growth 1%) EBITDA margin 3.5% 5.2% 1.7% 2.6% 9 Activity yoy decreases with 9% due to decrease EBIT
Slide 15: Construction division
Construction division Breakdown of revenues construction Breakdown of revenues construction by activity by region 1H2010 FY2009 1H2010 FY2009 Roads Roads Other ECE 6% 5% ECE 5% 8% 8% Luxemburg Luxemburg 11% 5% Civil Engineering 31% Civil Engineering Netherlands Netherlands 37% Buildings 14% 13% 57%
Slide 16: Real Estate and management services profile
Real Estate and management services profile Real estate project South City in Brussels 16
Slide 17: Real Estate and management services profile
Real Estate and management services profile Key financials (€m) 2009 1H09 2H09 1H10 9 The 1HY10 result has been positively influenced Revenues 27.0 12.9 14.1 10.1 EBITDA 7.0 3.1 3.9 6.4 by the sale of the first building of the South City EBITDA margin 26.0% 24% 27.7% 63.0% Complex EBIT 7.4 2.4 5.0 2
Slide 18: Multitechnics division
Multitechnics division Industrial automation - Volvo Cars Ghent 18
Slide 19: Multitechnics division
Multitechnics division Key financials (€m) 2009 1H09 2H09 1H10 Revenues 140.7 63.9 76.8 68.7 9 Order book remained stable due to limited order EBITDA 7.7 1.6 6.1 4.1 intake in the industrial environment, particularly in EBITDA margin 5.5% 2.5% 8.0% 5.9% electrical installations EBIT 4.2 0.2 4.0 2.1
Slide 20: PPP-concessions division
PPP-concessions division Construction of four tunnel elements in the construction dock near Barendrecht for the second Coentunnel in Amsterdam 20
Slide 21: PPP-concessions division
PPP-concessions division Key financials (€m) 2009 1H09 2H09 1H10 Revenues 3.6 1.7 1.9 1.2 EBITDA -0.5 0.1 -0.6 -1.5 9 Design & construction of the Liefkenshoek and EBITDA margin - 5,6% - - Coentunnel are in progress EBIT -1.9 -0.7 -1.2 -1.6 EBIT margin - - - - 9 The parking developed jointly with Vi
Slide 22: PPP-concessions - Projects
PPP-concessions - Projects Name Description Estimated amount Status at 100% Antwerp ring road 10 km ring road, viaduct & tunnel > 2.300 € million Preferred bidder A15 – Maasvlakte Vaanplein Renovation, extension and maintenance of the ~ 1.000 € million BAFO submitted. A15 Maasvlakte Vaanplein (MaVa)
Slide 23: Dredging & environmental division: DEME
Dredging & environmental division : DEME Flintstone 23
Slide 24: Dredging & environmental division: DEME
Dredging & environmental division : DEME Key financials (€m) - 2009 1H09 2H09 1H10 9 Significant yoy increase of revenues and results Revenues 1,402.6 647,3 755.3 887.8 EBITDA 289.0 124,4 164.6 155.3 9 The well diversified order book characterized by EBITDA margin 20.6% 19% 21.8% 17.5% the obtention
Slide 25: DEME investment program 2010-2012
DEME Investment program 2010-2012 : 3 units - € 260 mio 9 1 trailer dredger Breughel (11,650 m3, operational 2011) 9 1 seagoing rock cutter Ambiorix (28,000 kw – operational 2012) 9 1 jumbo jack-up vessel Neptune (operational 2011) Projects to be executed 9 Deepening of Scheldt (started February 201
Slide 26: Dredging & environmental division Worldwide activities
Dredging & environmental division Worldwide activities Well balanced worldwide activity spread 31 December 2009 30 June 2010 Marine Works Marine Works 10% 10% Environmental Environmental 12% 14% Capital Capital dredging Oil & gas dredging 50% 7% 53% Oil & gas 10% Maintenance Maintenance dredging 18%
