Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — FY2020 Earnings Presentation
65 slides from Compagnie d'Entreprises CFE SA's earnings presentation, February 2021
Slide 1: Year Results 2020
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Slide 2: Glossary
Glossary Working capital requirement Inventories + trade receivables and other operating receivables + other current assets + current assets held for sale - other current provisions - trade payables and other operating liabilities - tax payables - other current liabilities Capital employed Equity in
Slide 3: Headlines 2020
Headlines 2020
Slide 4: Headlines 2020
Headlines 2020 REVENUE € 3,222.0 mio -11.1% (FY2019) NET INCOME Share of the group € 64.0 mio -52.0%(FY2019) FY2020 ORDER BOOK € 6,049.1 mio +16.7% (2019) NET FINANCIAL € 601.4 mio DEBT € 798.1 mio (FY2019) YEAR RESULTS 2020 - Analyst presentation 4
Slide 5: Headlines 2020
Headlines 2020 Revenue decreases by 11,1% notwithstanding a strong 2HY2020 Stable EBITDA margin at 12,9% in spite of extremely adverse circumstances EBITDA equals € 414,7 million, including capital gain (€ 63.9 million) on disposal of the Merkur offshore wind farm Covid-19 crisis and Orion i
Slide 6: Outlook
Outlook Even though the negative impact of the health crisis will continue during the first few months of 2021, CFE expects its revenue and operating income to increase in 2021, without yet returning to the pre-Covid level of 2019. 100% CFE Contracting expects an increase in revenue and net result i
Slide 7: CFE Group Futureproofed
CFE Group Futureproofed
Slide 8: Sustainable value creation
Sustainable value creation * These SDG’s are DEME & CFE Contracting and BPI related ** These SDG’s are DEME or CFE Contracting and BPI related YEAR RESULTS 2020 - Analyst presentation 8
Slide 9: Sustainable value creation
Sustainable value creation • ‘We are Framily’ campaign • DEME was awarded the title of ‘Belgium’s most attractive employer’ • Development/construction of co-working/co-living We build for the future environment is part of our business (BPI Grand Poste, BPI Gravity) We are a great place • Woodshapers
Slide 10: Key financials 2020
Key financials 2020
Slide 11: Key financials 2020
Key financials 2020 Revenue (€ m) Net result (€ m) Order book (€ m) 3,222.0 2020 64.0 2020 6,049.1 2020 -11.1% 2019 -52.0% 2019 +16.7% 2019 4,500.0 2,622.0 3,750.0 2,195.8 121,4 998.7 911.9 1,492.6 1,385.5 46.3 11.6 13,2 9.5 5.5 -9.1 -1.0 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2020 2019 2
Slide 12: Key financials 2020
Key financials 2020 EBITDA (€ m) EBIT (€ m) Net financial debt (€ m) 414.7 2020 119.5 2020 601.4 2020 -8.1% 2019 -32.8% 2019 798.1 2020 437.0 369.5 708.5 154.8 489.0 81.4 129.4 129.6 22.9 106.2 33.1 33.1 18.8 14.9 13.7 66.4 19.4 0.1 -19.1 -7.3 -9.6 0.3 -106.1 -123.4 2019 2020 2019 2020 2019 2020 202
Slide 13: Order book evolution
Order book evolution Order Book (*) reaches € 6,049.1 million. Following projects not yet included: Two contracts for Offshore Wind Farms (OWF) in Taïwan Hai Long 2/3 and Zhong Neng Project of the construction of Oosterweel Right Bank in Belgium Installation of water intake points at the futur
Slide 14: Net financial debt evolution
Net financial debt evolution NFD at € 601.4 million. DEME NFD decreases with € 219.5 million whereas CFE excl DEME NFD increases with € 22.7 million due to real estate investments at BPI. 0,2 708 640 2 489 4 286 151 107 90 112 58 64 2016 2017 2018 2019 2020 CFE excl. DEME NFD DEME NFD PPA DEME Note:
Slide 15: Statement of consolidated financial position
Statement of consolidated financial position Amounts in mio € FY2016 FY2017 FY2018 FY2019 FY2020 EQUITY 1.536,5 1.656,3 1.734,9 1.760,3 1.804,9 BALANCE SHEET NET FINANCIAL DEBT 213,1 351,9 747,1 798,1 601.4 CAPITAL EMPLOYED 1.749,6 2.008,2 2.482,0 2.558,4 2.406,3 TANGIBLE FIXED ASSETS 1.683,3 2.138,
Slide 16: Meuse River
Meuse River.
