Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — FY2009 Earnings Presentation
54 slides from Compagnie d'Entreprises CFE SA's earnings presentation, Feb 25, 2010
Slide 1: Building the future together – Annual Results 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Building the future together Annual Results 2009
Slide 2: Headlines 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Headlines 2009 Order book remains at high level in Dredging and Environmental division but decreased in Construction A limited decrease in activity & net result considering actual market conditions Dredging & Environmental division combined
Slide 3: Key figures – consolidated
Under embargo until Thursday February 25, 2010 – 17H40 CET Key figures – consolidated Key financials (€m) 2008 2H ’08 1H '09 2H '09 2009 Revenues 1,728.4 891.1 776.6 826,0 1,602.6 Growth rate 17.8% 5.6% -7.2% -7.2% -7.2% EBITDA 196.2 99 86.6 97.6 184.2 EBITDA margin 11.4% 11.1% 11.2% 11.8% 11.5% EBI
Slide 4: CFE: a multidisciplinary contractor
Under embargo until Thursday February 25, 2010 – 17H40 CET CFE : a multidisciplinary contractor Five cornerstones PPP-Concessions 45% stake in Rent-A-Port Construction 25% stake in Locorail Dredging and Environment 18% stake in Coentunnel Civil Engineering 25% stake in Bizerte 50% stake in Deme Infr
Slide 5: Integrated project life cycle and the role of PPP Concessions
Under embargo until Thursday February 25, 2010 – 17H40 CET Integrated project life cycle and the role of PPP Concessions Project life cycle DESIGN BUILD FINANCE OPERATE MAINTENANCE CFE Construction Construction CFE Immo Sogesmaint Sogemaint- involvement Management & & BPI CBRE CBRE & Buildings & CFE
Slide 6: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 January • CFE Brabant, BAGECI, CFE EcoTech and Nizet Entreprise win the construction and electromechanical engineering works contract for the new Hain Valley wastewater treatment plant (92,000 population equivalent). • The Wal
Slide 7: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 March • DEC Ecoterres wins its first contract in Brazil. The contract covers ground preparation works for the new container terminal in the Port of Santos. • Installation of the first pile for the La Réserve project at Knokke.
Slide 8: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 April • Boring starts on the first Diabolo tunnel for the rail link between Zaventem and Antwerp. • Dredger Pompei, owned 50% by DEME, is taken hostage by pirates 800 miles off the Somali coast. Side stone dumping vessel ‘Pomp
Slide 9: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 May • Dredging International receives order from Abu Dhabi Oil Refining Company (Takreer) to dredge and backfill 40 million cu. metres to create a platform on which to build new infrastructure for its Ruwais refinery. • GEKA B
Slide 10: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 June • Boring completed on first Diabolo tunnel and installation of metal bridge over the E19 motorway. • Official opening of first six wind turbines, located 27 km off the coast at Ostend, by Prime Minister Herman Van Rompuy.
Slide 11: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 July • Commissioning of DEME subsidiary GeoSea’s jumbo jack-up platform Goliath. • The Bridge Building, constructed by BPC for Codic in Brussels, receives BREEAM (BRE Environmental Assessment Method) certification. Launching a
Slide 12: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 September • Multitechnics division strengthened by the acquisition of Elektro Van De Maele NV, an electrical contractor operating in the fields of public, service and industrial installations, the electrical part of HVAC and a
Slide 13: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 October • Handover of new Mediacité shopping centre, built by BPC in Liège. This is also the first retail sector building to obtain BREEAM certification. November • Official opening of underground car park in Turnhout. In part
Slide 14: Key facts 2009
Under embargo until Thursday February 25, 2010 – 17H40 CET Key facts 2009 December • CFE acquires 25% of the share capital of Bizerte Cap 3000, the Tunisian company in charge of developing a marina and property complex. 14
Slide 15: Strategy
Under embargo until Thursday February 25, 2010 – 17H40 CET Strategy Strong fundamentals should enable CFE to overcome the decrease in economic activity & to continue generating shareholders value in the future – The integrated model (synergies) – Focus on sustainable development – The positioning of
Slide 16: Strategy
Under embargo until Thursday February 25, 2010 – 17H40 CET Strategy Multitechnical – Develop new competence areas as Building Management Systems & Maintenance – Expand geographically in rail PPP Concessions – Continue to be a motor in the integrated model Dredging & environmental – Continue its busi
