AI assistant
Texaf S.A. Earnings Release 2024
4011_er_2025-02-28_8300bb43-401f-4622-8e51-28b66bde2d1d.pdf
Earnings Release
Open in viewerOpens in your device viewer
PRESS RELEASE February 28
th , 2025
REGULATED INFORMATION
COMMERCIAL SUCCESS OF THE 3 MAJOR NEW PROJECTS SUPPORTING GROWTH OF RECURRING OPERATING PROFIT (+12% in 2024)
On February 25th , 2025, TEXAF's Board of Directors approved the statutory accounts (based on Belgian annual accounts law) and the consolidated accounts (based on IFRS as adopted in the European Union) for the year ended December 31 st , 2024.
TEXAF is celebrating 100 years of uninterrupted presence in the Democratic Republic of Congo and, despite the country's unstable situation, is pursuing its growth and development strategy.
REAL ESTATE BUSINESS
The real estate business was marked by the gradual market launch of the Group's three largest projects: the 94 flats at Promenade des Artistes and, on the commercial side, the 6,000 m2SILIKIN VILLAGE III, as well as the data centre in the digital activities segment. This represents a 30% increase in the Group's housing offering and a tripling of SILIKIN VILLAGE's capacity.
Promenade des Artistes
These projects immediately found their market: all the flats and almost all the private offices are let. As a result, rental income rose by 18% to EUR 27m, of which 3.3% on a like-for-like basis.
TEXAF invested EUR 14m in 2024, the same amount as the previous year. EBITDA for the property segment reached an all-time high of EUR 16.6m.
The Group has sold 49% of the Petit-Pont office building to institutional investors. As well as confirming the financial value of the Group's assets and providing EUR 5.5m in cash for future developments, this transaction creates the beginnings of an institutional property market in Kinshasa and, in particular, a long-term investment for recently liberalised insurance companies. Over time, this evolution could help the Group's growth.
The Group is looking at a number of concrete new property projects, including a residential development of 19 villas and 14 flats, which is due to be launched in 2025 and brought to market by the end of 2026.
SANDSTONE EXTRACTION ACTIVITY
CARRIGRES, the construction sandstone quarry, is located on the outskirts of Kinshasa. In 2024, this business was faced with weaker demand than in the previous year, resulting in a 19% fall in sales. It remains profitable and contributes to the Group's cash flow, but it has been decided to postpone some of the investments planned for 2024.
DIGITAL ACTIVITY
SILIKIN VILLAGE changed scale in 2024 by operating a hub with an additional 6,000 m2of offices, co-working space, meeting rooms and auditorium, inaugurated by the Head of State. The quality of the facilities and services offered to entrepreneurs was immediately recognised by numerous awards, including best co-working space in Central Africa at the Global Start-Up Awards. The hub now houses 155 start-ups and SMEs, as well as 700 active daily co-working members.
The first data centre in the DRC to meet international standards (Uptime Tier III, ISO 27001, PCI-DSS, etc.), built by TEXAF in joint venture with OPEN ACCESS DATA CENTRES
(www.openaccessdc.net), a subsidiary of the WIOCC group (www.wiocc.net), opened in the second half of the year and signed its first contracts with customers including banks, internet service providers and cloud operators.
CLOSE THE GAP - TEXAF has opened a shop in SILIKIN VILLAGE and successfully started selling refurbished computers. TEXAF, which had already invested in PARTECH's African venture capital funds, acquired a stake in legaltech start-up AFRIWISE, which operates in 25 markets in Africa and the Middle East.
Support for entrepreneurs and start-ups was further strengthened with the K-Impact acceleration programme,
programming courses at the KADEA Academy, business training with ICHEC Formation Continue, the Scaling-up in DRC programme for foreign investors, the Tech Odyssey programme in memory of Philippe Croonenberghs and a large number of conferences and short courses.
