Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — FY2017 Earnings Presentation
40 slides from Compagnie d'Entreprises CFE SA's earnings presentation, Feb 28, 2018
Slide 1: Annual Results 2017
ANNUAL RESULTS 2017
Slide 2: Headlines 2017
Headlines 2017 Order book increases with 2.0%, reaching € 4,851 million at EBITDA increases with 7.5% reaching € 501 million December 31, 2017 › dredging division generated an EBITDA of € 455.5 › Order book in the dredging division remains high with million, up 1.8% compared with 2016, with a level
Slide 3: Headlines 2017 Outlook
Headlines 2017 Outlook › Consolidated revenue of CFE will increase significantly in 2018 given the high level of the orderbook at DEME and in the Contracting division. Annual results 2017 3 ANALYST PRESENTATION
Slide 4: Key figures - consolidated
Key figures - consolidated Key financials 2016 1HY16 2HY16 2017 1HY17 2HY17 € Million Revenues 2,797.1 1,224.5 1,572.6 3,066.5 1,455.9 1,610.6 Growth rate -13.7% -25.5% -1.5% +9.6% +18.9% +2.4% EBITDA 465.9 182.2 283.7 500.7 226.0 274.7 EBITDA margin 16.7% 14.9% 18.0% 16.3% 15.5% 17.1% EBIT 226.8 75
Slide 5: CFE: a multidisciplinary contractor
CFE: a multidisciplinary contractor › Capital dredging › Construction : › Real estate development › Maintenance dredging - Buildings - offices, in Belgium, Luxembourg › Marine works industrial, commercial and residential in and Poland › Fallpipe & landfalls Belgium, Luxembourg, Poland and Tunisia ›
Slide 6: Key facts - January 2017
Key facts JANUARY 2017 The Province of South Holland has awarded the contract for building the RijnlandRoute to Comol5. This international joint venture consists of DIMCO (DEME Infra Marine Contractors) (25%), TBI companies Mobilis and Croonwolter&dros (25% each), and VINCI Construction Grands Proje
Slide 7: Key facts - February 2017
Key facts FEBRUARY 2017 DEME Group’s offshore marine engineering subsidiary GeoSea will design, manufacture and install 71 turbine foundations for the EnBW Hohe See offshore wind farm, for which GeoSea is Siemens’ EPCI partner. › The offshore installation will take place in 2018. › The EnBW Hohe See
Slide 8: Key facts - March 2017
Key facts MARCH 2017 BPI sells its stake in the companies developing the Oosteroever site in Ostend to the Versluys Group. BPI Luxembourg SA, IMMOBEL SA and BESIX RED SA transfer shares from PEF KONS INVESTMENT SA to AXA IM ‐ Real Assets on behalf of AXA Belgium. The renovation of the KONS building
Slide 9: Key facts - April 2017
Key facts APRIL 2017 CLE starts the construction of the contemporary Fuussbann residence in Differdange which offers spacious apartments, commercial units and a supermarket. Amart starts the construction of the next phase of the residential project ‘Les Hauts Prés’ near the Calevoet train station in
Slide 10: Key facts - May 2017
Key facts MAY 2017 BPC obtains the first contract for the construction of the China - Belgium Technological Center in Louvain-la-Neuve. This future business incubator, which should host 200 hi-tech enterprises, is the result of a partnership between the province of Hubei in China, Wallonia Export-In
Slide 11: Key facts - June 2017
Key facts JUNE 2017 DEME’s latest newbuild, the trailing suction hopper dredger ‘Minerva’, was officially named in the port of Zeebrugge, Belgium. › The 3,500 m3 trailing suction hopper dredger ‘Minerva’ is the first dredging vessel in the world equipped with dual fuel engines and capable of operati
Slide 12: Key facts - June 2017
Key facts JUNE 2017 The boards of directors of Ackermans & van Haaren and CFE examine the combination of the activities of Van Laere Group and CFE Contracting under CFE. › Van Laere Group, a leading general contractor in Belgium, realized a turnover of 195 million euros in 2016. It is fully owned by
Slide 13: Key facts - July 2017
