Compagnie d'Entreprises CFE SA · EURONEXT:CFEB
Compagnie d'Entreprises CFE SA — CFE — H1 2009 Earnings Presentation
43 slides from Compagnie d'Entreprises CFE SA's earnings presentation, Sep 1, 2009
Slide 1: CFE: Building the future together
CFEB LISTED f * NYSE Bujlding the future together
Slide 2: Headlines First Half 2009
Headlines First Half 2009 Order book remains at high level Result construction division improved Some Multitechnical companies affected by negative macro economical climate Result Dredging & Environmental division in line with 2HY08 Significant investments in Dredging & Environmental division CFE re
Slide 3: Key figures – consolidated
Key figures – consolidated Key financials (€m) 2008 1H08 2H08 1H09 Revenues 1,728.4 837.3 891.1 776,6 Growth rate 17.8% 34.3% 5,6% -7,2% EBITDA 196.2 97.2 99 86,6 EBITDA margin 11.4% 11.6% 11.1% 11,2% EBIT 112.4 64.9 47.5 46,5 EBIT margin 6.5% 7.8% 5.3% 6% Net result 69.9 43.7 26.2 34,3 Net margin 4
Slide 4: CFE: a diversified player
CFE: a diversified player Construction Five cornerstones Dredging and Environment Civil Engineering PPP-Concessions 50% stake in Deme Infrastructure projects - tunnels, Capital dredging bridges, roads Study costs concessions Maintenance dredging Buildings – offices, industrial, Coentunnel Company BV
Slide 5: Integrated project life cycle and the role of PPP Concessions
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 Immo Multitechnics Construction CFE involvement Constructi
Slide 6: Key facts 2009 - First Half 2009 (January)
Key facts 2009 - First Half 2009 January • The consortium Ecoterres – Envirowall – Ferrari, led by ECOTERRES SA, a subsidiary of the DEME Group, has been awarded the contract for the “Management of category B dredging spoil” by the Walloon Region, for treatment on annual basis of 285.000 m³ of conta
Slide 7: Key facts 2009 - First Half 2009 (February)
Key facts 2009 - First Half 2009 February • Inauguration of a new mobile thermal decontamination installation during the start up of a new phase for the sanitation project of the Carcoke site in Zeebruges. • The department for the installation of photovoltaic panels of Nizet Entreprise received the
Slide 8: Key facts 2009 - First Half 2009 (March)
Key facts 2009 - First Half 2009 March • Delivery of the Przymorze shopping center in Gdansk for E. Leclerc. • Reinforcement of the activities of Druart in Wallonia by the integration of Prodfroid, a company with complementary activities. • DEC-Ecoterres, DEME’s environmental subsidiary, signed an i
Slide 9: Key facts 2009 - First Half 2009 (March)
Key facts 2009 - First Half 2009 March • Laying of the foundation stone of the prestigious real estate project ‘La Réserve’ in Knokke-Zoute, a development in which BPI-CFE Immo participates for one third. • Inauguration of the first project for the installations of photovoltaic panels at a school an
Slide 10: Key facts 2009 - First Half 2009 (April)
Key facts 2009 - First Half 2009 April • MBG, one of the partners of Dialink, starts the drilling works for the construction of two tunnels for the Diabolo-project ; a project that consist the construction of the northern rail connection to the airport of Zaventem (Brussels). • The side stone dumpin
Slide 11: Key facts 2009 - First Half 2009 (May)
Key facts 2009 - First Half 2009 May • GEKA Bouw obtains the order to build 2 jetties for the LNG-project Rotterdam- Maasvlakte. • CFE Brabant obtains the order to construct a station for collecting and pumping drink water in Leuven. LNG-project Rotterdam-Maasvlakte – GEKA Bouw 11
Slide 12: Key facts 2009 - First Half 2009 (June)
Key facts 2009 - First Half 2009 June • Installation of 102 foundations for the Walney I + II wind farms, to be constructed in the Irish Sea, by GeoSea. GeoSea will assign its jackup platforms Vagant and the brand new Goliath. • The first tunnel of the Diabolo-project is successfully drilled just as
