2012
About us
COMPAGNIE D’ENTREPRISES CFE SA Founded in Brussels on June 21, 1880 42, avenue Herrmann-Debroux, 1160 Brussels - Belgium Company number 0400.464.795 RPM Brussels Telephone: +32 2 661 12 11 Fax: +32 2 660 77 10 E-mail: info@cfe.be Internet: http://www.cfe.be
Copyright for the photos and images, in alphabetical order DEME Govin Sorel Philippe van Gelooven Tom D’Haenens Wojciech Sternak
Design and realisation Antenno Marketing & Communicatie Cogels Osylei 19, 2600 Berchem - Belgium Internet: http://www.antenno.com
Editorial
Despite tough economic conditions in 2012, CFE’s net profit of the group was almost €50 million, while operating income was similar to the 2011 figure. CFE bolstered its financial position with a €100 million bond issue, which was fully subscribed in less than an hour, showing the level of investor confidence in the group. The order book remains strong and grew substantially in international markets, offsetting declines in both Western and Eastern Europe. This bodes well for performance in 2013. The Rail & Road division (created in 2012 following the acquisition of REMACOM) and the Real Estate & Management Services division performed particularly well. The Multitechnics division added a new skill with the acquisition of Ariadne in Limburg.
Renaud Bentégeat
Philippe Delaunois
Managing Director
President of the Board of Directors
The synergies between the CFE group’s divisions and the good fit between its various activities proved their worth more than ever in 2012. This also shows the wisdom of the group’s structure and its operating methods, which involve paying particular attention to its staff. It was no accident that the CFE group won two awards for its human resources policy in 2012. It was awarded Diversity accreditation by the Brussels Capital region, and won the 2012 Top Employer award for its conscientious, committed approach to its staff. This same conscientious, committed mindset also forms the basis of all the work CFE does for its customers, along with its desire to meet their requirements as effectively as possible at all times. By taking this approach, CFE was able to ensure customer satisfaction in 2012, and will be able to continue doing so in future. This approach has also sustained long-term business relations and will continue to do so, and is leading to new relationships of trust between CFE and clients all around the world.
The Dredging & Environment division considerably increased its order book. DEME also carried out a significant financial transaction in early 2013, successfully issuing €200 million of 6-year bonds.
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Strategy
CFE’s expertise increasingly valued around the world In 2012, the CFE group pursued its policy of international expansion in all its businesses. It not only strengthened its presence in countries in which it has been operating for several years, but also substantially expanded its range of activities by winning several large contracts in new countries. The group is now aiming to establish a long-term presence in these countries. Its efforts will be supported by the excellent quality of its work, stemming from its commitment to customer satisfaction.
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Strategy
Artist impression of the new port in Doha, Qatar
novation in a diverse range of high-potential business areas such as dredging, renewable energies and sustainable construction techniques. It also has cutting-edge equipment with which to put innovation into practice, and is generating increasing synergies between its various entities. In this way, CFE remains a harmonious, balanced group generating top-level performance, and it is constantly growing and diversifying. In addition, its wide range of skills and activities enable it to provide comprehensive, co-ordinated solutions in-house. This is a considerable benefit for customers, particularly given that customers in CFE’s business areas often require comprehensive solutions.
Dredging: conquering new markets Customer satisfaction is a key part of the CFE group’s business model and identity. It is one of the group’s core values, and one that it does not intend to let slip. It is this focus on customer satisfaction that has enabled the group to gain a strong image as a serious, credible and trustworthy company. This image is fully justified and generates future opportunities by promoting customer loyalty and supporting efforts to win new business all around the world. The group’s structure and operating methods ensure that each entity develops leading-edge expertise, and that its various business areas complement each other. Crucially, the group has great capacity for in-
As regards DEME’s dredging business, the aim is to be present in new markets. In the fast-growing Australian market, for example, DEME won a prestigious contract from Wheatstone in 2012. As a result, Australia will represent 30% of DEME’s revenue in 2013. With this contract and the contract for the new port in Doha, Qatar, DEME won the two largest dredging contracts in the world last year. This success bodes well for the future, and means that DEME can look forward with confidence. The group’s innovation strategy, which was already showcased by its research into offshore wind power and the C-Power project
off the coast of Belgium, also resulted in remarkable progress in tidal power in 2012, along with research into rare metals buried in the oceans. These advances mean that the group is able to win new contracts in niche areas that it has created, using the highly sophisticated tools and vessels at its disposal. DEME’s considerable investments in ultramodern vessels and dredgers between 2008 and 2012 went entirely to schedule. As a result, the dredging business has caught up with its rivals and is now very well equipped to bid for all contracts in the market. Accordingly, DEME’s investments will pause in 2013.