These activities generated the following results in 2024:
REAL ESTATE ACTIVITIES
| REAL ESTATE (000 EUR) | 2020 | 2021 | 2022 | 2023 | 2024 | Var. |
|---|---|---|---|---|---|---|
| Revenue from ordinary activities | 19,331 | 19,729 | 22,083 | 23,183 | 27,265 | 18% |
| Recurring operating result | 9,065 | 9,115 | 9,814 | 10,572 | 12,139 | 15% |
| Operating result | 8,648 | 9,070 | 9,660 | 14,325 | 11,368 | -21% |
| Result before deferred taxes | 6,203 | 6,839 | 6,886 | 10,794 | 7,691 | -29% |
| Net result (Group's share) | 5,593 | 5,351 | 8,696 | 10,114 | 9,512 | -6% |
- The group is developing a property services business in Kinshasa. It rents out, manages and provides services to residents in its own residential and commercial park covering some 50 hectares in the city centre, comprising 426 homes and 35,000 m2 of office and retail space.
- Rental income rose by 18% to EUR 27,265k. This growth was mainly due to the letting of the 94 flats at Promenade des Artistes, which took place between February and July, and the letting of office space at Silikin Village III, which took place in September. On a like-for-like basis, growth was 3.3%. The occupancy rate for residential properties, which was almost 100% at the end of 2023, fell temporarily to 95% when 28% more homes came onto the market, before returning to over 99% at the date of this press release.
- Recurring operating income rose by 15% to EUR 12,139k. Its increase would have been in line with that of revenues if the tax rate on rental income had not been raised from 12% in 2023 to 22% in 2024, as it was before 2023.
- In October, the Group sold 49% of the Petit-Pont building for EUR 5.5 million to two institutional investors. The capital gain of EUR 2.7 million is not reflected in the consolidated financial statements, as Immobilière Petit-Pont remains within the scope of consolidation.
- The 2023 financial year had benefited from two major non-recurring items: firstly, compensation for a claim of USD 3m, and secondly, 51% of the capital gain on the sale of the land for the data centre, i.e. EUR 1,114k. On the other hand, in 2024, the non-recurring result is negative by EUR 771k, mainly because of the catch-up (under IFRS) of the depreciation of the Petit-Pont building during the two years that it was classified as an "asset held for sale", and the exceptional depreciation of an unrealised part of the Silikin Village III project.
Silikin Village III
As a result, profit before deferred tax is EUR 7,691k (compared with EUR 10,794k in 2023). A significant reversal of the provision for deferred tax (EUR 1,888k) is recorded in 2024, mainly on Petit-Pont. As a result, the Group share of net profit after tax came to EUR 9,512k (down 6% on 2023).
The Group is studying a number of concrete new real estate projects, including a residential development of 19 villas and 14 flats due to be launched in 2025. A first phase of 117 plots for the Jardins de Kinsuka project, on an 83-hectare site in the western suburbs of Kinshasa, is also under study.
Bois Nobles buildings
SANDSTONE EXTRACTION ACTIVITY
| CARRIGRES (000 EUR) | 2020 | 2021 | 2022 | 2023 | 2024 | Var. |
|---|---|---|---|---|---|---|
| Revenue from ordinary activities | 2,556 | 2,897 | 5,349 | 6,297 | 5,095 | -19% |
| Recurring operating result | -39 | 236 | 668 | 1,539 | 772 | -50% |
| Operating result | -1,339 | 236 | 668 | 3,863 | 772 | -80% |
| Result before deferred taxes | -1,029 | 381 | 640 | 3,610 | 681 | -81% |
| Net result (Group's share) | -617 | 452 | 759 | 2,983 | 628 | -79% |
- CARRIGRES operates a crushed stone quarry located 10 km from Kinshasa city centre.
- This has always been a highly volatile business. Demand, which was strong in 2023, has slowed, due in particular to uncertainties over public investment. Sales fell by 19% to EUR 5,095k, returning to 2022 levels. In volume terms, sales amounted to 321,477 tonnes (-12%), while the average price, which had risen sharply in 2023, fell by 6%.
- As a result, recurring operating income fell by 50% to EUR 772k.
- There were no non-recurring items in the result, so total operating profit was also EUR 772k (compared with EUR 3,863k in 2023, which benefited from a reversal of impairment losses on the deposit).
- Profit before deferred tax, which includes financial income, was EUR 681k and net profit EUR 628k.
