2004 2003

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4
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R A P P O R T
A N N U E L
Belgium was created 175 years ago following the
presentation of the opera «La Muette de Portici»
by Daniel-François-Esprit Auber at the Théâtre Royal
de La Monnaie in Brussels.
By using a musical theme to illustrate its annual
report, CFE is honouring this anniversary.
124st corporate financial year
Established in Brussels 21st June 1880
Headquarters:
Avenue Herrmann-Debroux 42
1160 Brussels
Enterprise no. 0400.464.795
Register of Companies Brussels
Tel: +32 2 661 12 11
Fax: +32 2 660 77 10
E-mail: info@cfe.be
Internet: http://www.cfe.be
Compagnie d’Entreprises CFE SA
An attractive development
“Preludes”
With a net after-tax profit of 16.1 million EUR, 2004 can be considered as a good year for CFE.
Certainly, 2003 achieved a better score (20.8 million EUR) but, as we have already emphasised,
this amount was largely due to exceptional circumstances such as the disposal of the headquarters
building.
3
The year 2004 would have been considerably better if we had not
suffered the very heavy consequences of a legal decision relative to a
site that was delivered nearly... 30 years ago.
During the year, numerous decisions enabled our organisation to
progress and better respond to the demands of the market. To cite
no more than the most significant, we recall the reinforcement of the
Construction Division by the acquisition of BPC, the creation of the
Real Estate and Associated Services Division, the voluntary re-launch
of a dynamic programme of expansion in the Multi-Technical Division
and the growth of our participation in DEME, of which the results are
once again very satisfactory.
At 1st January, we had an order book of more than a billion EUR, which
is a record for CFE. It is the fruit of the recognition by our clients of
the quality of our achievements and is also the result of a profound
will to satisfy them because, in the long term, we wish to create
strong links with everyone involved in the process of construction.
Consequently, confident in the future, we intend to continue the
development of CFE, by insisting on the competence and dynamism of all the employees of the
group.
CFE celebrates its 125th birthday this year. Even so, the enterprise has managed to maintain a
youthful spirit. A recent survey showed that CFE is an attractive employer, the group being placed
among the «Top 10» of companies in which the active population would want to work. With our
employees, our clients and our partners, we expect to write many more pleasant pages over the
next 125 years.
Renaud BENTÉGEAT
Managing Director
Philippe DELAUNOIS
Chairman of the Board of Directors
Renaud Bentégeat and
Philippe Delaunois.
Strategy
“The line of
the horizon ”
The CFE group underwent profound changes in
2004. Consequently, 2005 will be a year of consolidation of the initiatives taken, which does not,
of course, exclude the seizing of opportunities for
external growth, particularly in the multi-technical
division.
4
THE MODIFICATIONS THAT TOOK PLACE IN 2004
These affected three divisions: construction, real estate
and associated services, dredging and environment.
New ambitions in the field of real estate and
associated services
This translates into:
●
●
Reinforcement of the main profession:
construction
This translates into:
●
●
●
Real estate team
(BPI, CFE Immo, CLi
and Construction
Management) ready
to take on new
challenges.
a growing presence in Brussels with the acquisition of Bâtiments et Ponts Construction (BPC),
which has an excellent order book
the significant development of CLE in Luxembourg, which is recognised as one of the leading
local companies
reinforcement of the technical area by the implementation of a knowledge policy and the appointment of an assistant general manager of the
division – Lode Franken – in charge of motivation
and the co-ordination of centralised technical
management.
●
●
the creation of a division separate from that of
construction, the field of real estate being considered as a distinctly separate profit centre, complementary to that of the construction division
the acquisition of BPI, which is well established
in the office and residential markets, particularly
in Brussels
the launch of new operations in Luxembourg and
the creation of a permanent subsidiary, CLi
in building management, the establishment of
Sogesmaint Luxembourg which already manages
50,000 m2 of offices
The growing relationship with DEME
This is notably translated by the reinforcement of
the participation in DEME, CFE now holding exactly
50% of the capital of the company. It is also demonstrated by the unfailing support of CFE to the
various teams at DEME in their dredging business
and their environmental activities.
2005: CONSOLIDATION OF THE ACQUISITIONS
The group, which is now in good order, can set
progress objectives for future exercises.
Construction division:
security and profitability
Starting from the principle that the main
value of a company
is its people, CFE has
decided to pay more
attention to the batJean Blaton, Chairman of the
tle of the security of its
Board of Directors of BPC.
sites. Observing that
the results in this matter during 2004 were not satisfactory, in 2005, more
emphasis will be placed on the improvement of
our approach to prevention, based on the principle
that our employees are in the company to earn a
living and not to lose it.
In parallel, more consideration will be given to the
preparation of the sites and to productivity.
Convinced that improvements to the security and
organisation of the sites is a gain rather than a
cost, the management of CFE intends making the
construction division one of the most profitable of
the group.
Real estate and associated services division:
geographical diversification
Well established in Luxembourg and in Brussels,
building promotion remains very modest in Flanders
and in Wallonia. Consequently, one of the objectives
of the exercise will be to geographically diversify the
fundamental approach in order to achieve a better
balance of investments.
For the same reason, Sogesmaint will seek to establish a better position in the Antwerp region.
Finally, more timely progress in export is anticipated,
notably for Construction Management.
5
The multi-technical division: multiservice objectives
CFE intends to maintain its development in these
sectors by seeking other activities that are complementary to those that it already pursues:
●
●
in areas that are complementary to heating and
air-conditioning
in multiservice and multi-technical areas that naturally complement other professions of the group
Dredging and environment division: a pivotal
area of development
DEME is a worldwide player of the first order in its
entrepreneurial qualities of dredging and hydraulic
operations. Its recent success demands other investments further to the decision to acquire a mega-cutter at the end of 2003. CFE will enable DEME to
remain competitive by providing it with the necessary means for its expansion.
Finally, diversification of its environmental activities,
notably in soil purification, has made considerable
progress.
Know yourself, help each
other and work together.
Notable events of 2004
“The Four
Seasons ”
February
6
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Launch of the new DEME suction hopper dredger,
the «Pallieter».
April
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Constitution of Sogesmaint Luxembourg.
Laying the foundation stone of the complex in
the Kievitplein in Antwerp (architect: Jaspers) for
Robelco.
Acquisition of 1.5% of the shares of DEME from
GIMV, bringing the participation of CFE to 50%.
May
●
●
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Acquisition of BPC (Bâtiments et Ponts Construction).
Acquisition of BPI (Bâtipont Immobilier).
Nizet secures the order for renovation of the
electrical installations of the Atomium.
June
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Delivery to the State of Luxembourg of Tower B
of the Porte de l’Europe in the Kirchberg (Grand
Duchy of Luxembourg).
Delivery of the Gresham Hotel in Budapest
(Hungary).
July
●
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Signature by MBG for the civil engineering of the
fourth gas reservoir in Zeebrugge.
Signature by DEME via Qatar Dredging Company
of a dredging and channelling contract «Pearl of
the Gulf» (Qatar).
Authorisation of the Council of Ministers for the
renting of 15,000 m2 at the Jardins de la Couronne
for the Federal Police.
September
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Opening of the new Engema depot in Muizen.
Van Wellen obtains the roadworks contract for a
P&O maintenance area in the Port of Antwerp.
October
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Signature of the D4/D5 contract (CFE Brabant and
BPC) for the European Parliament in Brussels.
End of the cutting of the Soumagne tunnel.
December
●
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Signature by Qatar Dredging Company of the
dredging contract for a platform in the new Doha
airport (Qatar).
CLE signed the contract to build the Postal Sorting
Centre in Bettembourg (Luxembourg).
7
Key figures
“The Symphony
of a thousand”
Data in millions of EUR
Turnover
2004 2003 2002 2001 2000
854.4
793.4
796.9
847.6
809.2
Corporate result
34.7
18.0
28.4
38.2
35.2
Current result
25.3
4.9
19.9
27.0
23.1
Result for the financial year before tax
27.0
28.6
20.1
27.0
25.3
Result for the financial year
15.4
21.2
11.9
16.6
15.0
Result for the financial year –
group share
16.1
20.8
10.2
16.7
13.6
Cashflow (1)
46.3
71.8
76.5
59.7
50.2
EBIT (2)
34.7
18.2
28.3
38.7
35.6
EBITDA (3)
70.5
54.5
60.7
69.6
65.7
Tangible fixed assets
234.3
235.0
247.5
212.8
218.2
Financial fixed assets
16.4
10.0
8.1
11.9
12.1
170.4
161.2
147.0
141.8
131.8
8
Jacques Ninanne
Director of Finance
and Administration
Equity after distribution,
including third-party property
(1) Cashflow: see Consolidated Cashflow Statement on page 8 of the Financial Report.
(2) EBIT: Corporate result + revenue from financial fixed assets + share of the result of the companies in
which equity mutation is applied.
(3) EBITDA: EBIT + write-offs.
Comparative figures
2004 2003 2002 2001 2000
EBIT/
turnover
4.1%
2.3%
3.5%
4.6%
4.4%
EBITDA/
turnover
8.3%
6.9%
7.6%
8.2%
8.1%
Result for the financial year /
Equity after distribution,
including third-party property
9%
13.1%
8.1%
11.7%
11.4%
Result for the financial year /
turnover
1.8%
2.7%
1.5%
2.0%
1.9%
2004 2003 2002 2001 2000
Figures in EUR per share
Number of shares on 31/12
581,879
581,879
581,879
581,879
581,879
Current result
44
8
34
46
40
Cashflow
80
123
131
103
86
Result for the financial year
26
36
20
29
26
Result for the financial year –
group share
28
36
18
29
23
Gross dividend
8.50
4.30
8.60
8.60
8.18
Net dividend
6.37
3.22
6.45
6.45
6.14
Equity after distribution
275
263
233
229
208
9
“The Stock
Exchange Polka”
2004 2003 2002 2001 2000
Stock exchange data
Average exchange rate of
the financial year
EUR
217.31
198.38
243.43
222.95
188.67
Absolute minimum
exchange rates
EUR
191.00
168.0
181.00
185.20
155.00
Absolute minimum
exchange rates
EUR
284.00
224.8
300.00
267.90
229.00
Closing price of the
financial year
EUR
269.00
199.6
194.50
247.80
189.00
Average daily volume
of shares
EUR
237
244
231
223
248
Exchange capitalisation
on 31/12
M EUR
156.53
116.14
113.17
144.19
109.98
Comparison between the position of the CFE shares and the Bel 20 index
Last five years:
300
250
200
150
100
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Some data concerning the shares
On 31st December, 581.879 shares were issued. Each share has a voting right. There was no issue of
convertible bonds or guarantees.
The financial institutions through which holders of financial instruments can exercise their financial rights are:
Bank Degroof and Fortis Bank.
Operational chart
“Game of
Cards”
11
Div. 2
Div. 2
Div. 1
Div. 2
CFE
CFE International Co-ordination Center
Vinci
45%
■ CONSTRUCTION
DIVISION
■ REAL ESTATE AND
ASSOCIATED
SERVICES DIVISION
■ Northern Belgium
■ ABEB
■ MBG
■
■ Central Belgium
■ BPC
■ CFE Brabant
■ Southern Belgium
■ BAGECI
■ The Netherlands
■ CFE Nederland
55%
■ MULTI-TECHNICAL
DIVISION
■ DREDGING &
ENVIRONMENT
DIVISION
BPI
■ ENGEMA
■
CFE Immo
■
CLi
■ NIZET Entreprise
■ Electronizet
(Voltis)
■ DEME 50%
Dredging &
environment
■
Construction
Management
■
Sogesmaint
Sogesmaint
Luxembourg
■
■ Grand Duchy
of Luxembourg
■ CLE
Public shareholders
■ Vanderhoydoncks
■ Dredging
International
■ Baggerwerken
DECLOEDT
■ DIAP
■ SIDRA
■ IPEM 55%
■ DBM
■ CFE Beton- &
Waterbouw
■ QDC 44%
■ CFE Industrie- &
Utiliteitsbouw
■ GEKA
■ Central Europe
■ CFE Hungary
■ CFE Polska
■ Ecoterres /
DEC 75%
■
CFE EcoTech
Only the main companies
and branches are shown.
Branches are indicated by
a white square.
■
Van Wellen (50%)
February 2005.
Corporate governance
“Orchestral
Notations”
I. GENERAL MEETING
12
●
Share capital
The share capital is represented by 581,879 shares without indication of nominal value.
●
Reference shareholder
VINCI Construction and VINCI hold 264,028 shares, being 45.37% of the capital.
●
Assistance convention
A management assistance convention links CFE and its reference shareholder. The remuneration
for services resulting from the convention amount to an annual sum of 1,189,889 EUR.