Ongoing international expansion efforts in construction and special techniques The international expansion of the group’s construction activities was clearly confirmed by its successful moves into Africa and Asia. This process will continue as CFE seeks to transform contracts into a long-term presence, taking advantage of the excellence it has shown when performing work. The Multitechnics division pursued its expansion strategy, and its electricity, heating and ventilation activities now cover all of Belgium. The group’s latest acquisition, Ariadne, enhances this good geographical coverage. Efforts are now focusing abroad, with VMA already operating in Hungary, Poland and Turkey. The Multitechnics division may increase its presence further in these
Strategy
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Strategy
Rail tracklaying works
countries and could also expand into countries like Chad and Nigeria, not to mention Asia, where CFE EcoTech is already operating in Sri Lanka and Vietnam.
The right project in the right place In Belgium, as elsewhere, location remains crucial in the real estate market, and the CFE group’s operations are exemplary in this respect. All of its real-estate projects have excellent locations. Examples are the Belview project at the bottom of Rue Belliard in the centre of Brussels, the residential conversion of Solvay’s former head office on Chaussée d’Ixelles, a stone’s throw from the Avenue de la Toison d’Or, and the office project on land close to the Gare du Midi in Brussels, which is a particularly attractive site, including from the sustainable development point of view. In general, all land on which the group is developing projects is excellently located, whether in Belgium, Luxembourg or Poland.
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Strategy
A new division focusing on transport infrastructure In 2012, the group set up its new Rail & Road division, combining businesses relating to the construction and equipment of railways and roads. Alongside ENGEMA and Louis Stevens & Co, which are two growing companies operating in rail electrification, and the roads business of Aannemingen Van Wellen, the CFE group acquired Remacom, which specialises in laying rail tracks, in order to offer a comprehensive solution. The group is planning to expand the Rail & Road division internationally, enabling it to export its expertise in the medium term.
Further international expansion in public-private partnerships The group is also taking an international approach to public-private partnerships, in which the PPP-Concessions division is currently working on projects such as the
Liefkenshoek railway tunnel in Antwerp, the Turnhout car park, the Charleroi police station and the Eupen schools project. This international focus is shown by the Coentunnel project in the Netherlands and the Bizerte concession in Tunisia. However, Rent-A-Port has seen the greatest international development. In Vietnam, Rent-A-Port is handling the extension of Hai Phong port, and is working on expanding its activities in the region. Rent-A-Port also operates in Nigeria, and is involved in the Duqm concession in Oman, which is likely to see significant growth in future. More generally, the PPP-Concessions division is aiming to achieve gradual international expansion in its activities. Since this division shows major synergies with many of the group’s other operations, this expansion will support CFE’s efforts to export its expertise in the next few years.
CFE’s values The CFE group is an international group of contractors working in various disciplines, and customer satisfaction is its main objective. Everywhere in the world, the group’s primary aim is to offer the best solutions in order to build for the future. To achieve this, the group relies on certain values: Safety first
Proud of our achievements
VSafety is the group’s key priority. The quest for profit will never take precedence over the quest for safety.
In businesses where people can see and touch what the group has created, each employee, regardless of their position in the group, is proud of his or her achievements.
Generating sustained profits By adopting the mission of building for the future, the group inevitably takes a long-term view of profits, with all that implies in terms of quality and customer satisfaction.
Passionate about what we do Expertise is vital, but not sufficient. Commitment to individual projects and a passion for our business is needed.
Meeting commitments When CFE gives its word to a customer, partner or subcontractor, it keeps it. In particular, the group complies with agreed deadlines.
Promoting diversity All employees, whether they be male or female, from Belgium or elsewhere, have the same opportunities in terms of recruitment and promotion, and receive equal pay for equal work. The group supports cultural diversity in its teams.
Open, transparent and integrated The group is organised in a decentralised way, and each company retains a degree of autonomy. As a logical consequence, the group shows a high degree of openness, transparency and integrity.
Stronger together The good fit between the group’s various businesses and synergies between divisions and companies strengthen not only the group’s position, but also that of each entity.
