Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — H1 2007 Earnings Presentation
30 slides from Compagnie d'Entreprises CFE SA's earnings presentation, Aug 30, 2007
Slide 1: Building the future together
Under embargo until Thursday August 30, 2007 – 17H40 CET Building the future together 30th August 2007
Slide 2: CFE: a leader in construction
Under embargo until Thursday August 30, 2007 – 17H40 CET CFE: a leader in construction Four cornerstones Construction Dredging and Environment Civil Engineering 50% stake in Deme Infrastructure projects - tunnels, 45% stake in Rent A Port bridges, roads Capital dredging Buildings – offices, industri
Slide 3: Key Milestones 1H07
Under embargo until Thursday August 30, 2007 – 17H40 CET Key Milestones 1H07 Significant improvement of operational and net result Commercialisation of Crown Avenue Favorable evolution of the dredging results JV Coentunnel Company, in which CFE participates, has fulfilled all actions to become prefe
Slide 4: Income statement – consolidated
Under embargo until Thursday August 30, 2007 – 17H40 CET Income statement – consolidated Key financials (€m) 2005 2006 1H06 1H07 Revenues 975.4 1,164.0 550.7 623.4 Growth rate 14.2% 19.3% 10.5% 13.2% EBITDA 90.0 125.5 57.7 85.0 EBITDA margin 9.2% 10.8% 10.5% 13.6% EBIT 52.2 65.9 29.1 52.2 EBIT margi
Slide 5: Important projects
Under embargo until Thursday August 30, 2007 – 17H40 CET Important projects Name Delivered Business unit(s) involved Le Dôme (Construction phase) March 2007 Construction Name Delivery expected Business unit(s) involved EIB Luxemburg March 2008 Construction European Parliament D4 D5 Summer 2008 Const
Slide 6: Important projects
Under embargo until Thursday August 30, 2007 – 17H40 CET Important projects EIB Grand Duchy of Luxemburg 6
Slide 7: Important projects
Under embargo until Thursday August 30, 2007 – 17H40 CET Important projects Arena Plaza – Budapest Hungary 7
Slide 8: Important projects
Under embargo until Thursday August 30, 2007 – 17H40 CET Important projects Artist’s impression Mediacité - Liège 8
Slide 9: Important projects
Under embargo until Thursday August 30, 2007 – 17H40 CET Important projects Far shore wind farm on Thorntonbank 9
Slide 10: Important projects
Under embargo until Thursday August 30, 2007 – 17H40 CET Important projects Ras Al Khaimah : Al Marjan Island 10
Slide 11: Big projects marketed
Under embargo until Thursday August 30, 2007 – 17H40 CET Big projects marketed Name Description Estimated amount Status at 100% Antwerp ring road 10 km ring road, viaduct & tunnel ~ 1,85 € billion Invited to BAFO - Q407 Diabolo Railway infrastructure improvement of the link ~ 300 € million Waiting r
Slide 12: Construction profile
Under embargo until Thursday August 30, 2007 – 17H40 CET Construction profile Order book increases (+32%) (internal growth 27%) in Key financials (€m) 2005 2006 1H06 1H07 particularly at BAGECI, CFE Brabant, BPC and Van Revenues 489.6 537.2 266.0 297.9 Wellen Revenues rises by 12% to 298 million EUR
Slide 13: Construction profile : Outlook
Under embargo until Thursday August 30, 2007 – 17H40 CET Construction profile : Outlook Short term : negative influence from the lack of civil works and the postponement by the decision makers in the big projects further efforts to develop foreign activities Mid – Long term : positive expectations t
Slide 14: Amart
Under embargo until Thursday August 30, 2007 – 17H40 CET Amart Revenues up to approximately 20 million EUR The forecasted annual net result before taxes is about 300 k EUR. The transaction price amounts to 2,5 million EUR. Interdiocesain Center Brussels 14
Slide 15: Real Estate and management services profile
Under embargo until Thursday August 30, 2007 – 17H40 CET Real Estate and management services profile Key financials (€m ) 2005 2006 1H06 1H07 Result is driven by the disposal of Crown Avenue, Revenues 22.8 28.4 10.4 34.7 an additional result on the project "Dôme" and plus EBITDA 4.5 15.4 5.7 10.4 va
Slide 16: Real Estate and management services profile
Under embargo until Thursday August 30, 2007 – 17H40 CET Real Estate and management services profile Projects under construction : Laeken, Jette, Sandcourt, Brugmann (residential, Brussels), Réduit des Dominicains (residential, Tournai) and Grunwald (residential, Grand Duchy of Luxemburg) The commer
Slide 17: Important projects
Under embargo until Thursday August 30, 2007 – 17H40 CET Important projects Artist’s impression Sterpenich-Arlon 17
Slide 18: Multitechnics profile
Under embargo until Thursday August 30, 2007 – 17H40 CET Multitechnics profile Segment strengthened Key financials (€m) 2005 2006 1H06 1H07 by the acquisition of VMA a company that realises Revenues 45,6 60.9 29.4 31.2 total projects in the electrotechnical area for the service industry, business an
Slide 19: VMA
Under embargo until Thursday August 30, 2007 – 17H40 CET VMA VMA employs ± 200 people between the 2 divisions. VMA employs 40 engineers, ± 15 of those are software engineers Revenues up to approximately 30 million euro. Annual operational result amounts to 2 million euro. Acquisition price 16,2 mill
Slide 20: Druart
Under embargo until Thursday August 30, 2007 – 17H40 CET Druart This participation has been realized in July 2007 by a subscription of 2 million euro in a reserved capital increase. Druart is principally active in Wallonia and in Brussels. The 2006 turnover approximates 14 million euro whereby the o
Slide 21: Dredging & environmental profile
Under embargo until Thursday August 30, 2007 – 17H40 CET Dredging & environmental profile Key financials (€m) - 2005 2006 1H06 1H07 Segment contains 50% of DEME and 45% of Rent A 50% Port Revenues 422.6 538.7 251.7 274.5 Believe in important synergies beween Rent A Port and EBITDA 79.3 83.8 41.0 59.
