AbOuT uS - Publications
Transcription
AbOuT uS - Publications
2011 About us COMPAGNIE D’ENTREPRISES CFE SA Founded in Brussels on June 21, 1880 42, avenue Herrmann-Debroux, 1160 Brussels - Belgium Company number 0400.464.795 RPM Brussels Telephone: +32 2 661 12 11 Fax: +32 2 660 77 10 E-mail: [email protected] Internet: http://www.cfe.be Copyright for the photos and images, in alphabetical order DEME Philippe van Gelooven Tom D’Haenens Wojciech Sternak Design and realisation Antenno Marketing & Communicatie Cogels Osylei 19, 2600 Berchem - Belgium Internet: http://www.antenno.com Key figures Consolidated statement of comprenhensive income in millions of EUR IFRS 2007 Revenue Operating result 2008 2009 2010 2011 1,467.6 1,728.4 1,602.6 1,774.4 1,793.8 99.0 112.4 88.6 99.1 84.9 Profit before tax 83.9 95.4 76.8 85.2 69.2 Net profit of the group 62.4 69.9 61.7 63.3 59.1 Gross self-financing (1) 156.5 185.4 174.0 195.0 171.5 EBIT (2) 100.7 113.7 91.2 99.1 84.9 EBITDA (3) 166.9 196.2 184.2 197.3 181.6 Equity – part of the group (before distribution) 317.3 357.7 413.3 466.1 501.7 (1) Gross self-financing margin: see consolidated cash flow statement on page 152 of the consolidated financial report. (2) EBIT: operating result + income from non-current financial assets + result from associates. (3) EBITDA: EBIT + depreciation and impairements + other non-cash items (under IFRS) Consolidated statement of financial position in millions of EUR IFRS 2007 2008 2009 2010 2011 Equity 322.9 368.2 423.8 475.4 508.8 Working Capital 103.1 133.5 152.3 248.0 350.0 Investments in tangible and intangible assets 101.2 156.8 190.2 223.3 217.6 66.9 73.4 82.1 98.3 101.5 Depreciation Annual growth IFRS 2007 2008 2009 2010 2011 Revenue 26.1% 17.8% -7.3% 10.7% 1.1% EBIT 52.8% 12.9% -19.8% 8.4% -14.2% Result of the year 53.3% 12.0% -11.7% 2.5% -6.7% Evolution of the operating result 150 100 dredging m u lt i t e c h n i c s 50 r e a l e s t at e d e v e l o p m e n t construction ppp-concessions 0 2007 2008 2009 2010 2011 Data by division Evolution of the order book 2.500 2.000 1.500 1.000 dredging m u lt i t e c h n i c s 500 r e a l e s t at e d e v e l o p m e n t construction ppp-concessions 0 2007 2008 2009 2010 2011 Evolution of the revenue 2.500 Key Figures 2.000 1.500 1.000 dredging m u lt i t e c h n i c s 500 r e a l e s t at e d e v e l o p m e n t construction ppp-concessions 0 2007 2008 2009 2010 2011 Ratios IFRS 2007 EBIT/ revenue 2008 2009 2010 2011 6.8% 6.6% 5.7% 5.6% 4.7% EBIT/ cash flow 64.3% 61.3% 54.4% 50.7% 51.7% EBITDA/ revenue 11.4% 11.4% 11.5% 11.1% 10.1% Net profit of the group / equity – part of the group 19.7% 19.5% 14.9% 13.6% 11.8% Net profit of the group / revenue 4.3% 4.0% 3.9% 3.6% 3.3% Edito CFE put in a highly resilient performance in tough economic conditions in 2011. Revenues were stable compared to 2010, operating profit was €84.90 million and net profit after tax amounted to €59.10 million. All business lines contributed to the Group’s performance. Despite an incident affecting a remediation project in Brazil, DEME significantly strengthened its position in the dredging sector, winning some major contracts, particularly in Australia. DEME also continued to modernise its fleet, enhancing its prospects in terms of winning business in the coming years. The Group also developed its skills base further in 2011, particularly in the multitechnics division. CFE acquired ETEC, a company based in the Walloon region in Belgium, specialised in public lighting. Together with the commercial success of VMA in Turkey and Slovakia, this acquisition enhances the growth prospects of the multitechnics division, which now accounts for 10% of total revenues. The construction business ended the year with a historically high order book. Order intake was driven in particular by international projects, with CFE now operating in Tunisia, Algeria, Chad, Nigeria and Qatar. The Group also won some major property development contracts in 2011. BPI and CFE Immo are involved in some of the Belgian market’s most high-profile projects, such as the Solvay site in Ixelles, Van Maerlant in the European district of Brussels, the Lichttoren project in Antwerp, the Oosteroever residential project in Ostend and the Victor project opposite the Gare du Midi in Brussels. The PPP-concessions division won the contract for the Charleroi police station. Work on this project, which won the Futura award during the MIPIM Cannes 2012 fair, will continue until 2014. In Vietnam, Rent-A-Port’s work over a number of years was rewarded by Bridgestone’s decision to set up operations at the Hai Phong site. Again, the outlook in this division is encouraging. CFE started 2012 with a particularly strong order book and a great deal of confidence. The Group’s diverse business and geographical mix, combined with its constant quest for synergies between its various divisions, mean that performance is expected to improve further this