ACTIVITY BESIX Group SA/NV REPORT Avenue des Communautés 100 BESIX in 2020 1200 Brussels – Belgium T +32 (0)2 402 62 11 [email protected] 2020 www.besix.com EVOLUTION OF REVENUES EVOLUTION OF ORDER BOOK (IN MEUR) (IN MEUR) 3,332 2,759 4,763 4,794 2,542 4,224 2,359 2,337 2,930 3,031 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 REVENUES BY REGION ORDER BOOK BY REGION (2020) (AT 31/12/2020) 2,759 MEUR 4,224 MEUR ACTIVITY REPORT 2020 ACTIVITY REPORT BELGIUM 41.7% BELGIUM 38.6% THE NETHERLANDS, THE NETHERLANDS, LUXEMBOURG & FRANCE 13.5% LUXEMBOURG & FRANCE 20.4% MIDDLE EAST 15.1% MIDDLE EAST 13.2% AUSTRALIA 20.1% AUSTRALIA 12.5% REST OF THE WORLD 9.6% REST OF THE WORLD 15.3% REVENUES BY AREA ORDER BOOK BY AREA OF ACTIVITY (2020) OF ACTIVITY (AT 31/12/2020) 2,759 MEUR 4,224 MEUR BUILDING 56.5% BUILDING 49.2% INFRASTRUCTURE 18.8% INFRASTRUCTURE 31.7% ROADS & UTILITIES 7.9% ROADS & UTILITIES 9.9% MARINE WORKS 3.8% MARINE WORKS 5.1% OTHER 13.1% OTHER 4.0% Consolidated Key Figures 2020 (in MEUR) 2020 2019 2018 2017 2016 INCOME STATEMENT Revenues 2,759.6 3,332.0 2,542.1 2,337.0 2,359.1 EBITDA 55.7 97.8 131.4 122.5 168.1 EBITDA margin (%) 2.0% 2.9% 5.2% 5.2% 7.1% EBIT -19.4 22.0 83.7 78.9 117.8 EBIT margin (%) -0.7% 0.7% 3.3% 3.4% 5.0% Earnings before taxes 2.1 48.1 103.2 115.5 135.0 Consolidated profit -9.8 42.2 95.3 102.6 120.8 Net result on revenues (%) -0.3% 1.3% 3.7% 4.4% 5.1% Cash flow 53.4 127.4 149.8 142.1 159.3 // PUBLISHED BY Cash flow margin (%) 1.6% 3.8% 5.9% 6.1% 6.8% Florence Bribosia BALANCE SHEET // EDITORS Equity 622.6 698.5 695.1 660.4 653.0 Florence Bribosia, Lore De Jonge, Net cash position 57.51 141.0 135.7 34.1 172.4 Henry de Harenne, Celine Verloigne Solvency ratio (%) 22.0% 24.2% 26 28.1 27.3 // DESIGN AND PRODUCTION Liquidity ratio 1.26 1.31 1.30 1.42 1.42 Return on equity (%) -1.6% 6.0% 14.4 15.7 20.6 Chriscom // PICTURES COPYRIGHT ORDER BOOK (AT 31 DECEMBER) 4,224 4,794 4,763 3,031 2,930 Olivier Anbergen 1. Excluding IFRS16 and PPPs non-recourse financing. Christophe Vandereecken David Plas Simon Schmitt Philippe Piraux Jean-François Fiasse Yannick Coppens LA MÉ DRINKING WATER TREATMENT Marc Detiffe PLANT, ABIDJAN, IVORY COAST Hugues Depasse Georges De Kinder Sofie Beirens RAILWAY INFRASTRUCTURE, AALTER STATION, BELGIUM Table of contents BESIX at a glance 2 ENVIRONMENT 86 Luxembourg: the Bous wastewater treatment plant 86 COMPANY PROFILE 4 Dubai waste-to-energy, a world-class project GROUP STRUCTURE 6 with BESIX’s mark of excellence in every respect 88 MESSAGE FROM THE CEO AND OF THE CHAIRMAN OF BESIX GROUP 8 INDUSTRY 90 MILESTONES 2020 10 Australia’s next-generation military capability 90 CORPORATE GOVERNANCE 14 SPORTS & LEISURE 92 Creating the highest value for our Brisbane: refurbishment of the iconic Gabba stadium 92 stakeholders 18 CONCESSIONS & ASSETS 82 BESIX FORWARD STRATEGY 20 New Headquarters for the Local Antwerp BESIX ENGINEERING 24 Police Force 94 DIGITALISATION 28 REAL ESTATE 96 CITIZENSHIP & SUSTAINABILITY 32 Residential district Meadow 96 Our people 36 Les Promenades d’Uccle 98 PEOPLE 38 Business review 100 LABOUR STANDARDS 42 CONTRACTING 102 QUALITY, HEALTH, SAFETY AND ENVIRONMENT 44 CONCESSIONS & ASSETS 108 BESIX FOUNDATION 48 REAL ESTATE 