Slide 27: Dredging & environmental division Worldwide activities
Dredging & environmental division Worldwide activities Well balanced worldwide region spread 31 December 2009 30 June 2010 Europe non EU Europe non EU 3% Middle East 4% Middle East 15% 12% Europe - EU India, Pakistan, India, Pakistan, 38% ... ... 5% 3% Europe - EU 47% Africa Africa 12% 17% America A
Slide 28: GROUP CFE Synthesis
Synthesis GROUP CFE 28
Slide 29: Order book evolution
Order book evolution 2.500 2.000 1.096 1.500 1.061 1.037 906 (€m) 112 9 1.000 800 60 695 10 109 104 9 7 500 45 38 44 488 7 1.110 500 6 4 880 845 873 25 23 529 573 507 293 0 2003 2004 2005 2006 2007 2008 2009 1H 2010 Construction Real Estate and management services Multitechnics Dredging 29
Slide 30: Operational result – segment breakdown
Operational result – segment breakdown 120 1 110 0,2 100 90 80 70 86,5 72,9 (€m) 60 73,4 50 39,1 40 36,7 29,7 30 20,8 4,0 9,0 40,3 3,5 1,5 5,9 0,2 20 2,3 12,1 14,8 2,4 9,8 4,5 9,9 7,4 10 15,2 2,1 10,2 11,8 11,2 10,1 11,5 2,6 9,3 6,0 0 -1,9 -0,7 -1,6 (10) 2004 2005 2006 2007 2008 2009 June 2009 June
Slide 31: Statement of financial position – consolidated
Statement of financial position – consolidated Key financials (€m) 2007 2008 2009 1H10 Non-current assets 495.4 592.7 680.5 776.1 Current assets 857.8 1,091.5 1,030.3 1,130.6 Total assets 1,353.2 1,684.2 1,710.8 1,906.7 Shareholders equity 322.9 368.2 423.2 437.9 Non-current liabilities 194.3 303.6
Slide 32: Cash flow Breakdown – until HY2009
Cash flow Breakdown – until HY2009 110 101 60 9 Strong Capex level in DEME 9 DEME contribution in operational cash 10 -7 -3,3 -9 -15,7 -2,3 C In A D O T N O ha cq iv ax pe et th te flow amounts to 85 million EUR id er ng ui re es ra ca en -40 -50,7 si st ti e pe ti d on in on x al w s or ca k. sh ca
Slide 33: Net financial debt evolution
Net financial debt evolution 100 50 78 48 53 26 0 -23 -24 -47 (50) -71 (€m) -189 -181 -186 -178 (100) -127 (150) -254 (200) (250) (300) 2004 2005 2006 2007 2008 2009 June 2010 CFE excl. DEME DEME 33
Slide 34: Net financial debt evolution
Net financial debt evolution (in thousand Euro) 30/06/2010 31/12/2009 Non-current Current Total Non-current Current Total Bank loans and other financial debt (224,648) (65,401) (290,049) (170,814) (51,302) (222,116) Credit lines used (79,851) - (79,851) (38,861) - (38,861) Loans related to finance l
Slide 35: Net financial debt evolution
Net financial debt evolution Effective average interest rate after considering floating derivative products Fixed rate Floating rate Floating rate capped + inflation Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and 241,077 79.52% 4.43% 43
Slide 36: Shareholders and share performance
Shareholders and share performance Share price performance: Shareholders : 1M 3M 12M Vinci Group : 46.84% Public : 53.16% CFE -6.7% -4.5% -4.3% No of shares: 13.092.260 Share price (25-Aug-10) : 37.10 EUR Market Cap (25-Aug-10) : 485.723 K EUR 36
Slide 37: Shareholders agenda
Shareholders agenda 9 November 15, 2010 Intermediary publication Q3 9 Week of 21 to 25 February 2011 Publication annual results 2010 9 May 5, 2011 Ordinary Shareholders’ meeting 37
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