46 slides from Compagnie D'entreprises Cfe Sa's earnings presentation, Feb 27, 2024
Slide 1: 2023 Year results – Analyst meeting
2023 Year results Analyst meeting
Slide 2: Resilient in a challenging context
Resilient Strong Top ESG in a projects company challenging in net-zero second year context markets in a row Year results 2023 • Analyst presentation 2
Slide 3: Industry top rated
a INDUSTRY TOP RATED |
Slide 4: Taxonomy aligned turnover, CO2 emissions, waste reduction
Taxonomy aligned turnover Direct CO2 emissions Waste reduction (scope 1+2) (-15% since 2020 , target -30% 2030) 20,03% Target -40% by 2030 13,56% -35% 28,1 19,4 15,9 21,6 23,3 13,5 12,7 11,6 17,8 2022 2023 2020 2021 2022 2023 Target 2021 2022 2023 Target 2030 2030 Accident severity rate Accident fre
Slide 5: Key figures 2023
Key figures 2023 REVENUE EBIT NET INCOME ORDER BOOK € 1,248.5 mio € 33.0 mio Share of the group € 1,268.6 mio € 22.8 mio +7.0% (FY2022) € 51.0 mio (FY2022) € 38.4 mio* (FY2022) -26.0% (FY2022) EQUITY RETURN ON NET FINANCIAL € 236.8 mio EQUITY DEBT € 93.3 mio € 224.7 mio (FY2022) 10.1% € 48.9 mio (FY
Slide 6: Trends: consolidated CFE figures
Trends: consolidated CFE figures Revenue and order book (€m) EBIT (€m) Order Book Revenue EBIT EBIT % 5,2% 4,4% 3,7% 1.715 2,3% 1.549 1.621 58,0 1.433 1.269 1.249 51,0 2,6% 1.027 1.125 1.167 1.003 38,1 33,0 22,9 0 0,0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Net Result (€m) Return On Equity
Slide 7: Historical performance
Historical performance Turnover (€m) EBIT (€m) 5 2 10 12 22 9,3 873 7,2 799 1,7 724 643 18,8 755 15,0 5,8 17,4 20,1 11,3 15,8 338 277 321 30,1 339 265 22,9 17,6 17,4 13,7 131 158 59 106 85 -88 -46 -61 -3,9 -0,2 -4,3 -36 -122 -12,4 -0,2 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Investments &
Slide 8: Balance sheet
Balance sheet (€m) 2020 2021 2022 2023 KPIs Tangible fixed assets 83.7 82.3 77.7 95.1 December 2023 Goodwill 21.6 23.8 23.7 23.9 Investments accounted for using the equity method 87.9 102.6 110.9 185.4 28.3% Of which Deep C Holding, Green Offshore and GreenStor 36.3 52.8 64.4 73.2 Net other non-curr
Slide 9: Decreasing debt level supporting CFE's growth
Decreasing debt level supporting CFE’s growth Debt structure 2023 Net financial debt / (surplus) evolution (€m) 112,4 113,0 93,3 48,9 2020 2021 2022 2023 CFE Construction & Renovation Real Estate Development Investments & Holding Multitechnics Note: (1) Excluding of IFRS 16 leases Year results 2023
Slide 10: Key projects in our core markets
Key projects in our core markets Year results 2023 • Analyst presentation 10
Slide 11: Bio-based building materials – Wood Hub Brussels
Bio-based building materials inside WOOD HUB BRUSSELS 11
Slide 12: Bio-based building materials
Bio-based building materials TANNAT (LTS) GLP (CFE Polska) KRONOS (BPI Lux, CLE & VMA) Brussels Warsaw Luxembourg 12
Slide 13: Large-scale circular renovation – Zin in No(o)rd
Large-scale circular renovation • 65% of existing building was kept • New materials C2C certified • Energy score of 15 inside ZIN IN NO(O)RD BRUSSELS 13
Slide 14: Large-scale circular renovation
Large-scale circular renovation Ravenstein (BPC) Chancelier (BPC) K-NOPY (BPC) Brussels Brussels Brussels
Slide 15: Sustainable living – Chmielna Duo Warsaw
Sustainable living CHMIELNA DUO WARSAW15
Slide 16: Sustainable living
Sustainable living Park Lane (MBG) Domaine des Vignes (BPI Lux, CLE) BAN Nieuw Zuid (Van Laere) Brussels Luxembourg Antwerp
Slide 17: Strong expertise in Healthcare
Strong expertise in Healthcare GRAND HÔPITAL DE CHARLEROI 17
Slide 18: Strong expertise in Healthcare
Strong expertise in Healthcare ZNA Cadix (MBG, VMA) Sint-Jan (MBG, VMA) UZ Gent - Nobel I (MBG) Antwerp Genk Ghent
Slide 19: Long-time partner for Industrial clients