Slide 13: Key facts 2009 - First Half 2009 (July)
Key facts 2009 - First Half 2009 July • The jumbo jack-up platform Goliath is launched at quay 600 in Antwerp, Belgium. Goliath is the biggest jack-up of its kind, and has been lifted as a whole and lowered in the Scheldt river. DEME will operate the platform through its fully owned daughter company
Slide 14: A social & responsible group
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 Rewarded as top employer 2008 The objective is zero accidents Responsibility for the environment 14
Slide 15: An eye on the divisions
An eye on the divisions Construction division Real estate & management services division Multitechnics division PPP – concessions division Dredging & environmental division 15
Slide 16: Construction division
Construction division Palais des Congrès in Brussels 16
Slide 17: Construction division
Construction division Order book decreased with 14% due to Key financials (€m) 2008 1H08 2H08 1H09 decrease in order intake in “building” resulting from impact Revenues 800.0 396.8 403.2 380.1 financial crises in Central Europe & Luxemburg EBITDA 24.4 12.2 12.2 19.9 Decrease in order intake in “road
Slide 18: Construction division
Construction division Order book breakdown 1H2009 by region Order book breakdown 1H2009 by activity CEE LU Roads 2% 5% 4% Buildings NE 37% 27% Civil Engineering BE 59% 66% 18
Slide 19: Real Estate and management services profile
Real Estate and management services profile Real estate project Barbarahof in Leuven 19
Slide 20: Real Estate and management services profile
Real Estate and management services profile Key financials (€m) 2008 1H08 2H08 1H09 Revenues 37.4 17.0 20.4 12.9 Real Estate activity remains sustained EBITDA 12.7 2.2 10.5 3.1 Projects under construction EBITDA margin 34.0% 12.9% 51.5% 24% La Réserve – residential in Knokke EBIT 10 2.3 7.7 2.4 EBIT
Slide 21: Multitechnics division
Multitechnics division New overhead wires - railway station Guillemins in Liège 21
Slide 22: Multitechnics division
Multitechnics division Consists of seven operational entities: ENGEMA (railway infrastructure & signalisation) Nizet Entreprise (projects in electrotechnical area for the service industry, business & industrial sector in Brussels & Wallonia) Vanderhoydoncks (electrical installations and wireless – w
Slide 23: Multitechnics division
Multitechnics division Key financials (€m) 2008 1H08 2H08 1H09 Revenues 135.2 65.2 70 63.9 Order book decreases with 19% due to limited order intake in the industrial environment, EBITDA 13.6 4.9 8.7 1.6 particularly in electrical installations EBITDA margin 10.0% 7.5% 12.4% 2.5% EBIT 9 4.2 4.8 0.2
Slide 24: PPP-concessions division
PPP-concessions division Liefkenshoek rail tunnel in Antwerp 24
Slide 25: PPP-concessions division
PPP-concessions division Key financials (€m) 2008 1H08 2H08 1H09 Revenues 7.5 1.3 6.2 1.7 Last year EBIT and net result marked by a punctual operation EBITDA 1.2 2.2 -1 0.1 EBITDA margin 16.4% - - 5,6% Parking Turnhout is to be finalized EBIT 0.9 1.9 -1 -0.7 CFE has been pre qualified in the project
Slide 26: PPP-concessions - Projects marketed
PPP-concessions - Projects marketed Name Description Estimated amount Status at 100% Antwerp ring road 10 km ring road, viaduct & tunnel > 2.300 € million Preferred bidder A15 – Maasvlakte Renovation, extension and maintenance of the ~ 1.200 € million Invited to second dialog A15 Maasvlakte Vaanplei
Slide 27: Dredging & environmental division : DEME
Dredging & environmental division : DEME Widening and deepening of the Panama Canal 27
Slide 28: Dredging & environmental division : DEME
Dredging & environmental division : DEME Key financials (€m) - 2007 2008 1H08 2H08 1H09 The well diversified order book further increased & Revenues 1,313.9 1,508.8 721.4 787.4 647,3 remained almost stable unless cancellation of Mina EBITDA 259.4 302.0 160.0 142 124,4 Rashid (-286 million EUR at 100
