Quarterly Report • Feb 27, 2023
Quarterly Report
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Monday 27 February 2023 – 7:00 CET regulated information
Results of financial year 2022
To support the readers' understanding, two pro-forma columns have been added. These only include the key figures of the continuing activities of CFE (excluding DEME).
| Pro-forma⁵ | IFRS Financial Statements⁶ | |||||
|---|---|---|---|---|---|---|
| Year ended December 31 (in million €) |
2022 | 2021 | Change | 2022 | 2021 | Change |
| Revenue | 1,167.2 | 1,125.3 | +3.7% | 1,167.2 | 1,125.3 | +3.7% |
| EBITDA⁷ | 63.1 | 68.5 | -7.9% | 63.1 | 68.5 | -7.9% |
| % of revenue | 5.4% | 6.1% | 5.4% | 6.1% | ||
| Operating income (EBIT)⁷ | 51.0 | 58.0 | -12.1% | 51.0 | 58.0 | -12.1% |
| % of revenue | 4.4% | 5.2% | 4.4% | 5.2% | ||
| Result for the period - share of the | ||||||
| group | 38.4 | 39.5 | -2.8% | 229.4 | 150.0 | n.s. |
| % of revenue | 3.3% | 3.5% | 19.7% | 13.3% | ||
| Continuing operations | 38.4 | 39.5 | -2.8% | 38.4 | 39.5 | -2.8% |
| Discontinued operations | n.s. | n.s. | n.s. | 191.0 | 110.5 | n.s. |
| Earnings per share of continuing operations (share of the group) (in euro) |
1.53 | 1.56 | -1.9% | 1.53 | 1.56 | -1.9% |
| Pro-forma⁵ | IFRS Financial Statements⁶ | |||||
|---|---|---|---|---|---|---|
| Year ended December 31 (in million €) |
2022 | 2021 | Change | 2022 | 2021 | Change |
| Equity - share of the group | 224.7 | 133.8 | +67.9% | 224.7 | 1,936.3 | n.s. |
| Net financial debt⁷ | 48.9 | 113.0 | -56.7% | 48.9 | 113.0 | -56.7% |
| Order book⁷ | 1,715.1 | 1,620.6 | +5.8% | 1,715.1 | 1,620.6 | +5.8% |
1 Net income share of the Group for continuing operations.
2 Net income 2022 divided by the sum of the opening equity for continuing operations and the dividend paid by DEME in March 2022.
3 Equity from continuing operations.
4 Amount of dividend distributed (excluding treasury shares) divided by the market capitalization as of December 31, 2022.
5 Pro forma key figures excluding the impact of discontinued operations (DEME).
6 In the IFRS financial statements, DEME's activities are considered as 'discontinued' with effect from 1 January 2021 in accordance with IFRS 5.
7 The definitions are included in the 'Consolidated Financial Statements' section of the financial report.
Raymund Trost, CEO of CFE, said :
"2022 has been a pivotal year for CFE. With the split from DEME, we have gained agility by focusing on our four core activities and aim to take optimal advantage of the unique skills of our entities to lead in the high-growth markets of sustainable buildings, smart industries, and tomorrow's infrastructure for energy and mobility.
We delivered solid operational results for the second year in a row with all four segments contributing significantly. We markedly strengthened our financial position despite extreme macro-economic volatility and major investments in our growth businesses. This is the result of the solidity of our multidisciplinary business model and the fantastic work of our people as we improve the management of our projects and are more selective than ever in pursuing only projects with the right risk/reward balance.
The market is clearly embracing the new CFE as our orderbook has increased to record levels. We are optimally placed for the future thanks to our diversified revenue streams, our unique combined ability to deliver total solutions into attractive markets, and our focus on sustainability and innovation as primary drivers to create long term value.
I am grateful for the confidence of our shareholders, the trust and collaborative spirit of our customers and partners, and the passion and perseverance of our people to make a difference and drive change for good.
Thanks to our improved financial position and confidence in the Group's business outlook, I am pleased we will propose to our shareholders to pay a dividend of 0.4 €/share."
On 29 June 2022, the extraordinary general meeting of shareholders unanimously approved the partial demerger of CFE, whereby the stake in DEME is transferred to a newly created company, DEME GROUP NV. As a result, DEME's assets and liabilities that were presented since 31 December 2021 as assets and liabilities held for sale have been deconsolidated as of 30 June 2022.
The impact of this deconsolidation can be summarised as follows (in € million):
Consolidated equity : - 2,036
Total balance sheet : - 4,981
As the partial demerger only became effective on 29 June 2022, and as required by IFRS rules, the consolidated income statement and consolidated cash flow statement still include DEME's figures for the first half of 2022. In terms of the consolidated income statement, €190.9 million is included in the line item "income from discontinued operations". This amount is essentially composed of DEME's net income (group share) for the first half of 2022 (€39.5 million) as well as €153.5 million in depreciation on DEME's tangible and intangible fixed assets, which must be cancelled in accordance with the requirements of IFRS 5.
Following the partial demerger, CFE adapted its governance to the new Group structure. The Board of Directors was partially renewed and reduced to eight members instead of eleven. At the same time, an Executive Committee has been set up, chaired by the CEO who is responsible for the day-to-day management and implementation of the group's strategy. It is composed of the managers of the four segments (Real Estate Development, Multitechnics, Construction & Renovation, Investments), the Chief People Officer and the Chief Financial Officer. The leaders for Sustainability, IT & Digital, and Communication assist as permanent invitees to the Executive Committee.
CFE has taken the split from DEME as an opportunity to redefine its purpose and strategy. Following a thorough strategic exercise with a large part of the organisation in early 2022, the group developed its new purpose of bringing together people, skills, materials and technology in a community of change for good. Foundational to this new purpose is the responsibility CFE wants to take up, as leader in sectors that shape tomorrow's world, to change what needs to be changed for future generations. The new purpose was consequently translated into a new branding of the group, respecting the uniqueness of each division while showcasing the value added resulting from the synergies between them. CFE aims to lead in three high-growth markets of sustainable buildings, smart industries, and tomorrow's infrastructure for energy and mobility.
To deliver on its ambitious purpose, CFE has developed and implemented five group-wide strategic principles under the SPARC acronym. The principles consist of realizing the Shift to innovation and sustainability, Performing through operational excellence, Accelerating sustainable growth through an integrated approach, Returning value to all stakeholders, and building the Community that will make a change for good.
The Board of Directors decided to split Contracting into two separate segments, namely Construction & Renovation and Multitechnics. The 2021 figures have been restated to reflect this change.
The Construction & Renovation segment includes all CFE subsidiaries active in Belgium, Poland, the Grand Duchy of Luxembourg and Germany, which specialise in the construction and renovation of office buildings, residential buildings, hospitals, hotels, schools, car parks and industrial buildings. The companies Wood Shapers (development and construction of projects in bio-based and hybrid materials) and LTS (production and assembly for prefabricated wooden elements) are also part of this segment.