DIGITAL ACTIVITY
| DIGITAL (000 EUR) | 2020 | 2021 | 2022 | 2023 | 2024 | Var. |
|---|---|---|---|---|---|---|
| Revenue from ordinary activities | 29 | 102 | 54 | 345 | 563 | 63% |
| Recurring operating result | -187 | -167 | -443 | -388 | -305 | n.s. |
| Operating result | -187 | -167 | -443 | -388 | -305 | n.s. |
| Result before deferred taxes | -187 | -167 | -443 | -644 | -1,043 | n.s. |
| Net result (Group's share) | -187 | -167 | -443 | -637 | -1,038 | n.s. |
- The digital business comprises three types of activity:
- o firstly, the operation of a digital hub in Kinshasa, SILIKIN VILLAGE, which generates income through management fees shown in the first line of the table above,
- o operating partnerships with data centre operator OPEN ACCESS DATA CENTRES - TEXAF DIGITAL and refurbished IT equipment supplier CTG-TEXAF, whose results are accounted for using the equity method,
- o and finally venture capital investments, currently the pan-African fund PARTECH AFRICA and the legaltech company AFRIWISE.
- SILIKIN VILLAGE is developing a hub for the digital economy in Kinshasa, which brings together on the same site training, incubation and hosting activities for start-ups and international companies looking to expand in the DRC.
- The infrastructure was extended in September to include 6,000 m2of offices, co-working spaces and meeting rooms, in addition to the existing 3,000 m2 . 53 of the 54 private offices are rented. These rentals (which amounted to EUR 1,126k in 2024) are not reflected in the table above as they are included in the property business. Since 2023, the digital business has received management fees from the property business, and it is these fees that constitute the income from ordinary activities shown in the table above.
In terms of activities, more than 50 events (training courses, seminars, hackathons, etc.) took place in 2024. Many companies and organisations hire the rooms for seminars and training courses.
In partnership with the pan-African company OPEN ACCESS DATA CENTRES, it has built the first open-access data centre in the DRC, comprising 152 racks in the first phase and 580 in all. Banks such as RAWBANK and SOFIBANQUE, cloud operators such as LENUMERIQUE and ST DIGITAL and 13 internet service providers have already signed contracts to set up in the data centre.
In terms of equity investments, TEXAF has committed twice €1m in each of the two PARTECH AFRICA funds and invested €250k in a financing round of AFRIWISE in 2024.
Data centre OADC Texaf Digital
Operating income from this business, which is still in its start-up phase, came to - EUR 305k (excluding rental income). After deducting OPEN ACCESS DATA CENTRES - TEXAF DIGITAL's share of losses, net income (group share) came to - EUR 1,043k. It should be noted that these losses take into account the elimination of interest owed by OADC TEXAF DIGITAL to TEXAF in the amount of EUR 433k.
HOLDING
| HOLDING (000 EUR) | 2020 | 2021 | 2022 | 2023 | 2024 | Var. |
|---|---|---|---|---|---|---|
| Revenue from ordinary activities | 0 | 0 | 0 | 0 | 0 | n.s. |
| Recurring operating result | -975 | -1,182 | -1,148 | -1,750 | -1,504 | n.s. |
| Operating result | -975 | -1,182 | -1,148 | -1,750 | -1,504 | n.s. |
| Result before deferred taxes | -380 | -598 | -835 | -999 | -1,862 | n.s. |
| Net result (Group's share) | -219 | -431 | -661 | -818 | -1,675 | n.s. |
- Expenses totalled EUR 1,504k, a decrease of EUR 246k, linked to variable remuneration.
- Net profit was a loss of EUR 1,675k (compared with a loss of EUR 818k), including interest expenses.