year. In this respect, the high level of motivation among CFE’s staff is a major advantage. CFE has just been named one of Belgium’s “Top Employers” of 2012. This new accolade will help the Group hire the staff it needs to address new challenges, including that of maintaining and increasing client satisfaction. Renaud Bentégeat Managing Director Philippe Delaunois President of the board of Directors 1 2 Strategy Strategy Increasingly diversified and international development In 2011, the CFE Group continued to grow in accordance with its strategy by focusing on international development, strengthening its multitechnics division and making sustainable development an integral part of all its activities. More than ever, the Group demonstrated the effectiveness of its structural and operational model. The model’s strength lies in the good fit between business lines and the resulting synergies, making the business ideally suited to meet growing market demand for comprehensive solutions. Customer satisfaction is a core priority. The model also underpins CFE’s reputation as a highly reliable and top-quality partner. A coherent structure that generates synergies No company is part of the CFE Group by chance: the Group is a coherent collection of complementary entities and business lines. In upstream businesses, property development companies handle the entire development process: purchasing land, selecting projects, obtaining permits, carrying out construction work and selling properties to homeowners and investors. The PPP-Concessions division, which in 2011 won the contract to build a new police station in Charleroi, is a major advantage for CFE when bidding for contracts, since it can offer project-financing expertise to local authorities. It also works on long-term contracts, whereas the rest of CFE’s activities are more short-term. Whenever the Group is involved in the upstream part of a property development or concession project, synergies come to the fore. For example, general contracting units carry out construction work, specialist electricity and HVAC units install equipment and facilities, and civil engineering units build infrastructure and perform other works. Maintenance is then carried out by specialist subsidiaries like Aannemingen Van Wellen (roads), MBG (civil engineering) and be.Maintenance (multitechnics). The finance and concessions departments arrange financing for all activities. In addition, our entities specialising in dredging, civil engineering and marine engineering, such as GEKA, increasingly work together in Belgium and the Netherlands, and even in certain projects in Germany and Denmark. As a result, the CFE model is based on a logical integration of the value chain, with synergies arising between the Group’s various companies. The Group is maintaining its balanced and complementary range of businesses as it continues to grow and diversify, developing new business lines and integrating new companies while also seeing its investments in DEME generate equivalent growth. As a result, the dredging business accounts for 50% of the CFE Group’s business, just as it did eight years ago. Amsterdam - Coentunnel Strategy 3 Customer satisfaction: a core priority In our business lines, customers very often need a comprehensive solution, enabling them to deal with a single point of contact. In the concessions field, the PPP-Concessions division is able to provide these comprehensive solutions. In rail projects, for example, customers want companies that can lay the track and install both signalling and overhead wiring. Marine works and dredging customers also want a single solution. CFE is able to meet the expectations of all these customers. With its broad range of skills and businesses, the CFE Group - representing all of its component units - can offer a single point of contact and a comprehensive, internally co-ordinated response. This represents a considerable benefit for customers. The same is true for the dredging business, whereby DEME represents all of its subsidiairies. CFE is now well known as a reliable, credible, trustworthy partner. This is proven by the recurrent business it receives from its loyal customers, and the strong relationships it has developed with the main decision-makers, particularly in Belgium, as a result of its high-quality service. Ongoing focus on international business The current economic downturn means that international development is increasingly important. This is clearly the case for DEME, which obviously cannot rely only on the Belgian market and has always sought international growth in all its business areas, including dredging, environmental activities, offshore works and heavy lift operations at sea. The situation is different for the Group’s other activities. Historically, CFE has had a very strong international business. However, the Group sold its main African subsidiary in 2000, followed by other international