Key facts JULY 2017 GeoSea signs an agreement with DONG Energy and Siemens stating that GeoSea will acquire the full ownership of A2SEA. A2SEA will continue to operate out of Denmark with offshore wind turbine service and installation. The activities of A2SEA represent a strong and complementary fit
Slide 14: Key facts - September 2017
Key facts SEPTEMBER 2017 Joint venture Sassevaart is building the New Lock in Terneuzen. › Sassevaart, the Dutch-Belgian joint venture, is made up of the construction companies BAM Contractors, BAM Infra Nederland, Aannemingen Van Laere and DIMCO (division of DEME), specialist in water and civil eng
Slide 15: Key facts - October/November 2017
Key facts OCTOBER/NOVEMBER 2017 GeoSea has been awarded a contract for the transportation and installation of 90 wind turbine generators for the Triton Knoll Offshore Wind Farm in the UK. › GeoSea would be due to start work in Q1 2021. Its contract includes the design and manufacture of the sea-fast
Slide 16: Key facts - November 2017
Key facts NOVEMBER 2017 GeoSea announces it has acquired the majority of the shares (72,5 %) of G-tec, the Liege (Belgium) based contractor specialized in offshore geotechnical and geological site investigations, marine geophysical and environmental surveys and deepsea engineering services. The othe
Slide 17: Key facts - December 2017
Key facts DECEMBER 2017 On 21 December 2017 CFE Contracting acquired all the shares of Aannemingen Van Laere NV for 17.1 million euros. › The Van Laere group, composed of Aannemingen Van Laere NV and its subsidiaries (Thiran SA Group and Arthur Vandendorpe NV), is a general contractor operating in B
Slide 18: Key facts - December 2017
Key facts DECEMBER 2017 GeoSea signs Cooperation Agreement with CSBC Corporation to develop offshore wind energy in Taiwan › GeoSea has signed a Cooperation Agreement for the Taiwanese offshore wind market with CSBC Corporation, Taiwan's largest shipyard. › A target of minimum 3 GW of offshore wind
Slide 19: Dredging, Environmental & Marine Engineering
Dredging, Environmental & Marine Engineering
Slide 20: Dredging, Environmental & Marine Engineering division
Dredging, Environmental & Marine Engineering division Key financials 1H16 2H16 2016 1H17 2H17 2017 €M Revenues (*) 802.1 1,176.2 1,978.3 1,097.7 1,258.3 2,356.0 Revenues Combined (**) 803.1 1,175.1 1,978.2 1,102.9 1,262.8 2,365.7 EBITDA (*) 185.3 262.1 447.4 195.4 260.1 455.5 EBITDA margin (*) 23.1%
Slide 21: Dredging, Environmental & Marine Engineering division
Dredging, Environmental & Marine Engineering division Order book remains high with € 3,520 million at year-end 2017, REVENUES (**) increased with 19.6% in the dredging division showing a decrease of 7.4%. Major new orders include : mainly explained by an exceptional level of activity in the › EPCI c
Slide 22: DEME Worldwide activity spread
Dredging, Environmental & Marine Engineering division DEME WORLDWIDE ACTIVITIES Worldwide activity spread Level of Marine Share of Capital works increases dredging significantly decreases 3% 3% 21% 34% 34% Marine works, DBM, GeoSea, Scaldis 2016 Civil works 47% 2017 Environmental activities 14
Slide 23: DEME Worldwide regional spread
Dredging, Environmental & Marine Engineering division DEME WORLDWIDE ACTIVITIES Worldwide regional spread Share of activities in Share of activities in Europe (EU) increases America and Middle significantly East decreases 13% 12% 3% 8% Europe - EU 10% Europe – non EU 2016 Middle East 2017 12%
Slide 24: DEME Worldwide spread per type of customers
Dredging, Environmental & Marine Engineering division DEME WORLDWIDE ACTIVITIES Worldwide spread per type of customers 2% 6% 2% 11% 29% Renewables Other 2017 48% 2016 Government 34% Oil & gas Mining 43% 15% 10% Annual results 2017 24 ANALYST PRESENTATION
Slide 25: Dredging division Capex
Dredging, Environmental & Marine Engineering division CAPEX (€m) 400 614 200 405 372 373 369 277 290 176 195 Capex 99 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 DEME decided in 2015 to further invest in six new vessels for a total value of € 500 million : › two vessels servicing the offsh