II. BOARD OF DIRECTORS
According to Article 15 of the statutes, the company is administered by a Board of Directors composed of at least five executive or non-executive administrators, appointed for a maximum of six
years by the general meeting of shareholders and revocable by them at any time
At 31st December 2004, the board of directors was composed of eight members:
expiring mandates
at the AGM (*)
Philippe Delaunois, President (63 yrs)
●
●
●
●
●
●
President of the Board of Directors of Médiabel
President of the Board of Directors of Alcopa
Director of ING Belgium
Director of Umicore SA
Director of Shanks plc (UK)
Director of Fabricom
Renaud Bentégeat, Managing Director (51 yrs)
●
2006
Director of various companies of the CFE Group
2005
Dirk Boogmans (49 yrs)
●
●
●
●
●
Managing Director of GIMV NV
President of the Belgian Venture Association
Director of De Lijn
Director of P & V
Director of VEV-VOKA
Christian Labeyrie (48 yrs)
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
2006
President and General Manager of Cofiroute
President of the Public Markets Committee of Medef
Vice-President of the Association des Sociétés Françaises
d’Autoroutes et d’Ouvrages à Péage
Drie Koningen R.V.O. NV
represented by Chevalier van Outryve d’Ydewalle (70 yrs)
●
2005
President and General Manager of VINCI Construction
President of VINCI Construction Grand Projets
Member of the Executive Board of VINCI
Director of various companies of Groupe VINCI
Director of Doris
Director of SEEG
President of SEFI (Syndicat des Entrepreneurs Français Internationaux)
Henri Stouff (61 yrs)
●
2005
President of the Board of Directors of Banque Degroof
Director of D’Ieteren SA
Philippe Ratynski (45 yrs)
●
2009
Financial Director and member of the executive committee
of Groupe VINCI
Director of various companies of Groupe VINCI
Director of the SICAV 5000 company of the
Credit Lyonnais Asset Management Company
Member of the Board of the Banque de France subsidiary in
Nanterre La Defence
Baron Philippson (65 yrs)
●
2009
2006
Director of companies
Honorary President of GIMV NV
Honorary President of Barco NV
Member of the steering committee of Euronext
Member of the market segmentation committee of Euronext
According to the decision of the extraordinary annual general meeting of 16 March 2004, the independent
directors are: Dirk Boogmans, Philippe Delaunois, Baron Philippson and Drie Koningen RVO, represented by
Chevalier van Outryve d’Ydewalle.
13
According to the decision of the ordinary general meeting of 6 May 2004, the appointment of Renaud
Bentégeat as a director was ratified.
The mandates as directors of Renaud Bentégeat, Alain Philippson and Philippe Ratynski expire at the end of
the ordinary general meeting of May 2005.
14
At the said general meeting of 4 May 2005, it will be proposed to proceed with renewal for a term of six
years expiring at the end of the ordinary general meeting of May 2011 of, on one hand, the mandates as
directors of Renaud Bentégeat and Philippe Ratynski and, on the other hand, the mandate of independent
director of Baron Philippson.
●
Remuneration of the Board of Directors
The extraordinary general meeting of 4 December 2000 approved granting the directors, in this respect responsible for the accounting results, of emoluments consisting of a fixed sum. This amount has been fixed
at 200,000 EUR for the whole Board.
The Board of Directors decides, according to the rules that it enacts, on the distribution of these emoluments
among its members. As far as the 2004 exercise is concerned, this amount has been distributed equally
among the members of the Board of Directors prorata temporis, being 25,000 EUR per director.
●
Functioning of the Board of Directors
The Board of Directors meets regularly four times per year and extraordinarily as often as the interests of the
company require. During 2004, the Board assembled six times.
The main points debated by the Board of Directors are the following:
●
●
●
●
●
●
●
●
the strategic direction of the CFE group
the allocation and control of the annual budget
the half-yearly and annual compilation of the accounts, both for CFE SA and for the CFE group
the management report
the appointment of the Managing Director
the dividend proposal
the calling of ordinary and extraordinary general meetings
monitoring the main subsidiaries, in particular DEME, Van Wellen, Bâtiments et Ponts Construction, etc.
There are no particular or statutory rules relative to the taking of decisions by the Board of Directors.
Each quarter, the board receives a report on the activity, performance and accounts as well as the building
commitments for each of the divisions and the main subsidiaries.
In cases of investment or divestment, the Board of Directors will receive a summary report.
The secretariat of the board is assured by the Financial and Administrative Director of the group.
The Board of Directors is assisted in its task by two specific bodies:
●
●
the nomination and remuneration committee
the audit committee
III. ASSOCIATED BODIES
●
The nomination and remuneration committee
At its meeting on 23 March 2005, the Board of Directors transformed the remuneration committee,
as created by the Board of Directors at its meeting of 15 December 2000, into a nominations and
remunerations committee in order to pursue the recommendations on good corporate governance
of the Lippens Code.
This committee is composed of:
●
Philippe Delaunois
●
Baron Philippson
●
Philippe Ratynski
At its meeting of 23rd March 2005, the Board of Directors also appointed Baron Philippson as President of the nominations and remunerations committee.
These mandates are not remunerated.
●
The audit committee
The extraordinary general meeting of 30 April 2003 modified article eighteen of the statutes and
set up an audit committee.
At its meeting of 23 March 2005, the Board of Directors appointed Mr Dirk Boogmans as the third
member of the audit committee and confirmed the nomination of Drie Koningen RVO, represented
by Chevalier van Outryve d’Ydewalle as president of this committee in order to pursue the recommendations on good corporate governance of the Lippens Code.
This committee is composed of:
●
●
●
Drie Koningen R.V.O. NV, represented by Chevalier van Outryve d’Ydewalle
Christian Labeyrie
Dirk Boogmans
The external auditor will participate in the work of the audit committee if requested to do so.
The mandates of the members of the audit committee are remunerated at the level of 2,000 EUR
per meeting. This committee met twice in 2004.
The audit charter foresees the main missions as:
●
●
●
The audit committee recommends to the Board of Directors the appointment of the external
auditor of the company, the amount of remuneration and possible termination.
The audit committee defines, in agreement with the external auditor of the company, the nature
and extent of the mission of the latter, for work that is not legally required.
The audit committee examines the half yearly and annual accounts with the Director of Finance
and Administration and the external auditor before submission to the Board of Directors paying
particular attention to:
1.
2.
3.
4.
●
the implementation of any changes in the accounting principles;
any important points relevant to a value judgment made by the management;
modifications requested by the external auditor;
respect of the accounting standards as well as legal and regulatory requirements applying
in particular to public companies.
The audit committee examines the statutory reports, reports to the Banking, Finance and
Insurance Commission and the management letters of the external auditor as well as the reaction
of the management to these documents.
15
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16
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The audit committee analyses the problems and the reservations resulting from the work of the external auditor and any other point that the latter wishes to address in the absence of the management.
If required, the audit committee will formulate recommendations to the Board of Directors on the
different points mentioned above.
The audit committee examines the decisions taken by management in terms of internal control
and formulates, where required, recommendations on this subject.
The audit committee examines the results of all inquiries undertaken within the company following a fraud, an error or for any other reason as well as the attitude adopted by management on
these occasions.
The audit committee ensures, particularly in case of conflict of interest, that an appropriate procedure will be put in place, notably in accordance with legal standards in force (Articles 523 and 524
of the Corporate Code).
The audit committee will undertake any other mission that it is attributed by the Board of Directors.
The secretariat of the audit committee is assured by the Director of Finance and Administration.
IV. CORPORATE CONTROL
The auditors are the company Deloitte & Partners, Reviseurs d’Entreprises, represented by Mr Rik
Neckebroeck, and the company Deloitte & Touche, Reviseurs d’Entreprises, represented by Mr
James Fulton.
The ordinary general meeting of 6 May 2004 renewed the mandate of the auditor of SC s.f.d. SCRL
Deloitte & Partners, Reviseurs d’Entreprises, represented by Mr Rik Neckebroeck, for a term of three
years, expiring at the end of the ordinary general meeting of May 2007. The amount of the fees is
fixed at 135,000 EUR (exc. VAT) per annum.
The mandate of Deloitte & Touche, represented by Mr James Fulton, expires at the end of the
ordinary general meeting of 4 May 2005. This mandate will not be renewed.
During the 2004 exercise, the costs invoiced by Deloitte & Touche Conseillers Fiscaux relative to
advice on taxation matters or by Deloitte & Partners relative to support for the transition to IFRS
norms were booked for an amount of 38,600 EUR.
The François dynasty joined CFE in
1981 to give birth to the leading
Belgian construction group.
Edouard François,
the founder (1)
His son: Célestin (4)
His grand sons: Jean (2),
Georges (3), Marcel (5), Paul (6)
His great grand sons : Marc (7),
Jacques (8), Claude (9),
Michel (10), Pierre (11).
V. SPECIAL REPORTS
As indicated in the management report, during the first half-year, CFE acquired all the shares in the
company Bâtiments et Ponts Construction SA, a subsidiary of SA VINCI Construction, which is itself
the reference shareholder of CFE.
By application of Article 524 of the Company Code, three independent directors, assisted by experts,
established a report describing the nature of the operation, evaluating its financial consequences
and noting that the investment transaction envisaged is not such that it would incur damage to the
company in the light of the present policy of the company.
As indicated in the management report, during the first half-year, CFE participated in the building
project, «Le Dôme» in the Grand Duchy of Luxembourg, through the acquisition, on one hand,
of 50% of the shares of Elinvest SA and, on the other hand, by taking over 50% of the current
accounts of Elige Participations SA and by subscribing to an increase in the capital of Libertim SA.
By application of Article 524 of the Company Code, three independent directors, assisted by experts,
established a report describing the nature of the operation, evaluating its financial consequences
and noting that the investment transaction envisaged is not such that it would incur damage to the
company in the light of the present policy of the company.
VI. DIVIDEND POLICY
CFE ensures the distribution of an annual dividend that allows the company a policy of development
and investment while following, in the absence of exceptional elements, the development of the
results of the group.
VII. DECLARATION CONCERNING THE GOVERNANCE OF THE COMPANY
CFE pays particular attention to the good governance of the company and follows attentively the
developments and recommendations regarding best practice in such matters.
CFE has taken account of the final version of the Belgian Code of Corporate Governance (Lippens
Code) published on 9th December 2004 and the principles that it contains.
In an anticipative manner, CFE has followed the recommendations of the Lippens Code by transforming the audit committee and the remunerations committee as described above.
CFE commits to putting in place during 2005, adequate structures and the necessary documentation to meet the recommendations prescribed by the Code.
VIII. FINANCIAL CALENDAR
●
●
●
●
●
Date of the ordinary general meeting: 4 May 2005 at 3 p.m.
Date of the dividend payment: 27 May 2005
Date of publication of the half-yearly results: week of 19 to 23 September 2005
Date of publication of the next annual results: week of 20 to 24 March 2006
Date of the next ordinary general meeting: Thursday 4 May 2006
17
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7.
8.
9.
10.
11.
12.
13.
14.
Renaud Bentégeat,
Jacques Ninanne,
Bernard Cols,
Christian Van Hamme,
Luc Vandeputte,
Frédéric Claes,
Patrick Van Craen,
Michel Guillaume,
Lode Franken,
Ber Groot,
Gabriel Marijsse,
Jean Van Tricht,
Jacques Lefèvre,
Patrick Verswijvel.
Management report
“Contrasts”
I. GENERAL OVERVIEW
20
The consolidated turnover of the group amounts to 854.4 million EUR, which is a growth of 7.7%
compared to last year. This growth is explained by the entry of Bâtiments et Ponts Construction
(BPC) and its subsidiaries into the consolidation perimeter in the second quarter, their contribution
to the turnover totalling 81.2 million. The operational profit amounted to 34.7 million (contribution
of BPC and its subsidiaries: 2.3 million) against 18 million in 2003. The progress in the operational
profit is even greater because, at the start of the year, CFE modified its valuation rules according to
the same principles as those defined in the IAS 11 standard - «construction contracts», this change
of rules having a negative influence on the operational profit to the level of 4.5 million.
The net consolidated profit, share of the group, amounts to 16.1 million (contribution of BPC and
subsidiaries: 0.82 million) against 20.8 million in 2003, the profit for 2003 having been positively
influenced by exceptional added-value.
The order book reveals a higher level of commands and achieved 1,051 millions (828 million at
1st January 2004).
●
Construction Division
The activity of the Construction Division has progressed compared to 2003 (+ 28%) and reached
447 million EUR. This progress is mainly explained by the entry into the consolidation perimeter of
BPC. The balance of the exercise shows a net pre-tax profit of 5.2 million against a loss of -22.8
million in 2003.
The activity in Flanders (subsidiary MBG) has been maintained at an elevated level with good results,
largely due to large infrastructure work. During the financial year, MBG obtained an order for the
4th gas reservoir in Zeebrugge (20.3 million) as well as a significant building in Antwerp (Kievitplein
for 35.8 million).
In Wallonia (subsidiary Bageci), activity is making progress with offices and industrial buildings, while
large civil engineering work continues (Guillemins station) or is completed (Soumagne tunnel). The
results are improving and again have become positive. The order book is looking healthy.
In Brabant (subsidiary CFE Brabant), has fallen back slightly and the result is negative. The order
book is improving, the subsidiary having obtained, in association, major orders for new buildings
destined for the European Parliament (D4/D5) and the office-residential complex Omega Court.
Bâtiments et Ponts Construction (BPC) joined the group at the start of the 2nd quarter. Its activities,
order book and profits are excellent. BPC is working on the Centre International Rogier, new
buildings for GSK, residences and car parks in Louvain la Neuve and the Jardins de la Couronne.
In The Netherlands, activity is well supported and the results have been positively influenced by
the large projects which are being completed. The market is difficult and the level of prices is low.
The order book is diminishing, although the subsidiary CFE Nederland obtained the order for the
Weenatunnel (24.9 millions) at the end of the year.
In the Grand Duchy of Luxembourg (CLE), activity is progressing very well and the results are
satisfactory. The site of Tour B, porte de l’Europe was completed on time. CLE is actively continuing
the work on Drosbach and the Dôme. Here too, the order book looks healthy.
In Hungary, CFE Hungary has completed the work on the Gresham - the hotel was handed over
in June 2004 - and an order has been obtained for an office building in Budapest. The result for
the financial year is positive and CFE Hungary has constituted provisions of 3.5 million in order to
provide after-sales service once its work is finished.
In Poland, the situation remains bad and the activity insufficient, which translates into a loss for
2004. The order book is awaiting two orders for supermarkets.
Finally, the end of 2004 was marked by an unfavourable judgment concerning a very old
affair (Samga). This affair had a negative impact of -8.4 million EUR on the 2004 consolidated
accounts.
●
Real Estate and Associated Services Division
The exercise was marked by the entry into the consolidation perimeter of Bâtipont Immobilier (BPI),
the creation of CLi in Luxembourg and a major reorganisation of the structures. A specific division
was set up around BPI and the subsidiary CFE Immo in Belgium, CLi in Luxembourg, Sogesmaint
(services) and Construction Management.