Slide 17: DEME key financials
Key financials REVENUE € 2,195.8 mio -16.3% (FY2019) EBITDA € 369.5 mio -15.5% (FY2019) 2020 ORDER BOOK € 4,500.0 mio +20.0% (FY2019) NET Financial € 489.0 mio Debt € 708.5 mio (FY2019) YEAR RESULTS 2020 - Analyst presentation 17
Slide 18: Takeaways
Takeaways Record order book : € 4.5 billion compared to € 3,75 billion end-year 2019, +20.0% . New key contracts: Fehmarnbelt (Infra/dredging), Oosterweel tunnel (Infra/dredging), Ob Sea Channel in Russia (dredging), Abu Qir in Egypt (Dredging) and EPCI contract for the subsea cables at the Dogger
Slide 19: Key financials
Key financials Revenue (€ m) Order book (€ m) EBITDA (€ m) EBITDA margin (% revenue) 2,195.8 2020 4,500.0 2020 369.5 2020 16.8% 2020 2,622.0 2019 3,750.0 2019 437.0 2019 16.7% 2019 2,645.8 4,500.0 2,622,0 458.9 437.0 4,010.0 2,195.8 369.5 3,750.0 17.3% 16.7% 16.8% 2018 2019 2020 2018 2019 2020 2018
Slide 20: Key financials
Key financials EBIT (€ m) (*) Net result (€ m) (*) Capex (€ m) Net Fin. Debt (€ m) 86.7 2020 50.4 2020 201.6 2020 489.0 2020 160.1 2019 125.0 2019 434.7 2019 708.5 2019 708.5 639.5 441.3 434.7 489.0 202.9 160.1 155.6 201.6 125.0 86.7 50.4 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 (
Slide 21: Breakdown 1HY/2HY 2019/2020
Breakdown 1HY/2HY 2019/2020 DEME DEME Amounts in mio € 1HY 2HY FY2019 1HY 2HY FY2020 REVENUE 1.349,3 1.272,7 2.622,0 1.047,9 1.147,9 2.195,8 EBITDA 199,1 237,9 437,0 153,8 215,7 369,5 14,8% 18,7% 16,7% 14,7% 18,8% 16,8% EBIT (*) 58,5 101,6 160,1 21,9 64,8 86,7 4,3% 8,0% 6,1% 2,1% 5,6% 3,9% NET RESUL
Slide 22: Key financials – Cashflow – Net financial debt
Key financials – Cashflow – Net financial debt Operating cash-flow (€ m) Investing cash-flow (€ m) 401.8 2020 (147.1) 2020 388.8 2019 (370.3) 2019 .6 .6 NFD Dec. 2019 EBITDA WCR & others op. Net investment Net investment Financing CF NFD Dec. 2020 vessels In subsidiaries YEAR RESULTS 2020 - Analyst
Slide 23: World regional spread
World regional spread Europe – non EU 2020: 6% 2019: 4% Europe - EU 2020: 77% 2019: 69% Asia & Oceania 2020: 7% 2019: 9% America 2020: 2% 2019: 3% Africa Middle East 2020: 6% 2020: 0% 2019: 9% 2019: 3% Indian subcontinent 2020: 2% 2019: 3% YEAR RESULTS 2020 - Analyst presentation 23
Slide 24: Activity spread
Activity spread € 1.1 43% billion Order € 0.2 Revenue billion € 2,2 book 2020 billion 31 Dec. 2020 5% € 0.9 40% billion 9% 3% € 0.1 billion Dredging and land reclamation Offshore Environmental Infra Others YEAR RESULTS 2020 - Analyst presentation 24
Slide 25: Dredging and land reclamation
Dredging and land reclamation Project: Reclamation of new land, deepening of the port’s Abu Qir port approach channel and dredging of a turning basin Location: Egypt Status: In progress YEAR RESULTS RESULTS2020 2020-- Analyst presentation 25
Slide 26: Offshore
Offshore Hornsea Two Project: Monopile foundation installation Location: Yorkshore – United Kingdom Status: In progress YEAR RESULTS RESULTS2020 2020--Analyst Analyst presentation presentation 26