Slide 22: DEME – Stand alone
Under embargo until Thursday August 30, 2007 – 17H40 CET DEME – Stand alone Key financials (€m) - 2005 2006 1H06 1H07 The well diversified order book increased with significant Revenues 845.1 1,078.0 503.4 547.1 orders obtained as far shore wind farm on Thornton EBITDA 153.3 176.6 82.0 119.3 bank in
Slide 23: Worldwide activities
Under embargo until Thursday August 30, 2007 – 17H40 CET Worldwide activities Well balanced worldwide activity spread Juin 2007 Juin 2007 Dredging & environmental by activity Dredging & environmental by geographical spread Other Central & Latin Oceania Environmental 5% America 2% 10% Europe (ex EU)
Slide 24: Order book evolution
Under embargo until Thursday August 30, 2007 – 17H40 CET Order book evolution 2.000 1.800 1.600 1.400 906 1.200 (€m) 1.000 800 695 71 800 500 7 45 600 38 44 488 7 6 4 400 25 759 23 529 573 507 200 293 0 2003 2004 2005 2006 2007 Construction Real Estate and management services Multitechnics Dredging
Slide 25: Operational result – segment breakdown
Under embargo until Thursday August 30, 2007 – 17H40 CET Operational result – segment breakdown 70 65 60 55 50 39,1 45 40 (€m) 35 36,7 33,0 30 20,8 3,5 25 1,5 18,1 1,3 20 2,3 12,1 15 9,8 1,7 4,5 10,9 10 4,7 5 9,3 10,2 11,8 5,9 6,0 0 2004 2005 2006 June 2006 June 2007 Construction Real Estate and man
Slide 26: Balance sheet – consolidated
Under embargo until Thursday August 30, 2007 – 17H40 CET Balance sheet – consolidated Key financials (€m) 2005 2006 1H06 1H07 Non-current assets 385.6 444.9 409.7 473.0 Current assets 669.6 778.3 719.2 829.8 Total assets 1,055.2 1,223.2 1,128.9 1,302.8 Shareholders equity 199.2 269.6 201.7 294.7 Non
Slide 27: Net financial debt evolution
Under embargo until Thursday August 30, 2007 – 17H40 CET Net financial debt evolution Rise in NFD at DEME reflects its 250 ambitious investment programme to increase capacity and productivity 200 150 127 225 100 96 190 (€m) 84 50 54 47 23 0 -48 -60 (50) (100) 2003 2004 2005 2006 June 2007 CFE excl.
Slide 28: Cash flow Breakdown
Under embargo until Thursday August 30, 2007 – 17H40 CET Cash flow Breakdown 300 250 200 11 17 51 (€m) 150 100 78 10 6 6 165 142 50 0 0 Net financial Operational Change in Taxes Interest Net capex Acquisitions Dividend Net financial debt 12/06 cash flow WC debt 06/07 Capex DEME will be less in secon
Slide 29: Shareholders and share performance
Under embargo until Thursday August 30, 2007 – 17H40 CET Shareholders and share performance CFE’s weekly performance over the last years 1480 20000 1440 1400 1360 18000 Shareholders 1320 1280 1240 16000 Vinci Group 1200 1160 46.84% 1120 1080 14000 1040 Public 1000 960 12000 920 53.16% 880 840 800 10
Slide 30: Shareholders agenda
Under embargo until Thursday August 30, 2007 – 17H40 CET Shareholders agenda October 8, 2007 Extra ordinary shareholder’s meeting relative to the CFE’s share split February 25-29, 2008 Publication FY07 results April 30, 2008 Annual shareholder’s meeting 30