Compagnie D'entreprises Cfe Sa · EURONEXT:CFEB
Compagnie D'entreprises Cfe Sa — CFE — H1 2024 Earnings Presentation
32 slides from Compagnie D'entreprises Cfe Sa's earnings presentation, September 2024
Slide 1: Half Year Results 2024 Analyst meeting
Half Year Results 2024 Analyst meeting 1
Slide 2: Summary
Summary Our results Economic End of some are mixed context is large bleeders but we are challenging, with upside resilient also in 2025 potential as a Group Half year results 2024 • Analyst presentation 2
Slide 3: Key figures
Key figures REVENUE EBITDA EBIT NET INCOME €600.7 mio €21.7 mio €4.6 mio Share of the group €4.2 mio -6,4% (HY2023) +8.4% (HY2023) €17.2 mio (HY2023) €12.5 mio (HY2023) EQUITY NET FINANCIAL ORDER BOOK €230.2 mio DEBT €1,410.7 mio €139.5 mio €236.8 mio (FY2023) €93.3 mio (FY2023) +11.2% (FY2023) Half
Slide 4: Breakdown by segment
_—— Breakdown NN by segment Octfe
Slide 5: Breakdown by segment
Breakdown by segment Real Estate Construction & Investments & Development Multitechnics Renovation Holding (*) 1HY/€m 2023 2024 2023 2024 2023 2024 2023 2024 Revenue 171.2 157.8 455.1 442.2 73.1 29.3 1.0 1.0 YoY growth (0.6)% (7.8)% 14.5% (2.8)% EBIT 8.7 (2.5) (1.2) 1.6 0.7 6.8 9.4 0 Margin 11.9% (8
Slide 6: Consolidated CFE figures
Consolidated CFE figures Revenue and order book (€m) EBIT (€m) 5,2% 4,4% 1.715 3,7% 1.549 1.621 1.437 1.411 2,6% 2,7% 1.167 1.269 1.249 1.027 1.125 58 51 642 38,1 0,7% 601 33 17,2 4,6 2020 2021 2022 2023 1HY2023 1HY2024 2020 2021 2022 2023 1HY2023 1HY2024 Order Book Revenue EBIT EBIT % Net Result (€
Slide 7: Historical performance
Historical performance Revenue (€m) EBIT (€m) 9,3 9,3 873 7,2 7,2 799 724 18,8 15,0 20,1 455 10 442 11,3 338 321 339 30,1 9,0 171 17,6 17,4 0,7 158 106 158 8,7 6,8 85 73 29 -1,2 1,6 -36 -61 -58 -2,5 -122 -29 -0,2 -4,3 -0,2 -1,3 2021 2022 2023 1HY2023 1HY2024 2021 2022 2023 1HY2023 1HY2024 Investment
Slide 8: Balance sheet
Balance sheet (€m) 2021 2022 1HY 2023 2023 1HY 2024 KPIs Tangible fixed assets 82.3 77.7 83.7 95.1 96.0 June 2024 Goodwill 23.8 23.7 23.8 23.9 23.9 37.7% Investments accounted for using the equity 102.6 110.9 114.4 185.4 172.8 method Of which Deep C Holding, Green Offshore and GreenStor 52.8 64.4 72
Slide 9: Breakdown – Net Financial Debt / (Surplus)
Breakdown – Net Financial Debt / (Surplus) Debt structure HY2024 Net financial debt / (surplus) evolution (€m) Gross financial debt €m Corporate financing 158 250 Credit facilities 113 200 139,5 Commercial papers 7 150 113 93,3 Medium term notes 38 100 48,9 50 BPI - Project financing 33 0 -50 Leasin
Slide 10: Real Estate Development
Real Estate Development Brouck’R- Brussels
Slide 11: Real Estate Development
Real Estate Development €m 1HY2023 2HY2023 FY2023 1HY2024 EBIT 8.7 8.7 17.4 (2.5) Margin 11.9% 10.3% 11.0% (8.6)% Net result 6.7 5.0 11.7 0.3 Margin 9.2% 5.9% 7.4% 1.1% Capital employed 219.5 n.m. 259.2 280.2 Equity 122.6 n.m. 159.1 153.4 Net Financial Debt 96.9 n.m. 100.1 126.8 Half year results 20
Slide 12: Real Estate Development
Real Estate Development • Net result amounts to € 0.3 million • Key transactions 2HY2024 (€ 6.7 millions in 1HY2023) • Sale of the future head office of the Loterie National • Delivery of project PURE in Brussels and 1st (part of project Brouck’R) in Brussels residential phase of Bavière in Liège (B
Slide 13: Real Estate Development
Real Estate Development • Market trends • Projects under construction • The real estate market remains under pressure in • Belgium -Tervuren Square in Woluwe-Saint-Pierre (12,000 m²), Belgium and Luxembourg, both in the residential and Arboreto in Tervuren (7,000 m²), Park located on the Erasmus off
Slide 14: Gross Development value € 1.7 billion (438,000 m²)
Gross Development value € 1.7 billion (438,000 m²) Belgium Brussels Projects HY2024 218,000 m² (*) Projects FY2023 221,000 m² Breakdown of m2 by type HY2024 67% 18% 3% 12% FY2023 68% 17% 3% 12% Residential Office Retail Other (*) BPI's share Half year results 2024 • Analyst presentation
Slide 15: Real Estate Development
Real Estate Development Luxembourg Poland Projects HY2024 Projects HY2024 75,000 m² (*) 145,000 m² (*) Projects FY2023 Projects FY2023 74,000 m² 158,000 m² Breakdown Breakdown of m2 by type of m2 by type HY2024 47% 50% 3% 0% HY2024 91% 6% 3% 0% FY2023 46% 51% 3% 0% FY2023 90% 5% 5% 0% Residential Of
