Compagnie d'Entreprises CFE SA · EURONEXT:CFEB

Compagnie d'Entreprises CFE SA — CFE — H1 2021 Earnings Presentation

67 slides from Compagnie d'Entreprises CFE SA's earnings presentation, 2021

  1. Slide 1: Half Year Results 2021

    HALF YEAR RESULTS 2021

  2. Slide 2: Headlines first half 2021

    Headlines first half 2021

  3. Slide 3: Headlines first half 2021

    Headlines first half 2021 REVENUE € 1,629.9 mio +9.3% (1HY2020) NET INCOME Share of the group € 42.6 mio +407.1%(1HY2020) 1HY2021 ORDER BOOK € 6,262.2 mio +3.5% (FY2020) NET FINANCIAL € 722.8 mio DEBT € 601.4 mio (FY2020) HALF YEAR RESULTS 2021 - Analyst presentation 3

  4. Slide 4: Headlines first half 2021

    Headlines first half 2021  Solid increase of revenue both at DEME and CFE Contracting  EBITDA back to the 1HY2019 level at € 206.5 million  EBITDA increases by € 46.7 million compared to 1HY2020 which included capital gain on disposal of the Merkur offshore wind farm (€ 63.9 million)  A fivefold

  5. Slide 5: Outlook

    Outlook CFE expects a substantial increase in revenue in 2021 to a level close to that of 2019. Its net result is also expected to increase significantly in 2021, without yet attaining the pre-covid level. 100% CFE Contracting expects an increase in revenue and net result in 2021. Thanks to a well-f

  6. Slide 6: CFE Group Futureproofed

    CFE Group Futureproofed

  7. Slide 7: Sustainable value creation

    Sustainable value creation * These SDG’s are DEME & CFE Contracting and BPI related ** These SDG’s are DEME or CFE Contracting and BPI related HALF YEAR RESULTS 2021 - Analyst presentation 7

  8. Slide 8: Sustainable value creation

    Sustainable value creation CFE obtained an excellent score of 27.8 (Medium risk) in the risk analysis carried out by Sustainalytics. With this score, the CFE group is positioned as one We create sustainable of the best companies in the sector shareholder value We build for the future The creation of

  9. Slide 9: Key financials first half 2021

    Key financials first half 2021

  10. Slide 10: Key financials – first half 2021

    Key financials – first half 2021 Revenue (€ m) Net result (€ m) Order book (€ m) 1,629.9 1HY2021 42.6 1HY2021 6,262.2 1HY2021 +9.3% 1HY2020 +407.1% 1HY2020 +3.5% 1HY2020 4,737.0 1,047.9 1,063.0 4,500.0 35.0 521.0 423.2 15.5 1,492.6 1,468.7 8.5 4.6 3.2 -7.6 -0.6 -3.4 1HY 1HY 1HY 1HY 1HY 1HY 1HY 1HY 1

  11. Slide 11: Key financials – first half 2021

    Key financials – first half 2021 EBITDA (€ m) EBIT (€ m) Net financial debt (€ m) 206.5 1HY2021 64.1 1HY2021 722.8 1HY2021 +29.2% 1HY2020 +232.1% 1HY2020 601.4 FY2020 48.3 187.2 564.0 153.8 489.0 19.2 18.0 10.8 129.6 115.8 8.5 127.2 106.2 5.7 5.8 4.4 2.6 -2.5 -3.1 -5.6 0.0 -3.5 -123.4 -84.2 1HY 1HY

  12. Slide 12: Order book evolution

    Order book evolution Order Book (*) reaches € 6,262.2 million. Following projects not yet included:  Two contracts for Offshore Wind Farms (OWF) in Taïwan Hai Long 2/3 and Zhong Neng  Transportation and installation of wind turbines for the 800 MW Vineyard Wind 1 OWF located off the east coast of

  13. Slide 13: Net financial debt evolution

    Net financial debt evolution NFD at € 722.8 million.  NFD increases with € 121,4 million during 1HY2021 due to investments both at DEME (vessels and docking costs) and BPI (new land positions in Poland) as well as increasing working capital requirement. 0,2 708 564 640 2 489 4 286 151 159 107 90 11

  14. Slide 14: Statement of consolidated financial position

    Statement of consolidated financial position Amounts in mio € FY2017 FY2018 FY2019 FY2020 1HY2021 EQUITY 1,656.3 1,734.9 1,760.3 1,804.9 1,837.9 BALANCE SHEET NET FINANCIAL DEBT 351.9 747.1 798.1 601.4 722.8 CAPITAL EMPLOYED 2,008.2 2,482.0 2,558.4 2,406.3 2,560.7 TANGIBLE FIXED ASSETS 2,138.2 2,488