The Multitechnics segment includes the activities of the VMA and MOBIX divisions. VMA specialises in carrying out technical building installations, their automated management (smart buildings) and long-term maintenance, as well as the automation of production lines in the automotive, chemical and food industries. MOBIX is a leading player in Belgium on railway works (track, catenary and signalling) and public lighting.
Revenue amounted to €1,167.2 million, up by 3.7% compared with the previous year on a comparable basis. The increase in activity can be observed mainly in Construction & Renovation.
The operational result came to €51 million. This represents 4.4% of turnover.
The net income of the group amounted to €38.4 million. All four segments are contributing positively to consolidated net income.
Cash flow from operating activities doubled in 2022 to reach a historic high of €69.9 million.
Equity – share of the group - increased by 68% compared to 31 December 2021. It amounted to €224.7 million as at 31 December 2022.
Net financial debt shows a significant decrease of 56.7% compared to 31 December 2021. The debt ratio85 decreased from 45.8% in 2021 to 17.9% in 2022. CFE SA, the group's parent company, and its subsidiary BPI Real Estate Belgium have a combined total of €230 million of confirmed credit lines which are drawn down by up to €40 million as at 31 December 2022. All the banking covenants have been complied with.
Order intake was strong in 2022. The order book increased by 5.8% compared to 31 December 2021. It reached €1.72 billion on 31 December 2022.
8 Net financial debt divided by the sum of equity – share of the group - and net financial debt
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| Revenue | 85.4 | 106.3 | -19.7% |
| Operating income (EBIT) (*) | 17.6 | 30.1 | -41.5% |
| Result for the period - share of the group |
14.4 | 23.0 | -37.4% |
| Net financial debt (*) | 84.5 | 86.0 | -1.7% |
(*) The definitions are included in the 'Consolidated Financial Statements' section of the financial report.
| Year ended December 31 (in million €) |
2022 | 2021 |
|---|---|---|
| Unsold units post completion | 0 | 0 |
| Properties under construction | 52 | 6 |
| Properties in development | 151 | 184 |
| Total capital employed | 203 | 190 |
| Year ended December 31 (in million €) |
2022 | 2021 |
|---|---|---|
| Belgium | 108 | 101 |
| Grand Duchy of Luxembourg | 27 | 36 |
| Poland | 68 | 53 |
| Total capital employed | 203 | 190 |
(*) The definitions are included in the 'Consolidated Financial Statements' section of the financial report.
The capital employed amounted to €203 million on 31 December 2022, which is up by 6.8% compared with end of December 2021. The sales value of the projects under development (BPI share) is estimated at €1.6 billion, i.e. 452,000 m² of which 154,000 m² is under construction.
BPI acquired four new projects during the year:
a 2,600 m² plot in the Mokotow district of Warsaw. The site allows for the development of a building of 10,000 m², comprising 103 apartments and shops. Planning permission and the start of construction are expected in early 2024;
a property in Dudelange (Luxembourg), one of the country's most dynamic municipalities. This site will allow for the creation of a mixed project of more than 10,000 m², essentially residential, combining around sixty collective and individual housing units, offices and shops. The introduction of building permits is planned for the second half of 2023. The acquisition is being realised in partnership;
In Brussels, the permits for the Brouck'R (38,000 m²), Key West (63,000 m²), Arlon 53 (19,000 m²) and Move'Hub (51,000 m²) projects are currently being assessed. The first three are expected to be issued before the summer of 2023.
In Luxembourg, BPI is expected to obtain building permits for the mixed-use project 'Roots' in Belval (20,000 m²) and for the final phase of the Domaine des Vignes project in Mertert (7,000 m²) in the first half of 2023.
In Belgium, two residential projects have had their permits released free from any claims: Tervuren Square in Woluwe Saint-Pierre (12,000 m²) and Arboreto in Tervuren (7,000 m²). Construction and commercialisation began in the second half of 2022. The pace of sales is satisfactory. In addition, at the Erasmus Gardens site in Anderlecht, a new phase was launched at the end of the financial year. It is a building of 10,000 m² with 89 flats (Park building).
In Poland, the construction and commercialisation of four residential projects started in the second half of the year: Bernadovo (13,000 m²) located in the Gdansk region, Panoramiqa (20,000 m²) in Poznan, Czysta (10,000 m²) in Wroclaw and Chmielna (17,000 m²) in the heart of Warsaw. The real estate situation in Poland has been difficult since the beginning of the war in Ukraine: high inflation in construction prices combined with a sharp rise in interest rates is impacting demand for new housing from individuals and investors.
In addition to the above-mentioned programmes that were launched in 2022, three other residential projects are under construction in Brussels: the Patio building (Erasmus Gardens, Anderlecht) and the PURE and Serenity Valley projects in Auderghem. The marketing of these three projects is highly satisfactory. On the same site as the Serenity Valley project, BPI leased the last available space in the Wood Hub office building to a well-known company that was attracted by the project's highly ambitious approach to sustainability.
In Luxembourg, the three residential projects currently under construction are close to 100% sold. These projects are Gravity in Differdange, Livingstone phase 3 (Luxembourg City) and the second and third phase of the Domaine des Vignes project in Mertert. The first two projects will be delivered in the first half of 2023.
At the end of December 2022, BPI and its partner, IKO Real Estate, delivered and sold the iconic "Wooden" building in Leudelange. With a surface area of 9,500 m², it is the first wooden office building of this size in Luxembourg. It has been awarded a BREEAM Excellent and WELL Building Standard certificate.
In Belgium, three small plots of land on the Erasmus Gardens site were sold. These represent a combined potential of 128 apartments.
The net financial debt amounted to €84.5 million as at 31 December 2022, which is relatively stable compared to 31 December 2021.
Net income was €14.4 million (€23 million in 2021, positively impacted by the exceptional capital gain from the sale of a 50% stake in the Samaya project in Ottignies). The main contributors to the result are the Luxembourg and Belgian projects under construction and the capital gain on the sale of the Wooden project.
KEY FIGURES
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| Revenue | 338.8 | 321.4 | +5.4% |
| Operating income (EBIT) (*) | 11.3 | 18.8 | -39.9% |
| Result for the period - share of the group | 6.9 | 13.0 | -46.9% |
| Net financial surplus (*) | -1.0 | 15.4 | -106.5% |
| Order book (*) | 368.9 | 401.0 | -8.0% |
(*) The definitions are included in the 'Consolidated Financial Statements' section of the financial report.