112 HEALTH CAPABILITIES: BUILDING HOSPITALS 52 DIVERSIFICATION 116 110 years of global expertise 56 Regional and specialised OUR AREAS OF EXPERTISE 58 entities in Europe 118 BUILDINGS 60 JACQUES DELENS 120 The Grand Egyptian Museum, a cultural jewel LUX TP 122 dedicated to the splendour of Egyptian civilisation 60 VANHOUT 124 The sustainable renovation of Manhattan (Brussels) 68 WUST 126 Morocco: Africa’s tallest tower under construction 72 BESIX INFRA 128 Dubai Uptown Tower, Constructed 4.0 74 FRANKI FOUNDATIONS 130 STARS: a new health precinct in Brisbane 76 SOCOGETRA 132 VAN DEN BERG 134 INFRASTRUCTURE 78 420 MW of clean power for Cameroon 78 BESIX finance 136 Brussels: BESIX provides capstone of bicycle highway 80 COMMENTS ON THE Buitenring Parkstad Limburg in the Netherlands: a unique piece of road construction 82 FINANCIAL PERFORMANCE 138 CONSOLIDATED BALANCE SHEET 140 MARINE WORKS 84 CONSOLIDATED INCOME STATEMENT 141 Poland: high-quality marine infrastructure 84 CONSOLIDATED CASH FLOW STATEMENT 142 COVER PICTURE: GRAND EGYPTIAN MUSEUM, CAIRO, EGYPT 01 BESIX AT A GLANCE Company profile ---------------------------------------- 4 Group Structure ---------------------------------------- 6 Message from the CEO and the Chairman--------- 8 Milestones 2020 ---------------------------------------10 Corporate Governance -------------------------------14 SHINDAGHA BRIDGE, DUBAI, UAE 4 BESIX Activity Report 2020 BESIX AT A GLANCE Creating value Our people Global expertise Business review Entities in Europe BESIX finance 5 KEY FIGURES 2020 Company profile BESIX GROUP IS PRESENT IN A GLOBAL MULTIDISCIPLINARY 27 COUNTRIES ON 5 CONTINENTS PLAYER, WITH 110+ YEARS OF EXPERIENCE BELGIUM CANADA BESIX Group is a leading Belgian industrial group operating The Group stands out by having its in-house Engineering THE NETHERLANDS in the construction, real estate development and Department, a distinctive feature in the industry, which is DENMARK concessions sectors. Founded in 1909, it has grown steadily home to state-of-the-art expertise in structural engineering, THE PHILIPPINES over the years. As a global multi-service group, BESIX is able geotechnical engineering, methods & planning, BIM, parametric FRANCE ITALY 79 to take on projects of all sizes and complexity, and draws its design, sustainability, concrete and façade. Thanks to its value NORWAY NATIONALITIES strength from its entrepreneurial roots. engineering capabilities, BESIX is able to improve project design UNITED KINGDOM and adapt implementation processes so as to limit construction POLAND NV BESIX SA, its largest subsidiary, offers services in the costs, reduce risks, increase the lifespan of projects and PORTUGAL different stages of construction projects, with branches optimise their functional objectives. BAHRAIN in Europe, Africa, Asia and North America. BESIX Group QATAR subsidiaries also include Six Construct in the Middle East, To reduce its risk exposure, BESIX has been diversifying its LATVIA UNITED Nearly BESIX Watpac in Australia, as well as regional and specialist activities on a geographical and sectoral level, through organic ARAB contractors in the Benelux including Jacques Delens, Vanhout, growth, acquisitions or