Slide 27: Infra
Infra Nieuwe Sluis Terneuzen Project: Design and built of a new lock Location: The Netherlands Status: In progress YEAR RESULTS RESULTS2020 2020--Analyst Analyst presentation presentation 27
Slide 28: Environmental
Environmental Project: Blackfield remediation and sustainable redevelopment Blue Gate Antwerp of former petroleum harbor Location: Antwerp - Belgium Status: In progress YEAR RESULTS RESULTS2020 2020--Analyst Analyst presentation presentation 28
Slide 29: Capacity utilization (in weeks)
Capacity utilization (in weeks) 38.4 2020 11.1 Hoppers 38.9 2019 26.7 Cutters 40.5 2018 22.1 YEAR RESULTS 2020 - Analyst presentation 29
Slide 30: Status of investment plan
Status of investment plan Vessels under construction • Spartacus (delivery foreseen in Q2 2021) • Orion (delivery foreseen in Q1 2022) • Groene Wind Service Operation Vessel (delivery foreseen in summer 2021) • Green Jade (€ m) 700 600 500 400 300 614 200 405 441 435 372 369 373 290 100 176 195 202
Slide 31: Vessels: Orion, Groene Wind, Green Jade, Spartacus
Orion Groene Wind Offshore installation vessel 44,180 kW Offshore maintenance & service vessel Green Jade Spartacus Cutter suction dredger Floating offshore installation vessel 44,180 kW YEAR RESULTS 2020 - Analyst presentation 31
Slide 32: Ongoing developments
Ongoing developments Hydrogen Evolution of offshore wind market HYPORT® Duqm Green Hydrogen Deep sea harvesting Source: GWEC - Global Offshore Wind Report 2020 Patania II YEAR RESULTS 2020 - Analyst presentation 32
Slide 33: ZIN – Brussels
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Slide 34: CFE Contracting key financials
Key financials REVENUE € 911.9 mio -8.7% (FY2019) EBIT € 14.9 mio € 18.8 (FY2019) 2020 ORDER BOOK € 1,492.6 mio +7.7% (FY2019) NET FINANCIAL € 123.4 mio SURPLUS € 106.1 mio (FY2019) YEAR RESULTS 2020 - Analyst presentation 34
Slide 35: Takeaways
Takeaways Revenue: € 911.9 million, down -8,7 % Impact Covid-19 measures in Belgium and Luxembourg: € 90 million (1HY2020: €70 million). Activity level is almost back to normal in 2HY2020. EBIT: € 14.9 million (€ 18.8 million FY2019), including almost € -20 million Covid-19 impact Strong perform
Slide 36: Key financials
Key financials EBIT margin Revenue (€ m) EBIT (€ m) (% revenue) Net result (€ m) 911.9 2020 14.9 2020 1.63% 2020 5.5 2020 998.7 2019 18.8 2019 1.88% 2019 9.5 2019 Breakdown Revenue Breakdown Order book (m€) (m€) 434 266 369 277 733 1017 1059 635 Construction Multitechnics and Rail & Utilities 2019 2
Slide 37: Breakdown 1HY/2HY 2019/2020
Breakdown 1HY/2HY 2019/2020 YEAR RESULTS 2020 - Analyst presentation 37
Slide 38: Key financials – Cashflow – Net financial surplus
Key financials – Cashflow – Net financial surplus Operating Cash-Flows (€ m) Net Financial surplus (€ m) 46.8 2020 123.4 2020 48.8 2019 106.1 2019 .6 .6 NFS Dec. 2019 EBITDA WCR & others op. Net Investment CF Dividends Fin. misc. NFS Dec. 2020 YEAR RESULTS 2020 - Analyst presentation 38
