Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — FY2010 Earnings Presentation
56 slides from Compagnie d'Entreprises CFE SA's earnings presentation, February 2011
Slide 1: Annual results 2010
Annual results 2010 Building the future together
Slide 2: Headlines 2010
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
Slide 3: Key figures – consolidated
Key figures – consolidated Key financials (€m) 2009 2H ’09 1H '10 2H '10 2010 Revenues 1,602.6 826,0 869.5 904.9 1,774.4 Growth rate -7.2% -7.2% 12% 9.6% 10.7% EBITDA 184.2 97.6 94.5 102.8 197.3 EBITDA margin 11.5% 11.8% 10.9% 11.4% 11.1% EBIT 88.6 42.1 48.4 50.7 99.1 EBIT margin 5.5% 5.1% 5.6% 5.6%
Slide 4: CFE: a multidisciplinary contractor
CFE : a multidisciplinary contractor Five cornerstones PPP-Concessions Construction 19% stake in PPP Schulen Eupen Dredging and Environment 45% stake in Rent-A-Port Civil Engineering 25% stake in Locorail 50% stake in Deme Infrastructure projects - tunnels, 18% stake in Coentunnel Ca
Slide 5: Key facts 2010 – January
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
Slide 6: Key facts 2010 – February
Key facts 2010 9 February • Start of excavation work for the first tunnel of the Liefkenshoek Rail Tunnel project in Antwerp. . 6
Slide 7: Key facts 2010 – March
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 ea
Slide 8: Key facts 2010 – April
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
Slide 9: Key facts 2010 – May
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
Slide 10: Key facts 2010 – June
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
Slide 11: Key facts 2010 – July
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 G
Slide 12: Key facts 2010 – September
Key facts 2010 9 September • 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. 9 October • DEME strengthened its position in the Persian Gulf with the launch in Singapore of th
Slide 13: Key facts 2010 – November
Key facts 2010 9 November • CFE acquired 65% of the share capital of SA Brantegem, a company based in Alost that specialises in HVAC and plumbing fixtures. 9 December • CFE Concessions, in a joint venture, signed the contract to finance, build, refurbish and maintain seven schools in the German-spea
Slide 14: Big projects marketed
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 Capex < 100 million € First offer end infrastructure project in Ant
Slide 15: Images 2010
Images 2010 Office buildings Access and Bridge - Brussels 15
Slide 16: Images 2010
Images 2010 Commercial centre Przymorze and Decathlon – Gdansk (Poland) 16
Slide 17: Images 2010
Images 2010 Flintstone - DEME
Slide 18: Images 2010
Images 2010 Liefkenshoek rail tunnel - Antwerp 18
Slide 19: Images 2010
Images 2010 Biomassa III - Rodenhuize 19
Slide 20: Images 2010
Images 2010 Congo River - DEME 20
Slide 21: Images 2010
Images 2010 Rail tunnel project – Delft (Netherlands) 21
Slide 22: Images 2010
Images 2010 Overhead lines – Schaerbeek 22
Slide 23: Images 2010
Images 2010 Victor Horta - DEME
Slide 24: Images 2010
Images 2010 24 Two piers for the new Maasvlakte LNG terminal - Rotterdam
Slide 25: Images 2010
Images 2010 Renovation office building and commercial centre - Brussels 25
Slide 26: Images 2010
Images 2010 Dredging works – Valencia (Spain) 26
Slide 27: An eye on the divisions
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
Slide 28: Construction Division
CONSTRUCTION DIVISION 28
Slide 29: Construction profile
Construction profile Key financials (€m) 2009 1H10 2H10 2010 ¾ Order book decreases with 2.2% or 19 million EUR 742.5 344.7 compared to FY 2009, but new important order intake of Revenues 363.1 707.8 70 million EUR in January EBITDA 26.0 9.1 10.3 19.4 EBITDA margin 3.5% 2.6% 2.8% 2.7% ¾ Activity dec
Slide 30: Construction profile
Construction profile Order book breakdown 2010 Order book breakdown 2009 Roads Roads 2,0% 3,2% Buildings Civil Engineering 41,7% 41,0% Buildings 57,0% Civil Engineering 55,1% Breakdown of revenues construction Breakdown of revenues construction by activity by region 2010-2009 2010-2009 Roads Roads O
Slide 31: Real Estate Development and Management Services
REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES 31
Slide 32: Real Estate and management services profile
Real Estate and management services profile Key financials (€m) 2009 1H10 2H10 2010 Revenues 27.0 10.1 9.7 19.8 EBITDA 7.0 6.4 2.7 9.1 EBITDA margin 26.0% 63.0% 28.2% 46.1% EBIT 7.4 2.6 4.6 7.2 EBIT margin 27.4% 25.9% 20.3% 23.1% Net result 5.2 0.9 2.6 3.5 Net margin 19.0% 8,9% 27.0% 17.8% Capital e
Slide 33: Real Estate and management services profile
Real Estate and management services profile Breakdown of capital employed 2010-2009 Commercialisation Commercialisation 10% 10% Design & Development 35% Design & Construction Development 36% 54% Construction 55% 33
