AbOuT uS - Publications

2011
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
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
Key figures
Consolidated statement of comprenhensive income in millions of EUR
IFRS
2007
Revenue
Operating result
2008
2009
2010
2011
1,467.6
1,728.4
1,602.6
1,774.4
1,793.8
99.0
112.4
88.6
99.1
84.9
Profit before tax
83.9
95.4
76.8
85.2
69.2
Net profit of the group
62.4
69.9
61.7
63.3
59.1
Gross self-financing (1)
156.5
185.4
174.0
195.0
171.5
EBIT (2)
100.7
113.7
91.2
99.1
84.9
EBITDA (3)
166.9
196.2
184.2
197.3
181.6
Equity – part of the group (before
distribution)
317.3
357.7
413.3
466.1
501.7
(1)
Gross self-financing margin: see consolidated cash flow statement on page 152 of the consolidated financial
report.
(2)
EBIT: operating result + income from non-current financial assets + result from associates.
(3)
EBITDA: EBIT + depreciation and impairements + other non-cash items (under IFRS)
Consolidated statement of financial position in millions of EUR
IFRS
2007
2008
2009
2010
2011
Equity
322.9
368.2
423.8
475.4
508.8
Working Capital
103.1
133.5
152.3
248.0
350.0
Investments in tangible and intangible assets
101.2
156.8
190.2
223.3
217.6
66.9
73.4
82.1
98.3
101.5
Depreciation
Annual growth
IFRS
2007
2008
2009
2010
2011
Revenue
26.1%
17.8%
-7.3%
10.7%
1.1%
EBIT
52.8%
12.9%
-19.8%
8.4%
-14.2%
Result of the year
53.3%
12.0%
-11.7%
2.5%
-6.7%
Evolution of the operating result
150
100
dredging
m u lt i t e c h n i c s
50
r e a l e s t at e d e v e l o p m e n t
construction
ppp-concessions
0
2007
2008
2009
2010
2011
Data by division
Evolution of the order book
2.500
2.000
1.500
1.000
dredging
m u lt i t e c h n i c s
500
r e a l e s t at e d e v e l o p m e n t
construction
ppp-concessions
0
2007
2008
2009
2010
2011
Evolution of the revenue
2.500
Key Figures
2.000
1.500
1.000
dredging
m u lt i t e c h n i c s
500
r e a l e s t at e d e v e l o p m e n t
construction
ppp-concessions
0
2007
2008
2009
2010
2011
Ratios
IFRS
2007
EBIT/
revenue
2008
2009
2010
2011
6.8%
6.6%
5.7%
5.6%
4.7%
EBIT/
cash flow
64.3%
61.3%
54.4%
50.7%
51.7%
EBITDA/
revenue
11.4%
11.4%
11.5%
11.1%
10.1%
Net profit of the group /
equity – part of the group
19.7%
19.5%
14.9%
13.6%
11.8%
Net profit of the group /
revenue
4.3%
4.0%
3.9%
3.6%
3.3%
Edito
CFE put in a highly resilient performance in tough economic
conditions in 2011. Revenues were stable compared to 2010,
operating profit was €84.90 million and net profit after tax
amounted to €59.10 million.
All business lines contributed to the Group’s performance. Despite an incident affecting a remediation
project in Brazil, DEME significantly strengthened its position in the dredging sector, winning some major
contracts, particularly in Australia. DEME also continued to modernise its fleet, enhancing its prospects
in terms of winning business in the coming years.
The Group also developed its skills base further in 2011, particularly in the multitechnics division.
CFE acquired ETEC, a company based in the Walloon region in Belgium, specialised in public lighting.
Together with the commercial success of VMA in Turkey and Slovakia, this acquisition enhances the
growth prospects of the multitechnics division, which now accounts for 10% of total revenues.
The construction business ended the year with a historically high order book. Order intake was driven in
particular by international projects, with CFE now operating in Tunisia, Algeria, Chad, Nigeria and Qatar.
The Group also won some major property development contracts in 2011. BPI and CFE Immo are
involved in some of the Belgian market’s most high-profile projects, such as the Solvay site in Ixelles,
Van Maerlant in the European district of Brussels, the Lichttoren project in Antwerp, the Oosteroever
residential project in Ostend and the Victor project opposite the Gare du Midi in Brussels.