In Luxembourg, the building Porte de l’Europe Tour B on the Kirchberg was handed over and the
claims were sold for an amount in the order of 91 million EUR to a consortium of banks. The work
on the Dôme is going well.
In Belgium, BPI is continuing the sale of the Jardins de la Couronne residences and half of the
surface area of the Jardins de la Couronne offices has already been rented. In the same way, the
Drapiers building, developed in association by CFE Immo, has also been rented.
BPI and CFE Immo are starting the development of major projects (Sables, Calevoet).
A complete review of the property position as well as the classification of a site in the Natura 2000
zone caused the company to apply depreciation of the order of -6 million EUR.
●
Dredging and Environment Division
During the first half-year, CFE increased its participation in the capital of DEME to 50% by the
acquisition of shares held by the GIMV and various other shareholders.
In the activity plan, the consolidated turnover of DEME reached 316.6 million, which is a reduction
of nearly 10% compared to 2003. This fallback is due to the difficult international situation and
temporary overcapacity of the large dredgers in the first half-year. The last quarter has, however,
shown a reversal of the trend.
During the first half-year, DEME set up a «joint venture» in India with local partners in order to seize
opportunities in this market. In the same way, in Qatar, a «joint venture» Qatar Dredging Company
was created with a local partner and the Qatar authorities.
This company has secured contracts to a value of 66 millions (DEME share) for the construction of an
artificial island «Pearl of the Gulf» and for a value of 90 million (DEME share) for the airport of Doha.
Consequently, the DEME order book at the end of the year exceeded a billion EUR (500 million
attributed to CFE).
The contribution of DEME to pre-tax profits, was positively influenced by timely operations carried out
during the first half-year plus the added value realised on the occasion of the disposal of 25% of DEC
amounting to 17 million against 15.2 in 2003 (CFE share).
21
●
Multi-Technical Division
The turnover of the Multi-Technical division amounted to 41.3 million EUR (44 million in 2003) and
the contribution to the net pre-tax profit is 1.2 million (-0.2 million in 2003).
After a difficult start to the year, Entreprises Nizet largely filled its order book. In the same way,
Engema benefited from a favourable situation and the infrastructure work related to the TGV to
satisfy its order portfolio. Only Vanderhoydoncks remains with a weak order book and permanent
under activity. The results for Nizet, Electronizet (Voltis) and Engema are excellent compared to
those of Vanderhoydoncks.
22
●
Reinforcement of the financial situation
The net financial debt is again reduced. On the 31st December, it amounted to 94 million EUR
(150 million on 31st December 2003), the part of this corresponding to DEME amounts to 70 million
(96 million at 31st December 2003). These debts have considerably reduced following the reimbursement of the loan contracted for the financing of the construction of the Kirchberg project and an
enhancement of the DEME treasury. In addition, the equity share of the group has progressed after
attribution of 153 million at 31st December 2003 to 160.2 million at 31st December 2004.
(in millions of EUR)
Construction
Turnover
(1)
Order book
Contribution to
the consolidated
pre-tax profit (2)
2004
2003
2004
2003
2004
2003
447.7
350.2
507.4
292.7
5.2
-22.8
Real Estate and Associated Services
54.8
49.5
6.1
22.9
6.9
15.6
Withdrawals & adjustments
-6.0
-7.9
Construction +
Property and Services
496.5
391.8
513.5
315.6
12.1
-7.2
Dredging and Environment
316.6
349.4
500.4
487.7
17.0
15.2
41.3
44.0
37.7
24.9
1.2
-0.2
0.0
-3.3
-2.7
Multi-Technical
Others
8.2
Property disposals + OVMB
Total
23.5
854.4
793.4
1,051.6
828.1
27.0
28.6
(1) The sub-detail of construction + property corresponds to activity directly generated by the division
(2) After proportional allocation of central costs
With regard to CFE SA, the turnover amounted to 264.3 million. The operational profit, influenced
by old litigation and depreciation on property, remains negative at -6.4 million. The after-tax profit,
taking into account the favourable result of a tax dispute, is 1.2 million.
The impact of the change of the valuation rules is -3.2 million EUR.
●
RESULTS OF THE COMPANY AND OF THE GROUP
During the financial year 2004, the company CFE SA and the consolidated group produced respectively:
CFE SA
CONSOLIDATED GROUP
Sales and services
310.094
925.182
Turnover
264.307
854.437
-6.443
34.748
Financial revenues/financial costs (net)
7.708
-9.406
Current profit (loss)
1.265
25.342
2
2.080
-9
-453
(In thousands of EUR)
Operational profit (loss)
Exceptional revenue
Exceptional costs
Pre-tax profit (loss)
Taxes
1.258
26.969
-68
-11.505
Proportion of the profit for companies
the equity method
Profit (loss) for the financial year
-71
1.190
Share of the group in this result
15.393
16.122
II. SHARE DIVIDEND
The Board of Directors of CFE proposes at the annual general meeting of 4 May 2005 to allocate a gross
dividend per share of 8.50 EUR, corresponding to 6.37 EUR net, which is a distribution of 4.9 million
EUR. After distribution, the profit carried forward amounts to 9,296 thousands of EUR.
III. MODIFICATION OF THE VALUATION RULES
The Board of Directors decided to change the valuation rules so as to register the results of work in
progress according to the same principles as those defined in the IAS 11 standard (suppression of
the percentage of progress threshold to begin recording a positive result and attribution of indirect
costs to the sites).
This change has been applied since 1st January 2004.
●
●
At consolidation level
The estimated impact on the operational profit is -4.5 million.
The estimated impact on the net share of the group profit is -4.1 million.
In CFE SA
The estimated impact on the operational profit is -3.2 million.
The estimated impact on the net profit is -3.2 million.
The Board took account of this and approved the change in the method of accounting for orders
in progress and adopted the method of «proportional consolidation» to integrate the accounts of
joint-venture companies. These changes have no impact on the profit.
23
IV. SPECIAL REPORTS
●
24
Bâtiments et Ponts Construction
During the second quarter of 2004, CFE acquired the company Bâtiments et Ponts Construction
and its subsidiaries, 100% subsidiaries of Vinci Construction, the reference shareholder of CFE.
Prior to the acquisition - and in application of article 524 of the Corporate Code - the Board
appointed three independent administrators to establish the special report required by law. This
committee is supported by the advice of experts, Petercam and KPMG. The Board of Directors
meeting of Thursday 6 May 2004 took account of the advice of the committee, in which the committee observed that the transaction of investments envisaged was not of a nature to occasion
manifestly abusive damage for the company in the light of the policy followed by the company.
The Board noted that the procedure foreseen in article 524 had been respected and approved
the projected acquisition for the amount of 11 million EUR. The auditors report confirming the correctness of the data figuring in the advice of the committee was established.
●
The Dôme - Luxembourg
During the second quarter of 2004, as part of a property development project in Luxembourg
named «le Dôme», CFE acquired:
● 50% of the shares of Elinvest for the sum of 774.67 EUR
● 50% of the current accounts of Elige Participation for the sum of 9,581,000 EUR
● and subscribed to an increase in the capital of 1,000 new shares in Libertim, Luxembourg for the
price of 24,789.35 EUR
These companies and current accounts belong directly or indirectly to Vinci. Prior to the acquisition,
and in application of article 524 of the Corporate Code, the Board appointed three independent
administrators to establish the special report required by law. This committee is supported by the
advice of experts, Toelen, Cats, Morlie & Co scrl, company auditors, represented by Mr Bernard de
Grand Ry. The Board of Directors meeting of Thursday 6 May 2004 took account of the advice of
the committee, in which the committee observed that the transaction of investments envisaged was
not of a nature to occasion manifestly abusive damage for the company in the light of the policy
followed by the company. The Board noted that the procedure foreseen in article 524 had been
respected and approved the projected acquisition. The auditors report confirming the correctness
of the data figuring in the advice of the committee was established.
V. ELEMENTS ARISING AFTER CLOSURE
The board of directors is not aware of any elements arising after closure that could have negative
consequences for the company.
VI. RESEARCH AND DEVELOPMENT
The financial year 2004 has not given rise to any particular research and development.
VII. MANAGEMENT OF MARKET RISKS
The main categories of market risk that the CFE group confronts are fluctuations of interest rates,
rates of exchange and in addition, the price of raw materials (fuel oil).
According to the nature of the risks and the importance of the projects, the CFE group takes appropriate cover to reduce exposure to risks:
●
●
in terms of the financing of projects or the acquisition of fixed assets (dredgers): the purchase of
exchange options or exchanges
in terms of projects traded in foreign currencies (DEME): the purchase of exchange-rate insurance
or fixed term rates of exchange and cover for the price of certain raw materials (fuel oil)
As far as the risk of insolvency is concerned, following the submission of prices, the group verifies
the solvency of clients and then, during execution, their financial commitments. In the Benelux,
taking account of the importance of public orders and the reputation of the clients, there is no
specific policy of credit insurance. At the international level, in terms of large projects DEME has
recourse to credit insurance.
VIII. IAS - IFRS
During the financial year 2004, CFE continued the work of implementing the IAS-IFRS standards.
The main impact on the equity can be found in the application of the following standards:
●
●
●
●
●
●
IAS 11 – Construction contracts
IAS 37 – Provisions, possible liabilities and possible assets
IAS 16 – Tangible fixed assets
IAS 19 – Personnel benefits
IAS 39 – Financial instruments
IAS 12 – Taxes on the profits
The impact on the equity at opening (1st January 2004) is the following:
At 1st January 2004 in agreement with Belgian accounting rules
Impact of the IAS 11 - Construction contracts
Impact of the IAS 16 - Tangible fixed assets
Impact of the IAS 17 - Leases
Impact of the IAS 19 - Personnel benefits
161,239
-3,987
1,586
-698
-15,167
Impact of the IAS 21 - Effects of variations on currency exchange rates
283
Impact of the IAS 37 - Provisions, possibly liabilities and possibly assets
6,839
Impact of the IAS 38 - Intangible fixed assets
-1,004
Impact of the IAS 39 - Financial instruments
6,644
Impact of the IAS 12 on deferred taxes
3,619
Dividend
2,502
Impact of the IAS on third-party interests
At 1st January 2004 in agreement with IAS-IFRS
The financial year 2004 is currently being audited.
423
162,279
25
Human Resources
“The human
voice”
While the number of employees of the group diminished somewhat between 2002 and 2003, it
substantially increased in 2004, even exceeding the high level achieved two years earlier: 3,434
salaries against 3,223 in 2003.
26
Gabriel Marijsse
Director of Human
Resources
This growth essentially concerns the number of
«workers» and is largely due to the incorporation
of the personnel of Bâtiments et Ponts Construction
(BPC) and the expansion of our activities in Luxembourg. The «staff» also increased but by a lesser
number in view of the overall reduction noted in
Central Europe.
The distribution of employees between the different
divisions is as follows:
4000
3500
3000
2500
2000
1500
1000
500
0
■ Workers ■ Employees
2,053
2,033
2,176
1,216
1,190
1,258
2002
2003
2004
Employment trend within the CFE Group.
33%
37%
54%
13%
Distribution of
workers per
division.
45%
9%
■
■
■
■
■
Dredging and Environmental Division
Construction Division
Multitechnical Division
Real estate and Associated services Division
Management CFE Group
5 4
% %
Distribution of
employees per
division.
With regard to the Construction Division in particular,
it should be noted that the number of employees
continued to diminish in 2004: 671 employees in
2002, 597 in 2003 and 568 in 2004.
Although the division was reinforced by the
acquisition of BPC, this paradoxical situation is due
partly to the creation of the Property Management
and Promotion Division and partly to the retirement
and early retirement of numerous employees.
2000
1800
1600
1400
1200
1000
800
600
400
200
0
■ Workers ■ Employees
1,001
979
1,160
635
595
568
2002
2003
2004
Employment trend in the Construction
Division.
Some years ago, observing that 15% of the employees were aged more than 54 years, CFE decided to
launch a rejuvenation programme which has now started to bear fruit. This means that, out of 92 recent
appointments, 50 are aged less than 30 years, which clearly shows the path followed by CFE. This year, the
accent has been placed on supervision: young graduates or construction engineers.
This programme, which will again be followed in future years, notably foresees the supervision of each new
inexperienced employee by a «tutor» who will deal with their training and integration. This formula allows
numerous opportunities to be offered to many young employees in all the domains of the group, while
ensuring knowledge transfer.
“Echoes of Sympathy ”
CFE is an attractive employer
Johan Strauss
New proof of the excellent brand image of the CFE group:
according to the inquiry «Which Enterprise Is the Most Attractive
Employer in Belgium?», carried out in the context of the
Randstad HR Award of a sample of de 8,000 people, active or
not, aged from 18 to 65 years, CFE was well placed. In fact, the
group was among the Top 10 of the most attractive enterprises
and, by a long way, the first among construction and promotion
companies.
The breath of the youth
blows on CFE.
39,86%
148
27,68%
92
19,57%
51
54
46
45
10,62%
0-5
5 - 15
22
19
15 - 25
5
2,27%
35 - 45
40 - 45
35 - 39
30 - 34
25 - 29
20 - 24
15 - 19
10 - 14
5-9
25 - 35
0-4
160
140
120
100
80
60
40
20
0
Number of employees in the Construction
Division by years of service.
Number of workers
in the Construction
Division by years of
service
The human resources activities initiated in previous years are being followed, more specifically by the training
of the teams.
Every year, CFE organises a financial forum which brings together the financial personnel of the group.
A place for meetings and discussions, this seminar enables accountants, management controllers, financial
specialists, as well as finance and administration managers, to work together on a certain number of specific
themes.
27
The objective of these working groups is to propose sound solutions and formulas for the simplification of
all financial procedures.