Slide 17: A social & responsible group
Under embargo until Thursday February 25, 2010 – 17H40 CET A social & responsible group Social responsibility – Attention to balance women & men – Recruitment : everybody’s job – Diversity a source of wealth – Progression through training – Integration of new staff – The objective is zero accidents
Slide 18: Important projects
Under embargo until Thursday February 25, 2010 – 17H40 CET Important projects Mediacité - Liège 18
Slide 19: Important projects
Under embargo until Thursday February 25, 2010 – 17H40 CET Important projects Diabolo – E19 Brussels-Antwerp 19
Slide 20: Important projects
Under embargo until Thursday February 25, 2010 – 17H40 CET Important projects Water treatment station – Sclessin (Liège) 20
Slide 21: Important projects
Under embargo until Thursday February 25, 2010 – 17H40 CET Important projects Liefkenshoek rail tunnel - Antwerp 21
Slide 22: Important projects
Under embargo until Thursday February 25, 2010 – 17H40 CET Important projects London 2012 Olympics - England 22
Slide 23: Important projects
Under embargo until Thursday February 25, 2010 – 17H40 CET Important projects Brugmann Court - Brussels Vertigo - Luxemburg 23
Slide 24: Big projects marketed
Under embargo until Thursday February 25, 2010 – 17H40 CET Big projects marketed Name Description Estimated Status amount at 100% (Construction cost) Antwerp ring road 10 km ring road, viaduct & tunnel > 2.300 € million Preferred bidder A15 – Maasvlakte Renovation, extension and maintenance of the ~
Slide 25: An eye on the divisions
Under embargo until Thursday February 25, 2010 – 17H40 CET An eye on the divisions Construction division Real estate & management services division Multitechnics division PPP – concessions division Dredging & environmental division 25
Slide 26: Construction Division
Under embargo until Thursday February 25, 2010 – 17H40 CET CONSTRUCTION DIVISION 26
Slide 27: Construction profile
Under embargo until Thursday February 25, 2010 – 17H40 CET Construction profile Key financials (€m) 2008 1H09 2H09 2009 Order book decreases with 24% (1HY09:-14%) due to : Revenues 800.0 380.1 362.4 742.5 – Decrease in order intake in “building” resulting from impact financial crises and collapsed m
Slide 28: Construction profile
Under embargo until Thursday February 25, 2010 – 17H40 CET Construction profile Order book breakdown 2009 Order book breakdown 2008 Roads Roads 3,2% 5,0% Buildings Buildings 41,7% 40,0% Civil Engineering 55,1% Civil Engineering 55,0% Breakdown of revenues construction Breakdown of revenues construct
Slide 29: Real Estate Development and Management Services
Under embargo until Thursday February 25, 2010 – 17H40 CET REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES 29
Slide 30: Real Estate and management services profile
Under embargo until Thursday February 25, 2010 – 17H40 CET Real Estate and management services profile Key financials (€m) 2008 1H09 2H09 2009 Revenues 37.4 12.9 14.1 27.0 EBITDA 12.7 3.1 3.9 7.0 EBITDA margin 34.0% 24% 27.7% 26.0% EBIT 10.0 2.4 5.0 7.4 EBIT margin 26.6% 18,6% 35.5% 27.4% Net result
Slide 31: Real Estate and management services profile
Under embargo until Thursday February 25, 2010 – 17H40 CET Real Estate and management services profile Breakdown of capital employed 2009-2008 Commercialisation Commercialisation 10% 14% Design & Design & Development development 35% 36% Construction Construction 55% 50% La Réserve - Knokke 31
Slide 32: Multitechnics Division
Under embargo until Thursday February 25, 2010 – 17H40 CET MULTITECHNICS DIVISION 32
Slide 33: Multitechnics profile
Under embargo until Thursday February 25, 2010 – 17H40 CET Multitechnics profile Key financials (€m) 2008 1H09 2H09 2009 Order book decreases with 4% due to limited order intake in electrical installations in residential and Revenues 135.2 63.9 76.8 140.7 industrial EBITDA 13.6 1.6 6.1 7.7 EBITDA ma
Slide 34: Multitechnics profile
Under embargo until Thursday February 25, 2010 – 17H40 CET Multitechnics profile Erecting of catenaries by ENGEMA Rail Installation of photovoltaique panels – Chevetogne 34
Slide 35: PPP - Concessions Division
Under embargo until Thursday February 25, 2010 – 17H40 CET PPP - CONCESSIONS DIVISION 35
Slide 36: PPP-concessions profile
Under embargo until Thursday February 25, 2010 – 17H40 CET PPP-concessions profile Key financials (€m) 2008 1H09 2H09 2009 Last year EBIT and net result marked by a punctual Revenues 7.5 1.7 1.9 3.6 operation A 25% participation in Bizerte CAP 3000 (Tunisian EBITDA 1.2 0.1 -0.6 -0.5 company in charg
Slide 37: Dredging and Environmental Division
Under embargo until Thursday February 25, 2010 – 17H40 CET DREDGING AND ENVIRONMENTAL DIVISION 37