The PPP-concessions division won the contract for the Charleroi police station. Work on this project,
which won the Futura award during the MIPIM Cannes 2012 fair, will continue until 2014. In Vietnam,
Rent-A-Port’s work over a number of years was rewarded by Bridgestone’s decision to set up operations at
the Hai Phong site. Again, the outlook in this division is encouraging.
CFE started 2012 with a particularly strong order book and a great deal of confidence. The Group’s diverse
business and geographical mix, combined with its constant quest for synergies between its various
divisions, mean that performance is expected to improve further this year.
In this respect, the high level of motivation among CFE’s staff is a major advantage. CFE has just been
named one of Belgium’s “Top Employers” of 2012. This new accolade will help the Group hire the staff it
needs to address new challenges, including that of maintaining and increasing client satisfaction.
Renaud Bentégeat
Managing Director
Philippe Delaunois
President of the board of Directors
1
2 Strategy
Strategy
Increasingly diversified and international
development
In 2011, the CFE Group continued to grow in accordance
with its strategy by focusing on international development,
strengthening its multitechnics division and making sustainable
development an integral part of all its activities. More than
ever, the Group demonstrated the effectiveness of its structural
and operational model. The model’s strength lies in the good
fit between business lines and the resulting synergies, making
the business ideally suited to meet growing market demand
for comprehensive solutions. Customer satisfaction is a core
priority. The model also underpins CFE’s reputation as a highly
reliable and top-quality partner.
A coherent structure that generates synergies
No company is part of the CFE Group by chance: the Group is a coherent collection of complementary
entities and business lines.
In upstream businesses, property development companies handle the entire development process: purchasing land, selecting projects, obtaining permits, carrying out construction work and selling properties to homeowners and investors. The PPP-Concessions division, which in 2011 won the contract to
build a new police station in Charleroi, is a major advantage for CFE when bidding for contracts, since
it can offer project-financing expertise to local authorities. It also works on long-term contracts, whereas the rest of CFE’s activities are more short-term.
Whenever the Group is involved in the upstream part of a property development or concession project, synergies come to the fore. For example, general contracting units carry out construction work,
specialist electricity and HVAC units install equipment and facilities, and civil engineering units build
infrastructure and perform other works. Maintenance is then carried out by specialist subsidiaries like
Aannemingen Van Wellen (roads), MBG (civil engineering) and be.Maintenance (multitechnics). The
finance and concessions departments arrange financing for all activities.
In addition, our entities specialising in dredging, civil engineering and marine engineering, such as
GEKA, increasingly work together in Belgium and the Netherlands, and even in certain projects in
Germany and Denmark.
As a result, the CFE model is based on a logical integration of the value chain, with synergies arising
between the Group’s various companies. The Group is maintaining its balanced and complementary
range of businesses as it continues to grow and diversify, developing new business lines and integrating new companies while also seeing its investments in DEME generate equivalent growth. As a result,
the dredging business accounts for 50% of the CFE Group’s business, just as it did eight years ago.
Amsterdam - Coentunnel
Strategy 3
Customer satisfaction: a core priority
In our business lines, customers very often need a comprehensive solution, enabling them to deal with
a single point of contact. In the concessions field, the PPP-Concessions division is able to provide these
comprehensive solutions. In rail projects, for example, customers want companies that can lay the
track and install both signalling and overhead wiring. Marine works and dredging customers also want
a single solution.
CFE is able to meet the expectations of all these customers. With its broad range of skills and businesses, the CFE Group - representing all of its component units - can offer a single point of contact and a
comprehensive, internally co-ordinated response. This represents a considerable benefit for customers.
The same is true for the dredging business, whereby DEME represents all of its subsidiairies.
CFE is now well known as a reliable, credible, trustworthy partner. This is proven by the recurrent business it receives from its loyal customers, and the strong relationships it has developed with the main
decision-makers, particularly in Belgium, as a result of its high-quality service.
Ongoing focus on international business
The current economic downturn means that international development is increasingly important.
This is clearly the case for DEME, which obviously cannot rely only on the Belgian market and has
always sought international growth in all its business areas, including dredging, environmental activities, offshore works and heavy lift operations at sea.
The situation is different for the Group’s other activities. Historically, CFE has had a very strong international business. However, the Group sold its main African subsidiary in 2000, followed by other international activities. In the early 2000s, the international business consisted solely of limited activities in
Poland and Hungary.