In 2004, CFE also organised the second cycle of financial training for non-financial personnel. This biennial event is open to operational managers and to employees taking up responsible positions. The training,
which is developed jointly by IAG and Vlerick specifically for CFE, enabled around 50 people to reinforce their
knowledge in these areas during 2004.
CFE does not forget loyal employees
28
In 2004, five people celebrated 40 years of service within the group and no less than thirty-two achieved
25 years of service. In addition, forty-three were decorated for 35, 30 and 25 years of service. CFE thanks
them for their work and their dedication.
Presentation of CFE
group long-service
awards.
Security - an essential value
“The Hammer
without a Master”
The year 2004 has been disappointing overall despite the positive results from DEME and the exceptional
results at Vanderhoydoncks (no accidents for more than two years). The Construction Division has seen an
increase in the number of accidents with incapacity due essentially to activities in the Grand Duchy of Luxembourg and to the results of Van Wellen. Despite this «alarming situation», CFE remains below the national
average for both frequency and seriousness of accidents.
In order to better co-ordinate the activities of the prevention advisers and to exchange «best practices», a
distribution and progress network has been set up between the advisers in the different departments and
subsidiaries of the CFE group in the hope that this initiative will bear fruit from 2005 onwards.
100
90
80
70
60
50
40
30
20
10
0
1999 2000 2001 2002 2003 2004
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
Accident frequency - Construction Division
of CFE group.
29
1999 2000 2001 2002 2003 2004
Accident severity - Construction Division
of CFE group.
Durable development
In order to limit individual travel which causes pollution, consumption of resources and bottlenecks, CFE has
made an agreement with the SNCB (Société Nationale des Chemins de fer Belges) to enable members of the
personnel to benefit from complete reimbursement of the cost of travel by train. On the other hand, for
workers, collective transport of the teams is preferred.
CFE is committed
“Serious Variations ”
Felix Mendelssohn-Bartholdy
Let us be clear, CFE has made considerable progress
in terms of safety but the group rejects fatality and committed, in November 2004, by signing the security
charter promulgated by the CNAC (Comité National Action Construction), to put everything in place to
eliminate or reduce risks on sites.
This commitment, which applies to the whole of the hierarchy of the group, signifies the desire of CFE to
involve every company and every worker for the benefit of the security of everyone.
The essential points of the security charter are as follows:
●
●
●
●
build in complete safety
work according to a policy of general prevention in collaboration with internal and external services for
prevention and protection, the workers of the different enterprises, the regional advisers of CNAC, the
security co-ordinator and the work accidents insurer,
provide workers with quality safety training
make safety a permanent point on the agenda
during board meetings, management committee
meetings in the different divisions and all meetings at every level of the hierarchy
Signature of the Security Charter.
■ Construction
Division
■ Av. nat.
const.
Construction Division
The Construction Division of CFE has seen some
profound changes during the period following the
acquisition in May 2004 of the company «Bâtiments
et Ponts Construction» (BPC), which is well known
on the Brussels market.
The year was equally marked by the separation
between the construction activities and those of
real estate. It had become apparent that these are
two entirely different fields which do not require the
same competencies. This separation evidently did
not exclude the synergies between the two centres,
the companies having the same aims of building the
projects developed by the promoters.
30
(in millions of EUR)
For the most part, the activity is structured geographically:
● in the north of Belgium, there are three profit
centres: MBG, ABEB and Van Wellen (the last
being 50% owned),
Order book
at 31 December:
507.4(*)
292.7
Turnover (***):
447.7(**)
350.2
(*)
including BPC: 155,3
(**) including BPC: 69,8 (9 mois)
(***) The activities of the Construction Division include construction
activities carried out for the various promotion entities of the group
●
The order book of the Construction Division at
31 December 2004 was very strongly increased
by comparison to that existing a year previously.
Growth is particularly strong in the building sector,
notably thanks to the input of BPC.
2004 2003
●
●
●
●
the Brussels and Brabant regions: CFE Brabant
and BPC,
Wallonia: Bageci,
Luxembourg: CLE,
Holland: CFE Nederland and Geka,
Central Europe: CFE Hungary and CFE Poland.
Finally, the electromechanical works at the water
treatment and smoke treatment stations are carried
out, independently of their geographical location,
by CFE Environment which has its teams based in
Brussels.
“Bundeslied”
Michel Denayer
Thierry Preudhomme
Carsten Bennetsen
Lode Franken
At the service of the projects
Meeting the demands of specific projects requires considerable technical competence. Without the expertise of its numerous engineers, CFE would not be able to carry out these sophisticated projects for which
the group receives orders.
Lode Franken, General Manager of the Construction Division, ensures the responsibilities of the common
mission entrusted to the Survey Department, Benelmat (the company that deals with group materials) and
the management of quality, namely, being at the service of the projects, the sites and the clients. Through
their intervention, these services enable the company to secure orders through innovation and to ensure
their completion by facilitating efficient and structured progress.
Technical Management framed
The Studies Department (technical management of
the Construction Division) is a central tool at the
service of the sites and of those responsible for submissions.
“Il cimento dell armonia
& dell inventione”
Antonio Vivaldi
In 2004 it was involved in around one hundred projects in progress and as many pre-projects or submissions.
In the same way, the technical management has participated in a growing number of Design and Build
projects of various sizes, for which CFE was invited to submit a price based on its own project - several of
those offers were crowned with success.
The Studies Department was hence able to oversee the construction of a storage building for Burgo Ardennes
in Virton, an operational building for Degussa in Antwerp and a new LPG reservoir of 140,000 m3 for Fluxys
in Zeebrugge.
Computer image of the Zijdebrug bridge at Nederlek, The Netherlands.
Other pre-projects and offers were prepared in synergy with companies from the Vinci Group. In particular,
we could mention the bio-methane installation for SIAEE in Assesse (in collaboration with the Environnement
Department of CFE and Vinci-Environnement) and the new headquarters for the European Investment Bank
in the Grand-Duchy of Luxembourg (with Vinci Construction Grands Projets).
In the other facets of its interventions, the technical management has played a part in optimising projects
by proposing alternatives and variants, such as for example, in the renovation of the tram shed for STIB in
Brussels and for the Zijdebrug Bridge in Nederlek in Holland.
For a series of major sites (repair of the Leien in Antwerp, the construction of a building complex on the
Kievitplein in Antwerp and the station parking at Guillemins in Liège), the Studies Department made its
contribution to the finalisation of the means of execution and provisional construction. Here too, the first
concern has always been to hold meetings with those responsible for execution so as to be able to offer the
most effective service possible.
With a combination of knowledge and experience, the technical management also provides advice for the
internal training given to numerous young employees of the group.
31
“The North
Star ”
Jean-Pierre De Bock
Jean-Pierre Dewulf
32
Patrick Verswijvel
In 2004 the company confirmed its solid footing in
the northern part of Belgium.
In civil engineering, work in Antwerp for the
Brussels – Amsterdam TGV continued at different
sites with the completion of a drilled tunnel and the
construction of a 600 m viaduct.
Completion of the third and last phase of the dock
walls at the Deurganckdok in Doel, was continued
in phases of 50 metres per week. The site also
received a visit from His Majesty King Albert II on
21 October 2004.
The arrangement of the boulevards at «de Leien»
in Antwerp progressed rapidly, after a difficult start
at the site due to existing drainage. Work on the
underground parking area opposite the National
Bank started, while construction of the tunnels continued at a regular pace.
Completed section of
the ASDAM tunnel in
Antwerp, illuminated for
the Open Tunnel Event.
(in millions of EUR)
2004 2003
Order book
at 31 December:
70.7
77.6
Turnover:
100
96.4
A new civil engineering contract was signed in July.
This was for the construction of a fourth reservoir at
the gas terminal of Fluxys in Zeebrugge (see MBG
framed).
The building activity was marked by the finishing
work on the Palais de Justice in Antwerp, which will
be completed in 2005, where the hyperbolic roofs
are already integrated with the Antwerp skyline.
Another major site was started during the year in
the Kievitplein. This comprises eight office buildings
and residences designed by the Jaspers architectural
bureau on behalf of the promoter Robelco.
Other building work included the renovation and
inauguration of the prestigious Casino in Ostend,
completion of a complex of six cinemas in Coxyde
and the new headquarters of the CPAS in Bruges.
Industrial work on the Eval Line 2 factory and
that of Interconnector in Zeebrugge, the Theater
The gas terminal in Zeebrugge
Building, the methionine production unit
for Degussa and the continuity of the orders for
Aquafin, Total, AGT and BASF, completed the activities of the company.
“La mer”
Claude Debussy
Twenty years after carrying out the civil engineering
work on the three first reservoirs at the gas terminal in Zeebrugge, MBG was entrusted with the execution of
the major work of the first extension.
The project has to be handed over ready for use in November 2007. It includes the construction of a fourth
gas reservoir and a second gasification installation which will double the present capacity.
While each of the three existing reservoirs «only» contains 86,000 m3, the new unit will have a substantially
larger capacity at 140,000 m3. With the aim of integration with the landscape, the external diameter of the
tank under construction is hardly any larger and the site is more or less identical to that of the existing reservoirs, the increased volume being gained essentially in depth.
Major renovation
of the Casino Kursal
in Ostend.
“Flemish
Rhapsody ”
Marc De Winter
34
Patrick Verswijvel
Office building for
Hesse Noord Natie in
the Willemdok, Antwerp
(architects Conix).
A subsidiary of the CFE construction
group, based in Antwerp, ABEB has
carried out major work for private
office promoters. In 2004 – together
with MBG – they secured the contract
of Kievitplein for the promoter,
Robelco. For the same client, the
building known as «le Pavillon» was
built in the European quarter of
Brussels. Finally, an office building was completed
for AMCA in December.
In the residential area, the completion of the
«Paternoster Square» site for BPI followed the
completion of a new collection of apartments in
Vilvorde on behalf of DCB.
Kievitplein
(in millions of EUR)
2004 2003
Order books
at 31 December:
16.8
15.6
Turnover:
13.8
14.9
Activities in 2005 should progress well, taking
account of the signature at the start of the year of
the contract for renovation of the commercial centre
and underground car parks of the Stadsfeestzaal in
Antwerp for the client AM Development S.A.
“The creation”
Franz Joseph Haydn
Centre of creativity and artistic expression, Antwerp continues its efforts in renovation. The tidying-up of Place
Kievit (Kievitplein) forms part of this programme.
The project presented by the promoter Robelco for the construction of a building complex, designed by the Jaspers
architectural bureau, is already under way.
One of the phases of this project, comprising two
6-floor buildings, another of 8 floors and one of 12
floors, will accommodate the transfer of the offices of
Alcatel to Antwerp. The four buildings will be linked
by a glass atrium.
This collection of buildings, built in association with
MBG and ABEB, also includes two hotels, a 6-floor
apartment building and a 16-floor office tower. When
completed, there will be 80,000 m2 of surface area
available to future occupants as well as 50,000 m2 of
parking space below ground.
Van Wellen
The Van Wellen companies are owned equally by
CFE and the founding family.
The activities were sustained in 2004 thanks, in
particular, to road works. In fact, the company has
secured a major market for the arrangement of
maintenance and storage areas in the Deurganckdok,
in the port of Antwerp for P & O.
The building promotion operations have continued
and have enabled the company to secure additional
contracts for the building branch. The latter
has also been able to deal with significant
business, particularly in Knokke-le-Zoute where
Finis Terrae
“Pictures of the
North Sea ”
(in millions of EUR)
2004 2003
Order books
at 31 December:
42.7
24.4
Turnover:
43.3
25.8
the construction of two luxury residences was
launched.
Well installed in the local fabric, at the end of the
year, the Van Wellen companies held a portfolio of
orders that indicated a promising year for 2005.
“Reflections”
Lili Boulanger
At the end of the Earth, where man’s domain finishes
and that of nature starts, backing onto one of the most beautiful ornithological reserves of Belgium – Zwin – a
fabulous residence is taking shape, situated on the territory of Knocke, with an exceptional view of the sea as well
as the reserve and the woodland of Zwin.
In agreement with the SA Compagnie Het Zoute, the architects Luc Declercq and E&L Projects and Marc Corbiau
have designed these two luxury buildings. The 48 apartments sold by NV Finis Terrae, promoter and commissioner of the project, gain maximum benefit from the natural luminosity of the site.
The total surface area of these apartments, built by NV Van Wellen, amounts to 12,000 m2. On the first underground level, there is a swimming area, sauna and fitness centre and, on the second underground level, there are
143 parking spaces. The project, which will be completed in 2007, will harmonise with the majesty of the site
and integrate perfectly with the environment.
35
“Brussels
Mass”
Xavier Behets
Jacques Labruyère
André Kawkabani
36
Roland Derome
Roberto Romanin
Gerald Boswell
Bernard Cols
Emphatically present on the Brussels market, CFE
Brabant carries out numerous works there, either
for the account of private clients or against public
works orders.
Designed by the
architects Assar and
Cooparch, the «Jardins
de Jette» represent
a new aspect of life
in Brussels.
For the latter, the company constructed the drainage
reservoir in the Place Flagey – where the progress of
the work remains dependent on local arrangements
– as well as various offices for the Brussels Regional
Council. CFE Brabant also participates in the construction of offices (D4-D5) on the Espace Léopold
site (former railway station) for the account of the
European Parliament.
In September 2004, the company started on the
«Omega Court» complex in Auderghem for private
clients - a major mix of 25,300 m2 of offices and
(in millions of EUR)
2004 2003
Order book
at 31 December:
79.0
56.3
Turnover:
58.0
55.5
17,700 m2 of residences – as well as, in the heart of
Brussels, the «Blue Hill» project, a major transformation of an existing apartment building.
In fact, residential construction remains as one of
the major niches of the Brussels subsidiary of CFE: it
is involved in the operation of the «Jardins de Jette»
and the Espace Rolin where a new phase of apartments was delivered during the year.
