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Table of Contents Message from the Chairman Table of Contents Message from the Chairman .......................................................................................................... 4 Segments & Companies .................................................................................................................. 6 Key Figures 2019 ............................................................................................................................ 8 Financial highlights of the year ..................................................................................................... 9 Outlook .............................................................................................................................................. 12 Segments’ Activities & Outlook ................................................................................................... 12 Cables ................................................................................................................................................ 12 Steel pipes ......................................................................................................................................... 20 Subsequent Events ........................................................................................................................ 23 Risks and Uncertainties ............................................................................................................... 24 Non-Financial Information .......................................................................................................... 31 Corporate Governance Statement............................................................................................... 43 Board of Directors ............................................................................................................................ 44 Remuneration report ....................................................................................................................... 51 Company’s Risk Management and Internal Audit Function ......................................................... 53 Shareholders’ Structure ................................................................................................................... 55 Consolidated Financial Statements 2019 ................................................................................... 59 Consolidated Statement of Financial Position ............................................................................... 62 Consolidated Statement of Profit or Loss ....................................................................................... 63 Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................ 64 Consolidated Statement of Changes in Equity ............................................................................... 65 Consolidated Statement of Cash Flows ........................................................................................... 66 Notes to the Consolidated Financial Statements ........................................................................... 67 Statutory Auditor's Report ........................................................................................................ 139 Declaration of responsible persons .......................................................................................... 144 Stand-alone Condensed Statutory Balance Sheet and Income Statement ............................ 145 Alternative Performance Measures .......................................................................................... 147 Information to our Shareholders .............................................................................................. 151 Glossary ....................................................................................................................................... 153 ------------------------------------------------------------------------------- 2 Cenergy Holdings S.A. (“Cenergy Holdings”, “the Company”, or “the Holding”) invests in industrial companies positioned at the forefront of high growth sectors, such as energy distribution and telecommunications. Based in Belgium, the Company was founded in 2016 and is listed on Euronext Brussels and the Athens Stock Exchange (Athex). Cenergy Holdings is a subsidiary of Viohalco S.A, a holding company of several leading metal processing companies across Europe. Viohalco’s subsidiaries specialise in the manufacture of aluminium, copper and steel products, steel pipes and cables, as well as other technologically advanced industrial applications. They have production facilities in Greece, Bulgaria, Romania, the United Kingdom, North Macedonia, Russia and Turkey. The Management Report attached to the Consolidated Financial Statements (Rapport de Gestion sur les Comptes Consolidés), prescribed by article 3:32 of the Belgian Companies and Associations Code, includes the regulatory disclosure obligations of the Company and consists of the following sections: A. Business Review (pages 9-30) B. Non-financial information (pages 31-42). C. Corporate Governance Statement (pages 43-58) The Management Report should be read in conjunction with Cenergy Holdings’ audited consolidated financial statements. 3 Message from the Chairman Dear Shareholders, 2019 was a milestone year for Cenergy Holdings as it marks essentially the first step in our company’s journey to the international energy market. We had many successes to celebrate, although the year was not without its challenges. Our focus was to ensure organic and profitable growth, while deleveraging towards our optimal capital structure. Despite intense competition in the energy infrastructure procurement market, high global macroeconomic uncertainty and a difficult financial environment, Cenergy Holdings came out as a strong provider of energy distribution solutions, not only in Europe but all over the world. All signs continue to point towards a vigorous global energy market in the years to come, and our Company will be there to reap opportunities on both the legacy (oil & gas) and the green energy (renewables) fields. 2019 was a year of change, all around the globe. In particular, the overall positive climate in European markets and the stronger than expected economic growth in the US led to a significant uptick in our individual companies. Coupled to an economic improvement in Greece where most of our production capacity is located, new opportunities and prospects have arisen for both the cables and steel pipes segments. More specifically, in the cables segment, the substantial investment in technology of the previous years and 2018’s significant order portfolio, bore fruits for the Fulgor plant. Operating at high capacity utilization, the company successfully implemented challenging high-value projects in the submarine electricity transmission market. The other two companies in our cables segment, Hellenic Cables and ICME, recorded higher volumes compared to 2018 as well as an improved sales mix, mainly due to the continued good performance of the Greek market, the gradual recovery of traditional markets in the UK, Germany and central Europe, further penetration into new markets (such as Scandinavia and the Middle East) and the dynamic demand for telecommunications and signaling cables in Europe. Despite a very competitive environment, Cenergy’s cable companies have a strong position to further their long-term strategy, focusing on research and development of new technologies, product diversification and resource optimization. On this path they will be able to penetrate new geographic markets and expand alliances with large companies specialized in cable protection and installation. For our steel pipes segment, 2019 was equally successful, with high capacity utilization, a dynamic presence in the world markets and steady profitability, despite a sales decline from last year. As its strategic investments mature, Corinth Pipeworks has earned the confidence of the largest oil and gas companies worldwide and distinguished itself among the most important pipe producers for its excellent quality and high technology standards. CPW’s presence in the European market was enhanced by the commissioning of significant offshore and offshore projects, most notably in the South-Eastern Mediterranean and the Baltic Sea. On the other side of the Atlantic, CPW has maintained its long-standing presence in the US, albeit with reduced volumes in an environment of strong protectionism due to “Section 232” tariffs, anti-dumping duties and falling steel prices. As part of its diversification strategy, our company has invested in a double-jointing unit and plans on upgrading the OCTG pipes’ production line. To further enhance its competitiveness, CPW keeps a close eye on international developments, focusing on renewable energy (green hydrogen) transport, new technologies 4 for deep-field energy exploitation, continuous improvement and digitization of its operations and the transition to a “smart factory” (4th Industrial Revolution). Cenergy Holdings ensures that its portfolio companies place great emphasis on teamwork, integrity, politeness and respect for diversity. We firmly believe that this is the only way we can achieve our long-term goals. For this reason, development of Human Resources, at all levels, remains at the top of our priorities and at the center of our attention and efforts. Despite the pressure to achieve production targets on tight schedules, all companies in our portfolio
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