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| VMA | 225.8 | 196.4 | +15.0% |
| MOBIX | 113.6 | 125.0 | -9.1% |
| Eliminations intra segment | -0.6 | 0.0 | n.s. |
| Total Multitechnics | 338.8 | 321.4 | +5.4% |
In 2022, VMA achieved revenues of €225.8 million, which is up 15% on 2021. In addition to the ramp-up of the ZIN project in Brussels and the Grand Hôpital de Charleroi project, the increase of revenue was supported by a strong activity in the Maintenance and Automotive business units. VMANAGER carries out its first ESCO project for the city of Aarschot. Numerous other projects are currently being studied.
In contrast, turnover at MOBIX fell by 9.1% compared to 2021. This decrease is explained by a significant reduction in the budget of Infrabel devoted to the track laying activity. This results in a reduction in the volume of new tenders but also in a reduction in service orders from existing framework agreements. The two main projects being carried out by MOBIX are the installation of automatic train stopping systems for Infrabel (ETCS II project), and the contract for the design, modernisation, financing, management and maintenance of the public lighting equipment on the Walloon structural network (LuWa project). In the fourth quarter, MOBIX also carried out a major project on the Bruges-Ostend line (replacement of 17 km of catenaries).
Operating income was €11.3 million (€18.8 million in 2021).
VMA achieved identical operating income to that of 2021.
On the other hand, MOBIX's results were affected by the low level of activity in the track-laying Business Unit and by the deterioration of the operating margin in the LuWa project. The latter is being hit hard by price increases for materials and subcontracting, as well as by disruptions to supply chains, which are consequences of the Russian-Ukrainian conflict. Completion of the modernisation phase is scheduled for the second half of 2023.
Net income amounted to €6.9 million.
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| VMA | 244.9 | 236.4 | +3.6% |
| MOBIX | 124.0 | 164.6 | -24.7% |
| Total Multitechnics | 368.9 | 401.0 | -8.0% |
VMA's order intake was strong, particularly in the hospital sector. VMA has also secured some major orders for its Automotive Business Unit, some of which will not enter the order book until the first quarter of 2023.
The reduction in the volume of new tenders launched by Infrabel is having a negative impact on MOBIX's order intake.
The net cash position of the Multitechnics segment has decreased from a net financial surplus of €15.4 million as at 31 December 2021 to a net financial debt of €1 million as at 31 December 2022 due to the increase in working capital requirements and the dividends paid in 2022.
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| Revenue | 798.7 | 723.7 | +10.4% |
| Operating income (EBIT) (*) | 15.0 | 9.3 | +61.3% |
| Result for the period - share of the group | 9.0 | 2.8 | +221.4% |
| Net financial surplus (*) | 180.6 | 128.0 | +41.1% |
| Order book (*) | 1,264.1 | 1,166.0 | +8.4% |
(*) The definitions are included in the 'Consolidated Financial Statements' section of the financial report.
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| Belgium | 513.7 | 495.9 | +3.6% |
| Luxembourg | 145.2 | 100.1 | +45.1% |
| Poland | 140.0 | 135.8 | +3.1% |
| Others | 0.7 | 0.0 | n.s. |
| Eliminations intra segment | -0.9 | -8.1 | n.s. |
| Total Construction & Renovation | 798.7 | 723.7 | +10.4% |
Revenue in the first half of 2022 amounted to €798.7 million, up 10.4% on 2021.
In Brussels, the ZIN project is progressing well, with the first partial deliveries scheduled for December 2023. Several projects for BPI are also under way. In the South of Belgium, CFE, through its subsidiary BPC Group, is carrying out several important projects such as the reconstruction of 600 housing units for staff of Shape (NATO site) and Palais de Justice in Namur. In Flanders, the Steendok car park in Antwerp has been completed.
In Luxembourg, turnover increased significantly, thanks in particular to projects carried out for BPI and its partners. The Wood Shapers business is also growing.
In Poland, the construction of logistics centres and a battery factory is generating significant activity, while four construction sites for BPI have started.
Operating income was €15 million (€9.3 million in 2021). Operating margin increased by 0.6% to 1.9%. It is worth noting that the five main Construction & Renovation subsidiaries posted all positive results. Selective bidding and the continuous improvement of operational processes are beginning to pay off.
The positive growth in operating income is all the more remarkable as it is taking place in a difficult macroeconomic environment, characterised by hyperinflation in material, subcontracting and wage costs as well as disruptions in supply chains. CFE Polska is undoubtedly the entity that has been most affected by the rise in prices, which is particularly high in Poland, combined with a devaluation of the currency (PLN) against the Euro.
Net income was €9 million.
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| Belgium | 1,013.1 | 918.1 | +10.3% |
| Luxembourg | 94.2 | 137.0 | -31.2% |
| Poland | 137.0 | 110.9 | +23.5% |
| Others | 19.8 | 0.0 | n.s. |
| Total Construction & Renovation | 1,264.1 | 1,166.0 | +8.4% |
In Belgium, the order book exceeded the symbolic one billion euro mark for the first time. The increase in the order book is a combination of prudent order intake that incorporates price increases and price revisions on existing orders for contracts with indexation clause.
Among the commercial successes of 2022, the most significant were the construction of:
In Luxembourg, the renewal of the order book is proving more complicated. Some real estate developers have decided to postpone the start of their residential projects due to insufficient levels of pre-sales. However, CLE is in advanced negotiations on several important projects.
In Poland, order intake was strong, thanks in particular to the four BPI projects.
CFE won its first order in Germany for a Belgian customer: the construction of a 15,000 m² commercial space for production, storage, logistics and offices near Berlin. Work started in December 2022 and is expected to be completed by the end of 2023.
Net financial surplus amounted to €180.6 million, up 41.1% compared to 31 December 2021. Operating cash flow and improvements in working capital requirements explain this very positive development.
| Year ended December 31 (in million €) |
2022 | 2021 | Change |
|---|---|---|---|
| Revenue excluding eliminations between segments | 5.4 | 9.8 | -44.9% |
| Eliminations between segments | -61.0 | -35.8 | n.s. |
| Revenue including eliminations between segments | -55.7 | -26.0 | n.s. |
| Operating income (EBIT) (*) | 7.2 | -0.2 | n.s. |
| Result for the period - share of the group | 8.1 | 0.7 | n.s. |
| Net financial debt (*) | 144.0 | 170.4 | -15.5% |
(*) The definitions are included in the 'Consolidated Financial Statements' section of the financial report.
Operating income amounted to +€7.2 million, compared to an operating loss of €0.2 million in 2021. It notably includes the profit of subsidiaries controlled jointly with Ackermans & van Haaren, Rent-A-Port and Green Offshore, which generated net profits of 4.1 and 1.8 million euros respectively (CFE share).
In the first half of 2022, Rent-A-Port acquired an additional 32.6% stake in Infra Asia Investment (IAI), bringing its stake to 94%.
Through its Vietnamese subsidiary, IAI is continuing to develop its five port concessions in the north of Vietnam, in the provinces of Haiphong and Quang Ninh. These operate under the trade name 'Deep C'.