Strategy
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Management team
Management Team 1.Gabriel Marijsse Director Human Resources 2. Michel Guillaume Director Sustainable Development Chairman Sogesmaint-CBRE 3. Lode Franken Deputy General Manager construction division Director DEME General Manager CFE Nederland 4. Frédéric Claes Managing Director BPC Director Amart 5. Youssef Merdassi General Manager CFE International (including CFE Hungary, CFE Slovakia, CFE România*, CFE Middle East, CFE Tchad, CFE Algérie and COBEL Contracting Nigeria Ltd). 6. Jacques Ninanne Deputy General Manager Corporate – Chief Financial Officer Chairman of Terryn group 7. Patrick Van Craen Managing Director CLE Director Tunisia and Morocco Director and General Manager CLi 8. Christophe Van Ophem General Manager CFE Brabant 9. Jacques Lefèvre Managing Director BPI General Manager CFE Immo 10. Renaud Bentégeat Managing Director of the CFE group Chairman of the management committee of DEME 11. Bernard Cols General Manager of the multitechnics division Director CFE Polska 12. Diane Zygas General Manager of the PPP-Consessions division 13. Yves Weyts General Manager of the Rail & Road division Managing Director Aannemingen Van Wellen Director synergies and communication 14. patrick Verswijvel General Manager MBG Manager Civil Engineering Belgium and Luxembourg
Management team
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Operational chart
PPP & Concessions
Real estate & Management services
Rail & Road
Multitechnics
45%
*
polska
45%
*
pa r t i c i pat i o n s
18% 20%
25%
parki ng turn h ou t
50% 25%
19%
H么te l de Polic e C ha rle roi
100%
23 ja nua ry, 2 0 1 3 only th e m a in c o m pa n i e s a n d b ran c h e s a re sh ow n * b ra n c h e s
8
66%
luxembourg
65%
*
CFE I nte r nat i onal C o o r d i n at i o n ce n t r e
Dredging & environment
Construction
50% dredging
&
land
r e c l a m at i o n
e n v i r o n m e n ta l services
m a r i n e a g g r e g at e s
*
belgium the netherlands uk
belgium asia
australia
*
india mexico
*
middle east nigeria
*
the netherlands philippines
renewable energy
s pa i n
sources
uk
hydraulic engineering and marine works
55%
49%
50%
terminal and marine services deep sea mining
9
Key figures Consolidated statement of comprenhensive income in millions of EUR (1) Gross self-financing margin: see consolidated cash flow statement on page 75 of the consolidated financial report.
IFRS
Revenue
2008
2009
2010
2011
2012
1,728.4
1,602.6
1,774.4
1,793.8
1,898.3
Operating result (EBIT)
112.4
88.6
99.1
84.9
81.4
Profit before tax Net profit of the group Gross self-financing (1) EBITDA (2) Equity – part of the group (before distribution)
95.4 69.9 185.4 196.2
76.8 61.7 174.0 184.2
85.2 63.3 195.0 197.3
69.2 59.1 171.5 181.6
52.2 49.1 184.6 199.1
357.7
413.3
466.1
501.7
532.4
(2) EBITDA: EBIT + depreciation and impairements + other noncash items (under IFRS)
Consolidated statement of financial position in millions of EUR IFRS 2008
2009
2010
2011
2012
Equity
368.2
423.8
475.5
508.8
538.6
Working Capital
133.5
152.3
248.0
350.8
400.0
Investments in tangible and intangible assets
156.8
190.2
223.3
217.6
205.9
73.4
82.1
98.3
100.6
119.7
Depreciation
Annual growth IFRS 2008
2009
2010
2011
2012
Revenue
17.8%
-7.3%
10.7%
1.1%
5.8%
EBIT
12.9%
-19.8%
8.4%
-14.2%
-4.1%
Result of the year
12.0%
-11.7%
2.5%
-6.7%
-16.9%
Ratios IFRS 2008
2009
2010
2011
2012
EBIT/ revenue
6.6%
5.7%
5.6%
4.7%
4.3%
EBIT/ cashflow
61.3%
54.4%
50.7%
49.5%
44.1%
EBITDA/ revenue
11.4%
11.5%
11.1%
10.1%
10.5%
Net profit of the group / equity – part of the group
19.5%
14.9%
13.6%
11.8%
9.2%
4.0%
3.9%
3.6%
3.3%
2.6%
Net profit of the group / revenue
10
Key figures
Key figures Data by division Evolution of the order book Real estate development
Important comment :
Dredging
Rail&Road
PPP-Conc.