The Espace Rolin a new district in town
“The construction of a city ”
Arthur Honegger
In 1993, the demolition of the Rolin barracks in Etterbeek marked the creation of a new district designed
by the Assar architectural bureau and developed by a Brussels promotion company in which CFE Immo is
a participant. The area includes social housing, residences at controlled prices and at market prices, shops
and an office building.
This large urban renovation project is built around a large wooded area which is ideal for a promenade and
along which residences are situated, while the office building, constructed at the junction of the Boulevard
Louis Schmidt and the Chaussée de Wavre, constitutes an effective acoustic protection barrier against traffic
noise. This building, equipped
with a «double skin» facade and
with cold ceiling air-conditioning, was built between March
2000 and June 2002 and sold
during the course of the work.
37
CFE Brabant, which is a member
of the association of entrepreneurs in charge of the work, has
already delivered 240 apartments
and is now building another 45.
The balance of the project, which
is 130 apartments, will be erected
over the next few years.
Finally, the extension of the Europe Saint-Michel
clinic as well as the rearrangement of various sections of the Baron Lambert Hospital satisfied the
presence of the company in the hospital sector.
With an order book at 31 December progressing
well by comparison with the previous year, CFE
Brabant is facing the year 2005 with enthusiasm.
Extension of the
Saint-Michel clinic
in Brussels.
“New World
Symphony ”
Alain Hemstedt
Albert Boisdenghien
38
André Wezel
Pierre Thys
Frédéric Claes
The acquisition of shares in BPC took place on
26 May 2004. After the merger with Entreprises
Ed. François et Fils in 1981, it is a branch of another
large family of entrepreneurs, Blaton, who, thanks
to BPC, have joined the CFE Group.
With a very substantial order book, BPC considerably reinforces the presence of the Group in Belgium
and particularly in Brussels.
Among the large sites in progress is that of the «Jardins de la Couronne», now entering its final phase
and the last residences will be delivered in August
2005. The completion and rental arrangements in
the office buildings are advancing at a regular pace
so as to respect the planning of the installation of
the Federal Police, the future tenant.
The garden of the
catering zone at the
Woluwé Shopping
Center in Brussels
(architects M. & J.M.
Jaspers - J. Eyers &
Partners - vH&S).
(in millions of EUR)
Order book
at 31 December:
Turnover (9 months):
2004 2003*
155.3
-
69.8
-
(*) outside CFE Group
The construction of a 37-floor tower in Place Rogier
at the Espace Nord for Dexia (see BPC framed) is
progressing rapidly.
The entire «Charlemagne» project in Louvain-laNeuve covers the construction of four residential
buildings including 221 apartments, as well as
nearly 15,000 m2 of parking spaces, 15,000 m2
of pedestrian area and 7,000 m2 of shops on the
ground floor. This work will be completed between
September and December 2005. BPC is also
responsible for the major renovation of 70,000 m2 of
existing parking space in the centre of LLN. A short
distance away, is the GlaxoSmithKline Biological site.
This is a major site covering a total surface area of
100,000 m2 to be completed in less than a year. This
building is composed of offices, laboratories and
parking spaces.
In December, the signature of the contract relative
to a new phase of work at the Espace Léopold in
Brussels, marked the officialisation of work on
the «D4/D5» site, also destined for the European
Parliament.
The future headquarters of
Dexia in Brussels
The construction of a 37-floor tower (110,000 m2
surfaces area) in Place Rogier is progressing at a
regular pace.
This project is being carried out by a temporary
company on behalf of Dexia. The architectural
office is that of M. & J.M. Jaspers, J. Eyers &
Partners and Samyn and Partners. Setesco is
responsible for the stability studies and Tractebel
Development Engineering is occupied with the
technical requirements.
This construction, started in summer 2003, is rising
boldly on the Brussels skyline at the rate of one floor
every six days (core) and one floor every 11 days
(platforms). At the end of 2004, the central core
reached the 27th floor, the platforms the 23rd floor
and the work of erecting the facades the 13th floor.
The major work will be completed in the summer of
2005 and the facades by the end of 2005. The second
phase of work is well advanced which means that
completion should be possible in June 2006.
To optimise the progress of construction, the five
underground levels were completed in terraces
«cast in situ». An additional parking level (5th
underground) will be carried out under the existing
car park in Place Rogier. It was necessary to revert
to the technique of freezing the ground to facilitate
its removal. Access to the different car parks of the
Place will also be revised.
Also exercising activities in the field of renovation,
BPC carried out the work of rehabilitation of the
«Woluwe Shopping Center» and two buildings
in the Rue du Régent and Rue Ducale, delivered in
November. The equipment of an auditorium and
translation booths for the European Parliament in
Brussels was completed in 2004. In this sector of
activities, at the start of 2005, BPC also completed the
«Crown» and «City Atrium» sites. This work involved
the transformation on 10 floors of 3,300 m2 of hotel
flats and offices for the European Commission and
rental arrangements for the two ministries that will
move into the City Atrium in 2005.
In view of the maintenance of the order book at a
high level, 2005 has started well.
“Immer heiterer”
Johan Strauss
39
“The Mason”
Marc Dekeyser
Etienne Colmant
40
Luc Vanobbergen
Jean Van Tricht
Cheerfully, Bageci sprinkled the year 2004 with an
anthology of small sites ranging from silos in concrete
for Scoribel to the arrangement of a Carrefour
hypermarket in Ans, the renovation of the lock gates
at Lanaye on the Meuse and the extension of the
storage hall for rolls of paper for Burgo Ardennes
in Virton, as well as various industrial orders for
Glaverbel at Lodelinsart, Atofina, Total Fina and Ethyl
in Feluy and works for the treatment of water, the
pumping station and an anti-noise wall for Carinox
in Basse Sambre.
40
Providing direct access to
the new station of Liège
Guillemins, the car park
was developed on the
side of a hill.
A storm drain at Profondeville, in the Province
of Namur, renovation work on the home «Doux
Séjour» in Liège, the replacement of the three
bridges at Lobbes, the arrangement of the quays
on the Valvert site in Etalle, the renovation of
the Carrefour hypermarket at Jemappes and the
complete transformation of the old maternity home
at Salzinnes into a printing and cartography centre
for the Walloon Ministry of Equipment and Transport
completed the activity.
The construction work on the TGV station at
Guillemins, designed by the architect Santiago
Calatrava, in Liège and the associated car parks
continues. The concreting of the monumental
tripods in front of the station at the start of summer
(in millions of EUR)
2004 2003
Order book
at 31 December:
33.7
26.4
Turnover:
34.4
25.5
2004 preceded the start of civil engineering works
in the last major phase.
The residence «Les Mouettes»
in Jambes, designed by
Atelier de l’Arbre d’Or.
The site for the Soumagne tunnel is going to plan
(see Bageci framed).
The second half or 2004 also saw the installation of
a branch of BAGECI in Mons as part of a service and
renovation contract on 850 residences over a period
of 16 months.
In view of the building orders obtained during the
year, activities in 2005 should progress well by
comparison with 2004.
41
The TGV Soumagne tunnel
“The Explosions polka ”
Johan Strauss
Since 1999, construction of the longest work of
railway subterranean art in Belgium has been carried
out from the three points of attack: Bay-Bonnet (Soumagne), Vaux-sous-Chèvremont and Ayeneux. The first
blow of the pickaxe at the entrance of the tunnel was made at the end of November 2001 at the Vaux-sousChèvremont end and completion of the civil engineering works will be achieved by mid-2005.
For the satisfactory completion of the main work on this 6 km long, twin track tunnel, it was necessary to
install a working site at each point of attack and to remove the rocks with the help of explosives. The total
volume of rock and earth removed was 660,000 m3.
The breakthrough enabling the joining of the last two sections was officially completed on 20 October 2004
in the presence of the general management of the S.N.C.B. and TUC RAIL.
These extensive works, carried out as part of the section of the high-speed line between Liège and the German
border of the Brussels-Louvain-Liège-Cologne railway, were performed by a temporary company formed
primarily by Vinci Construction Grands Projets and CFE.
Plan of the
Soumagne tunnel
(TGV Liège-German
border).
“The rites
of spring ”
Jean-Paul Baleux
Serge Mantiers
42
Jean Van Tricht
CLE, supported by CFE, had a good year 2004 both in
terms of activities and orders rather than in results.
Renovation of the
conference room of
the European Investment
Bank in Luxembourg.
(in millions of EUR)
2004 2003
Order book
at 31 December:
54.3 (*)
37.3
Turnover:
48.3 (*)
36.5
The excellent prospects for 2005 confirm the
dynamism of CLE which is progressively making it into
one of the most significant construction companies in
Luxembourg.
(*) CLE + activity of CFE in Luxemburg
The completion, to the satisfaction of the clients,
of sites such as Syrdall, the Cour des Comptes
in Luxembourg and the Ecole de Musique in
Niederanven, is representative of the level of quality
in which the company prides itself.
Porte de l’Europe». After the handing over of the
building to the Luxembourg state and the finishing
work demanded by the European Parliament, this
sub-tenant started occupation of the building at the
beginning of August 2004.
The flagship site in 2003 was that for the
construction of «Tower B and the Pavilion of the
The Drosbach complex at the Cloche d’Or was
extended in 2004 by a new aisle.
In June, work on the foundations and the installation
of screens around the excavations started in force on
the site of the «Dôme», a 21,400 m2 office complex
that will be erected at the end of 2006.
To close the year, CLE secured a collection of
significant contracts including the renovation of the
Museum of Modern Art of Luxembourg, designed
by the architect Pei and the construction of the
postal sorting office in Bettembourg, which will be
carried out in 2005.
To add to these prestigious references, there is
the signature, in February 2005, of the order
for the construction of the extension of the
European Investment Bank in partnership with
Vinci Construction Grands Projets. The securing
of this new contract symbolises the confidence
that the clients have in the CFE teams operating in
Luxembourg.
The school of music
43
The Drosbach complex at the Cloche d’Or, Luxembourg, was designed by the architects
Stefan Braunfels and Gubbini & Linster.
“Sunday morning
in Luxembourg”
A school of music and a sports hall will, from now
Jean-Pierre Kemmer
on, complete the Niederanven school complex.
The architectural bureau, Universum Luxembourg,
has created a collection of buildings that blends into the rural landscape. The facade in dual-coloured
bricks provides a soft impression while the glass bays of the sports hall open up the building to the natural
environment.
The complex is entirely adapted to people with reduced mobility and covers a total surface area of 6,047 m2.
Particular attention has been paid to the acoustic insulation between the school and the adjacent facilities.
With its climbing wall, its fixed and mobile stages and its partitioning, the multifunctional sports hall meets
all of the requirements of the clubs and schools of the locality.
NEDERLAND B.V.
“The Flying
Dutchman”
Antoine Merckaert
44
Henk Blok
Ber Groot
44
Plan of the new
TGV line that will link
Antwerp to Amsterdam
with a series of civil
engineering projects,
carried out largely by
CFE Beton en
Waterbouw.
The activities of CFE Nederland in 2004 were somewhat
limited to the execution of projects already in progress in
the previous year.
As foreseen, the tunnel under the Pannerdensch canal
as well as the other branches of the Betuwelijn, were
completed and the erection of anti-noise walls along the
line is more or less at an end.
(in millions of EUR)
2004 2003
Order book
at 31 December:
32.8
41.0
Turnover:
43.7
47.4
Work on the TGV line between Amsterdam and the
Belgian frontier is almost finished. The Moerdijk Bridge,
on the Hollandsch Diep, has been completed. The deck
on piles, on which the rails will be mounted, was made
available to the client in September 2004 and the tunnels
built under the Oude Maas and the Dortse Kil were
completed in December.
At the end of the year, the enlargement of a metro
station in Rotterdam was entrusted to CFE Nederland.
Despite this major contract, the order book is in decline
by comparison with that of the previous year.
“Sound Waves”
Kilometers of silence
Johan Strauss
Around 110 km acoustic protection panels were
installed between August 2003 and February 2005
by CFE Beton- en Waterbouw along the Betuwelijn,
the new railway line for the exclusive use of freight
traffic between Rotterdam and Germany.
The acoustic protection panels measure between
5 and 10 m long and 2.5 m to 5 m high, according
to topography. Each element consists of a sound
absorbent concrete on the inside. Every 200 metres,
the anti-noise wall is equipped with doors for access
or exit, notably for the emergency services.
45
“The Zuiderzee
Symphony”
André de Koning
45
Ber Groot
In 2004, the activities of GEKA remained stable in a
market under pressure, where the prices are often
marginal. The large projects of the Betuweroute and
the Dutch TGV, for which the company participated
in the domain of foundation techniques, are mostly
terminated. GEKA has therefore turned towards
relatively more modest contracts for new or regular
clients or direct business to business markets.
(in millions of EUR)
Order book
at 31 December:
Turnover:
The construction of dock walls, bridges in steel and
concrete, piers and the driving of piles for marine
construction, viaducts and various other foundation
works, constituted the bulk of the activity of the
company.
GEKA’s LSC** certificate was renewed in April
2004.
Despite a weak order book, GEKA is committed to
developing its activity in 2005.
Bridge at Kolenhaven in Delft.
2004 2003
3.7
3.3
17.6
18.0
“Le soleil
des eaux”
Gerald Boswell
46
Erik Desmet
Bernard Cols
Proud of its work improving the quality of life, CFE
Environment applies its expertise in every region of
Belgium and envisages exporting it in future years.
CFE Environment activity performed the implementation of several waste water and sludge treatment
stations in 2004.
Firstly in Limburg for Aquafin, the water treatment
stations of Hasselt, with a capacity of 65,000 E.H.
(equivalent inhabitants) and Genk (80,000 E.H.) were
put into service in February and June. The latter was
equipped with a complex procedure using sand filters
for continuous washing.
Then in Antwerp, also for Aquafin but substantially
larger, the treatment station of Antwerp South
represents nearly 200,000 E.H. It was commissioned
in September to the satisfaction of the client.