The reopening of the borders after the Covid pandemic in April 2022 has resulted in a massive return of industrial clients, developers and investors wishing to develop their business in North Vietnam. Deep C has benefited from this situation and has been able to secure numerous expressions of interest in acquiring industrial land. However, due to the time required to develop the land and to obtain administrative authorisations, sales were limited to 66 hectares in 2022 (64 hectares in 2021). These should therefore logically increase significantly in 2023.
Service activities for industrial customers account for approximately 40% of the total revenues of IAI's Vietnamese entities.
In Belgium, the first battery farm connected to the high-voltage electricity grid has been fully operational since 9 December 2021. Its storage capacity is 20 MWh. This park belongs to BSTOR, a 38% subsidiary of Rent-A-Port. In its first year of operation, BSTOR has already made a positive contribution to the consolidated result of Rent-A-Port. Other battery projects for a total of 150 MW are under development.
Green Offshore owns a minority interest in the Rentel (12.5%) and SeaMade (8.75%) offshore wind farms, situated off the Belgian coast. The two parks together produced about 2,400 GWh of green electricity in 2022, about 100 GWh lower than in 2021 due to less favourable weather conditions. As electricity prices are set at the end of the year for the following year, the two parks have not yet been able to benefit from the price increase in 2022.
In addition, the Belgian authorities are reviewing the regulatory framework by introducing ceilings in terms of electricity prices above which additional revenues should be returned to the State. The new regulatory framework is expected to be in place before the summer of 2023.
The net financial debt amounted to €144 million, a decrease of 15.5% compared to 31 December 2021.
Climate, energy, re-use of materials, limiting waste production, and mobility are all global issues to which CFE can provide sustainable solutions. A relevant materiality analysis and linked to the 17 sustainable development objectives defined by the United Nations has enabled CFE to define the ESG themes for which it can have a real impact. Combined with clear policies and ambitions, this analysis enables the group's different subsidiaries to be real actors of sustainable change.
CFE has summarised this ambition in the form of a commitment: "Changing for Good". At CFE, the ambition is to challenge the status quo, to identify what is unsustainable and to change it. Because, as a group active in four segments (Real Estate Development, Multitechnics, Construction and Renovation, Investments), CFE has the potential to shape the world and a responsibility to take care of future generations.
In short, CFE's ambition is to bring people, skills, materials and technology together in a community for positive change. Hereby, CFE wants to reinvent value creation. This is why, together with financial indicators, sustainability indicators are at the core of its activities: they form a whole.
To give concrete expression to its social and sustainability commitments, CFE has integrated ESG criteria into the majority of its credit agreements, which are taken into account in determining the margin applied to bank loans. The ESG criteria used are, on the one hand, the reduction of the accident severity rate by 15% and, on the other, reducing direct CO2 emissions (scopes 1 and 2) by 40% by 2030 (compared to 2020).
The concrete actions taken are already paying off. With regard to safety there is a 13% decrease in the accident severity rate in 2022 compared to 2020. The environmental results are also satisfactory, with a reduction of more than 30% in the intensity of direct CO2 emissions (scope 1 and 2) and a reduction of more than 15% in the intensity of waste production, compared to 2020, the reference year.
A serious long-term sustainable approach starts with excellent governance. By effectively managing ESG risks, the CFE group has achieved remarkable results in 2022 in the ESG risk analysis exercise carried out by the rating agency Sustainalytics. With a score of 26.1 (Medium Risk), the CFE Group* is among the global frontrunners in its sector, and even improved on the score achieved in 2021. These excellent results were also rewarded: CFE has been certified "Top-Rated ESG Company 2023" by Sustainalytics. This recognition underlines CFE's commitment to sustainable business practices and responsibly managing the performance of environmental, social and corporate governance.
Secondly, Isabelle De Bruyne, the group's Chief Sustainability Officer, was named Sustainability Professional 2023 by Time for Society and VBO FED. The award recognises professionals who implement a progressive sustainability policy within their organisation and take a leadership role in their sector.
An increasing number of initiatives and projects carried out by the CFE teams are part of this commitment to have a lasting impact.
In particular, the Wood Hub project, a true showcase of know-how and synergies within the CFE group, highlights the circularity of materials, use of bio-sourced materials and the optimisation of energy consumption. The mixed wood and concrete structure makes it possible to reduce the CO2 emissions linked to building structures by almost 30%. Heated and cooled by geothermal energy and heat pumps, in combination with 120 kW of solar panels, it does not rely on any fossil energy sources. Its energy consumption of no more than 10 kWh per m2 makes it a Nearly Zero Energy Building (NZEB). In addition, CFE is targeting BREEAM Outstanding and WELL Platinum certification for this project.
VMANAGER, with its focus on energy saving and, more generally, building technology management, is a key tool in enabling intelligent and sustainable management of new and renovated buildings. VMANAGER will save 846 tonnes of CO2 over a period of ten years for the PXL University in Limburg, Flanders. To achieve this ambitious project, the institution carried out an educational energy performance contract with VMA for the buildings on its campus. This guarantees savings of around 30% on electricity and natural gas while involving students in the process.
The strength of a company lies in the women and men who belong to it. This is why, at CFE, the safety and well-being of each employee are absolute priority. Risk prevention and the adoption of a genuine safety culture are two key elements in this respect. As in previous years, each subsidiary organised a specific safety training and information day for all its employees. General topics, such as first aid, or those more specific to the field were presented.
Continuing training is essential in all areas of development. The launch of the CFE Academy at the end of 2022 is a further demonstration of this commitment. It is a digital learning platform that offers all group employees a wide range of online and face-to-face training courses.
CFE is also aware of its social responsibility. Various actions are already being carried out by the group's subsidiaries in this respect. In particular, through its subsidiary BPI Real Estate, CFE has set up temporary occupation actions for its sites under development.
Robotisation is an essential part of VMA's strategy. To remain at the forefront of innovation in this fast-moving field, VMA integrated Rolling Robotics into the business, which it acquired in 2021. Specialising in off-line simulation of robots, the company is able to design their programmes before the robotic cell is assembled. Using a virtual 3D model and the VMA simulation software, each robot's PLC interface and programmes are tested virtually before installation. This ensures that the production line is functionally checked in full, enabling a faster and more reliable start-up on site.
