52 slides from Compagnie D'entreprises Cfe Sa's earnings presentation, February 2019
Slide 1: Year Results 2018
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Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by the management of the Group CFE. It provides information about the Company and its subsidiaries. This presentation may contain forward-looking objectives and statements about CFE’s financial situation, operating results, business activities and expan
Slide 3: CFE: a multidisciplinary contractor
CFE: a multidisciplinary contractor 100% 100% 100% CFE, founded in 1880, is a Belgian industrial group active in three different fields. The first, Dredging, Offshore, Environment and Infra, is carried out by its wholly owned subsidiary DEME. DEME has a modern fleet of multipurpose vessels equipped
Slide 4: Table of contents
Table of contents Headlines 2018 p. 6 Key figures p. 9 Dredging, Offshore, Environment & Infra p. 18 Contracting p. 30 Real Estate Development p. 35 Holding & non-transferred activities p. 43 Share performance p. 46
Slide 5: Glossary
Glossary Working capital requirement Inventories + trade receivables and other operating receivables + other current assets + non-current assets held for sale - other current provisions - trade payables and other operating liabilities - tax payables - other current liabilities Net financial debt Non
Slide 6: Headlines 2018
Headlines 2018
Slide 7: Headlines 2018
HEADLINES 2018 Order book +11.0% Revenue + 18.7% € 5,385.9 million € 3,640.6 million Order book at DEME increases significantly both at DEME Net result and at CFE Contracting. Order book in the contracting -4.9 % division has increased with 7.4% reaching € 1,320.3 million. € 171.5 million Three divi
Slide 8: Headlines 2018: Financial position and outlook
HEADLINES 2018 Statement of consolidated financial position Outlook Key financials 2017 2018 In 2019, DEME is expected to realise a revenue of €M approximately the same size as that of 2018. The impact of new vessels in the fleet for a full year is expected to be compensated by the scheduled major o
Slide 9: Key figures 2018
Key figures 2018
Slide 10: Key financials 2018: revenue, net result, order book
2.356.014 DEME 2.645.780 2017 + 18.7% 3,640.6 2018 717.649 Revenue (€ m) Contracting KEY FINANCIALS - 2018 934.573 YEAR RESULTS 2018 - Analyst presentation 156.503 DEME 153.582 15.351 Contracting 15.161 10 -4.9% 171.5 22.255 BPI Net result (€ m) 9.321 Holding & - 13.667 non-transferred activities -
Slide 11: Key financials 2018: EBITDA, EBIT, net financial debt
455.500 DEME 458.901 27.618 Contracting 2017 35.414 23.659 2018 BPI 8.414 - 2.5% 488.0 KEY FINANCIALS - 2018 EBITDA (€ m) Holding & - 6.043 non-transferred YEAR RESULTS 2018 - Analyst presentation activities - 14.769 207.265 DEME 197.667 27.212 Contracting 22.728 11 - 8.9% 227.2 EBIT (€ m) 23.388 BP
Slide 12: Order book evolution
Order book evolution > Order book increased with € 535.1 million during 2018 reaching € 5,385.9 million. The order book of DEME however does not yet include the contract won in May 2016 for the construction of the immersed road and rail tunnel Fehmarnbelt connecting Denmark with Germany worth €710 m
Slide 13: Net financial debt evolution
Net financial debt evolution > NFD increased with € 296.4 million during 2018. The increase is mainly explained by DEME increasing its NFD with € 270 million. 2013 2014 2015 2016 2017 2018 700 0,2 9 600 9 500 400 2 556 533 5 300 4 286 200 7 270 151 127 100 92 63 54 48 58 64 0 CFE excl. DEME DEME Acc
Slide 14: Cash-Flows
Cash-Flows YEAR RESULTS 2018 - Analyst presentation 14
Slide 15: Sassevaart - Terneuzen
CFE: a multidisciplinary contractor Sassevaart - Terneuzen The lock complex at Terneuzen is the gateway to the ports of Terneuzen and Ghent and provides a shipping connection between the Netherlands, Belgium and France. De Nieuwe Sluis provides better access and smoother flow of the increasing shipp
Slide 16: Gare Maritime - Brussels
CFE: a multidisciplinary contractor The project includes the renovation of the old Gare Maritime - Brussels freight railway station Gare Maritime on the Tour and Taxis site. The basic concept is the construction of a covered city with a mixed urban program of shopping, working and leisure. The outer
Slide 17: Erasmus Gardens
CFE: a multidisciplinary contractor Erasmus Gardens Erasmus Gardens project creates a whole new city quarter in Brussels and received the price of “best sustainable real estate project in Belgium” in 2017. When finished in 2025 the 13 ha site will be home to some 3000 inhabitants spread over 1300 un
Slide 18: Dredging, Offshore, Environment & Infra
Dredging, Offshore, Environment & Infra Taranto - Italy
Slide 19: Key financials – Dredging, Offshore, Environment & Infra division
KEY FINANCIALS – Dredging, Offshore, Environment & Infra division Order book + 13.9% Revenue + 12.3% € 4,010 million € 2,645.8 million Order book in the dredging division has significantly EBITDA increased during 2HY2018 including at year end the + 0.7% contracts Moray East (UK, off-shore wind farm
Slide 20: Key financials – DEME revenue, order book, EBIT, net result
KEY FINANCIALS – Dredging, Offshore, Environment & Infra division Revenue (€ m) Order book (€ m) EBIT (€ m) (*) Net result (€ m) (*) 2,645.8 4,010.0 202.9 155.6 4500 250 4000 3500 200 3000 150 2500 2000 100 1500 1000 50 500 0 0 Revenues Order book EBIT Net result 2016 2017 2018 (*) Before impact of
Slide 21: Key financials – DEME EBITDA, capex, net debt
KEY FINANCIALS – Dredging, Offshore, Environment & Infra division EBITDA (€ m) EBITDA margin (% revenue) Capex (€ m) Net Fin. Debt (€ m) 458.9 17.34% 441.3 555.8 460 25,0% 22,6% 700 19,3% 600 455 20,0% 17,3% 500 15,0% 400 450 10,0% 300 445 200 5,0% 100 440 0,0% 0 EBITDA EBITDA margin Capex Net Fin.