  15. Slide 15: Spartacus

    Spartacus

  16. Slide 16: Key financials

    Key financials REVENUE € 1,063.0 mio +1,4% (1HY2020) EBITDA(*) € 187.2 mio +21.7% (1HY2020) 1HY2021 ORDER BOOK € 4,737.0 mio +5,3% (FY2020) NET Financial € 564.0 mio Debt € 489.0 mio (FY2020) (*) Before impact of Purchase Price Accounting Adjustments 2013 HALF YEAR RESULTS 2021 - Analyst presentatio

  17. Slide 17: Takeaways

    Takeaways  Record order book : € 4.7 billion compared to € 4.5 billion end-year 2020, +5.3% . New key contracts: Hinkley Point in UK (Off-shore) and EPCI contract for OWF Arcadis Ost 1 in Germany (Offshore)  Revenue: € 1,063.0 million (€ 1,047.9 million 1HY2020)  Dredging: € 507.2 million (€ 429.

  18. Slide 18: Key financials

    Key financials Revenue (€ m) Order book (€ m) EBITDA (€ m) EBITDA margin (% revenue) 1,063.0 1HY2021 4,737.0 1HY2021 187.2 1HY2021 17.6% 1HY2021 1,047.9 1HY2020 4,500.0 FY2020 153.8 1HY2020 14.7% 1HY2020 4,737.0 1,349.3 4,500.0 17.6% 199.1 1,063.0 187.2 1,047.9 3,750.0 153.8 14.8% 14.7% 1HY 1HY 1HY

  19. Slide 19: Key financials

    Key financials EBIT (€ m) (*) Net result (€ m) (*) Capex (€ m) Net Fin. Debt (€ m) 51.0 1HY2021 35.0 1HY2021 133.6 1HY2021 564.0 1HY2021 21.9 1HY2020 15.5 1HY2020 128.4 1HY2020 489.0 FY2020 708.5 252.9 564.0 489.0 58.5 51.0 129.4 133.6 44.3 35.0 21.9 15.5 1HY 1HY 1HY 1HY 1HY 1HY 1HY 1HY 1HY FY FY 1H

  20. Slide 20: DEME breakdown 1HY/2HY 2020/2021

    Breakdown 1HY/2HY 2020/2021 DEME Amounts in mio € 1HY 2HY FY2020 1HY2021 REVENUE 1.047,9 1.147,9 2.195,8 1.063,0 EBITDA (*) 153,8 215,7 369,5 187,2 14,7% 18,8% 16,8% 17,6% EBIT 21,9 64,8 86,7 51,0 2,1% 5,6% 3,9% 4,8% NET RESULT 15,5 34,9 50,4 35,0 1,5% 3,0% 2,3% 3,3% Equity 1.677,7 1.709,6 1.709,6 1

  21. Slide 21: Key financials – Cashflow – Net financial debt

    Key financials – Cashflow – Net financial debt Operating cash-flow (€ m) Investing cash-flow (€ m) 95.0 1HY2021 (121.7) 1HY2021 102.7 1HY2020 (44.2) 1HY2020 .6 .6 Net Net Financing CF NFD June 2021 NFD Dec. 2020 EBITDA WCR & others Dividends investment investment op. vessels In subsidiaries HALF YEA

  22. Slide 22: World regional spread

    World regional spread Europe – non EU 2021: 21% 2020: 3% Europe - EU 2021: 53% 2020: 73% Asia & Oceania 2021: 4% 2020: 9% America 2021: 1% 2020: 3% Africa Middle East 2021: 20% 2021: 0% 2020: 7% 2020: 1% Indian subcontinent 2021: 1% (*) UK is included in non-EU as from 1/01/2021 2020: 4% HALF YEAR R

  23. Slide 23: Order book spread

    Order book spread € 1.4 € 1.1 billion billion Order € 0.3 billion Order € 0.2 billion € 2.0 book € 2.2 book billion billion 1HY2021 FY2020 € 0.8 € 0.9 billion billion € 0.2 € 0.1 billion billion Dredging and land reclamation Offshore Environmental Infra Others HALF YEAR RESULTS 2021 - Analyst presen

  24. Slide 24: Activity spread

    Activity spread  Strong growth of dredging activities  Key 2021 offshore projects starting up in 1HY2021. Preparation for the US and Asian projects starting as from 2023. €x 41% billion 32% €x Revenue billion Revenue 48% 1HY2021 1HY2020 6% 6% 41% €x billion 11% 10% 3% 2% Dredging and land reclamat