Construction
3500
Multitechn.
In early 2012. CFE set up its new rail & road division. This division includes the activities of ENGEMA (installation of overhead contact lines and rail signalling) and Louis Stevens & Co (rail signalling)- previously included in the multitechnics division- along with the road business of Aannemingen Van Wellen. and the activities of specialist tracklayer Remacom. which was acquired at the start of the year. The environmental activities of CFE (CFE EcoTech) have been transferred to the multitechnics division.
3000 2500 1096
1202
1202
1659
162 8
76 113 8
66 166 14
1010
983
2000 968
1061
1500 112 9
1000 500
109 9
128 17
845
826
1110
0
2008
2009
2010
2011
2011
previous segments
new segments
964
2012
Evolution of the revenue Real estate development 2000 1900 1800 1700 1600 1500 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0
Evolution of the operating result Multitechn.
PPP-Conc.
Construction
Real estate development
Rail&Road Dredging 11.7
3.6
3.4
2.9
2.9
Rail&Road Dredging
120 1
110
7.5
Multitechn.
PPP-Conc.
Construction
100 90
754.4
701.3
900.3
882.9
882.9
957.5
3.7 86.5
80 70 60
135.2 37.4
140.7 27.1
148.6 19.8
175.6 26.0
99.3 156.3 35.0
91.8 149.8 26.0
742.5
707.8
717.8
645.2
655.5
86.5
67.6
67.6
6.0
6.3
7.4
7.4
7.2
4.6 4.7
9.4
9.4
40 9.0
20
10.0
10
11.5
10.1
0
10.2
-1.9 2008
2009
2010
2011 previous segments
2011 new segments
2012
69.1
50
30 800.0
72.8
2008
2009
-3.7 2010
2011 previous segments
5.7 1.8 10.4
5.1 -2.2
3.2 -2.2 2011 new segments
-2.5 2012
Key figures
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The group CFE worldwide
12
13
Activities of the CFE group
PPP – Concessions division
Multitechnics division
• DBFM-projects (design, build, finance, maintain)
• General and industrial electricity
trough public-private partnership • Concessions • Long-term maintenance management • Port development and management • Renewable and sustainable energy
• Industrial and agro-industrial automation • HVAC – sanitary facilities – heat pumps –
industrial cooling • Fabrication of low-tension boards and high-
tension cabins • Maintenance equipments and systems of HVAC,
Real estate development and management services division
sanitary facilities and domotica • Public lighting and the installation of CCTV • Installation of above-ground and underground
networks • Real estate
• Solar energy
• Building management
• Environment
• Project management • Facility management
Dredging and environmental division
Rail-Road division • Railway works : railway overhead lines,
signalization and track-laying works • Dredging and marine works
• Transport of energy : high and low voltage lines
• Aggregates for the construction industry • Decontamination of soils and storage of polluted sludge • Rock placement and offshore activities • Salvage and wreck removal • Renewable energy and project management • Terminal and marine services • Deep sea mining
• Road and rail works
Construction division • Buildings • Industrial constructions • Renovations • Bridges • Waterworks • Tunnels and underground works • Production and construction of bonded laminate
structures
14
• Asphalt works
Proud of the many realisations, we are pleased to present more IMAGES of the year 2012
Strategy 15
Amsterdam - Coentunnel
16 Strategy
Eupen - PPP Schulen
Strategy 17
Hai Phong - Dinh Vu
18 Strategy
Antwerp - Lichttoren
Strategy 19
Dommeldange - Green Hill
20 Strategy
Brussels - Residential building
Strategy 21
22 Strategy
Brussels - Office building
Strategy 23
Antwerp - Liefkenshoek railway tunnel
24 Strategy
Brussels - Belview
Strategy 25
Liège - Olympic ice rink
26 Strategy
Delft - Railway tunnel
Strategy 27
Luxembourg - Office building
28 Strategy
Ostend - Grande Poste
Strategy 29
Wroclaw - Logistics center
30 Strategy
Erps-Kwerps - HVAC works
Strategy 31
32 Strategy
Sclessin - Wastewater treatment plant
Strategy 33
Mons - Public lighting
34 Strategy
Leuze-en-Hainaut - Medium and high-voltage electrical cabinets
Strategy 35
Mons - Installation cooling equipment
36 Strategy
Sint-Truiden - Electrical works
Strategy 37
38 Strategy
Brussels - Industrial automation
Strategy 39
Schaerbeek - Track laying
40 Strategy
Braine-le-Comte - Installation of CCTV-cameras
Strategy 41
42 Strategy
E19 Wilrijk - Asphalt works
Strategy 43
44 Strategy
Tanger - Cutter suction dredger Ambiorix
Strategy 45
46 Strategy
Gladstone - dredging works
Strategy 47
Thornton Bank Belgian Coast - Windmill assembly
48 Strategy
Gladstone - Backhoe dredger Big Boss
Strategy 49
50 Strategy
Shetland islands - Rock dumping
Strategy 51
Pont de Normandie - Trailing suction hopper dredger Marieke
52 Strategy
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Construction of the second Coentunnel and renovation of the first Coentunnel, in consortium with CFE* and built by CFE* - Amsterdam (NL).