Long-time partner for Industrial clients TOPASPARK BERLIN 19
Slide 20: Long-time partner for Industrial clients
Long-time partner for Industrial clients Ineos – Project One (MBG) Umicore (CFE Polska) DAIKIN (VMA) Antwerp Nysa Ghent
Slide 21: Real Estate Development
Real Estate Development Year results 2023 • Analyst presentation 21
Slide 22: Real Estate Development
Real Estate Development €m 1HY2022 2HY2022 FY2022 1HY2023 2HY2023 FY2023 EBIT 5.9 11.7 17.6 8.7 8.7 17.4 Margin 19.0% 21.5% 20.6% 11.9% 10.3% 11.0% Net result 3.7 10.7 14.4 6.7 5.0 11.7 Margin 11.9% 19.6% 16.8% 9.2% 5.9% 7.4% Capital employed 174.3 n.m. 203.2 219.5 n.m. 259.2 n.m. Equity 108.2 n.m.
Slide 23: Real Estate Development
Real Estate Development Net result amounts to €11.7 million (€ 14.4 million FY2022) • Sale of 50% stake in the Chmielna residential project in Warsaw Projects under construction • Belgium -Tervuren Square in Woluwe-Saint-Pierre (12,000 m²), • Delivery of residential projects in Luxembourg (Domaine d
Slide 24: Real Estate Development
Real Estate Development Capital employed jumps to €259 million +27.6% FY2022 Start of construction and commercialization of new Key acquisitions 2023 projects • Acquisition of the real estate complex Kronos – 64 M€ injection • Belgium – Block sale of John Martin's residential building in of equity (
Slide 25: Gross Development value € 1.79 billion (453,000 m²)
Gross Development value € 1.79 billion (453,000 m²) Belgium Brussels Projects FY2023 221.000 m² Projects FY2022 242.000 m² Breakdown of m2 by type FY2023 68% 17% 3% 12% FY2022 68% 18% 3% 11% Residential Office Retail Other Year results 2023 • Analyst presentation 25
Slide 26: Real Estate Development – Luxembourg and Poland
Real Estate Development Luxembourg Poland Projects FY2023 Projects FY2023 74.000 m² 158.000 m² Projects FY2022 Projects FY2022 64.000 m² 146.000 m² Breakdown Breakdown of m2 by type of m2 by type FY2023 46% 51% 3% 0% FY2023 90% 5% 5% 0% FY2022 82% 10% 8% 0% FY2022 89% 6% 5% 0% Residential Office Ret
Slide 27: Selection of BPI's promising project pipeline
Selection of BPI’s promising project pipeline Year results 2023 • Analyst presentation 27
Slide 28: Selection of highly attractive project portfolio
Selection of highly attractive project portfolio * Brouck’R Brussels Key West Brussels EQ / Arlon 53 Brussels Tervuren Square John Martin Antwerp Park – Erasmus Gardens Anderlecht Woluwe-Saint-Pierre Mixed-use – 38,000 m2 Mixed-use – 63,300 m2 Office – 19,800 m2 Mixed-use – 11,800 m2 Residential– 10
Slide 29: Multitechnics
Multitechnics Year results 2023 • Analyst presentation 29
Slide 30: Multitechnics
Multitechnics €m 1HY2022 2HY2022 FY2022 1HY2023 2HY2023 FY2023 Revenue 172.2 166.6 338.8 171.2 166.8 338.0 YoY growth 4.2% 6.7% 5.4% (0.6%) 0.1% (0,3%) EBIT 4.4 6.9 11.3 (1.2) (3.1) (4.3) Margin 2.6% 4.1% 3.3% (0.7%) (1.9%) (1.3%) Net result 1.9 5.0 6.9 (2.4) (3.9) (6.3) Margin 1.1% 3.0% 2.0% (1.4%)
Slide 31: Multitechnics – VMA and MOBIX
Multitechnics VMA MOBIX Sales increase of 12% yoy, Sales decrease of 25% yoy, at € 253 million at € 85 million EBIT impacted by EBIT impacted by • Significant losses on ZIN • Negative margin on the modernization phase of the LuWa project • But overall positive results for other projects • Low activi
Slide 32: Construction & Renovation
Construction & Renovation Year results 2023 • Analyst presentation 32
Slide 33: Construction & Renovation
Construction & Renovation €m 1HY2022 2HY2022 FY2022 1HY2023 2HY2023 FY2023 Revenue 397.4 401.3 798.7 455.1 417.5 872.6 YoY growth 10.7% 10.0% 10.4% 14.5% 4.0% 9.3% EBIT 6.9 8.1 15.0 0.7 (0.9) (0.2) Margin 1.7% 2.0% 1.9% 0.2% (0.2%) 0.0% Net result 3.5 5.5 9.0 (0.2) 0.1 (0.1) Margin 0.9% 1.4% 1.1% 0.