In the last few years, however, CFE has resumed international growth and is now aiming to have an
international presence in all its business areas.
Construction: presence in Central Europe and increasingly Africa
In construction, CFE has long-established subsidiaries in Central Europe (Poland, Hungary, Slovakia and
Romania) and is determined to increase its presence in Africa. In 2011, the Group had major success in
this region, including the completion of work on Toukra University and the signature of further substantial contracts in Chad. In Nigeria, which is one of Africa’s most dynamic and populous countries,
CFE won a contract to build a residential tower for a local private-sector partner. In January 2012, the
Group signed a contract to build BNP Paribas’ headquarters in Algiers. This represents CFE’s first project
in Algeria, where it hopes to establish a permanent presence. In Tunisia, CFE has been working on the
Bizerte concession for almost three years, and construction projects are underway. The repercussions
caused by the recent revolution on Tunisia’s economy and tourist industry are now over, leading to
renewed growth prospects.
CFE Middle East has been operating in Qatar for four years now. This company is intending to build its
presence in the local market and expand into neighbouring countries including Abu Dhabi.
In construction, 2011 was a year in which CFE reaped the benefits of its international efforts, winning
some large contracts in a number of countries and preparing for future projects, particularly in Sri
Lanka. These projects relate mainly to the construction of buildings. 2012 is likely to bring gradual
international growth in the civil engineering and marine engineering businesses.
4 Strategy
Encouraging first steps in diversifying the international business
he Group is also aiming to achieve international development in the multitechnics division. It has had
some initial successes, mainly through VMA and its automation activities in the automotive industry.
In addition to its long-standing presence in Slovakia, VMA won a contract in Hungary and, more recently, in Turkey, where it has recently set up VMA Turkey in order to bolster its presence in the country. In
Poland, CFE is planning to set up a subsidiary called VMA Polska in order to achieve synergies with the
CFE Polska construction unit and develop general electrical activities.
Although CFE’s property development activities have previously been restricted mainly to Belgium and
Luxembourg, in 2011 they expanded into Poland. A team is already building a four-block residential
complex in Gdansk and the Group has acquired various plots in Warsaw in order to develop offices,
residential buildings and shopping centres.
Multitechnics division: strong growth
The multitechnics division is relatively young, having been set up in its current form five years ago. The
original aim was to offer the full range of services across all of Belgium. As mentioned above, CFE is
now seeking to develop the multitechnics division internationally.
In addition to its traditional activities in the rail, electricity and HVAC segments, the Group added
maintenance in 2011 by setting up a specialist company called be.Maintenance. This company is likely
to see rapid growth in the next few years. The division has also moved into public lighting following
the acquisition of ETEC in Wallonia, and the business is likely to be developed through the creation of a
specialist public lighting company in Flanders.
Rail: on track
CFE has always had a strong rail business through its ENGEMA subsidiary, which has recently been
joined by Louis Stevens & Co. ENGEMA initially specialised in the installation of catenaries, before
moving five years ago into rail signalling, and is now a key player in Belgium in this market. To meet
increasing demand for services including track-laying and the installation of signalling and catenaries,
CFE intends to strengthen its track-laying business, which is an excellent fit with its rail electrics, roads
and civil engineering businesses. For this purpose, the Group recently acquired Belgian company Remacom in late February 2012.
Sustainable development: integral to the business
CFE has made sustainable development an integral part of its developments over the last few years.
The Group has a specific department that carries out research into new sustainable construction and
operating methods on behalf of companies and projects. Various initiatives undertaken by the Group
show the commitment of Group companies and staff to adopting an environmentally-friendly approach. In 2011, this resulted in the construction of passive and low-energy buildings, the installation
of photovoltaic panels and the connection of wind farms, among other projects. Companies also took
various in-house measures to reduce their energy consumption, use renewable energy, reduce CO2
emissions and recycle waste. Several Group companies are naturally geared towards sustainable development. They include CFE EcoTech, which purifies and recovers waste water, Terryn, which specialises
in wood-based construction, and DEC Ecoterres, which carries out soil remediation work.