17
Construction, renovation and maintenance of the schools in the German-speaking Community, in consortium with CFE* and built by BPC - Eupen (BE).
18
The development of a low-lying land area of over 1,000 hectares into a modern industrial park and deep-sea port, built by Rent-a-Port* - Hai Phong (Vietnam).
19
Residential building, built by Aannemingen Van Wellen for BPI/CFE Immo - Antwerp (BE).
20
Residential building, built by CLE for CLi - Dommeldange (LU) .
21
Construction of a new passive residential building, built by Amart - Brussels (BE).
22-23 24
Construction of a new passive office building, built by CFE Brabant* - Brussels (BE). Construction of two tunnels for the Liefkenshoek rail tunnel, in consortium with CFE* and built by MBG*, Aannemingen Van Wellen, Louis Stevens & Co and ENGEMA - Antwerp (BE).
25
Office and residential building, built by CFE Brabant and BPC for BPI/CFE Immo* - Brussels (BE).
26
Construction of a new Olympic skating rink, built by BPC including a roof with bonded laminate structures, built by the group Terryn - Liège (BE).
27
Construction of a railway tunnel, executed by CFE Nederland* - Delft (NL).
28
Office building, built by CLE - Kirchberg (LU).
29
New cultural centre Grote Post, built by MBG* and electrical installations executed by Van de Maele Multi-Techniek Ostend (BE).
30 31
Logistics centre, built by CFE Polska - Wrocslaw (PL)
32-33
Ventilation and air conditioning works, executed by Druart. Construction and installation of equipments units for the wastwater collectors and pumpings stations, executed by BAGECI*, CFE EcoTech and Nizet Entreprise - Sclessin (BE).
34
Installation public lighting, executed by ETEC - Mons (BE).
35
Installation medium- and high-voltage electrical cabins executed by Nizet Entreprise - Leuze-en-Hainaut (BE).
36
Regulating and supplying coolant gas to the museum’s terminal units, executed by Prodfroid - Palais des Beaux-Arts - Mons (BE).
37
Electrical works executed by Vanderhoydoncks - Sint-Truiden (BE).
38-39
Automation of an assembly line, executed by VMA - Brussels (BE).
40 41
New track laying works, executed by Remacom* - Railway station Schaerbeek (Brussels) (BE). Malaga-project - installation of CCTV cameras, executed by Louis Stevens & Co - Railway station Braine-le-Comte (BE).
42-43
Asphalt works at the E19 between Wilrijk and Mechelen, executed by Aannemingen Van Wellen.
44-45
Dredging works for the new TangerMed II port in Morocco, executed by the cutter suction dredger Ambiorix.
46-47
Dredging works including the deepening and widening of several access channels - Gladstone (AUS).
48
C-Power’s Thornton Bank farshore wind farm project - Belgian Coast.
49
Backhoe dredger Big Boss - Gladstone (AUS)
50-51 52
Rock dumping project executed by the fallpipe vessel Rollingstone - Shetland Islands (UK). Trailing suction hopper dredger Marieke - Pont de Normandie (FR). * = in association
COMPAGNIE D’ENTREPRISES CFE SA 42, avenue Herrmann-Debroux 1160 Brussels - Belgium
Editor : Yves Weyts Editorial Contact : Ann Vansumere Tel. +32 (0)2 661 13 97 ann_vansumere@cfe.be