Slide 26: Contracting
Contracting Construction, Multitechnics, Rail Infra & Utility networks
Slide 27: Contracting division
Contracting division Key financials 1H16 2H16 2016 1H17 2H17 2017 €M The board of directors approved in December 2017 the acquisition of : › Van Laere group, active in the building segment in Flanders, Brussels and Wallonia, and Revenues 400.5 370.0 770.5 351.2 366.4 717.6 › José Coghe - Werbrouck N
Slide 28: Real Estate Development
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Slide 29: Real Estate Development division
Real Estate Development division Two major transactions contributed to an exceptionally high level of EBIT of € Key financials 1H16 2H16 2016 1H17 2H17 2017 23.4 million in 2017 : €M › sale of the share of BPI in the Kons building in Luxembourg, and EBIT (*) 0.5 3.8 4.3 19.3 4.1 23.4 › sale of the s
Slide 30: Real Estate Development: Breakdown of capital employed
Real Estate Development division Breakdown of capital employed 2016 – 2017 13% 5% 27% Unsold units, post construction delivery 2016 Design & development 52% 2017 43% Construction 60% Percentage of capital employed related to finalized estates decreased compared with December 31, 2016. Annual r
Slide 31: Real Estate Development: Regional spread
Real Estate Development division Regional spread 2016 – 2017 16% 23% Belgium Grand Duchy of Luxembourg 2016 Poland 2017 24% 60% 15% 62% Annual results 2017 31 ANALYST PRESENTATION
Slide 32: Holding & non-transferred activities
Holding & non-transferred activities
Slide 33: Holding & non-transferred activities
Holding & non-transferred activities Key financials 1H16 2H16 2016 1H17 2H17 2017 €M Operational activities of this division generate revenues of € 34.1 million in 2017 (before inter-segment eliminations) mainly relating to a small number of civil engineering contracts which had not been transferred
Slide 34: Synthesis
Synthesis 34 ANALYST PRESENTATION
Slide 35: Order book evolution
Order book evolution 6000 (€m) 5000 4000 3000 3,520 3,317 3,049 3,800 3,185 Dredging 2,420 2000 1,659 Real estate and 1,202 management 968 services 98 1000 132 101 Non-transferred 1,172 1,196 1,196 1,310 1,127 1,230 activities 954 836 851 0 Contracting 2010 2011 2012 2012 2013 2014 2015 2016
Slide 36: Net result after tax (share of group)
Net result after tax (share of group) SEGMENT BREAKDOWN 250 €M 200 1.4 0.1 Contracting division 150 Real estate division 155.1 Holding & non-transferred 100 activities 155.3 Dredging & environmental division 50 PPA DEME 1.2 22.3 10.4 1.4 15.4 0 -13.7 -50 2016 2017 Annual results 2017 36 AN
Slide 37: Statement of financial position-consolidated
Statement of financial position-consolidated Key financials 2016 2017 €M Non-current assets 2,400.2 2,815.5 Current assets 1,928.0 1,831.4 Total assets 4,328.2 4,646.9 Shareholders equity 1,536.5 1,656.3 Non-current liabilities 941.1 875.5 Current liabilities 1,850.6 2,115.1 Total equity and liabili
Slide 38: Net financial debt evolution
Net financial debt evolution NFD increased with € 139 million during 2017 › Mainly explained by DEME increasing its NFD with € 135 million 0 -29 CFE excl. -48 -35 -43 €M -60 -63 -54 -69 -58 -64 DEME -100 -127 -151 DEME -230 -200 -270 -325 -7 -286 Accrued -337 -4 interests -3 -300 -533 -5 PPA
Slide 39: Shareholders and share performance
Shareholders and share performance Share price performance: 1M 3M 12M CFE -4.75 % -8.07 % +14.26 % Shareholders › AvH: 60.40% › VINCI: 12.11% › Free float: 27.49% No of shares › 25,314,482 Share price › (26-Feb-18): 112.20 € Market Cap › (26-Feb-18): 2,840,285 K€ Annual results 2017 39 ANALYST PRESE
Slide 40: Shareholders agenda
Shareholders agenda › May 3, 2018 : Ordinary Shareholders’ meeting › May 25, 2018 (before stock exchange) : Intermediary publication Q1 › August 31, 2018 (before stock exchange) : Publication of half year results 2018 › November 23, 2018 (before stock exchange) : Intermediary publication Q3 Annual r