Annual Report 2020 Cfe Group

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Annual Report 2020 Cfe Group TOGETHER SHAPING TOMORROW’S WORLD ANNUAL REPORT 2020 CFE GROUP WHY AND WHO WE ARE HOW WE SHAPE THE WORLD ANNUAL REPORT STATEMENT OF NON-FINANCIAL INFORMATION FINANCIAL STATEMENTS ANNUAL REPORT 2020 CFE GROUP CFE 2020 REPORT ANNUAL ANNUAL REPORT 2020 Pursuant to the Belgian Royal Decree of Decree of 14 November 2007, Piet Dejonghe, 14 November 2007 on the obligations of issuers Managing Director, and MSQ SRL, represent- of financial instruments admitted to trading on ed by Fabien De Jonge, Chief Financial Officer, a regulated market, Compagnie d’Entreprises certify that, to their knowledge: SHAREHOLDER INFORMATION CFE is required to make its annual financial a. the financial statements, prepared in ac- report available to its shareholders. This report cordance with the applicable accounting ORDINARY GENERAL MEETING INVESTOR RELATIONS includes: standards, give a true and fair view of the The shareholders are invited to attend the Additional information is available on our web- • the combined statutory and consolidated assets, financial position and results of Ordinary General Meeting which shall take site (www.cfe.be), such as: annual report of the Board of Directors, Compagnie d’Entreprises CFE and of the place at the registered office of the company, • the annual and half-yearly reports, as well drawn up in accordance with Article 3:32§1, companies included in its scope of consol- Avenue Herrmann-Debroux 42, 1160 Brussels, as the quarterly trading updates; last paragraph, of the Code of Companies idation, on Thursday, 6 May 2021 at 3 pm. • other press releases; and Associations, b. the directors’ report contains a true and • presentations for analysts and investors; • a condensed version of the statutory finan- fair presentation of the business, results and PROPOSED DIVIDEND • online subscription to receive investor in- cial statements, drawn up in accordance with position of Compagnie d’Entreprises CFE During the Ordinary General Meeting of 6 formation (notices of publications, press Article 3:17 of the Code of Companies and and of the companies included in its scope May 2021, it will be proposed to approve the releases, etc.). Associations, and of consolidation, along with a description profit appropriation with regard to the financial • the full version of the consolidated financial of the main risks and uncertainties to year 2020, i.e. a gross amount of € 1 per CFE statements. which they are exposed. share, corresponding to € 0.7 net per share (af- ter deduction of 30% withholding tax). The complete statutory financial statements, the The annual report, the full versions of the stat- annual report of the Board of Directors and utory and consolidated financial statements, as This dividend shall be payable from 25 May FINANCIAL CALENDAR the auditor’s report are filed with the National well as the statutory auditor’s report regarding 2021, either by bank transfer to the holders 6 May 2021: Ordinary General Meeting 2021 Bank of Belgium in accordance with Articles these financial statements are available on the of registered shares or by crediting the bank 20 May 2021: Quarterly information 3:10 and 3:12 of the Code of Companies and website (www.cfe.be) or can be obtained free of account of the owners of shares in electronic at 31 March 2021 Associations. The statutory auditor has issued charge and on request at this address: form. The financial service is provided by Ban- 31 August 2021: Half-year results 2021 an unqualified opinion on the statutory and Avenue Herrmann-Debroux 42 – 1160 Brussels que Degroof Petercam (System Paying Agent). 23 November 2021: Quarterly information consolidated financial statements. (Belgium) – Tel. +32 2 661 18 15 - [email protected]. at 30 September 2021 Pursuant to Article 12, §2, 3° of the Royal 2 WHY AND WHO WE ARE HOW WE SHAPE THE WORLD ANNUAL REPORT STATEMENT OF NON-FINANCIAL INFORMATION FINANCIAL STATEMENTS CONTENTS GROUP CFE 2020 REPORT ANNUAL Why and who we are Annual report Financial statements Our Mission 004 Annual report of the Board of Directors 038 I. Consolidated financial statements 099 Profile of the CFE Group 005 I. Statutory financial statements 040 II. Notes on the consolidated financial statements 102 CEO’s message 006 II. Consolidated financial statements 042 III. Statutory financial statements 144 Key figures and highlights of the year 010 III. Corporate governance statement 057 General information 147 IV. Remuneration report 070 How we shape the world Statement of non-financial information Our value creation model 015 How we are building the future 016 Brief description of the group’s activities 075 How we are a great place to work 021 Policies applied in terms of ESG 076 How we offer innovative solutions 025 Main risks related to ESG 079 How we move towards climate neutrality 030 Outcomes of those policies 084 This report is also available online with How we are a partner for change 034 Non-financial key performance indicators (KPIs) 089 downloadable sections in PDF. Please