Collaboration is the key to successful innovation. To capture ideas from all its employees, CFE has launched a collaborative platform called "Innovate it". It allows ideas to be submitted which, if they meet the predefined selection criteria, will be monitored and developed in pilots and then adopted across the group.
| For the period ended December 31 (in € thousands) |
2022 | 2021 |
|---|---|---|
| Revenue | 1,167,221 | 1,125,346 |
| Other operating income | 54,572 | 50,749 |
| Purchases | (806,729) | (793,536) |
| Remuneration and social security payments | (201,376) | (202,665) |
| Other operating expenses | (150,558) | (111,356) |
| Depreciation and amortisation | (20,870) | (20,217) |
| Income from operating activities | 42,260 | 48,321 |
| Share of profit (loss) of investments accounted for using equity method | 8,754 | 9,655 |
| Operating income | 51,014 | 57,976 |
| Cost of financial debt | 73 | (3,448) |
| Other financial expenses and income | (3,727) | (2,591) |
| Financial result | (3,654) | (6,039) |
| Result before tax | 47,360 | 51,937 |
| Income tax expenses | (8,962) | (12,431) |
| Result for the period from continuing operations | 38,398 | 39,506 |
| Result for the period from discontinued operations | 193,270 | 113,260 |
| Result for the period | 231,668 | 152,766 |
| Non-controlling interests - continuing operations | 36 | 0 |
| Non-controlling interests - discontinued operations | (2,297) | (2,758) |
| Result for the period - share of the group | 229,407 | 150,008 |
| Result from continuing operations - share of the group | 38,434 | 39,506 |
| Result from discontinued operations - share of the group | 190,973 | 110,502 |
| Earnings per share (share of the group) (EUR) (diluted and basic) | 9.15 | 5.93 |
| Earnings per share (share of the group) from continuing operations (EUR) (diluted and basic) |
1.53 | 1.56 |
| Earnings per share (share of the group) from discontinued operations (EUR) (diluted and basic) |
7.62 | 4.37 |
| For the period ended December 31 (in € thousands) |
2022 | 2021 |
| Result for the period - share of the group | 229,407 | 150,008 |
| Result for the period | 231,668 | 152,766 |
| Changes in fair value related to financial derivatives | 93,999 | 21,373 |
| Exchange differences on translation | (2,688) | 6,393 |
| Deferred taxes | (13,658) | (3,000) |
| Other elements of the comprehensive income to be reclassified to profit or loss in subsequent periods |
77,653 | 24,766 |
| Re-measurement on defined benefit and contribution plans | 2,184 | (248) |
| Deferred taxes | (301) | 98 |
| Other elements of the comprehensive income not to be reclassified to profit or loss in subsequent periods |
1,883 | (150) |
| Total other elements of the comprehensive income recognized directly in equity |
79,536 | 24,616 |
| Comprehensive income : | 311,204 | 177,382 |
| - Share of the group | 308,883 | 174,536 |
| - Attributable to non-controlling interests | 2,321 | 2,846 |
| Comprehensive income (share of the group) per share (EUR) (diluted and basic) | 12.32 | 6.89 |
| For the period ended December 31 | 2022 | 2021 |
|---|---|---|
| (in € thousands) | ||
| Intangible assets | 2,347 | 1,943 |
| Goodwill | 23,723 | 23,763 |
| Property, plant and equipment | 77,709 | 82,283 |
| Investments accounted for using equity method | 110,865 | 103,418 |
| Other non-current financial assets | 138,294 | 79,313 |
| Non-current financial derivatives | 422 | 0 |
| Other non-current assets | 11,659 | 13,861 |
| Deferred tax assets | 7,123 | 8,257 |
| Non-current assets | 372,142 | 312,838 |
| Inventories | 168,467 | 160,381 |
| Trade and other operating receivables | 284,608 | 281,256 |
| Other current operating assets | 100,714 | 85,555 |
| Other current non-operating assets | 4,487 | 2,416 |
| Current financial derivatives | 206 | 874 |
| Current financial assets | 306 | 15,691 |
| Cash and cash equivalents | 127,149 | 143,587 |
| Current assets | 685,937 | 689,760 |
| Assets held for sale | 0 | 4,297,401 |
| Total assets | 1,058,079 | 5,299,999 |
| Share capital | 8,136 | 41,330 |
| Share premium | 116,662 | 800,008 |
| Retained earnings | 105,696 | 1,184,100 |
| Treasury shares | (3,735) | 0 |
| Defined benefit and contribution pension plans | (10,050) | (41,976) |
| Reserves related to financial derivatives | 9,687 | (31,160) |
| Exchange differences on translation | (1,743) | (15,967) |
| Equity – share of the group | 224,653 | 1,936,335 |
| Result attributable to non-controlling interests | (127) | 19,691 |
| Equity | 224,526 | 1,956,026 |
| Employee benefit obligations | 8,526 | 11,916 |
| Non-current provisions | 18,283 | 12,279 |
| Other non-current liabilities | 26,203 | 38,267 |
| Non-current financial liabilities | 154,048 | 77,599 |
| Non-current financial derivatives | 0 | 0 |
| Deferred tax liabilities | 2,671 | 2,129 |
| Non-current liabilities | 209,731 | 142,190 |
| Current provisions | 41,755 | 40,744 |
| Trade and other operating payables | 309,204 | 277,009 |
| Current tax liabilities | 6,816 | 8,300 |
| Current bonds | 0 | 29,899 |
| Current financial liabilities | 21,994 | 149,084 |
| Current financial derivatives | 124 | 1,442 |
| Other current operating liabilities | 180,546 | 141,723 |
| Other current non-operating liabilities | 63,383 | 78,376 |
| Current liabilities | 623,822 | 726,577 |
| Liabilities associated with assets held for sale | 0 | 2,475,206 |
| Total equity and liabilities | 1,058,079 | 5,299,999 |
regulated information
| For the period ended December 31 (in € thousands) |
2022 | 2021 |
|---|---|---|
| Operating activities | ||
| Income from operating activities | 42,260 | 48,321 |
| Depreciation and amortisation of (in)tangible assets and investment property | 20,870 | 20,217 |
| (Decrease)/increase of provisions | 617 | (5,118) |
| Impairments on assets and other non-cash items | (2,037) | 8,098 |
| Loss/(profit) on disposal of tangible and financial fixed assets | (2,916) | (2,099) |
| Dividends received from investments accounted for using equity method | 13,641 | 7,937 |
| Cash flows from (used in) operating activities before changes in working capital |
72,435 | 77,356 |
| Decrease/(increase) in trade receivables and other current and non-current receivables |
(40,902) | (22,873) |
| Decrease/(increase) in inventories | (8,563) | (12,989) |
| Increase/(decrease) in trade payables and other current and non-current payables | 56,582 | 5,816 |
| Income tax paid/received | (9,658) | (13,220) |
| Cash flows from (used in) operating activities | 69,894 | 34,090 |
| Investment activities | ||
| Proceeds from sales of intangible assets and property, plant and equipment | 2,905 | 3,371 |
| Purchases of intangible assets and of property, plant and equipment | (18,572) | (14,557) |
| Acquisition of subsidiaries net of cash acquired | 0 | (2,240) |
| Change of the investment percentage net of cash acquired/sold | 8,203 | 0 |
| Capital decrease/(increase) of investments accounted for using equity method | 0 | (5,750) |
| Repayment of borrowings (new borrowings) given to investments accounted for using equity method |
(15,661) | 1,366 |
| Cash flows from (used in) investing activities | (23,125) | (17,810) |
| Financing activities | ||
| Interest paid | (6,081) | (6,765) |
| Interest received | 6,154 | 3,317 |
| Other financial expenses and income | (1,994) | (1,885) |
| Receipts from new borrowings | 15,011 | 33,483 |
| Repayment of borrowings | (104,817) | (33,511) |
| Buy back of own shares | (11,686) | 0 |
| Dividends received/(paid) | 40,843 | (4,893) |
| Cash flows from (used in) financing activities | (62,570) | (10,254) |
| Net increase/(decrease) in cash position | (15,801) | 6,026 |
| Cash and cash equivalents, opening balance | 143,587 | 137,756 |
| Effects of exchange rate changes on cash and cash equivalents | (637) | (195) |
| Cash and cash equivalents, closing balance | 127,149 | 143,587 |
Other operating income: These include re-invoicing of costs to joint ventures and gains on the disposal of fixed assets. In 2022, the most significant transactions are the sale of the stake in Wooden NV (50%) and Hofkouter NV (65%) and the sale of business equipment at MOBIX and BENELMAT.