Slide 38: DEME (at 100%)
Under embargo until Thursday February 25, 2010 – 17H40 CET DEME (at 100%) Key financials (€m) - 2008 1H09 2H09 2009 Revenues 1,508.8 647,3 755.3 1,402.6 Order book remains strong & well diversified in all activities despite the cancellation of Mina Rashid (-286 EBITDA 302.0 124,4 164.6 289.0 million
Slide 39: DEME – (at 100%)
Under embargo until Thursday February 25, 2010 – 17H40 CET DEME – (at 100%) Widening and deepening of the Pacific side entrance to the Panama Canal Recycling of contaminated silt - Sedisol-project 39
Slide 40: DEME investment program
Under embargo until Thursday February 25, 2010 – 17H40 CET DEME Executed program 2005-2008: 7 units - € 460 mio • Megacutter d’Artagnan (28,000 kw) • Hopper dredgers: Marieke (5,600 m³), Reynaert (5,600 m³), Mellina (3,650 m³),Brabo (11,650 m³), Breydel (9,000 m³) • Backhoe dredger: Pinnocchio (21.5
Slide 41: Worldwide activities
Under embargo until Thursday February 25, 2010 – 17H40 CET Worldwide activities Well balanced worldwide activity spread 2009 2008 Dredging Dredging Marine engineering Marine engineering 10% 14% Environmental activities 12% Environmental activities 10% Capital dredging Oil & gas Capital dredging 49%
Slide 42: Worldwide activities
Under embargo until Thursday February 25, 2010 – 17H40 CET Worldwide activities Well balanced worldwide region spread 2009 2008 Dredging Dredging Europe non Europe non EU EU 4% Middle East 3% 12% Middle East Europe - EU 22% India, Europe - EU Pakistan 34% 38% 5% Africa India, 17% Pakistan 8% Asia &
Slide 43: Worldwide order book
Under embargo until Thursday February 25, 2010 – 17H40 CET Worldwide order book Well balanced worldwide activity spread 2008 2009 Dredging Dredging Other Other 9% 13% Environmental 14% Environmental 18% Oil & gas 4% Oil & gas Dredging 4% 65% Dredging 73% 43
Slide 44: Group CFE – Synthesis
Under embargo until Thursday February 25, 2010 – 17H40 CET Synthesis GROUP CFE 44
Slide 45: Order book evolution
Under embargo until Thursday February 25, 2010 – 17H40 CET Order book evolution 2.500 2.000 1.096 1.500 1.061 906 (€m) 112 9 1.000 800 60 695 10 109 500 9 45 38 44 488 7 1.110 500 6 4 880 845 25 23 529 573 507 293 0 2003 2004 2005 2006 2007 2008 2009 Construction Real Estate and management services
Slide 46: Recurring operational result – Segment breakdown
Under embargo until Thursday February 25, 2010 – 17H40 CET 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 (€m) 60 73,4 55 50 45 39,1 40 35 36,7 4,0 30 20,8 3,5 25 1,5 9,0 20 2,3 5,9 12,1 14,8 15 9,8 4,5 9,9 7,4 10 19,1 5 9,3 10,2 11,8 11,2
Slide 47: Statement of financial position consolidated
Under embargo until Thursday February 25, 2010 – 17H40 CET Statement of financial position consolidated Key financials (€m) 2007 2008 1H09 2009 Non-current assets 495.4 592.7 623.1 680.5 Current assets 857.8 1,091.5 1,053.6 1,030.3 Total assets 1,353.2 1,684.2 1,676.7 1,710.8 Shareholders equity 322
Slide 48: Cash flow Breakdown
Under embargo until Thursday February 25, 2010 – 17H40 CET Cash flow Breakdown 170 174 120 70 20 36 -0,5 -31 -7 -3,8 -15,7 C Ta N D O N N FX -30 ha iv et pe et et x i on es de ng ra ca in ac n ti te e ca p q d on ex ui in r sh es s a w it lc t or io as ns -80 k. h ca flo p. w -130 -133,5 -171 -152,5
Slide 49: Net financial debt evolution
Under embargo until Thursday February 25, 2010 – 17H40 CET Net financial debt evolution 100 50 78 48 53 39 26 0 -23 -54 -47 (50) -71 (€m) -190 -181 -186 -178 (100) -96 -127 -237 (150) (200) (250) (300) 2003 2004 2005 2006 2007 2008 June 2009 2009 CFE excl. DEME DEME NFD CFE increased due to investme
Slide 50: NFD – Equity – Market Cap.
Under embargo until Thursday February 25, 2010 – 17H40 CET NFD – Equity – Market Cap. 1000 900 800 700 600 500 400 300 200 100 0 2007 2008 2009 Net financial debt Equity Market Capital 50
Slide 51: Shareholders and share performance
Under embargo until Thursday February 25, 2010 – 17H40 CET Shareholders and share performance Share price performance: Shareholders : 1M 3M 12M Vinci Group : 46.84% CFE -5,3% -9,8% 54,3% MSCI Europe -7,2% -3,9% 23,5% Public : 53.16% MSCI Belgium -1,9% 1,9% 43,3% No of shares: 13.092.260 Share price
Slide 52: Dividend
Under embargo until Thursday February 25, 2010 – 17H40 CET Dividend Gross dividend of 1.2 EUR (2008: 1.2 EUR) Net dividend of 0.9 EUR (2008: 0.9 EUR) Pay out ratio 28,8% (2008: 22.5 %) 52
Slide 53: Shareholders agenda
Under embargo until Thursday February 25, 2010 – 17H40 CET Shareholders agenda April 1, 2010 Extra ordinary Shareholder meeting May 6, 2010 Shareholder meeting May 17, 2010 Intermediary publication Q1 May 18, 2010 Dividends payment August 26, 2010 Publication HY09 results (after stock exchange) Nove
Slide 54: Diabolo – E19 Brussels-Antwerp
Diabolo – E19 Brussels-Antwerp