activities. In the early 2000s, the international business consisted solely of limited activities in Poland and Hungary. In the last few years, however, CFE has resumed international growth and is now aiming to have an international presence in all its business areas. Construction: presence in Central Europe and increasingly Africa In construction, CFE has long-established subsidiaries in Central Europe (Poland, Hungary, Slovakia and Romania) and is determined to increase its presence in Africa. In 2011, the Group had major success in this region, including the completion of work on Toukra University and the signature of further substantial contracts in Chad. In Nigeria, which is one of Africa’s most dynamic and populous countries, CFE won a contract to build a residential tower for a local private-sector partner. In January 2012, the Group signed a contract to build BNP Paribas’ headquarters in Algiers. This represents CFE’s first project in Algeria, where it hopes to establish a permanent presence. In Tunisia, CFE has been working on the Bizerte concession for almost three years, and construction projects are underway. The repercussions caused by the recent revolution on Tunisia’s economy and tourist industry are now over, leading to renewed growth prospects. CFE Middle East has been operating in Qatar for four years now. This company is intending to build its presence in the local market and expand into neighbouring countries including Abu Dhabi. In construction, 2011 was a year in which CFE reaped the benefits of its international efforts, winning some large contracts in a number of countries and preparing for future projects, particularly in Sri Lanka. These projects relate mainly to the construction of buildings. 2012 is likely to bring gradual international growth in the civil engineering and marine engineering businesses. 4 Strategy Encouraging first steps in diversifying the international business he Group is also aiming to achieve international development in the multitechnics division. It has had some initial successes, mainly through VMA and its automation activities in the automotive industry. In addition to its long-standing presence in Slovakia, VMA won a contract in Hungary and, more recently, in Turkey, where it has recently set up VMA Turkey in order to bolster its presence in the country. In Poland, CFE is planning to set up a subsidiary called VMA Polska in order to achieve synergies with the CFE Polska construction unit and develop general electrical activities. Although CFE’s property development activities have previously been restricted mainly to Belgium and Luxembourg, in 2011 they expanded into Poland. A team is already building a four-block residential complex in Gdansk and the Group has acquired various plots in Warsaw in order to develop offices, residential buildings and shopping centres. Multitechnics division: strong growth The multitechnics division is relatively young, having been set up in its current form five years ago. The original aim was to offer the full range of services across all of Belgium. As mentioned above, CFE is now seeking to develop the multitechnics division internationally. In addition to its traditional activities in the rail, electricity and HVAC segments, the Group added maintenance in 2011 by setting up a specialist company called be.Maintenance. This company is likely to see rapid growth in the next few years. The division has also moved into public lighting following the acquisition of ETEC in Wallonia, and the business is likely to be developed through the creation of a specialist public lighting company in Flanders. Rail: on track CFE has always had a strong rail business through its ENGEMA subsidiary, which has recently been joined by Louis Stevens & Co. ENGEMA initially specialised in the installation of catenaries, before moving five years ago into rail signalling, and is now a key player in Belgium in this market. To meet increasing demand for services including track-laying and the installation of signalling and catenaries, CFE intends to strengthen its track-laying business, which is an excellent fit with its rail electrics, roads and civil engineering businesses. For this purpose, the Group recently acquired Belgian company Remacom in late February 2012. Sustainable development: integral to the business CFE has made sustainable development an integral part of its developments over the last few years. The Group has a specific department that carries out research into new sustainable construction and operating methods on behalf of companies and projects. Various initiatives undertaken by the Group show the commitment of Group companies and staff to adopting an environmentally-friendly approach. In 2011, this resulted in the construction of passive and low-energy buildings, the installation of photovoltaic panels and the connection of wind farms, among other projects. Companies also took various in-house