Remuneration and social security payments: Two effects cancel each other out in 2022: firstly, the number of employees has decreased very slightly and, secondly, salaries have been adjusted to take account of inflation.
Financial result: CFE has significantly increased its shareholder loans to its subsidiaries held jointly (in particular, an additional €19 million paid to Rent-A-Port). These loans generate significant additional financial income.
Goodwill: the amount is stable compared to 2021. Almost all goodwill relates to certain subsidiaries in VMA and MOBIX.
(In)tangible assets consist mainly of the net book values of the head offices of several subsidiaries of the Belgian group, the construction equipment and vehicles. In 2022, CFE sold 65% of its stake in Hofkouter NV, the company that owns the current Van Laere NV headquarters and workshops. As a result of this sale, Hofkouter's consolidation method has changed from full consolidation to the equity method. As a result, its fixed assets have been fully derecognised. Among the major investments of the year, the most significant is the new headquarters of Van Laere NV, which is currently under construction (delivery expected in March 2023).
Investments accounted for using equity method and other financial assets mainly include the shareholdings and shareholder loans with Rent-A-Port, Green Offshore and the jointly controlled real estate development project companies.
Inventories consist mainly of property projects developed by BPI and its fully consolidated subsidiaries.
The cash position includes €44.3 million available at CFE SA. The cash-position balance is broken down into joint ventures and foreign entities not included in the cash pooling.
The assets and the associated liabilities held for sale were derecognised at the time of CFE's partial demerger.
Equity – share of the group for continuing operations increased from EUR 133.8 million as at 31 December 2021 to EUR 224.7 million as at 31 December 2022. The variation is explained by three main elements: net income for the year (€38.4 million), the DEME dividend (€40.8 million) and the impact of the change in value of hedging instruments (€15.6 million, mainly relating to Green Offshore).
Financial debts totalled €176 million.
| (in € thousands) | Share capital | Share premium | Retained earnings | Treasury shares | contribution pension plans Defined benefit and |
Reserves related to financial derivatives |
Exchange differences on translation |
Equity – share of the group | Result attributable to non- controlling interests |
Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| December 2021 | 41,330 | 800,008 | 1,184,100 | 0 | (41,976) | (31,160) | (15,967) | 1,936,335 | 19,691 | 1,956,026 |
| Comprehensive income for the period |
229,407 | 1,883 | 80,247 | (2,654) | 308,883 | 2,321 | 311,204 | |||
| Dividends paid to shareholders | ||||||||||
| Dividends from non-controlling interests |
(629) | (629) | ||||||||
| Effect of partial demerger of DEME | (33,194) | (683,346) | (1,305,842) | 30,043 | (38,914) | 16,878 | (2,014,375) | (21,419) | (2,035,794) | |
| Movements related to treasury shares | 705 | (3,735) | (3,030) | (3,030) | ||||||
| Change in consolidation scope and other movements |
(2,674) | (486) | (3,160) | (91) | (3,251) | |||||
| December 2022 | 8,136 | 116,662 | 105,696 | (3,735) | (10,050) | 9,687 | (1,743) | 224,653 | (127) | 224,526 |
| For the period ended December 31 | 2022 | 2021 |
|---|---|---|
| Number of ordinary shares at balance sheet date | 25,314,482 | 25,314,482 |
| Weighted average number of ordinary shares outstanding during the period | 25,068,231 | 25,314,482 |
| Earnings per share (share of the group) (EUR) (diluted and basic) (*) | 1.53 | 1.56 |
| Equity per share (share of the group) (EUR) (*) | 8.96 | 5.29 |
(*) Pro forma key figures excluding the impact of discontinued operations
| For the period ended December 31, 2022 (in € thousands) |
Real Estate | Multi technics |
Construction & Renovation |
Investments & Holding |
Eliminations between segments |
Consolidated total |
|---|---|---|---|---|---|---|
| Revenue | 85,392 | 338,822 | 798,661 | 5,369 | (61,023) | 1,167,221 |
| EBITDA | 15,269 | 19,883 | 25,826 | 1,868 | 284 | 63,130 |
| % Revenue | 17.88% | 5.87% | 3.23% | 5.41% | ||
| Depreciation and amortisation | (1,034) | (8,554) | (10,533) | (749) | 0 | (20,870) |
| Income from operating activities | 14,235 | 11,329 | 15,293 | 1,119 | 284 | 42,260 |
| Share of profit (loss) of investments accounted for using equity method |
3,322 | 4 | (322) | 5,750 | 0 | 8,754 |
| Operating income (EBIT) | 17,557 | 11,333 | 14,971 | 6,869 | 284 | 51,014 |
| % Revenue | 20.56% | 3.34% | 1.87% | 4.37% | ||
| Financial result | (1,659) | (813) | (2,209) | 1,027 | 0 | (3,654) |
| Income tax expenses | (1,539) | (3,605) | (3,778) | (34) | (6) | (8,962) |
| Result from continuing operations - share of the group |
14,395 | 6,915 | 8,984 | 7,862 | 278 | 38,434 |
| % Revenue | 16.86% | 2.04% | 1.12% | 3.29% | ||
| Result from discontinued operations - share of the group |
190,973 | |||||
| Result for the period - share of the group | 14,395 | 6,915 | 8,984 | 7,862 | 278 | 229,407 |
| % Revenue | 16.86% | 2.04% | 1.12% |
| For the period ended December 31, 2021 (in € thousands) |
Real Estate | Multi technics |
Construction & Renovation |
Investments & Holding |
Eliminations between segments |
Consolidated total |
|---|---|---|---|---|---|---|
| Revenue | 106,300 | 321,380 | 723,682 | 9,789 | (35,805) | 1,125,346 |
| EBITDA | 25,573 | 27,632 | 18,673 | (3,658) | 318 | 68,538 |
| % Revenue | 24.06% | 8.60% | 2.58% | 6.09% | ||
| Depreciation and amortisation | (878) | (8,917) | (9,412) | (1,010) | 0 | (20,217) |
| Income from operating activities | 24,695 | 18,715 | 9,261 | (4,668) | 318 | 48,321 |
| Share of profit (loss) of investments accounted for using equity method |
5,399 | 110 | (5) | 4,151 | 0 | 9,655 |
| Operating income (EBIT) | 30,094 | 18,825 | 9,256 | (517) | 318 | 57,976 |
| % Revenue | 28.31% | 5.86% | 1.28% | 5.15% | ||
| Financial result | (4,134) | (488) | (2,406) | 989 | 0 | (6,039) |
| Income tax expenses | (2,990) | (5,307) | (4,008) | (31) | (95) | (12,431) |