Slide 39: Construction – Duinenzee
Construction – Duinenzee 18,484 40,000 m m22 Architect: Architectenbureau Pieter Location: De Panne - Belgium Program: Residential care Popeye centre Status: Finished YEAR RESULTS 2020 - Analyst presentation 39
Slide 40: Construction – Jules Bordet Instituut
Construction – Jules Bordet Instituut 81,000 40,000 m m22 Architect: Brunet Saunier Location: Anderlecht - Belgium Program: Hospital Architecture – Archi 2000 Status: Finished YEAR RESULTS 2020 - Analyst presentation 40
Slide 41: Construction – Parking Steendok
Construction – Parking Steendok 22,500 m2 Location: Gedempte Zuiderdokken - Architect: Abscis Architecten Program: Underground Antwerp - Belgium Parking (900 parking spaces) Status: Finished YEAR RESULTS 2020 - Analyst presentation 41
Slide 42: Construction – Dellner Components
Construction – Dellner Components 16,164 m2 Architect: FORT Polska Location: Miszewko - Poland Program: Industrial building (Warehouses + offices) Status: Finished YEAR RESULTS 2020 - Analyst presentation 42
Slide 43: Multitechnics
Multitechnics BU Building Technologies Electro Special building techniques References: Nike, Passport, De Krook YEAR RESULTS 2020 - Analyst presentation 43
Slide 44: Multitechnics
Multitechnics Fully automated BU AUTOMOTIVE References: Audi, Volvo, Porsche, … assembly lines YEAR RESULTS 2020 - Analyst presentation 44
Slide 45: Rail & Utilities activities
Rail & Utilities activities Massification project in Denderleeuw + Signalling project in Lokeren YEAR RESULTS 2020 - Analyst presentation 45
Slide 46: Gravity – Differdange
Gravity – Differdange
Slide 47: BPI key financials
Key financials EBIT € 22.9 mio € 13.7 mio (FY2019) NET FINANCIAL DEBT €106.2mio €66.4 mio (FY2019) 2020 NET RESULT € 13.2 mio € 11.6 mio (FY2019) CAPITAL € 192 mio EMPLOYED +34.3% (FY2019) YEAR RESULTS 2020 - Analyst presentation 47
Slide 48: Takeaways
Takeaways Increase of net result (+13.8%) is driven by sales in Poland and Luxembourg. Major projects: - residential: Vilda Park (Poznan), WolaRe (Warsaw), Bulwary Ksiazeçe (Wroclaw), Livingstone (Luxembourg) and Ernest the Park (Brussels) - office: Royal Arsenal, COS, and Origin (Luxembourg) Li
Slide 49: Key financials
Key financials Capital % EBIT/ Employed (€ m) Capital employed 192 2020 11.9% 2020 143 2019 9.6% 2019 Capital employed % EBIT/ Cap. Empl. 250 20,0% 200 15,0% 150 100 192 10,0% 17,6% 130 133 139 143 11,9% 50 5,0% 9,5% 9,6% 0 0,0% 3,3% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Livingstone I &
Slide 50: Breakdown 1HY/2HY 2019/2020
Breakdown 1HY/2HY 2019/2020 YEAR RESULTS 2020 - Analyst presentation 50
Slide 51: Location of projects and breakdowns
Location of projects and breakdowns LOCATION OF PROJECTS 2020/2019 Belgium Grand Duchy of Poland Luxembourg 355.000 m2 71.000 m2 119.000 m2 65% / 70% 13% / 15% 22% / 15% BREAKDOWN OF CAPITAL EMPLOYED 2020/2019 BREAKDOWN OF M2 BY TYPE 2020/2019 Design & Under development Construction Unsold units, po