Slide 16: Selection of highly attractive project portfolio
Selection of highly attractive project portfolio Brouck’R Brussels Key West Anderlecht EQ Brussels Tervuren Square John Martin Antwerp Park – Erasmus Gardens Anderlecht Woluwe-Saint-Pierre Mixed-use – 38,000 m2 Mixed-use – 63,300 m2 Office – 21,900 m2 Mixed-use – 11,800 m2 Residential– 10,000 m2 Res
Slide 17: Multitechnics
Multitechnics
Slide 18: Multitechnics
Multitechnics €m 1HY2023 2HY2023 FY2023 1HY2024 Revenue 171.2 166.8 338.0 157.8 YoY growth (0.6%) 0.1% (0.3%) (7.8)% EBIT (1.2) (3.1) (4.3) 1.6 Margin (0.7%) (1.9%) (1.3%) 1.0% Net result (2.4) (3.9) (6.3) (0.5) Margin (1.4%) (2.3%) (1.9%) (0.3)% Net Financial (Debt)/Surplus (9.0) n.m. (0.5) 9.0 Ord
Slide 19: Multitechnics
Multitechnics Forward order book (€m) Revenue(€m) MOBIX 30.9 38.5 56.0 125.4 m€ 114 85 125 VMA 98.2 54.1 38.5 21.8 190.8 m€ 2HY2024 2025 > 2025 49 44 253 226 196 122 114 165 2021 2022 2023 1HY2023 1HY2024 124 125 VMA MOBIX 103 236 245 191 163 Order book (€m) 2021 2022 2023 1HY 2024 VMA MOBIX Half ye
Slide 20: Multitechnics
Multitechnics VMA MOBIX Sales decrease by 7.0% yoy, Sales decrease by 9.8% yoy, at € 113.4 million at € 44.4 million EBIT impacted by EBIT increasing thanks to operational • ZIN project. Negotiations with client on going improvements • satisfactory margins in all Business Units Order Book increase b
Slide 21: Multitechnics
Multitechnics VMA MOBIX Robotisation - Automotive Daikin, Ghent Catenary works Cable laying Grand Hôpital, Charleroi Maintenance works, Brakel Half year results 2024 • Analyst presentation 21
Slide 22: Construction & Renovation
GLP Warsaw VI - Kotnik Construction & Renovation
Slide 23: Construction & Renovation
Construction & Renovation €m 1HY2023 2HY2023 FY2023 1HY2024 Revenue 455.1 417.5 872.6 442.2 YoY growth 14.5% 4.0% 9.3% (2.8)% EBIT 0.7 (0.9) (0.2) 6.8 Margin 0.2% (0.2%) 0.0% 1.5% Net result (0.2) 0.1 (0.1) 8.4 Margin 0.0% 0.2% 0.0% 1.9% Net Financial Surplus 162.1 n.m. 208.9 191.7 Order book 1.102,
Slide 24: Construction & Renovation
Construction & Renovation Turnover at € 442.2 million, - • Order book at €1.1 billion, 2.8% yoy +9.8% • Strong level of activity in Poland and Flemish region • The situation varies from country to country • Satisfactory level in Brussels whereas the activity is • Strong order intake in Belgium and m
Slide 25: Construction & Renovation
Construction & Renovation Forward order book (€m) Revenue by country Construction 307.8 416.3 355,9 1,080 m€ 7% 0% 11% 2% 2HY2024 2025 > 2025 23% 16% June 2024 70% 71% Belgium Poland Luxembourg Other Belgium Poland Luxembourg Other June 2024 December 2023 Half year results 2024 • Analyst presentatio
Slide 26: Construction & Renovation
Construction & Renovation Belgium O’Sea, Ostend Ineos, Antwerp Usquare, Brussels ZIN, Brussels Luxembourg Poland HQ BGL BNP Paribas, Kirchberg GLP Warsaw VI, Kotnik Commercial center, Gorzów Half year results 2024 • Analyst presentation 26
Slide 27: Investments & Holding
Investments & Holding Hai Phong
Slide 28: Investments & Holding
Investments & Holding €m (*) 1HY2023 2HY2023 FY2023 1HY2024 • Contribution of Green- Offshore : € 2.4 million EBIT 9.4 10.7 20.1 0 • Contribution of Deep C Holding : € (1.0) million Net result 8.6 8.8 17.4 (3.1) Net Financial Debt 146.7 n.m. 201.6 213.4 Deep C (CFE 42%) BSTOR (CFE 19%) Green Offshor
Slide 29: Outlook
Outlook In the short term, the real estate market continues to be disrupted in Belgium and Luxembourg, both in the residential and office sectors. In this context, CFE expects a moderate contraction in revenue in 2024, but a net income close to that of 2023. Half year results 2024 • Analyst presenta
Slide 30: Summary
Summary Our results Economic End of some are mixed context is large bleeders but we are challenging, with upside resilient also in 2025 potential as a Group Half year results 2024 • Analyst presentation 30
Slide 31: Thank you !
Thank you ! 31
Slide 32: Glossary
Glossary Capital employed Closing equity balance of the period + closing net financial debt Current ratio Current assets / current liabilities HVAC Heating, ventilation, and air conditioning EBITDA Income from operating activities + amortisation and depreciation of (in)tangible assets and goodwill N