CONSOLIDATED RESULTS
| EUR 000 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue from ordinary activities | 21,868 | 22,727 | 27,432 | 29,318 | 32,311 |
| Other recurring operating income | 1,425 | 2,055 | 2,053 | 2,013 | 1,922 |
| Recurring operating expenses | -11,521 | -12,990 | -16,376 | -17,131 | -18,057 |
| Recurring EBITDA | 11,773 | 11,791 | 13,109 | 14,200 | 16,176 |
| As % of turnover | 51% | 48% | 44% | 45% | 47% |
| Depreciation | -3,801 | -3,649 | -4,218 | -4,274 | -5,088 |
| Recurring operating result | 7,972 | 8,142 | 8,891 | 9,926 | 11,088 |
| As % of turnover | 34% | 33% | 30% | 32% | 32% |
| Non-recurring operating items | -1,716 | -45 | -154 | 6,077 | -771 |
| Operating result | 6,256 | 8,097 | 8,737 | 16,002 | 10,317 |
| Financial income and expenses | -38 | -35 | -18 | -20 | -1,038 |
| Result from the equity method | 0 | 0 | 0 | -253 | -698 |
| Donations to social responsibility activities | -109 | -141 | -145 | -182 | -146 |
| Result before tax | 6,108 | 7,922 | 8,574 | 15,547 | 8,435 |
| Taxes | -1,502 | -1,467 | -2,325 | -3,350 | -2,983 |
|---|---|---|---|---|---|
| Result before deferred taxes | 4,606 | 6,454 | 6,249 | 12,198 | 5,452 |
| As % of turnover | 20% | 26% | 21% | 39% | 16% |
| Deferred taxes | -25 | -1,242 | 2,118 | -543 | 2,027 |
| Net result after tax | 4,581 | 5,212 | 8,366 | 11,654 | 7,479 |
| Consolidated net result (Group's share) | 4,569 | 5,205 | 8,352 | 11,642 | 7,428 |
| Per share | |||||
| Recurring operating result (in EUR) | 2.21 | 2.22 | 2.42 | 2.71 | 3.02 |
| Operating result in EUR | 1.74 | 2.21 | 2.38 | 4.36 | 2.81 |
| Consolidated net result (Group's share) in EUR | 1.27 | 1.42 | 2.28 | 3.18 | 2.03 |
| Number of shares in circulation | 3,603,536 | 3,666,556 | 3,666,556 | 3,666,556 | 3,666,556 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 000 EUR | |||||
|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Result for the financial year | 4,581 | 5,212 | 8,366 | 11,654 | 7,479 |
| Movements in foreign currency differences | 6 | -72 | -29 | ||
| Movements (net of tax) in revaluation reserves | |||||
| Movements (net of tax) in pension provisions | -55 | 28 | 103 | 27 | 148 |
| Movements (net of tax) in available-for-sale financial asset reserves |
419 | 498 | -51 | ||
| Movements (net of tax) in hedging reserves | -38 | -102 | |||
| COMPREHENSIVE INCOME | 4,532 | 5,659 | 8,967 | 11,520 | 7,497 |
| Allocated to : | |||||
| To the shareholders of TEXAF | 4,521 | 5,646 | 8,953 | 11,508 | 7,445 |
| Per share | 1.25 | 1.54 | 2.44 | 3.14 | 2.03 |
| To minority interests | 11 | 13 | 15 | 12 | 52 |
CONSOLIDATED BALANCE SHEET BEFORE APPROPRIATION OF PROFIT OF TEXAF SA
| EUR 000 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 | |
|---|---|---|---|---|---|
| NON-CURRENT ASSETS | 115,957 | 116,579 | 130,554 | 141,324 | 153,598 |
| Property, plant and equipment | 8,309 | 8,665 | 8,362 | 10,954 | 11,642 |
| Investment properties | 107,211 | 106,605 | 119,608 | 126,217 | 133,899 |
| Intangibles | 6 | 2 | 8 | 81 | 87 |
| Other financial assets | 432 | 1,307 | 2,576 | 4,072 | 7,969 |
| CURRENT ASSETS | 12,927 | 18,583 | 18,388 | 25,382 | 21,066 |
| Assets available for sale | 0 | 5,207 | 5,219 | 5,399 | 0 |
| Inventories | 4,346 | 4,622 | 4,552 | 4,928 | 6,021 |
| Receivables | 897 | 952 | 678 | 3,696 | 1,476 |
| Tax assets | 558 | 1,602 | 2,059 | 2,302 | 2,738 |
| Cash and short-term investments | 6,979 | 5,933 | 5,462 | 8,570 | 10,254 |
| Other current assets | 145 | 267 | 417 | 486 | 577 |
| TOTAL ASSETS | 128,884 | 135,162 | 148,942 | 166,706 | 174,664 |
| EQUITY | 99,837 | 104,280 | 106,692 | 112,450 | 114,844 |
|---|---|---|---|---|---|
| Capital | 23,398 | 25,497 | 25,497 | 25,497 | 25,497 |