measures to reduce their energy consumption, use renewable energy, reduce CO2 emissions and recycle waste. Several Group companies are naturally geared towards sustainable development. They include CFE EcoTech, which purifies and recovers waste water, Terryn, which specialises in wood-based construction, and DEC Ecoterres, which carries out soil remediation work. Strategy 5 Management team CFE 2011 Patrick Van Craen Bernard Cols Diane Zygas Managing Director CLE, Director Tunisia and Morocco, Director and General Manager CLi General Manager of the multitechnics division, Director CFE EcoTech and CFE Polska General Manager of the PPP-Consessions division (as from 01/02/2012) Lode Franken Renaud Bentégeat Deputy General Manager construction division and Director DEME Christophe Van Ophem General Manager CFE Brabant 6 Strategy Managing Director of the CFE group and Chairman of the management committee of DEME Jacques Ninanne Deputy General Manager Corporate – Chief Financial Officer of the CFE group, General Manager of the PPP-Consessions division (until 31/01/2012) and Chairman of Groupe Terryn Patrick Verswijvel General Manager MBG Frédéric Claes Yves Weyts Patrick de Caters Managing Director BPC and Director Amart Managing Director Aannemingen Van Wellen, Director synergies and communication of the CFE group General Manager BAGECI Michel Guillaume Director Sustainable Development of the CFE group and Chairman Sogesmaint-CBRE Jacques Lefèvre Managing Director BPI and General Manager CFE Immo André de Koning Director CFE Nederland en GEKA Gabriel Marijsse Youssef Merdassi General Manager CFE International (including CFE Hungary, CFE Slovakia, CFE România*, CFE Middle East, CFE Tchad, CFE Algérie and COBEL Contracting Nigeria Ltd). Human resources Director of the CFE group Strategy 7 Operational chart P P P – C oncessions division R eal estate development and management services division Dredging and environmental division 50% 45% * polska 45% dredging & l a n d r e c l a m at i o n environmental services * p a r t i c i p at i o n s asia 18% australia 66% belgium india 25% luxembourg mexico middle east pa r k i n g t u r n h o u t 50% 25% nigeria netherlands philippines s pa i n 19% Hôtel de Police Charleroi renewable energy and project development uk 100% terminal & marine services hydraulic engineermarine ing & marine works a g g r e g at e s belgium netherlands uk 01/04/ 2 0 1 2 deep sea mining o n ly t h e m a i n c o m p a g n i e s a n d b r a n c h e s a r e s h o w n * branches logo OCEANFLORE CMYK 8 Strategy 100c/72m/0y/32k 0c/100m/100y/0k 69c/0m/100y/0k CFE International C oordination centre C onstruction division Multitechnics division Rail- Road division 65% * * * * 55% * 65% 49% Middle East Tchad Tunisie Strategy 9 Activities of the CFE group PPP – Concessions division Multitechnics division • DBFM-projects (design, build, finance, • General and industrial electricity maintain) trough public-private partnership • Concessions • Long-term maintenance management • Port development and management • Renewable and sustainable energy • Industrial and agro-industrial automation • HVAC – sanitary facilities – heat pumps – industrial cooling • Fabrication of low-tension boards and high- tension cabins • Maintenance equipments and systems of Real estate development and management services division HVAC, sanitary facilities and domotica • Public lighting and the installation of CCTV • Installation of above-ground and underground networks • Solar energy • Real estate • Environment • Building management • Project management • Facility management Dredging and environmental division Rail-Road division • Railway works : railway overhead lines, signalization and track-laying works • Dredging and marine works • Aggregates for the construction industry • Decontamination of soils and storage of polluted sludge • Rock placement and offshore activities • Salvage and wreck removal • Renewable energy and project management • Terminal and marine services • Deep sea mining Construction division • Buildings • Industrial constructions • Renovations • Bridges • Waterworks • Tunnels and underground works • Production and construction of bonded laminate structures 10 Strategy • Transport of energy : high and low voltage lines • Road and rail works • Asphalt works Proud of the many realisations, we are pleased to present more IMAGES of the year 2011 Strategy 11 12 Strategy Antwerp - Liefkenshoek rail tunnel Strategy 13 Knokke - La Réserve 14 Strategy Brugge - Gouden Boom Strategy 15 Gdansk - Ocean’s Four 16 Strategy Brussels - Midi-Suède Strategy 17 Diemen - Brug 2007 18 Strategy Rotterdam-Europoort - Landing jetties Strategy 19 Zaventem - Diabolo 20 Strategy Zaventem - Diabolo Strategy 21 Brussels - Office building 22 Strategy Antwerp - Office building Strategy 23 Brussels - European School 24 Strategy Antwerp - Residential building Strategy 25 Brussels - Shopping center 26 Strategy Schaerbeek - Crossing stadium Strategy 27 Esch-Belval - Campus Belval 28 Strategy N’Djamena - University of Toukra Strategy 29 Liège - Bonded laminate structures 30 Strategy Braine-Le-Château - Vallée du Hain Strategy 31 Gullegem - Ventilation and air conditioning works 32 Strategy Brussels - HVAC works Strategy 33 Brussels - Electricity works 34 Strategy Westerloo - Installation photovoltaic panels Strategy 35 Ghent - Electrical and electromechanical engineering 36 Strategy Laakdal - Electrical engineering Strategy 37 38 Strategy E19 Wilrijk-Mechelen - Asphalt works Strategy 39 Zaventem - Installation of ETCS signalling equipment 40 Strategy Huizingen - Catenaries maintenance works Strategy 41 42 Strategy Brugge - Track laying Strategy 43 44 Strategy Kruibeke - Environmental activities Strategy 45 Fallpipe vessel Flintstone 46 Strategy Reclamation works Strategy 47 48 Strategy Lagos - Capital dredging works Strategy 49 50 Strategy Panama Canal - Dredging works Strategy 51 Thornton Bank Belgian Coast - Windmill assembly 52 Strategy 2 Earth moving works in relation to the access ramps and road works for the construction of the second Coentunnel, executed by DEME in consortium with CFE* - Amsterdam (NL) 12 Construction of two tunnels for the Liefkenshoek rail tunnel, in consortium with CFE* and built by MBG*, Aannemingen Van Wellen, Louis Stevens & Co and ENGEMA - Antwerp (BE) 14 Hotel and apartment project La Réserve, built by MBG and Aannemingen Van Wellen for BPI/ CFE Immo* - Knokke (BE) 15 Residential project Gouden Boom, built by MBG for BPI/CFE Immo - Brugge (BE) 16 First tower of the residential project Ocean’s Four, built by CFE Polska for BPI/CFE Immo Gdansk (PL) 17 First passive residential building, built by Amart for BPI/CFE Immo - Brussels (BE) 18 Construction of a steel bridge over the Amsterdam-Rhine canal, built by CFE Nederland* Diemen (NL) 19 Construction of landing jetties, built by GEKA - Rotterdam-Europoort (NL) 20-21 Construction of the northern rail connection to the airport of Zaventem, built by MBG* and Aannemingen Van Wellen - Zaventem (BE) 22 Office building, built by CFE Brabant* and electrical engineering executed by Nizet Entreprise and VMA - Brussels (BE) 23 Office building, built by MBG - Antwerp (BE) 24 Construction and renovation of the fourth European School of Brussels, built by CFE Brabant*, electrical engineering executed by VMA and installation high tension cabins by Nizet Entreprise Brussels (BE) 25 Residential building and store, built by Aannemingen Van Wellen - Antwerp (BE) 26 Construction of a luxury shopping center, built by CFE Brabant and HVAC works and electrical engineering executed by Druart and Nizet Entreprise - Brussels (BE) 27 Renovation of the footballstadion Crossing, executed by CFE Brabant* - Brussels (BE) 28 Construction and renovation of the Belval Campussite, executed by CLE - Esch-Belval (LU) 29 Construction of the new University of Toukra, built by CFE Tchad* - N’Djamena (Chad) 30 Construction of a new Olympic skating rink, built by BPC* including a roof with bonded laminate structures, built by the group Terryn - Liège (BE) 31 Construction and installation of equipments units for the wastwater collectors and pumpings stations, executed by BAGECI, CFE Brabant, CFE EcoTech and Nizet Entreprise - Braine-le-Château (BE) 32 Ventilation and air conditioning works at the Gullegem retirement home (150 rooms each), executed by Brantegem and Van De Maele Multi-Techniek - Gullegem (BE) 33 Ventilation and air conditioning works at Palais des Beaux-Arts, executed by Druart - Brussels (BE) 34 Electrical engineering, executed by VMA - Brussels (BE) 35 Installation of 15,000 photovoltaic panels, executed by Nizet Entreprise - Westerloo (BE) 36 Electrical and electromechanical engineering, executed by VMA - Ghent (BE) 37 Electrical and electromechanical engineering, executed by Vanderhoydoncks - Laakdal (BE) 38-39 Asphalt works, executed by Aannemingen Van Wellen - E19 between Wilrijk and Mechelen (BE) 40 Installation of ETCS (European Train Control System) signalling equipment on the northern rail connection to the airport of Zaventem executed by Louis Stevens & Co - Zaventem (BE) 41 Catenaries maintenance works, executed by ENGEMA - Huizingen (BE) 42-43 New track laying works, executed by Remacom* - Brugge (BE) 44-45 Construction of erosion controls for an 8 km overflow dike, executed by DEC - Kruibeke (BE) 46 New fallpipe vessel Flintstone. 47 Beach nourishment and costal protection works - Walcheren (NL) 48-49 Extensive reclamation works on the EKO Atlantic project - Lagos (Nigeria) 50-51 Dredging works for the Access Channel to the new set of locks of the Panama Canal 52 C-Power’s Thornton Bank farshore wind farm project - Belgian Coast * = in association COMPAGNIE D’ENTREPRISES CFE SA 42, avenue Herrmann-Debroux 1160 Brussels - Belgium Editor : Yves Weyts Editorial Contact : Ann Vansumere Tel. +32 (0)2 661 13 97 [email protected]