consult: annualreport.cfe.be 3 WHY AND WHO WE ARE HOW WE SHAPE THE WORLD ANNUAL REPORT STATEMENT OF NON-FINANCIAL INFORMATION FINANCIAL STATEMENTS Mission — Profile of the CFE Group — CEO’s message — Key figures and highlights of the year WELCOME TO (Y)OUR WORLD GROUP CFE 2020 REPORT ANNUAL THE CFE GROUP, WHICH IS ACTIVE IN THE AREAS OF MARINE ENGINEERING, CONSTRUCTION AND REAL ESTATE DEVELOPMENT, IS A MAJOR PLAYER IN THE TRANSFORMATION OF OUR LIVING ENVIRONMENTS, OUR CITIES, OUR COMMUNITIES. OUR COMMITMENT: TO INVENT THE FUTURE BY WHOLEHEARTEDLY ACCEPTING OUR SOCIAL RESPONSIBILITY AND MAX- IMISING OUR POSITIVE IMPACT. THIS ANNUAL REPORT PRESENTS AND CLARIFIES THIS VISION, WHICH IS ILLUSTRATED BY OUR CREDO “TOGETHER SHAPING CFE CONTRACTING TOMORROW’S WORLD”. In the heart of our cities, CFE Contracting transforms our living environment and BPI builds the essential infrastruc- Developing the projects that will define tures of our daily life. Construc- the outlines of tomorrow’s cities, inventing tion, Multitechnics and Rail & new forms of living together, conceiving Utilities are the three divisions the co-living spaces of the future, etc. of this pole, which is consist- Through its real estate development activ- ently dedicated to sustainability ity, BPI positions itself as a major driver of and innovation in order to ad- change by defending basic values: sustain- dress today’s challenges. Future DEME ability, high architectural quality, respect projects for a world in constant With a worldwide fleet of over one hundred vessels, for the environment, and community in- development. DEME is one of the international leaders in marine volvement. engineering. Its four activity segments - dredging, environment, offshore and infrastructure - meet the essential needs of our society and our planet. By offering ever more innovative solutions, DEME lays the foundations for a sustainable future. 4 WHY AND WHO WE ARE HOW WE SHAPE THE WORLD ANNUAL REPORT STATEMENT OF NON-FINANCIAL INFORMATION FINANCIAL STATEMENTS Mission — Profile of the CFE Group — CEO’s message — Key figures and highlights of the year ANNUAL REPORT 2020 CFE GROUP CFE 2020 REPORT ANNUAL DEME ACKERMANS & OFFSHORE VAN HAAREN VMA 62.10% OFFSHORE MULTITECHNICS OUR STRUCTURE CFE CONTRACTING WITH THREE MULTIDISCIPLI- NARY, HIGHLY-COOPERATIVE RAIL & UTILITIES DIVISIONS OUR GROUP IS MOBIX DREDGING, OFFSHORE, INFRA ASSURED OF A STRONG ENVIRONMENTAL, INFRA CONSTRUCTION STRUCTURE. ENVIRONMENTAL DREDGING MBG VAN LAERE ARTHUR BPC VANDENDORPE DREDGING DREDGING DEC DE VRIES INTERNATIONAL INTERNATIONAL WOOD & VAN DE WIEL ASIA PACIFIC SHAPERS BPC BPC LAMINATED LIÈGE NAMUR TIMBER SOLUTIONS ECOTERRES PURAZUR BAGGERWERKEN DECLOEDT & ZN BOND LAMINATED BPC STRUCTURES/ ISD HAINAUT TIMBER DRAGABRAS INTERNATIONAL CONSTRUCTION SEAPORT DREDGING CONSTRUCTION CFE REAL ESTATE DEVELOPMENT CLE SITE POLSKA ASSISTANCE MORDRAGA NORDSEE CFE CTE BENELMAT MEDCO TUNISIE DBM MIDDLE EASTERN SDI DREDGING COMPANY BPI BPI BELGIUM POLSKA NEWWAVES CTOW March 2021 SIDRA SOLUTIONS BPI LUXEMBOURG 5 WHY AND WHO WE ARE HOW WE SHAPE THE WORLD ANNUAL REPORT STATEMENT OF NON-FINANCIAL INFORMATION FINANCIAL STATEMENTS Mission — Profile of the CFE Group — CEO’s message — Key figures and highlights of the year ANNUAL REPORT 2020 CFE GROUP CFE 2020 REPORT ANNUAL BUILDINGS, INFRASTRUCTURES AT SEA AND ON LAND, MARINE ENGINEERING, ENVIRONMENTAL PROJECTS, MOBILITY: THE CFE GROUP CAN BE FOUND AT THE HEART OF SOCIETY AS A WHOLE, WITH PROJECTS THAT VERY OFTEN TRANSFORM AND IMPROVE THE DAILY LIVES OF THOUSANDS OF PEOPLE. THIS ESSENTIAL ROLE CANNOT BE CONCEIVED WITHOUT A KEEN AWARENESS OF SOCIAL RESPONSIBILITY AND SUS- TAINABILITY. THE DIFFERENT CEOS OF THE GROUP AND ITS DIVISIONS GIVE AN OUTLINE OF THESE ASPECTS MESSAGE FROM THE CEOs AND LOOK BACK ON 2020, A YEAR MARKED BY THE PANDEMIC, BUT ALSO BY RESILIENCE, SOLIDARITY AND (Y)OUR FUTURE INNOVATION. BEGINS WITH SUSTAINABLE PIET DEJONGHE & LUC BERTRAND THINKING MANAGING DIRECTOR OF THE CFE GROUP & CHAIRMAN OF THE BOARD OF DIRECTORS 6 WHY AND WHO WE ARE HOW WE SHAPE THE WORLD ANNUAL REPORT STATEMENT OF NON-FINANCIAL INFORMATION FINANCIAL STATEMENTS Mission — Profile of the CFE Group — CEO’s message — Key figures and highlights of the year ANNUAL REPORT 2020 CFE GROUP CFE 2020 REPORT ANNUAL LUC VANDENBULCKE (DEME) With sustainability and innovation as driving Organization - the elements that best match force, the CFE Group is committed in each of the nature of our activities resulted in the for- its projects to build a better future for all. mulation of key performance indicators (KPIs) Luc Bertrand, Chairman of the Board of Di- by which we can clearly measure the progress rectors, Piet Dejonghe, Managing Director, and made.’ the managers of the three divisions, Jacques Lefèvre (BPI), Raymund Trost (CFE Contract- ‘This has made us more agile and more respon- ing) and Luc Vandenbulcke (DEME), take stock sive in the face of the current crisis, which in of 2020 exceptional in many ways. fact turns out to be a vector of hope and posi- tive change.
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