| Group's reserves | 76,054 | 78,387 | 80,783 | 86,274 | 87,789 |
| Minority interests | 384 | 397 | 412 | 679 | 1,558 |
| NON-CURRENT LIABILITIES | 18,740 | 20,413 | 28,231 | 35,520 | 43,125 |
| Deferred tax liabilities | 12,806 | 12,882 | 12,292 | 13,013 | 11,151 |
| Other non-current liabilities | 5,934 | 7,530 | 15,939 | 22,507 | 31,974 |
| CURRENT LIABILITIES | 10,307 | 10,469 | 14,020 | 18,737 | 16,695 |
| Other current liabilities | 10,307 | 10,469 | 14,020 | 18,737 | 16,695 |
| TOTAL LIABILITIES | 128,884 | 135,162 | 148,942 | 166,706 | 174,664 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
| EUR 000 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Cash and short-term investments at the beginning of the year | 8,767 | 6,979 | 5,933 | 5,463 | 8,570 |
| Operating cash flow after tax | 9,986 | 10,313 | 10,879 | 10,564 | 12,886 |
| Changes in net working capital | -1,395 | -665 | 2,318 | -817 | 895 |
| Cash flows from operating activities | 8,591 | 9,648 | 13,196 | 9,747 | 13,781 |
| Investments | -5,829 | -8,942 | -17,420 | -13,692 | -13,723 |
| Divestments | 7 | 26 | 10 | 5,097 | 896 |
| Cash flows from investment activities | -5,823 | -8,916 | -17,409 | -8,595 | -12,828 |
| Increase in capital | 1,890 | 2,099 | 0 | 0 | 0 |
| Dividends | -4,101 | -4,633 | -5,238 | -5,762 | -6,024 |
| Change in debt | -2,346 | 756 | 8,981 | 7,962 | 6,527 |
| Cash flows from financing activities | -4,557 | -1,778 | 3,743 | 2,200 | 503 |
| Net increase (decrease) of cash and cash equivalents | -1,788 | -1,046 | -470 | 3,352 | 1,457 |
| Cash and short-term investments at end of period | -244 | 227 | |||
| Cash and short-term investments at the end of the year | 6,979 | 5,933 | 5,463 | 8,570 | 10,254 |
- Group sales rose by 10% to EUR 32,311k, reflecting a combination of strong growth in property and a significant fall in quarrying. With operating costs rising by only 5% to EUR 18,057k, EBITDA rose by 14% to EUR 16,176k and recurring operating profit by 12% to EUR 11,088k.
- Operating profit includes a number of non-recurring items, mainly the reversal of two years' depreciation on the Petit-Pont building (EUR 397k) resulting from the change in classification of the asset under IFRS, and the exceptional depreciation of an unrealised portion of Silikin Village III (EUR -362k).
- Net financial expenses rose sharply to €1,038k (vs. €20k in 2023) as interest on the financing of Promenade des Artistes is no longer capitalised. Equity affiliates, mainly OADC TEXAF DIGITAL, accounted for EUR 698k of the net profit; this amount is net of interest from this joint venture in favour of TEXAF (EUR 433k). Pre-tax profit was €8,435k (compared with €15,547k in 2023, a year which benefited from non-recurring income of €6,077k)
- The current tax charge fell to 2,983 k EUR (vs. 3,350 k EUR) because taxable capital gains were lower. Profit before deferred tax was EUR 5,452k (vs. EUR 12,198k)
- The change in deferred tax is a net positive improvement of EUR 2,027k (compared with a charge of EUR 543k in 2023). This item is highly volatile because it arises essentially from unrealised tax gains on the Group's properties, which depend both on the movement of the Congolese franc against the euro and on an annual tax
revaluation coefficient. The fall in the provision is largely attributable to the sale of Petit-Pont. Overall, the Group share of net profit came to EUR 7,428k (compared with EUR 11,642k)
At December 31st , 2024, the Group had a net financial debt of 12,006 k EUR (compared with 11,080 k EUR a year earlier). Capital expenditure remained high at EUR 13,723k (compared with EUR 13,692k), but operating cash flow was at its highest level in the Group's history at EUR 13,781k after tax.