Strategy 5
Management team
CFE 2011
Patrick Van Craen
Bernard Cols
Diane Zygas
Managing Director CLE, Director Tunisia
and Morocco, Director and General
Manager CLi
General Manager of the multitechnics
division, Director CFE EcoTech and
CFE Polska
General Manager of the PPP-Consessions
division (as from 01/02/2012)
Lode Franken
Renaud Bentégeat
Deputy General Manager construction
division and Director DEME
Christophe Van Ophem
General Manager CFE Brabant
6 Strategy
Managing Director of the CFE group and
Chairman of the management committee
of DEME
Jacques Ninanne
Deputy General Manager Corporate –
Chief Financial Officer of the CFE group,
General Manager of the PPP-Consessions
division (until 31/01/2012) and Chairman
of Groupe Terryn
Patrick Verswijvel
General Manager MBG
Frédéric Claes
Yves Weyts
Patrick de Caters
Managing Director BPC and Director Amart
Managing Director Aannemingen
Van Wellen, Director synergies and
communication of the CFE group
General Manager BAGECI
Michel Guillaume
Director Sustainable Development of the
CFE group and Chairman Sogesmaint-CBRE
Jacques Lefèvre
Managing Director BPI and General
Manager CFE Immo
André de Koning
Director CFE Nederland en GEKA
Gabriel Marijsse
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).
Human resources Director of the CFE group
Strategy 7
Operational chart
P P P – C oncessions division
R eal estate development
and management
services division
Dredging and environmental division
50%
45%
*
polska
45%
dredging
&
l a n d r e c l a m at i o n
environmental
services
*
p a r t i c i p at i o n s
asia
18%
australia
66%
belgium
india
25%
luxembourg
mexico
middle east
pa r k i n g t u r n h o u t
50%
25%
nigeria
netherlands
philippines
s pa i n
19%
Hôtel de Police
Charleroi
renewable energy
and project development
uk
100%
terminal
&
marine services
hydraulic engineermarine
ing
&
marine works
a g g r e g at e s
belgium
netherlands
uk
01/04/ 2 0 1 2
deep sea mining
o n ly t h e m a i n c o m p a g n i e s a n d b r a n c h e s a r e s h o w n
*
branches
logo OCEANFLORE CMYK
8 Strategy
100c/72m/0y/32k
0c/100m/100y/0k
69c/0m/100y/0k
CFE International C oordination centre
C onstruction division
Multitechnics division
Rail- Road division
65%
*
*
*
*
55%
*
65%
49%
Middle East
Tchad
Tunisie
Strategy
9
Activities of the CFE group
PPP – Concessions division
Multitechnics division
• DBFM-projects (design, build, finance,
• General and industrial electricity
maintain) 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
Real estate development
and management services
division
HVAC, sanitary facilities and domotica
• Public lighting and the installation of CCTV
• Installation of above-ground and
underground networks
• Solar energy
• Real estate
• Environment
• Building management
• 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
• 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
Construction division
• Buildings
• Industrial constructions
• Renovations
• Bridges
• Waterworks
• Tunnels and underground works
• Production and construction of bonded
laminate structures
10 Strategy
• Transport of energy : high and low voltage
lines
• Road and rail works
• Asphalt works
Proud of the many realisations,
we are pleased to present more
IMAGES of the year 2011
Strategy 11
12 Strategy
Antwerp - Liefkenshoek rail tunnel
Strategy 13
Knokke - La Réserve
14 Strategy
Brugge - Gouden Boom
Strategy 15
Gdansk - Ocean’s Four
16 Strategy
Brussels - Midi-Suède
Strategy 17
Diemen - Brug 2007
18 Strategy
Rotterdam-Europoort - Landing jetties
Strategy 19
Zaventem - Diabolo
20 Strategy
Zaventem - Diabolo
Strategy 21
Brussels - Office building
22 Strategy
Antwerp - Office building
Strategy 23
Brussels - European School
24 Strategy
Antwerp - Residential building
Strategy 25
Brussels - Shopping center
26 Strategy
Schaerbeek - Crossing stadium
Strategy 27
Esch-Belval - Campus Belval
28 Strategy
N’Djamena - University of Toukra
Strategy 29
Liège - Bonded laminate structures
30 Strategy
Braine-Le-Château - Vallée du Hain
Strategy 31
Gullegem - Ventilation and air conditioning works
32 Strategy
Brussels - HVAC works
Strategy 33
Brussels - Electricity works
34 Strategy
Westerloo - Installation photovoltaic panels
Strategy 35
Ghent - Electrical and electromechanical engineering