Next, in Wallonia, the official implementation of the
Florennes station (8500 E.H.) was spread across June to
September 2004 before handover to INASEP, while the
water treatment station at Tubize, destined to handle
the waste water of 25,000 E.H. and sludge amounting
to 40,000 E.H., was handed over in December 2004 to
the IBW, who will be responsible for its operation.
Activated sludge
(in millions of EUR)
2004 2003
Order book
at 31 December:
0.5
2.1
Turnover:
4.7
10.7
Also in December,
CFE Environment received an order from
Aquafin for electromechanical work on
the pumping station
of Gand-Mariakerke.
Although the order
book at the end of the
year is almost zero, it
has to be noted that it
does not take account The Antwerp South purification
of the construction station for Aquafin in Hoboken,
Antwerp.
contract (secured in
January 2005) for the major water treatment station
of Liège-Sclessin (200,000 E.H.) on behalf of AIDE.
“Water games”
Maurice Ravel
Since the summer of 2004, the units in Florennes and
Saint-Aubin have benefited from a new waste water treatment station controlled by INASEP.
With a capacity of 8,500 equivalent inhabitants, the treatment system implemented uses the biological procedure
known as low-load activated sludge. The biological reactor works on the principle of alternating phases and is
subject to aeration cycles followed by anoxic (non aerated) cycles encouraging the development of micro-organisms that eliminate carbon and nitrogen pollutants. This forms a mixture known as «activated sludge». In the
following stage – clarification – separation between the sludge and the liquid phase takes place.
The station is equipped with its own system for the treatment of sludges: thickening on a drainage table, dehydration by belt filters and liming with quicklime. In this way, the sludges are conditioned from the liquid form
into a paste ready for recycling, agricultural use or some other form of treatment.
Rational use of water on the site is achieved through the production of industrial water from purified water
leaving the station.
“The Polonaises”
Beata Koniuszek
47
Christophe Van Ophem
Bernard Cols
Our Polish subsidiary continues to suffer from the
moroseness of the local market and activity remained
modest in 2004.
At the same time as the latest conformity measures
taken at the Valeo factory in Skawina and various
small projects, the efforts of the company have been
concentrated on the completion of the «Le Regina»
hotel in Warsaw, started in 2002 and delivered at the
end of May 2004, as well as on the completion of
a new Leclerc hypermarket in Elblag, near Gdansk,
inaugurated in November.
The order book, empty in the beginning of the year,
predicts modest activity in 2005, the objective of
the new management team being to emphasise the
commercial presence of the company in a market
that remains very competitive.
(in millions of EUR)
2004 2003
Order book
at 31 December:
0
Turnover:
6.3
The hotel
«Le Regina»
in Warsaw.
0.9
11.2
Leclerc hypermarket in Elblag.
“Hungarian
Rhapsodies ”
Eniko“ Köteles
48
Pascal Steens
Bernard Cols
The entry of Hungary to the European scene offers a
new look at a market in which expansion still has to be
confirmed.
48
In 2004, the priority of CFE Hungary was to deliver the
Gresham Hotel which had consumed all of our energy.
The programme for making the different floors
available was followed during the course of the first
half year and the hotel has been open since 18th June.
All that remains are the obligations of maintenance
and after sales service from the company.
The quality of this renovation secured the project the
prestigious architecture prize of the city of Budapest.
In a spirit of reference to the work accomplished,
CFE published a superb book entitled, «The Rebirth
of the Budapest Gresham Palace».
(in millions of EUR)
Order book
at 31 December:
Turnover:
2004 2003
17.9
7.6
7.8
8.3
A new contract for the construction of a 37,000 m2
office building, the «Center Point II Office Building»
was signed in November. The order calls for three
underground levels, the ground floor and six floors
of offices. The work will be completed at the start
of 2006.
In this respect, taking account of new order
prospects, the year ahead looks promising.
The Four Seasons Gresham
Palace hotel in Budapest.
Real Estate and Associated Services Division
This new division was set up during 2004, so
confirming the strategy announced at the start of
2004 to:
50
(in millions of EUR)
Order book
at 31 December:
2004 2003
6.1
22.9
Turnover (*):
54.8
49.5
• develop projects in partnership with the local
collectives
Real estate
74%
63%
• reinforce the presence in Brussels.
Building management
24%
34%
Project management
2%
3%
• launch new operations in the Grand Duchy of
Luxembourg
Also, through the acquisition of BPI, CFE Immo has
reinforced the production teams and their presence
on the Brussels market. At the same time, by the
creation of CLi, it has confirmed its presence on the
Luxembourg market.
(*) part of the construction deducted
• CLi (formerly CFE Immo Luxembourg) is the group
promoter in Luxembourg
The new division is made up of complementary
entities:
• Construction Management looks after project
management and security co-ordination for the
promoters of the group and for external clients
• CFE Immo and BPI are destined to develop their
activities in building promotion in Belgium
• Sogesmaint looks after building management in
Belgium and now in Luxembourg.
“The Domestic
Symphony”
André Latinis
Nunziata Turi
Michel Guillaume
Leader in the field of office building management for five years, Sogesmaint has reinforced its position by
diversifying its geographical locations.
A first subsidiary has been created in Luxembourg and a new regional headquarters has been opened in Mons.
From September 2004, Sogesmaint has provided the overall management and renovation of 850 residences at
Shape near Mons, including 75,000 m2 of surface area.
This contract constitutes an excellent example of the synergy between different companies of the CFE group.
It combines three entities specialising in renovation (Bageci), electricity (Nizet) and management (Sogesmaint).
51
In October, Sogesmaint in Liège started the technical
management of a brand new commercial complex
«La Galerie Saint Lambert». This gallery, situated on
the Place Saint Lambert in the town centre, covers
45,000 m2 and houses around 40 shops, some of
which have well-known names.
The total surface area currently managed by
Sogesmaint in Belgium amounts to 1,450,000 m2.
Sogesmaint Luxembourg, a 100% subsidiary of
Sogesmaint Belgium, was created in March 2004 in
order to diversify and enhance the expertise of the
company in a nearby prospective location.
Also manage renovation
A first management contract for Tower B of the
«Porte de l’Europe» was obtained on behalf of the
European Parliament as well as the maintenance
contract under total guarantee.
December was marked by the finalisation of the
management contract for the Atrium Business Park,
negotiated with the promoter IKOGEST. Eventually,
this site will include 50,000 m2 of high-class offices,
of which more than 20,000 m2 have already been
built.
At the end of 2004, the property under contract in
Luxembourg reached 50,000 m2.
“Friend of the House”
André Grétry
Overall management, as well as control of the renovation of the 850 residences within Shape near Mons (a total of 75,000 m2), was entrusted to Sogesmaint
in September 2004.
Work on the houses and apartments of officers and leading ranks were spread over a period of 16 to 36 months.
Numerous major challenges had to be faced in order to secure this business:
• the complete renovation of a house in two weeks
• decorate an apartment in three to four days
• administratively and technically manage the
demands of several thousand occupants with very
short response times (the majority of minor
repairs have to be made within the day).
At the end of December 2004, four months after
the start of the contract, Sogesmaint had already
received more than 1,200 requests for intervention – a challenge that demanded the assembly of
a rapid response team composed of Sogesmaint,
Bageci, Nizet and two regular external partners of
Sogesmaint.
Sogesmaint provides building
management at the Atrium
Business Park in Luxembourg.
“Domains”
Catherine Vincent
Michel Shames
Philippe Bricout
52
Patrick Vriamont
Etienne De Clercq
Fabien De Jonge
Jacques Lefèvre
In 2004, CFE Immo was particularly active in Brussels
and Wallonia. This work included the development
of the mainly residential «Jardins de Jette» quarter.
The «Espace Rolin» quarter is also in progress. This
will eventually represent 58,000 m2 of residences,
of which 240 apartments have already been delivered and 45 units are under construction, 500 m2
of small shops and 19,000 m2 of offices are already
sold. The last 130 apartments of the overall project
will be built during the coming years.
In Wallonia, «Les Mouettes», a mixed building of
residences and small shops in Jambes, is almost entirely sold.
The acquisition of BPI (Bâtipont Immobilier), in May
2004, has significantly enlarged the horizon for
the building division, bringing with it projects such
as «Les Jardins de la Couronne» (see CFE Immo
framed).
Among the main operations delivered in the course
of the exercise, the handover of the «Régent 47-48»
building to a German financier was finalised in June
and that of a building in the Rue Ducale to the Spanish Embassy at the end of the year.
The provisional acceptance of apartments in Paternoster Square in Antwerp was completed and 22 of
the 33 apartments built were sold.
Other projects for CFE Immo and BPI are under
construction, including offices for the «Frontispice»
promotion, the renting to the European Defence
Agency of a building in rue des Drapiers and that of
two private hotels in Rue Royale in Brussels.
Finally, in partnership with SDRB, a residential project
in Place de l’Yser in Brussels will soon be launched.
In preparation for 2005 and the following years is
the renovation of the old headquarters of the Belgian Red Cross in Place Brugman in Brussels, the
construction and renovation of a mixed project in
Rue des Sables as well as a project for residences,
offices and small shops, called «Les Hirondelles» in
Rue de Laeken.
In addition, a further residential project will soon
be launched, in partnership with SDRB, at Place de
l’Yser in Brussels
The Paternoster building in
Antwerp (architects ARCAS).
The “Jardins de la Couronne”
“From a bright garden”
Lili Boulanger
By acquiring six unoccupied barracks from the
Ministry of National Defence, the Brussels Region
intended to support the construction of new residences as well as the expansion of economic activity.
The re-urbanisation of the six hectares of the site of the old military hospital, situated in the Commune of
Ixelles and the agreement between the SDRB and BPI-Immobel, to undertake the work, was approved by the
Brussels Regional Government in July 1992.
The new site being erected includes pathways, greens, a public area and a park of more than one hectare.
A total of 253 social apartments, spread across 12 adjoining buildings, form a square around a large private
garden and an island of 15 conventional residences forms another square offering 422 homes in addition to
the 260 non-conventional residences facing southwards. Finally, a group of more than 30,000 m2 of offices
and 500 parking spaces forms a screen between the traffic of the avenue de la Couronne and the residential
area.
Lengthy procedures have delayed this project and it is only since December 1999, more than five years after
objections, that the Council of State delivered a judgement rejecting the objections and confirming the validity of the urbanism and environment permit.
Launched at the start of 2000, commercialisation of the site has followed a steady growth from 70 homes sold
in 2000, to 100 in 2001, 150 in 2002 and more than 200 in 2003, so that the bulk of the accommodation
is now almost entirely sold. The final phase will be completed in 2005 which is nearly 18 months ahead of
contract.
In July 2004, the federal state decided to rent 15,000 m2 of the 30,000 m2 that represent the three office
buildings, to accommodate the federal police.
53
“The dot on
the i polka”
Phillipe Sallé
54
Patrick Van Craen
The real estate promotion activity in Luxembourg
was solidly developed in 2004. The year was first of
all marked by the delivery of Tower B of the «Porte
de l’Europe» to the State of Luxembourg on the
agreed date, namely the 30th June. The European
Parliament promptly moved in.
Another large-scale operation has since been
launched: «Le Dôme», in the town centre. This
22,000 m2 office building is being constructed in
co-promotion with Elige, a real estate subsidiary of
the Vinci group.
The Dôme
Situated facing the historic centre of the City of
Luxembourg, overlooking the Petrusse Valley, the
future office complex «Le Dôme» will provide
22,000 m2 of offices and 200 parking spaces spread
across three separate buildings, the first of which
will be available in 2006.
The start of the work on this project, co-developed
with Elige, took place on 9 June 2004 under the
guidance of the architect Marc Werner, in the
presence of the Mayor of Luxembourg.
The construction of this complex is progressing
according to plan under the leadership of CLE and
should be entirely finished in 2007.
Offering easy access, as it backs onto a major railway
station, the three buildings will rise to six or eight
levels and participate in the revival of a whole area,
«l’Espace Petrusse». This will bring together, in
three islands, the administrative centre of the City of
Luxembourg (in progress), the Dôme project and a
last block comprising offices, hotels and residences.
In order to reinforce the development of the activity
in the Grand Duchy, the limited company Compagnie
Luxembourgeoise Immobilière CLi was founded in
December 2004.
CLi will shortly start work on the operation of
residences on the Kirchberg plateaux, CFE having
been declared the winner of a tender for the
construction of 26 apartments, where the architect
will be Philippe Samyn, an associate of Georges
Reuter.
“Revival”
Lili Boulanger
Construction Management
“Perpetual
Motion”
Benoît Broos
Jean-Pol Gérard
Patrick Van Craen
Exercising its project management activities in
Belgium and Luxembourg, Construction Management is mainly involved in sub-contract work
concerning the operation of the «Dôme» in Luxembourg and various operations in Brussels initiated by
CFE Immo.
Apart from these involvements for the promoters
in the group, Construction Management is also
involved in the development of operations of Public Private Partnership (PPP) and is, in this respect,
pre-selected for several projects, notably in social
housing, urban revitalisation and reconstitution of
industrial sites. Consequently, the company has
concluded a framework agreement with ING Bank
for supervisory missions overseeing operational
work in a PPP structure.
Construction Management is also involved in the
development of the «Barbara» project in Louvain,
alongside KBC. Other projects in the Flemish or
Walloon regions will be set up in 2005 and allow the
rapid development of Construction Management
over the coming years, notably in the industrial field
where the company has solid references for project
management.
55
Multi-technical division
After the profound restructuring undertaken in
2003, marked notably by the split between Engema
and Vanderhoydoncks, the multi-technical division
had a good year in 2004, both in terms of activities
and results.
56
Engema Rail installs
overhead cables and
their supports for the
TGV tracks.
The order book at the end of the financial year
achieved a historical level which left the promise of
a 2005 of high quality.
