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View Annual Report ANNUAL REPORT 2019 TOGETHER SHAPING TOMORROW’S WORLD 001 WELCOME TO (Y)OUR WORLD 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. IT IS OUR COMMITMENT TO INVENT THE FUTURE BY WHOLEHEARTEDLY ACCEPTING OUR SOCIAL RESPONSIBILITY AND MAXIMIZING OUR POSITIVE IMPACT. THIS ANNUAL REPORT PRESENTS AND CLARIFIES THIS VISION, WHICH IS ILLUSTRATED BY OUR CREDO ‘TOGETHER SHAPING TOMORROW’S WORLD’. 002 BPI REAL ESTATE Developing projects that will define the outlines of tomorrow’s cities, inventing new forms of living together, conceiving the co-living spaces of the future... Through its real estate develop- ment activity, BPI Real Estate positions itself as a major driver of change by defending basic values: sustainability, high architectural quality, respect for the environment, and community involvement. DEME With a fleet of over a hundred vessels in the world, DEME is one of the international leaders in marine engineering. Its four activity lines - 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. CFE CONTRACTING In the heart of our cities, CFE Contracting transforms our living environment and builds the essential infrastructures of our daily life. Construction, Multitechnics and Rail & Utilities are the three divisions of that activity which is consistently dedicated to sustainability and innovation in order to address today’s challenges. Future projects for a world in constant development. 003 CFE INTEGRATED ANNUAL REPORT 2018 CONTENTS OUR WHY AND WHO WE ARE HOW WE SHAPED THE WORLD IN 2019 CONTENTS 004 HOW WE CONTINUOUSLY SHAPE THE WORLD THE SHAPE OF (Y)OUR WORLD FINANCIAL REPORTING & ANNEXES Why and who we are Financial Statements Our Mission 002 Management report of the board of directors 048 Who we are 003 Consolidated financial statements 097 Our Vision 007 Parent-company financial statements 166 How we shaped the world in 2019 Annexes Our CEOs on shaping the world in 2019 008 Annex 1: ESG for the CFE Group 168 The year 2019 at a glance 016 Annex 2: Non-financial reporting and KPIs 182 Annex 3: Focus on corporate governance 186 How we continuously shape the world Annex 4: How to find the SDGs in the annual report 189 Our value creation model 024 How we are building the future 028 How we are a great place to work 032 For the annual report of 2019, the CFE Group opted for an How we offer innovative solutions 036 integrated report, which includes financial, ethical, social and environmental aspects. This approach reflects the How we move towards climate neutrality 040 values and philosophy of the group, where these elements are intrinsically linked. Examples also illustrate the vision How we are a partner for change 044 of the group. To facilitate reading, both the strategy and the methodology and KPIs of the financial and sustainability elements are detailed in the annex. The shape of (y)our world The making of this annual report was completed in early March. Between this date and the publication of the report, The foundations of the mobility of tomorrow 014 the Covid-19 crisis (see page 85) took place. It is already clear that the negative impact on the activity, cash flows and Accelerating the energy transition 020 results will be significant. Reinventing society 046 005 CFE INTEGRATED ANNUAL REPORT 2019 CONTENTS OUR WHY AND WHO WE ARE HOW WE SHAPED THE WORLD IN 2019 006 HOW WE CONTINUOUSLY SHAPE THE WORLD THE SHAPE OF (Y)OUR WORLD FINANCIAL REPORTING & ANNEXES AT THE HEART: ONE VISION IN OUR THREE DIVISIONS, SUSTAINABILITY IS THE DRIVER OF CHANGE AND INNOVATION, AND ALSO THE LEVER THAT MAKES OUR IMPACT A POSITIVE ONE. IT IS AT THE VERY HEART OF OUR ECONOMIC MODEL AND, COUPLED WITH OUR 140 YEARS OF EXPERIENCE, OUR MULTIDISCIPLINARY KNOW-HOW, OUR COLLABORATIVE APPROACH AND OUR VISION OF THE FUTURE, IT INSPIRES OUR VALUES AT EVERY LEVEL. 007 CFE INTEGRATED ANNUAL REPORT 2019 CONTENTS OUR WHY AND WHO WE ARE HOW WE SHAPED THE WORLD IN 2019 TOGETHER WE CAN SHAPE THE FUTURE BUILDINGS, INFRASTRUCTURES AT SEA AND ON LAND, 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 SUSTAINABILITY. THE DIFFERENT CEOS OF THE GROUP AND ITS DIVISIONS SKETCH THE OUTLINES AND LOOK BACK ON 2019 AS AN EVENTFUL AND INSTRUCTIVE YEAR. ‘2019 was a particularly interesting enable us in 2020 to measure that pro- the foundations of its three divisions: year in the three divisions of the CFE gress and to clearly assess their positive BPI (real estate development), CFE Group’, says Luc Bertrand, Chairman impact on the environment.’ Contracting (construction, multitech- of the Board of Directors. ‘A strong nics, rail infra & utilities) and DEME momentum, which we owe above all THE FACTORY OF THE FUTURE (dredging, environment, offshore and to the commitment and talents of our ‘In a competitive market where there is infra). Three entities with clearly de- employees. We confirmed our positions, often a downward pressure on prices, fined activities that have their own consolidated our revenues and filled our we must also keep up our margins. This philosophies but share a common vision order books. The progress that we made is achieved by an effective risk manage- of social values and excellence. A com- on these fronts give us the necessary sta- ment, which involves a careful choice of bination of talents personified by their bility to keep innovating and to affirm projects as well as a reduction of losses three leaders, Jacques Lefèvre (BPI Real our sustainable model.’ and wastage through proactive measures Estate), Raymund Trost (CFE Contract- in all the areas where we operate. Oper- ing) and Luc Vandenbulcke (DEME). ‘Putting sustainability at the heart of ational excellence is our credo from the our work is not a matter of opportunism selection to the delivery of projects. It DRIVERS OF COMMUNITY LIVING but the result of careful thought’, stress- also guarantees the working conditions For BPI Real Estate (BPI), 2019 closed es Piet Dejonghe, Managing Director of our employees. Thoroughness in in a highly satisfactory way and with of the CFE Group. ‘It is a strategy that the development and management of confirmation of a solid strategic po- fosters innovation, opens up business projects reduces the mental stress and sitioning that saw the completion of opportunities for us, strengthens our guarantees the safety and well-being of several large-scale mixed-use urban growth, and permits us to assume our our co-workers. The ambition of the projects. ‘We are witnessing the emer- social responsibility to the full. Among CFE Group, far from restricting itself to gence of new forms of community the 17 sustainable development goals profit, is to preserve and to last, so that living at all levels of society’, Jacques defined by the United Nations Organi- we can all together invent, imagine and Lefèvre explains. ‘These projects that zation, we identified those which by the build the future.’ centre around mixed use, with a qualita- nature of our business activities offer tive rather than quantitative approach, the greatest opportunities for progress. THREE DIVISIONS, ONE COMMON VISION respond to real needs. As developers we Key Performance Indicators (KPIs) will The CFE Group builds that future on fully assume our social responsibility 008 HOW WE CONTINUOUSLY SHAPE THE WORLD THE SHAPE OF (Y)OUR WORLD FINANCIAL REPORTING & ANNEXES TOGETHER WE CAN SHAPE THE FUTURE LUC BERTRAND & PIET DEJONGHE CHAIRMAN OF THE BOARD OF DIRECTORS & MANAGING DIRECTOR 009 CFE INTEGRATED ANNUAL REPORT 2019 CONTENTS OUR WHY AND WHO WE ARE HOW WE SHAPED THE WORLD IN 2019 in that respect. We should not remain LUC VANDENBULCKE stuck in concepts that all too soon be- (DEME) come obsolete. The way we conceive co-living, for instance, is being revolu- tionized and will very likely look very different in five years’ time. Flexibility and adaptability are essential. By open- ing up a wide range of possibilities, BPI is committed to designing, thinking up and promoting adaptable buildings. It is a commitment to long-term sustain- ability in a real sense. We are drivers of change: we provide meaning, create links, connections, mobility, etc. A vision of sustainability shared by CFE Contracting, as Raymund Trost confirms: ‘We are part of an ecosystem. We are key players in the transformation of our cities and communities, and for that reason we must imagine the future. Will we still be owners in the same way tomorrow? Will we use buildings in the same way? To answer those questions, we must build differently. Our credo ‘Together shaping tomorrow’s world’ is not an empty promise. CFE Contract- ing is reinventing itself today to become a driver of change and to put into practice the inevitable trend towards sustainable building. The construction necessary skills every step of the way, building on the developments in our industry accounts for approximately from design to sale and the use of tech- world. Climate change, population 40% of emissions and waste worldwide. nical solutions.’ Wood Shapers, an en- growth, rising sea levels, pollution, deep Reducing that carbon footprint will tity specializing in timber construction drilling, renewable energy: these are the involve a revolution in our way of think- that combines the expertise of BPI and challenges that lie ahead, and we are ing and approaching the business.
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