Slide 22: Activity spread
Dredging, Offshore, Environment & Infra division Activity spread 2017 2018 Marine works, DBM, GeoSea, Scaldis 21% Civil works 23% Environmental activities 37% 47% Fallpipe and landfalls 14% 11% Maintenance dredging 8% 17% 6% 7% 3% Capital dredging 6% YEAR RESULTS 2018 - Analyst presentation 22
Slide 23: World regional spread
Dredging, Offshore, Environment & Infra division World regional spread Europe – non EU 2018: 2% 2017: 2% Europe - EU 2018: 67% 2017: 68% Asia & Oceania 2018: 13% 2017: 12% America 2018: 4% 2017: 3% Africa Middle East 2018: 10% 2018: 2% 2017: 10% 2017: 1% India & Pakistan 2018: 2% 2017: 4% YEAR RESUL
Slide 24: Worldwide spread per type of customers
Dredging, Offshore, Environment & Infra division Worldwide spread per type of customers 2018/2017 Government Renewables 39 % / 34% Oil & gas 45% / 48% Other 8% / 12% 8% / 6% YEAR RESULTS 2018 - Analyst presentation 24
Slide 25: Dredging division - Capex
Dredging, Offshore, Environment & Infra division - Capex (€ m) 700 600 500 400 300 614 200 405 441 372 369 373 277 290 100 176 195 99 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 In 2015, DEME invested in six new vessels for a total value of € 500 million : • two vessels servicing the of
Slide 26: Cash-Flows
Cash-Flows YEAR RESULTS 2018 - Analyst presentation 26
Slide 27: Apollo and Living Stone
Dredging, Offshore, Environment & Infra division Apollo Living Stone The self-propelled jack-up vessel ‘Apollo’ joined the current fleet of Trailblazing cable laying and multipurpose vessel ‘Living Stone’ enters DP class, self-propelled jack-ups, which includes the ‘Innovation’, the industry and dou
Slide 28: Spartacus and Orion
Dredging, Offshore, Environment & Infra division Spartacus Orion ‘Spartacus’, the mega cutter suction dredger, is part of the The giant offshore installation vessel ‘Orion’ will feature an unrivalled investment strategy for a sustainable fleet. In fact, it is equipped with combination of exceptional
Slide 29: Nouvelle Route du Littoral and Tuas Terminal Phase 1
Dredging, Offshore, Environment & Infra division Nouvelle Route du Littoral – La Réunion Tuas Terminal Phase 1 - Singapore The project “Nouvelle Route du Littoral” in La Réunion includes the The Tuas Terminal Phase 1 project is large in scope, and entails the construction of the viaduct that will be
Slide 30: Contracting
Contracting Construction, Multitechnics, Rail & Utilities AZ Sint-Maarten - Mechelen
Slide 31: Key financials - Contracting division
KEY FINANCIALS - Contracting division Order book + 7.4 % Revenue + 30.2 % € 1,320.3 million € 934.6 million EBIT The order book increases in 2018. In Belgium the increase is - 16.5 % mainly driven by a strong intake at construction in Flanders. € 22.7 million Revenue increased by 10.2% on like-for-l
Slide 32: Key financials - Contracting division
KEY FINANCIALS - Contracting division Revenue (€ m) EBIT (€ m) EBIT margin (% revenue) Net result (€ m) 934.6 22.7 2.43% 15.2 FY 2018 717.6 27.2 3.79% 15.4 FY 2017 Breakdown Order book Breakdown revenue (m€) (m€) 251 242 251 218 1069 692 979 500 2017 2018 2017 2018 Multitechnics & Rail Utilities Con
Slide 33: Tivoli - Brussels and Platan - Zabrze
Contracting division Tivoli - Brussels Platan- Zabrze The Tivoli GreenCity-quarter in Laeken consists of 397 houses, The project concerns the extension and reconstruction of Platan, 2 crèches and 770 m² of commercial space. Approximately 10,000 one of the largest shopping centers in Zabrze. m² of pu
Slide 34: LuWa and Nike - Ham
Contracting division LuWa Nike - Ham CFE Contracting and its partners won the contract for the design, VMA Vanderhoydoncks : contract for electrical installations for the modernization, financing, management and 20-year maintenance extension (phase 2) of the European Logistics Campus of Nike in of t
Slide 35: Real Estate Development
Real Estate Development Erasmus Gardens - Brussels