Slide 34: Multitechnics Division
MULTITECHNICS DIVISION 34
Slide 35: Multitechnics profile
Multitechnics profile Key financials (€m) 2009 1H10 2H10 2010 ¾ Order book increased considerable with 19 million EUR or 18% to 128 million EUR Revenues 140.7 68.7 79.9 148.6 EBITDA 7.7 4.1 5.2 9.3 ¾ The increased revenues are attributable to the acquisition of Van Van De Maele Multi- Multi-Techniek
Slide 36: PPP - Concessions Division
PPP - CONCESSIONS DIVISION 36
Slide 37: PPP-concessions profile
PPP-concessions profile Key financials (€m) 2009 1H10 2H10 2010 ¾ Design and construction of the Liefkenshoek and Coentunnel are in progress Revenues 3.6 1.2 2.2 3.4 ¾ The parking Turnhout developed jointly with Vinci Park entered into EBITDA (0.5) (1.5) (0.6) (2.1) exploitation ¾ CFE acquired in pa
Slide 38: Holding Division
HOLDING DIVISION 38
Slide 39: Holding profile
Holding profile Key financials (€m) 2009 1H10 2H10 2010 ¾ Considering the current political situation CFE Revenues 0.0 0.0 0.0 amortized partly its asset under construction on EBITDA (0.6) 0.3 (0.3) a project in Bizerte EBITDA margin - - - EBIT (0.4) (6.4) (6.7) EBIT margin - - - REBIT (0.4) (0.2) (
Slide 40: Dredging and Environmental Division
DREDGING AND ENVIRONMENTAL DIVISION 40
Slide 41: DEME (at 100%)
DEME (at 100%) Key financials (€m) - 2009 1H10 2H10 2010 Revenues 1,402.6 887.8 912.8 1,800.6 ¾ Significant YoY increase of revenues and EBITDA 289.0 155.3 173.4 328.7 results EBITDA margin 20.6% 17.5% 19.0% 18.3% ¾ The well diversified order book EBIT 146.8 83.7 93.2 176.9 characterized by the obte
Slide 42: DEME – (at 100%)
DEME – (at 100%) Widening and deepening of the Pacific side entrance to the Panama Canal 42 Dredging works in Durban
Slide 43: DEME investment programme
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
Slide 44: Worldwide activities
Worldwide activities Well balanced worldwide activity spread 2010 2009 Dredging Dredging Marine w orks, DBM, GeoSea, Scaldis Marine engineering 10% 10% Environmental activities Environmental activities 13% 12% Capital dredging Oil & gas Capital dredging Fallpipe and landfalles 51% 7% 53% 10% Mainten
Slide 45: Worldwide activities
Worldwide activities Well balanced worldwide region spread 2010 2009 Dredging Dredging Europe non Europe non EU EU 5% Middle East 4% Middle East 13% 12% India, India, Europe - EU Pakistan Pakistan 38% 5% Europe - EU 3% 46% Africa 13% Africa 17% America 10% Asia & America Asia & Oceania 10% Oceania 1
Slide 46: Worldwide order book
Worldwide order book Well balanced worldwide activity spread 2010 2009 Dredging Dredging Other Other 13% 21% Environmental 18% Dredging Environmental 56% 17% Oil & gas Dredging 4% 65% Oil & gas 6% 46
Slide 47: Group CFE – Synthesis
Synthesis GROUP CFE 47
Slide 48: Order book evolution
Order book evolution 2.500 2.000 1.096 1.500 1.061 968 906 (€m) 112 9 1.000 800 60 695 10 109 128 500 9 17 45 38 44 4 7 1.110 500 6 880 845 826 507 529 573 0 2004 2005 2006 2007 2008 2009 2010 Construction Real Estate and management services Multitechnics Dredging 48
Slide 49: Recurring operational result – Segment breakdown
Recurring operational result Segment breakdown 125 120 1 115 110 105 0,2 100 95 90 85 80 75 86,5 70 65 72,9 86,4 (€m) 60 73,4 55 50 45 39,1 40 35 36,7 4,0 30 20,8 3,5 9,0 25 1,5 5,9 20 2,3 12,1 14,8 6,2 15 9,8 4,5 9,9 7,4 7,2 10 5 9,3 10,2 11,8 11,2 10,1 11,5 10,2 0 -3,6 (5) -1,9 (10) 2004 2005 2006
Slide 50: Statement of financial position consolidated
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
Slide 51: Cash flow Breakdown
Cash flow Breakdown 200 195 150 100 50 0 -10 -5 -11 -18 -15,7 -6 -50 -100 -150 -152,5 -200 -225 -250 -248,2 ¾ Strong capex level in DEME ¾ Working capital decreased in DEME, but increased at Real estate 51
Slide 52: Net financial debt evolution
Net financial debt evolution 100 50 78 48 53 26 0 -23 -24 -8 -47 (50) -71 (€m) -190 -181 -186 -178 (100) -127 -240 (150) -254 (200) (250) (300) 2004 2005 2006 2007 2008 2009 June 2010 2010 CFE excl. DEME DEME • NFD CFE increased due to investments in property development & working capital financing
Slide 53: Shareholders and share performance
Shareholders and share performance Share price performance: Shareholders : Vinci Group : 46.84% 1M 3M 12M CFE 2,4% 23% 60% Public : 53.16% No of shares: 13.092.260 Share price (22-Feb-11) : 55.95 EUR Market Cap (22-Feb-11) : 731,464 K EUR 53
Slide 54: Dividend
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
Slide 55: Shareholders agenda
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
Slide 56: Building the future together
Building the future together