STATUTORY AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS
The statutory auditor has confirmed that his work is substantially complete and has not revealed any material corrections that should be made to the consolidated accounting information included in the press release. However, he draws attention to the risks inherent in the presence of the Group's main assets in the Democratic Republic of Congo and to the economic and regulatory environment in that country, as well as to the uncertainties that this environment creates for the valuation of the quarry and the determination of the fair value of investment properties
OUTLOOK FOR 2025
The beginning of 2025 was marked by an intensification of the war in the East of the DRC and the capture of Goma and Bukavu, the main towns in the region, by rebel forces. On January 28th , this defeat sparked violent demonstrations in Kinshasa against Western embassies. Since then, the situation has calmed down and attempts at peaceful mediation are underway, but the underlying tensions remain. The Group has only been marginally affected by these events and has not suffered financial losses at this stage. Nevertheless, if the situation were to persist, it would pose a risk to the arrival of new tenants in the residential
concession, to the continuity of customers' construction sites for Carrigrès and to the installation of international operators in the data centre.
- Subject to the above comment, the Group expects recurring earnings to rise in 2025, because the new projects (Promenade des Artistes, Silikin Village Phase III and the data centre) will generate full-year revenues.
- At the time of writing, demand for rental properties remains good and the Group has only 3 flats immediately available for rent.
- For CARRIGRES, the outlook is more uncertain, with wavering demand.
- SILIKIN VILLAGE's digital business is expected to operate at close to 100% occupancy over 12 months, while OADC TEXAF DIGITAL will be recording co-location income for the first time.
APPROPRIATION OF 2024 NET PROFIT
To reflect the results for the year and the outlook for 2025, the Board will propose increasing the dividend to EUR 6,442,663 or EUR 1.75714 (EUR 1.23 net) per share, an increase of 7% compared with 5% the previous year. The dividend will be payable from May 30th , 2025 upon presentation of coupon no. 14.
FINANCIAL CALENDAR
- Monday 14 April 2025: Publication of the annual report
- Friday 25 April 2025: Publication of the quarterly press release
- Tuesday 13 May 2025 at 11 a.m.: Annual General Meeting
- Monday 8 September 2025: Publication of half-yearly results
- Friday 24 October 2025: Publication of the quarterly press release
-
Non-recurring items: income or expenses that are not expected to recur in each accounting period, such as
- Gain or loss on disposal of fixed assets
- Allowances for (reversals of) impairment of fixed assets
- Costs associated with a major restructuring, takeover or disposal of a business (e.g. redundancy costs, plant closure costs, commissions paid to third parties to acquire or dispose of a business, etc.).
-
EBIT: Operating profit
-
EBITDA: Operating profit less depreciation and amortisation.
- Sales: Revenue from ordinary activities (rental income and sales of stoneware
TEXAF, founded in 1925, is the only listed company with all its activities in the Democratic Republic of Congo. These are currently focused on real estate, careers and digital.
This stock market listing and the resulting obligations of good governance and transparency are a major asset for the group in terms of its development and the promotion of the formal sector in the Democratic Republic of Congo.
The focus of real estate activity is the UTEXAFRICA concession, which combines housing, offices and shops on a 50-hectare site along the Congo River. This offer is accompanied by services for residents such as sports and leisure facilities, the TEXAF BILEMBO cultural centre, maintenance services and office equipment ..... It also includes, in the same district, the concession that houses SILIKIN VILLAGE and the Petit-Pont building. Ten kilometres away, it also includes an 87-hectare plot of land earmarked for the JARDINS DE KINSUKA project.
The quarry business is managed by CARRIGRES, which operates a sandstone quarry in Kinshasa with a nominal capacity of 600,000 tonnes, supplying the road and concrete sectors.
TEXAF, convinced of the opportunity that the digital economy represents for the DRC, has made it a third branch of activity. In September 2019, it launched its SILIKIN VILLAGE initiative, which will provide work and training spaces for the emerging digital ecosystem, as well as a range of training courses, support and conferences. It also aims to partner with international groups to set up new infrastructures and services in the DRC.
Contact Jean-Philippe Waterschoot, CEO: + 32 476 25 26 26 Christophe Evers, CFO: + 32 495 24 32 60