Slide 36: Financials - Real Estate Development division
FINANCIALS - Real Estate Development division Capital employed Revenue +4.5% € 139 million € 94.7 million Main contributors to the EBIT are the residential projects ‘Ernest EBIT The Park’ and ‘Erasmus Gardens’ (in Brussels), Bulwary Ksiazece -43.6% (in Wroclaw), Wola Libre (in Warsaw) and Kiem (in L
Slide 37: Financials - Real Estate Development division
FINANCIALS - Real Estate Development division EBIT (€ m) Net result (€ m) Capital employed (€ m) % EBIT/ Capital employed 13.2 9.3 139 9.5% FY 2018 23.4 22.3 133 17.6 % FY 2017 Capital employed increased with 4.5% during 2018, reaching € 139 million. Principal positions under construction and for sa
Slide 38: Area of projects and capital employed
Real Estate Development division Area of projects Breakdown of capital employed 2018/2017 Belgium Grand Duchy of Poland Luxembourg 64% / 62% 17% / 15% 19% / 23% YEAR RESULTS 2018 - Analyst presentation 38
Slide 39: Breakdown of capital employed 2018/2017
Real Estate Development division Breakdown of capital employed 2018/2017 Design & Under development Construction Unsold units, post construction delivery 3% / 5% 47% / 43% 50% / 52% YEAR RESULTS 2018 - Analyst presentation 39
Slide 40: Breakdown of m2 portfolio by type
Real Estate Development division Breakdown of m2 portfolio by type Residential Office Retail Other 11% 4% 6% 79% YEAR RESULTS 2018 - Analyst presentation 40
Slide 41: Grand Poste - Liège and Livingstone - Luxembourg
Real Estate Development division Grand Poste - Liège Livingstone - Luxembourg A vast regeneration project for this city-centre heritage site, to The Livingstone I & II residential development will be located in the include co-working spaces, start-ups, several business incubators, lively and upcomin
Slide 42: Bulwary Książęce - Wroclaw
Real Estate Development division Bulwary Książęce - Wroclaw Bulwary Książęce is an investment of a high standard, which is being built at the intersection of two arms of the Odra River, in the very center of Wrocław. The original complex, which will combine the residential function with an intimate
Slide 43: Holding & non-transferred activities
Holding & non-transferred activities Brussels-South waste water treatment plant
Slide 44: Financials - Holding & non-transferred activities
FINANCIALS - Holding & non-transferred activities EBIT(€ m) Net result (€ m) Net Financial Debt (€ m) (6.4) (6.4) (6.5) 124.4 FY 2018 (8.4) (8.4) (13.7) 85.9 FY 2017 > Revenue amounts to € 27,1 million mainly driven by the project of the water treatment plant of Brussels South • Construction works p
Slide 45: Brussels-South waste water treatment plant
Holding & non-transferred activities Brussels-South waste water treatment plant The Brussels South filtration plant treats wastewater from the southern parts of Brussels before discharging it into the Senne River. On average, it treats 65,160 cubic metres of water a day; at peak periods, that figure
Slide 46: Share performance
Share performance
Slide 47: Shareholders and share performance
Shareholders and share performance > Shareholders: > No of shares Free Float 25,314,482 27.49% > Share price (26 feb 19): 86.80 € > Market cap AvH VINCI 60.40% (26 feb 19): 2,197,297 K € 12.11% YEAR RESULTS 2018 - Analyst presentation 47
Slide 48: Shareholders and share performance
Shareholders and share performance YEAR RESULTS 2018 - Analyst presentation 48
Slide 49: Shareholders agenda
Shareholders agenda > May 2, 2019 : Ordinary Shareholders’ meeting > May 20, 2019 : Ex date > May 21, 2019 : Record date > May 22, 2019 : Payment date > May 23, 2019 (before stock exchange) : Publication of interim statements 2019 > August 30, 2019 (before stock exchange) : Publication of half-year
Slide 50: Notes
Notes YEAR RESULTS 2018 - Analyst presentation 50
Slide 51: Innovation
Innovation
Slide 52: Slide 52