(in millions of EUR)
2004 2003
Order book
at 31 December:
37.7
24.9
Turnover:
41.3
44.0
“Elektra”
Joris Bekaert
64
57
Edwig Roekens
Luc Vandeputte
Competition remains strong on the local Limburg
market, which only represented half of the activity
in 2004 with projects such as the new police station
in Beringen and the Vlaams Administratief Centrum
in Hasselt. For the most part, the other projects
are located in the Province of Antwerp, such as the
distribution centre for Paganella granulated PVC
in Laakdal and the Genzyme laboratories in Geel
as well as a retirement home at Bertem in Flemish
Brabant.
The value of the orders closed in 2005 (excluding
recurrent work) is low. The main objective for the
year to come will, therefore, be to rapidly improve
the order book, so as to better position the company
in its market.
Deluxe spots
(in millions of EUR)
2004 2003
Order book
at 31 December:
1.1
2.7
Turnover:
4.8
1.0
In the field of security, the constant efforts of the
company and the motivation of the personnel have
had a particularly beneficial effect because not one
accident has been registered during the course of
the last two years.
The ISO 9001 certificate was renewed in July 2004
for three years and that of LSC** in August for three
years also.
“Brothers of Italy ”
Giuseppe Verdi
The Paganella project in Laakdal (602,000 EUR)
involved the supply of high-tech material: design
lighting for the offices, exterior lighting to illuminate the glass facade, a complete communication network with
telephony and entry videophones, spotlights integrated with the stairwells and indirect lighting to create a more
agreeable working atmosphere. More than 40 different types of lighting equipment were installed!
The storage area (around 10,000 m2) for granulates imported from Italy, was
equipped with 1,030 metres of lighting rails carrying 285 lighting units and 115
safety lights, with a total of 300 lux. The three buildings were conceived by a design
bureau and an Italian architect, Giampaolo Benedini, who did not hesitate to come
from Italy two times per week by plane in order to ensure that his work was carried
out perfectly.
A high-tension cabin provides a maximum output of 600A and sockets for motors
of 400 V at 125A for the connection of gigantic vacuum units that literally pump the
granules into a silo and then into trucks.
When he visited the site in order to evaluate the work carried out, the owner and
manager exclaimed: «My buildings have the charisma of a Ferrari!»
Lighting arrangement
on the sports ground of
Houtemveld in Tirlemont.
“Grillenbanner”
Thierry Lambermont
Yvan Georgery
Yves Persenaire
Philippe De Rudder
58
Jacky Landuyt
Philippe Flock
Roland Hallot
Christian Van Hamme
While Nizet Entreprise realised a turnover in 2004 in
accordance with forecasts, it is necessary to underline
its remarkable level of orders at 31 December 2004.
This situation is historical for Nizet, even though it
is achieved in a market where the level of pricing
remains relatively low.
Activity has been stable in the «Tertiary» Department,
where the renovation of the electrical installations at
the Tour du Midi in Brussels continues according to
plan. Various sites - including Mestdagh in Liège
and work on the extension of the Clinique St-Jean also contributed to the good results of the company.
(in millions of EUR)
2004 2003
Order book
at 31 December:
19.3
11.3
Turnover:
23.3
26.8
Among the numerous orders logged by this
department, it is worth noting the renovation of the
external lighting of the 9 globes of the Atomium, the
136 accommodation units in the rue Charlemagne
at Louvain-la-Neuve, as well as the renovation of the
lighting in the car parks of Louvain-la-Neuve.
“ The adorable Bel’-Boul’ ”
Jules Massenet
In 1958, the Atomium shone with a thousand lights,
day and night, on the Brussels horizon but, over the
course of the years, the lamps have faded and the panels have tarnished.
The authorities decided to give new youth to this
monumental symbol and, over the course of one year,
the nine spheres will entirely be renovated and ready
for their second life on 1st January 2006.
During 2005, Nizet Entreprise will be responsible for
the replacement of the external lighting of the spheres,
as well as for the new electrical distribution system.
Thanks to 3,000 computer-controlled lights, Nizet
will be able to replicate precisely the same lighting
display of 1958 for all of the residents and visitors to
Brussels.
Reconditioning and
extension of the electrical
installations of the SaintJean clinic in Brussels.
Low-tension distribution
panel and cabling of an
electrical cabinet (from left
to right: Michel Peeters
and Doriano Menegatti).
59
59
The «Electromechanical» Department also achieved
good results in 2004 and logged, among others,
orders for the electricity work on the water treatment
stations in Marchienne-au-Pont and Roselies.
Finally, the constantly expanding turnover of Voltis
shows the good condition of its workshop in Louvainla-Neuve. The «five workshops in one» concept,
which offers clients material and electrical apparatus,
lighting and, recently, household electrical, meets a
real demand. At the same time, the four open-door
events at Voltis this year had phenomenal success
with more than 2,000 purchasers during the weekend and a record turnover.
Under the banner
of Voltis, in Louvainla-Neuve, Electronizet
offers a range of
electrical material
and equipment.
“High voltage”
Jean-Pierre Borghmans
Michel Van der Eecken
60
Jean-Paul Coch
Bruno Lambert
Luc Vandeputte
(in millions of EUR)
60
2004 2003
Order book
at 31 December:
17.3
10.9
Turnover:
13.5
16.2
The year 2004 saw considerable growth by comparison with 2003 and a significant improvement in the
net results.
The new Engema Rail depot in Muizen.
Bellow: Engema Rail at the crossing of the lines of today and tomorrow:
a «TGV» line passes under a «conventional» line.
Investments made by the public authorities in the
area of railways (TGV to Holland and Germany) as
well as decisions and authorisations obtained for
the Brussels R.E.R., provided interesting prospects
for the «Rail» Department. With this in mind, the
installations at the material depot of Engema in
Muizen (Malines) were entirely modernised.
and Chênée) and, on the Belgian coast, the stations
of Zeebruges and Ostend.
The electrification of the last section of the LGV 1
line, Brussels-Paris between Forest and BrusselsMidi, the electrification and signalling work at
Soignies station, the signalling at Berchem-Antwerp,
that of the L4 line, Antwerp–Dutch border and the
signalling system work on the LGV 3 and LGV 4 lines
formed the main part of the activity in this area.
One of the beneficial effects of the liberalisation of
the European electricity market is the emergence of
more significant projects in the high-tension area.
The «Erection» Department has, therefore, been able
to maintain activities in accordance with objectives,
whereas the order book at the start of the year
showed a serious deficit. A growing presence is also
foreseen in northern France and in special erections
for attraction parks and mobile telephony. Among
the lines erected in 2004, those of 70 kV between
Auvelais and Sombreffe and of 150 kV between
Auvelais and Warêt are the most notable.
Engema Montage installing a console on a high-tension pylon.
Numerous catenary projects were carried out during
the year and, notably, on the Brussels-Liège LGV
2 line, between Herent and Nossegem and at the
NORTH-MIDI junction in Brussels. In the second half
of the year, the «catenary» activity was concentrated
in the Liège region (TGV station sites of Guillemins
Signalisation TGV
Engema has participated in the electrification of the
Belgian and Luxembourg railways since 1935.
In 1995, the Railways Department added a new activity
to its field of expertise - signalling on high-speed lines.
This work includes the placement of control equipment
along the tracks, the laying of various cables (copper
electric, fibre optics and earthing), the equipment in
the electricity cabins and the services buildings.
As the liaison representative, Engema Rail has already
completed the signalling on the Brussels-France,
Brussels-Liège lines and, in 2005, will complete that of
the Liège-Germany and Antwerp-Holland lines.
In 2005, the signalling service will represent 35% of the
business turnover of Engema Rail.
In the field of low-tension distribution, several
framework contracts have been renewed, so
enabling the «Lines» Department to maintain a
good level of production. The placing of mediumtension cables for Electrabel in the provinces of
Namur and Luxembourg was achieved within the
specified time scale.
During the last five years, ENGEMA has been able
to maintain or reinforce its presence in different
markets thanks to the competence and expertise
of its various teams as well as by a voluntary policy
of investment in all of the areas of electrification of
infrastructures for the transport of energy.
“The Railways”
Charles-Valentin Alkan
61
61
Dredging & environment division
“The Fantastic
Symphony ”
Alain Bernard
Pierre Potvliege
Philip Hermans
Martin Ockier
62
Jan Schouten
Theo Van De Kerckhove
Marc Stordiau
2004 was a good year for DEME. In fact, the year
was marked by a satisfactory profit level despite a
reduction in turnover. In the dredging sector, the
DEME group remains one of the world leaders.
Because of the closure of the sand borrow areas
in Malaysia and Indonesia in the summer of 2002,
activity has been very modest in this geographical
area. On the other hand, DEME was able to
penetrate new markets in Africa, Russia and China.
However, it was in the Middle East, in particular, that
the penetration was spectacular with the acquisition
of major contracts in Qatar during 2004, which
considerably enhanced the order book.
The year 2004 also saw a further upswing of the
environmental activities within the Group. The recent
merger of DEC and Ecoterres gives a new boost to
this activitiy, with a special focus on France and the
United Kingdom. The combined turnover of DEC/
Ecoterres grew to a level of over 125 million EUR.
DBM (DEME Building Materials) consolidated
its commercial position on the North European
marine gravel winning and supply market, with
reserves amounting to 180 million tonnes of marine
aggregate.
DBM delivers sand to the port of Fécamp (France).
(in millions of EUR)
2004 2003
Order book
at 31 December:
500.4
487.7
Turnover:
316.6
346.5
As a further support to the international activities,
the new suction dredger «Pallieter», with a capacity
of 5,400 m3, was commissioned in February 2004.
Its first assignments in Europe and in the Persian
Gulf confirmed its high level of productivity and its
environmental qualities. Moreover, the new heavyduty seagoing rock cutter dredger «d’Artagnan» is
under construction and due to be commissioned in
September 2005.
Christian Van Meerbeeck
Marc Maes
Jos Van Ijseldijk
Marcel Van Bouwel
DREDGING AND MARITIME
PROJECTS
Activities in the Benelux
Belgium
Activity remains significant in Belgium. DI and Baggerwerken Decloedt continued with maintenance
dredging in the North Sea, in the access channels
to the ports of Zeebrugge, Ostend, Nieuport and
The «Happy Lad» of the seas
63
Patrick Demoor
Blankenberge, as well as in the River Scheldt and
the access channels to the Antwerp locks.
In the Antwerp area, DI and DEC performed
erosion protection work along the new quay
wall of the Deurganckdock. DBM continued its
contract to deliver 1.5 million tonnes of coarse
sand for concrete batching plants. In addition, DI
completed the contract for the rehabilitation of the
«Paardenschor», as a compensatory «habitat» for
the loss of wetlands due to the construction of the
Deurganckdock. At the end of 2004, DI was also
“It was a little ship”
Germaine Tailleferre
Last-born of the suction dredgers with a trailing hopper,
the «Pallieter» – in English, the Happy Lad – was baptised in 2004. It carries the colours of Baggerwerken
Decloedt en Zoon NV and its home port is Zeebrugge.
This new dredger, built by the shipyard of Van der
Giessen-de-Noord, is of a highly innovative design with
the latest in advanced technology and with a hopper
having a capacity of 5,400 m3. For DEME, this ship
represents a major new step in the modernisation of its
fleet and a reinforcement of its dredging efficiency.
The new ship is perfectly equipped, either for small
maintenance dredging projects on the shoals or
for the maintenance and deepening of ports and
access channels, the restoration of beaches and the
recuperation of earth.
The «Pallieter» operates with the greatest respect
for the environment because, during the dredging
process, there is almost no water added to the
dredged material.
Restoration of the beaches in Knokke (Belgium) by the new
dredger «Pallieter».
Maintenance dredging
of the Loire by the
suction hopper
dredger «Antigoon»
in Saint-Nazaire (France).
awarded a contract to create several wetlands near
the village of «Ouden Doel». This project calls for
extensive earthmoving work to create new areas for
wildlife and bird watching. In Kruibeke, DI continued
the construction of the first phase of a gigantic flood
control area, while a new contract was obtained for
the further construction of all dikes.
In Ghent, the earth-moving work for the
construction of the Kluizendok continued and, as
part of a joint venture, DI dredged polluted silt from
the «Ringvaart» and the Upper Scheldt, two busy
waterways.
In Brussels, as part of a joint-venture, DI secured
a new two-year contract for the dredging and
treatment of heavily-polluted sediment from the
Port of Brussels. The polluted substances are treated
at the DEC silt recycling centre in Ruisbroek.
DI completed the first contract for the construction of
a new inner harbour at Plassendale, near Ostend. The
project involves quay wall construction, dredging of
the harbour basin and creation of an industrial area.
DI and Decloedt, in a joint venture, carried out coastal
protection work in the outer port of Ostend and two
quay areas were dredged to the required depth.
DI and Baggerwerken Decloedt have been active
together in Zeebrugge as they dredged the northern
dock in the inner port and participated in the 46-foot
deepening programme of various areas of the port.
Furthermore, reclamation work was carried out for
the extension of the Sterneneiland bird sanctuary.
The Netherlands
In Kampen, DI, IPEM and de Vries & van de Wiel are
part of the consortium that signed a public/private
partnership agreement with the local authorities
for the development of the new ZuiderzeehavenKampen. The company de Vries & van de Wiel also
completed a first dredging contract for the deepening
of the shipping lane in the Ketelmeer. A second
contract was awarded to them in 2004 and that is
due to start in early 2005.
International activities
Dredging International
In France, the major project of Le Havre Port 2000
continued and, at the end of 2004 over 75% of
the dredging work had been completed. The most
spectacular operation of the year 2004 was the
installation of two 14,000-ton concrete caissons as
jetty heads for the new outer port.
In Dunkirk, the extension to the Quai de Flandre,
involving major dredging and soil improvement
work, was completed and a 10 m wide section
alongside the extended quay wall was deepened.
Two contracts covering major maintenance dredging
work in the river Loire between Saint-Nazaire
and the estuary in the river Gironde upstream of
Bordeaux and in the port of Le Havre, were almost
totally completed.