  25. Slide 25: Dredging and land reclamation

    Dredging and land reclamation Abu Qir port Project: Reclamation of new land, deepening of the port’s approach channel and dredging of a turning basin Location: Egypt Status: In progress HALF YEAR YEAR RESULTS RESULTS 2020-2021 Analyst - Analyst presentation presentation 25

  26. Slide 26: Offshore

    Offshore Saint-Nazaire offshore wind farm Project: Installation of the jacket for the first offshore substation in France Location: Saint-Nazaire - France Status: In progress HALF YEAR YEAR RESULTS RESULTS 2020 2021 - Analyst - Analyst presentation presentation 26

  27. Slide 27: Infra

    Infra Nieuwe Sluis Terneuzen Project: Design and built of a new lock Status: In progress Location: The Netherlands HALF YEAR YEAR RESULTS RESULTS 2020 2021 - Analyst - Analyst presentation presentation 27

  28. Slide 28: Environmental

    Environmental Marine Litter Hunter Project: A floating funnel, active at the Scheldt Bridge to catch and collect drifting debris Location: Temse - Belgium HALF YEAR YEAR RESULTS RESULTS 2020 2021 - Analyst - Analyst presentation presentation 28

  29. Slide 29: Capacity utilization (in weeks)

    Capacity utilization (in weeks) 19.2 1HY2021 7.4 38.4 Hoppers 2020 11.1 16.8 1HY2020 3.6 Cutters 38.9 2019 26.7 19.4 1HY2019 15.0 HALF YEAR RESULTS 2021 - Analyst presentation 29

  30. Slide 30: Status of investment plan

    Status of investment plan Vessels under construction • Orion (delivery foreseen in Q1 2022) • Green Jade (delivery foreseen in Q1 2023) • Upgrade Sea Installer (€ m) 700 600 500 400 300 614 200 405 441 435 372 369 373 100 176 195 202 99 134 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H

  31. Slide 31: Groenewind and Spartacus

    Groenewind Spartacus Offshore maintenance & service vessel Cutter suction dredger 44,180 kW Click here and take a look behind the scenes of the construction of 'Spartacus’. HALF YEAR RESULTS 2021 - Analyst presentation 31

  32. Slide 32: Orion and Green Jade

    Orion Green Jade Offshore installation vessel Floating offshore installation vessel 44,180 kW HALF YEAR RESULTS 2021 - Analyst presentation 32

  33. Slide 33: Ongoing developments

    Ongoing developments Hydrogen HYPORT® Duqm Green Hydrogen Deep sea harvesting Patania II HALF YEAR RESULTS 2021 - Analyst presentation 33

  34. Slide 34: ZIN – Brussels

    ZIN –Brussels

  35. Slide 35: Key financials

    Key financials REVENUE € 521.0 mio +23.1% (1HY2020) EBIT € 8.5 mio (€ 5.6 mio)(1HY2020) 1HY2021 ORDER BOOK € 1,468.7 mio -1.6% (FY2020) NET FINANCIAL € 84.2 mio SURPLUS € 123.4 mio (FY2020) HALF YEAR RESULTS 2021 - Analyst presentation 35

  36. Slide 36: Takeaways

    Takeaways  Revenue: up to € 521.0 million, +23.1% Activity level is higher than pre-Covid level  EBIT: € 8.5 million (€ -5.6 million 1HY2020) > Strong performance of CFE Polska, VMA and Mobix > Construction in Flanders below expectations  € 1.5 billion order book stable at level of FY2020 > New o

  37. Slide 37: Key financials

    Key financials EBIT margin Revenue (€ m) EBIT (€ m) (% revenue) Net result (€ m) 521.0 1HY2021 8.5 1HY2021 1.6% 1HY2021 4.6 1HY2021 423.2 1HY2020 (5.6) 1HY2020 -1.3% 1HY2020 (7.6) 1HY2020 Breakdown Revenue Breakdown Order book (m€) (m€) 434 413 165 123 1059 1056 356 300 Construction Multitechnics an

  38. Slide 38: CFE Contracting breakdown 1HY/2HY 2020/2021

    Breakdown 1HY/2HY 2020/2021 CFE Contracting Amounts in mio € 1HY 2HY FY2020 1HY2021 REVENUE 423,2 488,7 911,9 521,0 EBIT -5,6 20,5 14,9 8,5 -1,3% 4,2% 1,6% 1,6% NET RESULT -7,6 13,1 5,5 4,6 -1,8% 2,7% 0,6% 0,9% Equity 65,2 78,4 78,4 75,1 Net Financial Surplus 88,0 123,4 123,4 84,2 Order Book 1.298,3