Slide 34: Construction & Renovation
Construction & Renovation Turnover up to € 872.6 million, Order book down at €983.2 +9.3% yoy million, -22.2% • Strong order intake in Flanders and Poland • Modest order intake in Brussels and Wallonia and EBIT at break-even : sharply contracted volume of tenders in Luxembourg • New major contracts:
Slide 35: Construction & Renovation – order book and revenue by country
Construction & Renovation Forward order book Revenue by country December 2023 December 2023 3,0% 10,0% 2024 2025 >2025 16,0% C&R 766.7 354.0 143.4 672 249 62 Total: 983 m€ 71,0% Belgium Poland Luxembourg Other Year results 2023 • Analyst presentation 35
Slide 36: Investments & Holding
Investments & Holding Year results 2023 • Analyst presentation 36
Slide 37: Investments & Holding
Investments & Holding €m 1HY2022 2HY2022 FY2022 1HY2023 2HY2023 FY2023 EBIT 3.8 3.4 7.2 9.4 10.7 20.1 Net result 4.2 3.9 8.1 8.6 8.8 17.4 Net financial 120.3 n.m. 144.0 146.7 n.m. 201.6 debt Contribution of Green Offshore: € 9.9 million Contribution of Deep C Holding: € 4.4 million Year results 2023
Slide 38: Sustainable investments – Deep C North Vietnam
Sustainable investments • 21 new clients • 127 hectares sold • New zones under study DEEP C (42%) NORTH VIETNAM 38
Slide 39: Investments & Holding – Deep C zones
Investments & Holding 1 Deep C Haiphong I (541 ha) 5 4 2 Deep C Haiphong II (646 ha) 1 3 Deep C Haiphong III (527 ha) 2 3 4 Deep C Quang Ninh I (366 ha) 5 Deep C Quang Ninh II (1,193 ha) Remaining land Remaining land Remaining land % ownership Zone Total land Sellable land to be sold in Sold in 2023
Slide 40: Sustainable investments – BSTOR, Green Offshore
Sustainable investments BSTOR (CFE 19%) Green Offshore (CFE 50%) Rentel • 309 MW • CFE: 6.25% SeaMade • 487 MW • CFE: 4.38%
Slide 41: Outlook
Outlook The medium- and long-term The economic environment, outlook for CFE remains positive, however, remains difficult in the thanks to its positioning in the short term in Belgium and growth markets of renovation Luxembourg, both in the and energy performance residential and office markets. In im
Slide 42: Our focus for 2024
Our focus for 2024 SHIFT PERFORM ACCELERATE RETURN COMMUNITY Seize the Continue Risk learning ERP management renovation market with with & Control our selective bidding pulse costs, margins & cash Operational excellence Realize the full potential of Sustainability C&R Fit 4 Future VMA Way of Working
Slide 43: Why invest in CFE
Why invest in CFE Top ESG Net-zero Resilient company markets thanks to that walks with high diversified the talk growth potential revenues Year results 2023 • Analyst presentation 43
Slide 44: Thank you!
Thank you ! 44
Slide 45: 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 D
Slide 46: Disclaimer
Disclaimer The Information and any opinions contained therein are provided as at the date of the presentation and are subject to change without notice. In giving this presentation, neither CFE nor DEME undertake any obligation to provide the recipient with access to any additional information or to