| Result from continuing operations - share of the group |
22,970 | 13,030 | 2,842 | 441 | 223 | 39,506 |
| % Revenue | 21.61% | 4.05% | 0.39% | 3.51% | ||
| Result from discontinued operations - share of the group |
110,502 | |||||
| Result for the period - share of the group | 22,970 | 13,030 | 2,842 | 441 | 223 | 150,008 |
| % Revenue | 21.61% | 4.05% | 0.39% |
| For the period ended December 31, 2022 (in € thousands) |
Real Estate | Multi technics |
Construction & Renovation |
Investments & Holding |
Eliminations between segments |
Consolidated total |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Goodwill | 0 | 22,812 | 911 | 0 | 0 | 23,723 |
| Property, plant and equipment | 2,171 | 43,455 | 30,700 | 1,383 | 0 | 77,709 |
| Non-current loans to consolidated group companies |
0 | 0 | 0 | 31,558 | (31,558) | 0 |
| Other non-current financial assets | 101,653 | 0 | 161 | 36,480 | 0 | 138,294 |
| Investments accounted for using equity method |
38,018 | 154 | 3,697 | 68,996 | 0 | 110,865 |
| Other non-current assets | 10,445 | 1,918 | 8,780 | 188,225 | (187,817) | 21,551 |
| Inventories | 152,438 | 6,096 | 10,732 | 26 | (825) | 168,467 |
| Cash and cash equivalents | 4,266 | 6,639 | 69,630 | 46,614 | 0 | 127,149 |
| Internal cash position - Cash pooling - assets | 1,748 | 38,763 | 152,994 | 28,610 | (222,115) | 0 |
| Other current assets | 23,394 | 137,317 | 231,990 | 15,333 | (17,713) | 390,321 |
| Total assets | 334,133 | 257,154 | 509,595 | 417,225 | (460,028) | 1,058,079 |
| LIABILITIES | ||||||
| Equity | 118,749 | 89,243 | 73,543 | 131,414 | (188,423) | 224,526 |
| Non-current borrowings to consolidated group companies |
20,000 | 0 | 11,558 | 0 | (31,558) | 0 |
| Non-current financial liabilities | 41,186 | 25,809 | 11,892 | 75,161 | 0 | 154,048 |
| Other non-current liabilities | 41,388 | 1,711 | 7,765 | 4,819 | 0 | 55,683 |
| Current financial liabilities | 11,167 | 4,942 | 5,357 | 528 | 0 | 21,994 |
| Internal cash position - Cash pooling - liabilities |
18,159 | 15,639 | 13,188 | 175,120 | (222,106) | 0 |
| Other current liabilities | 83,484 | 119,810 | 386,292 | 30,183 | (17,941) | 601,828 |
Total liabilities 215,384 167,911 436,052 285,811 (271,605) 833,553 Total equity and liabilities 334,133 257,154 509,595 417,225 (460,028) 1,058,079
regulated information
| For the period ended December 31, 2021 (in € thousands) |
DEME | Real Estate | Multi technics |
Construction & Renovation |
Investments & Holding |
Eliminations between segments |
Consolidated total |
|---|---|---|---|---|---|---|---|
| ASSETS | |||||||
| Goodwill | 0 | 0 | 22,852 | 911 | 0 | 0 | 23,763 |
| Property, plant and equipment | 0 | 1,121 | 42,922 | 36,368 | 1,872 | 0 | 82,283 |
| Non-current loans to consolidated group companies |
0 | 0 | 0 | 0 | 26,049 | (26,049) | 0 |
| Other non-current financial assets | 0 | 68,350 | 0 | 9 | 10,954 | 0 | 79,313 |
| Investments accounted for using equity method |
0 | 48,259 | 149 | 88 | 54,922 | 0 | 103,418 |
| Other non-current assets | 0 | 9,873 | 2,207 | 9,406 | 1,234,516 | (1,231,941) | 24,061 |
| Inventories | 0 | 141,222 | 6,158 | 10,736 | 3,090 | (825) | 160,381 |
| Cash and cash equivalents | 0 | 6,326 | 4,984 | 57,898 | 74,379 | 0 | 143,587 |
| Internal cash position - Cash pooling - assets |
0 | 49,675 | 49,584 | 104,936 | 26,561 | (230,756) | 0 |
| Other current assets | 0 | 25,199 | 121,654 | 229,236 | 24,369 | (14,666) | 385,792 |
| Assets held for sale | 4,297,401 | 0 | 0 | 0 | 0 | 0 | 4,297,401 |
| Total assets | 4,297,401 | 350,025 | 250,510 | 449,588 | 1,456,712 | (1,504,237) | 5,299,999 |
| LIABILITIES | |||||||
| Equity | 1,822,195 | 104,362 | 91,742 | 70,834 | 1,103,200 | (1,236,307) | 1,956,026 |
| Non-current borrowings to consolidated group companies |
0 | 20,000 | 0 | 6,049 | 0 | (26,049) | 0 |
|---|---|---|---|---|---|---|---|
| Non-current financial liabilities | 0 | 43,954 | 26,375 | 6,731 | 539 | 0 | 77,599 |
| Other non-current liabilities | 0 | 36,426 | 2,234 | 9,211 | 16,720 | 0 | 64,591 |
| Current bonds | 0 | 29,899 | 0 | 0 | 0 | 0 | 29,899 |
| Current financial liabilities | 0 | 29,350 | 4,613 | 4,628 | 110,493 | 0 | 149,084 |
| Internal cash position - Cash pooling - liabilities |
0 | 18,845 | 8,100 | 17,440 | 186,369 | (230,754) | 0 |
| Other current liabilities | 0 | 67,189 | 117,446 | 334,695 | 39,391 | (11,127) | 547,594 |
| Liabilities associated with assets held for sale |
2,475,206 | 0 | 0 | 0 | 0 | 0 | 2,475,206 |
| Total liabilities | 2,475,206 | 245,663 | 158,768 | 378,754 | 353,512 | (267,930) | 3,343,973 |
| Total equity and liabilities | 4,297,401 | 350,025 | 250,510 | 449,588 | 1,456,712 | (1,504,237) | 5,299,999 |
| For the period ended December 31, 2022 (in € thousands) |
Real estate | Multit echnic |
Construction & Renovation |
Investments & Holding |
Consolidated total |
|---|---|---|---|---|---|
| Cash flows from (used in) operating activities before changes in working capital |
24,735 | 18,821 | 25,495 | 3,384 | 72,435 |
| Cash flows from (used in) operating activities | 9,587 | 1,192 | 65,984 | (6,869) | 69,894 |
| Cash flows from (used in) investing activities | (983) | (5,138) | (1,289) | (15,715) | (23,125) |
| Cash flows from (used in) financing activities | (10,559) | 5,664 | (52,492) | (5,183) | (62,570) |
| Net increase/(decrease) in cash position | (1,955) | 1,718 | 12,203 | (27,767) | (15,801) |
| For the period ended December 31, 2021 (in € thousands) |
Real estate | Multit echnic |
Construction & Renovation |
Investments & Holding |
Consolidated total |
|---|---|---|---|---|---|
| Cash flows from (used in) operating activities before changes in working capital |
34,117 | 27,105 | 20,226 | (4,092) | 77,356 |
| Cash flows from (used in) operating activities | 28,243 | 17,109 | (26,272) | 15,010 | 34,090 |
| Cash flows from (used in) investing activities | (692) | (9,632) | (3,075) | (4,411) | (17,810) |
| Cash flows from (used in) financing activities | (26,879) | (7,883) | 19,267 | 5,241 | (10,254) |
| Net increase/(decrease) in cash position | 672 | (406) | (10,080) | 15,840 | 6,026 |
No significant changes have occurred in the financial and commercial situation of the CFE Group since 31 December 2022.