  39. Slide 39: Key financials – Cashflow – Net financial surplus

    Key financials – Cashflow – Net financial surplus Operating Cash-Flows (€ m) Net Financial surplus (€ m) (19.1) 1HY2021 84.2 1HY2021 0.2 1HY2020 123.4 FY2020 .6 .6 NFS Dec. EBITDA WCR & others op. Net Investment CF Dividends Fin. misc. NFS June 2021 2020 HALF YEAR RESULTS 2021 - Analyst presentation

  40. Slide 40: Construction – Infrabel Academy

    Construction – Infrabel Academy 8,800 m 40,000 m22 Architects: Atelier Kempe Thill Location: Sint-Jans-Molenbeek Program: Railway school & Canevas Status: Finished HALF YEAR RESULTS 2021 - Analyst presentation 40

  41. Slide 41: Construction – Beurssite

    Construction – Beurssite 15,390 m2 Architects: Souto De Moura & META Location: Bruges Program: Meeting and architectuurbureau Convention Centre Status: In progress HALF YEAR RESULTS 2021 - Analyst presentation 41

  42. Slide 42: Construction – Grand Poste

    Construction – Grand Poste 6,500 m 40,000 m22 Program: Renovation and Location: Liège rehabilitation of an Architects: Altiplan emblematic place in Liège Status: Finished HALF YEAR RESULTS 2021 - Analyst presentation 42

  43. Slide 43: Construction – Omnia Tower

    Construction – Omnia Tower 9,700 m2 Program: Mixed-use tower: Architects: Architectes Moreno Location: Belval – Esch-sur-Alzette - Luxembourg Residential, office & retail Status: In progress HALF YEAR RESULTS 2021 - Analyst presentation 43

  44. Slide 44: Construction – Aalter-Landegem

    Construction – Aalter-Landegem Engineering office: Arcade Concept Program: Extension of the Location: Aalter - Landegem Engineering 50A railway (Gent-Brugge) Status: In progress HALF YEAR RESULTS 2021 - Analyst presentation 44

  45. Slide 45: Construction – Goodman Ledziny

    Construction – Goodman Ledziny 89,000 m2 Program: Distribution center Architect: Biprowumet Location: Ledziny - Poland Stage I: 35,000 m2 Status: Stage I: Finished Stage II: 54,000 m2 Stage II: In progress HALF YEAR RESULTS 2021 - Analyst presentation 45

  46. Slide 46: Multitechnics

    Multitechnics BU Building Technologies Electro Special building techniques References: KUL, Nike, ZNA Cadix HALF YEAR RESULTS 2021 - Analyst presentation 46

  47. Slide 47: Multitechnics

    Multitechnics Fully automated BU AUTOMOTIVE References: Audi, Volvo, Porsche, … assembly lines HALF YEAR RESULTS 2021 - Analyst presentation 47

  48. Slide 48: Rail & Utilities activities

    Rail & Utilities activities TLO project Ronse – Oudenaarde + Massification Project Denderleeuw + LuWa HALF YEAR RESULTS 2021 - Analyst presentation 48

  49. Slide 49: Chmielna – Warsaw

    Chmielna – Warsaw

  50. Slide 50: Key financials

    Key financials EBIT € 10.8 mio € 5.7 mio (1HY2020) NET FINANCIAL DEBT €127.2 mio € 106.2 mio (FY2020) 1HY2021 NET RESULT € 8.5 mio € 3.2 mio (1HY2020) CAPITAL € 217.0 mio EMPLOYED +13.0% (FY2020) HALF YEAR RESULTS 2021 - Analyst presentation 50

  51. Slide 51: Takeaways

    Takeaways  Increase of net result with € 5.3 million reaching € 8.5 million Major contributors: residential projects in Luxembourg and sale of the retail part of a project in Wroclaw in Poland Post-closing transaction: sale of Ernest 11 (offices in Liège Belgium)  Acquisitions of new land position

  52. Slide 52: Key financials

    Key financials Capital % EBIT/ Employed (€ m) Capital employed 217 1HY2021 10.0% 1HY2021 192 FY2020 11.9% FY2020 Capital employed % EBIT/ Cap. Empl. 250 20,0% 200 15,0% 150 100 192 217 10,0% 17,6% 133 139 143 11,9% 50 5,0% 9,5% 9,6% 10,0% 0 0,0% 2017 2018 2019 2020 1HY2021 2017 2018 2019 2020 1HY202