Slide 29: Important orders - DEME
Important orders - DEME Name Amount Ruwais/Abu Dhabi 248.000k Walney offshore windfarm 55.800k Ormonde offshore windfarm 31.900k Santos remediation of dump site 75.000k Dune de Pyla - Beach replenishment 29
Slide 30: Dredging & environmental division
Dredging & environmental division Farshore wind farm project - Thorntonbank 30
Slide 31: Dredging & environmental division Worldwide activities
Dredging & environmental division Worldwide activities Well balanced worldwide activity spread 31 December 2008 30 June 2009 Marine Works Marine Works 12% 14% Environmental Environmental 11% 10% Capital Capital dredging dredging Oil & gas 49% 52% 7% Oil & gas 10% Maintenance Maintenance dredging dre
Slide 32: Dredging & environmental division Worldwide activities
Dredging & environmental division Worldwide activities Well balanced worldwide region spread 31 December 2008 30 June 2009 Europe non EU Europe non EU 3% Middle East 3% 14% Europe - EU Middle East 34% 22% India, Pakistan, Europe - EU ... 39% 6% India, Pakistan, Africa ... 14% 8% Asia & Oceania 7% Af
Slide 33: GROUP CFE
Synthesis CFEC GROUP CFE SS
Slide 34: Order book evolution
Order book evolution 2.500 2.000 1096 1063 1.500 906 (€m) 112 9 1.000 800 60 91 695 10 10 500 45 38 44 488 7 1110 500 6 4 880 952 25 23 529 573 507 293 0 2003 2004 2005 2006 2007 2008 1H 2009 Construction Real Estate and management services Multitechnics Dredging 34
Slide 35: Operational result – segment breakdown
Operational result – segment breakdown 220 (€m) 1 110 0,2 86,5 72,9 39,1 50,1 20,8 36,7 4,0 9,0 29,7 3,5 1,5 2,3 0,2 12,1 14,8 9,9 4,2 2,4 9,8 4,5 11,8 2,3 15,2 9,3 10,2 11,2 10,1 8,8 0 -0,7 2004 2005 2006 2007 2008 June 2008 June 2009 Construction Real Estate and management services Multitechnics D
Slide 36: Statement of financial position – consolidated
Statement of financial position – consolidated Key financials (€m) 2007 2008 1H09 Non-current assets 495.4 592.7 623.1 Current assets 857.8 1,091.5 1,053.6 Total assets 1,353.2 1,684.2 1,676.7 Shareholders equity 322.9 368.2 395.6 Non-current liabilities 194.3 303.6 291.7 Current liabilities 836.0 1
Slide 37: Net financial debt evolution
Net financial debt evolution 100 50 78 48 53 39 0 -23 -47 (50) -84 (€m) -189 -181 -186 (100) -127 -237 (150) (200) (250) (300) 2004 2005 2006 2007 2008 June 2009 CFE excl. DEME DEME 37
Slide 38: Net financial debt evolution
Net financial debt evolution (in thousand Euro) 30/06/2009 31/12/2008 Non-current Current Total Non-current Current Total Bank loans and other financial debt (163,484) (45,268) (208,752) (151,791) (49,348) (201,139) Credit lines used (36,211) (36,211) (50,341) (50,341) Loans related to finance lease
Slide 39: Net financial debt evolution
Net financial debt evolution Effective average interest rate after considering derivative products Fixed rate Floating rate Total Type de dettes Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 187,234 75.38% 3.778% 21,518 100.00% 1.713% 208,897 77.40% 3.56% financial de
Slide 40: Cash flow Breakdown – until HY2009
Cash flow Breakdown – until HY2009 90 86,8 40 0,3 -0,7 -10 -29,6 -4,5 -15,7 O C T In N A D ax p ha e cq iv te er t i n es u re de ca -60 at ge is st n pe i i on ti d in -100,6 o x a ns w lc or a -110 k. sh ca fl -133 o p w . -160 -210 -197 Strong Capex level in DEME Financing work in progress Diabol
Slide 41: Shareholders and share performance
Shareholders and share performance CFE’s weekly performance over the last years 100 90000 95 Shareholders 90 80000 85 80 Vinci Group 75 70000 70 46.84% 65 60000 60 55 50000 Public 50 45 40000 53.16% 40 35 30000 30 25 20 20000 15 10 10000 5 0 0 Fe - 06 A u 09 M -04 O 04 D -04 Se - 05 N 06 O 7 D -07 O
Slide 42: Shareholders agenda
Shareholders agenda August 27, 2009 Publication HY09 results (after stock exchange) November 17, 2009 Intermediary publication Q3 42
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