| Year ended December 31 (in € thousands) |
2022 | 2021 |
|---|---|---|
| Revenue | 5,334 | 10,192 |
| Operating income | (1,410) | (4,570) |
| Net financial result excluding non-recurring financial income and expenses | 58,160 | 35,993 |
| Non-recurring financial income | 18,381 | 268 |
| Non-recurring financial expenses | (21,907) | (2,692) |
| Result before tax | 53,224 | 28,999 |
| Taxes | (8) | 0 |
| Result for the period | 53,216 | 28,999 |
Financial income increased significantly in 2022 thanks to the proceeds of dividends paid by DEME (€40.8 million), CFE Contracting (€8 million), BPI Real Estate Belgium (€5 million) and Green Offshore (€4.05 million).
Non-recurring income and expenses mainly relate to offsetting intra-group transactions.
| Year ended December 31 (in € thousands) |
2022 | 2021 |
|---|---|---|
| Assets | ||
| Non-current assets | 268,546 | 1,326,014 |
| Current assets | 62,026 | 105,267 |
| Total assets | 330,572 | 1,431,281 |
| Equity and liabilities | ||
| Equity | 141,190 | 1,197,943 |
| Provisions | 6,046 | 10,340 |
| Non-current liabilities | 75,248 | 248 |
| Current liabilities | 108,088 | 222,750 |
| Total equity and liabilities | 330,572 | 1,431,281 |
As part of the partial demerger, the stake in DEME (€1.1 billion) was derecognised. An equivalent amount has been withdrawn from equity.
Long-term debts as at 31 December 2021 include €40 million drawn down on the confirmed bilateral credit facilities, and €35 million in medium-term treasury notes.
Excluding exceptional events and despite a more difficult real estate market due to the rise in interest rates, CFE expects a moderate increase in its turnover and the maintaining of a high level of its net profit, close to that of 2022.
In the absence of project deliveries in Poland in 2023, which triggers the recognition of the corresponding results, and because of less favourable market conditions, BPI's net income could decrease in 2023 but should nevertheless remain high.
With a strong order book, Construction & Renovation and VMA are expected to post moderate revenue growth and further improve their operating performance. For MOBIX, 2023 will be a transition year characterised by the end of the LuWa project (modernisation part) and by more modest activity in the Rail division, before an anticipated recovery as of 2024.
The Investments & Holding segment should benefit from increased activity in Vietnam and increase its contribution to the group's net income.
At the general meeting of shareholders on 4 May 2023, the board of directors will propose a gross dividend of €0.40 per share, or a total distribution of €9.97 million.
On 31 December 2022, CFE's share capital amounted to €8.135.621 euros, divided into 25.314.482 ordinary shares, without designation of nominal value. The shares of the company are registered or in electronic form.
| CFE's equity base as of 31 December 2022 was as follows : | |
|---|---|
| shares without designation of nominal value | 25,314,482 |
| registered shares | 19,000,042 |
| shares in electronic form | 6,314,440 |
Shareholders owning 5% or more of the voting rights relating to the shares : Ackermans & van Haaren NV Begijnenvest, 113 B-2000 Antwerp (Belgium) 15,725,684 shares, or 62.12% VINCI Construction SAS 1973 Boulevard de la Défense F-92757 Nanterre (France) 3,066,460 shares, or 12.11%
CFE holds 392,158 own shares as at 31 December 2022, or 1.5% of the share capital.
| Ordinary shareholders meeting | 4 May 2023 |
|---|---|
| Publication of interim standards 2023 | 17 May 2023 (before opening of the stock market) |
| Publication of half-year financial statements 2023 | 30 August 2023 (before opening of the stock market) |
| Publication of interim standards 2023 | 21 November 2023 (before opening of the stock market) |
The statutory auditor, EY Bedrijfsrevisoren BV, represented by Marnix Van Dooren and Patrick Rottiers, has confirmed that the audit, which is substantially complete, has to date not revealed any material misstatement in the consolidated statement of income, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity and the consolidated statement of cash flows as included in this press release.
* * *
CFE is a multidisciplinary active group in Belgium, Luxembourg and Poland in four activity lines with a significant growth potential thanks to the possibility of shaping tomorrow's world: real estate development, multitechnics, construction & renovation and sustainable investments. With a solid turnover of 1,167 million euros, more than 3,000 employees and substantial experience and expertise gathered since its foundation in 1880, CFE has the ambition to challenge the status quo and create positive change by providing a successful answer to environmental and societal challenges to ensure the well-being of the future generations. CFE group realises this ambition by putting sustainability, innovation and respect for its employees at the heart of its strategy and by offering their clients end-to-end solutions.
* * *
CFE is listed on Euronext Brussels and is 62.12% owned by Ackermans & van Haaren, 12,11% by VINCI.
This press release is available on our website at www.cfe.be
Note to editors
For further information, please contact :
Raymund Trost, CEO, tel. +32.2.661.13.19, [email protected] Fabien De Jonge, CFO, tel. +32 2 661 13 12, [email protected]
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