36 Strategy
Laakdal - Electrical engineering
Strategy 37
38 Strategy
E19 Wilrijk-Mechelen - Asphalt works
Strategy 39
Zaventem - Installation of ETCS signalling equipment
40 Strategy
Huizingen - Catenaries maintenance works
Strategy 41
42 Strategy
Brugge - Track laying
Strategy 43
44 Strategy
Kruibeke - Environmental activities
Strategy 45
Fallpipe vessel Flintstone
46 Strategy
Reclamation works
Strategy 47
48 Strategy
Lagos - Capital dredging works
Strategy 49
50 Strategy
Panama Canal - Dredging works
Strategy 51
Thornton Bank Belgian Coast - Windmill assembly
52 Strategy
2
Earth moving works in relation to the access ramps and road works for the construction of
the second Coentunnel, executed by DEME in consortium with CFE* - Amsterdam (NL)
12
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)
14
Hotel and apartment project La Réserve, built by MBG and Aannemingen Van Wellen for BPI/
CFE Immo* - Knokke (BE)
15
Residential project Gouden Boom, built by MBG for BPI/CFE Immo - Brugge (BE)
16
First tower of the residential project Ocean’s Four, built by CFE Polska for BPI/CFE Immo Gdansk (PL)
17
First passive residential building, built by Amart for BPI/CFE Immo - Brussels (BE)
18
Construction of a steel bridge over the Amsterdam-Rhine canal, built by CFE Nederland* Diemen (NL)
19
Construction of landing jetties, built by GEKA - Rotterdam-Europoort (NL)
20-21
Construction of the northern rail connection to the airport of Zaventem, built by MBG* and
Aannemingen Van Wellen - Zaventem (BE)
22
Office building, built by CFE Brabant* and electrical engineering executed by Nizet Entreprise
and VMA - Brussels (BE)
23
Office building, built by MBG - Antwerp (BE)
24
Construction and renovation of the fourth European School of Brussels, built by CFE Brabant*,
electrical engineering executed by VMA and installation high tension cabins by Nizet Entreprise Brussels (BE)
25
Residential building and store, built by Aannemingen Van Wellen - Antwerp (BE)
26
Construction of a luxury shopping center, built by CFE Brabant and HVAC works and electrical
engineering executed by Druart and Nizet Entreprise - Brussels (BE)
27
Renovation of the footballstadion Crossing, executed by CFE Brabant* - Brussels (BE)
28
Construction and renovation of the Belval Campussite, executed by CLE - Esch-Belval (LU)
29
Construction of the new University of Toukra, built by CFE Tchad* - N’Djamena (Chad)
30
Construction of a new Olympic skating rink, built by BPC* including a roof with bonded laminate structures, built by the group Terryn - Liège (BE)
31
Construction and installation of equipments units for the wastwater collectors and pumpings stations, executed by BAGECI, CFE Brabant, CFE EcoTech and Nizet Entreprise - Braine-le-Château (BE)
32
Ventilation and air conditioning works at the Gullegem retirement home (150 rooms each),
executed by Brantegem and Van De Maele Multi-Techniek - Gullegem (BE)
33
Ventilation and air conditioning works at Palais des Beaux-Arts, executed by Druart - Brussels (BE)
34
Electrical engineering, executed by VMA - Brussels (BE)
35
Installation of 15,000 photovoltaic panels, executed by Nizet Entreprise - Westerloo (BE)
36
Electrical and electromechanical engineering, executed by VMA - Ghent (BE)
37
Electrical and electromechanical engineering, executed by Vanderhoydoncks - Laakdal (BE)
38-39
Asphalt works, executed by Aannemingen Van Wellen - E19 between Wilrijk and Mechelen (BE)
40
Installation of ETCS (European Train Control System) signalling equipment on the northern
rail connection to the airport of Zaventem executed by Louis Stevens & Co - Zaventem (BE)
41
Catenaries maintenance works, executed by ENGEMA - Huizingen (BE)
42-43
New track laying works, executed by Remacom* - Brugge (BE)
44-45
Construction of erosion controls for an 8 km overflow dike, executed by DEC - Kruibeke (BE)
46
New fallpipe vessel Flintstone.
47
Beach nourishment and costal protection works - Walcheren (NL)
48-49
Extensive reclamation works on the EKO Atlantic project - Lagos (Nigeria)
50-51
Dredging works for the Access Channel to the new set of locks of the Panama Canal
52
C-Power’s Thornton Bank farshore wind farm project - Belgian Coast
* = 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