shareholdings. The Group’s expansion EMIRATES Lux TP, Wust, Socogetra, Franki Foundations, BESIX Infra and in the Middle East, where it has built an impressive portfolio 12,000 Van den Berg. over the last 60 years, and more recently in Africa and Australia, NEW ZEALAND PERSONS EMPLOYED illustrates the success of this strategy. Through its many projects EGYPT and initiatives, BESIX is constantly seeking to consolidate its OMAN purpose: “To excel in creating sustainable solutions for a MONTENEGRO better world.” MOROCCO €2.7 billion IVORY COAST 2020 TURNOVER MOZAMBIQUE A DEDICATED PARTNER, CAMEROON CT DEVELO SRI LANKA FROM CONSTRUCTION OJE PME PR NT TO CONCESSIONS SWITZERLAND €4.2 billion AUSTRALIA LUXEMBOURG 2020 ORDER BOOK E T A Always highly regarded as a R E CONCESSIONS REAL ESTATE valued construction partner, P O & ASSETS BESIX has become a full- Developing & D Acquire, invest, innovative residential, E fledged services company that N I operate and commercial and S A I office buildings G operates on the whole value T maintain projects THE GROUP IN 5 KEY DATES N N on prime chain. While construction is still I in the public and A private sectors locations its core business, the Group’s M BESIX Concessions & Assets and Real 1909 1966 2004 2010 2020 Founding of the Société Founding of subsidiary Management buyout, SBB Inauguration of the Burj Watpac Limited is renamed Estate Development activities Belge des Bétons, Six Construct to take becomes BESIX Group Khalifa in Dubai (UAE), the BESIX Watpac; this confirms have been growing steadily. (SBB), which undertakes charge of major projects world’s tallest tower, built the Group’s commitment BESIX can rely on a vast and CONTRACTING prestigious construction in the Middle East by Six Construct to establish a long-term Buildings, marine projects presence in the Australian diversified expertise to take on works, infrastructure, construction market projects from financing to design industry, environment, and construction to long-term sports & leisure... D maintenance. F IL IN U AN B CE 6 BESIX Activity Report 2020 BESIX AT A GLANCE Creating value Our people Global expertise Business review Entities in Europe BESIX finance 7 Group Structure BESIX CONTRACTING BU EUROPE BESIX OPERATING ACROSS FIVE CONTINENTS, BESIX ENCOMPASSES MANY BU BESIX BRANCHES AND LEGAL ENTITIES, FULLY OWNED BY THE GROUP. THERE ARE INTERNATIONAL ALSO SOME COMPANIES IN WHICH BESIX OWNS A MINORITY OR MAJORITY BU MIDDLE BESIX Six Construct EAST STAKE. AUSTRALIA BESIX Watpac BESIX’s branches were created as the Group diversified Jacques Delens Corebat Sud Construct geographically. In most cases, the BESIX name goes in front of the country in which they are established. For example, Lux TP Mabilux Msteel BESIX Egypt is a branch integrated into the ‘Business Unit (BU) International’, just as BESIX Nederland and BESIX REGIONAL ComTIS ComTIS ComTIS Energie­ CONTRACTORS Installations Services France belong to the ‘BU Europe’. Energy concepten Vanhout Vanhout HBS Isofoam Vanhout Bilzen Most of the legal entities are companies acquired by BESIX Projects over the last few decades. They are the result of vertical Wust ACMP Cobelba SDW integration and sectoral or geographic diversification.