Slide 52: Bavière
Bavière 78,000 m2 Program: Large mixed-use: Architect: ASSAR Architects and Location: Liège - Belgium Residential, senior care, Audex & Partners education, nursery, student Delivery: 2022-2026 housing, culture, hospital YEAR RESULTS 2020 - Analyst presentation 52
Slide 53: Domaine des Vignes – Phase 1
Domaine des Vignes – Phase 1 12,000 m2 Location: Mertert (Luxembourg) Program: Mixed-use: Residential Architect: Beiler François Fritsch (74 units), Retail (1,500 m2) Delivery: Phase 1: fin 2021 YEAR RESULTS 2020 - Analyst presentation 53
Slide 54: Vilda Park
Vilda Park 21,500 m2 Program: Mixed-use: Architect: Litoborski + Marciniak Location: Poznań - Poland Residential (248 units), Retail (900 m2) Delivery: Finished YEAR RESULTS 2020 - Analyst presentation 54
Slide 55: Projects under development
Projects under development Gravity - Differdange Serenity Valley – Auderghem Brouck’R - Brussels Domaine des Vignes (phase 2-3) – Mertert Bernadowo - Gdynia Key West - Brussels YEAR RESULTS 2020 - Analyst presentation 55
Slide 56: Holding & non-transferred activities
Holding & non-transferred activities
Slide 57: Key financials
Key financials EBIT(€ m) Net result (€ m) Net Financial Debt (€ m) 0.3 2020 (1.0) 2020 129.6 2020 (9.6) 2019 (9.1) 2019 129.4 2019 Contribution of Green-Offshore amounts to € 5.8 million in the net result of the segment, mainly generated by the operations of Rentel and SeaMade OWF. Net result of
Slide 58: Green Offshore
Green Offshore Rentel • 25.14% • 309 MW SeaMade • 17.60% • 487 MW SeaMade Note: CFE’s percentage of ownership includes participation of DEME YEAR RESULTS 2020 - Analyst presentation 58
Slide 59: Rent-A-Port – Estor-Lux
Rent-A-Port – Estor-Lux Location: Bastogne (Belgium) YEAR RESULTS 2020 - Analyst presentation 59
Slide 60: Rent-A-Port
Rent-A-Port Location: Quang Ninh (Vietnam) YEAR RESULTS 2020 - Analyst presentation 60
Slide 61: Share performance
Share performance
Slide 62: Share performance
Share performance AGENDA: Free Float 25.79% May 6, 2021 Ordinary Shareholders’ meeting May 20, 2021 VINCI AvH 12.11% 62.10% Publication of Q1 interim statements 2021 August 31, 2021 SHARE PRICE: 88,0 € Publication of half year results 2021 MARKET CAP: 2,227,674 K € (24 feb. 21) November 23, 2021 Pub
Slide 63: CFE: a multidisciplinary contractor
CFE: a multidisciplinary contractor 100% 100% 100% CFE Group is a Belgian industrial company that can build on more than 140 years of know-how and experience and employs currently more than 8,000 people. The group is active in three different divisions : Dredging, environment, offshore and infra is
Slide 64: Disclaimer
Disclaimer This presentation has been prepared by the management of CFE Group. It provides information about the Company and its subsidiaries. This presentation may contain forward-looking objectives and statements about CFE’s financial situation, operating results, business activities and expansion
Slide 65: Slide 65