In October 2004, the overall removal of the wreck of
the car carrier «Tricolor», which sank off Dunkirk in
December 2002, was concluded.
In Germany, as part of a joint venture, DI subsidiary
Nordsee was awarded an extension to its annual
maintenance campaign on the river Ems. The work
was performed by the brand new dredger «Pallieter»
on its first assignment abroad. The maintenance
dredging on the river Elbe started in October 2004
and will continue until March 2006.
In Sweden, a design-and-build assignment was
started involving the dredging of mercury polluted
organic sediment from two lakes in Hultsfred,
backfilling and capping. By December 2004, the
design phase had been completed and detailed
engineering of the new dynamically positioned and
tracked environmental dredger «Pippi Langström»
had been initiated.
65
In Russia, channel dredging work was successfully
completed ahead of time on behalf of Sevmash
Corporation to provide access to the shipyard
at Severodvinsk in northern Russia. A charter
agreement was also signed with Ust Luga Company
for employment of the cutter dredger «Vlaanderen
XVI» to perform dredging and reclamation work for
a new terminal in the newly built Ust Luga Port, near
St-Petersburg. Finally, DI also started dredging and
reclamation work in Kaliningrad.
In Italy, SIDRA completed the construction of new
quay walls in Gioia Tauro and in Crotone, a new
marina at Castilloncello and replenishment of 5
beaches in the Lazio area. There was also a coastal
defence project in the Abruzzo area, the extension
of the harbour jetty of Ortona and the extension of
the port of Trapani, which were all awarded to Sidra
at the end 2004.
In Spain, the second stage of the dredging and
reclamation work for the extension of La Cabezuela
in Cadiz, was carried out. Also in Bahia de Cadiz, a
Maintenance dredging in the port of Livourne (Italy).
trench was dredged for the construction of the
new Puerto de America port and maintenance
dredging was carried out in the dock area of
«Astilleros Izar». Other work was completed in
Huelva, Mazagon and Motril.
Dredging and enlargement
of a navigation channel in
Severodvinsk-Arkhangelsk
(Russia).
Dredging and backfilling
work for the extension
of Lulu Island near
Abu Dhabi (Bahrain).
In Morocco, as part of a joint venture, DI carried
out the first stage of the dredging work related to
the construction of the new «Tanger Méditerranée»
port. The second stage is planned for 2005.
In Bahrain, DI will perform the dredging and embankment construction work for the extension of Lulu
Island and the creation of additional islands for
residential and commercial development.
In Ghana, DI started the second phase of the «Korle
Lagoon Ecological Restoration Project» in early
2004. The project encompasses the dredging of
sludge from the Korle Lagoon in the capital Accra
and the disposal of contaminated material.
In Angola, the Pululu Channel was dredged in early
2004 and in December 2004, the dredging and
slope protection work in Sonils Base – Luanda was
started.
In India, the dredging and reclamation work for
the construction of the Seabird Naval Base in
Karwar was completed in September 2004 and
DEME’s local partnership company, International
Seaport Dredging (ISD), was awarded the monsoon
maintenance dredging campaign of the Hazira Port
and the LNG Receiving Terminal project.
In Nigeria, apart from the various maintenance
assignments commissioned by the oil and gas
industry, there was trench-dredging work for the
Amenam-Kpono pipeline on behalf of TotalFinaElf
and maintenance dredging work for the Bonny
channel.
In Qatar, DI is involved in the dredging and reclamation work for the construction of the prestigious
Pearl Qatar Project, an artificial island in the form of
a splendid jewel off the coast of the Qatari Capital.
In December 2004, as part of a joint venture, DI was
also awarded, as part of a joint venture, a contract
for dredging and reclamation of the platform for the
New Doha International Airport. The work involves
the transfer of 60 million cubic metres of sand from
the sea.
The fabulous building project
in Qatar «the pearl of the Gulf»
“The Pearl Fishers”
Georges Bizet
Given its form and its splendid location in the heart of the Persian Gulf, the State of Qatar is itself sometimes
compared to a pearl. The largest building project ever undertaken in this Gulf state, will occupy the DEME
group for a period of 21 months.
The second dredging and disposal contract for the second phase of the «Pearl of the Gulf» project was signed
in July 2004. The two phases will be carried out by the last-born subsidiary of DEME, Qatar Dredging
Company (QDC).
The «Pearl of the Gulf» will be developed on a natural shoal to the east of West Bay Lagoon, some distance
from the coast of Doha, the capital of Qatar. Thanks to various coves and bays, 68 km of beaches will be
created on a 4 km2 island.
In total, 7,600 high-class residences, three deluxe hotels of more than 900 rooms, as well as four marinas,
with mooring equipment for more than 700 boats and various public and recreation zones, will be built.
67
Maintenance dredging of Port Hedland (Australia) by the suction
hopper dredger «Pearl River».
68
Dredging International Asia Pacific
Pte Ltd (DIAP) and DI in Asia
DIAP has now been restructured into three separate
areas:
Southern Far East Asia
In Singapore, DIAP continued in joint venture
on the largest ever land reclamation projects in
the area. The work continued during 2004 on a
considerably reduced scale with Singapore allowing
the contractors to borrow sand from the Singapore
sand reserves.
In Hong Kong, the construction and management
of contaminated mud pit IV was completed in
joint venture and the site was handed over to the
authorities in August 2004.
Northern Far East Asia
The setting up of our representative office in
Shanghai resulted in the award of two contracts for
channel dredging in Zhanjiang in southern China.
The contracts call for the charter of the jumbo
dredgers «Nile River» and «Pearl River» to CHEC.
Australasia
DREDECO was busy in Australia deepening the
dump pit for Cockburn Cement in Fremantle,
maintenance-dredging the port of Bunbury and
the port of Port Hedland, dredging the Jacobs Well
Canal and Marina as well as dredging berth N° 10 in
the port of Brisbane.
In Papua New Guinea, DREDECO continued a
dredging and environmental rehabilitation project
on behalf of OK Tedi Mining Ltd.
Tideway Marine and Offshore
Contractors BV
Fall Pipe Rock Placement Work
In 2004, the D.P. fall pipe vessels, «Seahorse» and
«Rollingstone», were mainly active in the North Sea
on behalf of the oil and gas industry. In addition,
Tideway worked in the Mexican waters of the Gulf
of Mexico for rock placement services and protection
work for pipelines.
Work on the construction of approaches
During June 2004, a number of pipeline isolation
and bypass operations was performed on the Frigg
pipelines system within the TFE / St Fergus Seawater
Project
In Thailand, as part of a joint venture, Tideway
performed trench dredging and backfilling work for
the Songkhla landfall of the Trans Thailand Malaysia
gas pipeline.
Scaldis Salvage and Marine
Contractors NV
In June 2004, Scaldis Salvage and Marine
Contractors, in which DEME has a 55% stake, was
active on various major salvage and wreck removal
projects like the salvage of the automobile carrier
«Sea Trust», Antwerp (Belgium), the removal of
the «Le Foucauld» wreck off the île de Ré (France),
various wreck removals in the Westerschelde (The
Netherlands) and the spectacular cutting and removal
of the wreck of the automobile carrier Tricolor off the
French coast. Many heavy-lift operations were also
performed in Stord (Norway), Montrose (Scotland),
Antwerp (Belgium), the new Port 2000 of Le Havre
(France) and in Dunkirk (France).
Placement of rocks by
the “Rollingstone“ for
Tideway at the foot of
an offshore platform.
The soil recycling
centre of DEC in
Kallo (Belgium).
69
ENVIRONMENTAL ACTIVITIES:
DECONTAMINATION OF SOIL AND
STORAGE OF POLLUTED SLUDGE
DEC
DEC essentially focused its activities in Belgium and
in The Netherlands.
DEC started the clean up of a former gasworks site
in Diest. Excavation work was terminated by the end
of 2004. The installed water treatment plant will be
operational during a period of five years.
Three acid tar lagoons in the region of Ghent will be
excavated, neutralised and immobilised. The design
phase started in April 2004. The actual execution is
planned for mid-2005.
On 37 ha of the Hooge Maey domestic waste site in
Antwerp, DEC installed vertical shafts and collector
pipes to retrieve the biogas from the domestic waste
disposal site. In Humbeek 2,500 m2 of slope cladding in fibrous open stone asphalt was installed to
protect the surroundings from flooding and about
350,000 m2 of geosynthetic liners were installed in
different projects in Balen, Hooge Maey and La Floridienne.
Activity at the DEC sediment and sludge recycling
centres of Ruisbroek and Krankeloon and at the DEC
soil recycling centre of Kallo (GRC) was satisfactory
in 2004.
Refloating of the
Sea Trust ferry in
the port of Antwerp
(Belgium) by Scaldis.
Drying and cleaning of mud at the Fasiver site in Ghent (Belgium).
Ecoterres
Ecoterres focused on the Walloon and Brussels
regions of Belgium as well as on the northern part of
France and managed to confirm its growing position
as an environmental specialist with the dewatering,
treatment and recycling of 100,000 m3 of dredged
material from the Brussels-Charleroi Canal in the
recycling site of Vraimont in Tubize.
70
In The Netherlands, de Vries & van de Wiel worked
on the sanitation of the Petroleumhaven in Amsterdam, dredging for quay wall construction in the
Eemshaven in Groningen, beach and embankment
work at Schokkerhaven in the Ketelmeer, removal
of contaminated materials from the Veilinghaven in
Utrecht, the dredging of navigation channel of the
Ketelmeer, decontamination work in Ridderkerk and
river bed protection work in the Eemshaven of Rotterdam. Moreover, an artificial island was built in
the Ysselmeer in order to create a new 72 ha bird
sanctuary «De Kreupel».
The new Ecoterres
centre for the recycling
of polluted silt in
Saint-Ghislain (Belgium).
Export activity of DEC also included several projects
in Ireland, Scotland, Sweden and Italy.
Ecoterres has also built a centre recycling 30,000 m3 of
silt per year dredged from the river La Haine at SaintGhislain and it started the treatment of contaminated
silt dredged from the river Dendre between Ath and
the Papignies lock. Other work included the clean-up
of brownfield sites in Mons, La Louvière and Beaune
(France), an in-situ sanitation of petrol stations,
removal of old fuel tanks throughout Wallonia and
Brussels and landfill construction and rehabilitation
work in Gosselies and Habay-La-Neuve in Belgium
and at Vadans and Chapelle-sur-Oreuse in France.
BUILDING MATERIALS
DEME Building Materials, specialises in the extraction
and processing of aggregates for the construction
industry. With sand and gravel produced according
to customers’ technical specifications and responding
to the respective national and European standards,
DBM increased its market share in the different
countries. The supply in the UK has been maintained
at a high level. New UK licenses are expected for
2005. The supply of sand to the concrete batching
plant for the construction of the Deurganckdok
on the left bank of the port of Antwerp has been
continued.
In 2004, DBM’s gravel hopper dredger «Charlemagne» was continuously occupied while the
execution of tailor-made projects in Le Havre and
Rouen has optimised the technical performance and
employment level of the vessel.
CONCESSIONS AND PORT
DEVELOPMENT
In 2004, IPEM (International Port Engineering and
Management) was still involved in the Dinh Vu
Economic Zone (DVEZ) in Hai Phong, Vietnam, where
5 new projects are under construction. Furthermore
the construction of Dinh Vu Deep Sea Port, occupying
156 ha, will start operations in first quarter 2005 with
2 new berths for dry, bulk cargo and containers.
A contract for the filling of 1 million m3 of sand was
also signed to create site platforms for future clients.
POWER@ SEA
DEME’s genuine commitment to a greener Europe is
emphasised by its concession specialist Power@sea,
concentrating the Group’s expertise in this company in the field of offshore wind farm development
and construction, with participation in concessions
around Europe, both as co-initiator and as co-concessionaire.
The first participation of Power@sea is the C-power
project on the Thornton Bank in which the company will also be responsible for maintenance after
project completion.
C-POWER
In 2004 C-Power obtained the seven permits necessary for the development and implementation of
an offshore wind farm on the Thornton Bank, 27 to
30 km into the North Sea. An extensive geophysical
and geotechnical soil investigation campaign was
executed in the summer of 2004.
The trailing dredger
«Lange Wapper»
preparing the
extension of the port
of Vuosaari in Finland.
Communication
“Images”
Terry Somers
Ann Vansumere
72
The Communication Department aims to improve relations between employees, to forge team spirit and
to reinforce the image of the CFE group. It was notably in this framework that, in 2004, the first football
tournament of the group was organised.
Through presentations and material made available to companies participating in exhibitions or external
relations activities, the Communication Department responds to the growing demands of group entities
and third parties.
In a company in constant growth, there is already a fall-back in inertia. The management of CFE has decided on a complete revision of the Internet site. A « webmaster » will assist the communication team from
the start of 2005 so that the site can be adapted more rapidly and with more flexibility to the demands of
the market.
Colophon
CAPTIONS TO THE FULL-PAGE PHOTOS:
Page 2: Removal of wrecks from the bed of the river Scheldt, carried out by DEME in The Netherlands.
Page 49: The Regent building in Brussels.
COPYRIGHT OF THE PHOTOS, IN ALPHABETICAL ORDER:
© Aeroview
Agos
Assar, A2RC, AVA
© Atomium asbl – SABAM Belgium 2005 (p. 6-58)
Belcam production
Bogaert Claude
Brison Serge
Bureau Jaspers
Burton Jean-Dominique
Coolens
De Broyer Stephan
Deme
Detiffe Marc
Glavie Y.
Van Wellen
Vigouroux F.
DESIGN AND PRODUCTION:
FBD Communication & Design NV - www.fbd.be
Le présent rapport annuel est disponible en français, en néerlandais et en anglais.
Dit jaarverslag is verkrijgbaar in het Nederlands, het Frans en het Engels.
This annual report is available in English, French and Dutch.