  53. Slide 53: BPI breakdown 1HY/2HY 2020/2021

    Breakdown 1HY/2HY 2020/2021 BPI Amounts in mio € 1HY 2HY FY2020 1HY2021 REVENUE 33,4 97,7 131,1 52,9 EBIT 5,7 17,2 22,9 10,8 17,2% 17,6% 17,5% 20,4% NET RESULT 3,2 10,0 13,2 8,5 9,5% 10,3% 10,1% 16,0% Equity 75,9 85,5 85,5 90,1 Capital Employed 177,0 192,0 192,0 217,0 HALF YEAR RESULTS 2021 - Analys

  54. Slide 54: Location of projects and breakdowns

    Location of projects and breakdowns LOCATION OF PROJECTS 1HY2021/FY2020 Belgium Grand Duchy of Poland Luxembourg 322.000 m2 77.000 m2 147.000 m2 59% / 65% 14% / 13% 27% / 22% BREAKDOWN OF CAPITAL EMPLOYED 1HY2021/FY2020 BREAKDOWN OF M2 BY TYPE 1HY2021/FY2020 Design & Under development Construction U

  55. Slide 55: Brouck'R

    Brouck’R 38,800 m2 Program: Mixed-use: Architects: Henning Larsen & A2RC Location: Brussels - Belgium Architects Residential, offices, hotel, retail, student housing Delivery: 2024-2025 HALF YEAR RESULTS 2021 - Analyst presentation 55

  56. Slide 56: Wagrowska

    Wagrowska 18,730 m2 Program: Mixed-use: Architect: Brit Plan Location: Poznań - Poland Residential (276 units), Retail (584 m2) Delivery: 2023 HALF YEAR RESULTS 2021 - Analyst presentation 56

  57. Slide 57: Wooden

    Wooden 9,600 m2 Location: Leudelange - Luxembourg Architect: ArtBuild Architects Program: Offices Delivery: 2022 HALF YEAR RESULTS 2021 - Analyst presentation 57

  58. Slide 58: Projects under development

    Projects under development Key West - Anderlecht Serenity Valley – Auderghem Domaine des Vignes (phase 3) – Mertert Matejki – Poznan Chmielna - Warsaw Czytsa - Wroclaw HALF YEAR RESULTS 2021 - Analyst presentation 58

  59. Slide 59: Holding & non-transferred activities

    Holding & non-transferred activities

  60. Slide 60: Key financials

    Key financials EBIT(€ m) Net result (€ m) Net Financial Debt (€ m) (3.5) 1HY2021 (3.4) 1HY2021 115.8 1HY2021 0.0 1HY2020 (0.6) 1HY2020 129.6 FY2020  Contribution of Green-Offshore amounts to € 0.9 million in the net result of the segment, generated by the operations of Rentel and SeaMade OWF.  Net

  61. Slide 61: Green Offshore

    Green Offshore Rentel • 25.14% • 309 MW SeaMade • 17.60% • 487 MW Rentel Note: CFE’s percentage of ownership includes participation of DEME HALF YEAR RESULTS 2021 - Analyst presentation 61

  62. Slide 62: Share performance

    Share performance

  63. Slide 63: Share performance

    Share performance AGENDA: Free Float 25.79% November 23, 2021 Publication of Q3 interim statements 2021 February 28, 2022 VINCI AvH 12.11% 62.10% Publication of year results 2021 May 19, 2022 SHARE PRICE: 92,90 € Publication of Q1 interim statements 2022 MARKET CAP: € 2.35 billion August 31, 2022 (3

  64. Slide 64: Glossary

    Glossary Working capital requirement Inventories + trade receivables and other operating receivables + other current assets + current assets held for sale - trade payables and other operating liabilities - tax payables - other current liabilities Capital employed Equity in BPI segment + net financia

  65. Slide 65: CFE: a multidisciplinary contractor

    CFE: a multidisciplinary contractor 100% 100% 100% CFE Group is a Belgian industrial company that can build on more than 140 years of know-how and experience and employs currently more than 8,000 people. The group is active in three different divisions : Dredging, environment, offshore and infra is

  66. Slide 66: Disclaimer

    Disclaimer This presentation has been prepared by the management of CFE Group. 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 expansion

  67. Slide 67: Slide 67

CFE — H1 2021 Earnings Presentation on 6ix